Tag: 上海夜网WA

  • Brazil Donates Helicopters to Bolivia to Counter Drug Trafficking

    first_img Brazilian Minister of Defense Celso Amorim, arrived in Santa Cruz, Bolivia, (east) on October 3 to take part in a ceremony to hand over two of four helicopters donated to Bolivia to counter drug trafficking, according to a statement by the Brazilian diplomatic delegation sent to AFP. The ceremony took place in Santa Cruz de la Sierra Air Base (El Trompillo), where Bolivian President Evo Morales and Defense Minister Rubén Saavedra were present. The Brazilian embassy specified that the transfer of the helicopters was based on “the request submitted by President Morales to President Lula, in a bilateral meeting during the UNASUR Summit, in Costa do Sauípe, in December 2008.” The request outlined that “the purpose of the helicopter grant is to strengthen cooperation bonds between both countries in the field of defense, with special attention to surveillance of air space and to combat transnational crime and drug trafficking.” During his stay in Bolivia, Amorim discussed the opening of new areas for bilateral cooperation in defense and “made announcements about the restoration of Bolivian armored vehicles, as well as helicopter pilot training,” indicated the statement. Bolivia and Brazil have developed several cooperation initiatives concerning countering drug trafficking. Last July, a joint military operation conducted in the region used aircrafts from both countries. By Dialogo October 04, 2012last_img read more

  • Fiona Reynolds: Looking at ESG is practical not political

    first_imgDespite this momentum, my post-holiday glow quickly disappeared after reading the IPE article ‘Keep politics out of pensions’ by Daniel Ben-Ami. It seems to suggest the state of retirement incomes in the UK, particularly low balances, is due to the fact pension funds and asset managers spend too much time on ESG issues. At a more fundamental level, Ben-Ami posits that consideration of ESG issues, climate change and other external factors are in some way a drag on economic growth and hence the returns generated for beneficiaries.First, to suggest the state of UK retirement savings has anything to do with ESG considerations is clearly wrong.  For that, you need to look at policy, design and regulation. Over the last decade, we have seen a slow move away from defined benefit to defined contribution (DC) funds, and a move to provide pensions for all employees, not just the luckiest by dint of employment. We need to remember that auto-enrolment for workplace pensions only commenced in the UK in 2012 at a rate of 2%, and the system is still in transition, with an increase to 8% only coming about in 2018. There are no mandated rules for matching additional contributions, and there are no mandated portability rules. Anyone who knows anything about retirement incomes knows the average worker in a DC fund needs to make contributions of 12-15% of salary on average across his working life to be able to retire with a comfortable pension.In addition, in the UK, we see the problems of investment management fees for retirement products being too high, excessive intermediation, too many funds and too much complexity. However, a national pension system has to start somewhere, and, no doubt, some of these issues will be addressed as it matures. The establishment of NEST was a good starting point.The wider question, however, needs to be addressed. To suggest a young 25 year old joining a pension fund today doesn’t need her fund to address the long-term material risks arising from issues like climate change, environmental sustainability, resource depletion or supply-change risks is a failure to understand what will drive value creation to 2050 or 2060 when our young worker may be retiring. A quick glance at the corporate philosophy of Unilever may provide a glimpse of how a UK-listed global corporation with a diverse footprint is balancing the risks and opportunities posed by these externalities to help ensure its licence to operate, and that shareholder value remains strong in the decades to come.There are many studies – most notably from Arabesque Asset Management/Oxford University, Mercer, Harvard University and others – which present hard data to show that consideration of ESG factors actually leads to investment outperformance, which is why investors are taking keen notice. At the end of the day, these are investment issues – they are not political issues except to the extent politicians often fail to address long-term risks in markets simply because they are often focussed on short-term issues that will help their re-election.Pension funds, however, are here for the long term, investing on behalf of a multi-generational group of stakeholders trying to match liabilities over a rolling lifetime of member horizons. Many pension funds in the UK are leading the way when it comes to responsible investment – to help, not hinder, their returns.Finally, anyone who doubts the benefits of looking at ESG considerations needs look no further than Volkswagen, a once-respected company that has lost market share, reputation and shareholder value, a stark example that all investors should heed.Fiona Reynolds is managing director at Principles for Responsible Investment Fiona Reynolds, managing director at Principles for Responsible Investment, responds to recent ‘Keep politics out of pensions’ article by Daniel Ben-AmiReturning to London from a few weeks’ holiday on the beach in Australia, I was reflecting on the state of responsible investment globally and feeling that, although there is work to do, there have been some changes in perception and a renewed recognition of the value of taking a long-term view on value creation, sustainability and risk management.In December, at COP21 in Paris, we witnessed the first concrete global agreement on climate change, with more than 180 country-based climate plans submitted to the UNFCCC. What set these climate talks apart was the significant role investors played throughout the summit and the importance of institutional capital as an integral component to countries implementing the investment inherent in their emissions plans. And it is not just in the climate sector where change has been occurring. In the US, where the acceptance and implementation of responsible investment has traditionally lagged behind Europe, the Department of Labour last October came out with some clarifying statements that ESG considerations in investment decision making is consistent with fiduciary duty. This decision dovetails with a growing body of research, which demonstrates that a sustainability-focused investment agenda can lead to market outperformance.last_img read more

  • Mark Brosnan ends Matchbook CEO tenure

    first_img Xanadu Consultancy, the holding company of online betting exchange Matchbook (Matchbook.com) has confirmed that Mark Brosnan has chosen to step down as Chief Executive.Brosnan’s decision will see Xanadu’s CFO Farzad Peyman fulfil CEO leadership duties on an interim basis.Moving forward Xanadu confirmed that Brosnan will continue to serve as a company director to support the firm in developing its new B2B capacity and advise leadership on technology projects and commercial strategies.Brosnan has served as CEO since 2013, leading the development and relaunch of the new Matchbook betting exchange platform, whilst also expanding Matchbook’s technology and engineering teams from HQ in Cork, Ireland.Peyman commented: “We are enormously indebted to Mark for everything which he has done for this business over the last 16 years.“Mark is a fantastic business leader who operates with tremendous authenticity and warmth. He has navigated the business through an amazing growth journey and leaves behind a market leading technology stack which is built for scale and business primed for growth.​”Since 17 February, Matchbook has been suspended by the UK Gambling Commission (UKGC) as a result of an investigation into its operating company Triplebet related to ‘serious AML failings’.Publishing its investigation findings in April, the UKGC stated that Triplebet had ‘failed to monitor business relationships‘ and undertake proper due diligence checks on members of gambling syndicates. StumbleUpon Share Submit Share Related Articles Winning Post: Swedish regulator pushes back on ‘Storebror’ approach to deposit limits August 24, 2020 UKGC hails ‘delivered efficiencies’ of its revamped licence maintenance service  August 20, 2020 UKGC launches fourth National Lottery licence competition August 28, 2020last_img read more