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[1/7] Farmer Wang Zhanling sits next to his wife in their house in Quansheng village, Heilongjiang Province, China, February 8, 2023. The state-run Chinese Academy of Sciences sees the pension system running out of money by 2035. "If the pension system does not change, this is unsustainable," said Xiujian Peng, senior research fellow in the Centre of Policy Studies at Victoria University in Australia. The province has the lowest birth rate in China, with just over 100,000 births in 2021 and 460,000 deaths. Many experts, including Macquarie's chief China economist Larry Hu, suggest implementing a unified national pension system, backstopped by the more resourceful central government rather than cash-strapped local administrations.

☆ Britain's post-Brexit asset management revamp eyes liquidity, tokenisation
▼ + stars: | 2023-02-20 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

Until Britain's departure from the European Union in 2020, rules for the UK funds sector were written in Brussels. The sector has fallen short in dealing with stresses in recent years in Britain and elsewhere due to inadequate liquidity, prompting scrutiny globally. "The regulatory framework contains rules around liquidity management. "But the growth of the fund industry means that liquidity management in funds is also relevant to the good functioning of markets," the discussion paper out for public consultation said. The FCA said it wants to see fund managers complying with liquidity stress testing guidelines issued by the EU's securities watchdog ESMA, which will be converted into UK rules.

☆ Britain begins post-Brexit asset management revamp, focus on liquidity
▼ + stars: | 2023-02-20 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

LONDON, Feb 20 (Reuters) - Britain set out plans on Monday for a post-Brexit review of its rules for the 11 trillion pound ($13.2 trillion) asset management sector, with a focus on bolstering liquidity after a near meltdown in funds used by pension schemes last September. Until Britain's departure from the European Union, rules for the UK funds sector were written in Brussels. "The regulatory framework contains rules around liquidity management. "But the growth of the fund industry means that liquidity management in funds is also relevant to the good functioning of markets," the discussion paper said. The FCA said it wants to see fund managers carrying out effective liquidity management by complying with stress testing guidelines issued by the EU's securities watchdog ESMA.

☆ A bizarre video shows Russians in swimwear dousing themselves in buckets of cold water to show solidarity with soldiers
▼ + stars: | 2023-02-18 | by ( Bethany Dawson | ) www.businessinsider.com time to read: +2 min

Russians supported Putin's invasion of Ukraine by pouring icy water on themselves. A video shared on Twitter by a BBC journalist shows the event in Blagoveshchensk, Siberia. "Today, we're going to support them with our heroic act by pouring cold water on ourselves." After the speech, about 150 people, ranging from teenagers to pensioners, proceeded to dump buckets of cold water on their heads. In short, Russia has lost — they've lost strategically, operationally, and tactically."

☆ China’s Angry Pensioners Are Symptomatic of Deeper Problems
▼ + stars: | 2023-02-17 | by ( Jacky Wong | ) www.wsj.com time to read: 1 min

China doesn’t have a robust social safety net—individuals pay a relatively high proportion of medical fees out of pocket. Recent protests by retirees in China over reduced healthcare benefits epitomize a thicket of interrelated problems entangling the country: an aging population, strained local government finances, an inadequate social safety net and heavy debt. The immediate trigger for the flare-up was revisions pushed through by some local governments, including the city of Wuhan, which will cut reimbursements for medical care. Some money from individual accounts contributed under a compulsory savings plan will be pooled with a public insurance fund. The move would use some of the surplus in these so-called personal accounts to meet increasing public medical needs—but elderly protesters feel like the government has taken away their savings.

They stressed that the reallocation would be gradual and not result in fire sales, with new money going largely into fixed income rather than alternative investments. Goldman Sachs' asset management arm is planning to significantly reduce its $59 billion of alternative investments. Credit rating agencies Moody's and S&P, which both give Allianz high marks, have pointed to the greater risk posed by comparatively illiquid alternative investments in Allianz's portfolio. Alternative investments come at a price, requiring Allianz and other insurers to set aside more capital to own them because they are less liquid than bonds. In its wake, Allianz has had to close down Allianz Global Investors in the United States in a serious blow to the company.

☆ Protests across France to test government resolve over pension reform
▼ + stars: | 2023-02-11 | by ( John Irish | ) www.reuters.com time to read: +2 min

[1/2] A general view shows protesters during a demonstration against French government's pension reform plan in Paris as part of the third day of national strike and protests in France, February 7, 2023. The slogan reads "Macron's pensions reform, it's no". President Emmanuel Macron says the reform is "vital" to ensuring the viability of the pension system. Saturday's protests are the first on a weekend, when workers do not need to strike or take time off to march. They also come after the first week of debate on the pension legislation in parliament.

[1/2] The remains of the Ninel Hotel, a hotel taken over by Russian security officials that was hit by the Ukrainian military on October 5, are seen in downtown Kherson, Ukraine November 17, 2022. Ukraine's SBU and Russia's FSB did not respond to requests for comment on Dollar’s account or other partisan operations. Pavlo Zaporozhets served in the Ukrainian army from 2014-17 and joined Ukraine's GUR military intelligence during the occupation of Kherson, Ladin said. While some details about the FSB account were true, Ladin said, the FSB falsely accused Zaporozhets of deliberately targeting civilians as well as the night patrol. Despite the liberation of Kherson, Dollar said he and Kosatka would continue aiding the resistance until Ukrainian troops recover Crimea, where the couple owns an apartment.

☆ Pension schemes advised to sell LDI funds after gilt chaos - FT
▼ + stars: | 2023-02-06 | by ( ) www.reuters.com time to read: +2 min

Feb 6 (Reuters) - Pension schemes that invested in liability-driven investment (LDI) funds run by BlackRock and other managers are being advised to sell their holdings, the Financial Times newspaper reported on Monday. Investment advisers XPS Pensions and Barnett Waddingham have cut their ratings on some pooled LDI funds to their lowest ranking, according to the report, adding that the downgrades had been communicated to multiple pension funds. The downgrades only affected "pooled" fund arrangements, or a large group of pension schemes invested together, rather than individual scheme funds, the report added. XPS confirmed that it has downgraded three LDI managers pooled funds off the back of the research undertaken during December and January. LDI funds have been used by pension schemes to ensure they can meet payouts to pensioners in future years.

☆ Bank of England to toughen up rules for liability-driven funds
▼ + stars: | 2023-02-01 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

LDI funds have been used by pension schemes to ensure they can meet payouts to pensioners in future years. Yields on the government bonds or "gilts" held by LDI funds rocketed, and the funds struggled to meet urgent collateral calls to cover the fall in bond prices. The Pensions Regulator, which regulates pension schemes, and the Financial Conduct Authority, which regulates managers of LDI funds may have additional requirements, she said. Regulators in Luxembourg and Dublin, where LDI funds are listed, will also have their own requirements. The "complete absence" of data on leverage in LDI funds will also be addressed, she added.

☆ France braces for second nationwide strike against pension reform
▼ + stars: | 2023-01-31 | by ( ) www.reuters.com time to read: +3 min

"This reform is unfair and brutal," Luc Farre, the secretary general of the civil servants' UNSA union told Reuters. "Moving (the pension age) to 64 is going backwards, socially." Opinion polls show a majority of French oppose the reform, but President Emmanuel Macron and his government intend to stand their ground. The reform is "vital," Macron said on Monday during a visit to the Netherlands, adding that it would allow the pension system to keep working. Borne said the government was looking at the impact of the reform on the additional pension rights women normally get for having children.

☆ Ghana extends domestic debt exchange deadline for third time
▼ + stars: | 2023-01-16 | by ( ) www.reuters.com time to read: +1 min

ACCRA, Jan 16 (Reuters) - Ghana has again extended the deadline to register for its domestic debt exchange, this time to Jan. 31, Finance Minister Ken Ofori-Atta said on Monday. The crisis-hit nation launched the debt swap plan at the start of December, days before clinching a staff-level agreement with the International Monetary Fund (IMF) for a $3 billion rescue package. "Building consensus is key to a successful economic recovery for Ghana," Ofori-Atta wrote on Twitter, adding that registration for the debt exchange would be extended "pending further stakeholder engagement". The IMF has said its board will approve the deal only if Ghana undergoes comprehensive debt restructuring. The deadline for the debt swap, initially set for Dec. 19, had previously been extended to Dec. 30 and then to Jan. 16.

☆ Ukraine’s Postal Workers Lead the Way in Reintegrating Reclaimed Lands
▼ + stars: | 2023-01-04 | by ( Thomas Grove | Photographs Justyna Mielnikiewicz Maps For The Wall Street Journal | ) www.wsj.com time to read: 1 min

DARYIVKA, Ukraine—Standing behind her post office counter with bricks of cash, a calculator and a flashlight, Lyudmila Gulovskaya distributes Ukrainian state pensions to a line of eager onlookers in this front-line village near Kherson. For these pensioners, it is the first money they have received from Kyiv in six months, after their villages in surrounding areas were occupied by Russian soldiers. For Ms. Gulovskaya, it is the most tangible proof yet that their government has returned.

☆ UK announces cash support for low-income households
▼ + stars: | 2023-01-03 | by ( ) www.reuters.com time to read: +1 min

Jan 3 (Reuters) - Millions of low-income households in Britain will receive cost-of-living support from the government of up to 900 pounds ($1,084) over the financial year, the country's Department of Work and Pensions said on Tuesday. The money will directly go to claimants' bank accounts in three payments over the financial year, the department said in a statement. The cash support was announced by Chancellor Jeremy Hunt in his Autumn statement along with a string of tax increases and tighter public spending. There will also be a separate 150 pounds for more than six million disabled people and 300 pounds for over eight million pensioners, the department said. The latest support package follows a 1,200 pound cash support programme for low-income households last year as Britain struggles with a cost-of-living crisis amid a challenging economic environment.

☆ Market misery deals sovereign wealth funds historic setback in 2022 -study
▼ + stars: | 2023-01-01 | by ( Marc Jones | ) www.reuters.com time to read: +3 min

SummarySummary Companies Assets managed by sovereign wealth funds fell nearly 8%Assets of public pension funds dropped almost 6%LONDON, Jan 1 (Reuters) - Heavy falls in stock and bond markets over the last year have cut the combined value of the world's sovereign wealth and public pension funds for the first time ever - and to the tune of $2.2 trillion, an annual study of the sector has estimated. The report on state-owned investment vehicles by industry specialist Global SWF found that the value of assets managed by sovereign wealth funds fell to $10.6 trillion from $11.5 trillion, while those of public pension funds dropped to $20.8 trillion from $22.1 trillion. Despite all the turbulence though, the money funds spent buying up companies, property or infrastructure still jumped 12% compared with 2021. A record $257.5 billion was deployed across 743 deals, with sovereign wealth funds also sealing a record number of $1 billion-plus "mega-deals". Two months later, Italy's CDP Equity wealth fund spent $4.4 billion on Autostrade per l’Italia alongside Blackstone and Macquarie.

☆ Market misery deals sovereign wealth funds historic setback in 2022: Study
▼ + stars: | 2023-01-01 | by ( ) www.cnbc.com time to read: +3 min

Global SWF's Diego López said the main driver had been the "simultaneous and significant" 10%-plus corrections suffered by major bond and stock markets, a combination that had not happened in 50 years. Despite all the turbulence though, the money funds spent buying up companies, property or infrastructure still jumped 12% compared with 2021. A record $257.5 billion was deployed across 743 deals, with sovereign wealth funds also sealing a record number of $1 billion-plus "mega-deals". Two months later, Italy's CDP Equity wealth fund spent $4.4 billion on Autostrade per l'Italia alongside Blackstone and Macquarie. "If financial markets continue to fall in 2023, it is likely that sovereign funds will keep 'chasing elephants' as an effective way of meeting their capital allocation requirements," the report said.

☆ Turkey eliminates age requirement for retirement
▼ + stars: | 2022-12-28 | by ( ) www.reuters.com time to read: +1 min

ANKARA, Dec 28 (Reuters) - Turkish President Tayyip Erdogan eliminated the retirement age requirement on Wednesday in a move that allows more than 2 million workers to retire immediately, less than six months before an election. Previously, the retirement age was set at 58 years for women and at 60 years for men. It wasn't yet clear how much the new system would cost, but Erdogan said 2.25 million people were eligible to retire immediately. Labour groups had been protesting the minimum age requirement for several years, asking that instead workers should just be required to complete the mandatory number of work days to retire. Reporting by Ece Toksabay; Editing by Jonathan Spicer and Aurora EllisOur Standards: The Thomson Reuters Trust Principles.

☆ The Year in Pictures 2022
▼ + stars: | 2022-12-19 | by ( The New York Times | ) www.nytimes.com time to read: +57 min

Every year, starting in early fall, photo editors at The New York Times begin sifting through the year’s work in an effort to pick out the most startling, most moving, most memorable pictures. But 2022 undoubtedly belongs to the war in Ukraine, a conflict now settling into a worryingly predictable rhythm. Erin Schaff/The New York Times “When you’re standing on the ground, you can’t visualize the scope of the destruction. Jim Huylebroek for The New York Times Kyiv, Ukraine, Feb. 25. We see the same images over and over, and it’s really hard to make anything different.” Kyiv, Ukraine, Feb 26.

☆ Exclusive: Canada's biggest pension plan, CPPI, ends crypto investment pursuit -sources
▼ + stars: | 2022-12-07 | by ( Divya Rajagopal | ) www.reuters.com time to read: +2 min

CPPI declined to comment but said it has made no direct investments in crypto. But CPPI abandoned the pursuit this year and redeployed the team to other areas, the sources said. CPPI's move also comes as two of Canada's largest pension funds have written off their investments after the collapse of crypto exchange FTX and crypto lender Celsius this year. Canadian pension funds' exposure to crypto sector has come under scrutiny following the FTX debacle. While Canadian pension funds are not prohibited from buying cryptocurrencies, they are known for their risk-averse investing strategies to generate steady returns for pensioners.

☆ UK will increase state pensions and benefits in line with inflation
▼ + stars: | 2022-11-17 | by ( ) www.reuters.com time to read: +1 min

LONDON, Nov 17 (Reuters) - British finance minister Jeremy Hunt said on Thursday he would raise state retirement and welfare benefits payments in line with inflation. Hunt said he would raise benefit payments by 10.1%, which would cost about 11 billion pounds ($12.99 billion). The government was also committed to the 'triple lock', a government promise to raise publicly-funded pensions by whichever is higher of average earnings growth, consumer price inflation or 2.5%, he said. "In April, the state pension will increase in line with inflation," Hunt told parliament as he made a speech on his tax and spending plans. ($1 = 0.8470 pounds)Reporting by Andrew MacAskill; editing by Michael HoldenOur Standards: The Thomson Reuters Trust Principles.

Consumer prices rose 11.1% in the 12 months to October, the most since October 1981 and a big jump from 10.1% in September, the Office for National Statistics said on Wednesday. Economists in a Reuters poll - many of whom think inflation is probably peaking around now - had forecast inflation would rise to 10.7%. In response to the data, Hunt - who is due to outline a new budget on Thursday - said "tough but necessary" decisions were required to tackle rising prices. Producer price data showed there was still inflation pressure in the pipeline but hinted at a possible slowdown. Manufacturers' costs for raw materials and energy rose at their slowest pace since March but at 19.2% the increase was still huge by historical standards.

LONDON, Nov 16 (Reuters) - The British government and the Bank of England are reforming insurers' capital rules, seen as a post-Brexit test of UK willingness to "unshackle" the City of London after leaving the European Union. The EU's Solvency II rules were introduced for insurers in 2016, after years of debate, when Britain was still an EU member. They are designed to ensure insurers hold enough capital to remain stable and can make payouts on policies. The Bank has already consulted on potential changes it says would release 45-90 billion pounds ($53.65-$107.30 billion) of investment capital. The second element involves easing reporting requirements, widening the range of assets insurers can invest in, and tweaks to how insurers' internal capital models are approved.

☆ UK's Hunt says budget plan likely to show recession ahead
▼ + stars: | 2022-11-12 | by ( ) www.reuters.com time to read: +2 min

LONDON, Nov 12 (Reuters) - British finance minister Jeremy Hunt said the budget plan he is set to announce on Thursday will include forecasts similar to those of the Bank of England (BoE) which warned of a long recession ahead, The Times quoted him as saying on Saturday. "I think it's very likely ... the question is not really whether we're in recession, but what we can do to make it shorter and shallower," Hunt told the newspaper in an interview. Hunt is trying to repair Britain's public finances - and its tarnished credibility among investors - in a first budget plan since Rishi Sunak replaced Liz Truss as prime minister with a vow to undo her economic policy mistakes. But Hunt was also considering a multi-billion-pound package of support to shield pensioners and benefit claimants from higher power bills, the newspaper said. ($1 = 0.8450 pounds)Writing by William Schomberg; Editing by Andrew CawthorneOur Standards: The Thomson Reuters Trust Principles.

☆ Bahrain holds parliament polls; rights groups slam 'repressive' climate
▼ + stars: | 2022-11-12 | by ( Ghaida Ghantous | ) www.reuters.com time to read: +4 min

MANAMA, Nov 12 (Reuters) - Bahrainis on Saturday voted in parliamentary elections held in an environment rights groups described as "political repression" since the Gulf Arab state has dissolved the main opposition groups and cracked down on dissent. Ahead of the vote, which includes municipal polls, rights group Amnesty International criticised "highly restrictive measures" that bar members of banned opposition groups and those who have served jail terms longer than six months. "Holding this general election will not address the atmosphere of repression and the denial of human rights that has gripped Bahrain for years," Amnesty said in a statement. The government said 344,713 voters were eligible to vote, down from 365,467 in the last polls in 2018. London-based Bahrain Institute for Rights and Democracy, describing the vote as a "sham", said legislation on voter inclusion appeared to target individuals who boycotted earlier polls.

☆ UK's Hunt says he has to raise taxes to fix economy
▼ + stars: | 2022-11-12 | by ( William Schomberg | ) www.reuters.com time to read: +4 min

Truss's "mini-budget" in September set off a bond market slump that sent borrowing costs soaring and ultimately forced her to step down. The newspaper said Hunt planned to tackle a 55 billion-pound ($65.1 billion) hole in Britain's budget by freezing thresholds and allowances on income tax, national insurance, inheritance tax and pensions for a further two years. Thursday's budget plan will include forecasts similar to those of the Bank of England (BoE) which earlier this month warned of a long recession ahead. Hunt said he would seek to work in cooperation with the BoE to control inflation and the global rise in interest rates, which is adding to the strains on Britain's economy. But Hunt was also considering a multi-billion-pound package of support to shield pensioners and benefit claimants from higher power bills, the newspaper said.

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