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DAXX:ALV, Aug 20, 04:47 UTC

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Friday, August 16


News

PIMCO Canada Corp. Announces Monthly Distributions for PIMCO Canada Exchange Traded Series

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Not for distribution to United States newswire services or for dissemination in the United States. TORONTO, Aug. 16, 2019 (GLOBE NEWSWIRE) -- PIMCO Canada Corp. (“PIMCO Canada”) today announced the August 2019 cash distributions for the ETF series (“ETF Series”) of the PIMCO Canada mutual funds that distribute monthly (“Funds”). These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations, including, but not limited to, market factors. Although the Funds, PIMCO Canada and/or PIMCO believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, readers are cautioned not to place undue reliance on such statements due to the inherent uncertainty therein. The ETF Series Units are not guaranteed, their value may change frequently and past performance may not be repeated. For a summary of the risks of an investment in the fund, please see the specific risks of mutual funds section of the prospectus.

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Wednesday, August 14


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Pimco Bet on Argentine Bond Paying 75% Rate Hit by Peso Rout

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(Bloomberg) -- Pacific Investment Management Co.’s decision to buy up almost a third of the world’s top-paying government bond hit a bump this week as the Argentine peso collapsed. The notes pay a floating coupon tied to the benchmark interest rate, which stood at an all-time high of 75% on Tuesday. Yet the peso’s tumble after a landslide defeat in the primaries for President Mauricio Macri outweighed any yield on the debt. Pimco holds about 30% of the 142 billion pesos ($2.4 billion) of 2020 bonds, according to data compiled by Bloomberg. Reid declined to comment on the firm’s hedge position. When Argentina issued the debt two years ago, the nation’s benchmark rate was a more modest 26% amid optimism that Macri would revive an economy that stagnated under his populist predecessor Cristina Kirchner.

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Tuesday, August 13


News

Allianz to set aside extra $250m capital

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Allianz to set aside extra $250m capital. Australian Associated Press13 August 2019, 11:57 pm UTC. The Australian unit of Allianz SE will have to set aside an additional $250 million due to shortfalls in its risk governance self-assessment, APRA said on Wednesday. The move will see Allianz Australia join the country's four biggest banks which have been slapped with additional capital requirements until they strengthen risk management and reimburse customers for wrongly charged fees. What to read next.

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News

Allianz Australia slapped with tougher capital requirement

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Visit our Privacy Policy to learn more or manage your personal preferences in our Cookie Consent Tool. Aug 14 (Reuters) - The Australian unit of Allianz SE will have to set aside an additional A$250 million ($169.9 million) due to shortfalls in its risk governance self-assessment, the country's prudential regulator said on Wednesday. The move will see Allianz Australia join Australia's four biggest banks which have been slapped with additional capital requirements until they strengthen risk management and reimburse customers for wrongly charged fees. ($1 = 1.4715 Australian dollars) (Reporting by Shreya Mariam Job in Bengaluru; Editing by Stephen Coates).

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Allianz Real Estate to invest $150 million in office platform managed by Godrej

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Allianz Real Estate to invest $150 million in office platform managed by Godrej1 min read.08:23 AM IST. Mumbai: Allianz Real Estate, part of Munich-based Allianz SE, said on Tuesday that it has committed $150 million to an office development platform managed by Godrej Group as part its expansion plan in India. This investment is part of Allianz's strategy to allocate 50-60% to its real estate exposure within the Asia Pacific exposure to fast growing markets such as China and India, the company said in a statement. Under the platform Godrej BTC, the Mumbai-based real estate firm would be developing two office projects spanning around 2 million sqft and apart from a current pipeline of 1.3 million sqft in Benguluru. While the platform is managed by Godrej Fund Management, Allianz, Godrej and a European pension manager each own a third of of it.

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Wednesday, August 07


News

Is Pimco Right That Negative Yields Make Sense?

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That, in a nutshell, is why negative bond yields might not be a nonsensical bubble ready to burst but actually natural, according to Joachim Fels, Pacific Investment Management Co.’s global economic adviser. This made sense in a world where people usually died before they retired and struggled to satisfy basic needs. However, it can be argued that in affluent societies where people can expect to live ever longer and thus spend a significant amount of their lifetimes in retirement, more and more people demonstrate negative time preference, meaning they value future consumption during their retirement more than today’s consumption. Ten-year German bunds reached an all-time low of -0.6%. Even some European junk bonds, which by definition carry massive default risk, yield less than zero. And, to be sure, it’s still too soon to say his final conclusion — that people are “willing to accept a negative interest rate” to transfer purchasing power to the future — will stand the test of time. It’s true that bonds with sub-zero yields have been around for years and that the pile has now grown to a staggering $15 trillion. But as I wrote recently, much of that debt was issued with a positive interest rate, and those buyers have seen sharp price appreciation as a result.

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Negative rates in the US is 'no longer absurd to think,' PIMCO says

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Negative yields could be coming to the U.S. Treasury market during the next downturn. Or so says PIMCO’s Joachim Fels. In a post on PIMCO’s blog published Wednesday, Fels, the firm’s global economic advisor, writes that, “It is no longer absurd to think that the nominal yield on U.S. Treasury securities could go negative.”. “Around $14 trillion of outstanding bonds worldwide, or 25% of the market, now trade at negative yields, according to Bloomberg,” Fels adds. “What was once viewed as a short-term aberration – that creditors are paying debtors for taking their money – has already become commonplace in developed markets outside of the U.S. “Whenever the world economy next goes into hibernation, U.S. Treasuries – which many investors view as the ultimate ‘safe haven’ apart from gold – may be no exception to the negative yield phenomenon. And if trade tensions keep escalating, bond markets may move in that direction faster than many investors think.” (Emphasis added.). Since 2014, the European Central Bank has had as part of its benchmark policy setting a negative interest rate on its deposit facility. For years now trillions of dollars worth of government debt in the eurozone has traded with an effective negative yield. And in 2016, former Federal Reserve chair Janet Yellen said she would not rule out the use of negative interest rates in the U.S. during a future downturn.

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Negative U.S. bond yields may become reality - PIMCO

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Aug 7 (Reuters) - Investors may have to grapple with the possibility of the once-unthinkable becoming reality - negative U.S. bond yields, according to giant money manager Pacific Investment Management Co. (PIMCO) on Wednesday. The negative rate policy and massive bond purchases the European Central Bank and Bank of Japan have resulted in about $14 trillion, or 15%, of the total amount of bonds around the world posting negative yields, Fels noted. "However, we believe central banks are not the villains but rather the victims of deeper fundamental drivers behind low and negative interest rates. The two most important secular drivers are demographics and technology," Fels wrote. In the United States, if the Fed drops domestic borrowing costs back near zero and restarts quantitative easing to avert a recession, negative yields on U.S. Treasuries "could swiftly change from theory to reality," according to Fels.

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Monday, August 05


News

PIMCO expands ESG fund range

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The fund invests in a broad range of dollar-denominated bonds issued by emerging market sovereign and quasi-sovereign entities with tactical allocations in local currency instruments. With an objective of maximizing total return, the portfolio management uses Pimco's proprietary ESG score to construct a portfolio of emerging market instruments from issuers that have a greater focus on environmental, social and governance practices. The PimcoGIS Socially Responsible Emerging Markets Bond fund was launched in 2010 and since then established a robust track record and has approximately $680 million in net assets. While this SRI fund applied a pure exclusion list, the PimcoGIS Emerging Markets Bond ESG fund fully incorporates PIMCO's three pillar ESG approach. PimcoGIS Emerging Markets Bond ESG fund is accessible in a variety of share classes in different currencies, depending on client requirements.

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Friday, August 02


News

German insurer Allianz "on track" to achieve 2019 financial targets - China.org.cn

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"Our Life/Health segment continued holding up very well in the low-interest rate environment, as shown by our dynamic sales," noted Giulio Terzariol, chief financial officer (CFO) of Allianz. While turnover in Allianz's property-casualty insurance division increased by 7.3 percent, operating profits declined by 5 percent to 1.4 billion euros in the second quarter. This decline was "driven by a lower investment result," the German insurance company noted. The lower the combined ratio, the more profitable an insurance company is operating. With 6.1 billion euros of operational profits after the first six months of 2019, Allianz announced that it had achieved more than half of its full year outlook.

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