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Vietnam Starts to Amass a Medium-Sized Pool of Foreign Reserves

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Vietnam’s foreign reserves have increased by 130% over the past two-and-a-half years to reach US$ 64 billion, said Vietnam Prime Minister Nguyễn Xuân Phúc at a group meeting of the National Assembly covering economic affairs in late May, in large part due a more market-oriented approach recently adopted by the country’s central bank that has kept local exchange rates stable.

The State Bank of Vietnam (SVB) has been using three-month futures contracts for its purchases of hard currencies since dropping its previous practice of spot trading in February of this year. The new policy has helped the government balance the influx of foreign currency from offshore investment and tourism, stabilizing exchange rates and inflation.

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Ascendas-Singbridge Acquires Three Hotels in Osaka

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Singapore’s Ascendas-Singbridge has acquired three hotels in Osaka for 10.29 billion JPY to tap tourism growth in Japan’s third-largest city.

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BlackRock Contemplates Stake in Eurizon

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Asset management giant BlackRock is contemplating purchasing a 30% ownership stake in Intesa SanPaolo’s asset management unit called Eurizon Capital SGR S.p.A. BlackRock is keen on growing its technology business and increase market adoption of its Aladdin platform.

Intesa has been working with UBS to seek out strategic options for Eurizon. Intesa is keen on maintaining control over Eurizon.

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SWFI First Read, June 22, 2018

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JPMorgan Fund Buys 40% of Oxford Properties’ French Portfolio

A fund advised by JP Morgan Asset Management committed €400 million in Oxford Properties’ French portfolio. Essentially, Oxford Properties sold a 49.9% non-managing interest in 32 Rue Blanche, 92 Avenue de France and Paris Bastille. Oxford Properties made its maiden investment in Paris in 2014 when it acquired 32 Rue Blanche.

Oxford Properties is the real estate unit of OMERS.

Temasek Explores Further Cash Commitments to FirstCry

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