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UAE Central Bank Issues Statement on Media Queries Over American Public Debt

According to the Emirates News Agency, “Due to the controversy at the legislative authorities in the US, around the public debt of the US Government, we have received some questions from local and foreign media entities, said the Central Bank of the UAE in a statement.

It added that the Central Bank of the UAE currently possesses no U.S. treasury bonds or any other financial instruments issued by the U.S. government due to the very low return on holding these instruments.

“We believe that the debate on the U.S. public debt ceiling issue will end with a compromise solution before the deadline date”, the statement added.

It indicated that “We do not believe that it is necessary to imagine that the U.S. government may default on its debts given its enormous potential, and we had seen in the past under President Clinton, the U.S. economy’s ability to reduce its public debt.”

The statement noted that no fear on the U.S. dollar, although it is exposed to price fluctuations as it happens with all the major currencies. Despite the fact that the Central Bank foreign reserves are mostly denominated in U.S. dollars, they are invested mostly in non-US assets. Eventually these investments are not obligations on the U.S. government.

It added that there is no direct link between the dollar-denominated assets and the U.S. Government debt. The peg of the Dirham to the U.S. dollar is steady and consistent.”

Read more: Emirates News Agency

Tony Tan Named Director and Special Advisor of GIC

Singapore’s GIC Private Limited named Dr Tony Tan Keng Yam (Tony Tan) as director and special advisor to the wealth fund, effective January 1, 2018. Tan was the former Deputy Chairman and Executive Director of GIC from September 2005 to June 2011. In 2011, He went on to serve as the 7th President of Singapore until August 31, 2017.

In a press release, Lim Chow Kiat, Chief Executive Officer of GIC, said, “As Special Advisor, Dr Tan will provide much value in broadening and strengthening GIC’s network of senior statesmen and leaders of corporations and institutions who may be constructive in advancing the business and interests of GIC. We will also benefit from his extensive knowledge and perspectives on global matters.”

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Former U.S. Treasury Secretary Jacob Lew Joins Lindsay Goldberg

New York-based buyout firm Lindsay Goldberg LLC has announced that Former U.S. Treasury Secretary Jacob J. Lew will join the company as a partner focusing on investments across sectors, institutional relationships, and firm management, according to an announcement released on Monday, November 20. Lindsay Goldberg is a private equity firm co-founded by Alan E. Goldberg and Robert D. Lindsey, both veterans of Morgan Stanley in which they worked in the Transaction Development Group.

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San Diego City Employees Retirement System to Reduce PE and Infrastructure for FY 2018

The San Diego City Employees’ Retirement System plans to reduce annual commitments to private equity and infrastructure down to US$ 75 million for fiscal year 2018. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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