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Bond ETFs outshine equity rivals in 2019
December 2, 2019--Investors plough $191bn into passive fixed-income vehicles that track the markets.
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Insurance becoming increasingly hard to get for global coal industry
December 2, 2019--The number of insurers withdrawing cover for coal projects more than doubled this year and for the first time U.S. companies have taken action, leaving Lloyd’s and Asian insurers as the "last resort" for fossil fuels, according to a new report.
The report, which rates the world's 35 biggest insurers on their actions on fossil fuels, declares that coal-the biggest single contributor to climate change-"is on the way to becoming uninsurable" as most coal projects cannot be financed, built or operated without insurance.
Assets held in exchange traded funds surge to record $6tn
December 1, 2019--Performance of most traditional active managers during the crisis prompted many investors to seek less volatile strategies
Global assets held by exchange traded funds have climbed to a record $6tn, doubling in size in less than four years, in a surge turbocharged by the lengthy US stock market bull run.
The sector's explosive growth has attracted heightened scrutiny by regulators who are concerned about the influence of ETFs as they spread deeper and wider into financial markets worldwide.
Countries should strengthen pension systems to adapt to changing world of work
November 27, 2019--Governments should urgently reform their pension systems to ensure that the growing share of workers in temporary or part-time employment can contribute enough during their working lives to receive an adequate income in retirement, according to a new OECD report.
Pensions at a Glance 2019 says that non-standard employment, such as self-employment, temporary or part-time work, now accounts for more than one-third of employment across OECD countries. Part-time work is three times more frequent among women than among men and self-employment is particularly common among older workers.
view the Pensions at a Glance 2019 OECD and G20 Indicators
IMF-A New Climate Economy
November 26, 2019--"Everybody talks about the weather, but nobody does anything about it." The quip, attributed to 19th-century American humorist Mark Twain, might describe the current state of play on climate change. In Twain's day, it was absurd to suppose humans could do anything about the weather.
Today, we understand that we can and we must.
The changing climate, largely wrought by humans, is bringing rising sea levels, temperature extremes, and more frequent and harsher storms. These threaten to displace lives, livelihoods, and communities, with clear economic consequences, often at a high price tag, around the world.
Asset Managers and Climate Change-
How the sector performs on portfolios, engagement and resolutions-November 2019
November 26, 2019--The Task Force on Climate-Related Disclosures (TCFD) process has articulated the view from global financial regulators that climate change does indeed pose a material risk to the financial system. Since the TCFD's initial report was released in June 2017 the phrase "climate risk" as the public narrative has evolved to the "climate crisis" or "emergency" with accompanying physical manifestations and resulting economic/social costs clearly apparent.
The IPCC's Global Warming of 1.5C (2018) provides clear guidance from the world's scientific community on the need for urgent policy action from governments to facilitate a transition from fossil fuel combustion to renewable and zero-emission transport technologies. The lack of meaningful policy progress globally means there is ever-increasing pressure on the financial system to drive more ambition in this energy transition.
The asset management sector plays a pivotal role in the financial system given the vast portfolios the leading players manage, their interactions with companies in the real economy and power in shaping government policy as a key economic sector in its own right. FinanceMap's analysis shows the sector as a whole is not demonstrating the kind of leadership at present, through any of these levers, that the recent escalation in the urgency of climate change would apparently warrant.
Bitcoin Drops Below $7,000 as China Euphoria Fades
November 25, 2019--Regulators reaffirm tough stance on companies involved in cryptocurrency trading and fundraising
When Chinese leader Xi Jinping touted blockchain technology in October, the price of bitcoin surged, searches for "blockchain" on one of China's biggest search engines soared and shares of related companies jumped.
A month later, the euphoria is over.
Bitcoin slumped below $7,000 over the weekend, dropping to a six-month low as China reaffirmed...
'Their house is on fire': The pension crisis sweeping the world
November 24, 2019--Jan-Pieter Jansen, a 77-year-old retiree from the Netherlands, had high hopes for a worry-free retirement after having saved diligently into a pension during his working life.
But Jansen, a former manager in the metal industry, has been forced to reappraise his plans after receiving notice from his retirement scheme, one of the Netherlands' biggest industry-sector funds, of plans to cut his pension by up to 10%. Understandably, the news has hit like a sledgehammer.
Economic Outlook: Weak trade and investment threaten long-term growth
November 21, 2019--Trade conflict, weak business investment and persistent political uncertainty are weighing on the world economy and raising the risk of long-term stagnation, according to the OECD's latest Economic Outlook.
World GDP growth is expected to be 2.9% this year-its lowest annual rate since the financial crisis-and remain at 2.9%-3.0% in 2020 and 2021. Global GDP expanded 3.5% in 2018.
Bold action is needed to address both the high levels of uncertainty facing businesses as well as the fundamental changes taking place in the global economy. Policy-making must lead the transition to cleaner energy and to an increasingly digital world. Governments must work together urgently to boost investment and establish fair international rules on taxation and trade.
World Bank-Emerging and Developing Economies Less Prepared Now for a Deeper Downturn than Prior to 2009 Global Recession: Study
November 20, 2019--Emerging and developing economies are less well positioned today to withstand a deeper global downturn, should it occur, than they were before the 2009 global recession, although they now have more resilient policy frameworks to respond, a new World Bank Group study of the global recession and its aftermath finds.
With multiple risks to global growth clouding the outlook, there is concern whether emerging and developing economies can effectively respond to a deeper economic slowdown as they were able to do during the 2009 global recession. The new study by the World Bank Group, A Decade after the Global Recession, compares emerging market and developing economies' preparedness then and now, and finds reason both for concern and for optimism.