Dutch metal schemes assessing Brexit impact on UK counterparties

first_imgPMT and PME, the large industry-wide pension funds for Dutch metal workers, are assessing the possible effects of Brexit on their counterparties in the UK for cash transactions and derivatives transactions such as interest swaps.They are also considering whether to start entering contracts with additional players elsewhere in the European Union.On its website, the €63bn PMT said it was continuously monitoring developments in interest rates, currency movements and the strategic weightings within its investment portfolio. In the run-up to last week’s Brexit referendum, in which the UK voted to exit the EU, the scheme acknowledged it had decided against taking hedging measures, “as the available options would have come at too great an expense had the UK decided to remain”. Both PMT and PME, the €42bn scheme for the electro-technical engineering sector, said they had fully hedged downward risk on the pound, and that they had covered 50% of the interest risk on their liabilities.Meanwhile, SPF, the €3bn pension fund for physiotherapists, said it recently reduced its equity allocation in favour of “safe” government bonds, while the €21.5bn industry-wide scheme PGB said its funding had fallen by 3.5 percentage points in the immediate aftermath of the referendum.It conceded it would be facing a pensions rights cut in 2017 if its financial position failed to improve before year-end.The €7.6bn KLM pension fund for ground staff confirmed it also lost “a couple of percentage points” in funding following the referendum.It noted on its website that the Brexit decision had increased instability and that it expected more financial-market volatility.The Algemeen Pensioenfonds KLM, however, said it saw no reason to adjust its investment portfolio for the time being.This view was echoed by Vliegend Personeel, its €7.9bn sister scheme for cockpit staff, which underlined its “long-term and defensive strategy”.TPN, the €420m Dutch pension fund of energy company Total, pointed out that the initially large movements on the financial markets had not continued, but that political uncertainty remained.It ruled out taking short-term measures but said it would “certainly assess” whether long-term adjustments were needed.last_img read more

Social amelioration program for ‘poorest of the poor’ only

first_imgILOILO City – The national government’s P6,000 SocialAmelioration Package (SAP) in this time of public health emergency due to thecoronavirus disease 2019 (COVID-19) pandemic is only for the “poorest of thepoor”, clarified Department of Interior and Local Government’s (DILG)Undersecretary Jonathan Malaya.  * micro-entrepreneurs They are the low income families, those in the informalsector and those living below the poverty threshold, said Malaya. In a teleconference with the Western Visayas media on April7, Malaya said DILG and the Department of Social Welfare and Development Office(DSWD) were making this clarification to avoid confusion, citing feedbacks fromlocal government units (LGUs). Who are the “poorest of the poor”? * informal workers The minimum daily wage in Region 6 is P395. * overseas Filipino worker in distress In Region 6, she said, if a person such as the head of thefamily receives a daily wage of P390, his family is qualified to receive theP6,000 SAP. * farmers, fishermen (provided they are Beneficiaries of the Pantawid Pamilyang Pilipino Program(4Ps) are covered by the SAP, Malaya added, but they need not fill upregistration forms because they were already in the DSWD database. * lactating mothers not recipients of assistance from the Department ofAgriculture * senior citizens * sub-minimum wage earners * pregnant women DSWD previously identified these vulnerable sectors: * solo parent The first batch to receive the SAP in Region 6 covers311,687 households.center_img * indigent “Bawat tao ay mahalaga but we need to prioritize,” stressedMalaya. “Hindi po pwede ang To avoid duplication of beneficiaries, there will becross-matching, added Malaya. For his part, DSWD spokesperson Director Irene Dumlao saidpersons living below the poverty line are those working but receivingcompensation below the minimum wage. The remaining more or less 1.5 million target beneficiaries in the region would receive theirs before the end of the quarantine period (April 14 unless lifted earlier or extended)./PN “Inuulit po natin: ang benepisaryo ng cash grant po ay ‘yungmga pamilya na kasama or * occasional workers like househelpers, argumento na ‘kami ay taxpayers, kailangan tumulong anggobyerno, mahirap man o mayaman’. Hindi po ganun ang buhay.” and Employment) kabilang sa low income, may family members na kabilang sa informaleconomy sector and may * workers in the private sector observing “no work, no pay”family (provided they have not availed themselves of  the COVID-19 Adjustment Measures Program ofthe Department of Labor drivers of pedicabs, tricycles, taxis, public utility buses, and public Malaya urged LGUs to start distributing registration formsto target beneficiaries so these could immediately be submitted to the DSWD forthe eventual release of the social amelioration. * persons with disability * homeless member po na kabilang vulnerable sectors,” said Dumlao. utility jeepneyslast_img read more

Communities and Nonprofits Struggle with USs Middleage Death Epidemic

first_imgShare10TweetShare2Email12 SharesPixabay. Public domain.June 9, 2017; Washington PostThe Washington Post recently analyzed the U.S. Centers for Disease Control’s mortality data and found that death rates have increased among people between 25 and 44 across all racial groups. “After a century of decreases, the overall death rate for American’s in these prime years rose eight percent between 2010 and 2015.”The Post found that much of this is driven by drug overdoes, mostly from opioids. “[A] phenomenon most pronounced among whites in small cities and rural areas appears to be spreading to the nation’s suburbs and biggest cities.” For this age group, death rates have risen not only in almost every racial and ethnic group, but in all the states except for Hawaii and Washington, D.C. Alcohol-related deaths are also on the rise across racial and ethnic groups and homicide is the leading cause among young black people.The death rate among African Americans is up 4 percent, [email protected] 7 percent, whites 12 percent, and Native Americans 18 percent. For Asian Americans, the rise is statistically insignificant.The Post found that “before 2010, death rates had been declining for whites, blacks and Hispanics in metropolitan areas of at least 1 million people. Since 2010, the rates are up everywhere…American mortality appears to have reached an inflection point around 2010, in the immediate aftermath of the Great Recession.”Further, according to Robert Anderson, chief of mortality statistics for the CDC, “preliminary data from the first half of 2016 suggests that the trend is continuing.” Josh Sharfstein, director of the Bloomberg American Health Initiative at John Hopkins, said, “What it reflects is an out-of-control epidemic right now.”While drug overdose deaths are still more than double for whites compared to blacks, Thomas Gilson, a coroner in Cuyahoga County, which encompasses Cleveland, said, “With seemingly purposeful intent, cocaine is now being mixed with fentanyl and its analogues in an effort to introduce these drugs into the African American population.”According to Michael Botticelli, director of the new Grayken Center for Addiction Medicine at Boston Medical Center, “Addicts want the strongest drugs available, even if they are potentially fatal. He said a dealer arrested in Massachusetts had sent a text message to a colleague: ‘We don’t want to kill them, we just want to bring them to that point.’”The one factor that affects the death rate is education level. The Post found that “the only 25–44 group whose death rate is not climbing is people with four-year college degrees.” Joan C. Williams, a law professor at University of California who focuses on work and class said a large segment of society “is seeing their grip on the American dream slipping away.”The death rate is also increasing in other age groups. A 2015 Princeton study by economists Anne Case and Angus Deaton found that whites 45–54 “have been dying at surprisingly high rates since the end of the 20th century.” They noted that these deaths from drug overdoses, alcohol abuse, and suicide appear to be related to the deteriorating labor market and have labeled them “deaths of despair.”The Post notes that “in modern times, increases in mortality have been rare.” Deaton, who is also a Nobel laureate, said a society where the death rate is going the wrong way signals a society where “there’s something very, very seriously wrong.”Botticelli notes that not only is treatment not available in certain parts of the country, but there is opposition to effective treatment, with people in favor of jailing people for drug crimes. NPQ wrote recently about U.S. Attorney General Jeff Sessions’ new policy to reverse mandated minimum sentence protections for drug crimes. Botticelli warns that “a criminal, judgmental or moral approach will block effective solutions.”—Cyndi SuarezShare10TweetShare2Email12 Shareslast_img read more