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Chancellor of the Exchequer Rachel Reeves will be delivering the Mansion House speech, the UK government's annual address on financial services, on November 14. This speech is expected to outline her vision for financial services and the Square Mile, and how the government plans to support the growth and innovation of the financial services sector. The speech will also aim to attract international investment and showcase what the UK has to offer. This speech follows a busy period for Reeves, including attending the annual meetings of the International Monetary Fund and delivering her first budget. [Extracted from the article]

S&P Global Ratings has praised Chile's renewed focus on economic reforms, stating that they are crucial for boosting growth and managing debt levels. The country's growth has slowed to levels comparable to its regional peers, and it now needs to reach consensus across the political spectrum to implement changes such as tax and pension reforms. S&P emphasizes the importance of political unity in achieving economic reforms and warns that no single bill can significantly impact Chile's credit rating. The agency is set to review Chile's sovereign rating next month and currently classifies its foreign currency debt as 'A', the highest in Latin America. However, the outlook was revised to 'negative' due to weaker political consensus. Recent legislative approvals on tax evasion and upcoming bills on pension reform indicate progress in the political process. The article also mentions Chile's social unrest in 2019 and the subsequent rejection of two proposed rewrites of the constitution. S&P highlights the need for Chile to strengthen its fiscal and external buffers to improve its credit profile. [Extracted from the article]

Marine Le Pen's far-right party, the National Rally, is attempting to overturn French President Emmanuel Macron's unpopular pension reform. While it is unlikely to succeed, the proposal will draw attention to the challenges faced by Macron's administration. The National Rally plans to introduce a bill on October 31 to reverse the core of the pension reform, which raised the minimum retirement age to 64. The party's other proposals include stricter punishment for attacks on healthcare, education, or police staff, eviction of convicted foreigners, and changes to legislation on energy performance and hydroelectric dams. [Extracted from the article]

South Korea's national pension fund is projected to run out by 2056 if urgent reforms are not implemented, according to the government. The fund's previous estimate was for 2055, but the growth in funds managed by the National Pension Service has delayed the depletion by one year. The country's aging population and low birthrate contribute to the dire situation, prompting the government to propose pension reforms, including a gradual increase in the contribution rate. President Yoon Suk Yeol has also suggested a tiered system to address the issue. The fund has seen positive returns, and the government aims to increase its exposure to overseas assets and alternative investments to generate more returns. [Extracted from the article]

According to a survey released by Natixis Investment Managers, 40% of Australians believe they will never have enough money to retire, despite Australia's well-regarded pension system. Australia ranked seventh in Natixis's Global Retirement Index, which evaluates countries based on post-work finances, health, quality of life, and material well-being. The report also highlights concerns about retirement preparation and Australians' understanding of maximizing their savings. Australia's superannuation system requires employers to contribute 11.5% of workers' salaries, a requirement not present in the US and only recently implemented in the UK. Globally, 19% of respondents in the survey said they couldn't afford to retire even if they saved $1 million. [Extracted from the article]

New York State and its local governments will be paying an additional $900 million into the state's pension fund in the upcoming fiscal year. This increase is due to benefit enhancements approved by state lawmakers and the rise in public employee salaries. The contribution rates for civil employees will increase to 16.5% of payroll, while rates for police officers and firefighters will increase to 33.7% of payroll. These higher payments are a result of the reversal of a 2012 pension reform, salary growth, longer life expectancy, and underperformance in investments. The changes also apply to New York City, adding $165 million in pension benefit costs. The pension costs also reflect the impact of the stock market downturn in 2022. As of March 31, 2024, New York's pension was 93.2% funded. [Extracted from the article]

South Korean President Yoon Suk Yeol is seeking to reform the country's pension system, as well as the medical, education, and labor sectors. Yoon acknowledges the challenges of implementing these reforms but believes they are necessary for the country's survival. He proposes a tiered pension system with higher tax increases for older workers and gradual increases for younger workers. The current pension system is seen as insufficient to support the rapidly aging population, and the national pension stockpile is projected to be depleted by 2055. Yoon's plans may face opposition from the Democratic Party, which aims to regain the presidency in three years. Additionally, Yoon emphasizes the importance of security cooperation with the US and Japan, particularly in countering the nuclear threat from North Korea. [Extracted from the article]

South Korean President Yoon Suk Yeol is calling for reforms in the pension, medical, education, and labor sectors, recognizing the challenges involved but emphasizing their importance for the country's survival. Yoon proposes a tiered pension system with higher tax increases for older workers and gradual increases for younger workers. The current pension system is seen as insufficient to support the aging population, and without changes, the national pension stockpile is projected to be depleted by 2055. Yoon's plans may face opposition from the Democratic Party, which aims to regain the presidency in three years. Additionally, Yoon aims to address the low birthrate and income poverty among the elderly, as well as promote labor mobility and fair wages. [Extracted from the article]

Moody's Ratings has raised New Jersey's outlook from stable to positive, citing the state's strong economic performance compared to neighboring states. The ratings firm also affirmed New Jersey's issuer and general obligation bond ratings at A1, the fifth-highest level of investment grade. Moody's lead analyst Edward Hampton noted that New Jersey's economy is outpacing its mid-Atlantic peers and highlighted the state's repeated appropriations of full actuarial state pension contributions as a sign of strong practices. The positive outlook reflects the prospects for strong economic and revenue performance, which will allow the state to narrow its structural gap and maintain substantial budgetary reserves while making full actuarial pension contributions. New Jersey's overall grade still remains below most other states, with only Illinois being rated lower. [Extracted from the article]

Chancellor of the Exchequer Rachel Reeves has indicated that she plans to raise taxes in her first UK budget in October to address a £16.4 billion deficit in the public accounts. While she has ruled out increasing income tax, national insurance, and value-added tax, she has not ruled out raising capital gains tax, inheritance tax, and pension reform. Reeves has stated that the deficit was inherited from the previous Conservative government. She has also agreed to above-inflation pay rises for over 5 million public sector workers, which has led to criticism from the Tories. It is expected that the deficit will be filled through a combination of tax increases and additional borrowing. [Extracted from the article]

The UK is being hindered by a cautious approach to investing pension funds, according to JPMorgan Chase & Co. executive Patrick Thomson. Thomson believes that the UK should consolidate its £1.4 trillion of defined benefit pension fund money to increase scale and encourage more investment in productive finance. The Treasury has announced a review of the industry to drive investment into areas of the domestic economy that promote growth, including considering the benefits of consolidating UK pension funds. Thomson cited Canada and Holland as examples of countries that have successfully used scale to achieve better pricing and outcomes for retirees. [Extracted from the article]

The new Labour government in the UK is meeting with pensions industry leaders to discuss reforms aimed at boosting economic growth and improving returns on savings. The Chancellor of the Exchequer, Rachel Reeves, will be meeting with CEOs from companies such as Legal & General, Aviva, M&G, and Phoenix Group to discuss the future of the sector. The government has launched a review of the industry with the goal of driving investment into areas of the domestic economy that promote growth and increase the size of people's pensions. The review will consider consolidating UK pension funds and addressing underperformance. [Extracted from the article]

The asset-management arm of Deutsche Bank, DWS Group, has observed a significant increase in demand for environmental, social, and governance (ESG) services from institutional investors. This rise in demand is driven by growing regulatory pressure to screen for ESG risks. DWS has seen a doubling in the number of ESG filters requested by institutional investors and an increase in client interactions in the first half of 2024. The trend is particularly concentrated in Europe, where investors face requirements to measure the negative impact of their investment strategies. [Extracted from the article]

President Gustavo Petro of Colombia has accused the banking and energy sectors of obstructing his social reforms. During the signing of his flagship plan to increase state control over Colombian pensions, Petro criticized the central bank board for keeping interest rates high and the energy regulator for not reducing fees. He also expressed concern that the nation's Constitutional Court may reject the pension reform. The reform aims to expand subsidies for elderly Colombians living in poverty and eliminate competition between public and private pension systems. [Extracted from the article]

The asset-management arm of Deutsche Bank, DWS Group, has observed a significant increase in demand for environmental, social, and governance (ESG) services from institutional investors. This rise in demand is driven by growing regulatory pressure to screen for ESG risks. Pension funds, in particular, have expressed interest in discussing and investing in ESG products, as well as considering ESG risk in their investments. DWS has seen a doubling in the number of ESG filters requested by institutional investors, with the trend being most concentrated in Europe. The European Parliament's policy department has also indicated that disclosures measuring the negative impact of investment strategies may become mandatory for a larger group of investors. Additionally, a recent survey found that 60% of limited partners have turned down investment opportunities due to concerns over ESG standards. The trend towards ESG is also influenced by a focus on net-zero alignment, carbon reduction, and reduced exposure to fossil fuels. However, there is still room for improvement, as the majority of occupational pension funds in Europe do not conduct environmental stress testing as part of risk management. [Extracted from the article]

The asset-management arm of Deutsche Bank, DWS Group, has observed a significant increase in demand for environmental, social, and governance (ESG) services from institutional investors. This rise in demand is driven by growing regulatory pressure to screen for ESG risks. Pension funds, in particular, have expressed interest in discussing and investing in ESG products, as well as considering ESG risk in their investments. DWS has seen a doubling in the number of ESG filters requested by institutional investors, with the trend being most concentrated in Europe. The European Parliament's policy department has also indicated that disclosures measuring the negative impact of investment strategies may become mandatory for a larger group of investors. [Extracted from the article]

The asset-management arm of Deutsche Bank, DWS Group, has observed a significant increase in demand for environmental, social, and governance (ESG) services from institutional investors. This rise in demand is driven by growing regulatory pressure to screen for ESG risks. DWS has seen a doubling in the number of ESG filters requested by institutional investors and an increase in client interactions in the first half of 2024. The trend is particularly concentrated in Europe, where investors face requirements to measure the negative impact of their investment strategies. [Extracted from the article]

The asset-management arm of Deutsche Bank, DWS Group, has observed a significant increase in demand for environmental, social, and governance (ESG) services from institutional investors. This rise in demand is driven by growing regulatory pressure to screen for ESG risks. Pension funds, in particular, have expressed interest in discussing and investing in ESG products, as well as considering ESG risk in their investments. DWS has seen a doubling in the number of ESG filters requested by institutional investors, with the trend being most concentrated in Europe. The article also highlights the global trend towards measuring the negative impact of investment strategies and the increasing alignment with net-zero goals and carbon reduction. [Extracted from the article]

The asset-management arm of Deutsche Bank, DWS Group, has observed a significant increase in demand for environmental, social, and governance (ESG) services from institutional investors. This rise in demand is driven by growing regulatory pressure to screen for ESG risks. Pension funds, in particular, have expressed interest in discussing and investing in ESG products, as well as considering ESG risk in their investments. DWS has seen a doubling in the number of ESG filters requested by institutional investors, with the trend being most concentrated in Europe. The article also highlights the global trend towards measuring the negative impact of investment strategies and the increasing alignment with net-zero goals and carbon reduction. [Extracted from the article]

French voters are participating in a fast-paced election, with Marine Le Pen's anti-migrant National Rally projected to win the most seats in the lower house of parliament. While it is uncertain if the party will secure an absolute majority, a win would give them significant influence in the National Assembly. President Emmanuel Macron called for the snap vote to boost support after his centrist alliance suffered in the European Parliament election, but his coalition is now expected to win fewer seats. The election outcome could lead to power-sharing or a hung parliament, and voter turnout has been high. The three leading groups in the election have different policy proposals, with Macron's party advocating for continuity, the National Rally focusing on immigration and law and order, and the New Popular Front proposing radical economic measures. The election has had an impact on the French stock market and bond market. [Extracted from the article]

French voters are participating in a fast-paced election, with Marine Le Pen's anti-migrant National Rally projected to win the most seats in the lower house of parliament. While it is uncertain if the party will secure an absolute majority, a win would allow them to push through legislation and reshape France's domestic agenda. President Emmanuel Macron called for the snap vote to regain support after his centrist alliance suffered in the European Parliament election, but his coalition is now expected to win fewer seats. The election outcome could result in power-sharing or a hung parliament, and voter turnout is high, indicating potential opposition to the far-right party. The election has also affected the stock market, with the CAC 40 Index performing poorly since the election was called. The three leading groups in the election have different policy proposals, with Macron's party advocating for continuity, the National Rally focusing on immigration and law and order, and the New Popular Front proposing radical economic measures. [Extracted from the article]

French voters are heading to the polls in an unprecedented election, with Marine Le Pen's anti-migrant National Rally projected to win the most seats in the lower house of parliament. This could make it the first far-right party to serve in government since World War II. The main question is whether the party will win enough seats to get an absolute majority, which would allow it to easily push through legislation and reshape France's domestic agenda. President Emmanuel Macron called the snap vote in an effort to regain support after his centrist alliance suffered a defeat in the European Parliament election, but his coalition is now expected to win fewer seats. The outcome of the election will determine whether power is shared or if there is a hung parliament, and turnout will be a crucial factor to watch. The three leading groups in the election have different policy proposals, with Macron's party advocating for continuity, the National Rally focusing on reducing immigration and toughening law and order, and the New Popular Front proposing radical economic measures. The market has reacted to the election, with French stocks and bonds experiencing fluctuations. [Extracted from the article]

Marine Le Pen's far-right National Rally party is facing a challenge as her rivals have withdrawn candidates from 223 French election runoffs in order to prevent the vote from being split. This move makes it more difficult for Le Pen to secure an absolute majority in the legislature. President Emmanuel Macron's centrist group has withdrawn from 76 races, while the leftist New Popular Front has withdrawn from 130 races. This leaves 89 three-way races in the second round of the election. Voters will have to decide between Macron's pro-business, pro-Europe, pro-Ukraine vision and Le Pen's agenda of reducing migration, distancing from EU rules, and reversing some of Macron's pension reforms. [Extracted from the article]

Marine Le Pen's National Rally is working to secure an absolute majority in the final round of France's legislative election, while rival parties are strategizing to prevent the far-right party from gaining power. President Emmanuel Macron's centrist group and the left-wing New Popular Front alliance have withdrawn their candidates from certain runoffs to avoid splitting the vote against the far right. The National Rally is seeking allies to help it win a majority in the lower house of parliament in order to implement its program, which includes reversing the government's pension reform and reducing aid for foreigners. The election forces voters to choose between Macron's pro-business, pro-Europe vision and Le Pen's agenda of cutting migration and undoing some of Macron's reforms. The National Rally is the only party with a realistic chance of an absolute majority, and if it falls short, there would be a hung parliament. [Extracted from the article]

Marine Le Pen's National Rally is working to secure an absolute majority in the final round of France's legislative election, while rival parties are attempting to prevent the far-right party from gaining power. President Emmanuel Macron's centrist group and the left-wing New Popular Front alliance have withdrawn their candidates from certain runoffs to avoid splitting the vote against the far right. The National Rally is seeking allies to help it win a majority in the lower house of parliament in order to implement its program, which includes reversing the government's pension reform and reducing certain aid for foreigners. If the National Rally falls short of an absolute majority, there would be a hung parliament, with Macron still dictating foreign policy and needing to compromise on a prime minister for domestic policy. [Extracted from the article]

Australia's pension sector, valued at A$3.9 trillion ($2.6 trillion), has been urged to better prepare for the upcoming wave of retirees. A survey conducted by the Australian Securities and Investments Commission and the Australian Prudential Regulation Authority found that funds have only made incremental progress in helping members prepare for retirement. The Retirement Income Covenant, introduced in 2022, requires funds to develop retirement income strategies and assist members in understanding available products and how to spend their savings. The lack of progress in tracking the success of these strategies is a concerning finding, according to APRA Deputy Chair Margaret Cole. The Australian pension system is the fastest-growing retirement savings pool globally, but Australians remain anxious about having enough money in retirement. Challenges faced by funds include uncertainty around providing financial advice, privacy and security concerns, costs associated with collecting member data, and a lack of member engagement. The Association of Superannuation Funds of Australia stated that funds have made substantial investments in providing retirement information to members. [Extracted from the article]

This article offers a Q&A analysis of the UK election and its potential effects on markets, business, and the economy. It suggests that the election outcome is unlikely to greatly impact the UK stock market, although certain sectors like housebuilders may benefit from Labour's policies. If Labour comes to power, the pound is expected to receive support due to potential closer ties with the European Union. The impact on UK government bonds is uncertain and depends on Labour's fiscal policies. Both parties are expected to implement tax hikes, potentially targeting wealth, pensions, and businesses. The energy industry is also a focus, with Labour aiming for a fully decarbonized power grid by 2030. The article explores various aspects of the UK's political landscape and the potential implications for different sectors under a Labour government. It highlights concerns about Thames Water's financial situation and the possibility of temporary nationalization. The article also discusses Labour's plans to address the housing crisis, including changes to planning laws and the potential impact on builders and developers. Additionally, it examines the party's stance on financial services, banking, and trade relationships with Europe and other countries. [Extracted from the article]

Australian Retirement Trust (ART), the nation's second-largest pension fund, disagrees with money markets that are betting on the Reserve Bank of Australia (RBA) raising interest rates at its next policy meeting. Despite higher-than-expected inflation, ART believes the RBA will not raise rates in August and instead predicts that rates will remain unchanged for another year before the next move is a rate cut. The RBA has been cautious in tightening policy to preserve post-pandemic job gains, and while inflation is expected to fall back within the target range by late 2025, Governor Michele Bullock has not ruled out further rate hikes if necessary. [Extracted from the article]

France's leftist alliance, the New Popular Front, has proposed raising the top marginal income tax rate to 90% if they were to take over the government after the legislative elections. Eric Coquerel, a member of the alliance, stated that this proposal would only affect the highest portion of a taxpayer's income and would be considered constitutional. While the specific income level at which the 90% rate would apply was not mentioned, a previous plan by the far-left France Unbowed party suggested it would be on taxable income over €411,683. Currently, the top income tax rate in France is 45% on income over €177,106. The New Popular Front is currently in second place in polls for the parliamentary election. In the past, a similar proposal for a 75% rate on incomes over €1 million was rejected by France's constitutional court, leading to it being transformed into a levy on companies. The leftist alliance has also unveiled plans for increased taxation and public spending, which has been criticized by the French business community. [Extracted from the article]

France's leftist alliance, known as the New Popular Front, plans to spend €200 billion ($214 billion) on its priorities over the next five years if it wins the snap election. The coalition aims to reverse President Emmanuel Macron's labor and pension reforms and boost economic growth. Jean-Luc Melenchon, leader of the far-left France Unbowed party, dismissed concerns about the extra spending, stating that it would lead to increased state revenue. The alliance intends to present detailed figures on how it will finance its program at a later news conference. [Extracted from the article]

The head of France's Medef business lobby, Patrick Martin, has criticized the campaign programs of both the far right and an alliance of leftist parties, stating that they pose a danger to the economy. Martin argues that Marine Le Pen's National Rally would isolate France from the European Union and reverse important reforms, while the policies of the New Popular Front would result in significant increases in public spending. These comments come as Medef prepares to question political groups on their election pledges, with a focus on business and the economy. [Extracted from the article]

Australia's pensions regulator, the Australian Prudential Regulation Authority (APRA), has warned that some funds in the country's A$3.9 trillion ($2.6 trillion) pension industry are not valuing assets such as private equity and property frequently enough. APRA stated that unlisted assets were not being valued "at least quarterly" as recommended, and there is room for improvement in how boards scrutinize these valuations. The regulator emphasized that inappropriate asset valuations could have a significant impact on member transactions, member equity, and reported investment returns. APRA's survey also revealed that some funds had challenged or rejected valuations given by management, particularly for external manager valuations. [Extracted from the article]

The UK's National Employment Savings Trust (NEST) has stated that it may consider investing in Thames Water if the utility company undergoes restructuring and is put up for sale. This is significant because no other investor has expressed interest in Thames Water, which has faced scandals and demands for increased bills. Analysts predict that the company, which has significant debt, will be restructured before being sold, broken up, mutualized, or nationalized. NEST, which is accountable to the government, plans to invest more in UK infrastructure and property. [Extracted from the article]

President Gustavo Petro's pension reform plan in Colombia is likely to be rejected by the country's top court, according to constitutional experts. The reform, which aims to increase state control over pensions, faced legal challenges and was rushed through the lower house without debate. Critics argue that this violated the constitution and predict that the reform will fail in court. The plan includes expanding subsidies for elderly Colombians in poverty, eliminating competition between public and private pension systems, and creating a savings fund managed by the central bank. [Extracted from the article]

Colombia's lower house has passed a pension reform bill proposed by President Gustavo Petro, marking a significant step in his efforts to transform the country's conservative economic model. The law increases the government's involvement in pension provision, with around 70% of worker contributions being managed by the state and the remaining portion going to private funds. The reform also includes measures to expand subsidies for elderly Colombians in poverty and eliminates competition between public and private pension systems. While the bill's approval may face legal challenges, analysts believe that the market impact will be minimal in the short term. [Extracted from the article]

Credit rating firms are closely monitoring Chile's ability to use high copper prices to stimulate economic growth and improve its fiscal position. Despite being praised for having the best credit rating in Latin America, Chile has experienced downgrades due to political and social unrest. While the surge in copper prices could lead to increased tax revenues and economic growth, credit agencies remain cautious due to Chile's previous years of lackluster growth and challenges in building new mines. Moody's Ratings plans to revise its 2024 growth forecast for Chile upwards, but S&P Global Ratings maintains a negative outlook. Chile's President Gabriel Boric is proposing a tax reform initiative to finance social programs, which credit agencies are closely monitoring for potential risks. Chile expects its fiscal deficit to decrease this year, but debt as a percentage of GDP is projected to rise. Despite concerns about unchecked spending, credit agencies view Chile as a responsible economic policy maker in the region. [Extracted from the article]

Credit rating agencies are closely monitoring Chile's ability to use high copper prices to stimulate economic growth and improve its fiscal position. Despite being praised for having the best credit rating in Latin America, Chile has experienced downgrades due to political and social unrest. While the surge in copper prices could lead to increased tax revenues and economic growth, credit agencies remain cautious due to Chile's previous years of lackluster growth and challenges in building new mines. Moody's Ratings plans to revise its growth forecast for Chile upwards, but both Moody's and S&P Global Ratings expect Chile's debt levels to continue rising. Chile's President Gabriel Boric is proposing a tax reform initiative to finance social programs, which credit agencies are closely monitoring for potential risks. However, experts view Chile as a responsible economic policy maker in the region. [Extracted from the article]

Australia's pension assets are approaching A$4 trillion ($2.7 trillion) due to strong inflows and robust investment markets. The industry saw an 11% increase in assets in the year through March, reaching A$3.85 trillion. There are now seven pension funds with over A$100 billion each under management. However, the largest funds are only slightly outperforming the broader industry in terms of investment returns. The industry is also facing regulatory scrutiny and the challenge of baby boomers retiring. AustralianSuper and Australian Retirement Trust are the leading players in the pensions sector, and funds are increasingly investing overseas. [Extracted from the article]

Chile's government has expedited its pension reform bill as President Gabriel Boric urges lawmakers to vote on the legislation. The executive branch has applied "utmost urgency" to the proposal, meaning that the Senate must vote on it within 15 days. However, the opposition is expected to push back against this timeline. The bill aims to address low pensions and transition from the current system of individual savings accounts to a more mixed setup with a solidarity component. President Boric is seeking to pass significant bills to increase revenues and improve retirement payments. [Extracted from the article]

Colombian President Gustavo Petro has acknowledged the presence of "structural corruption" within the nation's institutions, distancing himself from a recent bribery scandal involving his allies. Petro, known for leading anti-corruption investigations in congress in the past, emphasized that corruption exists across all political parties and corners. Former officials at the government's disaster prevention agency have been accused of diverting funds meant for providing drinking water to a poverty-stricken desert region in order to bribe congress members to support Petro's reforms. The scandal may pose challenges for the government's pension reform efforts in congress. [Extracted from the article]

German Chancellor Olaf Scholz has dismissed reports of tensions within the ruling coalition over economic policy. He stated that a planned reform to the nation's pensions system will be approved in cabinet this month. Scholz held talks with Finance Minister Christian Lindner and Economy Minister Robert Habeck to discuss the pension reform and next year's federal budget. The ruling alliance aims to get the budget approved in cabinet in early July before it is sent to parliament in mid-August. Scholz emphasized that the government is working well together and has more meetings planned to make timely decisions on the budget and economic measures. [Extracted from the article]

Colombian President Gustavo Petro announced during a Labor Day speech that Colombia will sever diplomatic ties with Israel due to what he called a "genocidal president." Petro expressed his support for Palestine and emphasized the importance of preventing its demise. In response to recent anti-government protests, Petro plans to introduce a package of bills to Congress aimed at boosting economic growth. This package includes measures to compel the financial sector to provide affordable financing to various sectors, such as industry, agriculture, and tourism. Despite facing a 60% disapproval rating, Petro achieved a recent victory with the Senate's approval of pension reform, which will now be considered by the lower house. [Extracted from the article]

Colombian President Gustavo Petro announced during a Labor Day speech that Colombia will sever diplomatic ties with Israel due to what he called a "genocidal president." Petro expressed solidarity with Palestine and called for marches in support of his government. This decision comes as Petro faces opposition and low approval ratings, but he recently achieved a victory in the senate's approval of pension reform. This is not the first time Petro has threatened to suspend relations with Israel, as he previously compared remarks by Israel's defense minister to Nazism. [Extracted from the article]

Colombian President Gustavo Petro has called on congress to eliminate a proposed fee on pension fund assets. The fee, which can be as high as 0.7%, has been deemed excessive by Petro, who believes that any fees should be based on returns rather than assets under management. Lawmakers recently added the fee to a pension bill, which was approved by the senate and will now move to the lower house for further debate. Petro argues that the fee should be much lower, while the private pension fund association Asofondos argues that it is necessary to replace lost revenue as more people transition to the state-managed pension system. [Extracted from the article]

Colombian senators have approved President Gustavo Petro's pension reform, which will make the government the manager of around 70% of all worker contributions, with private pension funds receiving the rest. The reform also includes the creation of a central bank-managed savings fund to pay for future pension compensation. The approval is seen as a victory for President Petro, whose disapproval rating is currently at 60%. The bill now needs to be approved in two more votes in the lower house, where the government holds a majority. [Extracted from the article]

Colombia's private pension fund association, Asofondos, has stated that over a million clients will be exempt from a new 0.7% management fee recently passed by the senate. The fee is intended to be levied on the total assets under management, which amount to $104 billion. However, Asofondos believes that individuals who have already retired or are close to retirement will be excluded from this fee, reducing the total assets subject to the charge to $49 billion. The new fee is meant to offset revenue losses for the sector when worker contributions are directed to the public system. Approximately 19 million Colombians are affiliated with private pension funds, and the duration of the fee was not specified in the text. The labor minister expects the senate to approve the full text of the pension reform soon. [Extracted from the article]

BP Plc has rejected a call to increase defined benefit payments to retired UK workers by an additional 2% this year, stating that pension payouts have already been exceeding inflation for the past decade. The company acknowledged the challenges posed by the rising cost of living but argued that granting the request would result in a total annual increase of 7% for pensioners. This dispute has attracted the attention of British lawmakers, who are examining the regulations surrounding defined-benefit schemes. [Extracted from the article]

Chile's government is taking a tougher stance in negotiations to approve President Gabriel Boric's pension reform in the Senate. The finance minister, Mario Marcel, stated that while the administration is open to dialogue, it will not be swayed by contentious issues like employer pay-ins. The government wants to avoid the early concessions that left many allies disappointed during talks in the lower house. The pension reform aims to address low pensions and move towards a more mixed system with a solidarity component. Chile's economy is showing signs of recovery, with activity surpassing analyst forecasts and growth estimates rising. The government will publish its latest Public Finances Report in the coming weeks, which will affirm this year's fiscal goals. [Extracted from the article]

Colombian lawmakers have added a clause to a pension bill that will allow fund managers to earn an additional $750 million in management fees. The proposal, approved by the senate, permits private pension funds to charge up to 0.7% on assets under management in addition to the upfront fee. The change applies to obligatory pension funds, which had $104 billion under management and 19 million clients at the end of 2023. The bill aims to make private funds financially viable as the government's bill reduces private pension savings by moving more workers into the public system. President Gustavo Petro has criticized private pension funds for low returns and called for repatriation of overseas investments. The bill is expected to be discussed in the lower house after approval by the senate. [Extracted from the article]

Wall Street banks, including Bank of America, Goldman Sachs, and Citigroup, are competing for business from Australia's pension funds, which are rapidly growing and looking to hedge their overseas investments. Australia's pension funds have increased their investments abroad to nearly 50% of their holdings due to the relatively small size of the country's own markets. The largest funds collectively control over $650 billion in assets outside Australia. Banks are seeking to handle the swaps and derivatives needs of managing this capital on behalf of the funds in Europe, the US, and Asia. The Australian pension industry is expected to triple its assets to $13.6 trillion by 2048. [Extracted from the article]