December 2017

04Dec

AustralianSuper to quit big tobacco in $900m blow for Philip Morris, British American Tobacco

AustralianSuper is planning to sell out of tobacco merchants including heavyweights Philip Morris and British American Tobacco over the next two years. It will be the biggest divestment of tobacco stocks yet by an Australian super fund. The move comes after wealth manager AMP announced in March that its investment house, AMP Capital, was dumping $440 million worth of investments tied to the tobacco sector. AMP made that move as it overhauled its guidelines for investing ethically. AustralianSuper chief Ian Silk has told...

December 4, 2017
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04Dec

UK Treasury Plans Tighter Regulation of Bitcoin and Cryptocurrencies

The British government is planning to introduce strict regulations of cryptocurrencies like bitcoin to combat crime like tax evasion and money laundering. The UK Treasury will lead the effort into regulating cryptocurrencies like bitcoin, bringing it under the purview of anti-money laundering and counter-terrorism financing legislation. A Treasury spokesperson said on Monday: "We have clear tax rules for people who use cryptocurrencies, and like all tax rules, these are kept under review. We also intend to update regulation to bring virtual...

December 4, 2017
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01Dec

World Bank Supports Mongolia’s Reforms with US$120 Million Financing

The World Bank’s Board of Executive Directors today approved US$120 million in financing to support Mongolia’s efforts to restore debt sustainability, strengthen the social protection system, and enhance the competitiveness of the economy. The Mongolia Economic Management Support Operation First Development Policy Financing (DPF) comes at a critical juncture and aligns with the country’s moves towards strong policy adjustment. A sharp drop in commodity prices and foreign investment, compounded by expansionary policies, created severe economic challenges for Mongolia. The budget...

December 1, 2017
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01Dec

Philippines lags behind Asian neighbors in pension benefits

In its World Social Protection Report 2017/19, ILO said 40 percent of the Filipino senior citizens still do not have income security despite the additional allocation of the government for its pension programs. “This is in contrast to countries like China, Thailand, Mongolia, Brunei Darussalam and Timor-Leste which have considerably expanded their coverage through the use of universal tax-funded pensions,” ILO said. As a region, Asia is also not faring any better compared to other more developed regional cluster in terms...

December 1, 2017
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01Dec

Estonia needs to address the poverty risk of its elderly

While Estonia has made a great progress in many fields over the years, there are still also many shortcomings – and the number of socially excluded seniors is one of them. The Estonians who have lived in wealthy Western countries, know the difference – whereas in Germany, for example, it is a common scene to see older people enjoying life and having fun in bars and restaurants, it is a rather rare picture in Estonia. It’s more common to see...

December 1, 2017
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November 2017

30Nov

55 percent of people worldwide have no social protection: report

A new report from the International Labor Organization (ILO) released Wednesday shows that despite significant progress, massive efforts are needed to ensure that the right to social security becomes a reality for all in many parts of the world. The report names countries that have achieved universal pension coverage but cautions that benefit levels are often low and not sufficient to push older persons out of poverty in developing countries. It says that the human right to social security is not...

November 30, 2017
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30Nov

ILO: Vietnam should extend social protection to informal economy

Participants at a conference on “Reforming Social Insurance Policies - International Experience and Recommendations for Vietnam”, organized in Hanoi on November 29 by the Ministry of Labor, Invalids and Social Affairs (MoLISA) and the ILO, agreed that social insurance reform should be built on the results already achieved. “Social insurance is a key pillar of the social security system,” Deputy Prime Minister Vuong Dinh Hue told the gathering. “It makes a great contribution to realizing social advancement and justice in that...

November 30, 2017
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30Nov

UK’s FCA starts civil proceedings over pension investment statements

Britain’s Financial Conduct Authority (FCA) has begun civil proceedings against Avacade and Alexandra Associates, alleging the firms made misleading statements about pension investments and carried out regulated activities in Britain without authorisation. The FCA on Thursday alleged that Avacade Ltd and Alexandra Associates (UK), trading as Avacade Future Solutions, promoted pensions and investments in alternative investments such as tree plantations. The FCA wants customers affected to be compensated and injunctions to prevent further breaches of rules and is also bringing proceedings...

November 30, 2017
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29Nov

Britain close to deal on Brexit bill with EU: sources

Britain has offered to pay much of what the European Union was demanding to settle a Brexit “divorce bill”, bringing the two sides close to agreement on a key obstacle to opening talks on a future free trade pact, EU sources said on Tuesday. The offer, which British newspapers valued at around 50 billion euros, reflected the bulk of outstanding EU demands that include London paying a share of post-Brexit EU spending on commitments made before Britain leaves in March...

November 29, 2017
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29Nov

Kenya. Pensions raise stockholding as Nairobi bourse recovers

Pension schemes invested more in equities by cutting back on other investment classes in the third quarter as the stock markets rallied despite political intrigues. A survey of 372 schemes by consulting firm Zamara Group (formerly Alexander Forbes Financial Services EA) shows pension providers raised equity allocations to 23.9 per cent in the three months to September, up from 21.5 per cent in the previous quarter. It showed fixed income still had the largest share of investment by pension funds at...

November 29, 2017
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