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Sub-Saharan Africa’s View on Libyan SWF Assets

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The Libyan Investment Authority (LIA) had been one of the leading sovereign investors in companies in sub-Saharan Africa. Mr. Gaddafi invested large amounts of funds into various companies, hotel real estate, mining, and infrastructure.

Now that Gaddafi’s regime has been toppled, how are the recipient African countries dealing with the current situation?

Tanzania is currently refusing to recognize Libya’s National Transition Council (NTC).

Kenya is divided while Rwanda recognizes the NTC. With regards to Kenya, the Libyan Arab Foreign Investment Company (LAFICO), a subsidiary of the Libyan Investment Authority owns a number of companies in Kenya including Laico Regency Hotel and Oilibya. LAFICO owns 99% in Tropical Bank, 69% in Uganda Telcom Ltd, and a 49% stake in Uganda National Housing.

In fact, the Libyan Arab African Investment Company (LAAICO), which is another SWE of the LIA, invested in numerous African countries such as:
Gabon, Congo, Burkina Faso, Niger, Mali, Guinea, Chad, Uganda, Benin, Liberia, Ethiopia, Nigeria, Madagascar, Central Africa Republic, South Africa, Eritrea, Zimbabwe, Zambia, Rwanda, The Gambia, Ghana, Togo, Comoros, Democratic Republic of Congo.

In the past, there has been restructuring to put all the SWEs directly under the LIA.

Dated Material - LAAICO Website

President Trump to Slap 10% Tariffs on $200 Billion in Chinese Goods, Increase to 25% Year-End

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U.S. President Trump in a bid to realign the global flows of trade surpluses and deficits moved to put 10% tariffs on US$ 200 billion in Chinese goods. The duties amount will go up to 25% at the end of 2018. China has already demonstrated and threatened to retaliate against the new trade tariffs.

President Trump’s first tariff shot against China started in July 2018, going after US$ 50 billion worth of goods.

“We stand ready to negotiate with China any time if they are willing to move towards serious talks to remedy trade problems,” White House National Economic Council Director Larry Kudlow commented to the press in New York on September 17, 2018.

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BNY Mellon Hires Shamik Dhar as Chief Economist

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BNY Mellon Investment Management hired Shamik Dhar as chief economist, effective October 1, 2018. This is a new position and Dhar will be based in London. According to the press release, “In the newly created role, Shamik will be responsible for conducting proprietary research and analysis, in order to develop economic commentary. He will act as the primary spokesperson for BNY Mellon IM on matters relating to global macroeconomics, geopolitics and capital markets.”

Previously, Dhar was Chief Economist since September 2014 at the UK government’s Foreign and Commonwealth Office. Dhar began his career as an Economic Assistant at HM Treasury, the UK government’s economic and finance ministry. He also had stints at Aviva Investors and the Bank of England.

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Saudi Arabia’s PIF Raises $11 Billion Loan

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Saudi Arabia’s Public Investment Fund (PIF) completed its massive US$ 11 billion international syndicated loan facility. According to documents, the cash will be used for “general corporate purposes.” The loan was structured as a club loan. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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