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Australia Considers Tax Exemptions for Sovereign Wealth Funds

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Tax considerations influence sovereign wealth fund investment behavior.  Australia does not want to deter passive foreign investment, especially in a challenging economic environment. Australia is already a favorite destination for many SWFs due to its vast natural resources, mature real estate market, and transparent capital markets.  The Government of Australia is contemplating tax exemptions for sovereign wealth funds that possess passive investments in Australian assets.

Most nations agree that passive governmental investment is a plus for the economy.  When sovereign investors engage in commercial activity, most of the time, they lose their exemption with that source of income.  Other Western nations have already adopted exemptions for sovereign investors.  Tax exemption laws for sovereign wealth funds (foreign governmental investors) vary by country.  In the United Kingdom, foreign governments have sovereign immunity from UK tax, except in the case of commercial income.  [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

PSP Investments and Blue Sky Alternative Investments End Strategic Partnership Agreement

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Blue Sky Alternative Investments Limited informed Canada’s Public Sector Pension Investment Board (PSP Investments) that it agreed to terminate its strategic agreement effective March 31, 2019. In December 2017, Blue Sky Alternative Investments forged an agreement with PSP Investments to assist in committing capital in a number of agricultural investments.

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Yield-Hungry Korean Insurance Capital Backs TSX Broadway

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Mirae Asset Daewoo Co., Ltd., the Seoul-based investment banking firm, has provided a US$ 375 million loan for a redevelopment in New York’s Times Square. It joins L & L Holding Company, Maefield Development, and Fortress Investment Group who are bringing the development known as TSX Broadway to life. The building is at 1568 Broadway in Manhattan. TSX Broadway, a US$ 2.5 billion project when all equity financing is added in, will allow for renovations and expansion of the 46-storey building. An LED screen, which is not an uncommon sight in the Big Apple, will wrap around the corner of the tower. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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OFFICIALS: Saudi Crown Prince Denies Interest in Acquiring Manchester United

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The Saudi Arabian government dispelled rumors that Saudi Crown Prince Mohammed bin Salman will acquire football club Manchester United. However, Saudi Arabia’s Public Investment Fund (PIF) had talks regarding sponsorship with the football club. Manchester United signed a partnership deal with Saudi Arabia’s General Sports Authority in 2017.

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