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SWFI First Read, March 26, 2018

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SoftBank, Temasek and Morgan Stanley Eye FINO

Japan-based SoftBank Group, Temasek Holdings, and a private equity fund affiliated with Morgan Stanley are in talks on buying a stake in Financial Information & Network Operations (FINO). FINO is a payments bank and technology company. The proposed deal would be for the investor group to buyout the Blackstone Group’s 26% stake in FINO and acquire a 7% holding through a primary issue of new shares.

UAE Commercial Nuclear Plant to Begin Fuel Loading in May

Barakah Unit 1 will begin loading fuel in May 2018, according to the South Korea Energy Ministry. The Barakah complex is the first commercial nuclear reactor in the United Arab Emirates that was built with assistance from Korea Electric Power Corporation. The other partner in the project is the Emirates Nuclear Energy Corporation. In total, there will be four Barakah plants.

China Gets in the Oil Futures Game

On March 26, 2018, China launched its first yuan-denominated oil futures program. The buyers of the first contract with 15.4 million barrels of crude oil set for delivery in September were from Glencore, Trafigura, and Freepoint Commodities via the Shanghai International Energy Exchange. The exchange is offering yuan-denominated futures in oil that foreigners can buy and sell. New York has its West Texas Intermediate (WTI), while London has Brent crude as oil benchmarks.

Former FSDEA Chairman Gets in Trouble Over Irregular Transfer to UK Bank

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Altitude Infrastructure Gets Financing on Haute-Garonne Network Project

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Altitude Infrastructure SAS inked a 25-year concession agreement and closed a debt financing package for the deployment and maintenance of an ultra-high-speed broadband network in Haute-Garonne. Haute-Garonne is a department in the south of France.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Guggenheim Partners Agrees to Acquire Millstein & Co.

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On July 11, 2018, Guggenheim Partners inked a deal to acquire New York-based Millstein & Co., L.P., an advisory firm formed by Jim Millstein. Millstein will become co-Chairman of Guggenheim’s securities business. Millstein & Co. will become part of Guggenheim Securities, the investment banking division of the company. Ronen Bojmel will lead the combined Guggenheim restructuring team.

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GIC Holds Steady, Maintains Cautious Investment Stance

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Singapore’s GIC Private Limited returned a 5-year return of 6.6% ended March 31, 2018. At March 2018, GIC had increased cash and nominal bonds up 2% to 37% of the total portfolio, while lowering exposure to developed market equities from 27% to 23%.

GIC CEO Lim Chow Kiat commented in his annual letter in the FY 2017-2018 report that, “In view of the high asset valuations, the increased risk of monetary policy tightening across different jurisdictions and the elevated uncertainty, we maintain a cautious investment stance. Nevertheless, we remain ready to take advantage of potential dislocations. The jump in market volatility experienced in early 2018 offered an indication of potentially bigger market turbulence and opportunities in the future.”

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