JAPAN - Japan's $1.4trn Government Pension Investment Fund (GPIF) returned -2.94% in the quarter ended June 30, equating to a loss of $42bn in assets.
In the first quarter of fiscal year 2010, a loss on market investments of 3.61% was partially offset by gains of 0.33% in Fiscal Investment and Loan Programme (FILP) bonds, a type of Japanese government bond.
The quarterly loss comes after the fund posted four straight quarters of positive returns in fiscal year 2009. It ended the year with returns of 7.91%.
The GPIF invests 71.08% in domestic bonds, including a 17.02% allocation to FILP bonds. It allocates 10.87% to domestic equity, 8.03% to international bonds, 9.11% to international stocks and 0.91% to short-term assets.
PwC, KPMG, EY and Deloitte must break up their consultancy and audit businesses into distinct firms to provide greater focus on the "most challenging and objective audits", the competition watchdog has said.
The Department for Work and Pensions (DWP) has released its first batch of guidance setting out how the guaranteed minimum pension (GMP) conversion legislation may be used to resolve unequal payments.
This week's top stories include the government spending £800,000 on a Gogglebox advert and MPs writing to The Pensions Regulator about its engagement with the Railways Pension Scheme.