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CIC Aims to Partake in Ground-Breaking Alaskan Natural Gas Deal

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The State of Alaska oversees the Alaska Permanent Fund, which has historically benefited from oil, but in recent years the state has competed with lower oil output and lower-cost shale developments. Across the sea, the Chinese government is trying to pursue cleaner forms of energy such as natural gas over coal. If this holds true, China will have to import more natural gas.

China’s current energy composition is mostly coal and oil. Environmental concerns have prompted a government mandated move to natural gas and other clean sources of energy. In fact, Chinese President Xi Jinping’s address to the 19th Party Congress brought up “environment” at least 88 times.

Alaskan Governor Bill Walker has made significant strides into China in a bid to help breathe life into the state’s aging energy business. China Petrochemical Corporation (Sinopec) and the China Investment Corporation (CIC) have agreed to help develop Alaska’s gas sector. This deal was announced as part of U.S. President Donald J. Trump’s Asia tour, which stopped in Beijing. President Trump met with Chinese President Xi Jinping to discuss a host of issues including the trade imbalance between China and the United States.

Image Credit: State of Alaska

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Korea’s NPS Invests In Crypto Exchanges Amid Crackdown

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South Korean news outlets have reported that South Korea’s National Pension Service (NPS) has unwittingly invested roughly US$ 2.4 million in four local cryptocurrency exchanges – Korbit, Upbit, Coinplug, and Bithumb – even as regulatory officials move to subdue the unbridled enthusiasm for crypto trading that has flourished in the tiny country. The US$ 550 billion pension scheme invested in the cryptocurrency exchanges indirectly through two venture capital funds handled by external managers with exclusive rights over asset allocation, according to an NPS officer.

Crypto trading has proved wildly popular in South Korea, drawing an estimated one million citizens to the largely unregulated exchanges that have cropped up over the past few years. South Korea, which is ranked first in the world in terms of internet sped, is the largest market for cryptocurrency transactions behind Japan and United States, and accounts for 29.8% of trade globally, according to a report released by the Korea Insurance Research Institute (KIRI) in December 2017.

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Ripple Attempts to go the Central Bank Route

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San Francisco-based Ripple, a tech company that professes the use of blockchain to reboot the payment systems globally, landed a big deal with the Saudi Arabian Monetary Authority (SAMA). Ripple started a pilot program that will be spearheaded by SAMA and a few Saudi banks to deploy xCurrent for cross-border payments. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Investment Corporation of Dubai Eyes $1 Billion Loan Deal

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The Investment Corporation of Dubai (ICD) plans to raise US$ 1 billion in a loan to refinance existing debt. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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