"It's going to have a huge impact on the state," Bozievich said. "They're talking about possibly a 10 percent across-the-board cut to all state agencies."
Instead of peaking in 2014, San Francisco pension costs in 2015-16 were $257 million — $42 million higher than expected. The total annual tab is now expected to be $390 million a year by 2019.
The primary KRS pension fund for state government employees has only 16 percent of the assets it’s expected to need to cover promised benefits, down from 17 percent in 2015. The chief KRS fund for local government employees has 59 percent of the assets it’s expected to need, down from 60 percent. The KRS fund for Kentucky State Police has 30 percent of the assets it’s expected to need, down from 33 percent.
The amount that the area’s companies, banks and governments must repay on dollar-denominated bonds will rise 8 percent next year to $19.7 billion, just as a slide in Asia’s currencies to the weakest this decade threatens to push up servicing costs on that debt.
An investor survey showed the chance of Italy leaving the euro zone over the next 12 months at 19.3 percent on Tuesday, the highest reading since the poll started in June 2012.
Banks and automated teller machines in Delhi, Mumbai and elsewhere were strapped for cash on Monday as the supply of notes by the Reserve Bank of India continued to fall short of demand, leaving those awaiting the month-end payday filled with trepidation.
As Indians flocked to deposit their obsolete notes some analysts thought that banks would respond by lowering lending rates. But the central bank, alarmed by the surge in banking sector liquidity, on Saturday ordered banks to transfer nearly half this amount to its cash reserve facility, which yields no interest.
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