Faced with rising health costs and retirees living longer than expected, many state and local governments are failing to keep up with the annual payments. A CNBC analysis of financial data for 150 state and local pension plans collected by Boston College's research center found that 91 had set aside less than 80 percent of the money needed to meet current and future obligations to retirees. Only six were fully funded.
Exposure to the rising dollar has dented U.S. investors’ profits by about 6%, according to State Street, another firm that has seen a rush of clients seeking to hedge their currency exposure. This year, stock markets in Europe and Japan have outpaced that of the U.S., but the rising dollar would have eroded U.S. investors’ return in these markets.
About a decade ago, when the pension plans were better funded, Tempe paid $1.9 million for the two plans, compared with the estimated $18.3 million it expects to pay next year.
Greece will run out of cash by April 20 unless it receives an infusion of fresh aid from its international creditors, Reuters reported Tuesday, citing an unidentified source.
The unemployment rate among young Spaniards is quoted at 51.8% across the whole of Spain, having almost tripled from 17.9% in the third quarter of 2007.
The winner will take over as the city of 2.7 million approaches a fiscal cliff. Chicago has $20 billion in unfunded pension liabilities, with a $600 million payment due next year.
The balance sheet of the European Central Bank and the euro zone's national central banks expanded by 15.725 billion euros (11.6 billion pounds) to 2.158 trillion euros in the week to March 20, the ECB said on Tuesday.
The European Central Bank will purchase large amounts of public and private debt for at least 18 months and until it is convinced that inflation will stabilize near annual rates of 2%, the bank’s president Mario Draghi said on Monday, underscoring the ECB’s willingness to flood the eurozone with freshly minted money far into the future.
The PBOC has been moving to ease tight lending conditions in China, which have remained stubbornly high after the spring festival holiday in late February, showing that easing measures to reserve requirement ratios and lending rates are failing to work their way into real lending rates.
Hungary's central bank on Tuesday cut its key interest rate to a new low, after holding it steady for seven straight months amid falling prices and improving growth.
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