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Sunday, February 13, 2011

With a fourth-quarter investment earnings of $3.9 Billion CAD, largely driven by stock market rises, the Canada Pension Plan’s (CPP) assets rose to $140.1 Billion reported the CPP Investment Board on Thursday.

Rate of return for the quarter netted three percent, bringing the first nine months of the fiscal year to 8.3%. The fund’s broad exposure to equities, in concert with a good quarter for stocks both in Canada and internationally, was largely to be credited according to CEO David Deneson.

The assets value rose from $127.6 Billion March 31st 2010, to $138.6 B on September 30th, to $140.1 B December 31st. The $3.9 B investment earnings, 3.58 of which came from the 54% of the portfolio in equities, was partially offset by seasonal outlays of $2.4 B to plan members.

The fund was very active throughout the calendar year, and particularly active in infrastructure, real estate, and private equity. As part of a consortium they completed the $4.8 B purchase of UK-based Tomkins plc, as well as purchasing Australian-based Intoll for $3.4 B thus acquiring a 30% stake in the 407 Express Toll Route (ETR) near Toronto — which they expanded purchasing a further 10% stake from Spain’s Concesiones de Infraestructuras de Transporte, S.A. (CINTRA). They acquired a 25% equity stake in Westfield Stratford City, a retail complex adjacent to London’s Olympics venue, among many real estate ventures.

The CPP fund covers every province except Quebec, whose Caisse de Depot et Placement du Quebec is the only larger pension fund in Canada. The five-year annualised investment rate of return for the CPP reserve fund was 3.5%, its 10-year rate of return was 5.6%, at the close of 2010. The fund was established in 1997.

Friday, February 10, 2006

The Council of Australian Governments (COAG) will meet in Canberra today for its first meeting of 2006. Members of COAG are the Prime Minister, State Premiers, Australian Capital and Northern Territory Chief Ministers, and the President of the Australian Local Government Association. COAG is chaired by the Prime Minister.

On the agenda is a wide range of issues such as health, economic reform, regulation, and education.

The state leaders (all of whom are members of the Australian Labor Party), met last night to develop a strategy for dealing with John Howard, Australia’s Prime Minister.

Saturday, November 27, 2010

A judge in the High Court in Aberdeen, Scotland has criticised the care doctors gave to baby Alexis Matheson. Lord Uist made the comments while sentencing Mark Simpson, who was yesterday convicted of murdering the six-week-old girl.

Simpson, 29, will serve at least twenty years of his life sentence after he attacked Alexis — the child of his then-girlfriend Ilona Sheach, who he blamed for Alexis’s wounds — over the course of a month. The child suffered broken ribs and brain damage. Lord Uist said staff at Woodside Medical Group might have been able to prevent the death but failed to realise the baby was being hurt deliberately.

Sheach had initially been unable to get an appointment at Aberdeen-based Woodside for her daughter; instead, Dr Mohammed Athar spoke on the phone with Sheach and prescribed three drugs without seeing the infant. When she did see a doctor the following week despite being, said Lord Uist, “seriously concerned” for Alexis’s health, the doctor she saw — Linda Mackay — believed Sheach’s explanation the baby was constipated. She felt Alexis’s blood-red eyes were due to straining; a consultant neurosurgeon testified at trial that this did not explain the subconjunctival haemorrhages in the eyes.

That consultant felt a referral to a paediatrician would have been approrpiate. A consultant paediatrician told the court if Dr Mckay had phoned one Alexis would have been urgently hospitalised. These circumstances have led to calls for legislative changes, according to The Scotsman, which compared the death to the recent Baby P case in neighbouring England. Lord Uist also made this comparison, saying “Scottish health authorities have to treat this case with a similar degree of importance and urgency” to “[t]he Baby P case down south”.

Lord Uist was “very disturbed” that “nothing was done” following Dr Mackay’s assessment. He also criticised the delay in seeing a doctor, saying “[i]t is my opinion the appointments system operated at this surgery may require urgent review so as to ensure children requiring urgent attention receive it by being seen by a doctor.”

He continued “[w]hether the death of baby Alexis could have been prevented had she been so referred is a matter which, in my opinion, merits a very full inquiry. The training of GPs, and also health visitors, to detect signs of non-accidental injury may be a matter that requires further consideration.”

The same day as these comments, Crown Office announced that a fatal accident inquiry will occur. “These are very serious criticisms by Lord Uist of the way the health services operated,” said Scottish Conservatives health spokesman Murdo Fraser. “Clearly, there were serious failings in relation to this baby’s treatment and lessons have to be learned from this case.”

The health board stated “NHS Grampian and the Woodside Medical Practice would like to extend their condolences to Alexis’s family. We understand that Lord Uist has issued a statement that it is critical of perceived failings in the care given to Alexis. We will consider these comments very carefully.”

The Scottish Government has also taken note. “We extend our deepest condolences to the family of Alexis Matheson,” according to a spokeswoman. “We continue to monitor the situation very closely, and will await the findings of the fatal accident inquiry. Following this we will work with the health board to determine any necessary changes and ensure that any lessons are learned.”

Friday, May 1, 2009

The American auto company Chrysler filed for bankruptcy Thursday, however a deal with European auto maker Fiat went through. The emerging Chrysler will be owned 55 percent by the United Auto Workers, eight percent by the United States Government, two percent by the Canadian Government and Fiat would begin with a 20 percent share.

Chrysler Chief Executive Robert Nardelli will step down when the bankruptcy proceedings are finalized.

Initially, the Italian company, Fiat, will appoint three members on the emerging Chrysler’s new board, and the United States government will appoint six. Fiat can assume the majority of the ownership upon repayment of American loans.

Chrysler administrators expect that the bankruptcy should take a couple of months.

“We expect this to be a very short, 30-to-60-day bankruptcy process, during which the company will function normally,” a top administration official said, “People will be able to buy cars, they will have their warranties honored, and everything should go on normally.”

The bankruptcy filing indicated that Chrysler was in debt to 20 creditors to a tune of more than $10 million each.

Meanwhile, the deal with Fiat did go through, and Chrysler should have cars designed by Fiat out on the market by 2011.

“It’s a partnership that will give Chrysler a chance not only to survive, but to thrive in a global auto industry,” said American president Obama, “Fiat has demonstrated that it can build the clean, fuel-efficient cars that are the future of the industry.”

However, automotive analyst Erich Merkle has hesitations.

“History would show that alliances really don’t work that well,” Merkle said, “even though, no matter how good they may look on paper.”

The restructuring has been managed by Steve Rattner, a former investment banker, and the U.S. Government auto task force.

Obama has set three ultimatums before Fiat. Fiat should produce a 40 mile per gallon vehicle while managing the new Chrysler, transfer fuel efficient Fiat technology to Chrysler factories in the United States, and produce cars in Chrysler factories and distribute them in Europe.