Leslie Moonves Exits CBS
EARLIER: Leslie (Les) Moonves, the CEO of CBS, is nearing a settlement that would cease litigation with its controlling shareholder called National Amusements. The Board of Directors of CBS are also investigating numerous allegations of sexual misconduct against Moonves.
UPDATE: Les Moonves tended his resignation on September 9, 2018 as CEO and Chairman. Joe Ianniello, the Chief Operating Officer of CBS, is expected to be interim CEO.
Temasek and Old Founders Could be Increasing Stake in Ola
Singapore’s Temasek Holdings, and Ola founders, Bhavish Aggarwal and Ankit Bhati, are weighing moves to increase their positions in ANI Technologies (the holding company of Ola). Ola is a ride-hailing app service in India. The acquisition of shares would most likely be less than 10% of the share capital of ANI Technologies and be held in a vehicle called Lazarus Holdings. Lazarus Holdings was formed by MacRitchie Investments, a sovereign wealth enterprise (SWE) of Temasek Holdings.
Copenhagen Infrastructure Partners Makes a Play for Pensionland
Copenhagen Infrastructure Partners P/S opened a New York City office and formed a Delaware corporation called Copenhagen Infrastructure Partners Inc. The company sees opportunity in the U.S. energy infrastructure market. The investment manager already allocated capital to wind and solar projects in the United States and Canada.
Mithril Capital Leads Investment in GreyOrange
Singapore-based GreyOrange, a robotic systems developer for fulfillment systems automation, raised US$ 140 million in a Series C round. That round was led by Mithril Capital Management and other investors include Binny Bansal and Blume Ventures. Mithril Capital is a global investment firm founded by Ajay Royan and Peter Thiel (a founder of PayPal).
Alibaba Invests in Huishoubao
Alibaba Group Holding Limited invest capital through a Series C1 round in Huishoubao, a Shenzhen-based mobile phone recycling firm formed in 2014. Huishoubao raised capital from entities such as CITIC Capital, SMC Capital, and Chengwei Capital.
Investcorp Acquires Larges Stake in Banque Pâris Bertrand Sturdza
On September 5, 2018, it was revealed that Investcorp acquired a 40% ownership stake in Banque Pâris Bertrand Sturdza (PBS), a Swiss private bank with around US$ 5.4 billion in assets.
Banking behemoth J.P. Morgan Chase disclosed its own digital currency called JPM Coin. The digital token will be used to settle payments between clients. JPM Coin will be backed by physical U.S. dollars and be based off Quorum. Quorum is J.P. Morgan’s private Ethereum-based chain. JPM Coin plans to compete with Ripple, which created XRP, another digital currency that is used for settlements. Ripple’s main target market is cross-border payments and remittances.
The Central Bank of the United Arab Emirates and the Saudi Arabian Monetary Authority have unveiled their plans for Aber, an interbank digital currency. Both banks have indicated that Aber will be limited to financial settlements using distributed ledger technologies. It will be rolled out on a probational basis, and used by select banks within the two countries. A date for rollout has not yet been declared. A joint statement hinted at a broader application of the currency in the days ahead. If “no technical obstacles are encountered, economic and legal requirements for future uses will be considered.” Blockchains and Distributed Ledgers technologies will be employed. The plan is for ‘Proof-of-Concept’ testing, which involves studying and fully comprehending the ways modern technologies can achieve practical applications. The digital currency has the potential to become a reserve system for central payments.
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La Française and Canada Pension Plan Investment Board (CPPIB) formed a strategic partnership for the launch of a real estate investment and development vehicle: Société Foncière et Immobilière du Grand Paris. The joint venture between CPPIB (80%) and Caisse Fédérale du Crédit Mutuel Nord Europe (CMNE) (20%), La Française’s shareholder, will invest in major real estate projects linked to the Grand Paris infrastructure in the Greater Paris area. The parties will initially allocate €387.5 million in equity to the venture. The partnership will target regeneration and infrastructure-led investments.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]
Øystein Olsen, the Governor of Norges Bank, which oversees the Norway Government Pension Fund Global (GPFG), voiced his opinion on the Norwegian government’s plans to alter the rules that regulates the country’s SWF withdrawal rules in certain circumstances. The coalition government led by Norwegian Prime Minister Erna Solberg wants to relax the limits on SWF withdrawals in specific cases. Norway’s government seeks to raid the fund to pay for the replacement of four major state buildings impacted by a terrorist attack and a crashed Royal Norwegian Navy frigate (KNM Helge Ingstad).
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