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RDIF Leads Consortium in the Russian Tire Industry

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tire_1The Russian Direct Investment Fund (RDIF), Titan International Inc. and One Equity Partners LLC have reached an agreement with Russian tire producer Cordiant to invest in Voltyre-Prom, a Russian agricultural and industrial tire manufacturer. To shed additional detail on the involved entities, Titan International Inc., is one of the world’s largest manufacturers of agricultural and industrial tires that makes them under the Titan and Goodyear brands. One Equity Partners is a subsidiary of JP Morgan Chase & Co that manages private equity investments.

This consortium will own a controlling stake in Voltyre-Prom with Titan International as the managing partner. Titan International is keen on growing their tire business in Russia and the Commonwealth of Independent State countries. The company is bullish on Russia’s burgeoning farming and mining industries.

Kirill Dmitriev, CEO of the RDIF, said, “RDIF completed this deal alongside world class strategic partners from both the global industrial and financial sectors. The involvement of investors of such scale underlines the growth prospects in the Russian agricultural sector. The expertise and knowledge of our partners will help shift the production of world-class tires that currently takes place overseas to Russia. This investment meets the fund’s objectives and represents an exciting opportunity to get a foothold in this sector.”

Planned Signing – General Electric MoU
The Russian Direct Investment Fund plans to sign a Memorandum of Understanding (MoU) with General Electric on June 21, 2013 to create a joint venture for the construction of mini power plants for Russian manufacturing companies. Autonomous electric power systems can help Russian companies meet some energy needs without the cost to build transmission lines.

Korea’s NPS Invests In Crypto Exchanges Amid Crackdown

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South Korean news outlets have reported that South Korea’s National Pension Service (NPS) has unwittingly invested roughly US$ 2.4 million in four local cryptocurrency exchanges – Korbit, Upbit, Coinplug, and Bithumb – even as regulatory officials move to subdue the unbridled enthusiasm for crypto trading that has flourished in the tiny country. The US$ 550 billion pension scheme invested in the cryptocurrency exchanges indirectly through two venture capital funds handled by external managers with exclusive rights over asset allocation, according to an NPS officer.

Crypto trading has proved wildly popular in South Korea, drawing an estimated one million citizens to the largely unregulated exchanges that have cropped up over the past few years. South Korea, which is ranked first in the world in terms of internet sped, is the largest market for cryptocurrency transactions behind Japan and United States, and accounts for 29.8% of trade globally, according to a report released by the Korea Insurance Research Institute (KIRI) in December 2017.

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Ripple Attempts to go the Central Bank Route

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San Francisco-based Ripple, a tech company that professes the use of blockchain to reboot the payment systems globally, landed a big deal with the Saudi Arabian Monetary Authority (SAMA). Ripple started a pilot program that will be spearheaded by SAMA and a few Saudi banks to deploy xCurrent for cross-border payments. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Investment Corporation of Dubai Eyes $1 Billion Loan Deal

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The Investment Corporation of Dubai (ICD) plans to raise US$ 1 billion in a loan to refinance existing debt. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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