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Investment
TC Energy sells 65% stake in LNG pipeline project to Alberta Investment and KKR – Financial Post
Private equity firm KKR & Co Inc said on Thursday it and Alberta Investment Management Corp would jointly buy a 65 per cent stake in TC Energy Corp’s Coastal GasLink Pipeline in Canada.
The pipeline is a key part of the $40 billion LNG Canada project and will supply natural gas from Dawson Creek in the northeast of British Columbia to the liquefied natural gas facility near Kitimat on the Pacific coast.
After completion, it will have an initial capacity of 2.1 billion cubic feet per day.
The LNG Canada project, being built by Royal Dutch Shell and its partners, is expected to provide some relief to the country’s natural gas producers, which are grappling with lower prices because of record production in the United States.
TC Energy will record an after-tax gain of about $600 million after the deal closes, the company said in a separate statement.
The pipeline company said it would also give a right to buy 10 per cent stake in the pipeline to the “20 First Nations” – groups of indigenous people that live along the length of the proposed pipeline and have already signed agreements for its development.
© Thomson Reuters 2019
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Investment
China proposes rules to regulate private pension investment via mutual funds – Reuters.com
A Chinese national flag flutters near the building of China Securities Regulatory Commission (CSRC) at the Financial Street area in Beijing, China July 16, 2020. REUTERS/Tingshu Wang/Files
SHANGHAI, June 25 (Reuters) – China’s securities regulator proposed rules to regulate private pension investment via mutual funds, setting the criteria for qualified products and sales agents under a scheme that will channel fresh savings into the country’s capital markets.
The draft rules, published by the China Securities Regulatory Commission (CSRC) late on Friday, came after Beijing in April launched a milestone private pension scheme to tackle challenges of aging population. read more
Under the scheme, eligible Chinese citizens can buy mutual funds, savings deposits and insurance products via their own individual pension accounts, potentially boosting a pension market that has lured foreign asset managers including Fidelity International and BlackRock.
The proposed rules “have set a relatively high bar for products and institutions, and are designed to ensure safety of pension fund investment and protect investors’ interest,” the CSRC said in a statement on its website.
Initially, pension target funds with at least 50 million yuan ($7.48 million) of assets over the past four quarters are eligible under the pilot pension scheme, the CSRC said.
Other types of retail funds with clear investment strategies and good long-term track records will be gradually added to the eligibility list as the scheme expands, the CSRC said.
Currently, there are 91 pension target funds that meet the CSRC’s criteria, according to TF Securities.
In addition, fund managers and sales agents participating in private pension business must set up internal control systems, adopt long-term incentives, and ensure independent operation of the pension assets, according to the rules.
Independent consultancies estimate China’s private pension market will grow to at least $1.7 trillion by 2025, from $300 billion currently.
In 20 years, 28% of China’s population will be more than 60 years old, up from 10% today, making it one of the most rapidly-aging populations in the world, according to the World Health Organization.
($1 = 6.6878 Chinese yuan renminbi)
Reporting by Samuel Shen and Brenda Goh
Editing by Nick Zieminski
Our Standards: The Thomson Reuters Trust Principles.
Investment
Not gold or bank FD, Jefferies finds this asset as top investment by Indians | Mint – Mint
Amid soaring inflation and slowdown worries, investors are busy finding out save haven for their money. While some are batting in favour of gold, some investors are favouring debt instruments for short term like bank fixed deposits (FDs) and other deposits. But, if we go by the Jefferies findings, around half of the Indian household savings in March 2022 has been invested in real estate properties whereas bank deposits and gold are distant second and third most preferred asset investment options among Indian households.
As per the Jefferies findings, out of $ 10.7 trillion Indian households assets in March 2022, whopping 49.4 per cent have been invested in real estate properties whereas 15.10 per cent went to band deposits 15 per cent of the Indian households savings were invested in gold. Impact of Covid-19 pandemic was also visible in this Jefferies report as Indian households invested 6.20 per cent of their net savings in insurance funds and it was fourth most preferred investment option by Indians.
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Provident funds and pension is at 5th spot after receiving 5.70 per cent of $10.70 trillion Indian households savings in March 2022. Despite heavy FIIs selling at Indian equity markets, DIIs have remained net buyers since October 2021. However, in Jefferies report, equities has received 4.80 per cent of the net Indian households savings in March 2022 and it is 6th most preferred investment option among Indians. As Indian households has a habit of keeping some part of its savings in liquid form.
Jefferies report has a mention about it as well. As per the Jefferies findings, 3.50 per cent of the net Indian households savings in this period has gone to cash or liquid segment and it an obvious least preferred option among the Indian households.
Harpeth Ventures also participated in the investment.
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