Germany’s corporate pension funds oppose latest reform proposal

first_imgThe German association of corporate pension funds (VFPK) has rejected a recommendation that the government’s pension reforms be amended to allow direct insurance pension providers to offer guaranteed benefits.Committees advising the Bundesrat – the parliamentary chamber in which Germany’s federal states are represented – said that direct insurance pension providers (Direktversicherungen) should be allowed to offer full or partial guarantees. The government has proposed allowing industries with collective bargaining agreements to run defined contribution pension schemes, without any guaranteed benefits being allowed.The committees argued that a complete ban on guarantees was not necessary for this type of pension provision and that it would limit the collective bargaining partners’ or companies’ room for manoeuvre.However, the VFPK rejected this suggestion, saying it would disadvantage both Pensionfonds and Pensionskassen by cutting the link between guarantees and employer liability.  The recommendation is one of several that were made by committees advising the Bundesrat, which will debate the government’s second pillar pension reform proposal – the Betriebsrentenstärkungsgesetz (BRSG) – on Friday, 10 February.VFPK said the Bundesrat committees’ recommendation would mean that life insurers and open market pension funds (typically run by life insurers) would be the only providers entitled to offer pensions with guarantees, which would mean occupational pension provision would “once again be left to agents and brokers”.This, said the association, would be a “fatal” development to the detriment of savers.The Bundesrat committees also argued that prohibiting direct insurance pension providers from offering guarantees would hinder the provision of disability and widower benefits. The VFPK rejected this argument.The insurance industry’s representative association, the GDV, lobbied against a blanket ban on guarantees in the new pension plans. The government ignored the GDV’s wish, however. Several other stakeholders also felt their views had been dismissed.Auto-enrolment and discount ratesThe committees also made other recommendations that go against some key elements of the government proposals, such as allowing companies that are not part of collective bargaining agreements to offer opting-out pension models. The government’s reform package currently only allows auto-enrolment for companies involved in collective bargaining agreements. Aba, the German pension fund association, has also argued for companies outside of these agreements to be allowed to offer opting-out models.  The Bundesrat committees also recommended that the full chamber push for a lowering of the discount rate used to calculate pension liabilities for tax purposes (steuerlicher Rechnungszins). In contrast to the rate companies use under the statutory accounting framework, this has remained unchanged for decades, at 6%, and is seen as disadvantaging companies running book reserve pension schemes (Direktzusage).Recently there have been claims that the disparity between the two rates is unconstitutional. However, Thomas Hagemann, chief actuary at Mercer in Germany, told IPE that the government would probably indicate that it intends to look into the issue, but it is unlikely to modify its reform proposal for fear of introducing risks to the law being passed.“Lowering the discount rate for tax accounting would affect federal and state finances and is therefore controversial,” he told IPE.A spokeswoman for the Bundesrat told IPE it is likely to adopt all or some of the committees’ recommendations.The government would then have the option of formulating a response to the Bundesrat position. The Bundestag, the larger parliamentary chamber, would then consider both documents along with the government’s reform proposal.The government – a grand coalition between the Christian Democrats (CDU) and the Social Democrats (SPD) – does not have a safe majority in the Bundesrat, but holds a large majority in the Bundestag.The Bundesrat is due to consider the committees’ recommendations on Friday. The first reading of the pensions reform proposal in the Bundestag is due to take place in the second week of March.last_img read more

Familiar endings await Trojans

first_imgFor all that was supposed to change for USC this season, this month could be shaping up to be the perfect November Trojan fans are used to.Under Pete Carroll, USC used to own the 11th month of the year. The Trojans were 29-1 in November under Carroll (winning 28 in a row), before Stanford broke the streak in embarrassing fashion last year.The November mystique that seemed to follow USC meant one thing: The Trojans got used to finishing. They got stronger as the season went on, which built momentum for an upcoming bowl game.It’s well known that there will be no bowling for the 7-3 Trojans this year. But other than that, if all goes according to plan these next three weeks, USC could be looking at another 10-win season propelled by a perfect November and a strong finish.The Trojans got the toughest test out of the way last weekend, jumping out to an early lead and holding on for a tough road win against then-No. 18 Arizona. The win made the Trojans suddenly relevant again in the national landscape, earning them a No. 20 ranking in the AP poll.Now, the Trojans prepare for three games in which they should be heavy favorites.First up are the quickly unraveling Beavers. It’s not just that Oregon State has dropped two games in a row, but rather who it lost them to: a 17-14 defeat at the hands of UCLA at the Rose Bowl, then the unfathomable 31-14 home loss to Washington State.(That is not a misprint. And yes, this is the same Cougar team whose only other win this season was a narrow 23-22 victory over Montana State).With the Beavers in total turmoil, even the Trojans should be able to overcome their horrible track record in the state of Oregon. The Trojans swear the Beavers don’t poison the water up there, but I have my doubts; the fact remains that the Trojans have not won in the state since 2005.Against the Beavers, the Trojans have come away dejected in their last two trips to Corvallis, Ore., including a shocking loss in 2008 when they were ranked No. 1.But those Oregon losses usually came when the Trojans were looking past seemingly weaker opponents. What makes these Trojans different is USC coach Lane Kiffin, who doesn’t allow his team to look past anyone.Plus, in this sanctioned season, the Trojans don’t have anything to look to. Everything is about the present.After the Trojans get past the Beavers, they get their two rivalry games in succession: Notre Dame followed by UCLA.Point spreads aren’t supposed to matter in rivalry games, so the fact that Notre Dame is 5-5 and UCLA is 4-5 has little bearing. But don’t you think that with their season knowingly stunted by NCAA penalties, the Trojans will play with a little more fire in what amounts to their championship games?Notre Dame has to visit the Coliseum for USC’s last home game.That means it will be Senior Day. A whole slew of Trojan seniors (and a lot of juniors) will be playing at the Coliseum for the last time before trying to make it at the next level. Even though the Fighting Irish just upset No. 15 Utah, I can’t see the Trojans losing this game on a day that carries so much emotional weight.Then there is only room left for the finale, and how fitting that it comes against UCLA on Dec. 4. There will be the usual Los Angeles bragging rights at stake but also some real ones for the Bruins, who might be fighting for bowl eligibility if they manage to win one of their two games before USC.It will be USC’s last game of the year and the final stark reminder that there is no postseason. The current USC players have had to pay for past transgressions. Here’s guessing that they’ll take that frustration out on the Bruins.When the curtains do finally close on this season, we could be looking at a 10-win Trojan team, one that went undefeated in November and one that could easily have been two wins richer if not for a few late-game stumbles.For all that has changed in a year around USC, these Trojans should deliver the kind of ending we’re used to.“Middle Ground” runs Tuesdays. To comment on this article, visit dailytrojan.com or e-mail Josh at [email protected]last_img read more

Got to ski, but have no snow? Just “roll” with the punches

first_imgJust as stunt-based shows often start out their broadcasts with warnings not to try this at home, I feel it’s my due diligence to open this article by saying don’t do this at home and that my experience, pushing the limits on day one are not typical. Although I came back from my first roller skiing adventure, courtesy of Rossland’s Kootenay Nordic Sports, slightly thrashed and road rashed, my hopes for good times were not dashed. I’m an addict, I admit it. In the same week that a BC Day long weekend drive up to a Nelson area lodge yielded a summer ski run through a high altitude gully, an online posting about roller skiing caught my eye. I called up Dave Gibson from Kootenay Nordic Sports, and he graciously offered me use of a set of roller skis along with the instructional services of his daughter Sierra, an up and coming Nordic ski champ with her eyes on the prize for 2018.  We pulled onto Hannah Creek Road (just before the Teck fertilizer plan if you’re coming from Webster Elementary). This rarely-travelled route offers up smooth pavement along rolling, windy hills: a perfect location for roller skiers and long boarders alike.  The gear is familiar: regular, skating cross country ski boots, poles (preferably with rubber nubs on the ends), mountain bike gloves and a bike helmet. The skis, however, are something new. They consist of a skate ski binding mounted on a narrow platform between two wheels, longer and with larger wheels than roller blades. Clipping in for my first roll, I went through the progressions.  The first major difference is simply balance. Staying atop narrow inline wheels requires an added bit of thought.  Starting out pole-less, we slowly skated along the flats, maintaining the small V stance and simulating pole motions to nail the timing of the various styles. Several passes in, we added poles to the mix and went through single stride, double stride and offset poling. To this point, it is all very similar to cross country and along the flats felt quite natural.  Tackling the first small decline, poles tucked up under my arms, I began playing around with the skis a bit, working on balance, seeing how they react.  Typically, getting through all of these steps would be one heck of a first lesson. Going back to old school journalism, though, you’ve got to really live something before you can write honestly about it, no?  In passing Dave mentioned in a science-camp-beautiful dopplar shifting way that there was a washout on the far side of the next hill. Not super keen to coming in high speed through a wash of gravel we turned around and pointed our wheels back down the slope.  There were suggestions from the group that it would be entirely respectable to walk down the hill or at least part of it. I would later find out many people, even after skating for years, still walk down. But I came out to roll and roll I would.  The slope began mellowly enough. Watching Sierra skate down the start of the decline before tucking out of sight through the S bend, it looked like a lot of fun as well.  I had my strategy figured. I’d take it easy down the first part of the steep slope, line up for the turn and then open it up and let it roll. In theory, it was a great strategy. In execution it was more of a straight roll from the summit, picking up speed, passing beyond the threshold of being able to stop an then playing the mental game of not panicking, holding it together, knees bent. Just ride it out, nice and smooth.  My left leg got a bit squirrelly, then the right. Recovery, keep it together. There goes leftie again, over-correct, there goes righty, and before I knew it I was on the pavement in the hollow, just before the S bend.  The moral of the story? Pavement is harder than snow, but roller skiing is no harder than cross country skiing and a super fun way to stay in shape over the summer. Pavement is faster than snow, no doubt about it, and the balancing involved is more akin to ice skating than skiing. The hills are good fun and the speed addictive. My only piece of advice, however, is this: save the hills for at least lesson two.  Kootenay Nordic Sports is currently working on reassembling a regular weekly group of roller skiers. If you’re an experienced roller skier already, stop by the shop Wednesday evenings at 5:30. If you’re a first timer, call the shop ahead, they’ve got spare skis and can offer lessons.last_img read more

SANTA ANITA SELECTS TWO INTERNATIONAL CALLERS TO AUDITION FOR THE VOICE OF THE GREAT RACE PLACE

first_img“It was very difficult to select these two to audition from the many contenders,” Morris continued, “but both Craig and David bring something unique to their craft, in addition to being well regarded and highly recommended. We are looking forward to welcoming them to the Santa Anita Announcer Booth as we finalize this process.” Both will call two full days each and will contend with Michael Wrona and Frank Mirahmadi who have been calling at Santa Anita on a rotational schedule with Golden Gate Fields since the Santa Anita meeting opened on Dec. 26. # # # David Fitzgerald, 31, a Racing UK presenter and commentator since 2010, including the 2014 and 2015 Royal Ascot meetings, will call at Santa Anita over the weekend of Feb. 27 and Feb. 28. “Michael and Frank have both done an excellent job,” said Joe Morris, SVP of West Coast Operations for The Stronach Group. “Even though the feedback for both has been very positive, we owe it to our fans to make sure we have explored every option. The quality of announcer submissions was overwhelming and included many well-known and well-respected announcers currently working at other tracks. We also have heard a few young stars in the making. Craig Evans, 48, the Senior Race Broadcaster for the Singapore Turf Club since 2010, will call at Santa Anita over the weekend of Feb. 20 and Feb. 21. Arcadia, Calif. (Feb. 11, 2016) – After a world-wide search resulted in nearly three dozen applications from nearly every continent, the management of Santa Anita Park has invited two international race callers to join the audition process later this month to become the permanent track announcer at The Great Race Place.last_img read more

Mixed Reactions on Return of ‘Hurricane Broh

first_imgThe return of Madam Mary Broh to clean up Montserrado County as head of the Presidential Cleanup Taskforce has sparked mixed reactions.The former acting mayor of Monrovia resigned in the wake of numerous controversies surrounding her duties at the Monrovia City Corporation and her encounter with the National Legislature. Following her appointment as head of the cleanup taskforce, Madam Broh said she and her team will move in various communities “like a hurricane, sweeping and cleaning up all and everything that looks like debris.” She dubbed herself “Hurricane Mary Broh.”Over the weekend, our reporter witnessed the arrest of three persons who were badly handled on orders of Madam Broh for unruly behavior against her, as well as the breaking down of filthy, unauthorized warehouses and market stalls in Central Monrovia.Madam Broh also claimed that the building housing the Ministry of Gender is dirty.Mohammed Bah of the Mohammed A. Sall Foreign Exchange Bureau, located on Gurley Street, said the destruction of their warehouse was improper and Madam Broh should have warned them instead of tearing it down.He stated that the “manhandling” of one of their customers for speaking up against Broh for breaking down their store was wrong.Martha Diggs, a street peddler said, though Monrovia needs someone like Mary Broh to clean up the city, her approach in destroying things and ordering assaults on persons should not be tolerated.Another street peddler, Saah Tamba argued: “I think it is a positive decision by our President to bring Madam Broh back in the system and we really want to see some transformation, but she must act respectfully.”Other onlookers who our reporter spoke to mostly welcomed the return of hard worker Broh, popularly known as General Broh for the initiative, but said they were afraid of her attitude towards people.They argued that Madam Broh should control her emotion as she goes about dealing with Liberian citizens, while “destroying” their properties.Meanwhile, an employee of the Gender Ministry who begged for anonymity said the “threats and insults of Madam Broh against the Gender Ministry is unwelcome” and as a government institution and a friend to Gender Minister Julia Duncan Cassell she should have civilly expressed her dissatisfaction with the Ministry ‘s appearance.“To be frank, Mary Broh was missed by everyone in the county because when Monrovia was clean all of us felt good. So Mary Broh was actually missed and if she’s coming back it’s going to be a good one. People will admire the government for that especially the president, but she must act like a professional worker along with her colleagues. The government is one so must be the people who work for it,” the employee said.Known as Mary Break It by many residents of Monrovia, Madam Broh, upon getting the appointment from the President, began operation in Fiamah, where she ordered makeshift structures near the street broken down.She extended her charge to Old Road, where people selling near the road were forced out and structures broken down for being near the road.In Central Monrovia on October 30, 2015, residents of McDonald and Benson Streets were seen moving helter-skelter upon hearing that Madam Broh was somewhere along the Camp Johnson Road heading to their end.Having made the surroundings filthy with empty water plastics and other trash, the residents were seen sweeping the streets, while food sellers were packing their wares in order to avoid arrest or being fined.Although they were doing it in a rush and out of fear, residents spoken to in the wake of the event said they were pleased with Mary Broh’s approach to cleaning Monrovia.“For me, I like the way she is doing it. If you don’t hold the Liberian man with a hard hand, he won’t do anything. See how the appointment of the woman in recent days has made Monrovia clean again? I like her for her hard work,” a woman said.“Go see Fiamah, how she’s broke down all the makeshift structures that were along the road. The whole area is clean, and people don’t have difficulty walking on the side of the road again,” a man eating at a restaurant said.“The only thing I want her to do now is to get to my community, so the landlord I rent from can build a septic tank, as throwing feces in the bush has made the entire place nasty,” another woman said.“The President did well to bring Mary Broh back. The only thing I want her to do now is to get those street sellers who sit right near the road with their goods out of the way. People cannot find their way to pass, and the sellers will be cussing people whereby they sit right on the places we are supposed to pass,” another woman complained.It may be recalled that when Mary Broh was acting City Mayor, she restricted street vendors from occupying Front Street and areas extending to Waterside, leaving Ashmun, Broad and the rest of the streets free of marketing activities.“Our so-called lawmakers are the ones who caused the woman to be sent to GSA. Just go and see GSA how it looks. It is clean and everybody there enjoys working with her. It is the same she did while at the Passport Division at Foreign Affairs. Everything there is straight and it takes you less time to get your passport. The government needs to give three agencies to this woman because she is competent,” a man passing by contributed to the talk.“Monrovia, while Mary Broh was a Mayor could not see dirt. Even if you buy banana or peanut you will wrap the peelings in paper and carry it with you. But see how dirty Monrovia looks now,” a food seller said.The Monrovia City Corporation under Clara Doe-Mvogo is working daily to clean the city; however, she unlike Mary Broh, is quiet and seems not to be educating the public on littering and other ordinances that are to be observed.As a result, the custom of throwing dirt in the street has become a way of life even as sanitation workers are seen cleaning the streets.The duration of the taskforce Madam Broh is heading is not known; however, regardless of the time it will exist, residents are hopeful that Monrovia will be clean for the time she will be in charge of City BeautificationShare this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)last_img read more

Darwin in Space without a Helmet

first_img“Space agencies may one day have Charles Darwin to thank for the longevity of their spacecraft,” began an article in New Scientist.  This seems a strange thing to write about a biologist who knew nothing of space travel.  “The life expectancy of a popular type of ion engine has been almost doubled using software that mimics the way natural selection evolves ever fitter designs.”  This seems a strange thing to write about a biologist who knew nothing of software, engines or ions.    Cody Farnell, a space flight engineer at Colorado State University, was inspired by the father of evolutionary theory to design “evolution-mimicking software” called a genetic algorithm (GA), the article explained.  It randomly varied the grid geometry and the voltages applied to it for a new ion-drive spacecraft engine design.  Farnell considered these values as roughly analogous to genes in biology.  “If the performance was promising, the ‘genetic material’ was subjected to further random changes, or mutation, and this process was repeated until no more improvements were forthcoming,’ the article said – survival of the fittest.    Farnell did not say if his engine had to fight with other engines for mates, or whether females of the species had to lay eggs or raise their young.  It’s also not clear whether the engines would be able to fend for themselves in the wild without Farnell’s intelligently guiding hands.Darwin needs the oxygen of intelligent design to breathe, just like other mortals.(Visited 9 times, 1 visits today)FacebookTwitterPinterestSave分享0last_img read more

Yobongo’s Secret Sauce: Ambient Real-Time Communication

first_imgA Web Developer’s New Best Friend is the AI Wai… Top Reasons to Go With Managed WordPress Hosting Tags:#Analysis#Product Reviews#web 8 Best WordPress Hosting Solutions on the Market Why Tech Companies Need Simpler Terms of Servic…center_img Related Posts With the South By Southwest Interactive festival just a couple weeks out, everyone is asking “What will be the big app this year at ‘South By?’” One genre we’ve all been looking at this year is group communication. Apps like Beluga, GroupMe and Fast Society are getting a good bit of pre-conference clamor for their utility when trying to coordinate with multiple people. Another app, called Yobongo, is getting some attention too, but not because it will make communication with folks you know easier, but because it will help you with communicating with folks you don’t know who are nearby. All of it, however, hinges on one key, yet-to-be introduced ingredient – Yobongo’s special sauce of location and “ambient real-time communication.”We first wrote about Yobongo late last month when it launched into private beta and, since then, we’ve gotten to play with it a bit. And now, we’ve got some screenshots and a great little video to share with you that gives a peek inside. After playing with it, we can say that it has a slick design and is great as a group chat app. But who needs another one of those? (For a full review of the usability, take a look at Louis Gray’s take on how Yobongo has made his iPod touch a welcome member of his normally Android-only world.) In terms of competing as a group communication tool, it doesn’t come close to apps like GroupMe or Beluga. It may look nice, but those apps are intended as group communication tools and have features like pictures, separate user-created groups, SMS-inclusion and even GPS location of each member. But Yobongo isn’t meant to compete directly in this realm, right?Yobongo co-founder Caleb Elston says no, Yobongo is something different.“Those products are focused on organizing your close friends around very specific events or topics,” explained Elston. “We are focused on ambient real-time communication with real people you may not even know.”“Ambient real-time communication,” huh? That’s a nifty phrase, but what does that boil down to exactly? It’s this whole “location” business that, we hope, will really set Yobongo apart from these other apps and make it unique, but it’s the only part we have yet to see. It’s the secret sauce that we’re looking forward and, in our opinion, the thing that will make or break Yobongo. Here’s how Elston described it:Our primary concern is connecting people with other authentic people, location is the fulcrum of the discussion, providing context for discussion. When lots of people are using the app, there will be multiple groupings of people, and that is where other signals are used to create an even more engaging experience. The experience will continue to become more and more local as the app scales. Right now much of the discussion is about San Francisco in general, but soon there will be conversations at the particular neighborhoods or even particular events that are happening right now.How will the app work at SXSW when, if everything goes to their plan, hundreds if not thousands of people are using it in a one square-mile radius? That has yet to be seen. For now, it’s a great little group chat app. We’re hoping that dab of special sauce takes it to the next level.In the meantime, take a look at the interface and a quick promo video and see Yobongo’s vision of “ambient real-time communication.” We can’t wait to really try it out. For now, the app is in private beta, but Elston says it should be available to the public by early March…just in time for spring break for geeks, err, I mean, SXSW. mike melansonlast_img read more

TNT still had good showing despite semis exit, says Castro

first_imgRead Next “We were 4-3 and in danger of falling out of the playoffs, but we had four straight wins and that got us our momentum,” he said.And Castro believes that TNT did pick up valuable lessons after its run this season, noting that if there’s one obvious thing the year did to the franchise, it’s laying the foundation for the team’s future.“I still see this as a good conference because my teammates grew, especially Troy (Rosario), Mo (Tautuaa), and Roger (Pogoy),” he said. “Hopefully, we’ll be able to make it through come the all-Filipino.”ADVERTISEMENT Typhoon Kammuri accelerates, gains strength en route to PH LOOK: Loisa Andalio, Ronnie Alonte unwind in Amanpulo for 3rd anniversary Nonong Araneta re-elected as PFF president Trump talks impeachment while meeting NCAA athletes PLAY LIST 01:07Trump talks impeachment while meeting NCAA athletes00:50Trending Articles00:50Trending Articles01:37Protesters burn down Iran consulate in Najaf01:47Panelo casts doubts on Robredo’s drug war ‘discoveries’01:29Police teams find crossbows, bows in HK university01:35Panelo suggests discounted SEA Games tickets for students02:49Robredo: True leaders perform well despite having ‘uninspiring’ boss02:42PH underwater hockey team aims to make waves in SEA Games Don’t miss out on the latest news and information. Jayson Castro. PBA IMAGESJayson Castro was still satisfied with TNT’s campaign this conference despite failing to win the 2017 PBA Governors’ Cup title.“We still had a good showing despite everything that happened to us,” he said in Filipino on the heels of the KaTropa’s 105-115 ouster at the hands of Ginebra in Game 4 of their semifinals series on Sunday.ADVERTISEMENT Kammuri turning to super typhoon less likely but possible — Pagasa MOST READcenter_img Castro gave it his all and poured in a near triple-double performance of 26 markers, nine assists, and seven boards in the game, but the absence of import Glen Rice Jr. was just too much to handle for TNT.“He was such a big part of our team. Imagine that in our last game, he was virtually the one to carry us, and then in this game, he’s already gone in the first quarter,” he said.FEATURED STORIESSPORTSWATCH: Drones light up sky in final leg of SEA Games torch runSPORTSSEA Games: Philippines picks up 1st win in men’s water poloSPORTSMalditas save PH from shutout“We tried to be there, but of course, came the fourth quarter, we were all gassed out especially on defense. But we still fought and we didn’t quit even though we no longer had an import.”Still, Castro thinks the KaTropa’s spirited run this conference was an overachievement of sorts after dropping to seventh place in the team standings at one point. LATEST STORIES Brace for potentially devastating typhoon approaching PH – NDRRMC Fire hits houses in Mandaluyong City Frontrow holds fun run to raise funds for young cancer patients  Aguilar asks Seigle for his jersey after Ginebra win over TNT BSP sees higher prices in November, but expects stronger peso, low rice costs to put up fight View commentslast_img read more

10 months agoArsenal boss Emery explains hooking Lacazette to booing fans

first_imgAbout the authorPaul VegasShare the loveHave your say Arsenal boss Emery explains hooking Lacazette to booing fansby Paul Vegas10 months agoSend to a friendShare the loveArsenal boss Unai Emery accepted supporters’ jeers for hooking Alexandre Lacazette during victory over Fulham.Lacazette had put Arsenal two goals in front following Granit Xhaka’s opener but was substituted for Aaron Ramsey after Aboubakar Kamara had halved the deficit.The decision was booed by a large number of fans, although Ramsey put the game beyond doubt with the third.”I understand the supporters,” he said.”Tactically we thought in that moment we needed to change for more balance. Above all we know (Jean Michael) Seri is coming on and need a player close to him, not to let him play easily with the ball.”Aaron Ramsey can do that and also help us in attack and scored. The reason is this. I need to do my work. And not maybe because every supporter can have a different opinion, tactically.”But I need to do my work, Lacazette his work and he scored also. He helped us and it was a very positive reaction.” last_img read more

ICTSI Inks Deal to Operate Two Papua New Guinea Ports

first_imgzoom Philippine-based International Container Terminal Services, Inc. (ICTSI) has signed two 25-year agreements to operate the international ports in Motukea and Lae in Papua New Guinea (PNG).ICTSI said that the terminal operating agreements were signed by ICTSI’s PNG subsidiaries, Motukea International Terminal Limited (MITL) and South Pacific International Container Terminal Limited (SPICTL), with the PNG state-owned enterprise, PNG Ports Corporation Limited (PNGPCL).The contract scope covers the operation, management, and development of the two ports.As agreed, MITL shall provide and deploy cranes, berth and yard equipment for the Port of Motukea. Newly developed and situated near Port Moresby, the Port of Motukea is envisioned to service all port and shipping activities previously done at Port Moresby.On the other hand, SPICTL shall provide and deploy cranes, berth and yard equipment at the Port of Lae. The port is the largest container handling facility in PNG.Just last week, ICTSI went on to buy a 34.83% stake in the Manila North Harbour Port Incorporated (MNHPI) for USD 34.5 million.The port operator said the purchase would allow ICTSI to “contribute its experience, expertise and state-of the-art technology and infrastructure” to enhance the operational efficiency of the domestic terminal in the Port of Manila and improve the traffic condition in Metro Manila.last_img read more