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Time of India
5 days ago
- Business
- Time of India
50 quintals of Balangir mangoes exported to Europe
Balangir: In a move to tap high-value markets for local horticultural produce, two farmer producer organisations (FPOs) from Titilagarh in Balangir district have successfully exported a 50-quintal consignment of assorted mango varieties to Europe and supplied another 20 quintals to Mother Dairy in New Delhi over the past week. Tired of too many ads? go ad free now This market linkage was facilitated through the support and collaboration of various institutions, including National Bank for Agriculture and Rural Development ( ), the department of horticulture, Odisha Rural Development And Marketing Society (ORMAS), and Anchalik Samrudhi Sadhana Anusthan (ASSA). ASSA is a local non-governmental organization that promotes and guides the FPOs by providing training, capacity building, and assistance in buyer negotiations. "This marks a turning point for mango farmers in the region, who have traditionally depended on local markets with inconsistent pricing. Through collective action, aggregation, and direct market linkages with institutional buyers like Mother Dairy, we are witnessing real benefits reaching the grassroots level," said Bivek Kumar Nayak, district development manager, NABARD. Plans are already underway to increase the volume of produce and include other seasonal fruits and vegetables in future consignments. "This initiative, as a replicable model for FPO-led horticulture marketing, will be scaled up in different areas of the district," stated Sanjib Kumar Pattnaik, secretary, ASSA. More than 25 small mango farmers have benefited from the initiative, receiving fair prices for their produce and avoiding distress sales. The FPOs procured mangoes from member farmers and, after quality checks, grading, and packaging, sold them to buyers at rs 70 per kg. Tired of too many ads? go ad free now A consignment of the Amrapali variety was exported to European countries via air cargo on May 5. Another batch consisting of Mallika, Lengeda, Amrapali, and Dasheri varieties was dispatched to Delhi on Sunday. A consignment of the Amrapali variety was exported to European countries via air cargo on May 5. Another batch consisting of Mallika, Lengeda, Amrapali, and Dasheri varieties was dispatched to Delhi on Sunday. "We are pleased with this initiative, which strengthens FPOs, reduces dependence on middlemen, and ensures better incomes for small and marginal farmers. The improved prices have motivated farmers to consider expanding mango cultivation in the coming seasons," said a member of the FPO.
The South African
12-05-2025
- Business
- The South African
Major warning for SA's two-pot retirement system as repeat withdrawals SOAR
As South Africans adjust to the newly implemented two-pot retirement system, early warning signs suggest that the intended goal of safeguarding retirement savings may be undermined by a surge in repeat withdrawals. Data from retirement fund administrators reveals that during the first two months of the 2025 tax year -March and April – roughly 75% of withdrawal applications were repeat claims, highlighting a troubling pattern of short-term cash access that could jeopardise future financial security. The two-pot system, introduced on 1 September 2024, was designed to balance liquidity with preservation. It allows fund members to access one-third of their contributions through a savings component, while two-thirds remain locked in a retirement component until formal retirement. Under current rules, a member can withdraw from their savings pot once per tax year, provided the pot holds at least R2 000. The initial seeding of this savings component came from 10% of a member's pre-existing retirement savings, capped at R30 000. According to Natasha Huggett-Henchie, consulting actuary and a member of the Actuarial Society of South Africa (ASSA) Retirement Matters Committee, the average withdrawal during the initial access period in late 2024 was R20 000, with subsequent withdrawals falling to R6 000 on average. This decline reflects a concerning depletion of funds. Huggett-Henchie noted that members who emptied their pots shortly after implementation will now only have modest amounts – perhaps just R6 000 or slightly more, depending on monthly contributions and investment growth – available for withdrawal in the new tax year. 'If you emptied your savings pot in September last year and continued contributing R3 000 per month, you'd have around R6 000 available now, plus any investment growth,' she explained. Further compounding the issue are tax implications. Withdrawals are taxed by the South African Revenue Service (SARS) and may push individuals into higher tax brackets, making cashing out even more costly. Despite the financial accessibility offered by the two-pot system, Huggett-Henchie warned that it was never intended as a revolving credit facility. 'Every withdrawal should be carefully considered, as it diminishes the savings meant for your retirement,' she cautioned. A deeper concern, she added, is that informal lenders may be capitalising on the withdrawals. With no significant increase in loan repayments to banks or consumer spending reported by retailers, suspicions have grown that cash-strapped individuals may be turning to loan sharks, using withdrawals to service high-interest debt. Experts have begun calling for tighter oversight and improved financial education to prevent abuse of the system, which was initially designed to offer limited access to cash in emergencies – not to encourage a cycle of dependency that leaves retirement savings dangerously eroded. Let us know by leaving a comment below, or send a WhatsApp to 060 011 021 1 Subscribe to The South African website's newsletters and follow us on WhatsApp, Facebook, X and Bluesky for the latest news.
IOL News
09-05-2025
- Business
- IOL News
South Africans increasingly access retirement savings amid financial strain
South Africans are increasingly withdrawing from their retirement savings pots under the new two-pot system, with many making repeat withdrawals in a short span. Experts caution against this trend, highlighting the long-term impact on retirement funds. South Africans are rapidly withdrawing funds from their savings pots under the new two-pot retirement system, with many dipping into their savings for a second time in just a few months, according to Natasha Huggett-Henchie, consulting actuary and member of the Actuarial Society of South Africa (ASSA) Retirement Matters Committee. Retirement fund administrators have reported that 75% of applications for withdrawals in the current tax year are repeat claims, says Huggett-Henchie. While the average withdrawal amount in the first round of two-pot withdrawals was R20,000, this year's applications have dropped to an average of R6,000, says Huggett-Henchie. "We are finding that retirement members are taking all they can as soon as they can, she says. Introduced on September 1, 2024, the two-pot retirement system was designed to help South Africans access a portion of their retirement savings for emergencies while preserving two-thirds of their pension. The system allows retirement fund members one withdrawal per tax year, as long as their savings pot contains at least R2,000 plus relevant fees. To start the system, qualifying fund members had 10% of their total retirement savings (up to R30,000) transferred into their savings pots on September 1, 2024. Since then, many have emptied their accounts, leaving them without savings until they can make another withdrawal in March 2026, according to Huggett-Henchie. She says that for those who emptied their savings pot in September last year but continued contributing, their pot would now hold one-third of their monthly contributions over the past six months. For someone contributing R3,000 per month, this means their savings pot would contain R6,000 plus any investment growth, which could be accessed at the start of the new tax year in March 2025. Interestingly, Huggett-Henchie says that retirement fund members who did not touch their savings pot last September can withdraw the entire amount, even if it exceeds R30,000. "Using the earlier example, if your savings pot was seeded with R30,000 last year and has grown to R36,000, you are allowed to withdraw the full amount. Just remember to check on the tax impact before you decide to withdraw." While the new system provides flexibility, Huggett-Henchie cautions that fund members should carefully consider whether they should withdraw just because they can. 'Every time you make a withdrawal now to fund something other than an emergency, you must understand that you are reducing your future emergency fund. If you empty your savings pot every year, you will effectively have reduced your retirement savings by one-third, which is significant," she says. One of the most unexpected beneficiaries of these withdrawals may be loan sharks, she speculates. "It seems banks have not seen a big paydown of loans, and retailers have not reported a massive uptick in sales." However, Huggett-Henchie acknowledges that some retirement fund members are using their savings pots wisely, with one individual opting to borrow money from their savings pot instead of taking out a loan for school fees. 'Every year, she would have to take out a loan to fund her children's school fees. In January this year, she decided to borrow the money from her savings pot and repay it every month, just as she would have had she taken a loan. This way, the money is still there for next year's school fees, and she is no longer in debt," she says. Looking ahead, Huggett-Henchie says the next major challenge facing the retirement funds industry is dealing with small accumulated amounts in retirement pots when employees resign or are retrenched. Many of these amounts are too small to move into a preservation fund or retirement annuity, but under two-pot rules, fund members cannot take the money in cash either. 'Until this is addressed in the next phase of the two-pot regulations, fund administrators will have to find cost-effective ways of dealing with these 'problem pots',' she says. PERSONAL FINANCE
Yahoo
04-04-2025
- Business
- Yahoo
AM Best Affirms Credit Ratings of ASSA Compañía de Seguros S.A.
MEXICO CITY, April 03, 2025--(BUSINESS WIRE)--AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of "a+" (Excellent) of ASSA Compañía de Seguros S.A. (ASSA) (Panama City, Panama). The outlook of these Credit Ratings (ratings) is stable. The ratings reflect ASSA's balance sheet strength, which AM Best assesses as strongest, as well as its strong operating performance, favorable business profile and appropriate enterprise risk management (ERM). ASSA is a subsidiary of ASSA Compañía Tenedora, S.A. and is owned ultimately by Grupo ASSA, S.A., a financial service holding company publicly traded on the Panama Stock Exchange. The ratings reflect ASSA's balance sheet strength, which is underpinned by its risk-adjusted capitalization at the strongest level, as measured by Best's Capital Adequacy Ratio (BCAR), sound underwriting quality and profitability, solid capital management, an adequate reinsurance program and an ERM framework that is supportive of its risk profile. ASSA is a Panama-based insurer established in 1980 and ranks as the country's largest insurer in terms of market share, based on premiums. The company is diversified both geographically and in its portfolio of products and investments, with net premiums written mainly composed of auto, fire, individual and group life, and health insurance. ASSA operates through a network of brokers, agents and direct distribution channels. The company's capital base has grown consistently through reinvestment of earnings. A diversified reinsurance program placed among a high-quality panel of reinsurers reinforced the company's growth strategy, and consequently, counterparty credit risk exposures have been minimized. During 2024, ASSA's profitable underwriting results were sustained through a well-contained expense structure as reflected by a combined ratio below 100%, mainly driven by improvements in auto, health and operating expenses. The company maintains a sound risk profile and financial income continues to support its results; however, it is not dependent on this type of revenue to achieve positive bottom-line results. ASSA constantly reviews its underwriting guidelines to improve the performance of business segments that are deviating from targets. Negative rating actions could result if the company's available capital no longer supports its risks, either because of capital outflows or a greater risk appetite, or higher financial leverage or lower interest coverage metrics at the holding company level. Additionally, negative rating actions could also occur if operating performance deteriorates to levels no longer supportive of the current ratings. Positive rating actions are unlikely but could take place if ASSA achieves material improvements in its ERM framework. This press release relates to Credit Ratings that have been published on AM Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best's Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best's Credit Ratings, Best's Performance Assessments, Best's Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best's Ratings & Assessments. AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit Copyright © 2025 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED. View source version on Contacts Sebastian del RioAssociate Financial Analyst +52 55 1102 2720, ext. 117 Alfonso Novelo Senior Director, Analytics +52 55 1102 2720, ext. 107 Christopher Sharkey Associate Director, Public Relations +1 908 882 2310 Al Slavin Senior Public Relations Specialist +1 908 882 2318 Sign in to access your portfolio
Yahoo
24-03-2025
- Entertainment
- Yahoo
‘Highly Skilled' Air Show Pilot Dies After His Plane Crashes in Front of Live Audience: 'Went Straight Into the Ground'
A pilot was killed after his plane crashed in front of a live audience during an air show in South Africa. James O'Connell was performing at the West Coast Air Show in Saldanha in front of thousands of spectators on Saturday, March 22, when the crash occurred, according to a statement from air show officials. 'It is with profound sadness that the organisers of the West Coast Airshow confirm a fatal accident involving James O'Connell, a highly skilled and respected test pilot from South Africa, when he piloted the Impala Mark 1 aircraft during today's display in Saldanha,' the statement began. 'Despite the aircraft appearing stable through most of the performance, a sudden loss of altitude during the final [maneuver] led to a devastating crash," the statement continued. Emergency services responded immediately and no spectators were injured, per the official statement. Air show officials also shared that show commentator Brian Emmenis — who 'witnessed the incident up close' — said, 'He [O'Connell] went into the [landing] configuration, he rolled the aircraft … he was in a serious deep dive and went straight into the ground. There was no sign of any attempt to eject. The crowd remained behind the barriers, totally stunned.' Related: Video Shows Navy Fighter Jet Crashing Nose-First into San Diego Harbor After Pilots Had to Eject A full investigation by Airshow South Africa (ASSA) and The Civil Aviation Authority is now underway, per show officials. Never miss a story — sign up for to stay up-to-date on the best of what PEOPLE has to offer, from celebrity news to compelling human interest stories. Footage of the incident captured by spectators shows the plane rotating upside down mid-air and righting itself as it descended towards land. However, the plane did not appear to slow down as it approached the landing and ultimately disappeared in the distance, followed by an explosion of fire and a dark cloud of smoke. Members of the crowd can be heard yelling in shock. Air show officials additionally noted that O'Connell's performance was intended to be "especially a huge moment," as the plane — which they noted was a "beloved war bird with deep historical significance for many South Africans" — had not been flown at an air show in many years. PEOPLE reached out to ASSA, The Civil Aviation Authority and local police for comment on Sunday, March 23, but did not receive an immediate response. Read the original article on People
