Word: stock-market
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...market when equities recover). Says John Birch, secretary to BA's pensions schemes: "Over the long-term, equities will outperform bonds." Other E.U. nations with escalating pension bills are nudging their populations toward private-sector retirement funds. Jana Adler, a German mother of two, has signed up for a private pension scheme, but she's not venturing near the stock market, calling it "too risky." Others are more resolute. In 2002, French carmaker PSA Peugeot Citro?n introduced a private scheme for some employees. The fund only began investing in October, so it has managed to avoid some hard stock-market...
...predecessor, Zhou Xiaochuan, was a committed reformer who took over the CSRC in 2000 and tried to give it teeth. (Last week he was rewarded with a promotion to lead the central bank). Nonetheless, investors have been duped in the past couple of years by a string of spectacular stock-market scandals. Consider Lu Liang, for example, who took control of a listed chicken breeder in 1999 and renamed it China Venture Capital. After raising an astounding $650 million from investors, he used 125 brokerage offices to manipulate his firm's shares. Under a pseudonym, he even wrote newspaper articles...
...Truculent bureaucrats aren't the only force arrayed against Shang. Ordinary Chinese who bought shares at the government's urging now fear that stock-market reforms will drive prices down even further. After all, they've seen how stocks plummet when government investigators target a company on suspicion of corruption. Some shareholder advocates say the CSRC's proposed reforms should actually be shelved because the policies will hurt the widows and orphans who spent their last fen on stocks. "The government sold shares to the people for far too much money, and it can't let the market...
...Shang Fulin will have to choose. Will he push ahead with stock-market reforms that might drive down prices, or will he delay these reforms even though they are urgently needed to protect investors? Back in Kunming, Chen Xuesong hasn't yet abandoned that fraying notion of the market as a road to happiness and hope. For now, he's letting his bets ride. "At least maybe I'll make back some of what I've lost...
...main source of the states' budget distress is plunging tax revenue stemming from the economic and stock-market downturns. State receipts, largely from sales and capital-gains taxes, fell 6% last year, the first decline in more than 50 years. The states are running an aggregate deficit that is expected to reach $68 billion by June 30. Not even a sudden economic revival would mend what amounts to bad luck (the recession) teamed with years of poor planning and an ancient state-tax system that largely ignores the fastest growing part of the economy: services...