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SWFI First Read, January 7, 2018

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Chinese Foreign Reserves End 2017 with an Uptick

The People’s Bank of China announced that foreign reserves grew US$ 20.7 billion to US$ 3.14 trillion in December 2017. The central bank announced a full year increase in reserves to US$ 129 billion. Chinese government authorities had enacted measures to reduce monetary outflows out of mainland China. These measures include capital controls and measures to have large state-owned businesses reduce overseas corporate acquisitions. A weaker U.S. dollar could make the Chinese central bank reduce capital controls.

Charles Schwab to Liquidate Schwab Money Market Fund

Charles Schwab Investment Management moved to liquidate its US$ 8 billion Schwab Money Market Fund. The decision was made on December 12, 2017. The money market fund aims to redeem all of its outstanding shares on or about May 25, 2018.

Iranian Oil Tanker Crashes into Cargo Ship off China Coast

Sanchi, an Iranian oil tanker that departed from Iran’s Assaluyeh port on December 16, 2017, crashed with the Chinese cargo vessel CF Crystal off China’s coast near Shanghai. The oil tanker is owned by National Iranian Tanker Company. The tanker was headed to Daesan, South Korea to move roughly 1 million barrels of natural gas condensate.

The National Iranian Tanker Company is a subsidiary of the National Iranian Oil Company. The National Iranian Oil Company was privatized in 2009 and as of 2011 is mostly owned by Iranian pensions.

Apple Products Vulnerable to Meltdown

Cupertino, California-based Apple Inc., a major driver of the U.S. stock market and company owned by many large sovereign funds and pensions, revealed that all iOs devices, such as the iPad and iPhone, as well as Mac computers are affected by chip security flaws. These issues surround vulnerabilities known as Meltdown.

Capital Constellation Backs Middle Market PE Platform

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Capital Constellation is the investment platform owned by the Alaska Permanent Fund Corporation (APFC), RPMI Railpen, and Wafra Inc. on behalf of the Public Institution for Social Security of Kuwait (PIFSS). [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Canadian Pension Giants Could Support Trans Mountain Pipeline Deal

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The British Columbian (B.C.) government and indigenous groups publicly oppose the Trans Mountain Pipeline project over a number of issues, which include environmental concerns (potential pipeline spills) and land protections. The threat of project derailment sent jitters to Houston-based Kinder Morgan, Inc., requiring the company to halt non-essential spending on Trans Mountain Pipeline L.P. Calgary-based Kinder Morgan Canada Limited, which owns the pipeline, is a listed company that is 70% owned by Kinder Morgan and 30% owned by stock market investors (float). Kinder Morgan Canada hired TD Securities to explore options regarding the future of the pipeline.

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

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Goldman Sachs Poised to Name David Solomon as New CEO

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Goldman Sachs is poised to name David M. Solomon, the firm’s president, as its new CEO, replacing Lloyd C. Blankfein. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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