December 2017

05Dec

UK. ‘Corbyn fear’ sees pension fund body advise Labour council to invest abroad

A Labour-controlled council has been advised to invest some of its £250m in pension assets overseas because of the “political risk” of a Labour election victory and “renationalisation” by a Corbyn-led government. A Camden council document posted online last week summarises the advice given by London CIV, a £5.6bn fund management group set up by local authorities to manage the pension funds of London councils. London CIV is chaired by Bob Kerslake, a former head of the civil service, and includes board...

December 5, 2017
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04Dec

Pension funds, sell your oil & gas stock

Last month, Norway’s $1 trillion pension fund announced plans to drop oil and gas stocks from its core benchmark stock portfolio. The move was of note because it served as an important acknowledgement by a major institutional investor that such holdings have lost their status as mainstream, blue-chip investments and are now considered speculative. It carries special significance too because the Norwegians really know the oil and gas market. The country owns vast oil reserves and the government — and...

December 4, 2017
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04Dec

UK. Two in 10 pensioners now living in poverty

‘UK Poverty 2017’ – which says it’s the first report of its kind to assess rates of poverty and how they are changing - claims that 14 million people across the UK do not have enough money to have an acceptable standard of living. That 14 million is made up of eight million working age adults, four million children, and 1.9 million pensioners. JRF says that while poverty levels have substantially improved over the last two decades among those that are...

December 4, 2017
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04Dec

Bitcoin-Friendly Philippines Plans ICO Regulation

After introducing regulations for bitcoin exchanges earlier this year, authorities in the Philippines are casting their eye on initial coin offerings (ICOs). Bangko Sentral ng Pilipinas (BSP) governor Nestor Espenilla has revealed the central bank’s intent to introduce regulations for initial coin offerings, or ICOs. A radical new form of fundraising where companies and startups raise capital by offering digital tokens in exchange for cryptocurrencies like bitcoin and Ethereum, ICOs are becoming increasingly popular as a means to gain financing. According...

December 4, 2017
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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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