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Mubadala Integrates ATIC

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According to the press release, “Abu Dhabi –Mubadala Development Company (Mubadala) today announced that the Advanced Technology Investment Company (ATIC) has become a wholly owned business of Mubadala. “With common executive leadership and the Government of Abu Dhabi as shareholder of both organizations, ATIC’s integration into Mubadala will further drive the creation of innovative industries for the benefit of Abu Dhabi and the UAE,” said Waleed al Muhairi, COO of Mubadala.

“The development of an advanced technology ecosystem in Abu Dhabi, anchored by the semiconductor sector, is a critical aspect of the Abu Dhabi Economic Vision 2030 framework that guides the Emirate’s development.”

Mubadala played a key role in launching ATIC in 2008 as an element of Abu Dhabi’s long-term strategy to diversify its economy through investments in high-technology sectors. In less than three years, ATIC has transformed the competitive landscape of the semiconductor manufacturing industry through the creation of GLOBALFOUNDRIES, which has emerged as one of the top three semiconductor manufacturers in the world.”

Read more: Mubadala Press Release

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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