Global pension assets have grown significantly to $54trillion, the Chief Executive Officer of the World Pension Summit (WPS), Mr. Chris Battaglia disclosed on Thursday.
Battaglia, made the remark at a media conference in Lagos, ahead of the third World Pension Summit ‘Africa Special,’ expected to take place in Abuja between September 27th and 28th, 2016.
According to him, in a lot of developed countries, pension assets are now more than 100 per cent of Gross Domestic Product (GDP).
“Global retirement assets are growing in size and volume and a shift from defined benefits to defined contribution. In most developed countries, pension assets have also grown in relation to their economies. With great assets come greater responsibility. Assets of the 300 pension funds globally averaged nearly $14trillion,” he added.
Earlier, the Director General of the National Pension Commission (PenCom), Mrs. Chinelo Anohu-Amazu, explained that the Commission, in furtherance to its mission of promoting a pension industry that impacts on nation-building and national development organised the first and second edition of the World Pension Summit ‘Africa Special’ in 2014 and 2015 respectively.
She stated that the themes of the previous summit were selected based on the need to lay solid foundation for the establishment of an enduring pension system in Africa and chart ways for effectively channeling the pension funds to sustainable investments such as railway, power and real estate.
Furthermore, the PenCom boss said it was envisaged that the summit would serve as a catalyst to actively stimulate economic development across the continent.
“The third summit which has as its theme: “Pension Innovations: The Africa Perspective,” is aimed at driving into greater prominence, the revolutionary strength and achievements of African governments in the area of pension and social benefits. It is expected that this year’s summit would again, bring together professionals and highly experienced resources from across the world in the areas of investment, actuarial science, insurance coverage and other pension related fields in other to consolidate on the gains of the first two summits.
“The third edition of the WPS promises to harness Africa’s talents in pension and other support services such as investment, insurance, actuarial valuations amongst others. Indeed, the summit would provide a platform among regulators and operators, both in pension and the financial market to usher a new dawn of innovations in pension administration, particularly towards extending coverage, promoting quality service delivery and to channel pension funds safely towards investments that have visible and measure impact on the continent,” the PenCom boss added.
Communities in Delta State Shut OML30 Operates by Heritage Energy Operational Services Ltd
The OML30 operated by Heritage Energy Operational Services Limited in Delta State has been shut down by the host communities for failing to meet its obligations to the 112 host communities.
The host communities, led by its Management Committee/President Generals, had accused the company of gross indifference and failure in its obligations to the host communities despite several meetings and calls to ensure a peaceful resolution.
The station with a production capacity of 80,000 barrels per day and eight flow stations operates within the Ughelli area of Delta State.
The host communities specifically accused HEOSL of failure to pay the GMOU fund for the last two years despite mediation by the Delta State Government on May 18, 2020.
Also, the host communities accused HEOSL of ‘total stoppage of scholarship award and payment to host communities since 2016’.
The Chairman, Dr Harrison Oboghor and Secretary, Mr Ibuje Joseph that led the OML30 host communities explained to journalists on Monday that the host communities had resolved not to backpedal until all their demands were met.
Crude Oil Recovers from 4 Percent Decline as Joe Biden Wins
Oil Prices Recover from 4 Percent Decline as Joe Biden Wins
Crude oil prices rose with other financial markets on Monday following a 4 percent decline on Friday.
This was after Joe Biden, the former Vice-President and now the President-elect won the race to the White House.
Global benchmark oil, Brent crude oil, gained $1.06 or 2.7 percent to $40.51 per barrel on Monday while the U.S West Texas Intermediate crude oil gained $1.07 or 2.9 percent to $38.21 per barrel.
On Friday, Brent crude oil declined by 4 percent as global uncertainty surged amid unclear US election and a series of negative comments from President Trump. However, on Saturday when it became clear that Joe Biden has won, global financial markets rebounded in anticipation of additional stimulus given Biden’s position on economic growth and recovery.
“Trading this morning has a risk-on flavor, reflecting increasing confidence that Joe Biden will occupy the White House, but the Republican Party will retain control of the Senate,” Michael McCarthy, chief market strategist at CMC Markets in Sydney.
“The outcome is ideal from a market point of view. Neither party controls the Congress, so both trade wars and higher taxes are largely off the agenda.”
The president-elect and his team are now working on mitigating the risk of COVID-19, grow the world’s largest economy by protecting small businesses and the middle class that is the backbone of the American economy.
“There will be some repercussions further down the road,” said OCBC’s economist Howie Lee, raising the possibility of lockdowns in the United States under Biden.
“Either you’re crimping energy demand or consumption behavior.”
Nigeria, Other OPEC Members Oil Revenue to Hit 18 Year Low in 2020
Revenue of OPEC Members to Drop to 18 Year Low in 2020
The United States Energy Information Administration (EIA) has predicted that the oil revenue of members of the Organisation of the Petroleum Exporting Countries (OPEC) will decline to 18-year low in 2020.
EIA said their combined oil export revenue will plunge to its lowest level since 2002. It proceeded to put a value to the projection by saying members of the oil cartel would earn around $323 billion in net oil export in 2020.
“If realised, this forecast revenue would be the lowest in 18 years. Lower crude oil prices and lower export volumes drive this expected decrease in export revenues,” it said.
The oil expert based its projection on weak global oil demand and low oil prices because of COVID-19.
It said this coupled with production cuts by OPEC members in recent months will impact net revenue of the cartel in 2020.
It said, “OPEC earned an estimated $595bn in net oil export revenues in 2019, less than half of the estimated record high of $1.2tn, which was earned in 2012.
“Continued declines in revenue in 2020 could be detrimental to member countries’ fiscal budgets, which rely heavily on revenues from oil sales to import goods, fund social programmes, and support public services.”
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