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Taxpayer Bailed out GM Plans to Close 5 Plants

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As car sales slow, General Motors (GM) issued plans to idle five factories in North America, creating anger on both sides of the border. Canada Prime Minister Justin Trudeau issued comments on his disappointment of the GM Oshawa closure, while U.S. President Donald Trump is sending officials to meet with GM executives. The five plants plan to halt production in 2019, which will result in layoffs of about 3,000 people in Canada and 3,300 people in the United States. In addition, GM plans to lower its salaried stuff number by 8,000 people.

At the end of December 2013, GM logged US$ 155.43 billion in revenue versus US$ 145.59 billion for the year of December 2017. GM CEO Mary T. Barra drew US$ 21.96 million in compensation for the year of 2017. She received a salary of US$ 2.1 million.

“We are taking this action now while the company and the economy are strong to keep ahead of changing market conditions,” said GM CEO Barra in a conference call.

In reference to Barra, President Trump commented, “I spoke with her when I heard they were closing and I said, you know, this country has done a lot for General Motors. They better get back to Ohio and soon.”

The plants affected are:
Lordstown, Ohio, USA, makes Chevrolet Cruze compact
Detroit-Hamtramck plant, USA, makes Chevrolet Volt, Buick LaCrosse, and Cadillac CT6
Oshawa, Ontario, Canada, makes Chevy Impala
Baltimore area, USA, Transmission plant
Warren, Michigan, USA, Transmission plant

GM was part of a group of automakers (Chrysler LLC and Ford Motor Company) that participated in the Troubled Asset Relief Program (TARP). On November 8, 2018, these automaker executives pleaded in front of U.S. Congress for taxpayer money. After congressional approval, the U.S. Department of Treasury spent US$ 80.7 billion bailing out the auto industry from December 2008 to December 2014, hitting taxpayers with a loss of US$ 10.2 billion.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

PSP Investments and Blue Sky Alternative Investments End Strategic Partnership Agreement

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Blue Sky Alternative Investments Limited informed Canada’s Public Sector Pension Investment Board (PSP Investments) that it agreed to terminate its strategic agreement effective March 31, 2019. In December 2017, Blue Sky Alternative Investments forged an agreement with PSP Investments to assist in committing capital in a number of agricultural investments.

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Yield-Hungry Korean Insurance Capital Backs TSX Broadway

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Mirae Asset Daewoo Co., Ltd., the Seoul-based investment banking firm, has provided a US$ 375 million loan for a redevelopment in New York’s Times Square. It joins L & L Holding Company, Maefield Development, and Fortress Investment Group who are bringing the development known as TSX Broadway to life. The building is at 1568 Broadway in Manhattan. TSX Broadway, a US$ 2.5 billion project when all equity financing is added in, will allow for renovations and expansion of the 46-storey building. An LED screen, which is not an uncommon sight in the Big Apple, will wrap around the corner of the tower. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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OFFICIALS: Saudi Crown Prince Denies Interest in Acquiring Manchester United

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The Saudi Arabian government dispelled rumors that Saudi Crown Prince Mohammed bin Salman will acquire football club Manchester United. However, Saudi Arabia’s Public Investment Fund (PIF) had talks regarding sponsorship with the football club. Manchester United signed a partnership deal with Saudi Arabia’s General Sports Authority in 2017.

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