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SWFI First Read, December 4, 2016

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Image Credit: BBC Video

Italian Prime Minister Matteo Renzi, Image Credit: BBC Video

BREAKING NEWS 4:40 PM PST
Italian Prime Minister Matteo Renzi said he will resign after a defeat in a referendum over his plan to reform the constitution. “The ‘no’ won in an incredibly clear way,” Italian Prime Minister Matteo Renzi said from the Chigi Palace.

Lukoil Sells Arkhangelsk Diamond Mine

Moscow-based Lukoil, a giant Russian oil company, sold its subsidiary Arkhangelskgeoldobycha to company Open Holding for US$ 1.45 billion for cash. The deal is expected to be completed in the first quarter of 2017. Arkhangelskgeoldobycha operates the Grib mine which is located in Arkhangelsk Oblast. The company had operated the Grib mine since 2014. In 2015, Lukoil had diamond sales of US$ 162 million. Most of Lukoil’s diamond output is sold through its Antwerp-based Grib Diamonds unit.

PGGM and Foncière Atland Form Office Venture

PGGM and Paris-based Foncière Atland, a real estate investment trust, formed a €250 million office joint venture that will target the Paris and Ile-de-France region office markets. The joint venture already acquired its inaugural property. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

Nomura and CIC Contemplate Joint Investment Fund

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Japan-based Nomura Holdings is in talks with the China Investment Corporation (CIC) on forming a new investment fund. The fund could be receive commitments up to US$ 1 billion. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Temasek Holdings Dumps More of Celltrion

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On October 22, 2018, Singapore’s Temasek Holdings, through its sovereign wealth enterprise (SWE) Ion Investments, entered into its second block deal in selling shares in Celltrion, a South Korean bio-pharmaceutical company. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Alleged Fraud, Data Breaches, and Bias, Plague Facebook

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In an unfortunate break for Facebook, the true nature of its data breach is more troubling than previously believed. The social media giant revealed that its headline-topping security breach, which affected 29 million accounts, compromised personal information and seemingly confidential contact information. The FBI is said to be investigating. In September 2018, the story broke that user content, email, and phone numbers, along with personal profile information, was swiped from the site. Facebook has admitted the problem, but stopped short of offering users an apology. The U.S. Federal Trade Commission (FTC) and the Irish Data Protection Commission have questioned Facebook on the matter.

Access Tokens

At the root of the breach were Facebook “access tokens.” These are digital keys that give sites access to keep users logged in and to recognize them upon entry. Unknown hackers reportedly stole these access tokens for 400,000 people. They then used “friends lists” to steal tokens from their networks. Facebook did not shy away from noting that unauthorized access “included username, gender, locale/language, relationship status, religion, hometown, self-reported current city, birthdate, device types used to access Facebook, education, work, the last 10 places they checked into or were tagged in, website, people or Pages they follow, and the 15 most recent searches.” This is, clearly, a staggering amount of personal information and a black eye for the corporation.

[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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