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Friday, May 16, 2014

Reuters Money: New York's pension 'smoothing' may short-change retirement fund

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05/16/2014
Reuters Election 2012 Daily round-up of the day's top news from the campaign trail, the White House and all the politics in between
New York's pension 'smoothing' may short-change retirement fund
NEW YORK (Reuters) - New Yorkers who rely on the state pension fund for their retirement may be short-changed about $735 million over the next 10 years as a result of Governor Andrew Cuomo's policy of permitting local authorities to defer fund payments so they can fill budget gaps and pay for services such as schools, street lights and police.
Longtime Morgan Stanley Latin America economist Newman retires
SAO PAULO (Reuters) - Morgan Stanley economist Gray Newman, one of the longest tenured and most respected followers of Latin America on Wall Street, is retiring, he said in a note to clients on Friday.
Hedge fund moguls put money on Asian Internet, low-volume stocks
LAS VEGAS (Reuters) - From Asian Internet stocks, which have boomed over the last year, to food and paper products companies, prominent hedge fund investors listed their favorite stocks on Thursday at an industry meeting dominated by talk of where markets will move.
Senator Rubio's surprisingly bipartisan retirement saving idea
CHICAGO (Reuters) - When Republican politicians talk about how important Social Security and Medicare have been for their parents, it's time to grab your wallet. These stories usually precede a proposal to cut benefits under the guise of "saving" the programs - and Senator Marco Rubio of Florida tore a page from that playbook this week.
Paulson holds onto gold ETF, Soros adds gold miners in first-quarter
NEW YORK (Reuters) - Hedge fund Paulson & Co in Q1 maintained its stake in SPDR Gold Trust, the world's biggest gold-backed exchange-traded fund as bullion prices rebounded from their biggest annual loss in 32 years in 2013, while PIMCO dissolved its gold ETF investment.
Top SEC official raps U.S. risk council for seeking to grab power
WASHINGTON (Reuters) - A top U.S. Securities and Exchange Commission official on Thursday railed against the U.S. regulatory risk council for trying to grab the SEC's power in a "dangerous" quest to impose tougher rules on large asset managers.
Schwab CEO: Disclose payment for selling client orders
(Reuters) - The chief executive officer of Charles Schwab Corp on Thursday suggested that regulators require brokerage firms to disclose how much they are paid for selling their clients' orders.
Major U.S. hedge funds sold 'momentum' Internet names in first-quarter
NEW YORK (Reuters) - Top hedge funds shed their stakes in high-profile Internet names such as Netflix Inc and Groupon Inc in the first quarter, moving to peers viewed as more mature and less volatile.
Europe, U.S. show similar profiles: James Saft
(Reuters) - Very poor European growth figures add a hint of concern about a cyclical downturn to enliven the ongoing worries about a structural malaise.
How to get compensated for air travel delays
(Reuters) - Last summer, Mark Wilson waited in a Rome airline terminal for a connecting flight to London on his way home to New York. And waited. And waited. By the time he arrived in London four hours late, the final New York-bound flight had departed.
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