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Tesla Weathers Annual Meeting, Chops Jobs

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Tesla Inc., the electric car maker, is chopping about 9% of its workforce across the company, with a focus on salaries positions. According to Tesla CEO Elon Musk, no production associates were included in the layoff announcements. Tesla has not produced an annual profit in its almost 15 years of existence.

Elon Musk survived a vote that would have split the CEO and chairman roles at Tesla. Shareholders that backed a split of CEO/chairman roles include Norges Bank Investment Management (oversees Norway Government Pension Fund Global), Canada Pension Plan Investment Board (CPPIB), California State Teachers’ Retirement System (CalSTRS), Texas Teacher Retirement System and the Florida State Board of Administration.

On another note, the Chinese government announced that foreign electric car manufacturers may be able to fully own auto manufacturing factories in mainland China.

ADIA Seeks to Sell KIC Headquarters

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The Abu Dhabi Investment Authority (ADIA) is seeking to sell the building that houses the headquarters of the Korea Investment Corporation (KIC). [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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BMO and OTPP Test Blockchain Canadian Dollar Debt Deal

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The Bank of Montreal (BMO) and the Ontario Teachers’ Pension Plan (OTPP) participated in a landmark blockchain Canadian-dollar debt transaction. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Just Group Acquires Corinthian Pension Consulting

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Just Group plc acquired a 75% ownership stake in the holding company of Corinthian Pension Consulting Limited (Corinthian Pension Consulting). Operating in the institutional world for over 12 years, Corinthian Pension Consulting provides advisory services to defined-benefit pension scheme trustees and scheme sponsors undertaking bulk scheme exercises. The remaining 25% will be retained by current shareholders of Corinthian Pension Consulting. Robert MacGregor will continue to lead Corinthian Pension Consulting, as its Chief Executive Officer. Furthermore, Corinthian Benefits Consulting Limited and Corinthian Affinity Solutions Limited will continue to operate as before, becoming part of a newly formed holding company, Corinthian Group Holdings Limited.

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