California is parched. The state’s worst drought in decades has left its reservoirs half-naked, if not skeletal. Officials say 17 communities could run out of drinking water this summer; some are considering mandatory rationing; and 500,000 acres in the state may be left fallow.
The world’s largest pension fund should look to beat wage growth when setting investment goals and no longer needs to focus on domestic bonds given quickening inflation, a Japanese government advisory panel said.
Index funds became popular over the last four decades because they’re simple, conservative and low cost. A different kind of exchange-traded fund is drawing record cash by promoting better returns with the same stocks.
Chicago’s credit rating on $7.8 billion of general-obligation debt was cut one level to Baa1 by Moody’s Investors Service, which cited “massive” pension liabilities for the third-most populous U.S. city.
Goldman Sachs Group Inc. and the Canada Pension Plan Investment Board are set to invest in holdings from a 2002 fund managed by J.W. Childs Associates LP in a deal valued at $1 billion, said three people with knowledge of the matter.
U.S. state pensions driven by a booming stock market continued to recover last year as the value of their assets rose to 75 percent of liabilities, up 3 percentage points from 2012, according to Wilshire Consulting.
Neiman Marcus Group Ltd. is seeking to lower the rate on a $2.94 billion loan that helped finance the luxury retailer’s buyout by Ares Management LLC and the Canada Pension Plan Investment Board four months ago, according to a person with knowledge of the transaction.