Returns on pension managed funds fall
PENSION managed funds declined during November, with an average return of -0.6pc for the month. Aviva Investors took top spot with a return of -0.2pc for the month, while Kleinwort Benson Investors propped up the league table with a return of -1.1pc, according to Rubicon Investment Consulting. Managed funds have suffered a 6.4pc loss on average over the first 11 months of the year.
UN lowers world growth forecast
The UN yesterday slashed its forecast for world growth to 2.6pc in 2012 and warned that the eurozone debt crisis could further undermine the global performance. "The world economy is teetering on the brink of another major downturn," the UN said in a warning that came as the International Monetary Fund said it would also lower its global growth forecast. After rising 4pc in 2010, the UN predicted 2.6pc world growth in 2012 and 3.2pc in 2013.
Spain's jobless rate hits 15-year high
SPAIN'S jobless numbers bulged to a 15-year high in November, official data showed yesterday, less than three weeks before the newly elected right takes power. The ranks of the unemployed rose from the previous month by 59,536, or 1.37pc, to 4.42 million people in November, the highest level since 1996, the Labour Ministry said. The rising jobless numbers add to huge challenges facing Spain's conservative Popular Party, which crushed the ruling Socialists in the November 20 elections.
S&P cuts rating on top Aussie banks
Standard & Poor's yesterday said it had downgraded the credit ratings of the big four Australian banks as part of changes to the way it assesses risk. Westpac Banking Corporation, Commonwealth Bank of Australia, ANZ Banking Group and National Australia Bank all had their issuer credit ratings downgraded by one notch from AA to AA minus. The Macquarie Group had its long-term rating downgraded from A minus to BBB. The move, widely expected, follows S&P saying it was revisiting ratings on 37 of the world's largest banks as part of "applying its new ratings criteria for banks", prompted by turmoil on global financial markets. Earlier in the week, it downgraded the ratings of major US banks.