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SWFI First Read, October 26, 2015

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CPPIB and GIC Acquire Majority Stake in Brazilian Mall

The Canada Pension Plan Investment Board (CPPIB) and Singapore’s GIC Private Limited acquired a 66% interest in a São Paulo shopping mall from Rio de Janeiro-based mall operator Aliansce and another party for around US$ 90 million. Specifically, CPPIB and GIC are acquiring a 50% stake of Santana Parque for US$ 67 million from General Shopping, while together buying a 16% stake from Aliansce in Santana Parque for US$ 22 million. Veirano Advogados and Pinheiro Neto Advogados advised GIC and CPPIB on the transaction.

ECB Board Member Mersch Seeks a Single Platform for Processing Cash and Securities

At the October 2015 Sibos conference, European Central Bank (ECB) board member Yves Mersch stated the central bank is looking at having a single platform for the processing of cash and securities across the Eurosystem. Providers like Euroclear have been forming new ventures with financial institutions in order to assist firms in meeting collateral requirements.

US DOL Issues New Guidance as ESG

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Oman SGRF Contemplates $1 Billion Infrastructure Fund

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Oman’s State General Reserve Fund (SGRF) is in discussions on forming a US$ 1 billion infrastructure fund. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Norway’s GPFG Banned from Investing in 9 Companies Over Nuclear Weapons

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The recent false alarm caused by a state employee in Hawaii (who was not terminated and reassigned to a new position), triggering the Emergency Alert System message at 8:07 a.m. caused pandemonium in the state. After decades of failure in diplomacy between the United States and North Korea, the threat of a nuclear missile attack has grown since. The states of Alaska and Hawaii are the closest states to North Korea.

Besides the recent news in the world of nuclear missiles, Norges Bank oversees the management of the country’s sovereign wealth fund. The central bank has moved to ban nine companies from the Government Pension Fund Global. In addition, one company has been placed under observation. The Executive Board of Norges Bank’s decisions on exclusion were made on the basis of recommendations from the Council on Ethics. However, before moving to exclude a company, the central bank may consider other options, such as the exercise of ownership rights. In these instances of companies, the board determined that it was appropriate to use other measures in these cases.

The Council on Ethics’ recommendations to exclude:
Risk of severe environmental damage and serious or systematic violations of human rights
Evergreen Marine Corporation (Taiwan) Ltd
Korea Line Corporation
Precious Shipping PCL
Thoresen Thai Agencies PCL

Unacceptable risk of serious or systematic violations of human rights
Atal SA

Over involvement in the production of nuclear weapons
AECOM
BAE Systems
Fluor Corporation
Huntington Ingalls Industries Inc
Honeywell International Inc (already previously excluded)

Placed Under Observation
Pan Ocean Co. Ltd

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Sistema to Pledge Assets to Help Fund Settlement

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The Russian Direct Investment Fund (RDIF) is helping a settlement situation between two Russian economic powerhouses. In January 2018, Sistema, under a settlement, is mandated to pay Bashneft oil company, which is owned by energy behemoth Rosneft, 100 billion roubles (US$ 1.8 billion) by March 30, 2018.

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