Indonesia addresses EU objections over mineral policies at WTO consultation

first_img“The Indonesian government desires a positive outcome from this consultation process, so that the EU and other WTO member states may understand that Indonesia never had the slightest intention to hinder international trade,” the deputy minister said in a statement on Jan. 30.“We hope that the WTO member states, including the EU, can understand the reasoning behind Indonesia’s policies so the regulations may remain in place.”He added that the regulations were crucial to ensuring sustainable national mineral production as a driver of economic growth. (rfa) Deputy Trade Minister Jerry Sambuaga joined delegates from the European Union and other countries at a World Trade Organization (WTO) consultation on Thursday in Geneva, Switzerland, to comply with the dispute settlement regarding the EU’s objection to a number of Indonesia’s coal and mineral policies.The consultation served as a platform for WTO member states to express their objections to and/or clarify policies deemed to run counter to the 1994 General Agreement on Tariff and Trade (GATT), as well as those policies deemed to have had a negative impact on international trade, especially commerce within the EU.During Thursday’s meeting, EU delegates pointed out that several of Indonesia’s coal and mineral policies were particularly unfair to the union, including Energy and Mineral Resources Ministerial Regulation No. 11/2019 on the second amendment to Ministerial Regulation No. 25/2018 on the coal and mineral business.  The regulation limits the nickel content of ore exports to below 1.7 percent, among other things.Read also: Indonesia to have four new smelters this year as mineral ore export ban nearsStarting this year, Indonesia is banning the export of nickel ore as a part of a government program to boost the downstream mining industry, which requires miners to process ore at a local smelter prior to exporting.Jerry addressed the concern during the consultation, reassuring the EU delegation that the policies were not intended to hinder world trade, but were instead implemented to ensure fair contribution among stakeholders in the domestic industry.center_img Topics :last_img read more

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UK accountants welcome SORP changes for pension fund accounting

first_imgIt deals with the preparation of financial reports by pension schemes.Updates to the 2007 guidance became necessary after the UK authorities consolidated UK GAAP into a single accounting standard, FRS 102.FRS 102 is a fundamental reform of financial reporting in the UK.In essence, it is a localised version of the International Financial Reporting Standard for Small- and Medium-sized Entities.Alongside this change, UK legislative and regulatory actions have also made a number of changes to the legal and regulatory environment for pension funds since 2007.In particular, the past seven years have seen the introduction of auto-enrolment, as well as an increasing number of pension schemes entering the Pension Protection Fund.The PRAG issued its draft SORP in April on a three-month comment period.The changes take the form of wide-ranging amendments to the 2007 SORP.Comments on the proposals closed on 16 July.The PRAG invited views from interested parties on a series of changes that affect annuities, investment-risk disclosures, the fair-value hierarchy, financial statement presentation, auto-enrolment, legislative disclosure requirements and concentration of investments.But despite widespread support for the PRAG’s approach in the document, experts who spoke with IPE cited areas for concern.In a recent press notice, the ACCA warned that the PRAG must “more fully” explain the concept of “significant” when it applies to a new requirement to account for matching annuities on the balance sheet.The accountancy body also called for the PRAG to include “an indication” of the “level of materiality applied to disclosures in the example financial statements” in the SORP.And in an interview with IPE, ACCA spokesman Paul Cooper warned that the new SORP would lead to inconsistencies between statutory reporting requirements for disclosures about investments and the requirements of UK GAAP.Urging the DWP to act, Cooper, a corporate reporting manager with the ACCA, said: “It is important changes can be made so the legal requirements are consistent with the revised SORP.”David Hutchings of Hymans Robertson said: “The SORP talks about information to quantify risk. A single number in the accounts could be misleading because that number in isolation might look large and yet say nothing about risk mitigation.“We would like to see a requirement for entities to provide a better explanation of risk – perhaps through the inclusion of an updated statement of investment principles as an appendix to the Report and Accounts to avoid putting big figures into accounts that might be misleading.” Pension fund accountants in the UK have broadly welcomed proposed new guidance from the Pensions Research Accountants Group (PRAG) dealing with the preparation of financial reports by pension funds.In a statement on the draft guidance, global accountancy body the Association of Chartered Certified Accountants (ACCA) said it thought the changes detailed in a draft Statement of Recommended Practice (SORP) would “bring clarity”.But the ACCA warned that interested parties must now lobby the Department for Work & Pensions (DWP) to bring forward legislation to align investment disclosures under UK law with developments in UK generally accepted accounting principles (GAAP).The draft SORP sets out a series of amendments to a 2007 SORP.last_img read more

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Wigwe Salutes Access Bank Games’ Participants

first_imgHe added that the Games will be an annual event with more games to be introduced in the next edition.“We just devote ourselves to living healthy. We are determined as a starting point to put Nigeria in the international map of tourism as we did with Access Lagos Marathon last year. Many people now see Lagos as a tourist centre.”“The Games also help us to build good brotherliness and togetherness among our staff. It is going to part of our corporate calendar. This is the first edition of the Access Games and we hope to sustain it as part of our contribution to sports development and healthy living,” he said.Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegram Access Bank GMD/CEO, Herbert Wigwe has commended the team spirit displayed by all the participants at the maiden edition of the Access Games at the Teslim Balogun, Surulere, Lagos on Sunday.Wigwe said that the Games aside from keeping staffers fit, is also aimed at fostering good relationship among bankers.“It’s a game that has several activities and it is for the whole country with different houses that are competing among themselves. It is one way to build our team spirit in the bank but it is not just about our staff, we also engage our friends and customers.last_img read more

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‘I’m as sharp as ever!’ Liverpool striker Ings raring to goafter injury comeback

first_img Danny Ings is raring to go after his injury comeback Liverpool striker Danny Ings believes he is in the best shape of his career as he prepares to re-launch his Liverpool career following an eight-month injury lay-off.The 24-year-old had just scored three goals in five matches, including one in the Merseyside derby at Everton, to earn his first England cap when his season was cut agonisingly short by a knee injury.He suffered ligament damage in his first training session under new manager Jurgen Klopp in October, and had surgery on the problem shortly after.But Ings worked hard throughout his rehabilitation and surprised many to make a quicker-than-expected return to play in Liverpool’s final league match of the season at West Brom.And, after just nine appearances since joining on a free transfer from Burnley last summer, Ings is keen to make up for lost time.“In the pre-season games so far this summer, I feel I’ve looked as sharp as I’ve ever looked in the last couple [of matches],” Ings, who has scored twice in pre-season, wrote in a blog from the club’s tour of the United States.“I am a lot more confident now and have taken a couple of whacks on my knee, which is also good for me.“I feel like I am back to myself now, enjoying my football. I feel I’ve put the dark days behind me now.“There will be loads of hard work to do while we’re on tour and when we’re getting on that plane back to Liverpool next month I want to be in the best shape possible after it all.“I feel with the heat out here, the amount of sessions and the work that will be on for us there is every ingredient to help me do that.“I also want to be tactically more aware of what the manager wants from me because with the year out, I didn’t have as much time to work with him whereas other players have.“For me this tour is all about learning as much as I can, getting as fit as I can and trying to prove myself every day.” 1last_img read more

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