November 2017

17Nov

Norway’s $1 trillion pension fund wants out of oil stocks

Norway used oil revenue to build its national pension fund into a $1 trillion behemoth. Now, the fund is planning to dump oil and gas stocks. The fund's managers recommended Thursday that oil and gas investments worth roughly $37 billion be sold in order to protect the country against a permanent drop in energy prices. "This advice is based exclusively on financial arguments and analyses of the government's total oil and gas exposure," said fund manager Egil Matsen. Matsen said...

November 17, 2017
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17Nov

Factbox: Where Chile’s top presidential candidates stand on reforms

Conservative frontrunner Sebastian Pinera and center-left Alejandro Guillier lead a crowded field of candidates in Chile’s presidential election on Sunday, widely seen as a referendum on the reforms of outgoing President Michelle Bachelet. The following are the main policies supported by Pinera and Guillier: SEBASTIAN PINERA - A billionaire businessman who served as president from 2010 to 2014, Pinera has promised to make Chile the first country in Latin America to achieve “developed nation” status in the Organization for Economic Cooperation and...

November 17, 2017
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17Nov

South Africa. Thousands of Transnet pensioners pin hopes on Constitutional Court

About 60‚000 Transnet pensioners have pinned their hopes on the Constitutional Court as they seek to proceed with a class action to seek billions from two pension funds. On Thursday‚ the court heard their appeal against a Pretoria High Court order from last year. Transnet pension fund recipients brought a lawsuit against the Transport Pension Fund and the Transnet Second Defined Benefit Fund and Transnet in the High Court last year. The pensioners wanted the High Court to declare that the...

November 17, 2017
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16Nov

UK. FCA targets pension scammers in Welsh steelworks

Britain’s markets watchdog is sending supervisors to Wales to make sure that 15 billion pounds in steelworker pensions does not become a “honey pot” for crooks. The move -- made public at a parliamentary committee meeting on Wednesday -- is part of a broader crackdown by the Financial Conduct Authority to avert pension scams across Britain following changes in the law. Since 2015, Britain has made it possible for people to cash in their pension pots rather than waiting until...

November 16, 2017
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16Nov

Romania should stay the course – funded private pensions the key to sustainable future, PensionsEurope warns

After the Romanian government has decided to cut the contributions to pillar II to 3.75% (instead of raising to 6% from the actual 5.1% as mentioned in the initial draft bill), people in Romania are now facing a significant risk of suffering a decrease in their future retirement income, PensionsEurope warns. "Funded pension are vital for future pensions as public pension come increasingly under pressure. Romania has been able to build excellent private pensions and should not start to dismantle...

November 16, 2017
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16Nov

There’s A Big Shake Up Coming to Turkey’s Pension Industry

A looming shake up of Turkey’s pension savings industry that the government says is aimed at increasing competition and improving returns has some money managers fretting the steps will backfire as reduced fees erode service levels. Starting Jan. 1, Turkey’s 50 asset managers, which are permitted to oversee 100 percent of any pension fund company’s portfolio, will see that proportion slashed to 40 percent. Allianz AG and Aviva Plc are among 18 private pension companies who as of Nov. 3...

November 16, 2017
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16Nov

One unexpected problem with retirement savings: knowing how to spend it

Not only do Americans need to save more for their retirement but they need to learn how to spend that money wisely when they get there. Spending down retirement assets is one of the many challenges Americans face when it comes to retirement planning, according to the Government Accountability Office’s recent report on the state of American’s retirement savings — along with actively putting away money, which influences how much they can put towards other financial goals and lifestyle choices,...

November 16, 2017
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15Nov

Malaysia’s $30bln pension fund to allocate more money

Malaysia´s Retirement Fund Inc aims to lift the overseas portion of its investment portfolio to as much as 15 percent from 12, as the $30 billion pension fund looks to boost performance while domestic returns slow, its chief executive told Reuters. Kumpulan Wang Persaraan (KWAP) - the fund´s local name - will review its asset allocation strategy in the new year, Wan Kamaruzaman Wan Ahmad said at Reuters Global Investment 2018 Outlook Summit. Its current international investments include U.S. ride-hailing firm...

November 15, 2017
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15Nov

Kenya. CMA plans study on Fintech platforms for adoption in sector

The Capital Markets Authority (CMA) is planning a study on financial technology (Fintech) innovations to help open up the sector for tech intermediaries. The proposed regulatory sandbox will allow Fintech start-ups to test and experiment innovations before they are approved as platforms of trade in the market. This is part of the CMA’s 10-year master plan seeking to promote innovations as a way of growing participants and volumes of trade in the capital markets. The baseline diagnostic survey, set for first...

November 15, 2017
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15Nov

South Africa. Government pension fund says it is ‘over-exposed’ to country’s economy

The Government Employees Pension Fund (GEPF) is “over-exposed” to the South African economy and this needs to be addressed, says Abel Sithole, the fund’s principal executive officer. The GEPF has had an exposure of close to R500bn in local bonds issued by government and state-owned entities (SOEs), as at the end of March 2017, Parliament heard on Tuesday. According to a written reply to questions posed by members of the standing committee on finance, the GEPF said as at the end...

November 15, 2017
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