Italian roundup: Cassa Ragionieri, Cassa Forense, Covip figures

first_imgPaolo Saltarelli, whose tenure as chairman of the first-pillar fund ended in May this year, was pre-emptively jailed this week after Guardia di Finanza, the Italian financial crime police, were told by another suspect that he had received a €1m kickback.Andrea Toschi, former chief executive at Adenium Sgr, Sopaf’s asset management arm, told investigators Saltarelli had been “rewarded” for persuading the fund’s board to appoint Adenium as manager of a portion of the assets.CNPR’s current chairman, Luigi Pagliuca, said in a statement: “I feel humanly close to my colleague Paolo Saltarelli, and I hope he will be able to show he is completely unrelated to this matter.”He added that CNPR’s new governance structure immediately put “enhanced transparency towards trustees and members” as its primary objective.The investigation will establish whether Adenium subtracted CNPR the €52m by shifting the funds to tax havens and then back to the suspects’ bank accounts.Earlier this year, CNPR had said that, in 2012, its board tried to block part of Sopaf’s activities, after it had emerged the company was in distress.  Prosecutors also identified journalists’ scheme INPGI and doctors’ scheme Enpam as potential victims of Sopaf’s fraudulent activities.Enpam said yesterday that it never appointed Adenium or Sopaf to manage any of the fund’s assets.However, in 2009, Enpam bought from Sopaf a €100m stake in Fondo Immobili Pubblici (FIP), a real estate fund backed by the Italian government, in an investment the fund says has returned 9% annually so far.Prosecutors are also investigating this transaction, saying Sopaf made an illicit profit from the sale of the stakes in FIP to Enpam and INPGI.In other news, a number of institutional investors including the first-pillar pension fund for Italian lawyers acquired a 6%, €313.5m stake in a vehicle controlling Italian gas transmission group Snam and power grid company Terna.State Grid Corporation of China (SGCC) was also among those acquiring a minority stake in the vehicle.The lawyers’ fund, Cassa Forense, invested €140m to own just under half of the 6% stake.Elsewhere, Italian pension regulator Covip released figures showing that, during the first nine months of 2014, the returns of Italian second and third-pillar funds beat the revaluation of the TFR (trattamento di fine rapporto), or employee severance pay.Due to low consumer price inflation, the TFR was uprated by 1% over the period.In comparison, second-pillar industry funds returned 5.8%, while open pension funds returned 5.9% and third-pillar plans returned 5.1%.However, the data does not take into account the higher tax rate on returns introduced from 1 July this year, when the rate was raised from 11% to 11.5%.The 2015 Budget law currently under parliamentary discussion foresees a further spike in taxation to 20%.By the same proposed measure, the tax rate on TFR, which is revalued annually by a fixed 1.5% plus 75% of inflation, will be raised from the current 11% to 17%. The former chairman of the Italian first-pillar pension fund for accountants, Casa di Previdenza e Assistenza dei Ragionieri (CNPR), has been arrested by Italian authorities and is under investigation for bribery.The arrest is part of a wider probe by Italian prosecutors involving Sopaf, an investment company with a track record in the Italian institutional investment sector.Prosecutors are trying to determine whether Sopaf embezzled €52m of CNPR’s assets.Sopaf’s owners, high-profile financiers Magnoni brothers, along with other external partners of the company, were arrested earlier this year as part of the investigation.last_img read more

No stopping hurting Gin Kings

first_imgMaroons, Warriors pull off UAAP stunners Gov’t to employ 6,000 displaced by Taal Meralco, Al-Riyadi and host team Mono Vampire finished the eliminations tied at 1-2 behind unbeaten Alvark Tokyo of Japan but the Bolts advanced with a quotient of plus-22.The Bolts earlier lost, 100-92, to the Thais and 84-73 to the Japanese.Sports Related Videospowered by AdSparcRead Next The Elite had earlier set a franchise record by finally leading a tournament behind a four-game opening romp until the Road Warriors, with coach Yeng Guiao back from steering the national five to fifth place in the recent Asian Games, ended the streak with a 124-106 rout last Wednesday.Magnolia and Alaska remain in the thick of the fight for a top 4 slot as they share second to fourth places at 4-1 and 3-1, respectively, but the Beermen (2-3) and the TNT KaTropa (4-4) need a lot of scrambling to secure the coveted quarterfinal bonus.SMB has tapped former Utah Jazz Kevin Murphy to replace the struggling AZ Reid while TNT has a new coaching staff after sacking Nash Racela.Meralco, on leave from the PBA to represent the country in the 2019 Fiba Asia Champions Cup in Thailand, is another squad in dire straits at 1-3 along with the winless trio of cellar dwellers Rain or Shine (0-2), NorthPort (0-6) and Columbian Dyip (0-6).The Bolts dropped their first two games in Thailand but they won’t be able to rejoin the PBA soon after Meralco crushed defending champion Al Riyadi of Lebanon, 96-63, Saturday and made it to the next round by superior quotient.ADVERTISEMENT Tim Cone, Ginebra set their sights on elusive All-Filipino crown Trending Articles PLAY LIST 00:50Trending Articles00:50Trending Articles05:02SEA Games 2019: Philippines clinches historic gold in women’s basketball02:14Carpio hits red carpet treatment for China Coast Guard02:56NCRPO pledges to donate P3.5 million to victims of Taal eruption00:56Heavy rain brings some relief in Australia02:37Calm moments allow Taal folks some respite03:23Negosyo sa Tagaytay City, bagsak sa pag-aalboroto ng Bulkang Taal01:13Christian Standhardinger wins PBA Best Player award Gretchen Barretto’s daughter Dominique graduates magna cum laude from California college Japeth Aguilar embraces role, gets rewarded with Finals MVP plum Aljun Mariano and Joe DeVance provided key support for Justin Brownlee in both victories. The Best Import of the last Commissioner’s Cup, who had a combined total of 63, also personally sealed the win over Phoenix by breaking up a last-ditch attempt by Matthew Wright in the dying seconds of play.Wright led Phoenix with 27.FEATURED STORIESSPORTSGinebra beats Meralco again to capture PBA Governors’ Cup titleSPORTSJapeth Aguilar wins 1st PBA Finals MVP award for GinebraSPORTSGolden State Warriors sign Lee to multiyear contract, bring back ChrissThe Kings, seeking a second straight title and record third straight in this event, moved on top with a 5-1 win-loss slate halfway through the one-round eliminations that will reward the top four teams with a twice-to-beat incentive in the quarterfinals.Phoenix fell to second at 5-2 followed by the other strong-starting squad Blackwater at 4-1 and NLEX at 4-2. Will you be the first P16 Billion Powerball jackpot winner from the Philippines? Allen Durham still determined to help Meralco win 1st PBA title Lights inside SMX hall flicker as Duterte rants vs Ayala, Pangilinan anew The two giant-killers early in the PBA Governors’ Cup finally found their match last week with defending champion Barangay Ginebra capping the startling development by grabbing the lead with back-to-back victories despite a virtually crippled lineup.With 7-footer Greg Slaughter and 6-foot-9 Japeth Aguilar in sick bay along with five others, the Gin Kings downed the San Miguel Beermen also missing the injured June Mar Fajardo and Marcio Lassiter, 110-102, last Sunday before wresting the leadership from Phoenix Petroleum with a 101-99 decision over the Fuel Masters Saturday in Cagayan de Oro.ADVERTISEMENT View comments MOST READ Lights inside SMX hall flicker as Duterte rants vs Ayala, Pangilinan anew Don’t miss out on the latest news and information. LATEST STORIES Nadine Lustre’s phone stolen in Brazillast_img read more

LEC Management, Workers Sign Agreement

first_imgThe management of the Liberia Electricity Corporation (LEC) and its workers union have signed a two-year Collective Bargaining Agreement (CBA). A CBA is a process of negotiations between employers and a group of employees aimed at reaching agreements that regulate working conditions. The interests of the employees are commonly presented by representatives of a trade union to which the employees belong.The collective agreements reached by these negotiations usually set out wage scales, working hours, training, health and safety, overtime, grievance mechanisms, and rights to participate in workplace or company affairs. The union may negotiate with a single employer (who is typically representing a company’s shareholders) or may negotiate with a group of businesses, depending on the country, to reach an industry wide agreement.This functions as a labor contract between an employer and one or more unions.Signing the CBA on Thursday, February 27, LEC’s executive director for Administration and Human Resources, Varmunyah F. Sheriff said the corporation is not established for profit-making but to ensure the entire country is electrified.Mr. Sheriff noted that even if the corporation makes profits, they would be used to directly increase stipends and other benefits for employees.According to him, there was a lot of work that employees needed to do to have the system ready at all times; a situation that would benefit both the costumers and entity itself. “Once the workers are effective on the job thereby meeting customers’ satisfaction, the public would be ensured that LEC is capable of serving its many customers.”Mr. Sheriff also urged the employees to be more vigorous on the job to achieve management and customer desires.For his part, the president of LEC’s Worker Union, Venne Georgeaye, lauded management of the corporation for signing the agreement.He said when there is understanding among members of the work force the entity would do better in terms of production.According to him, “this is not the first time for such an agreement to be signed; so I hope that this other CBA will remain effective.”The Assistant Minister for Trade Unions at the Ministry of Labor, Boakai Sirleaf, also spoke to the gathering. He said that signing the CBA document is one thing and implementing it was another, adding that both parties should engage each other in constructive dialogue to avoid creating gaps in information.Mr. Sirleaf then urged them to live by the terms and conditions as enshrined in the Agreement’s documents.Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)last_img read more