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New Zealand Superannuation Fund Purchases 35% Stake in Datacom

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The press release states, “The New Zealand Superannuation Fund has reached a conditional agreement to purchase New Zealand Post’s 35% stake in technology services company Datacom for $142 million. GM Investments Matt Whineray said Datacom was a New Zealand success story with further growth potential both locally and overseas.

“Datacom’s conservative balance sheet and long-term investment focus are well suited to the Fund’s approach as a long-term, growth-oriented investor,” Mr Whineray said.

“We have also been impressed by Datacom’s strong management team, deep, long-term customer relationships and track record of earnings growth.”

Mr Whineray said a wide range of investment options were open to the Fund. “It’s pleasing to be able to secure a sizeable New Zealand investment that stacks up against the best in the world.”

“We look forward to working with Datacom’s major shareholder, the Holdsworth family, to continue Datacom’s success.”

The $20 billion New Zealand Superannuation Fund, which was established to help pre-fund universal superannuation entitlements, has returned 7.6% p.a. since inception in 2003. The Fund has $3.7 billion of its investments in New Zealand, up from $2.4 billion as at 30 June 2009.*

Recent New Zealand investments include a 50% share of Z Energy, a one-third share in Scales Corporation and a $110 million portfolio of rural dairy farms.

The Fund will manage its shareholding in Datacom, a privately-held company with 4,000 staff and sales of more than $785 million annually, in-house.

The agreement is expected to become unconditional in early 2013.”

Read more: New Zealand Superannuation Fund Press Release

Saudi Arabia Sends Second Installment of Aid to Pakistan

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On December 14, 2018, Pakistan received its second installment of the US$ 3 billion in aid promised from Saudi Arabia on October 23, 2018. The US$ 1 billion given on December 14th boosted the foreign reserves of the State Bank of Pakistan, which went from US$ 7.2 billion to US$ 8.2 billion. The first installment was given on November 23, 2018. The last installment is expected to occur in January 2019.

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White House Nominates Heath Tarbert for CFTC Chairman

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The White House announced Heath P. Tarbert will be nominated to serve as Commissioner and Chairman of the Commodity Futures Trading Commission (CFTC). Tarbert currently serves as Assistant Secretary for International Markets at the U.S. Treasury Department. Before joining the U.S. Treasury, Tarbert was a Partner at law firm Allen & Overy. Tarbert was confirmed by the U.S. Senate for his current Treasury post at 87 (yes) to 8 (no).

Upon Senate confirmation, Tarbert’s CFTC term would start on April 14, 2019 and last for five years. Tarbert is taking over from J. Christopher Giancarlo whose term ends in April 2019. Tarbert will need a U.S. Senate confirmation to take the head CFTC post.

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KIA Could Sell Stake in North Sea Energy Business

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The Kuwait Investment Authority (KIA), through its unit Wren House Investment Management, is nearing a deal to sell a 40% stake in its North Sea energy business to JPMorgan Asset Management. In July 2018, KIA closed on a deal to acquire oil and gas pipeline firm North Sea Midstream Partners from ArcLight Capital.

More details to follow –

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