The rise of the trophy SWF

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Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.

Danantara, the new sovereign wealth fund in Indonesia, is a project of surpassing ambition. Taking possession of $900bn in public assets, it will divert about 0.6 per cent of GDP a year from the state budget to invest in business schemes such as mines, battery factories and data centres — priorities for President Prabowo Subianto — with almost total freedom over…