U.S. Defense Secretary Chuck Hagel plans to tell Congress today that he will propose budgets in coming years that exceed mandated spending caps in order to avoid compromising national security.
A Hong Kong government-appointed working group recommended that HK$220 billion ($28 billion) of reserves from land sales be turned into a savings fund to help tackle projected fiscal deficits.
Qantas Airways Ltd. engineers will first consider options other than strikes in response to wage freezes the airline announced last week, their union said.
When Khazanah Nasional Bhd. announced 2013 returns last month, the Malaysian sovereign wealth fund highlighted its international presence for the first time and plans to continue expanding abroad.
Australia’s Future Fund, the country’s sovereign wealth manager, returned a record 17.2 percent in 2013 as it increased its allocation to global equities at the expense of debt securities.
ING Groep NV, the biggest Dutch financial-services company, will post a 1.2 billion-euro ($1.6 billion) charge after agreeing to end some payment obligations to its pension fund in the Netherlands.
The Australian Greens, who helped Prime Minister Julia Gillard win power, want the government’s Future Fund investment program changed to prevent the holding of tobacco company shares.
Australia & New Zealand Banking Group Ltd. named David Gonski, the head of the country’s sovereign wealth fund, as chairman to succeed John Morschel.
Mark Burgess resigned as managing director of Australia’s Future Fund, the country’s A$89 billion ($81 billion) sovereign wealth manager.
The Bank of England will start new liquidity operations next month that will increase flexibility in order to improve the availability of funds to banks.