News

US - The US government could default on $20bn of social security checks scheduled to go out on 3 August unless congress is able to come to terms on how to raise the $14trn debt limit, President Barack Obama said yesterday.

IRELAND - Ratings agency Moody's has cut the Republic of Ireland's debt rating to junk status.

US - The California State Teachers' Retirement System (CalSTRS) has withdrawn all eight of its board diversity shareholder proposals filed during the 2011 proxy season after successfully engaging companies to reconsider their director searches.

CHILE - Chilean pension funds reached $153bn in assets in June, up 11% from the previous year, according to data released by the pension regulator.

CHILE/CANADA - The Ontario Teachers' Pension Plan plans to bid to increase its stakes in two Chilean water utilities.

US - The aggregate deficit of S&P 1500 pension plans fell by $15bn during June, new figures from Mercer show.

JAPAN - Chuo Mitsui Asset Trust and Banking has emerged as the Government Pension Investment Fund's (GPIF) largest external manager over the past year, while AXA Rosenberg has disappeared from the list.

Aegon has confirmed it will rebrand its UK asset management arm as Kames Capital later in the year.

UK/NETHERLANDS - Aegon is to rebrand its UK asset management arm as Kames Capital.

UK - Trustees of Uniq's pension scheme - which owns 90% of its sponsor - have agreed to sell the sandwich maker for £113m ($178m) to Greencore.