Opposition to the bill among Polish authorities has pretty much melted away.Even the new finance minister Mateusz Szczurek, who replaced the deeply unpopular Jacek Rostowski, one of the key architects of the changes, in mid-November, and who had earlier supported the second pillar, has had to renounce his earlier views.The bill gets its first reading in the Sejm (lower house of Parliament) in the first week of December and the Senate (upper house) the following week.Opposition parties could prolong the Sejm debate with amendments, but this would not necessarily work to the industry’s advantage.Law and Justice, the largest opposition party, prefers the Hungarian variant of total nationalisation.The president has until early January to sign off the law.The government wants it on the statute book by the following month: 3 February marks the start of the transfer of government bonds, and other assets making up 51.5% of each fund’s portfolio, to workers’ first-pillar sub-accounts. Hope is running out for Poland’s pensions industry to modify the government’s overhaul of the second-pillar system after president Bronisław Komorowski suggested he would be unlikely to veto the bill.At the end of September, Irena Wóycicka, secretary of state in the presidential Cabinet, raised the constitutional implications of the impact on returns following the ban on pension funds buying government bonds in the future while the following month Komorowski stated that he would examine the bill for its constitutional implications.On 28 November, the president told Radio RMF FM that while the reforms were not the ideal solution, they centred on securing the Budget and public finances, which was the government’s preserve and something he could not veto.Komorowski said he hoped the final law would eliminate all constitutional doubts, adding – without specifying – that the government had made some improvements here since its earlier announcements.
Singapore Exchange (SGX) is to acquire a 93% stake in smart beta index provider Scientific Beta, it was announced today.The acquisition, which is to cost SGX €186m in cash, subject to closing adjustments, will boost the exchange’s data, connectivity and indices business, it said in a statement.Also headquartered in Singapore, Scientific Beta was established by an affiliate of EDHEC Business School in 2013 to provide asset owners and asset managers with factor indices and strategies.The Singapore Holding of the EDHEC endowment fund – established by the EDHEC Business School and its alumni – will retain a 7% stake in Scientific Beta and a seat on the index provider’s board, remaining “a strategic partner of SGX in growing the company after the transaction,” according to the statement. Noël Amenc, chief executive officer of Scientific Beta, said: “As Asia’s most international exchange and a global leader, SGX provides a strong platform for Scientific Beta to expand regionally and across client segments.”Loh Boon Chye, CEO of SGX, said: “Scientific Beta brings a highly regarded research pedigree in the rapidly growing smart beta space, along with a strong suite of high profile clients in the US and Europe.“Besides being complementary to our existing SGX Index Edge thematic and custom index capabilities, we also see new product opportunities based on Scientific Beta’s indices.”As at 30 September, some $55bn (€50bn) in assets from more than 60 asset owners and asset managers replicated Scientific Beta indices, up more than 10 times the amount four years ago.Further readingStrategically speaking: Scientific BetaI am probably a little bit uncompromising,’’ says Noël Amenc, the founding CEO of Scientific Beta, the provider of factor indices and strategies. To those who know him that is an understatement. read more
As of 4:30 p.m on Tuesday, there are only a couple hundred H1N1 vaccines left at the Fort St. John Medical Clinic. Spokesperson Lorraine Gerow says more than half of the vaccines have been distributed since 9:00 a.m. She anticipates all of the vaccines will be given-out by the end of the clinic, scheduled to end at 9:00 p.m. These vaccines are for individuals who are at-risk for the H1N1 flu. – Advertisement -Gerow says she expects more vaccination clinics to be scheduled at the Medical Clinic in the upcoming weeks.Visit www.fsjmedicalclinic.com for updated clinic dates and times. In the meantime, the Fort St. John Health Unit will be offereing the vaccine to at-risk people on Friday. Advertisement There are also a few clinics scheduled next week, visit www.northernhealth.ca for an updated list.
New Delhi: The CBI has filed its first chargesheet in the 2017 Combined Graduate Level (CGL) paper leak case against Sandeep Mathur, Akshay Kumar Malik, and Dharmender, officials here said.The probe agency had arrested the three accused in June this year, after having found their involvement, during the course of the investigation. At the time of their arrests, the CBI had also conducted searches at the premises of Mathur, Dharmender, and Malik in Delhi and Ghaziabad. Also Read – Uddhav bats for ‘Sena CM’The central probe agency has alleged that all three of them had a crucial role in leaking papers of the 2017 online CGL examination, which is conducted by the Staff Selection Commission (SSC). While Malik was responsible for leaking the papers on social media, the other two, Mathur and Dharmender were the ones who brought interested candidates to be a part of the cheating scheme, the agency alleged. The case came to light when questions and answer keys of the CGL online exam were leaked on social media 20 minutes before the test began. Based on a complaint from an SSC staff, the CBI had initiated a preliminary enquiry, registering an FIR in the case in May 2018. The scheme’s scale was uncovered when the probe agency had named 18 accused in its FIR, including candidates, unknown officials of the SSC, and Sant Prasad Gupta, head of content at SIFY. In a preliminary investigation, the CBI had allegedly found Gupta’s involvement in the scheme as he was the one who prepared the questions and was the custodian of the question papers before it went through the appropriate chain of custody. However, on February 21, 2019, the questions and answer key to that day’s test were leaked on social media and several students cheated on the examination by manipulating the test using remote access software. This despite SIFY site supervisors present at examination centres, who were essentially in-charge of making sure that no suspicious software is installed in the candidates’ computers. read more