Poland’s second-pillar pensions reform faces class action

first_imgPoland’s controversial second-pillar pensions law, which took effect in 2014, is facing a new legal challenge.On 4 March, the Warsaw District Court ruled that a class action initiated by lawyer Paweł Kowalczyk for 53 claimants could go ahead.The lawsuit – against the Polish State Treasury, Social Insurance Institution (ZUS) and pension fund management companies – claims the transfer of Polish sovereign bonds from pension fund (OFE) portfolios to ZUS violated members’ property rights.The transfer, in February 2014, removed PLN153.2bn (€36.7bn) in assets, equivalent to 51.2% of the previous month’s net asset value. The Court ruled that, because the claims of the individuals – all OFE members – were substantially the same, the lawsuit could proceed as a group action.Other members can now sign up to the action.Any compensation from the State Treasury, should the case succeed, would be subject to a separate lawsuit.The ruling, which is subject to appeal, has already caused disquiet, given that the government had earlier insisted its reforms were legally watertight.There are other outstanding challenges to the 2014 law.In January 2014, president Bronisław Komorowski, after signing off the law, referred sections to the Constitutional Tribunal.These included the ban on investments in sovereign bonds, the requirement for a high level of equity investment and the prohibition on pension companies advertising during the window when all members had to declare that they wanted to remain in the second pillar or default to ZUS. Subsequently, Irena Lipowicz, Poland’s Human Rights Ombudsman, referred the law to the tribunal on the grounds it violated public confidence in the State.Neither party addressed the issue of legal ownership of second-pillar assets.The tribunal has yet to set a date for the hearings.Meanwhile, the size of the second pillar has shrunk dramatically following the bond removal, the decision of the majority of former members to stop further contributions once the system became voluntary, the incremental transfer to ZUS of the assets of members with 10 or fewer years left till retirement, and the massive indifference of new labour market entrants.In January 2015, net assets, at PLN150.6bn, were down 49.6% year on year in Polish zloty terms, while the total monthly contribution plunged by 78.5% to PLN231m.last_img read more

Yemen: Coalition Says It Thwarted Attack on Saudi Tanker

first_imgThe Saudi-led coalition in Yemen has reportedly foiled an attack on a Saudi oil tanker on Saturday by Houthi fighters near the Port of Hodeidah, Reuters informed citing a statement from the coalition.The tanker was being targeted by three remote-controlled drone boats carrying explosives, however, the coalition managed to destroy the boats before any damage was made, according to Col Turki Al Malki, spokesman of the coalition.Al Malki added that the port is being used as a starting point for “terrorist operations to threaten the maritime navigation in the Red Sea and the Bab Al Mandeb strait.”The Bab al-Mandab strait, where the Red Sea meets the Gulf of Aden in the Arabian Sea, is only 20 km wide, making hundreds of ships potentially an easy target.The attack is being reported on the back of Houthi movement’s threats to block the Red Sea shipping lane if the Saudi Arabia-led coalition continues moving toward the Port of Hodeidah.The tensions between the two sides continue heating up, especially following the coalition’s closure of Red Sea ports back in November last year. The closure applies to ports under the control of Houthi rebels, namely Hodeidah and Saleef, and followed Saudi Arabia’s interception of a ballistic missile, which targeted Riyadh.Repeated threats to attack commercial shipping are being made amid calls from both the Houthi movement and the international community to end the port blockade to aid ships.The United Nations warned that Yemen will be gripped by famine, “one the likes of which the world has not seen in years”, if the blockade on basic supplies into the country is not lifted.As informed by the UN, three years into a brutal conflict, Yemen depends on imports – amounting to up to 90 percent of its daily needs – and millions in the country are being kept alive by humanitarian aid.The fighting has also all but collapsed the country’s health, and water and sanitation systems.World Maritime News Stafflast_img read more

Arsene Wenger impressed by Stoke’s new approach

first_img “First of all, when we had a very young team we had a style that was maybe a little bit rough for us and we could not always cope with it,” he added. “Last year we went to Stoke with a very young defence – we had Bellerin, Chambers, Martinez – and at the start of the game we got caught. “Petr Cech is 34, (Per) Mertesacker 30, (Laurent) Koscielny 30, (Nacho) Monreal 30… Before we did not have that level of experience and that helps a little bit. “But over the years they had a very efficient, traditional English style which nobody liked to play against and at home it is as well a very windy stadium. “I think it feels stronger. It is always a test Stoke and I believe our record goes against us but it is interesting as well because it is also a mental test to show we have moved forward and that we can deal with what Stoke offer.” Arsene Wenger is surprised by Stoke’s footballing revolution but feels the big names they have attracted proves Barclays Premier League still has pulling power. Wenger takes his table-topping Arsenal to the Britannia Stadium on Sunday, with the Gunners having won only once in the league at Stoke in 34 years. The Arsenal players and management received a barrage of abuse from angry fans last year as they boarded their train back to London following a 3-2 defeat. But they go back this season with their best chance of taking the league title for the first time since 2004, sitting top on goal difference from Leicester after drawing 3-3 at Liverpool on Wednesday night. While Stoke have held a jinx over Arsenal in recent years with their robust and direct style of play at odds with that of Wenger’s teams, Mark Hughes has introduced an attractive approach in the last two years. He has tempted a host of European football’s most prestigious talents to the Potteries and Wenger has been impressed with their alterations. Asked if he was surprised at how Stoke have evolved, Wenger said: “Yes, I think they have gone a more technical and creative way. “They have proved their creative potential and it’s a symbol of Premier League power because Ibrahim Afellay has played at Barcelona, Xhedran Shaqiri at Bayern Munich, Bojan at Barcelona, Marko Arnautovic at Werder Bremen. “So they have players who have played at the top European clubs. They have not taken them because they were bad and today they play at Stoke so that shows you the financial power of the Premier League.” Despite the fans showing their displeasure following the loss at Stoke last December, Wenger has said he has no qualms travelling by train once again. The 66-year-old believes having a more experienced side, coupled with Stoke’s change in approach, could see his side banish those memories. Press Associationlast_img read more

Watch: Ritu Phogat wins debut match in MMA at an event in China

first_imgLast Updated: 21st November, 2019 20:55 IST Watch: Ritu Phogat Wins Debut Match In MMA At An Event In China Wrestler Ritu Phogat won her debut match in the Mixed Martial Arts (MMA) tournament in Beijing, China. LIVE TV Digital Desk FOLLOW US Written By Wrestler Ritu Phogat won her debut match in the Mixed Martial Arts (MMA) tournament in Beijing, China. She defeated her South Korean opponent Nam Hee Kim in under three minutes.  9 months ago Ritu Phogat to make mixed martial arts debut on Nov 16 9 months ago Over in Minutes! Ritu Phogat knocks out South Korea’s Kim Nam-hee on her MMA debut; WATCH Session ID: 2020-09-09:88534a318310c801edeef217 Player Element ID: video_player_5f583615675c3 OK Close Modal DialogBeginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreen SUBSCRIBE TO UScenter_img 9 months ago Ritu Phogat called ‘Female Khabib’, says she’s humbled with Khabib Nurmagomedov comparison Video Player is loading.Play VideoPlayMuteCurrent Time 0:00Loaded: 0%Duration 0:00Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedSubtitlessubtitles settings, opens subtitles settings dialogsubtitles off, selectedAudio TrackQuality LevelsFullscreenThis is a modal window. This video is restricted from playing on your current domain Error Code: PLAYER_ERR_DOMAIN_RESTRICTED First Published: 21st November, 2019 20:55 IST 9 months ago MMA: Tyson Fury gives a steady reply to Francis Ngannou’s callout WATCH US LIVE WE RECOMMEND 9 months ago MMA fighter, 26, dies after bout at ‘Fast And Furious’ event COMMENTlast_img read more

Yasiel Puig isn’t alone: 8 Dodgers who were terrible at the Home Run Derby

first_img2012 Matt Kemp 12014 Yasiel Puig 0And to add further insult to injury, the other Los Angeles team down the freeway have fared much better in the contest with two winners – Garret Anderson in 2003 for the then called Anaheim Angels and Vladimir Guerrero in 2007 for the Los Angeles Angels. *While Choi was a Dodger at the time, he was actually representing his country of South Korea in this Home Run Derby that was a promotion for the World Baseball Classic. 1993 Mike Piazza 01994 Mike Piazza 01995 Raul Mondesi 22005 Hee-Seop Choi 5*2011 Matt Kemp 2 Don’t be sad, Yasiel Puig. You are not alone. In fact, you are part of a long lineage of Los Angeles Dodgers who fail miserably at the MLB Home Run Derby. Since 1985, the Dodgers have been represented in the derby eight times and of those chances, a Dodgers’ player has put up an big, fat donut (0) twice before Puig. To be fair, both of those were the same player – Mike Piazza. Still, other famous Dodgers who participated haven’t fared much better. Here is your list of Dodgers who have disappointed at the Home Run Derby.1985 Steve Garvey 2center_img Newsroom GuidelinesNews TipsContact UsReport an Errorlast_img read more