Giuseppe Conte, Italy's prime minister, speaks during the United Nations General Assembly; the United Nations General Assembly met in a virtual environment for the first time in its 75-year history due to the pandemic. Bloomberg
Giuseppe Conte, Italy's prime minister, speaks during the United Nations General Assembly; the United Nations General Assembly met in a virtual environment for the first time in its 75-year history due to the pandemic. Bloomberg
Giuseppe Conte, Italy's prime minister, speaks during the United Nations General Assembly; the United Nations General Assembly met in a virtual environment for the first time in its 75-year history due to the pandemic. Bloomberg
Giuseppe Conte, Italy's prime minister, speaks during the United Nations General Assembly; the United Nations General Assembly met in a virtual environment for the first time in its 75-year history du

UNGA 2020: Italy’s Conte says movement towards peace in Libya ‘encouraging’


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Italian Prime Minister Giuseppe Conte has said tentative developments in Libya towards peace are encouraging in his address to the UN General Assembly.

“Today, we can look with hope to the timid but encouraging developments in the peace process in Libya,” Mr Conte told the UN General Assembly on Friday.

“Its chances of success are tied to two factors, the respect of the Libyan people's ownership of an inclusive solution and the essential mediation role of the United Nations,” the Italian leader added.

Mr Conte called for humanitarian work conducted by the UN and Italy in Libya to continue.

“They complement that path toward a political solution, the only solution that can guarantee lasting peace and stability for Libya,” he said.

Libya has been plagued by internecine violence and instability since the 2011 uprising and subsequent Nato-backed intervention that toppled 40-year ruler Muammar Al Qaddafi.

Italy, the former colonial power in Libya, played a pivotal role in the military effort against Qaddafi in 2011.

In 2014 the country descended into a civil war which has pitted eastern and western factions against each other.

In August of this year, the two sides in the conflict agreed to a ceasefire. At Montreux in Switzerland earlier this month, talks, under UN auspices, brought agreement on the creation of a unity government and subsequent elections. Mr Conte welcomed these steps.

“The ceasefire, despite its fragility, has finally reopened the space for intra-Libyan dialogue. And the recent talks in Montreux send a strong signal that we must heed and protect. There is no better way to sustain peace than to show its advantages to the very peoples touched by the conflict,” he said.

The Italian prime minister called for the restarting of oil production across Libya, which has been crippled by the conflict.

“The next step to take in Libya will be to allow for a resumption of oil production throughout the country, promoting an equitable management of resources to the benefit of the entire, and I mean entire, Libyan population,” he added.

Mr Conte also used his speech to praise the efforts of the Italian people during the coronavirus pandemic. Italy was initially the worst hit country in Europe by the disease.

“Italy was the first country in Europe and in the West to have faced the emergency on a large scale,” he said.

“Our country has overcome with determination the most acute phase of the health emergency, building on the experience gained directly on the ground, on the frontline, in hospital corridors and research laboratories, efforts that we today wish to share in a reinvigorated multilateral system with the United Nations at its core,” he said.

Global state-owned investor ranking by size

1.

United States

2.

China

3.

UAE

4.

Japan

5

Norway

6.

Canada

7.

Singapore

8.

Australia

9.

Saudi Arabia

10.

South Korea

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Salman Khan’s father, Salim Khan, is one of Bollywood’s most legendary screenwriters. Through his partnership with co-writer Javed Akhtar, Salim is credited with having paved the path for the Indian film industry’s blockbuster format in the 1970s. Something his son now rules the roost of. More importantly, the Salim-Javed duo also created the persona of the “angry young man” for Bollywood megastar Amitabh Bachchan in the 1970s, reflecting the angst of the average Indian. In choosing to be the ordinary man’s “hero” as opposed to a thespian in new Bollywood, Salman Khan remains tightly linked to his father’s oeuvre. Thanks dad. 

The Melbourne Mercer Global Pension Index

The Melbourne Mercer Global Pension Index

Mazen Abukhater, principal and actuary at global consultancy Mercer, Middle East, says the company’s Melbourne Mercer Global Pension Index - which benchmarks 34 pension schemes across the globe to assess their adequacy, sustainability and integrity - included Saudi Arabia for the first time this year to offer a glimpse into the region.

The index highlighted fundamental issues for all 34 countries, such as a rapid ageing population and a low growth / low interest environment putting pressure on expected returns. It also highlighted the increasing popularity around the world of defined contribution schemes.

“Average life expectancy has been increasing by about three years every 10 years. Someone born in 1947 is expected to live until 85 whereas someone born in 2007 is expected to live to 103,” Mr Abukhater told the Mena Pensions Conference.

“Are our systems equipped to handle these kind of life expectancies in the future? If so many people retire at 60, they are going to be in retirement for 43 years – so we need to adapt our retirement age to our changing life expectancy.”

Saudi Arabia came in the middle of Mercer’s ranking with a score of 58.9. The report said the country's index could be raised by improving the minimum level of support for the poorest aged individuals and increasing the labour force participation rate at older ages as life expectancies rise.

Mr Abukhater said the challenges of an ageing population, increased life expectancy and some individuals relying solely on their government for financial support in their retirement years will put the system under strain.

“To relieve that pressure, governments need to consider whether it is time to switch to a defined contribution scheme so that individuals can supplement their own future with the help of government support,” he said.

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