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German DAX firms paid 30% more into pensions in 2009
March 22, 2010--DAX 30 companies' pension payments reached €9bn in 2009, compared to €6.5bn the year before, Towers Watson has calculated. Overall funding funding levels remained the same.
Assessing 24 of the 30 annual reports of the top German listed companies in the DAX 30, Towers Watson noted in a press release that “the trend towards funding pension liabilities is on the rise again”, and employer contributions have increased by 30%.
The average funding level is 66%, similar to that of 2008 with 65%, but slightly below the average Mercer had calculated from the first 19 companies to release their annual reports. (See earlier IPE article: Market upturn failed to increase DAX-related pensions' funding levels)
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Source: IP&E
Deutsche Börse expands data offering on longevity
Xpect Data and Indices on life expectancy also available for England and Wales
March 22, 2010--Deutsche Börse is expanding its Xpect offering to include longevity data and indices from England and Wales. In 2008, Deutsche Börse’s business segment Market Data & Analytics started delivering monthly data on life expectancy and mortality risks in Germany and the Netherlands, broken down according to region, year of birth and gender.
Xpect Data offers the most up-to-date figures for quantitative valuation of longevity risk. The data on population trends in Germany, the Netherlands, England and Wales is collated from various sources, verified and disseminated on a monthly basis. Previously, these data had only been available in the market every three to five years.
The Xpect Data product forms the basis for up-to-date and regular calculations of generation mortality tables. Unlike hitherto existing data, Xpect Data is based exclusively on transparent and objective statistics, rather than on expert opinions. It is particularly important for the calculation of risk positions for life insurance and pension funds that longevity data is up to date and of top quality. As the population's life expectancy increases, so too do payment obligations and risk positions.
Xpect Indices serve as securitization for life and pension insurance risks and they also serve as a basis for financial instruments. Insurance companies and pension funds will thus increase their capital efficiency and lower their required risk capital.
For further information, please visit www.deutsche-boerse.com/xpect_e.
Source: Deutsche Börse
ETF Landscape: European STOXX 600 Sector ETF Net Flows, week ending 12-Mar-10
March 17, 2010--Highlights
Stoxx 600 sector exchange-traded funds saw USD25.2m of net inflows during the week ending 12 March, 2010.
The largest sector ETF inflows were in banks with USD65.0m and telecommunications with USD24.4.
Basic resources experienced net outflows of USD91.9m.
Year-to-date, media has had the largest net inflows with USD296.7m net new assets, followed by utilities with USD131.1m YTD.
visit Blackrock for more information
Source: ETF Research and Implementation Strategy, Blackrock
Commission assesses stability and convergence programmes of fourteen EU Member States
March 17, 2010--Today the European Commission examined the updated stability and convergence programmes (SCPs)1 of Belgium, Bulgaria, Germany, Estonia, Ireland, Spain, France, Italy, the Netherlands, Austria, Slovakia, Sweden, Finland and the United Kingdom. These assessments have to be seen against the background of the sharp economic and financial crisis which has had a major impact on public finances.
Reflecting the working of automatic stabilisers and discretionary stimulus measures implemented in line with the European Economic Recovery Plan (EERP)2 to cope with the exceptional economic circumstances, a large majority of Member States is currently subject to the excessive deficit procedure following corresponding Council decisions in 2009. Of the countries assessed today, only Bulgaria, Estonia, plan to keep their general government deficits below the 3% of GDP reference value set in the Stability and Growth Pact over the programmes' period. Overall, for the majority of the fourteen programmes, the growth assumptions underlying the budgetary projections are assessed as rather optimistic, implying that budgetary outcomes might be worse than targeted. Furthermore, in several cases, the budgetary consolidation strategy is not sufficiently backed up by concrete measures from 2011 onwards.
view Stability and convergence programmes (or updates): 2009-2010
So0urce: European Commission
Deutsche Börse: Deutsche Börse expands data offering on longevity
Xpect Data and Indices on life expectancy also available for England and Wales
March 19, 2010--Deutsche Börse is expanding its Xpect offering to include longevity data and indices from England and Wales. In 2008, Deutsche Börse’s business segment Market Data & Analytics started delivering monthly data on life expectancy and mortality risks in Germany and the Netherlands, broken down according to region, year of birth and gender.
Xpect Data offers the most up-to-date figures for quantitative valuation of longevity risk. The data on population trends in Germany, the Netherlands, England and Wales is collated from various sources, verified and disseminated on a monthly basis. Previously, these data had only been available in the market every three to five years.
The Xpect Data product forms the basis for up-to-date and regular calculations of generation mortality tables. Unlike hitherto existing data, Xpect Data is based exclusively on transparent and objective statistics, rather than on expert opinions. It is particularly important for the calculation of risk positions for life insurance and pension funds that longevity data is up to date and of top quality. As the population's life expectancy increases, so too do payment obligations and risk positions.
Xpect Indices serve as securitization for life and pension insurance risks and they also serve as a basis for financial instruments. Insurance companies and pension funds will thus increase their capital efficiency and lower their required risk capital.
For further information on Xpect Data, please visit www.deutsche-boerse.com/xpect_e.
Source: Deutsche Börse
Pressure mounts over IMF role in Greek crisis
March 19, 2010--Europe split over IMF intervention for debt-ridden Greece on Friday, upping pressure on national leaders to resolve crisis plans just days from a crunch summit.
Germany, changing tack, said it was open to the possibility of the International Monetary Fund helping Greece while the Netherlands, Finland and Italy -- to varying degrees -- also declared themselves alive to IMF involvement.
Investors reacted negatively, with Greek government bond yields -- the interest rate that Athens must pay in order to raise money on financial markets -- also rising sharply. The euro weakened against the dollar.
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Source: EUbusiness
Changes In The Composition Of The FTSE/ATHEX Index Series
March 19,2010--Following the transfer of trading of the shares of «X. BENRUBI S.A.» the Low Liquidity & Special Features Category of the Athens Exchange and according to the Ground Rules for the Management of the FTSE/ATHEX Index Series the following changes will take place.
FTSE/ ATHEX SmallCap 80
The shares of the company are removed from the index and replaced by the shares of the company «STELIOS KANAKIS S.A.» with investability weighting 20%.
FTSE/ ATHEX 140
The shares of the company are removed from the index and replaced by the shares of the company «STELIOS KANAKIS S.A.» with investability weighting 20%.
FTSE/ATHEX Personal & Household Products
The shares of the company are removed from the index without replacement.
FTSE/ATHEX Food & Âeverages
The shares of the company «STELIOS KANAKIS S.A.» are added to the index with investability weighting 20%.
All changes are effective from Monday March 22, 2010.
Source: Online News
UNPRI to start lobbying on ESG regulation
European Commission discussions look at scenarios for ESG disclosure.
March 19, 2010--The United Nations Principles for Responsible Investment (UNPRI), which represents institutional investor assets of $20 trillion, is planning to take its first steps to influence legislation in favour of ESG investment issues with the launch of a public policy network to lobby regulators and policy makers.
The UNPRI said the network would “seek out ways for collaboration between policy makers and investors, to encourage better policy making to support responsible investors and to encourage governments’ own funds to be aligned with the PRI”. A target date for the initiation of the network has not been announced. The plans are set out in a submission by the UNPRI to the European Commission, part of a series of European discussions looking at whether the disclosure of corporate environmental, social and governance (ESG) information should be tightened up.
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Source: Responsible Investor
Deutsche Börse Launches DAXglobal China Urbanization
March 18, 2010--Deutsche Börse has launched the DAXglobal China Urbanization Index on 17 March. It comprises the 20 largest and most liquid companies from five DAXglobal China Sector Indices. The constituents have to be listed at Hong Kong Stock Exchange (H-shares and red chips), Singapore Stock Exchange, NYSE or NASDAQ.
The index aims at investors who want to participate in the rapid growth of China’s cities – currently they are expanding by around 13 million inhabitants each year.
According to studies by the United Nations, China already has 100 cities with populations of over 1 million. Experts predict that this trend will increase. The number of people living in urban areas is expected to grow from 40 percent in 2008 to 70 percent in 2050. This corresponds to an increase of 15 million new city dwellers per year.
In order to meet the challenges of the dynamic urbanization extensive infrastructure investments are needed, for example the enhancement of housing and expansion of public transportation systems. The DAXglobal China Urbanization Index reflects these growth segments.
Since Monday 15 March 2010 Vontobel already offers product on the new index denominated in Euro. Heiko Geiger, Executive Director at Vontobel, said, “The DAXglobal China Urbanization Index fits extremely well into our theme strategy, which provides access to new interesting markets with exciting investment focuses for investors. Though the urbanization processes in China will be a huge challenge for politics, economics and society it will concurrently offer attractive investment chances for investors.”
Source: Deutsche Börse
UK official holdings of International Reserves
March 18, 2010--Part I: UK Government Foreign Currency Assets and Liabilities – February 2010
1. The UK Government’s net reserves rose by $314 million in February 2010, bringing the end-February total to $32,989 million (£21,669 million1) compared with $32,675 million (£20,391 million2) at end-January 2010.
view the UK OFFICIAL HOLDINGS OF INTERNATIONAL RESERVES
Source: HM Treasury
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