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Newsmakers

Kuwait Pension Fund Suing Man Group

The Public Institution for Social Security says the British firm made secret deals with one of its heads between 1996 and 2013.

By Chris Butera

Kuwait’s social security institution has filed a lawsuit with the UK Supreme Court against a British asset management firm.

The Public Institution for Social Security wants the Man Group ($114.1 billion) to pay $156 million, alleging that the organization made clandestine deals with a former fund chief between 1996 and 2013, the agency announced Wednesday.

The Man Group contested the claims.

“The subject matter of these allegations dates back over 20 years and, based on the evidence we have seen to date, Man Group will dispute any claim and intends to vigorously and robustly defend any proceedings,” the firm said.

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The Kuwait fund’s actions were part of newly implemented measures ordered by Prime Minister Sheikh Jaber Al-Mubarak al-Hamad Al-Sabah to combat corruption, according to Minister of Finance Dr. Nayef Al-Hajraf.

Al-Hajraf said the social security institution is also suing officials from Abraj Holding Group, a Dubai-based private equity firm. That lawsuit claims Abraj did not pay back its $100 million loan.

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Home > News > Market Moves > CFOs Expect a Recession by 2020, Deloitte Says
Market Moves

CFOs Expect a Recession by 2020, Deloitte Says

Survey finds 55% of corporate financial chiefs expect a downturn, a marked decline in optimism.

By Larry Light

Even though the stock market seems to have gotten over its jitters about the economy, the folks who captain North American corporate finances are becoming more downbeat.

More than half of chief financial officers (CFOs) expect a recession by next year, according to the quarterly survey by professional services firm Deloitte. Of the CFOs in the US, Canada, and Mexico, 55% expect an economic downturn by the end of 2020. Among just US CFOs, 53% are expecting a recession.

The finance chiefs showed diminished confidence, with just 26% expressing rising optimism versus 48% in the third quarter. Indeed, 29% of US CFOs expect the American economy to improve in 2019, which is about half those who had such a sunny view entering 2017 and 2018.

For this year, 94% of CFOs expect rising labor costs and 54% anticipate strong consumer spending. At the same time, only 32% expect strong business spending, which is half of the proportion from last year. 

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