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Sovereign Wealth and Superannuation Funds Lobby OECD for Tax Exemption

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BEPS tax

The Organization for Economic Co-operation and Development (OECD) is attempting to limit multinational tax avoidance and offshore tax evasion by having created the base erosion and profit sharing (BEPS) project. A 15-point action plan on BEPS has been developed and tax reform could take effect on January 1, 2017. The political momentum for adopting all the BEPS action points has garnered significant steam. This noble effort to rein in tax avoiders could have unintended consequences for pensions and public funds. Public funds are concerned of the proposed application of the Principal Purpose Test (PPT) and Limitation on Benefit (LOB) rules. Lobbying groups argue that the risk of treaty abuse by sovereign funds and pensions is low. Superannuation funds and sovereign wealth funds from Australia and New Zealand are carefully urging the OECD to exclude their investor class from new rules that target BEPS.

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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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