It states: “The Chilean government unveiled an ambitious countercyclical fiscal strategy to stimulate employment and growth in 2009. The plan involves over US$4 billion, equivalent to 2.8% of GDP. The stimulus plan announced by President Michelle Bachelet aims at securing economic growth between 2 and 3% in 2009 and encouraging employment. The government estimates that the plan could create over 100 thousand jobs. The package involves direct support for low-income families, additional public investment in infrastructure, tax cuts and other incentives for private investment, enhanced access to financing by small and medium companies, additional funds for labor retraining and a new hiring incentive, among other initiatives. The changes will be contained in a bill to be sent to Congress this week, and in several administrative measures that do not require congressional approval.
The plan contemplates an increase in public sector outlays of 1% of GDP (US$1,485 million), so that the 2009 real increase in public expenditure will reach 10,7%. The fiscal spending increase has as a counterpart an increase in structural fiscal income (owing to the depreciation of the Chilean peso, which raises the value of fiscal income denominated in dollars) and a temporary reduction in 2009 of the structural fiscal surplus to 0% of GDP from 0.5%. The plan also involves a temporary reduction in tax revenues of US$1,455 million, or 1% of GDP in 2009. Because they are transitory, the tax reductions do not affect structural, long term, fiscal revenues. Additionally, the government will allocate resources to capitalize Codelco and to fund CORFO financing initiatives. These items do not constitute additional spending, but rather below-the-line acquisitions of financial assets.
This fiscal strategy will imply an effective fiscal deficit of 2.9% of GDP in 2009. The government reaffirmed its strict adherence to the structural fiscal balance approach, which has strengthened public finances and allowed for the application of a strongly counter-cyclical fiscal policy. The plan will be financed with resources from the Economic and Social Stabilization Fund and the issuance of bonds authorized by the 2009 Budget Law.”
read more: Chile – Ministry of Finance
Anne Sheehan, the first Corporate Governance Director at California State Teachers’ Retirement System (CalSTRS) and the current one, plans to retire March 30, 2018. Sheehan’s team manages an activist portfolio worth around US$ 4.1 billion, seeking to influence and help turnaround its large portfolio holdings in select public companies. Sheehan was hired back in 2008.
Christopher J. Ailman, CalSTRS’ chief investment officer, said in a organization release, “Anne has been my most unconventional, best hire.”
A replacement search is underway.
Singapore’s Temasek Holdings has reportedly joined forces with Google LLC and Chinese on-demand service provider Meituan-Dianping as part of a US$ 1.2 billion fundraising effort for Indonesian ride-hailing startup Go-Jek that has put regional rivals like Uber and Singapore-based Grab on notice.
Although exact figures for individual stakes have so far been kept secret, the new infusion of capital puts Go-Jek, incorporated as PT Aplikasi Karya Anak Bangsa, at a valuation of roughly US$ 4 billion. Samsung Venture Investment Corporation also participated in funding, as well as existing private equity investors KKR & Co. LP and Warburg Pincus LLC.
Google’s direct involvement in Go-Jek’s growth – rather than through its Google Ventures unit – highlights its faith in the latent potential of ride-sharing services – and the tech-enabled consumer services sector as a whole – in Southeast Asia. Home to more than 640 million potential customers, the region was identified as the fastest growing emerging market for e-commerce globally in an industry report published jointly by Google and Temasek last December. According to data compiled by the internet-giant and the Singaporean sovereign wealth fund, ride-sharing in Southeast Asia is expected to grow into a US$ 20.1 billion industry by 2025, compared to US$ 5.1 billion in 2017.
2011 Origin Story
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Rokid Corporation Limited, a Chinese robotics startup that specializes in smart devices assisted by artificial intelligence (AI), announced the closing of a Series B extension round through its WeChat account on January 18, 2018. The capital-raising effort was led by Singapore’s Temasek Holdings, with additional contributions from Credit Suisse Group, China Development Bank’s overseas investment arm CDIB Capital International, and existing investor IDG Capital. Although Rokid did not disclose the size or terms of the deal in its announcement, the technology company reportedly secured US$ 100 million in funding.
Founded in 2014 by chief executive Mingming Zhu and chief financial officer Eric Wong, Rokid’s core products consist of its smart speakers, the Rokid Pebble and Alien, as well as the newly debuted Rokid Glass augmented reality spectacles. The company’s most exciting offering, however, is its Full Stack Open Platform, a collaborative effort made in partnership with Alibaba that gives third-party developers backdoor access Rokid’s software suite and hardware integration and will – it hopes – help give its offerings the accessibility and recognition they need to thrive outside its home market of China.
Rokid is particularly keen on bringing its products to the U.S., where it believes it can challenge Google and Amazon’s dominance in the smart home arena. Amazon makes the Amazon Echo, while Google has Google Home.
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