Brixton’s estate

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Finland’s earnings-related pension assets dwindle in second quarter

first_imgAsset levels in Finnish earnings-related pension schemes fell by €1.3bn in the second quarter to stand at €182.9bn at the end of June, as share prices fell and pension payouts overtook contributions, according to data from the Finnish Pension Alliance TELA.The amount of assets held in equities and equity-type investments dropped to €87.6bn at the end of June from €90.2bn at the end of March and shrank as a proportion of overall assets to 47.9% from 49%, the analysis showed.Fixed income investments grew over the same time period to €78bn, or 42.7% of overall earnings-related pension assets, from €77bn, or 41.7%.Property investments were unchanged in absolute values overall from three months before at €17.1bn, though they increased slightly as a proportion of all assets to 9.4% from 9.3%. TELA analyst Peter Halonen said: “This development has been affected by the fact pension costs are now higher than pension revenues – i.e. pensions now being paid out are more than the amount workers and employers are paying in as pension contributions.”He said, on top of this, the pension providers are facing a challenging investment environment, with returns diminishing as the year progresses.“In particular, share prices have fallen in the second quarter,” he said.However, the value of pension funds’ assets has been growing steadily, having quadrupled over the past 20 years, despite dips in 2008 and 2011, TELA said.TELA chief economist Reijo Vanne added that, while investment returns will cover part of the financing of pensions in Finland, the level of pension contributions is the more important factor.“The financial stability of the earnings-related pension system requires long-term contributions on the level agreed within the pensions reform, and the preparation for this is already in place,” he said.Under the terms of the Finnish pension reform, contributions within the earnings-related pension system are expected to stabilise at 24.4% from 2017 onwards, Vanne said. “This secures the financing of future pensions.”last_img read more

VER’s year-to-date return speeds up in third quarter on bond gains

first_img“The investments in the emerging markets, in particular, generated healthy returns, both on equities and fixed income portfolios,” Viherkenttä said.Liquid fixed income instruments generated a return of 4.9%, and listed equities produced 4.1% during the third quarter.VER said its average rate of return for the past five years was 7.7%, and 4.6% for the past 10 years.Total assets rose to a market value of €18.5bn at the end of September, up from €17.9bn at the end of December last year.Fixed income instruments accounted for 48.1% of the fund’s overall assets, and equities for 42%. Viherkenttä said the third quarter had been characterised by a strong recovery in equity markets as the uncertainty created by the Brexit vote was quickly replaced by new optimism.“Investors are focusing on issues related to political developments both in the US and Europe – along with ever-present central bank speculations,” he said. Between January and September, VER’s premium income of €1.14bn was outweighed by the €1.34bn that was transferred to the government budget.VER is required to contribute 40% of the state’s total pension spending to the government’s annual budget, with the amounts to be transferred increasing continuously in absolute terms with the growth in pension spending. Finland’s State Pension Fund (Valtion Eläkerahasto or VER) reported a marked acceleration in year-to-date investment returns between July and September, helped by a surprisingly high return on its fixed income investments over the period.Reporting interim financial figures, VER said investments returned 4.4% in the first nine months of the year, with the return in the third quarter alone at 3.5%.Timo Viherkenttä, VER’s chief executive, said: “What in particular exceeded expectations was the 5% return on fixed income instruments as interest rates kept falling and risk premiums decreasing.”He described the pension fund’s overall return as sound and said it had been generated more or less equally by all asset classes.last_img read more

Ireland says no to offshore exploration ban

first_imgIreland’s offshore oil and gas association has welcomed the government decision this week to block a bill that would ban the issuing of further licenses for oil and gas exploration and production.Illustration: COSLInnovator drilling rig is expected drill Barryroe wells in Ireland soon. Image source: LundinHad it been passed into law, the Climate Emergency Bill proposed by People Before Profit TD Bríd Smith would’ve banned future offshore exploration block awards, putting Ireland shoulder to shoulder with Costa Rica, Belize, France, and New Zealand as nations who’ve banned future oil and gas exploration.The move has been welcomed by the Irish Offshore Operators’ Association (IOOA) who said that “the Government of Ireland has taken an important step to ensure energy security, protect the environment, and create jobs, by allowing gas and oil exploration to continue.”The representative organization for the Irish offshore oil and gas industry says the decision not to proceed with the Climate Emergency Bill “has paved the way for finds similar to the Kinsale and Corrib gas fields which currently supply 60% of gas to Irish homes and businesses.”Mandy Johnston, CEO of the Irish Offshore Operators’ Association said: “Government has recognized that using our own natural resources is not only good for energy security but also good for the environment and jobs. The facts speak for themselves: Russian Gas imported to Ireland creates 34-38% more greenhouse gas emissions than using Irish gas, while Liquified Natural Gas (LNG) imported from Qatar creates 22-30% more.”She said there was no realistic scenario under which gas and oil will not be required to contribute a major part of Ireland’s energy supply in the short to medium term.Johnston said: “Brexit, and political instability in the Middle East and Russia, together with the lack of established gas interconnection with mainland Europe, leave us extremely vulnerable to massive major gas and energy disruptions.“Other countries have recognized this challenge. Only a handful have banned offshore exploration. The only European country that has done so is France, and it has a stable nuclear infrastructure powering over 50% of its needs”“Other countries have recognized this challenge. Only a handful have banned offshore exploration. The only European country that has done so is France, and it has a stable nuclear infrastructure powering over 50% of its needs. Conversely, Norway is generally cited as one of the more progressive low carbon economies in the world and is today the largest producer of oil and gas in North West Europe.The Irish Offshore Operators’ Association is fully committed to continuing to work with communities, policymakers and others to identify and implement policies which are based on science, evidence, and facts. We must work together to create progressive policies which can make a meaningful and positive impact, without undermining the prosperity of Ireland for our future generations.”In a recent debate, Fine Gael politician Jom Daly argued the bill would not lead to a reduction Ireland’s emissions and would force the country to import fossil fuels it already uses and would continue to use “at a time when the Kinsale gas fields are due to cease production in the very near future and Corrib production is already in decline.” He also said the measure would reduce the country’s energy security.Bríd Smith, who authored the Climate Emergency Bill, said the latest government action showed “the utter hypocrisy of the Government on climate and renders null and void any other measure in the Climate Action Plan.”“If we can’t stop new exploration for fossil fuels while knowing that 80% of existing reserves need to stay in the ground then we will never limit climate change to 1.5 degrees. Nothing else this government announces on climate can be taking seriously if they continue to support looking for more reserves of fossil fuels,” Bríd Smith said.She said that Solidarity/ People Before Profit would continue to fight the decision. She urged climate activists to attend a protest outside the Dáil next Tuesday at 5.30pm called by the group ‘Not Here Not Anywhere’ on the issue of the Climate Bill and the governments blocking of 53 other bills from the opposition.Offshore Energy Today StaffSpotted a typo? Have something more to add to the story? Maybe a nice photo? Contact our editorial team via email. Also, if you’re interested in showcasing your company, product or technology on Offshore Energy Today please contact us via our advertising form where you can also see our media kit.last_img read more

WHO NOW RUNS PECO OPERATION?

first_imgPECO’sfranchise expired on Jan. 19, 2019 yet. Otherpower distribution utilities in Panay and Negros islands immediately resumedtheir power supplies and distributed to consumers but PECO went to normaloperation after a long 12 hours, according to MORE Power. Only45MW of the power requirement of PECO is connected to the NGCP, it added./PN ILOILOCity – After the then Vice President for Operations and General Manager ofPanay Electric Co. (PECO) resigned in July, a big question cropped up – who is calling the shots as far as theoverall technical operation of the distribution utility isconcerned?   Torecall, it was in the evening of Oct. 29 when Iloilo city suffered at leastfive hours of power interruption due to line faults in Panay Energy Development Corp. (PEDC) and National Grid Corp. of the Philippines (NGCP); butNGCP said they restored power and were back to normal after 30minutes.   1)Master Electrician – who can handle / supervise electrical systems of up to 600Volts only AfterEngineer Randy Pastolero left the company as Vice President for Operations andGeneral Manager, there were questions whether technical operations wereentrusted to a Master Electrician. 3)Professional Electrical Engineer – who can handle all electrical power systems,protections and coordinations, regardless of voltage “Thereis no need to taint the image of franchise-less PECO because the Ilonggoconsumers know their state and are already fed up. From the balut vendor in Iloilo City to thePresident of the country, everybody knows how bad their services are,” MOREPower stated in a statement.  Itadded: “We know how complicated the operation of an electricity utility that iswhy this must be run by a competent and licensed Electrical Engineer.” 2)Registered Electrical Engineer – who can handle / supervise up to 69,000 Volts MOREElectric and Power Corp. (MORE Power), which secured a 25-year franchise todistribute power here, asked the question in reaction to the accusation ofPECO’s head of Public Engagement and Government Affairs Marcelo Cacho that theformer was using the twin blackouts last week for black propaganda.   MOREPower, in response, said Cacho did not answer the issue raised: that PECOcommitted grave disservice to consumers because of its failure to manage thepower outage. OnOct. 30, the city was again plunged into darkness that lasted for almost 12hours due to a fault in the NGCP Negros-Panay submarine cable but restored tonormal after two hours.   UnderRepublic Act 7920 or the Electrical Engineering law, the Electrical Engineeringprofession has three grades:last_img read more

Monday Local Sports Results

first_imgBoys SoccerOn Country 103.9 WRBI, The East Central Trojans defeated The Batesville Bulldogs 2-0.The JV tied at 1-1.Batesville vs. EC Soccer (9-30)Submitted by Batesville Coach Chris Fox.Girls SoccerEast Central won against Batesville in Varsity & JV action.East Central at Batesville (9-30)Submitted by Var Vee.Middle School SoccerShawe Memorial won against Jac-Cen-Del 5-2.Submitted by JCD Coach Larry Hammond.TennisShelbyville Varsity beat Batesville 4-1.Batesville JV won 7-2.Batesville vs. Shelbyville (9-30)Submitted by Batesville Coach Mike McKinney.VolleyballSouth Decatur won against Jac-Cen-Del 25-19, 25-16, 25-21.Jac-Cen-Del at South Decatur (9-30)Submitted by Var vee.Middle School Southeast Indiana TourneyGreendale 7th Grade Team won against Batesville 25-8, 25-14.Greendale 8th Grade Team won 25-23, 19-25, 15-10.Submitted by Batesville Coach Shelly Prickel.St. Louis victorious over South Dearborn 25-16, 24-25, 15-14.St. Louis 8th also won 21-25, 25-22, 15-4.The Cardinals will battle Jac-Cen-Del at Milan Tuesday Night.Submitted by STL Coach Randy Obermeyer.SwimmingSunman-Dearborn Middle School Girls winners over South Dearborn 135-35.The Aqua Trojans Boys also won 127-44.Sunman-Dearborn vs. SD MS Swimming (9-30)Submitted by Sunman-Dearborn Coach Brandon Loveless.FootballBatesville JV defeated Lawrenceburg 52-28.Submitted by Batesville Coach Terry Nobbe.last_img read more

Ricky van Wolfswinkel joins Real Betis on season-long loan

first_imgRicky van Wolfswinkel has joined Real Betis on a season-long loan following Norwich’s capture of Dieumerci Mbokani. The Dutch striker arrived at Carrow Road for £8.5million in July 2013 but managed to score only one Barclays Premier League goal and, following the Canaries’ relegation, was sent to St Etienne for the 2014-15 campaign. Van Wolfswinkel, now 26, scored the winner in Norwich’s recent Capital One Cup victory over Rotherham, his only appearance this season, and he has now been allowed to move to promoted Betis as they look to secure a future in the Primera Division. Press Associationcenter_img A statement published on Norwich’s official website confirmed the deal which leaves Dynamo Kiev loanee Mbokani, recruited on Monday night, Cameron Jerome and the want-away Lewis Grabban as the Canaries’ senior strike options. last_img read more

Russia’s sports officials cry foul as WADA eyes four-year Olympic ban

first_imgBy Gabrielle Tétrault-FarberMOSCOW, Russia (Reuters) – Russian sports officials yesterday spoke out against a World Anti-Doping Agency (WADA) committee’s recommendations that the country be banned from the Olympics for four years, saying this was overly harsh and would hurt sport there.The recommendations, published on Monday, mean Russia could miss out on the next two Olympic Games and world championships in a wide range of sports.WADA’s independent Compliance Review Committee recommended the ban after Moscow provided WADA with laboratory data that was found to have been doctored. “It’s sad. I can only call these recommendations unfair,” Umar Kremlev, head of Russia’s boxing federation, said in a statement.“Russia plays an important role in the development of global sport. How can such a country be banned?” The committee’s recommendations will be put to the agency’s executive committee in Paris on December 9.For Dmitry Svishchev, president of Russia’s curling federation, the country has already sufficiently been punished for its doping scandals.“These recommendations are harsh, baseless punishment for old problems for which Russia has already been punished,” he told Reuters. “Russia has made great progress in fighting doping. To punish the next generation in such a harsh manner is too much.”Russian Foreign Minister Sergei Lavrov linked the recommendations to what he called broader attempts by Western countries to reprimand Russia. “The more these types of decisions are made, the better it is … for their anti-Russian argument,” Lavrov said.HOSTING EVENTSRussia was banned by the International Olympic Committee (IOC) from last year’s Pyeongchang Winter Games as punishment for alleged state-sponsored doping at the 2014 Sochi Olympics.But some Russian athletes with no history of doping were cleared to compete as neutrals.Under the latest recommendations, some Russians without a history of doping could be cleared to compete in major international events as neutrals, as was the case in Pyeongchang. The IOC said in a statement it welcomed the opportunity for clean Russian athletes to compete, saying WADA did not indicate “any wrongdoing by the sports movement in this regard, in particular the Russian Olympic Committee or its members.”The committee also recommended barring Russia from hosting major sporting events for four years, and moving major events for which Russia has already won hosting rights elsewhere “unless it is legally or practically impossible to do so.”Russia is currently set to host the 2023 men’s world ice hockey championships. St Petersburg is due to host four matches in the 2020 European championships and was selected to host the Champions League final in 2021. These fixtures may not be affected by a new WADA ban as European football’s organising body UEFA is not on its list of signatories.“Given that UEFA is not a WADA signatory and Russian soccer players have not been caught doping, I am 99.9% certain that nothing will happen with the Euro next year,” parliamentarian Igor Lebedev, a former member of the Russian Football Union’s executive committee, was quoted as saying by the Interfax news agency.Russian President Vladimir Putin is set to meet UEFA President Aleksander Ceferin in St Petersburg today.last_img read more

UEFA Super Cup Live on GOtv as New Season Kicks off

first_imgPay-television service provider, GOtv, has assured its subscribers exciting football action, as the new European football season kicks off this week.A statement by the company disclosed that subscribers will have access to select games of the Premier League, Spanish La Liga, UEFA Champions League, Emirates FA Cup and UEFA Europa League.The Premier League will kick off on Friday, 11 August, while the Spanish La Liga will start on Friday, 18 August, with the new season promising plenty of excitement following the conclusion of major transfer deals by clubs. Starting from today at the Philip II Arena in Skopje, Macedonia, Jose Mourinho will take his Manchester United team to battle former side, Real Madrid, in the UEFA Super Cup. The match will be broadcast live on Select 2 at 7:30pm.Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegramlast_img read more

Freshmen Waiters, Fair carry SU offense in 1st half; Joseph healthy after last-minute scare

first_img Comments ATLANTIC CITY, N.J. –– Both during and after Syracuse’s Legends Classic Championship win, C.J. Fair heard the negative words from the coaches. The first remarks had a hint of bad intention from Georgia Tech. And after the game was already over, the remarks came from the Orange head coach. Nevertheless, Fair had his share of detractors Saturday. And it started with the taunting from the Yellow Jacket bench. ‘The (Georgia Tech) coaches kept yelling, ‘He’s a driver! He’s a driver!” Fair said. But thanks to his 10-point performance, along with fellow freshman Dion Waiters’ 13-point outing, the SU freshmen shut up the naysayers, at least for one day. Waiters played with a veteran-like attitude, looking for his shot in the first half. He started the game 4-of-4 and carried the SU offense when the team trailed early thanks to his deep shooting. Fair put together a solid offensive game capped by a corner 3 — in front of the Yellow Jackets’ bench— to give SU its first lead of the day in the first half’s final seconds. After making the 3, he kept his follow-through sky-high as he jogged mere feet past the same Georgia Tech coaches who doubted his jumper all day. The same ones who barked to the Yellow Jacket players to back off Fair and let him shoot.AdvertisementThis is placeholder text ‘That was a good relief for me,’ he said. ‘It stretched the defense out.’ After four games where SU head coach Jim Boeheim has downplayed Waiters’ and Fair’s effect on the team early in the season, the coach was pleased on Saturday. In his press conference following SU’s win over Canisius on Nov. 14, Boeheim called out the pair for not providing SU with enough depth. In Atlantic City, it was a different story. ‘I thought Dion was huge,’ Boeheim said. ‘In the first half, both he and C.J., they were both solid, getting some experience. I thought both guys played really well.’ Finally, Boeheim felt both played well together. But even if Waiters proved to be both the scoring and emotional leader in the first half — he constantly gestured to the SU crowd — and Fair played errorless basketball, the head coach still didn’t mind half-kidding about that huge 3 from Fair. It wasn’t taunting like the other coaches, but Boeheim still wasn’t pleased with what could have been a fail. ‘(Fair) took it too soon,’ Boeheim said. ‘We went too soon which could have been a disaster. Yeah, he never makes that shot in practice. ‘He saved it for the game.’ Joseph uninjured after freakish play in final minute As Kris Joseph lay on the Boardwalk Hall court for what seemed an endless moment, the Syracuse fans who were ready to celebrate SU’s Legends Classic win, Atlantic City-style, feared the worst. 47.5 seconds remaining and SU nursing a comfortable 77-69 lead, Joseph crashed hard to the floor against the stanchion of Syracuse’s basket as he attempted a lay-up on what was supposed to be a harmless fastbreak. While he hit the floor, Joseph said a Georgia Tech player kneed him in the ribs. But after Boeheim and SU trainer Brad Pike tended to him, Joseph walked off the floor without a limp. Minutes later, he reentered the game, seemingly at full health. Boeheim downplayed the incident after the game. ‘I think he is alright,’ he said. ‘I think he got hit in the stomach.’ In the SU locker room, Joseph reaffirmed his coach’s take while adding that he felt there was no intended harm in the intentional foul. ‘They called the intentional, but he didn’t mean to,’ Joseph said. ‘I don’t think anyone would mean to knee anyone in the rib cage.’ And then, Joseph kiddingly retracted from slight exaggeration. ‘I was winded a little bit… Not a little bit,’ Joseph said, to laughs. ‘I was actually winded. But that was it. I am cool now. I will have to put some ice on my ribs, and that’s it.’ This and that Syracuse shot 38 free throws to Georgia Tech’s 12. The Orange made 26, including a 75 percent mark in the second half… SU starting center Fab Melo was scoreless for the third consecutive game… The Yellow Jackets out-rebounded the Orange 31-30… Georgia Tech led for the first 19-plus minutes of the game, as there was one lead change in the first half and no ties… Georgia Tech shooting guard Glen Rice Jr. is the son of the former NBA All-Star of the same name. Rice Jr. scored seven points Saturday. aolivero@syr.edu Facebook Twitter Google+center_img Published on November 27, 2010 at 12:00 pmlast_img read more