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Norwegian Government to Use More Sovereign Fund Oil Wealth

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ernasolberg_eretroThe Norwegian Ministry of Finance released an Amendment to its 2014 fiscal budget today that indicates a lowering of tax rates and an increase in transfers from the Government Pension Fund Global (GPFG), Norway’s sovereign wealth fund, to cover the non-oil fiscal budget deficit.

In response to Dutch disease-like symptoms, the new Norwegian government, led by Prime Minister Erna Solberg, is seeking to stimulate growth in parts of the domestic economy that have been priced out by the explosive growth in the petroleum sector. Sectors experiencing a strain are housing and trade. According to a statement, “The petroleum sector, including subcontractors, has expanded, whereas the high cost level has posed challenges for the trade exposed industries.” The new fiscal budget is responding by lowering taxes and establishing a “productivity commission” slated with giving advice on how to strengthen growth and productivity.

In addition, the government is augmenting spending on growth projects. “The increased spending of petroleum revenues is targeted on measures that stimulate growth and production,” says Minister of Finance Siv Jensen.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

HKMA and TRS Participates in Investment in Kakao Mobility

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Private equity firm TPG led a group of investors to acquire a minority ownership stake in Kakao Mobility Corporation, a South Korean taxi hailing service provider. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Meraas Holding Names Former KIO Executive as CEO

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Osama Al-Ayoub, the former CEO and President of the Kuwait Investment Office (KIO), was hired by property firm Meraas Holding to be its chief executive officer. KIO is a London-based unit of the Kuwait Investment Authority (KIA). [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Mumtalakat Contemplates Investing in SoftBank Vision Fund

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Bahrain-based Mumtalakat Holdings is interested in joining a chorus of sovereign funds committing capital to Japan-based SoftBank Group’s Vision Fund. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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