Perspective
FT – China changes tack on ‘social credit’ scheme plan – Lucy Hornby 7/4
- “Beijing delays licenses for country’s tech champions amid conflict of interest fears.”
WSJ – Ill-Funded Police Pensions Put Cities in a Bind – Heather Gillers and Zusha Elinson 7/4
- “Police pensions are among the worst-funded in the nation. Retirement systems for police and firefighters have just a median 71 cents for every dollar needed to cover future liabilities, according to a Wall Street Journal analysis of data provided by Merritt Research Services for cities of 30,000 or more.”
- “The combined shortfall in the plans, which are the responsibility of municipal governments, is more than $80 billion, nearly equal to New York City’s annual budget.”
- “Broader municipal pension plans have a median 78 cents of every dollar needed to cover future liabilities, according to data from Merritt. The 100 largest U.S. corporate pension plans have 85% of assets needed on hand, according to Milliman Inc. data as of March 31.”
- “And yet any attempt to bring police pensions into line with today’s municipal budgets and stock-market performance runs into the reality that many officers won’t stand for it—and they often have the public behind them.”
Worthy Insights / Opinion Pieces / Advice
FT – Apple has built an office for grown-ups – Lucy Kellaway 7/2
Markets / Economy
FT – Fed ready to begin unwinding stimulus ‘within months’ 7/5
Africa
Economist – South African mining is in crisis – 7/4
- “The industry faces tough times, made worse by foolish policies.”
China
FT – Hyundai’s China sales plunge 60% amid ‘anti-Korea sentiment’ – Song Jung-a 7/4
- “Hyundai Motor’s problems in China are worsening as China’s backlash over the deployment of a controversial US missile shield continues to dent sales in one of its key overseas markets amid heightened competition with fast-growing local automakers.”
- “Hyundai said on Tuesday its China sales dropped 64% to 35,000 in June from a year earlier while Kia’s fell 58% to about 19,000 units. ‘Because of the anti-Korea sentiment, fewer Chinese are visiting our showrooms these days,’ said a company spokeswoman.”