Established in June 2007, the China-Africa Development Fund is the first Chinese equity investment fund that focuses on investments in Africa. The fund has a target size of $5 billion to be reached in phases, with first-phase funding of $1 billion provided by China Development Bank. |||The China-Africa Development Fund was one of eight measures announced by Chinese President Hu Jintao at the Beijing Summit of the Forum on China-Africa Cooperation in November 2006. The Fund concentrates its investments in industries and fields that will help promote Africa's economic development, such as agriculture, manufacturing, infrastructure and resources.
A repayment of ill-gotten gains that is imposed on wrong-doers by the courts. Funds that were received through illegal or unethical business transactions are disgorged, or paid back, with interest to those affected by the action. Disgorgement is a remedial civil action, rather than a punitive civil action. Individuals or companies that violate Securities and Exchange Commission (SEC) regulations are typically required to pay both civil money penalties and disgorgement. Civil money penalties are punitive, while disgorgement is about paying back profits made from those actions that violated the SEC's regulations.However, disgorgement payments are not only demanded of those who violate securities regulations. Anyone profiting from illegal or unethical activities may be civilly required to disgorge their profits.
When an investment vehicle is no longer accepting new investors, but is still operating for existing investors. This can apply to mutual funds, hedge funds or any professionally managed pooled investment vehicle. In addition, institutional money managers may close certain portfolio groups to new accounts, while leaving others open. There will be an "as of" date when the fund will officially close to new investors. Depending on the situation, this may or may not also affect the ability for current investors to add to their holdings in the fund. The managers of a fund can choose to close for new investors for several reasons, but the most noticeable is to control the size of the fund and to lower the administrative costs. Generally speaking, the smaller a fund, the more nimble it can be and the more markets in which it can participate. Some mutual funds become so large that monthly inflows can amount to billions of dollars. Over time, the expected return from new money will drag down the returns of current investors. Closing a fund off to new accounts is only one method of controlling the asset base's growth. Other means include raising the minimum investment amount and/or stopping existing investors from contributing more to the fund.
The main securities regulatory body in China, which was created in 1992 and governs over all securities exchanges and futures markets activity within the People's Republic of China. Similar in its charge to the Securities and Exchange Commission (SEC), the CSRC is mandated to perform functions such as:-Creating and reviewing securities legislation-Regulating the trading, issuing, and settlement of stocks, fixed income securities, and securities funds-Supervising the conduct of shareholders and securities brokers-Overseeing the issuance of overseas company listings and offerings (such as H-Shares listed on the Hong Kong Exchange)The CSRC includes more than 30 regulatory bureaus that cover different geographic regions of the country, and two supervisory bureaus at the nation's two largest stock exchanges in Shanghai and Shenzhen. |||The CSRC has a close working relationship with the SEC; the SEC provides ongoing training and technical support to the younger CSRC and both groups work to facilitate cross-listing among companies in both nations. As China becomes increasingly important to the global economy, it becomes more important that the Chinese securities markets be safe, liquid and transparent.
The currency abbreviation for the Nigerian naira (NGN), the currency for Nigeria. The Nigerian naira is made up of 100 kobo and is often presented with a symbol that looks like the capital latin letter "N" with two horizontal slashes through the middle. |||Before the naira, Nigeria used an undecimalized system of pounds, sterling and pence. The Nigerian naira replaced the old system in 1973 at a rate of 2:1. By 2008, inflation in Nigeria had dramatically devalued the currency and it was scheduled to be redenominated until this action was canceled by the country's president.
A market that is trending in one direction or another. A bull market is trending upward, while a bear market is trending downward. A trending market can be classified as such for either the short, mid or long term. Trending markets are of primary interest in technical analysis. Technical analysts maintain that trending markets occur with some degree of regularity and predictability. The ability to correctly discern these trends can have a substantial impact on investment returns.
A corporate event that is disclosed to shareholders. Securites law states that all material information be disclosed. When this occurs it is said to be a disclosable event. Non-disclosable events - in which material information is withheld from shareholders - go against securities law as enforced by the Securities and Exchange Commission (SEC). The term "disclosable event" was popularized in April 2009 by former Treasury Secretary Hank Paulson in his talks with Ken Lewis regarding keeping quiet about Merrill Lynch's mounting billion-dollar losses. "We do not want a disclosable event" said Paulson, implying that if this information was disclosed and Bank of America didn't go ahead with the acquisition of the failing brokerage firm, it could pose major systemic risk.
Computer programs that facilitate trading of financial products such as stocks and currencies. Software is usually provided by brokerage firms that enable their clients to trade financial products and manage their accounts. Different brokerages will have different software which determines the interface in which trades are made and information is searched. Other software can be purchased from third parties to enhance or add to what a brokerage provides. Trading software have proliferated in recent years due to the growing popularity of electronic communication networks or ECNs, which are alternative trading networks that enable trading outside of the traditional stock exchanges or bourses. ECNs have driven down transaction costs sharply, enabling many discount and full-service brokerages to offer trading software to their clients at little or no cost. The software should be easy to navigate and, stable, and at the very least extremely secure. It is often a charasteristic overlooked when selecting a brokerage, over other traits such as cost or popularity.
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