Global Statistics

All countries
548,935,393
Confirmed
Updated on June 26, 2022 8:18 pm
All countries
520,730,887
Recovered
Updated on June 26, 2022 8:18 pm
All countries
6,350,765
Deaths
Updated on June 26, 2022 8:18 pm
Sunday, December 4, 2022

Global Statistics

All countries
548,935,393
Confirmed
Updated on June 26, 2022 8:18 pm
All countries
520,730,887
Recovered
Updated on June 26, 2022 8:18 pm
All countries
6,350,765
Deaths
Updated on June 26, 2022 8:18 pm
Molderizer and Safe Shield

Live news updates from November 22: Glazers mull Man Utd sale, Bankman-Fried ran FTX as ‘personal fiefdom’

China’s Xi unwilling to accept vaccines despite threat from protests-U.S. intel

WASHINGTON, Dec 3 (Reuters) - Chinese leader Xi Jinping is unwilling to accept Western vaccines despite the challenges China is facing with COVID-19,...

Scientist who worked at Wuhan lab says COVID man-made virus

A scientist who worked at a controversial research lab in China has claimed that COVID was a man-made virus that leaked from the...

China unwilling to accept western vaccines

Chinese leader Xi Jinping is unwilling to accept Western vaccines despite the challenges China is facing with COVID-19, and while recent protests there...

Updated COVID boosters give significant protection, data show

With coronavirus cases and hospitalizations rising in Los Angeles County, officials are voicing new confidence in the effectiveness of the updated COVID-19 booster...

Flu impact on blood supply

OHIO — Increased flu activity across the United States is posing another problem that could put a lot of people at risk. What You Need...


Legal & General’s heads have laid the blame for the UK’s pension fund liquidity crisis two months ago squarely with the previous government’s “mini” Budget.

The chief executive and chair of one of the UK’s biggest providers of liability-driven investment strategies defended their risk management and the use of leverage within these products.

They conceded however that the FTSE 100 insurer should be on a closer lookout for such “black swan” events.

“No one involved in this, the regulators, the central bank, the government, the advisers, the funds, the sponsors, or us, believed that it was a plausible scenario that the government would do something that would create such extraordinary instability in the market in two trading days,” said Sir John Kingman, L&G chair. “That’s what really happened here.”

He and chief executive Sir Nigel Wilson were answering questions on the episode from the House of Lords’ industry and regulatory committee.

They identified as the overriding factor the significant fiscal loosening in Liz Truss’s growth proposal, which compounded market nerves over the Bank of England’s plan to reduce its stock of gilts and sent government borrowing costs higher.

Wilson said the speed of the bond sell-off “caught us all by surprise”, and added: “Our modelling had never taken into account the degree of stress that there was in the market.”

Such a scenario will now be incorporated, he added, and LDI strategies are being run with more “headroom” against a sharp rise in interest rates.

L&G, in a report last week, estimated its profits had been trimmed by £10mn after clients sold out of certain other funds to meet collateral calls.

It was insulated from further damage as it takes no balance-sheet risk in LDI strategies, instead acting as an agent between pension funds and investment banks.



Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Popular

China’s Xi unwilling to accept vaccines despite threat from protests-U.S. intel

WASHINGTON, Dec 3 (Reuters) - Chinese leader Xi Jinping is unwilling to accept Western vaccines despite the challenges China is facing with COVID-19,...

Scientist who worked at Wuhan lab says COVID man-made virus

A scientist who worked at a controversial research lab in China has claimed that COVID was a man-made virus that leaked from the...

China unwilling to accept western vaccines

Chinese leader Xi Jinping is unwilling to accept Western vaccines despite the challenges China is facing with COVID-19, and while recent protests there...

Related Articles

China’s Xi unwilling to accept vaccines despite threat from protests-U.S. intel

WASHINGTON, Dec 3 (Reuters) - Chinese leader Xi Jinping is unwilling to accept Western vaccines despite the challenges China is facing with COVID-19,...

Scientist who worked at Wuhan lab says COVID man-made virus

A scientist who worked at a controversial research lab in China has claimed that COVID was a man-made virus that leaked from the...

China unwilling to accept western vaccines

Chinese leader Xi Jinping is unwilling to accept Western vaccines despite the challenges China is facing with COVID-19, and while recent protests there...