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South African Reserve Bank Increases Rate for the First Time Since 2016

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The South African Reserve Bank agreed to increase its benchmark interest rate to 6.75% from 6.5% on November 22, 2018. The decision was conducted by the bank’s Monetary Policy Committee. This was the first benchmark interest rate increase in more than two years. South African Reserve Bank Governor Lesetja Kganyago believes that the weaker exchange rate and higher oil prices have contributed to inflation since March 2018.

The committee was initially split on the decision, with three members wanting to hold the rate at the current level and three voting for an increase in rates.

In addition, South Africa’s net foreign exchange reserves dropped to US$ 42.194 billion in October 2018 from US$ 42.227 billion in September 2018. When looking at gross reserves, the figures for October 2018 were US$ 50.166 billion compared to September 2018’s US$ 50.394 billion.

PSP Investments and Blue Sky Alternative Investments End Strategic Partnership Agreement

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Blue Sky Alternative Investments Limited informed Canada’s Public Sector Pension Investment Board (PSP Investments) that it agreed to terminate its strategic agreement effective March 31, 2019. In December 2017, Blue Sky Alternative Investments forged an agreement with PSP Investments to assist in committing capital in a number of agricultural investments.

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Yield-Hungry Korean Insurance Capital Backs TSX Broadway

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Mirae Asset Daewoo Co., Ltd., the Seoul-based investment banking firm, has provided a US$ 375 million loan for a redevelopment in New York’s Times Square. It joins L & L Holding Company, Maefield Development, and Fortress Investment Group who are bringing the development known as TSX Broadway to life. The building is at 1568 Broadway in Manhattan. TSX Broadway, a US$ 2.5 billion project when all equity financing is added in, will allow for renovations and expansion of the 46-storey building. An LED screen, which is not an uncommon sight in the Big Apple, will wrap around the corner of the tower. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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OFFICIALS: Saudi Crown Prince Denies Interest in Acquiring Manchester United

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The Saudi Arabian government dispelled rumors that Saudi Crown Prince Mohammed bin Salman will acquire football club Manchester United. However, Saudi Arabia’s Public Investment Fund (PIF) had talks regarding sponsorship with the football club. Manchester United signed a partnership deal with Saudi Arabia’s General Sports Authority in 2017.

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