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Mar 12, 2015

‘Hybrid’ pensions may need new accounting rules: IASB

EDINBURGH (Reuters) – An international accounting standards body said on Thursday it was looking at developing new accounting methods for “hybrid” pensions which did not fit easily into standard categories.

Companies around the world are moving away from expensive “defined benefit” or final-salary based pension schemes, which guarantee an income on retirement, in favor of “defined contribution” schemes.

Mar 12, 2015

EU watchdog sees mandatory rate swaps clearing later in 2015

EDINBURGH, March 12 (Reuters) – The European Union is
expected to make clearing of interest rate swaps mandatory from
later this year, the bloc’s securities market watchdog said on
Thursday.

The 28-country bloc is rolling out rules to make derivatives
safer and more transparent after their opacity exacerbated the
2007-09 financial crisis.

Mar 11, 2015

Pharma, tech stocks to grow in indexes -Man Group CEO

EDINBURGH, March 11 (Reuters) – Pharma and tech stocks will
make up an increasingly large chunk of equity indices as people
live longer and computers cut business and trading costs, the
chief executive of the world’s largest listed hedge fund said on
Wednesday.

Manny Roman, ceo of Man Group, said computers would
change the nature of work.

“The shelves in the supermarket will be filled by automata,
while scores of new jobs will be created,” Roman told Reuters on
the sidelines of a pensions conference.

Mar 11, 2015

UK pensions freedom could lead to more scams – FCA

EDINBURGH (Reuters) – Britain’s pensions market is entering unchartered territory where people can blow their savings in Las Vegas or fall prey to scams unless they get proper advice on alternative ways to use their pension pots, a top regulator said on Wednesday.

Martin Wheatley, chief executive of the Financial Conduct Authority (FCA), told a conference that the industry would be entering “the great unknown” when reforms are introduced next month.

Mar 11, 2015

Wikipedia feels ‘targeted’ by U.S. NSA, co-founder says

By Carolyn Cohn

(Reuters) – The Wikimedia Foundation believes it can win its
case against the U.S. National Security Agency because it has
evidence that mass surveillance had caused it harm, Wikipedia
co-founder Jimmy Wales said on Wednesday.

Wales also said he thought the lawsuit, brought Tuesday by
Wikimedia and rights groups, would end up in the U.S. Supreme
Court because either side is likely to appeal any ruling against
it.

Mar 11, 2015

UK pensions freedom could lead to more scams-watchdog

EDINBURGH, March 11 (Reuters) – Britain’s pensions market is
entering unchartered territory where people can blow their
savings in Las Vegas or fall prey to scams unless they get
proper advice on alternative ways to use their pension pots, a
top regulator said on Wednesday.

Martin Wheatley, chief executive of the Financial Conduct
Authority (FCA), told a conference that the industry would be
entering “the great unknown” when reforms are introduced next
month.

Mar 10, 2015

Prudential CEO to join Credit Suisse, profits rise 14 pct

LONDON, March 10 (Reuters) – Insurer Prudential said
on Tuesday its chief executive Tidjane Thiam is leaving to take
the reins at Credit Suisse, as it reported a 14 percent rise in
operating profits in 2014, sending its shares lower.

Prudential released its results nearly two hours ahead of
schedule, after the Financial Times reported late on Monday that
Thiam would replace Brady Dougan at the Swiss bank.

Mar 10, 2015

Prudential profits rise 14 percent

LONDON (Reuters) – Insurer Prudential (PRU.L: Quote, Profile, Research) said on Tuesday its chief executive Tidjane Thiam is leaving to take the reins at Credit Suisse, as it reported a 14 percent rise in operating profits in 2014, sending its shares lower.

Prudential released its results nearly two hours ahead of schedule, after the Financial Times reported late on Monday that Thiam would replace Brady Dougan at the Swiss bank.

Mar 10, 2015

Credit Suisse to replace CEO Dougan with Prudential’s Thiam -FT

ZURICH/LONDON, March 9 (Reuters) – Brady Dougan is set to
quit as chief executive of Credit Suisse, a person
familiar with the matter told Reuters. He will be replaced by
Tidjane Thiam, who heads insurance group Prudential, the
Financial Times reported.

Thiam is expected to be announced as a replacement for
Dougan by the London-based insurer, which reports its annual
results at 0700 GMT on Tuesday, the FT said.

Mar 5, 2015

Aviva, Friends Life top forecasts ahead of 5.6 billion pound merger

LONDON (Reuters) – Insurers Aviva Plc (AV.L: Quote, Profile, Research) and Friends Life Group Plc (FLG.L: Quote, Profile, Research) reported forecast-beating yearly profits on Thursday, lifting their shares to multi-year highs ahead of a 5.6 billion pound agreed merger due to complete next month.

Aviva is acquiring Friends Life as changes in the UK pensions market put pressure on life insurance companies, leading to a drop in their sales of income-bearing annuities.

    • About Carolyn

      "I have worked at Reuters for more than 20 years but I switched in Sept 2014 to a new beat - insurance and fund management. I write about things like insurance deals, fund trends, geopolitical risks insured by Lloyd's and I'm grappling with understanding company accounts. In my vanishingly small spare time, I hope to contribute more to Reuters entertainment file."
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