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Friday SWFI News Roundup, December 16, 2016



U.S. President Barack Obama - Dec 16, 2016, Year-End Press Conference

U.S. President Barack Obama – Dec 16, 2016, Year-End Press Conference

FRR to Exclude Tobacco and Thermal Coal from Bond and Equity Portfolios

Paris-based Fonds de Réserve pour les Retraites (FRR) will now have to exclude tobacco companies and companies that derive more than 20% of their revenue from thermal coal extraction from the fund’s equity and bond portfolios. This decision was made by FRR’s supervisory board.

Korean Teachers’ Credit Union Invests in Distressed Euro Credit Fund

The Korean Teachers’ Credit Union (KTCU) is kicking in €50 million toward the European Special Situations (ESS) Fund II, a fund managed by Cross Ocean Partners, that will target discounted senior secured loans from European banks. KTCU invested €30 million in European Special Situations (ESS) Fund I in 2013.

Centrica Touts Gas Flowing from Cygnus Field

According to Centrica plc, the first gas has flowed from the Cygnus field. This field could possibly be the biggest producing natural gas field in the U.K.’s part of the North Sea. The company projects at peak the gas field could contribute up to 5% of the U.K.’s total gas production.

Gulf Wealth Participates in JetSmarter Series C Round

JetSmarter, an app for private jet services, raised US$ 105 million in a Series C round at a reported US$ 1.5 billion pre-money valuation. New investors participating in this round include London-based KZ Capital, a Qatar private equity fund, JetEdge, and an Abu Dhabi-based equity fund. Existing investors and backers such as Shawn “Jay-Z” Carter and members of the Saudi royal family participated in the Series C round as well. XOJET President and CEO Bradley Stewart joined JetSmarter’s board in connection with the Series C round.

PKA Sells German Windfarm Stake to ITOCHU-Led Investor Group

An investor consortium led by Japan’s ITOCHU Group purchased Denmark’s PKA 22.5% ownership stake in the Butendiek German offshore windfarm. The windfarm is close to the border of Denmark and Germany, close to the island of Sylt. PKA typically holds on to these types of investments for 25 years, but they had the opportunity to make a timely profit for its members. PKA had invested in the windfarm in 2013, together with Industriens Pension.

Mirae Asset Financial Group Eyes Charles Schwab SF Building

Mirae Asset Financial Group indicated interest to acquire the headquarters of Charles Schwab in San Francisco. The prospective seller is CIM Group, which bought the building in January 2010. The 18-storey property, located at 211 Main Street, is apparently worth about US$ 300 million. Charles Schwab’s building lease expires in May 2018. The building was constructed in 1973.

Merseyside Pension, West Yorkshire Pension and Lancashire County Pension Joining GLIL Infrastructure

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Saudi Aramco Contemplates SABIC Stake from PIF



Oil giant Saudi Aramco is in early discussions on whether to pursue an ownership stake in Saudi Basic Industries Corporation (SABIC) from the Public Investment Fund (PIF). At the moment, Saudi Aramco has no plans to buy publicly-held shares of SABIC. SABIC was founded in 1976 by Saudi royal decree to convert oil by-products into useful chemicals, polymers, and fertilizers.

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SWFI First Read, July 19, 2018



GIC Eyes Provenance Land

GIC Private Limited is nearing a deal to purchase up to 50% of Provenance Land. Provenance Land owns India’s first Four Seasons hotel.

Eduard van Gelderen Leaves UC Regents for PSP Investments CIO Role

Eduard van Gelderen exited his position as Senior Managing Director at the University of California Regents’ Office of the Chief Investment Officer. His role will not be replaced. He accepted an offer to be Chief Investment Officer of the Public Sector Pension Investment Board (PSP Investments).

PAAMCO Prisma Holdings CEOs to Exit

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Google Fined Big Time by EU Regarding Antitrust Violations



The European Union (EU), through its competition commissioner, levied a €4.34 billion fine against Alphabet Inc., the owner of Google. The fine is over Google having “imposed illegal restrictions on Android device manufacturers and mobile network operators to cement its dominant position in general internet search,” according to the European Commission (EC).

The European Commission is requiring Alphabet to cease from its conduct that it is accused of within 90 days or face penalty payments of up to 5% of the average daily worldwide turnover of Alphabet, Google’s parent company.

Commissioner Margrethe Vestager, in charge of competition policy, said in a press release, “Today, mobile internet makes up more than half of global internet traffic. It has changed the lives of millions of Europeans. Our case is about three types of restrictions that Google has imposed on Android device manufacturers and network operators to ensure that traffic on Android devices goes to the Google search engine. In this way, Google has used Android as a vehicle to cement the dominance of its search engine. These practices have denied rivals the chance to innovate and compete on the merits. They have denied European consumers the benefits of effective competition in the important mobile sphere. This is illegal under EU antitrust rules.”

The EC press release added, “In particular, Google: 1. has required manufacturers to pre-install the Google Search app and browser app (Chrome), as a condition for licensing Google’s app store (the Play Store); 2. made payments to certain large manufacturers and mobile network operators on condition that they exclusively pre-installed the Google Search app on their devices; and 3. has prevented manufacturers wishing to pre-install Google apps from selling even a single smart mobile device running on alternative versions of Android that were not approved by Google (so-called “Android forks”).”

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