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Australia FinMin Cormann Appoints 2 for Future Fund Board

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Australian Finance Minister Mathias Cormann has appointed two members to the Future Fund’s Board of Guardian. These are 5-year terms. These members replace founding members Susan Doyle and John Mulcahy.

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Jane Wilson and Carloyn Kay have been appointed to the board of the Future Fund. Wilson is an independent director of ASX-listed Sonic Healthcare and a member of the Prime Minister’s Business Advisory Council. Wilson’s previous directorships include inaugural Chairman of Horticulture Australia, Chairman of IMBcom Ltd, Universal Biosensors Ltd, Energex Ltd, Sun Retail Ltd, WorkCover Qld, and other smaller biotechnology companies.

Kay is a director at Allens Linklaters and Brambles. Kay has experience working a Morgan Stanley and JP Morgan. Kay is a former director of the Commonwealth Bank. Kay is a former director at Victoria Funds Management Corporation (VFMC).

President Trump to Slap 10% Tariffs on $200 Billion in Chinese Goods, Increase to 25% Year-End

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U.S. President Trump in a bid to realign the global flows of trade surpluses and deficits moved to put 10% tariffs on US$ 200 billion in Chinese goods. The duties amount will go up to 25% at the end of 2018. China has already demonstrated and threatened to retaliate against the new trade tariffs.

President Trump’s first tariff shot against China started in July 2018, going after US$ 50 billion worth of goods.

“We stand ready to negotiate with China any time if they are willing to move towards serious talks to remedy trade problems,” White House National Economic Council Director Larry Kudlow commented to the press in New York on September 17, 2018.

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BNY Mellon Hires Shamik Dhar as Chief Economist

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BNY Mellon Investment Management hired Shamik Dhar as chief economist, effective October 1, 2018. This is a new position and Dhar will be based in London. According to the press release, “In the newly created role, Shamik will be responsible for conducting proprietary research and analysis, in order to develop economic commentary. He will act as the primary spokesperson for BNY Mellon IM on matters relating to global macroeconomics, geopolitics and capital markets.”

Previously, Dhar was Chief Economist since September 2014 at the UK government’s Foreign and Commonwealth Office. Dhar began his career as an Economic Assistant at HM Treasury, the UK government’s economic and finance ministry. He also had stints at Aviva Investors and the Bank of England.

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Saudi Arabia’s PIF Raises $11 Billion Loan

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Saudi Arabia’s Public Investment Fund (PIF) completed its massive US$ 11 billion international syndicated loan facility. According to documents, the cash will be used for “general corporate purposes.” The loan was structured as a club loan. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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