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Saskatchewan Politician Keen on Potash-Based Sovereign Wealth Fund

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The Canadian province of Saskatchewan produces around half of the world’s known potash. Potash is mostly used for fertilizers and is a key import for emerging market food supplies. The province extracts royalties from potash production based on potash prices. Alberta has their Heritage Fund and now Canada’s New Democratic Party (NDP) political leader Dwain Lingenfelter laid out plans to create a potash fund that will set aside $100 million annually.

Canada is the biggest producer of Potash.

The proposed fund dubbed the “Bright Futures Fund” would grow to $10 billion in forty years according to the NDP. The NDP drafted the idea of a long-term savings fund similar to Alberta’s permanent savings fund and Norway’s oil fund. One key feature of the proposed fund is that it would not be used as a rainy day fund to balance the province’s fiscal budget. Implementation of the proposed fund will depend on regional elections and most likely provincial legislative action.

Grant & Eisenhofer Reveals Fortis Investors to Receive $1.5 Billion in Mega Settlement

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Law firm Grant & Eisenhofer won a landmark case for its clients after a seven-year legal duel in Dutch courts. On July 13, 2018, the Amsterdam Court of Appeals officially approved the largest securities settlement ever reached in Europe, paving a path for international insurance company Ageas N.V./S.A. to begin payment of US$ 1.5 billion (€1.3 billion) to multiple groups of institutional and individual investors from Europe and the United States. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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State Street to Buy Charles River Systems

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State Street Corporation inked a deal to acquire Charles River Systems, Inc. (Charles River Development), a provider of investment management front office tools and solutions. Under the terms of the agreement, State Street will purchase Burlington, Massachusetts-based Charles River Development in an all-cash transaction for US$ 2.6 billion. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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FINMA Announces Rothschild Bank Broke Anti-Money Laundering Rules over 1MDB Fiasco

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The Rothschild Bank AG and one of its units called Rothschild Trust (Schweiz) AG got slapped with serious violations of anti-money laundering in regard to the 1MDB scandal. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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