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International Business News
China's pension fund faces 'grave challenges'
At P,Shanghai
China's national pension fund faces "grave challenges" as it tries to shore up its investment yields for the year while the stock market is in a tailspin, state media reported Monday.
Dai Xianglong, chairman of the National Social Security Fund, or NSSF, said the fund is trying to stabilise its stock holdings while increasing its fixed income investments, in an interview published in the People s Daily.
"The NSSF faces grave challenges in yielding operating profits for the whole year. ” he was quoted as saying.
China's eight-year old national pension fund had assets of 516.2 billion yuan (72 billion dollars) at die end of 2007, with 1816 billion yuan worth of investments in domestic and overseas equities.
The fund's total assets are expected to exceed one trillion yuan by 2010, Dai said.
As part of efforts to expand the scope of its investments, the pension fund also plans to set up its own private equity fund. Dai was quoted as saying.
"Our investment decision must not only ensure die maintenance and appreciation of the fund's value, but maintain the stability of the financial market, " Dai told the newspaper.
The fund's 2008 yields have been battered by the plunging domestic stock market, which has fallen 48 percent so far this year and nearly 55 percent from a historical high in October.
Malaysia's inflation could spike in June
AFP, Kuala Lumpur
Malaysia’s inflation rate could hit seven percent in June in a "one-off" hike, a senior minister warned Monday following the recent 41 percent rise in fuel prices.
Nor Mohamed Yakcop, second finance minister, said for June and July, inflation could be slightly higher, reflecting the rise in the cost of goods, after June's fuel price increase.
"This is a one-off inflation as oil prices have gone up ... food prices have gone up. It is a cost-pushed inflation,'’ he said.
But Nor Mohamed was confident inflation for 2008 would be contained at five percent.
"My own feeling as a whole is that inflation will be contained. In my own expectations - not more than five percent for the year as a whole, " he was quoted as saying on private TV3 television.
The central bank has said the June inflation rate is expected to surge above six percent due to the fuel price hike, raising speculation that rates will be hiked.
Economists expect the central bank to announce an increase in borrowing costs by 25 basis points at the end of July to counter a jump in inflation, when it holds its monetary policy
Pakistan increases fuel prices byupto17pc
AFP, Islamabad
Pakistan has again increased fuel prices by up to 17 percent in response to the soaring cost of global oil, the state regulator said Monday.
The increase follows a hike on June 29 after Prime Minister Yousuf Raza Gilani said his government had scaled down subsidies on food and fuel.
The price of petrol would rise to 86.66 rupees (1.43 dollars) a litre from 75.69, the Oil and Gas Regulatory Authority said in a statement, a rise of 14.4 percent.
Light diesel would be going up by 15.2 percent to 56.50 rupees a litre from 49.05. The biggest rise is in kerosene, which is going up to 58.37 rupees a Litre from 49.75, a hike of 17.3 percent.
Rauf Nizamani, a senior economist based in the southern commercial hub of Karachi, said the new government that won elections in February had no choice but to raise prices.
"The government is in a fix and has no option but to take some unpopular steps," Nizamani said
Suez canal revenue surges in first half
AFP, Cairo
Egypt s Suez Canal Authority said on Monday that its revenue had surged in the first six months of 2008 to more than 2.6 billion dollars.
"Canal receipts from January to end June reached 2.639 billion dollars (1.66 billion euros) which is a half-billion dollars more than for the same period last year," a Canal Authority official told AFP
He said the number of boats using the canal had risen to 10,497 from 9,800, adding this showed that "world commerce is in good health. "
In March, the authority raised fees for different classes of ship by an average of 7.1 percent.
With about 7.5 percent of world trade transiting the canal, which links the Mediterranean and the Red Sea, income from the waterway provides Egypt with its third highest source of foreign currency after tourism and remittances from Egyptians working abroad.