Word: pensioners
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Asterix and the Barbarians Re Leo Cendrowicz's article "Indomitable Gaul" [Nov. 30]: Asterix' broad appeal in France stems less from a symbolic political struggle against globalization and capitalism than from a cultural struggle against invaders, be they Roman conquerors, American pension funds or Chinese truffles. Patricia Tutin, PARIS
...carrier can ill-afford to lose. Tumbling first-class passenger numbers and a ballooning fuel bill left the airline with a $656 million pretax loss in the 12 months ending March 31. It lost plenty more in the first half of this year too. The airline's $6 billion pension deficit, meanwhile, is among the biggest...
Nearly twenty states have already passed legislation divesting their state pension plans of any foreign company that invests more than 20 million dollars a year in Iran (there are 19 such companies). Scores of municipalities and labor unions are beginning to follow suit. Given today’s economic climate, it is financially prudent for Harvard to divest its holdings from companies that could soon be the target of American and international sanctions...
...higher yields of BABs have made muni bonds more attractive to pension funds and other nonprofit (i.e., tax-free) investors. And that new demand is driving down the yields on traditional muni bonds because there are relatively fewer of them issued. BABs, unlike traditional munis, are taxable. For most individual investors, the interest-rate difference is a wash - a high net worth investor would owe the extra yield they get from the BAB back in taxes, so they'd wind up with roughly the same after-tax yield as if they had bought a lower-yielding tax-free muni...
...Milan conference. "The lifetime job is the base on which to build a life and a family. For me, the fundamental objective is stability of work, which is the basis for social stability." Two weeks later, Tremonti added that he wouldn't touch Italy's system of public pension benefits, which economists of every stripe say needs major reforms...