It’s never wise to carry all your eggs in one basket. The Canadian Retirement Income Security System seems to have grasped this truth and armed Canadians with an assortment of private and public pensions. At a recent seminar held in Geneva by the International Social Security Association (ISSA)—in conjunction with the Social Security Department of […]
Other Brieflies this week:| MON | TUE | WED | THU | FRI | Canada’s economy contracted at an annual pace of 3.4% in the fourth quarter of 2008—its worst performance since 1991—due to the global recession, according to Statistics Canada. Canadian exports fell 4.7% for the sixth consecutive quarter, while imports were down 6.4%. […]
In addition to the myriad crises witnessed over the past 13 months, 2008 now has the dubious distinction of being the worst year on record for Canadian pension plans, as assets dropped 7% in the fourth quarter alone, according to RBC Dexia Investor Services. The Q4 fall added the finishing touch to a 15.9% decline […]
Other Brieflies this week:| MON | TUE | WED | THU | FRI | Morneau Sobeco released the results of its Performance Universe of Pension Managers’ Pooled Funds for the fourth quarter of 2008. According to the report, in the fourth quarter of 2008, diversified pooled fund managers posted a median return of -8.3% before […]
Other World Views this week:| MON | TUE | WED | THU | FRI | The United States economy fell into recession last year, according to the National Bureau of Economic Research. Its Business Cycle Dating Committee determined that a peak in economic activity occurred in the U.S. economy in December 2007. “The peak marks […]
The Caisse de dépôt et placement du Québec plans to adjust its investment strategy to cope with the global credit crisis whose scope and effects are still uncertain. “This uncertainty has prompted the Caisse to manage with strategies that emphasize caution, preservation of capital and risk reduction,” says Richard Guay, the pension fund’s president and […]
Other Brieflies this week:| MON | TUE | WED | THU | FRI | Canada’s five leading financial institutions lowered their prime lending rates by 35 basis points to 4% on Tuesday. TD Canada Trust was the first to announce the rate cut, followed by CIBC, BMO, Scotiabank and RBC. “TD Canada Trust’s decision to […]
Other Brieflies this week:| MON | TUE | WED | THU | FRI | Sun Life Financial posted a loss of C$396 million on writedowns tied to failed U.S. banks including Lehman Brothers, AIG and Washington Mutual. “Unprecedented events in the global financial sector characterized the third quarter and significantly impacted our results,” said chief […]
Other World Views this week:| MON | TUE | WED | THU | FRI | The Dutch government has announced that it will inject €10 billion (CDN$15.8 billion) into ING Groep in exchange for an 8.5% stake in the company, after projected third-quarter losses drove the stock to a 13-year low. The move follows a […]
Other World Views this week:| MON | TUE | WED | THU | FRI | The pension surpluses of 2007 may have been wiped out by recent market turmoil, but pension schemes should be able to continue paying their accrued benefits, according to Mercer’s U.K. office. However, this is dependent on the sponsoring employer remaining […]