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Russian pension funds set for more secure future

first_imgThe Russian press additionally reported that there would be no further moratoriums on pension contributions in 2016.Medvedev explained that he based his decision on expert advice and public opinion.In a recent poll conducted by Public Opinion Foundation, 62% of those surveyed opposed the abolition of a funded pension system.The main reasons for their view were poorer retirement prospects and losing the opportunity to save for their retirement.Medvedev’s announcement is a victory for the finance and economy ministries and Bank of Russia over the government’s “social” bloc, spearheaded by Olga Golodets, deputy prime minister for social affairs, and Maxim Topilin, minister of labour and social protection.The social bloc’s arguments for either making the second-pillar voluntary or even abolishing it included what they considered to be poor returns generated by the scheme.In 2014, according to Bank of Russia, NSPF nominal returns averaged 4.9% compared with an inflation rate of 11.4%, although individual fund returns ranged between 0.2% and 52%.However, the fund run by the state-owned Vnesheconombank (VEB) for those citizens who did not choose a private NSPF returned only 2.68%.Last year proved disastrous for conservatively orientated funds investing in government securities, notably VEB, as sharp interest rate hikes by the central bank pushed up bond yields.Meanwhile, the 24 NSPFs that had, as of 1 March, converted from non-profit to joint-stock company status, gained central bank accreditation and signed up to the guarantee scheme administered by Deposit Insurance Agency (DIA) will receive the contributions frozen in the second half of 2013 and held at VEB by the end this May.Funds that register later will get their contributions from the third quarter of this year.In April, the central bank approved two more funds to join the DIA.The collective RUB947bn (€17bn) in pension savings accounts for some 85% of the total.Mandatory second-pillar funds that fail to complete this process by the start of 2016 will be liquidated. Russia’s non-state pension fund (NSPF) system appears more secure after the government ended months of speculation over its fate.Today, Russian prime minister Dmitry Medvedev announced at a government meeting that the country would continue with the accumulative mandatory second pillar.Medvedev has instructed Igor Shuvalov, first deputy prime minister, to produce proposals to balance the budget and produce more effective measure for the long-term use of pension fund assets.The decision follows on from yesterday’s announcement by the Kremlin’s press service that, following a meeting with government members at the start of the month, president Vladimir Putin instructed the government and Bank of Russia, the central bank and pensions regulator, to devise mechanisms for channelling NSPF assets into long-term investment projects, and to assess financing volumes.last_img read more

Cricket News India vs Bangladesh: Take a look at previous finals

first_img For all the Latest Sports News News, Cricket News News, Download News Nation Android and iOS Mobile Apps. New Delhi: Asia Cup 2018 has been an enthralling journey so far with both the finalist India and Bangladesh fighting tooth and nails to grab the final berth of Asia’s biggest cricketing tournament. Bangladesh being the dark horses have defied the odds to win that final spot, deservingly so by defeating Afghanistan in a nail-biter only to defeat Pakistan in a huge upset in the decider for the place to play India at the finals. Whereas, India have had an easy tournament so far. The Rohit Sharma-led Men in Blue have remained undefeated in the tournament so far. They obviously have faced mighty scares against Hong Kong in their tournament opener and an edge-of-the-seat tie against Afghanistan. ‘India and Bangladesh have locked horns 34 times in ODI cricket with the Men in Blue winning 28 times.Let us take a look at the previous finals between India and Bangladesh:ASIA CUP 2016 FINALThe Asia Cup 2016 was played in T20I format and Bangladesh took advantage of their home conditions and put up massive upsets by Sri Lanka and Pakistan to play the finals against India.The rain-hit match was reduced to 15 Overs with MS Dhoni decided to field first after winning the toss.  Bangladesh after a quick start by the openers lost their plot and were 75/5 at one time. However, Mahmudullah’s quick fire 33 runs off 13 balls took the hosts to 120 runs after the end of 15 overs.Chasing the modest target, India lost their star opener, Rohit Sharma, early in the innings. But Shikhar Dhawan and Virat Kohli built a 94-run stand for the second wicket.MS Dhoni put the cherry on top for India after a quick-fire 20 runs off six deliveries.Brief scores:Bangladesh 120/5 in 15 overs (Mahmudullah 33*, S Rehman 32*, J Bumrah 13/1, R Ashwin 14/1) lost to India 121/2 in 13.5 overs (S Dhawan 60, Kohli 41*, MS Dhoni 20*, T Ahmed 14/1) by eight wickets.NIDAHAS TROPHY 2018 FINALThe Nidahas Trophy 2018 was a tri-series played between India, Bangladesh and host nation Sri Lanka.India lost their opening tie but came back to win the remaining three matches. However, Bangladesh defeated Sri Lanka twice to enter the finals to lock horns against India.  Rohit Sharma elected to field first and the spin duo of Yuzvendra Chahal and Washington Sundar executed the plan perfectly to put the Tigers at 33/3 after the first five overs.However, Sabbir Rehman was in full swing to play an exhilarating knock of 77 runs off 50 balls with Mehidy Hasan contributing 19 off 7. Bangladesh put a target of 167 runs for India.Skipper Rohit Sharma started the innings superbly with a knock of 56 off 42 balls, but India kept losing wickets at the other end.With 34 runs needed from the last 12 balls, Dinesh Karthik came to the crease and smashed an unforgettable 22 runs off Rubel Hossain’s 19th over. Off the last delivery of the final over, India needed five runs, and DK pulled off a majestic six to hand India one of the most miraculous win in the history of cricket and for India.Brief scores:Bangladesh 166/8 in 20 overs (S Rehman 77, Mahmudullah 21, Y Chahal 18/3) lost to India 168/6 in 20 overs (R Sharma 56, D Karthik 29*, R Hossain 35/2) by four wickets. last_img read more