Since the Gulf of Mexico oil spill started in April, pulling down BPs
share price, the governments of Norway, Kuwait, China and Singapore
have lost billions of dollars.
Directionless investors are conspiring with weak macro-economic conditions to unsettle a business model dependent not just on activity, but short selling, leverage and spreads, says Dominic Hobson, editor in chief of Global Custodian.
BP's Chairman Carl-Henric Svanberg and Group Chief
Executive Tony Hayward issued a statement saying they will meet
obligations to institutional investors, including
pension
schemes, but are unable to guarantee dividend
payments.
The executive director of the Massachusetts Pension Reserves
Investment Management Board (MassPRIM) is stepping down next month, a
treasury staffer said Monday.
Citing a $19.1 billion budget deficit, the largest US public pension
delays taking hundreds of millions of dollars more from the state to
pay for employee retirement benefits next year.
The New York-based retirement plan provider is looking for money
managers from colleges and foundations and may announce the initiative
as soon as this week.
Yngve Slyngstad, head of Norges Bank Investment
Management, the central bank’s asset management arm, said he sees market
turmoil as an opportunity and not a threat.
The Conservatives, headed by David Cameron, lead Labour in the seat count in the House of Commons, but exit polls suggested that Conservatives would fall short of the 326 seats needed to form a majority by about 20 votes.