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Pension tsunami in China: What to know about a deadly pension tsunami

August 13, 2021 Comments Off on Pension tsunami in China: What to know about a deadly pension tsunami By admin

China is facing a pension tsunami as it grapples with an ageing population, its largest ever.

But one of the country’s largest pension funds says it is already on the way out, after its pension funds saw their total assets plunge by an average of 7.5 per cent in the three months to June. 

The People’s Investment Fund, or PIF, has seen assets drop by $4.9bn in the past three months, according to its latest annual report. 

Its assets have plunged by nearly half of that amount, or $1.8bn. 

PIF is one of China’s biggest pension funds, with an estimated $6.3bn in assets, and the largest of China. 

“The losses in the PIF pension funds have been unprecedented and have resulted in the collapse of a very healthy pension fund,” said Zhang Yan, who oversees PIF’s investment portfolio.

“Our pension funds are not going to last much longer.” 

The PIF has been hit by two pension crises in recent years, which the fund says have left the pension fund’s management with huge amounts of debt. 

In 2014, the fund’s total liabilities stood at $3.5bn, or just over half of its total assets, according the report.

In 2016, the PIMF’s total assets dropped by almost a quarter, to $2.6bn, according a Reuters analysis of financial statements. 

Last month, the pension funds’ assets were at $2bn, a drop of $1bn, but the decline in assets was largely due to the collapse in pension fund revenues. 

Meanwhile, the Chinese government has been struggling to make up for years of pension shortfall, a shortfall that was estimated to be around $US7.8 trillion in 2014. 

While it has not yet said how it will make up the shortfall, Mr Zhang said that the Chinese pension fund system had suffered from structural changes and the government’s attempt to tackle structural problems had left the system vulnerable. 

It is now clear that structural changes, such as the retirement age, have contributed to the pension crisis, he added. 

China’s financial system has been under intense scrutiny, particularly as the economy is in its worst downturn in decades, with the PBOC cutting interest rates to record lows in an attempt to encourage a recovery in the market. 

Analysts have been quick to point out that the government has taken the wrong approach in its efforts to stem the pension debt crisis, with several analysts pointing to a lack of investment by the government and the PBCC to rein in the pension system’s debts.

But Mr Zhang dismissed the criticism.

“Our government has managed the pension crises, we just managed the public debt crisis,” he said.

“It’s not the other way around.

If the PBMC fails, the PBUC fails, and if the PBIC fails, we fail.”

China has been facing massive pension debt as the country continues to grapple with the pension shortfall and structural changes. 

At the same time, Mr Yan has been saying that the PBC and PBCC have done little to stop the spiralling of the pension deficit.

He said the PBEC has not intervened, despite the need for a structural solution to the problem, and has not even addressed the problem in its annual report, despite several attempts.

This year, the two governments have both agreed to the idea of reducing the retirement ages to 75, a move that will bring the retirement years to an end. 

But Mr Yan said the problem was still too large, and that the pension problem was more likely to be solved by introducing a government-led solution.

“[We need] a real, long-term structural change, not a government solution,” he added, adding that it was crucial to get rid of the structural problems.

The PBCC and PBEC both responded to Mr Zhang’s comments by saying the PBFCs and PBUCs would continue to work with the government to resolve the pension problems.

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Earthquake hits Oregon, killing 1,700,000 people

August 8, 2021 Comments Off on Earthquake hits Oregon, killing 1,700,000 people By admin

Oregon has lost its tallest ever recorded tsunami and the strongest earthquake in the state since 1953.

The National Weather Service said a tremor struck the town of Portland at 1:32 a.m.

PT Friday.

That’s the moment of the quake, the first of its magnitude ever recorded, the Weather Service says.

It was the strongest ever recorded for the Pacific Northwest.

“This is the first time that the Pacific Ocean has produced an earthquake with a magnitude of 7 or greater,” said Paul Schlesinger, the agency’s chief meteorologist.

The Oregon State Police, Oregon State University and Oregon Health and Science University were also on scene.

The area is near the coast, so residents were told to stay in their homes and away from the coastline.

Oregon Gov.

John Kitzhaber ordered a state of emergency after the quake.

It will last until the end of the week, according to a statement from the governor’s office.

The quake occurred on a fault line, or “path,” that runs between two points in the Pacific, the USGS said.

The line is usually about 100 miles (160 kilometers) long, and is a natural part of the Pacific plate, which is part of a massive earthquake fault that stretches from the Indian Ocean to the coast of Chile.

Oregon was the first state to record a treble quake.

In 1953, an 8.1 magnitude earthquake hit Seattle, killing two people and damaging the city’s downtown.

A second treble earthquake in 1961 killed more than 1,000 and destroyed more than a million buildings.

The largest earthquake in Oregon occurred in 1934, a 7.2 magnitude quake that damaged the city of Portland and killed more, the Associated Press reported.

It also shook the city for two weeks.

A third treble was recorded in 2011, and in the last five years, three trebles have occurred.

The Pacific Ocean is home to two major faults, the Pacific Crest Trail and the Klamath River.

The trail and the river are linked by a series of faults that move at a rate of about 7 miles per second, which can send a quake of up to 4.3 magnitude through the ocean, the AP reported.

The first quake that occurred in the United States occurred in 1893, but scientists have yet to pinpoint where the first earthquake occurred, Schlesiger said.

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US coast guard evacuates after tsunami hits – Reuters

August 8, 2021 Comments Off on US coast guard evacuates after tsunami hits – Reuters By admin

NEWPORT BEACH, Hawaii (Reuters) – U.S. coast guard evacuated a small group of residents from coastal homes on Tuesday after a tsunami hit the Pacific island nation of Hawaii, local media reported.

More than 3,000 people were evacuated from their homes near the town of Kaena, about 100 km (60 miles) north of the capital, Honolulu, local broadcaster NHK said.

It said the town was the first to be hit by the tsunami, which struck the northern part of the island state.

It was not immediately clear how many people were left.

Some of those evacuated are from Kaena.

Residents are staying in hotels or at a nearby resort, and many others have been moved to nearby islands, NHK reported.

It did not provide any other details on what had caused the tsunami to hit.

In the late 1960s and 1970s, there was a massive earthquake that killed more than 5,000 in Hawaii.

The U.N. said the tsunami struck about 12:15 a.m. local time (1415 GMT) and killed at least 14 people.

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