Pension funds in 1.8pc monthly fall
PENSION funds lost further ground in June, as the average managed fund returned -1.8pc for the month. Standard Life Investments and Eagle Star/Zurich Life were the best of a bad lot with a return of -1.5pc for the month, while Setanta Asset Management propped up the league table with a -2.7pc return. As a result of losses in May and June, the average managed fund delivered a return of -3.7pc over the second quarter of 2010.
Tesco managers' pay plan backed
Tesco, the world's third-largest retailer, won support for its management pay plan at its annual shareholder meeting yesterday, despite criticism from a handful of investor lobby groups. The British supermarket group said its remuneration report was endorsed by 62.36pc in a shareholder vote, with 37.64pc against.
Australia ends resources row
Australia ended a damaging dispute with global miners yesterday by dumping its 'super profits' tax for a lower resources-rent tax backed by big miners. Under the new plan, miners will pay more tax, but the total will be less than under the super-profits proposal.
Chinese economy beats forecasts
China's red-hot economy expanded by 9.1pc in 2009, the National Bureau of Statistics said yesterday, revising an earlier figure of 8.7pc. The revision was announced ahead of the release of key second-quarter economic data later this month, which is expected to show the world's third-largest economy slowed in the three months to June. The country's gross domestic product hit 34.0507 trillion yuan in 2009 which, based on the central bank's average yuan-dollar exchange rate for the year, is equal to $4.98 trillion.
Business support is underutilised
THE chairman of the County & City Enterprise Boards (CEBs), Michael Tunney, has said that the nationwide business support network for the small and micro business sector is an underutilised resource with significant potential to make a major contribution to the development of an Irish indigenous business sector. In a new strategy document, the CEBs outlined how they believe they can create more than 11,000 new jobs over the next three years and over 18,000 over five years.