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President Obama Nominee Supports Scrutiny Of Sovereign Wealth Funds

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According to Nasdaq, “President Barack Obama’s choice to serve as the Treasury Department’s assistant secretary for international markets and development pledged support for rigorous scrutiny of U.S. investments by sovereign wealth funds.

“Sovereign wealth funds are not just a private sector investor, but rather are arms of government,” and need to be subject to stricter scrutiny than other foreign investors interested in U.S. assets, said Marisa Lago, Obama’s choice for the Treasury Department job.

Lago’s comments came Thursday at a Senate Banking Committee hearing on her nomination. She told lawmakers that her years as head of the international office at the Securities and Exchange Commission were good preparation for the Treasury position, which coordinates the work of the interagency Committee on Foreign Investment in the U.S., or Cfius. Cfius members review proposed mergers, acquisitions and investments in the U.S. by foreigners, including foreign governments, and can scuttle such deals based on national security concerns. During the Bush administration, the panel cleared Dubai Ports World’s plan to acquire leases to manage U.S. ports, a deal that was later blocked by Congress.”

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Alibaba Invests in Series C in 1919 Wines

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On October 18, 2018, Alibaba Group Holding Limited, through Alibaba (China) Network Technology Co., Ltd, invested some 2,000,000,065.08 RMB (US$ 288,447,000) for 39,277,299 shares in a Series C round into 1919 Wines & Spirits Platform Technology Co., Ltd., a Chinese alcohol beverage e-commerce retailer. Post-deal, Alibaba owns about 29% of the company shares and became the second largest shareholder of 1919 Wines. The transaction values 1919 Wines at 7 billion RMB.

GF Securities Co., Ltd. advised 1919 Wines on the transaction.

Formed in 2010, 1919 Wines is based in Chengdu. 1919 Wines owns retail portals, phone apps, and offline stores.

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Nomura and CIC Contemplate Joint Investment Fund

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Japan-based Nomura Holdings is in talks with the China Investment Corporation (CIC) on forming a new investment fund. The fund could be receive commitments up to US$ 1 billion. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Temasek Holdings Dumps More of Celltrion

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On October 22, 2018, Singapore’s Temasek Holdings, through its sovereign wealth enterprise (SWE) Ion Investments, entered into its second block deal in selling shares in Celltrion, a South Korean bio-pharmaceutical company. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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