Additional EU Sanctions: Europe acts against self-proclaimed Ukrainian leaders
The European Union has published in its Official Journal a new sanctions list, which includes 13 representatives of the self-proclaimed unrecognised Donetsk and Luhansk People #39;s Republics...
By: UKRAINE TODAY
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Additional EU Sanctions: Europe acts against self-proclaimed Ukrainian leaders - Video
FRANKFURT: Some European insurers could have trouble meeting financial obligations to policy holders in the coming years if rock bottom interest rates persist, the EU's insurance watchdog EIOPA warned on Sunday.
"A continuation of the current low yield conditions could see some insurers having problems in fulfilling their promises to policy holders in 8-11 years' time," the European Insurance and Occupational Pensions Authority (EIOPA) said in a statement.
The watchdog has spent the last seven months testing how well insurers' capital safety buffers hold up against hypothetical challenges, to determine whether policy holders could be at risk in a financial meltdown.
It did not name individual companies that fell short in its tests, in contrast to the European Central Bank's review of banks that prompted a number of lenders to raise capital.
However, EIOPA said nearly one in four insurers would not meet its solvency capital requirement (SCR), a key regulatory threshold, in its "Japanese-like" test scenario, where interest rates remain low for a prolonged period of time.
ECB interest rates are effectively at zero, with further easing of credit conditions under preparation.
Low yields on relatively safe government and covered bonds hurt investment income at insurers, making their future obligations to policy holders increasingly strenuous to meet.
EIOPA's baseline stress test showed that the insurance sector in general was well capitalised.
"Nevertheless, 14 per cent of the companies representing 3 per cent of total assets, had an SCR (solvency capital requirement) ratio below 100 per cent," EIOPA said.
The ABI association of British insurers said in a statement that EIOPA's tests demonstrated that the European industry was "well placed ... and ready to cope with the extreme situations tested."
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European Union's insurance watchdog warns on low interest rate threat
(UPDATED) With more than 87.7% of the votes counted, three parties backing integration with the European Union win about 44% of the vote, while pro-Russian groups has about 40%
DECIDING THE FUTURE. A Moldovan citizen holds a child as he casts his ballot at a polling station in the Moldovan embassy in Bucharest November 30, 2014. Daniel Mihailescu/AFP
CHISINAU, Moldova (UPDATED) Pro-European parties edged out those backing closer ties with Russia in weekend parliamentary elections in ex-Soviet Moldova, which took place against the backdrop of the bloody conflict in neighboring Ukraine.
With more than 87.7% of the votes counted, three parties backing integration with the European Union won about 44% of the vote, while pro-Russian groups had about 40%.
The narrow victory means parties will face tough negotiations to form a government in the impoverished country that has a breakaway pro-Kremlin region where Russia has stationed troops, analysts said.
Sunday's (November 30) parliamentary vote came as Russia and the European Union are locked in a tug-of-war over the fate of ex-Soviet Moldova as well as against the deadly backdrop of a Moscow-backed separatist movement in the east of strongly pro-Western Ukraine.
Moscow does not want to part ways with Moldova, a former Soviet satellite where it has troops stationed in the Russian-speaking separatist region of Transdniestr, while the EU is keen to make Moldova a symbol of its own soft power strength.
In June, Chisinau signed a landmark association treaty with the EU in the face of bitter Russian opposition.
Moscow retaliated with an embargo on imports of many Moldovan foods.
Russia in October vowed to protect its citizens in Transdniestr, warning "those who don't think like us" not to meddle in the pro-Moscow breakaway region.
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Pro-European parties narrowly win Moldova polls
Union Human Resource and Development (HRD) Minister Smriti Irani, who inaugurated the European Higher Education Fair here on Sunday, lauded Joao Cravinho, the Ambassador of the European Union, for supporting the Indian initiative and highlighted the benefits of 'Know Your College' portal.
"I am glad that European Union Minister has considered supporting the Indian initiative. Additionally, if you go to the 'Know Your College' portal, first time in the independent Indian history we have 20,000 hours of video lecture facility which is available free of cost to our students," Irani said.
Talking of the 'Know Your College' portal, she said that it has information on all colleges and institutions that are registered with regulators.
"Today, I am joined with the Ambassador of the European Union who has said that he will make available to us all the institutions that are registered with the European Union regulators," said Irani.
"The children who want to explore new opportunities are not bogged down by challenges. When they leave the Indian shores, they are trapped through agencies or agents and end up going to institutions which are not registered," she added.
She further said that they are exploring ideas for evolving strategies within the ministry, wherein people from villages as well as from cities and from blocks as well as districts can have a voice in the new education policy when it is formulated.
"So, we will look at possibilities where we get academic experts domestically, internationally but also people who are the real stake holders in how education portals are rolled out," she added.
The two-day European Higher Education Fair will see participation from nearly 100 universities. (ANI)
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Irani stresses on benefits of 'Know Your College' portal
2014 AFI European Union Film Showcase
The 2014 AFI European Union Film Showcase runs from December 3-21. Now in its 27th year, the AFI European Union Film Showcase continues its tradition of brin...
By: AFISilverTheatre
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2014 AFI European Union Film Showcase - Video