Word: pension
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...last week that it was in the black for the first time in four years, netting a 2004 surplus of nearly €3.1 million. Meanwhile, assets managed by the Church of England's Church Commissioners have fattened to $7.6 billion as its investment portfolio - which helps pay for priest pensions - continues to outperform the market. In March this year, London church officials hailed a yield of 13.6% for 2004, putting the fund in the top 3% of more than 700 similar British pension funds measured by the WM All Funds Universe benchmark. While Louis Henderson, spokesman for the Church Commissioners...
...work in Sudan.) The two laws will affect an estimated $2 billion in investments. New Jersey assemblyman William Payne, who authored his state's bill, hopes "this will grow from a ripple to a wave," and points to six other states, including Ohio and Massachusetts, where governments and pension funds are considering divestment. Meanwhile, Harvard students pushed the university to sell its $4.4 million stake in Petro- China, which has oil contracts in Sudan, and Stanford said it would divest its holdings in four energy firms that operate there. Dartmouth and the University of California are among the schools that...
Bowden has joined an institution that’s hard to leave. Pension plans tempt veterans to stay on board, and there’s the pride of the hard hat and fire truck. Then there’s the camaraderie built on mutual meals, a shared house, and relying on the next person for your life. It offers something that Bowden might not find in another line of work—a sense of family...
Little is known about who bought and sold Pennzoil shares, but the majority of the purchases involved blocks of under 5,000 shares, less than the amount normally swapped by pension funds and other institutions. Most of the trading was thus probably not done by big investors. Shareholders who sold before early Wednesday afternoon stood to make huge profits, but those who held on too long watched their earnings evaporate. Said Bruce Lazier, an analyst at Prescott Ball & Turben: "Somebody did a giant con job on a lot of investors...
...lack of a formal labor contract at USX may be one reason why corporate buccaneers, sensing the potential for wage cuts and an eventual increase in corporate earnings, soon began to sniff around. Another attraction for raiders is a USX pension fund with an estimated $2.5 billion in excess assets. Last month the company's stock began moving into some well-known hands. Among the buyers: Robert Holmes à Court, an Australian investor; T. Boone Pickens, the Texas oilman-raider; Irwin Jacobs, the Minneapolis entrepreneur and speculator. Pickens reportedly cashed in his chips two weeks ago for a big profit...