•   
  •   
  •   

World Chile Senate Backs Pinera’s One-Time Pension Withdrawal Bill

22:50  26 november  2020
22:50  26 november  2020 Source:   bloomberg.com

Pulling US troops out of Afghanistan would be as 'humiliating' as Vietnam War defeat, top Republican says

  Pulling US troops out of Afghanistan would be as 'humiliating' as Vietnam War defeat, top Republican says "A rapid withdrawal of US forces from Afghanistan now would hurt our allies and delight the people who wish us harm," Sen. Mitch McConnell said.Speaking on the Senate floor Monday afternoon, McConnell, who also opposed a withdrawal from Syria, stressed that the US must provide a "limited but important role in defending American national security ... against terrorists who would like nothing more than for the most powerful force for good in the world to simply pick up our ball and go home.

Chilean President Sebastian Pinera on Friday signed into law a plan to allow citizens to withdraw 10% of their pensions savings as people queued at The Office of the President said Pinera had signed the bill late on Friday but made no comment on its content. Pinera ` s centre-right government had

President Sebastian Pinera signed a bill into law late Friday allowing Chileans to withdraw retirement savings, following scenes of citizens lining Chile ’ s pension funds manage assets worth about 0 billion, and the bill approved by lawmakers yesterday allows people to take out 10% of their savings.

(Bloomberg) -- Chile’s senate passed a government-backed bill allowing people to tap their pension savings for a second time, while rejecting competing legislation that’s embroiled in a legal battle.

The senate on Thursday backed the proposal designed to boost household finances during the pandemic with 35 votes in favor and one against, after a similar measure passed earlier this year. They rejected the rival, opposition-sponsored bill that President Sebastian Pinera pledged to take to the constitutional court.

a man wearing a suit and tie: Chileans Vote On Referendum To Change Constitution © Bloomberg Chileans Vote On Referendum To Change Constitution

Sebastian Pinera, Chile’s president, wears a protective mask while speaking to members of the media at a polling station during the national referendum in Santiago, Chile, on Sunday, Oct. 25 2020.

A Cadre of Top Trumpists Is Pushing for Full Afghanistan Withdrawal

  A Cadre of Top Trumpists Is Pushing for Full Afghanistan Withdrawal When Acting Defense Secretary Christopher Miller announced Tuesday that the U.S. military will halve its troop presence in Afghanistan by late January, he was voicing the moderate option. Four sources knowledgeable about the Trump administration’s internal Afghanistan debate tell The Daily Beast that a minority view amongst top Trump advisers remains that the president should go down far beyond the 2,500-strong force Miller unveiled, down to practically zero by the time Joe Biden takes office on Jan. 20. That option, far less developed internally than the accelerated drawdown, is referred to as an “Embassy-based presence.

Chilean President Sebastian Pinera said on Sunday his government would appeal to the country' s Constitutional Court to halt an opposition measure aimed at allowing citizens to draw down a second installment from their privately held pensions .

Read more: Chileans Swamp Pension Offices as Pinera Concedes Defeat. Opposition lawmakers later introduced legislation that would allow a second round of “This is a one - time policy that can’t be repeated,” Finance Minister Ignacio Briones said about the government- backed bill earlier this month.

Photographer: Cristobal Olivares/Bloomberg

Pinera and opposition lawmakers are dueling over Chile’s privately-managed pension funds after they became one of the targets of months of social protests. Earlier this year, congress defied government pressure by passing legislation that sparked $17 billion in retirement withdrawals. When lawmakers later introduced another bill along the same lines, the president struck back by challenging it in the constitutional court, while reluctantly presenting his own proposal.

The government’s bill seeks to reclaim the president’s attributions for approving withdrawals through institutional channels, finance minister, Ignacio Briones, said. “Powers of the State must have limits, that’s what is at stake here,” he said, referring to the decision to challenge the opposition’s bill in court.

Trump will reduce the American military presence in Afghanistan just before his departure from the White House

 Trump will reduce the American military presence in Afghanistan just before his departure from the White House © Copyright 2020, L'Obs Almost twenty years after the 9/11 attacks, the United States will reduce the number of their soldiers in Afghanistan and Iraq in mid-January 2021. A promise previously made by Donald Trump that stirs the fears of his allies.

In the face of opposition and pressure from the government, Chile ' s Senate has approved a bill which means citizens who have been hit hard by the COVID-19 pandemic can withdraw cash from their pension funds The historic vote will affect Chile ' s highly unpopular private pension system, one of

Chile ' s President Sebastian Pinera has announced plans to reform the country' s pensions system, a key measure aimed at easing In an address to the nation late Wednesday, Pinera said he will send a bill to Congress this week that proposes a gradual increase of mandatory contributions from 10 to 16

The legislation, which caps withdrawals at 150 UF ($5,678) and will subject some of them to taxation, now moves on to the lower house for fresh debate and votes.

According to the text, Chile’s pension funds, known locally as AFPs, will have as many as 30 business days to provide the money after a contributor requests the cash. The bill is expected to lead to roughly $15 billion in fresh withdrawals.

Broader Fight

The legislation is part of a broader fight for the future of Chile’s pensions, which hold roughly $200 billion in investments. The current system, introduced during the Augusto Pinochet dictatorship, has been targeted by protesters over its low payouts to retirees.

Read more: Chileans Raid Retirement Cash, Yanking Billions of Dollars

Detractors see the private pension funds as a cause of inequality in an investment grade country able to spend more on its people. People have used the money from the first withdrawals to pay down debt, buy consumer goods such as electronics and even make downpayments for new homes.

"Soon German military history": US troop withdrawal worries German politicians

 German foreign and defense politicians are concerned about US President Donald Trump's plans to withdraw more US troops from Afghanistan and Iraq at short notice. "The announcement the US government still in office to accelerate the withdrawal of US troops is bitter for all NATO allies, ”said Union parliamentary group vice-president Johann Wadephul to the RedaktionsNetzwerk Deutschland (RND).

Chile ' s President Sebastian Pinera has announced plans to reform the country' s pensions system, a key measure aimed at easing the South American country' s three-month old One of the key demands of protesters was reform of the pensions system, managed by for-profit Pension Fund Administrators.

Chilean presidential candidate Sebastian Pinera said on Wednesday that the state would increase its support Pensions in Chile are managed by six powerful private pension fund administrators, known as AFPs Center-left Bachelet has pledged to send a bill to Congress this month that will increase

chart: Chile's retail sales rebound as workers tap pension funds © Bloomberg Chile's retail sales rebound as workers tap pension funds

On the other hand, investors point out that the AFPs finance crucial investments and infrastructure nationwide. It will be a hot-button topic as the country re-writes its constitution next year.

Read more: Chile to Scrap Pinochet-Era Constitution in Landslide Vote

Amid the virus outbreak, Pinera’s government has pledged emergency aid worth 12% of gross domestic product, with measures including low-interest rate loans and job protection programs. Still, the pension withdrawals stood out for their direct impact, driving stronger-than-expected growth in the third quarter and adding 1.2% to GDP alone this year, according to the central bank.

Chile’s Finance Ministry expects the economy to shrink 5.5% this year before rebounding 5% in 2021.

(Updates with Finance minister quote in 4th paragraph, and details on bill in 5th and 6th paragraph)

For more articles like this, please visit us at bloomberg.com

©2020 Bloomberg L.P.

9 questions about the Georgia Senate runoffs you were too embarrassed to ask .
The Georgia races will decide which party controls the Senate.There are not one but two runoff Senate elections in Georgia early next year. They have similar dynamics, with Democratic challengers going up against Republican incumbents. One race features a matchup between Sen. David Perdue (R) and Democrat Jon Ossoff, and the other involves Sen. Kelly Loeffler (R) and Democrat Rev. Raphael Warnock.

usr: 0
This is interesting!