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SWFI First Read, November 30, 2016

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Trump Selects Elaine Chao for Secretary of Transportation

U.S. President-Elect Donald J. Trump named Elaine L. Chao to be his choice to be the next U.S. Secretary of Transportation. Chao was the U.S. Secretary of Labor under U.S. President George W. Bush. Chao served as Deputy Transportation Secretary under U.S. President George H. W. Bush. She is a board member of News Corporation. Chao is a former Chair of the Pension Benefit Guaranty Corporation (PBGC). Before serving in the U.S. government, Chao was Vice President of Syndications at Bank of America Capital Markets Group and had a stint a Citigroup.

Saudi Hollandi Bank Gets Rebranded to Alawwal Bank

Saudi Hollandi Bank has rebranded itself as Alawwal Bank, which translates into “First Bank” in English. The bank was formed in 1926, originally a branch of the Netherlands Trading Society.

Ping An Invests in Series D Round in Innovent Biologics

Suzhou, China-based Innovent Biologics, a biopharmaceutical company that develops monoclonal antibody products, raised US$ 260 million in a Series D round. Leading the round is Beijing-based SDIC Fund Management Co. Ltd through its fund vehicle Future Industry Investment Fund (FIIF). Other investors in the round include China Life Private Equity Limited, Milestone, Ping An and Taikang Insurance Group. In addition, Innovent’s existing investors, such as Legend Capital, Singapore’s Temasek Holdings and Hillhouse Capital, also participated in this Series D round.

APG and Piramal Enterprises Invest in ACME Cleantech Solutions to Support Acquisition Efforts

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Saudi Arabia Sends Second Installment of Aid to Pakistan

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On December 14, 2018, Pakistan received its second installment of the US$ 3 billion in aid promised from Saudi Arabia on October 23, 2018. The US$ 1 billion given on December 14th boosted the foreign reserves of the State Bank of Pakistan, which went from US$ 7.2 billion to US$ 8.2 billion. The first installment was given on November 23, 2018. The last installment is expected to occur in January 2019.

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White House Nominates Heath Tarbert for CFTC Chairman

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The White House announced Heath P. Tarbert will be nominated to serve as Commissioner and Chairman of the Commodity Futures Trading Commission (CFTC). Tarbert currently serves as Assistant Secretary for International Markets at the U.S. Treasury Department. Before joining the U.S. Treasury, Tarbert was a Partner at law firm Allen & Overy. Tarbert was confirmed by the U.S. Senate for his current Treasury post at 87 (yes) to 8 (no).

Upon Senate confirmation, Tarbert’s CFTC term would start on April 14, 2019 and last for five years. Tarbert is taking over from J. Christopher Giancarlo whose term ends in April 2019. Tarbert will need a U.S. Senate confirmation to take the head CFTC post.

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KIA Could Sell Stake in North Sea Energy Business

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The Kuwait Investment Authority (KIA), through its unit Wren House Investment Management, is nearing a deal to sell a 40% stake in its North Sea energy business to JPMorgan Asset Management. In July 2018, KIA closed on a deal to acquire oil and gas pipeline firm North Sea Midstream Partners from ArcLight Capital.

More details to follow –

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