Only 70 flights of 79,000 prior to pandemic now operating in Indonesia: Sri Mulyani

first_imgThe COVID-19 pandemic has hit Indonesia’s aviation industry hard as domestic and international flight numbers have dropped significantly amid social restrictions and a slump in foreign tourist arrivals.Finance Minister Sri Mulyani Indrawati has said only 70 flights are still operating of a total of around 79,000 before the virus outbreak.“All the airlines are currently under immense pressure,” Sri Mulyani told House of Representatives Commission XI overseeing financial affairs in a virtual meeting on Monday. “The airline industry lost income of Rp 207 billion [US$13.65 million] between January and February alone.” She said 240,000 flights were canceled globally between Jan. 23 and Feb. 18, adding that 12,703 domestic and international flights in the country were canceled in the January-February period.The global airline industry is expected to lose up to $314 billion because of the pandemic, according to estimates by the International Air Transport Association (IATA), as people choose to stay at home.Read also: Explainer: What’s allowed and what’s not in Indonesia’s ‘mudik’ banStatistics Indonesia (BPS) data showed on Monday that domestic passenger traffic dropped 24 percent in March from the corresponding period last year.This was the fewest foreign tourist arrivals since February 2009 as the coronavirus pandemic led to a slump in travel demand in March.There were 470,900 foreign visitors in March, down 64.11 percent from the same month last year, with tourist numbers from both China and Hong Kong falling more than 96 percent.Foreign arrivals have continued to decline since January, with 1.27 million arrivals in that month, and only 864,000 tourist arrivals in February.Topics :last_img read more

Geneva’s €11.2bn pension fund pleads for ‘double Yes’ in funding vote

first_imgThe CHF12.6bn (€11.2bn) public pension fund for the Swiss canton of Geneva has called for the public to help it secure crucial funding by voting in favour of two competing proposals in a regional referendum next month. CPEG is the public pension fund with the weakest funding in Switzerland. At the end of December its coverage ratio stood at 58%, compared with 75% on average for Swiss public pension funds.Unlike most of its peers, when CPEG was established in 2014 it did not receive enough financing from the canton. Under federal law, it must have a coverage ratio of 80% by 2052, but it faces falling foul of its legal obligations. Cantonal law specifies the trajectory to the 2052 target, setting targets for 2020 (coverage ratio of 60%), 2030 (66%), 2040 (72%), and beyond.  Over the years CPEG’s liabilities have increased by CHF2bn as a result of cuts in the discount rate it uses. According to Michèle Devaud, deputy director general of CPEG, the need to recapitalise the fund by a substantial amount – the figures given ranging between CHF4.4bn and CHF5.4bn – was recognised by all the political parties in Geneva.“The problem is what system to put in place,” she added.Competing solutionsIn December the regional parliament passed two “contradictory” laws in the same session, Devaud said. Both targeted a coverage ratio of 75%, largely via recapitalisation in 2020 via a loan, but disagreed about potential structural reform of the pension fund.According to Devaud, the cantonal government’s proposal was for CPEG to switch to a defined contribution system, which would lead to benefits falling by a maximum of 5%. The proposal also foresaw a shift in the distribution of contributions, with members to contribute a greater share and employers a smaller share.The current contribution rate is 27%, two-thirds of which comes from employers and one-third from employees.  The funding proposals will go to a ballot next monthThe second proposal, on the other hand, involved sticking with the current defined benefit system without any changes to benefit or contribution levels. There were some differences relating to the repayment of the loan used to provide the financing.According to Devaud, the second option involved the loan mainly being repaid in the form of land being transferred to CPEG, on which it could build accommodation for the local population. CPEG allocates around 30% of its assets to real estate and owns 10,000 housing units, making it the canton’s biggest landlord.The cantonal government’s plan, meanwhile, allows for the transfer of land but does not prioritise it in the same way as the second proposal.‘Vote for both’Both options are the subject of a referendum to be held on 19 May, after the respective camps collected sufficient signatures against the other’s proposal.CPEG wants to avert an outcome in which both proposals end up being rejected by voters. It has therefore issued a statement calling for them to vote in favour of both, regardless of the preference they then indicate in follow-up questions on the ballot.“The board of CPEG isn’t taking a position on the proposals but we’re saying that the pension fund has to be recapitalised. That’s the main message,” Devaud told IPE.“It would be catastrophic if there were a double ‘No’ because then we would have to cut benefits substantially.”CPEG also emphasised that such an outcome would mean that the pension fund’s “financial balance” would remain very fragile and that recapitalisation at a later date would probably be necessary, with this costing more than the measures linked to the proposals scheduled for the May referendum. Since CPEG’s creation, active members’ future benefits have been cut by 17%. The pension fund said that if the measures it had already announced came into effect in January next year, the total reduction of benefits could go up to 27% depending on the type of member.last_img read more

NPFL: Rangers in Firm Control as Wikki Drops Points

first_imgWikki Tourists yesterday failed to regain leadership of the Nigeria Professional Football League (NPFL) after they forced hosts Niger Tornadoes to a 1-1 draw in Lokoja.Wikki is now second on the table having recorded 44 points from 26 matches, two points behind new leaders Enugu Rangers.Rivers United stayed in third place also on 44 points, but with an inferior goals difference to Wikki. Enyimba is now fourth on the table with 40 points, six points adrift of new league leaders Enugu Rangers. Pillars are fifth on the standings with 39 points.Tornadoes opened scoring against Wikki through Kunle Issa after 21 minutes.Charles Henlong equalised for Wikki in the 64th minute from close range.Rivers United were truly at home in Port Harcourt when they defeated Shooting Stars 2-0 only days after they eliminated the Ibadan club from the Federation Cup in penalty shootout.Rivers goals were by Ivorian striker Guy Kuemian and Frederick Obomate with Rivers State Governor Nyesom Wike watching in the stands.Also yesterday in Port Harcourt, Enyimba recorded the double over rivals Kano Pillars after they won 2-1.The NPFL champions had similarly defeated Pillars 2-1 in Kano in the first round of the championship.Ifeanyi Anaemena fired Enyimba ahead in the 10th minute, but veteran striker Adamu Mohammed drew level a minute.Uche John scored the match winner in the 73rd minute from the penalty spot after Stephen Chukwude was brought down inside the box on his way to goal.This was minutes after Enyimba were denied a penalty after Joseph Osadiaye was also felled inside the box.In the 90th minute, Pillars goalkeeper David Obiozor pulled off a big save to deny Chukwude from point-blank range.In other matches, Abia Warriors pipped Warri Wolves 1-0, MFM FC beat Heartland 2-0 and Lobi Stars were 1-0 winners over visiting Plateau United.  FC IfeanyiUbah defeated El Kanemi Warriors 1-0.RESULTSRivers Utd 2-0 3SCTornadoes 1-1 WikkiEnyimba 2-1 Kano PillarsLobi 1-0 Plateau UtdIfeanyiUbah 1-0 ElkanemiAbia Warrior 1-0 WolvesMFM FC 2-0 HeartlandNasarawa 3-0  SunshineAkwa Utd 2-3 RangersShare this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegramlast_img read more