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SWFI First Read, December 20, 2017

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The U.S. Senate and U.S. House of Representatives have approved a massive tax reform bill – the Tax Cuts and Jobs Act. The bill passed in the U.S. Senate with a 51-to-48 vote. The corporate tax rate is being lowered from 35% to 21%. It is the first major reform in the U.S. tax code in 31 years. U.S. President Trump tweeted, “I would like to congratulate @SenateMajLdr on having done a fantastic job both strategically & politically on the passing in the Senate of the MASSIVE TAX CUT & Reform Bill. I could have not asked for a better or more talented partner. Our team will go onto many more VICTORIES!”

On the personal income front, the law reforms a number of measures. For example, the bill roughly doubles the standard deduction to US$ 24,000 for married couples who file jointly. For singles, the deduction goes to US$ 12,000.

Ontario Teachers’ Acquires Avocado Farms in Western Australia

Ontario Teachers’ Pension Plan acquired Busselton, Australia-based Jasper Farms, an owner of avocado farms.

Temasek Participates in Series B in Orchard Therapeutics

London-based Orchard Therapeutics, a biotechnology company involved in gene therapies, raised US$ 110 million in a Series B round. The investment round was led by Baillie Gifford and ORI Capital. New investors in the company include Temasek Holdings and Cowen Healthcare Investments. Other investors in smaller allocations in the Series B round include Juda Capital, Pavilion Capital, RTW Investments, Agent Capital, 4BIO Capital and existing investors F-Prime Capital and UCL Technology Fund.

Investment Corporation of Dubai Refinances The Residences at the Mandarin Oriental

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Marina One and DUO Officially Open

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Khazanah Nasional Berhad and Temasek Holdings (Private) Limited announced the official opening of two major building projects, Marina One and DUO. Together the properties have a gross development value of 11 billion SGD. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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SWFI First Read, January 16, 2018

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BP Plans to Take $1.7 Billion Charge to End Legal Claims on Deepwater Horizon

BP Plc is planning to take a US$ 1.7 billion charge to end legal claims regarding the disastrous 2010 Deepwater Horizon spill in the Gulf of Mexico.

Ethereum Co-Founder Leaves Fenbushi Capital

Vitalik Buterin, a co-founder of Ethereum, which is a cryptocurrency, exited China-based Fenbushi Capital. Fenbushi Capital was formed in 2015. Buterin is retaining his role as an advisor of Fenbushi Capital. Buterin dropped out of the University of Waterloo in 2014 when he got a Thiel Fellowship. This permitted him to work on Ethereum full time.

Kingdom Holding Sells Four Seasons Beirut Hotel Stake

Saudi Arabia’s Kingdom Holding sold its position in the Four Seasons Hotel in Beirut for roughly US$ 100 million. Blominvest, a unit of Blom Bank, advised on the transaction. The Four Seasons will continue to manage the property.

Mercer Signs Deal to Buy BFC

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Deutsche Bundesbank to Slowly Add Renminbi into Foreign Reserve Mix

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Deutsche Bundesbank’s executive board made a decision to invest in Chinese renminbi in the summer of 2017 as part of its foreign currency reserves. The German central bank on January 15, 2018, confirmed it will start investing in Chinese renminbi and also consider investing in additional foreign currencies. The move mimics the European Central Bank (ECB), which already considers the Chinese renminbi as a reserve currency. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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