Weekly digest: Singapore rolls out 3.7 billion scheme to boost stock market; New Indonesia sovereign wealth fund to invest $20 billion

 

Indonesia's President Prabowo Subianto said Indonesia would channel $20 billion in budget savings to its new sovereign wealth fund Danantara to help finance 20 high-impact national projects in industries ranging from downstream nickel and other minerals to artificial intelligence, oil refineries, petrochemical plants, food production, aquaculture, and renewable energy.

AustralianSuper, Australia's largest industry superannuation provider was fined A$27 million ($17.3 million) following a court ruling that it had failed to merge multiple member accounts, Australia's corporate watchdog said.

 

Between July 2013 and June 2022, 90,700 of its members had multiple accounts that should have been merged, according to a statement by the Australian Securities and Investments Commission. 

 

As a result of AustralianSuper's failure to merge duplicate accounts, members incurred approximately A$69 million in losses through multiple administration fees, insurance premiums and lost investment earnings.

Japan's largest private life insurer, Nippon Life Insurance, has bought more foreign bonds since October and may keep buying them this year, given US President Donald Trump's trade policies, the firm's top investment officer said.

 

As a result of US tariffs on some imports, the Federal Reserve could delay interest rate cuts, push up US treasury yields and strengthen the dollar, Akira Tsuzuki, executive officer and general manager of finance and investment planning at Nippon Life, told Reuters

 

As a result, the yen may not rapidly appreciate, prompting Nippon Life to add both FX-hedged and unhedged foreign bonds to its portfolio.