Japan's GPIF posts $70b quarterly loss
TOKYO • The world's biggest pension fund posted a US$52 billion (S$70 billion) loss in the last quarter as stocks tumbled and the yen surged, wiping out all investment gains since it overhauled its strategy by boosting shares and cutting bonds.
Japan's Government Pension Investment Fund lost 3.9 per cent, or 5.2 trillion yen (S$70 billion), in the three months ended June 30, reducing assets to 129.7 trillion yen, it said yesterday.
"We invest with a long-term view," president Norihiro Takahashi said in a statement. "Even if market prices fluctuate in the short term, it won't damage pension beneficiaries. We are also strengthening risk management and continuing to hire experts."
China Cosco reports first-half loss
BEIJING • China Cosco Holdings fell to a first-half loss, hurt by a persistent slump in the global container market, the world's fourth-largest container shipper said on Thursday.
Cosco Shipping reported a first-half loss of 7.2 billion yuan (S$1.5 billion) versus a profit of 1.9 billion yuan a year earlier, the company said in a filing to the Shanghai stock exchange.
Cosco is grappling with weak global demand that has dragged down the sector. The firm is part of China Cosco Shipping Corporation, created earlier this year from the state-driven merger of former rivals China Ocean Shipping (Group) Company and China Shipping Group.
Global shipping is mired in its longest downturn in three decades as operators struggle with an oversupply of vessels and depressed freight rates.