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UK regulator fines JPMorgan 3 million pounds

May 23, 2013 08:31
LONDON (Reuters) - Britain's Financial Conduct Authority (FCA) said it has fined a wealth management unit of U.S. bank JPMorgan Chase 3.08 million pounds ($4.6 million) for being unable to show it was giving clients the right advice. The FCA said on Thursday the failings were not corrected until the watchdog brought them to the bank's attention in the course of its wider review of wealth management firms in Britain.

CJ Group-overseas business

Yonhap News AgencyMay 23, 2013 06:30
SEOUL, May 23 (Yonhap) -- The ongoing investigation into CJ Group's slush fund allegations may hamper the local food and entertainment conglomerate's overseas business projects and lower its credit ratings, a report said Thursday. On Tuesday, prosecutors raided the headquarters and offices of the country's 14th largest conglomerate on suspicion of creating an overseas slush fund worth 7 billion won (US$6.2 million) and bringing the money into the country. The group is also accused of committing other illegal acts such as tax evasion.

Average U.S. 401(k) balance tops $80,000, up 75 percent since 2009

May 23, 2013 03:16
BOSTON (Reuters) - The average 401(k) retirement balance for U.S. workers hit a record high of $80,900 in the first quarter, a growth spurt of 75 percent since the stock market's nadir in March 2009, Fidelity Investments said on Thursday based on a survey of its accounts. Most of the recovery is linked to a stock market rally that has lifted the broad S&P 500 Index 145 percent since the close of trading on March 9, 2009.

China factory activity shrinks for first time in seven months: flash PMI

May 22, 2013 23:00
By Aileen Wang and Koh Gui Qing BEIJING (Reuters) - China's factory activity shrank for the first time in seven months in May as new orders fell, a preliminary manufacturing survey showed, entrenching fears that its economic recovery has stalled and that a sharper cooldown may be imminent. The flash HSBC Purchasing Managers' Index (PMI) for May fell to 49.6, slipping under the 50-point level demarcating expansion from contraction for the first since October and sending Asian financial markets sharply lower.

Investment firms sue exchanges in dispute on improper fee charges

May 22, 2013 23:00
By Nate Raymond (Reuters) - A group of investment firms including Citadel Securities LLC sued the Chicago Board Options Exchange Inc and four other exchanges on Wednesday for improper charges on millions of options trades over a seven-year period. The lawsuit, filed in a state court in Illinois, said the exchanges had discovered last year that a prominent firm had been mismarking orders as originating from public customers when they were not.

CJ Group-overseas business

Yonhap News AgencyMay 22, 2013 22:15
SEOUL, May 23 (Yonhap) -- The ongoing investigation into CJ Group's slush fund allegations may hamper the local food and entertainment conglomerate's overseas business projects and lower its credit ratings, a report said Thursday. On Tuesday, prosecutors raided the headquarters and offices of the country's 14th largest conglomerate on suspicion of creating an overseas slush fund worth 7 billion won (US$6.2 million) and bringing the money into the country. The group is also accused of committing other illegal acts such as tax evasion.

PIMCO's Gross says Fed likely to ease stimulus in September: CNBC

May 22, 2013 17:31
NEW YORK (Reuters) - Bill Gross, co-chief investment officer of bond giant PIMCO, said on Wednesday the U.S. Federal Reserve will likely begin tapering its monetary stimulus in September and that bond investors might have already anticipated the move. "I think we're looking at a potential tapering in the next few months and probably around September," Gross, who is also a founder of PIMCO, told cable television network CNBC.

Column: Why pension funds are eating your 401(k)'s lunch

May 22, 2013 14:02
By Linda Stern WASHINGTON (Reuters) - Pension funds - those old guaranteed-benefit retirement plans your grandma might have told you about - outperform those in 401(k) plans year after year, according to new research from consulting company Towers Watson. In 2011, the last year studied, defined-benefit plans had median returns of 2.74 percent, while 401(k)s and other defined-contribution plans lost 0.22 percent. It was the widest margin since the mid-1990s, the company said.

Morrisons falls after UBS confirms placing

May 22, 2013 12:30
LONDON (Reuters) - Shares in Britain's No.4 grocer Wm Morrison Supermarkets <MRW.L> fell 3 percent on Wednesday after UBS confirmed it had placed around 100 million shares in the firm at 280 pence for an institutional seller. The sale represents a 4.4 percent stake in Morrisons and is equivalent to eight days worth of volume. The shares, which closed at 289.30 pence on Tuesday, traded at 280.9 pence at 6.24 a.m. ET. The seller of the holding was not immediately known.

Analysis: Rich country investors returning home

May 22, 2013 09:47
By Natsuko Waki LONDON (Reuters) - The world's biggest investors may be rethinking 20 years of boosting overseas holdings and are instead seeking more stable cash income at home, as aging societies and tighter regulation dull risk appetite. This heralds a structural shift toward investments that produce long-term income in advanced economies, home to two thirds of the money held by insurers and pension funds - some $55 trillion.
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