Pension Pulse

Yun Li reports Steve Cohen says tariffs and DOGE’s cuts are negative for economy, market correction could be soon: Billionaire investor Steve Cohen doubled down on his negative view of the U.S. economy due to a backdrop of punitive tariffs, immigration crackdown and federal spending cuts spearheaded by the so-called Department of Government Efficiency. The chairman and CEO of hedge fund Point72 said he turned bearish for the first time in a while after President Donald Trump ’s aggressive trade policy made him worry about inflationary pressures and lower consumer spending. Meanwhile, his tough stance on immigration could mean a constrained supply of labor, he said. “Tariffs cannot be positive, okay? I mean, it’s a tax,” Cohen said Friday at the FII Priority Summit in Miami Beach, Florida. “On top of that, we have slowing immigration, which means the labor force will not grow as rapidly as … the last five years and so.” The prominent hedge fund investor took a stab at DOG...

Zak Bentley of Infrastructure Investor reports PSP eyes 'multi-billion-dollar deployment' for core strategy: Canada's PSP Investments has "multi-billion-dollar deployment targets" for what it's calling its High Inflation Correlated Infrastructure strategy, managing director Michael Rosenfeld told Infrastructure Investor . The group marked what it describes as an "important milestone" last month in the roll-out of the North American-focused core infrastructure strategy with the acquisition alongside KKR of a 19.9 percent interest in American Electric Power's Ohio and Indiana & Michigan transmission companies for $2.82 billion.  That deal marked the second and largest deal from the HICI strategy, with a previous investment in the transport sector debuting that strategy, although PSP declined to provide further details on the asset involved. Rosenfeld said PSP was attracted to the deal by the assets exhibiting "fully regulated cash flows t...

Bill Curry of The Globe and Mail reports Trudeau selects consortium to co-develop high-speed-rail line between Quebec City and Toronto: Prime Minister Justin Trudeau announced the federal government has selected a consortium to co-develop a long-studied high-speed-rail link running from Quebec City to Toronto, saying the line will reach speeds of 300 kilometres an hour. Speaking in Montreal with Transport Minister Anita Anand, Mr. Trudeau called it the largest infrastructure project in Canadian history. Mr. Trudeau said the project will boost economic growth and support Canada’s steel, aluminum and copper at a time when Canadian resource sectors are facing tariff threats from the United States. “A reliable, efficient, high speed rail network will be a game changer for Canadians, slashing travel times by half, getting you from Toronto to Montreal in three hours. It will stimulate our economy, strengthen the bonds between cities and our two most populous provinces, and redu...

Last week, BCI issued a press release that it and Macquarie Asset Management offered to take Renewi PLC private: BCI and Macquarie Asset Management, through Earth Bidco B.V., have announced a recommended cash offer to purchase 100 per cent of the issued and to be issued shares of Renewi PLC (“Renewi”, the “Company”) in a proposed take-private transaction. This acquisition is being pursued through BCI’s Infrastructure & Renewable Resources program. Renewi is a leading waste-to-product company with operations primarily in the Netherlands and Belgium. The Company is listed on the London Stock Exchange and Euronext Amsterdam. “We look forward to working with Renewi’s management in implementing the Company’s ongoing strategy as a pure-play waste-to-product company, in addition to supporting its growth ambitions. In the context of sustainability and resource conservation, we believe Renewi is well-positioned to support a more circular economy, helping to advance the EU’s t...

Alexandre Rajbhandari of Bloombeg reports Buffett sold more BofA stock while keeping Apple stake intact: Warren Buffett’s Berkshire Hathaway Inc. continued whittling a longtime bet on Bank of America Corp. in last year’s final months, while keeping a stake in Apple Inc. intact following an earlier reduction. The Omaha, Nebraska-based conglomerate cut its stake in the bank to 8.9% in the fourth quarter after selling 117.5 million shares, a regulatory filing on Friday shows. Bank of America executives and shareholders have waited months for the update after Berkshire’s prior sales left it with less than 10% and freed it from a requirement to quickly disclose transactions. The remaining holding was worth $31.9 billion as of Friday’s close in trading. Buffett, 94, started whittling the investment in mid-July, without providing any explanation. After slashing a holding in Apple earlier in 2024, Berkshire left the stake untouched in the year’s final months. The iPhone maker rema...