Mastodawn

Oct 17, 2024

Income-Allianz deal: NTUC central committee didn't know about capital reduction plan
"NTUC’s central committee was briefed by #NTUC Enterprise & Income #Insurance on e “strategic imperatives” for the deal, but the #capitalreduction #plan wasn't highlighted to the central committee.. The proposed #Income - #Allianz deal had sought to decrease the #capital held by Income, returning some S$1.85 billion to #shareholders within 3 years"
👎A too-common #investmentbank #PE ploy!
https://www.channelnewsasia.com/singapore/income-allianz-deal-ntuc-central-committee-did-not-know-capital-reduction-plan-desmond-tan-4682446

Income-Allianz deal: NTUC central committee did not know about capital reduction plan, says Desmond Tan

SINGAPORE: The central committee of the National Trades Union Congress (NTUC) only knew about the capital reduction plan in the proposed deal between Income Insurance and Allianz when it was announced in parliament, said deputy secretary-general Desmond Tan on Wednesday (Oct 16). Responding to questions fr

CNA

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Joseph Lim

Aug 2, 2024

#Singapore Income’s deal w Allianz raises fears of #profit over #socialmission
"In a letter in ST Jan 2022, CEO Income Andrew Yeo said e exercise wld only change Income’s legal form & e new entity wld remain an #NTUC #socialenterprise. “NTUC Enterprise will continue to be e #majorityshareholder of e new entity”.. former Gp CEO #NTUCEnterprise Tan SC, echoed tt e understanding was NTUC Enterprise wld remain majority shareholder. This understand'g was breached in < 2 years"
https://www.scmp.com/week-asia/economics/article/3272684/singapore-income-insurances-deal-allianz-raises-fears-profit-over-social-mission

Singapore Income’s deal with Allianz raises fears of profit over social mission

Critics such as diplomat Tommy Koh say Income Insurance’s key role is to serve Singaporeans by keeping premiums affordable.

South China Morning Post

Joseph Lim

Jul 25, 2024

#LetterOfTheWeek
#Allianz’s proposed deal w Income #Insurance
"None of e “+ves” expressed by indust experts is a #social outcome. All r #financial outcomes. It's important not to conflate e success of #Income as a biz w e success of Income as a social #cooperative.. Say'g tt Allianz will honour e terms of exist'g policies means little for future terms, products & customers.. hope #NTUC Ent doesn't take a short-sighted view & kill e golden goose of our societal foundation"
https://www.straitstimes.com/opinion/forum/forum-allianz-s-proposed-deal-with-income-insurance-deserves-intense-scrutiny

Forum: Allianz’s proposed deal with Income Insurance deserves intense scrutiny

Singaporeans’ alarmed reaction to Allianz’s plans to buy a majority stake in Income Insurance is not merely about nostalgia for a “Singapore icon” (Allianz offer for Income Insurance sparks concerns among some, July 23). Read more at straitstimes.com.

The Straits Times

Joseph Lim

Jul 25, 2024

If #socialinstitutions dance too closely with #forprofit MNCs🤔🇸🇬

Income-Allianz deal raises concerns among #public, experts
"former CEO of #NTUC #Income #Cooperative, also weighed in, calling it a "breach of #goodfaith" given tt the #assurance from NTUC Enterprise to remain as #majority #shareholder was used to alleviate concerns about te #corporatisation in 2022.. Insurance Income was founded in 1970 to provide #essential, #affordable #insurance to #underserved #workers"
https://www.channelnewsasia.com/singapore/ntuc-income-insurance-allianz-deal-tan-suee-chieh-tommy-koh-4500751

Income-Allianz deal raises concerns among public, experts; former CEO calls it a 'breach of good faith'

Concerns that Income Insurance will no longer prioritise the needs of Singapore workers are justified since Allianz is a large multinational corporation, one analyst says.

CNA

General Strike Now Oct 5, 2023

The planned general strike of October 3, 2023 was called off a few hours before it began. Like most NLC-TUC planned general strikes, ...

The planned general strike of October 3, 2023 was called off a few hours before it began. Like most NLC-TUC planned general strikes, it was aborted without a whimper.#generalstrike #IULC #LUF #NLC-TUC #NTUC #ULC
Workers’ struggles and the general strike of 1963 | The Guardian Nigeria News - Nigeria and World News

Workers’ struggles and the general strike of 1963 | The Guardian Nigeria News - Nigeria and World News

The planned general strike of October 3, 2023 was called off a few hours before it began. Like most NLC-TUC planned general strikes, it was aborted without a whimper. A pattern of planned general strikes called off at the last moment after meetings with government officials is starting to emerge.

The Guardian Nigeria News - Nigeria and World News