Category: bswcy

Ikea Netherlands builds solution for funding gap at pension fund

first_imgA survey by financial newspaper FD suggested that no more than 29 sponsors had committed themselves to plugging a funding gap via a guarantee.Key in the new pension plan of the Ikea scheme is the replacement of a cost-covering contribution with a premium that is cushioned over a three-year period, but aimed at achieving an annual funding of 105%.This is the minimum required level to avoid rights cuts: under the financial assessment framework (FTK), Dutch pension funds have to apply a discount if their funding is short of 105% for five consecutive years.The scheme said the new contribution model was also lower and less volatile.STIP added that the employer was required to fill in the shortfall if the scheme was unable to prevent or postpone discounts in benefits and accrued pension rights in any other way.At September-end, the coverage ratio of Ikea’s pension fund stood at 116.1%.As the FTK allows pension funds to start compensating for inflation in part when their funding level hits 110%, STIP has granted its 6,940 workers a 0.11% inflation-linked payment based on the salary index in January this year.Deferred members and pensioners, whose indexation follows the consumer index, received an inflation compensation of 0.09%. STIP, the €408m Dutch pension fund of home furnishing store Ikea, has introduced a new pension plan including an employer’s obligation to plug any funding gap.It said the new arrangements followed an agreement between the sponsor and trade unions about financing the pensions of its 15,000 members.The provision of guarantees on funding levels has become rare in the Netherlands.Many have abolished the guarantee – made expensive by low interest rates in the wake of the financial crisis – and have instead paid a one-off contribution as risks shifted to their schemes’ members.last_img read more

​Icelandic pension funds buck performance trend with gains

first_imgThe pension fund said in its annual results announcement that its allocation to foreign securities had expanded by 2 percentage points during 2018, to end the year at 35% of total assets.Bond funds also grew significantly, with this allocation rising to ISK92.9bn or 13% of assets, from around 12% the year before, it said. Two of Iceland’s largest pension funds recorded positive investment performance in 2018 despite weak markets in the fourth quarter.The Pension Fund of Commerce (Lífeyrissjóður verzlunarmanna), posted a 4.3% return for 2018, with assets reaching ISK713bn (€5.3bn) – an increase of ISK48bn. In net real terms, the return was 1%, it said.The result follows a string of reports from other major European pension funds, the majority of which posted losses in 2018 after equity markets dropped sharply in the fourth quarter. Source: Marcel PrueskeThe iconic Hallgrímskirkja in Reykjavik, IcelandThe pension fund said its 10-year average return was 4.5%, with the 20-year average at 3.9%.The fund is Iceland’s second largest after Lífeyrissjóður starfsmanna ríkisins (LSR), the Pension Fund for State Employees.Gildi gains on fixed income allocationThe country’s third-largest pension fund Gildi reported a 5.8% return on its investments for 2018 – a result it says was supported particularly by the performance of domestic bonds.According to its full-year financial figures, the return was 2.4% in net real terms.Árni Guðmundsson, Gildi’s chief executive said: “In my opinion, this performance is acceptable, but market conditions were difficult in many ways in 2018.“However, pension funds are long-term investors, and in this context it can be pointed out that net real returns over the past 10 years are 3.9%, and 3.7% for the last 20 years”.Gildi said domestic bonds produced good returns last year, as did unlisted shares, both domestic and foreign. Returns on other asset classes were weaker.The fund’s net assets rose to ISK561.2bn at the end of 2018, up by ISK43.9bn from the year before.Transparency improvements for Icelandic fundscenter_img The leaders of three other Icelandic pension funds have hailed transparency improvements in the sector – but emphasised that there was still further to go.In a joint article published on Icelandic news site Kjarninn, the trio – Frjalsi CEO Arnaldur Loftsson, EFÍA and LSBÍ boss Snædís Ögn Flosadóttir, and Lífeyrissjóður Rangæinga CEO Þröstur Sigurðsson, discussed society’s demands for increased access to information about pension fund activities.They said the funds, supervisory bodies and the Icelandic Pension Funds Association had all done well in disseminating information.They welcomed the fact that pension scheme members had become more interested in pension funds’ activity, and said they hoped this would increase even further.“Pension funds, as well as their supervisory bodies, have strived to provide detailed information in recent years and are constantly being added,” they said. “However, it is clear that it is always possible to do better and improve presentation.”last_img read more

LNG MFI Welcomes ADNOC Logistics & Services

first_imgThe UAE-based shipping and logistics company ADNOC Logistics & Services has joined the LNG Marine Fuel Institute (LNG MFI), an independent not for profit organization promoting the best practice use of LNG as a marine fuel.“Our partnership with LNG MFI will add value for the development of LNG as a marine fuel, contributing in supporting the marine industry in Australia and neighbouring countries, in line with our ongoing effort to foster a sustainable environment for our trade,” Captain Mohamed Al Ali, Senior Vice President – Ship Management at ADNOC Logistics & Services, commented. “LNG MFI is excited to have ADNOC Logistics & Services come on board as our newest member,” Margot Matthews, LNG MFI CEO, said.“Logistics and shipping services are a critical component in the supply chain of LNG as a marine fuel and ADNOC … is addressing the GHG and the impending IMO Sulphur challenges through the use of new technologies and corporate awareness,” Matthews added.Based in Perth, Australia, LNG MFI works with and for industry and government partners to provide information, advocacy and expertise to secure the long-term sustainability and impact of LNG as a marine fuel.ADNOC Logistics & Services is 100% owned by Abu Dhabi National Oil Company (ADNOC) and transports products for several ADNOC Group companies. Its fleet currently comprises more than 28 ocean-going, 48 offshore support and 47 port operation vessels.last_img read more

Mother jumps to rescue daughter from Crocodile

first_imgA 58-year-old woman jumped to the rescue of her daughter who was attacked by a crocodile while the latter was bathing in India.Diwalinen Vankar (58) had gone to the banks of river Viswamitri river in Thikariya Mubarak village on Friday, around 40 kms from Vadodara, with her daughter Kanta (19).While Kanta was bathing, a crocodile attacked her and caught hold of her right leg. Soon after hearing her cries, the woman rushed to rescue her.Vankar told PTI that she got hold of Kanta’s hand first and then hit the crocodile’s jaw with the wooden bat she was washing the clothes with.Kanta was immediately taken to a nearby hospital.She said they often have to wash clothes on the river bank due to erratic power supply in their village and face the peril of encountering crocodiles in the river.Meanwhile, Range forest officer Ashok Pandya said they have cautioned villagers time to time not to venture into the river as it a home to some crocodiles.last_img read more

Man hacked to death

first_imgOrot and Panag were detained in thelockup cell of the Cadiz City police station, facing charges./PN Eric Dimson of Barangay Caduhaan,Cadiz City died of hack wounds on the head and body, a police reportshowed.  BACOLOD City – A drunken man washacked to death in Barangay Tinampaan, Cadiz City, Negros Occidental. According to police investigation,Dimson, Orot and Panag have a heated argument around 11 p.m. on Saturday. Police identified the suspects as24-year-old Mico Orot and 25-year-old Jerrymil Panag. Dimson was brought to the Cadiz CityEmergency Clinic where he was declared “dead on arrival.”     This prompted Orot and Panag to hackDimson using a bolo, police said.last_img

‘Pusher’ falls in buy-bust

first_imgHong – resident of Barangay Handumanan – was caught after he sold asachet of suspected shabu to an undercover cop for P300 around 8:25 p.m. onMarch 21, it added. The 47-year-old Oliver Hong was nabbed in a drug buy-bust operation inBarangay 13, a police report showed. BACOLOD City – He allegedly sold illegal drugs. When frisked, Hong yielded five more sachets of suspected illegaldrugs.center_img The suspect was detained in the lockup cell of Police Station 3. Charges for violation of Republic Act 9165, or the ComprehensiveDangerous Drugs Act of 2002 will be filed against Hong./PNlast_img

Schooler gets 67.5 years in killing of Batesville 3-year-old

first_imgVersailles, Ind. — Twenty-one months following the brutal murder of 3-year-old Bradyn Chadwell Jennifer Schooler, 35, has been sentenced to 65 years for murder and 2.5 years for neglect of a dependent by Ripley County Circuit Court judge Ryan King. Ripley County Prosecutor Ric Hertel says Schooler will be required to serve at least 75 percent of her sentence, but that could be reduced by earning a GED or college credit while behind bars.Hertel said Schooler didn’t show any remorse during the investigation or the trial process but did express some remorse in a statement read to court prior to sentencing.Bradyn’s father, Thomas Chadwell was in the courtroom today and faces felony neglect of a dependent for his role in not seeking medical help for the 3-year-old boy and his 10-year old sister. The 10-year old is in the custody of a family in northern Indiana and is expected to be adopted very soon.Judge King weighed eight aggravating factors and one mitigating factor in reaching the sentence. The single mitigating factor was Schooler’s lack of criminal history leading up to the crime.last_img read more

McGinley ‘not underestimating USA’

first_img ” I’m under no illusions whatsoever,” McGinley said at a press conference ahead of the ISPS Handa Wales Open, where team members Thomas Bjorn, Jamie Donaldson, Lee Westwood and Stephen Gallacher will complete their preparations this week. “If we don’t win this Ryder Cup, it won’t be because of complacency, I can assure you that. We are very motivated. We know it’s going to be a very strong American team. We know it’s going to be a very strongly motivated team and a very strongly-led American team, as well. “We are under no illusions how big this task is. It’s not a case of turning up and the Americans are going to roll over. It is going to be very, very difficult to win this Ryder Cup. I think we’ve got a slightly different threat from America than we’ve had in the past, as far as they really feel like they are underdogs and they are up against it.” McGinley also feels question marks over Watson’s wild card selections – with the in-form Chris Kirk and FedEx Cup winner Billy Horschel missing out – can galvanise the American side, adding: ” We’ve seen that in the past, certainly from a European perspective, how not being on form and questions marks being made about the team can really galvanise them. “We will not be underestimating America, I can assure you of that. We will be absolutely ready for this.” McGinley, who has played on three winning teams and been vice-captain on two others, added: “My one worry is that you’re at the very pinnacle of world sport here. You’ve got 12 of the best players from Europe playing 12 of the best from America. This is top level sport and anything can happen.” The 47-year-old Dubliner at least insists he has no concerns over the relationship between McIlroy and Graeme McDowell, who are currently involved, directly and indirectly, in a court case with McIlroy’s former management company. McIlroy’s legal battle with Horizon Sports Management also involves the affairs of McDowell and the judge hearing the case said on Tuesday it involved such sensitive matters that the sides should engage in mediation. European captain Paul McGinley believes his side faces a “different threat” from the United States as they look to defend the Ryder Cup at Gleneagles next week. Press Association “It’s not a concern,” McGinley added. “It has been going for a year and both have had very strong years. Rory’s had arguably his best year ever and Graeme won the French Open. It has not affected their performance and both of them have assured me it’s not going to affect anything in the team room. “I would be very surprised if they don’t play together, although I’m not going to write it in stone.” McGinley said he has a “skeleton plan” in place for his pairings and is happy with the different preparation methods of his team. He was having dinner with Donaldson, Westwood, Gallacher and Bjorn on Wednesday evening, when he will hand over a booklet with information and pictures of what to expect in terms of infrastructure at Gleneagles. He also “endorsed” Victor Dubuisson’s decision to withdraw from the tournament and prepare in France, with the players involved in the latter stages of the FedEx Cup play-offs having a rest. “I’m delighted the guys who played in America are having a week off,” McGinley said. “We did not have that in Medinah and I think we suffered. Graeme McDowell has gone on record saying he felt unprepared physically and mentally.” The course at Celtic Manor has been set up to replicate the challenge posed by Gleneagles, where McGinley said the three rookies on his team – Dubuisson, Donaldson and Gallacher – will definitely play at least one match before the singles. Despite needing a wild card, Westwood will expect to play in most sessions in his ninth Ryder Cup and revealed he has lost 23lb in six weeks with two gym sessions a day. Europe have won seven of the last nine contests and go into the 40th Ryder Cup as odds-on favourites with a side containing four of the world’s top six players, including world number one and Open and US PGA champion Rory McIlroy. However, McGinley is well aware that the ‘Miracle at Medinah’ in 2012 has provided the American side with extra motivation to regain the trophy, along with that supplied by captain Tom Watson, who led the US to their last win on European soil in 1993. last_img read more

Deputies: Girl Stabs Two Teens in Prearranged Fight at Central FL Park

first_imgInvestigators say that some of the people who drove to the park to watch the fight were adults.The 16-year-old has been charged with two counts of aggravated battery with a deadly weapon. Florida authorities have charged a 16-year-old girl with stabbing two other teens during a fight that investigators say was arranged on social media.According to reports, several carloads of people arrived at a Deltona park on Friday night to follow the conflict, which had started earlier in the day at University High School.Volusia County deputies say the girl stabbed a 17-year-old student in the hip and a 15-year-old in the chest. The girl admitted that she attacked the other teens, as the entire incident was captured on video.2 teens stabbed in fight in Deltona— News 6 WKMG (@news6wkmg) October 26, 2019last_img read more

Update on the latest in sports:

first_img Share This StoryFacebookTwitteremailPrintLinkedinRedditVIRUS OUTBREAK-ART HOWE RELEASEDArt Howe out of hospitalHOUSTON (AP) — Former major league manager and infielder Art Howe was released from a Houston hospital Sunday after a stay in intensive care because of the coronavirus. May 18, 2020 Associated Press The players’ lawyers say they have witnesses who will clear them.,Tampa Bay Lightning advance to face Dallas Stars in Stanley Cup finals, beating New York Islanders 2-1 in OT in Game 6 The 73-year-old Howe will be isolated at home for another week or two.He confirmed Thursday night that he has been dealing with the illness since first feeling symptoms of COVID-19 on May 3. He went to the hospital by ambulance Tuesday.How is best known as the manager of the “Moneyball” Oakland Athletics playoff teams in the late 1990s and early 2000s.In other coronavirus-related sports news:—The Spanish league has taken another step toward restarting the soccer season by allowing teams to resume group training. Practice sessions have been closer to routine as players are now allowed to work in groups for the first time since the league was suspended in mid-March because of the coronavirus pandemic. Keep-aways, exchanges of passes and player interaction are back at the training camps as the league has allowed up to 10 players to practice together.center_img — A soccer player in Germany for third-division club Chemnitz has tested positive for the coronavirus. Chemnitz did not name the player but the club says he is “completely symptom-free.” That player and two other players who had contact with him will spend 14 days in isolation.— Soccer players in Italy will have to wait at least another 24 hours before restarting full team training. Italian clubs resumed training on an individual basis on May 4 when lockdown measures in the country started to ease. They were slated to return to training together today, but they have not yet been given the green light to do so by the Italian government’s scientific panel.— English Premier League clubs will try today to agree on protocols to allow a return to training during the coronavirus pandemic. Teams have already started checking players and coaches for the coronavirus, with a total of 1,600 weekly tests anticipated across the 20 clubs in England’s top division. With Britain suffering a worse coronavirus outbreak than Germany, the sports shutdown is yet to end and players would have to remain socially distant for now in training.— Celtic is celebrating a ninth straight Scottish title after the country’s top soccer league was cut short because there was no immediate prospect of play restarting amid the coronavirus pandemic. Scotland has joined France, the Netherlands and Belgium in calling off the season early. Soccer at all levels has been suspended in Scotland until June 10 at the earliest. There has been no play in the Scottish league since March 13.NFL-COURTS Update on the latest in sports: Baker, Dunbar released on bondFORT LAUDERDALE, Fla. (AP) — NFL cornerbacks DeAndre Baker and Quinton Dunbar have been released from Broward County Jail, after surrendering Saturday on felony charges stemming from a cookout at a Miramar, Florida home.Baker posted a $200,000 bond after a Zoom hearing with Broward Circuit Judge Michael Davis. The New York Giants defender is charged with four counts of armed robbery with a firearm and four counts of aggravated assault with a firearm.Dunbar is charged with four felony counts of armed robbery. The Seattle Seahawks player posted a $100,000 bond.Baker and Dunbar were attending the cookout Wednesday night when a fight broke out, and authorities say Baker pulled out a handgun. Witnesses told investigators that Baker, Dunbar and two other men began robbing people of thousands of dollars, watches and other valuables.last_img read more