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U.S. Pensions Take a Fresh Look at China
  + stars: | 2022-10-29 | by ( Heather Gillers | Michelle Chan | ) www.wsj.com   time to read: 1 min
The California State Teachers’ Retirement System, based in West Sacramento, began searching in August for dedicated China stock managers. U.S. public pension funds are splintering in their approach to China, reflecting rising investment risks and the increasingly fractious politics of the two largest global economies. Retirement-plan officials are staking out a range of positions. California’s teacher-pension fund launched in late August a search for its first dedicated China stock managers, while Texas’ teachers retirement fund is cutting its China stock allocation by half. Florida’s public-worker fund earlier this year halted new investment strategies in China, citing past crackdowns on education and tech companies.
The 911 dispatcher knew something was wrong based on what she could overhear and alerted police. Sources told the Los Angeles Times Paul Pelosi told the intruder he needed to use the bathroom and called 911 after stepping away, leaving the line open. The Times reported dispatcher Heather Grimes overheard Paul Pelosi and the intruder talking and alerted police to the situation. John Miller, the outlet's chief law enforcement and intelligence analyst, said Paul Pelosi secretly called 911 somehow and left the line open. "Paul Pelosi is basically trying to tell her in code what's going on: 'Why are you here?
Private Lending Takes Root in Muni Market
  + stars: | 2022-10-26 | by ( Heather Gillers | ) www.wsj.com   time to read: 1 min
Banks typically buy tax- or fee-backed debt from small school districts or towns in quantities that can be as little as a few million dollars. A pandemic surge in privately sold municipal bonds is highlighting how private deals have become a mainstay of the $4 trillion market for state and local debt—and a go-to in times of stress. During the three months ended in May 2020, the amount of municipal debt sold privately spiked to 13.4%, the highest share in 13 years on record, according to a report this week by the Municipal Securities Rulemaking Board. It has since retreated to about 8%, or around $36 billion—up from 4% in 2012 but in line with its average for the past decade, according to data from the board and Refinitiv.
Luxury brands like Prada and Versace have launched pet collections in the past couple of years. Thirty percent of pet owners said they spent more on their pets and pet supplies in 2020 than in 2019. Courtesy of Anya HindmarchHindmarch's short-lived project is just the latest sign of the opportunities available in the upscale pet market, especially for dog owners. In summer 2021, Versace expanded its homeware collection to cater to pets, no doubt inspired by Donatella's own Jack Russell, Audrey. Heather GildroyPagerie, a luxury pet brand that just launched a collection aimed as much at humans as at dogs, hopes this will be the case.
Brendan Mcdermid | ReutersFor the past few months, an Amazon warehouse near Albany has hosted the latest labor battle between the retail giant and its workers. Employees at the warehouse near Albany voted overwhelmingly against joining a union, delivering a blow to the Amazon Labor Union, the group behind the Staten Island victory. Following the vote, an Amazon spokesperson said "Amazon as we think that this is the best arrangement for both our employees and customers. Michael Verrastro said he also feels a union is necessary to keep Amazon from unfairly disciplining its workers. "They're a fresh union, and they're trying to tackle something as big as Amazon," Caldwell said.
Amazon has said warehouse workers can take breaks for activities like using the bathroom, talking to coworkers and managers, and grabbing snacks. A worker on an Amazon warehouse floor can be tasked with packing hundreds of boxes an hour. A worker on an Amazon warehouse floor can be tasked with packing hundreds of boxes an hour. But the Amazon Labor Union, a new union led by current and former Amazon workers, said its Staten Island victory had energized other workers. "There's one Amazon facility that's being built right behind the Victorville facility as we speak," he said.
U.S.-Based Pensions Rush to Assess Interest-Rate Risk
  + stars: | 2022-10-18 | by ( Heather Gillers | ) www.wsj.com   time to read: 1 min
General Electric, with operations including a gas-turbine plant in South Carolina, uses derivatives to hedge risks in the company’s pension portfolio. David Eisenberg got a call this month from a finance official at a U.S.-based multinational company. The executive wanted to know whether the company had derivatives in its retirement portfolio. “We explained that they don’t,” said Mr. Eisenberg, an investment adviser with Buck, a New York-based pension-actuary and human-resources consulting firm. “They were worried that if they were using derivatives they were exposed to risk.”
The next month, that same group, the Amazon Labor Union (ALU), fell short at a smaller facility across the street. On Wednesday, workers at an Amazon facility near Albany, New York, will begin voting on whether to join the ALU and become the second unionized Amazon warehouse in the United States. It also comes as Amazon has still not formally recognized the union in Staten Island or come to the bargaining table. Chris Smalls, a leader of the Amazon Labor Union, leads a march of Starbucks and Amazon workers and their allies to the homes of their CEOs to protest union busting on Labor Day, September 5, 2022, in New York City, New York. “I think they have an uphill battle ahead,” Kochan said of the union vote at the ALB1 facility.
Pensions Brace for Private-Equity Losses
  + stars: | 2022-09-24 | by ( Heather Gillers | Dion Rabouin | ) www.wsj.com   time to read: 1 min
Public pension funds are already reporting big losses in 2022. Things are likely to get uglier. That is because the funds, which manage around $5 trillion in retirement savings for the nation’s teachers, firefighters and other public workers, haven’t yet factored in second-quarter returns on private equity and other illiquid investments.
Calpers put $5 billion or less in new money into private equity every year between 2009 and 2018. The nation’s largest pension fund got a scathing performance review Monday when its new investment chief highlighted the retirement system’s underperforming returns and estimated it missed out on $11 billion in gains during a “lost decade” for private equity. The unusually candid presentation to board members of the California Public Employees’ Retirement System, known as Calpers, showed returns lagging behind other large pensions in almost every asset class during the past 10 years, with private equity trailing the most, 1.3 percentage points.
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