first_imgThe new IORP II Directive will increase costs in the second pillar in Germany despite not containing further capital requirements, according to Mark Walddörfer, board member at the Düsseldorf-based pensions consultancy Longial.Under the revised directive for pension funds in Europe, heads of retirement provision in companies will no longer be allowed –apart from a few exceptions – to run the company’s pension fund.“But in Germany, this is a common arrangement that ensures cost efficiency,” Walddörfer said, adding that it would be “important” for Germany to keep these arrangements intact.Further, he warned that the increased requirements respecting information for members and data for supervisors would increase costs in the second pillar and were “not necessarily adding value”. He quoted a survey by the German federation of company pension funds, the VFPK, which estimates an increase in administration costs of one-third.His major criticism regarding the IORP II is, however, the definition of pension funds as ‘financial service providers’.“In fact, they are social institutions created by employers not comparable to life insurers despite being regulated within a similar legal framework out of practical reasons,” Walddörfer said.While this was only a question of wording at the moment, the actuary warned that it might lead to problems in 2018 at the planned revision of the IORP II.“The danger is that capital requirements similar to those in Solvency II will then be included into the directive based on this definition – therefore we should try and change it now,” he said.Walddörfer said he was convinced that a copy of Solvency II-like capital requirements for IORP would “kill them immediately”.He also sees a danger of Solvency II being “introduced via the back door” with articles 29 and 30 on risk evaluation.“In the worst case, pension funds will have to assess risks with marked-to-market parameters,” he said.The Longial board member thinks German supervisor BaFin may introduce new risk parameters on top of those existing for IORP, and that EIOPA might want a say in those assessments.“And the most important question remains, why investors with a long-term investment horizon should use any short-term marked-to-market criteria for assessing their funding status?” Walddörfer said.He advised pension funds to “wait before implementing any of the IORP II requirements”, as changes were still possible.All in all, he thinks IORP II requirements will “weaken” German pension funds and asked whether this was “going in the right direction”.However, he pointed out that Pensionskassen were basically “on their way out” anyway, as few new pension schemes have been set up under this legal framework in recent years.“A Pensionsfonds is much more flexible, both in investments as well as managing liabilities, as it can be underfunded for a limited time and apply a higher discount rate,” he said. ”Therefore, this segment will continue to grow.”last_img read more


first_img 12 Views   no discussions Sharing is caring! Share Guyana’s Kaieteur FallsWhile several Canadian firms are already working in Guyana’s oil, gas and mining sectors, the country could get more assistance from Canada.Two Canadian institutions, the College of the North Atlantic and the Marine Institute of Memorial University have offered their expertise to Guyana’s oil and gas industry.Officials from both tertiary institutions met with Guyanese President Donald Ramotar Tuesday, invited by Canadian High Commissioner David Devine.Oficials at the meetingThe two schools are based in the province of Newfoundland and Labrador, which has seen significant growth in the oil and gas industry in the last few decades.Ann Marie Vaughan, president of the College of the North Atlantic, said she believed Guyana had the potential for oil and gas development, despite a discovery not having yet been made.“We really do wish all the benefits to be for the Guyanese people, and it’s similar to what we want for [the people] in Newfoundland and Labrador as well,” she said.Another team from Newfoundland will be in Guyana next week, also at the invitation of Devine. That group will engage the private sector on the possibilities of “meaningful interaction” with Newfoundland, including actual visits.Several oil firms are already exploring Guyana’s offshore waters, including REPSOL and ExxonMobil.Carib Journal Sharecenter_img Tweet NewsRegional Guyana’s Natural Resources Sector Gets More Assistance from Canada by: – June 6, 2012 Sharelast_img read more


first_imgJonathan Kodjia is in talks with Qatari side Al Gharafa. Kodjia, 30, impressed in his initial season at Villa Park in the Championship after joining from Bristol City for £15million. Read Also:Hip Replacement: Kadiri Ikhana undergoes first surgery But he has struggled for form and fitness since. FacebookTwitterWhatsAppEmail分享 Loading… The Aston Villa striker is due to head to the Middle East in the next few days to thrash out a deal.Advertisement Promoted ContentBirds Enjoy Living In A Gallery Space Created For Them10 Of The Dirtiest Seas In The WorldWho Is The Most Powerful Woman On Earth?13 kids at weddings who just don’t give a hoot12 Movies That Almost Ended Their Stars’ Careers9 Facts You Should Know Before Getting A Tattoo10 Risky Jobs Some Women DoCouples Who Celebrated Their Union In A Unique, Unforgettable Way7 Ways To Understand Your Girlfriend BetterHere Are The Top 10 Tiniest Mobile Phones On The Planet!Look At Something Beautiful That Wasn’t Made By A Human Being6 Interesting Ways To Make Money With A Dronelast_img read more


first_img* Iloilo – 7,319 family food packsworth P2,634,840 * 4,000 for Capiz (prepositioned inDumarao, Jamindan, Maayon, and Panit-an) Each family food pack contains sixsachets of coffee, six kilos of rice, and assorted canned sardines, worth P360. * 3,819 for Iloilo (prepositioned inCarles, 1,000; Calinog, 1,000; Concepcion, 819) Per province, the following receivedfood packs: * Guimaras – 1,544 food packs worthP55,840 For easy distribution, DSWD Region 6 prepositioned24,200 family food packs in March: * 2,000 for Guimaras. * Negros Occidental – 3,733 food packsworth P1,343,880 The rest were stored at the DSWD-6warehouse in Oton, Iloilo./PNcenter_img * Antique – 3,244 food packs worthP1,167,840 ILOILO City – As of April 22, the Departmentof Social Welfare and Development (DSWD) had distributed 22,040 food packs tofamilies economically displaced by the ongoing enhanced community quarantine inWestern Visayas. The released food packs were worth atotal of P7,934,400, according to Assistant Secretary Rhea Peñaflor. * 2,400 for Negros Occidental(prepositioned in Bago City, 1,000; Talisay City, 1,000; Bacolod City, 200) * Capiz – 4,000 food packs worthP1,440,000 * 2,600 for Antique (prepositioned inBarbaza, Tobias Fornier, Patnongon, and Bugasong) * Aklan – 2,200 food packs worthP792,000  *1,700 for Aklan (prepositionedin Kalibo, Buruanga and Makato towns)last_img read more


Loading… Manchester United are relaxed about the transfer issues surrounding Odion Ighalo’s future at Old Trafford because of one player at the club. Odion Ighalo believes football must come secondary to health amid the coronavirus crisis Manchester United are relaxed about the prospect of losing Odion Ighalo back to his parent club Shanghai Shenhua next week because Marcus Rashford has resumed training again. Ighalo has performed well during his loan at United and has scored four goals in eight appearances in all competitions. The 30-year-old Nigerian international joined on a six-month loan deal in January from Shanghai Shenhua. United boss Ole Gunnar Solskjaer was left shorthanded in attack after Rashford suffered a back injury against Wolves after coming on as a substitute. It was a costly decision for the Norweigan as the 22-year-old has not played since the third round FA Cup clash on January 15. United then paid Shanghai Shenhua a reported £3million to take Ighalo on loan on deadline day. The Red Devils would like to extend his current loan spell until the end of the season, however, Shanghai Shenhua will only allow this if they sign him on a permanent deal, with the Chinese club setting a price of around £20m. United appear unwilling to meet this valuation and according to Sky Sports, the club are relaxed about the situation because Rashford has now resumed training. “As far as Ighalo goes, I think there is a relaxed mood from Manchester United,” Sky Sports reporter James Cooper said outside the club’s Carrington training complex. “The facts of the matter are that his contract comes to end next Friday, May 31. “There is a will from Manchester United to keep the player, I think equally Shanghai Shenhua would like the player back in China playing for them. Promoted Content6 Extreme Facts About Hurricanes5 Of The World’s Most Unique Theme ParksThe Very Last Bitcoin Will Be Mined Around 2140. Read More7 Ways To Understand Your Girlfriend Better6 Incredibly Strange Facts About Hurricanes6 Amazing Shows From The 90s That Need A Reboot Right Now7 Universities Where Getting An Education Costs A Hefty PennyA Hurricane Can Be As Powerful As 10 Atomic BombsWho Is The Most Powerful Woman On Earth?Couples Who Celebrated Their Union In A Unique, Unforgettable Way8 Addictive And Fun Coffee FactsA Guy Turns Gray Walls And Simple Bricks Into Works Of Art “The relaxed attitude that comes from Manchester United, is that Marcus Rashford is now fit and so there is less need for Ighalo. “But I think all things being equal United would like to keep him.” The current suspension of football has not only allowed Rashford time to recover, but also Paul Pogba. The 27-year-old has faced the majority of this campaign on the sidelines as an ankle injury has limited him to just eight appearances in all competitions. United are currently fifth in the league and are three points off fourth-placed Chelsea. They are also facing a FA Cup quarter-finals match against Norwich City and have a 5-0 first-leg lead over LASK in the Round of 16 in the Europa League. However, United are confident both Rashford and Pogba will be fit and ready to play when the season resumes. “The other benefit of course of this long break is that Paul Pogba is fit and ready,” Cooper added. read also:Odion Ighalo opens up on Manchester United future “United went into this break on an 11-game unbeaten run and you’ve got to say they are probably in finer fettle, in terms of personnel, than they were when coronavirus wasn’t amongst us. “So Ighalo up in the air, but with Rashford and Pogba back, Manchester United are enjoying the sunshine.” FacebookTwitterWhatsAppEmail分享 read more


first_img For all the Latest Sports News News, Cricket News News, Download News Nation Android and iOS Mobile Apps. New Delhi: Glenn Maxwell played a vital part during the Twenty20 International series against Sri Lanka but he stunned the cricketing world when he announced that he was taking a break from cricket in order to deal with mental health issues. Now, left-handed batsman Nic Maddinson has followed suit as he announced his decision to pull out of the Australia A clash against Pakistan in order to deal with mental health issues. Cameron Bancroft will replace Maddinson for the three-day match against Pakistan at Perth Stadium from Monday. His withdrawal almost certainly rules him out of the opening Test against Pakistan in Brisbane later this month, with the Australia A game widely seen as a final chance to impress selectors. It opens the door to Travis Head or rising star Will Pucovski, who has also struggled with mental health issues in the past, to stake their case. Many experts hailed Maddinson’s decision to take a break. “Nic has made the right decision and we are all behind him. It is braver to speak up than to suffer in silence and I applaud Nic for having the courage to put his health first,” said Australia A coach Graeme Hick.Alex Kountouris, Cricket Australia’s head of sports science and medicine, said the governing body was committed to better understanding mental health and supporting those needing help. “Mental health is a challenge faced by Australian communities and elite sporting organisations and cricket is no different. Like other professional sports we are working very hard to better understand the challenges faced by our players and staff so we can support them,” Kountouris said. Also Read | Glenn Maxwell Takes Break From Cricket Due To Mental Health IssuesMaddinson has played three Tests for Australia in 2016 and six Twenty20 Internationals from the period of 2013 till 2018. Australia will play two Tests against Pakistan which is part of the ICC World Test Championships. The first Test will be played in Brisbane on November 21 till November 25 followed by the second Test on November 29 in Adelaide. last_img read more


first_imgThe Latest: 49ers to begin season without fans in stadium August 25, 2020 Share This StoryFacebookTwitteremailPrintLinkedinRedditThe Latest on the effects of the coronavirus outbreak on sports around the world:___The San Francisco 49ers will play their season opener without fans in attendance because of the COVID-19 pandemic. The spectators would have their temperatures taken before being admitted. They would be required to wear masks and keep to social distancing rules.The decision comes despite an uptick in in the number of confirmed coronavirus cases in the country. Daily infections have jumped to more than 1,000 since Aug. 4 to reach levels previously recorded in June.___The Minnesota Vikings will play at least their first two home games without fans in attendance.With current Minnesota Department of Health guidelines specifying an indoor venue capacity of 250 people, officials from the Vikings, the state, U.S. Bank Stadium, the NFL and the city of Minneapolis were unable to establish a prudent way to open the gates to the public for now. Students can start requesting tickets issued on a game-by-game basis Sept. 23.___More AP sports: https://apnews.com/apf-sports and https://twitter.com/AP_Sports The team said Tuesday after consulting with local officials that the Sept. 13 game against Arizona at Levi’s Stadium will be played without spectators.The team said it would work with state and county officials to determine whether it will be safe to allow fans to attend games later this season.___The Turkish soccer federation says a limited number of spectators will be allowed into stadiums to watch games as of October as it relaxes coronavirus restrictions.The federation says stadiums around the country would operate at a maximum of 30% capacity. The Vikings will host Green Bay on Sept. 13 and Tennessee on Sept. 27 with the 66,000 seats empty. Over the ensuing five weeks, Minnesota plays at home only once, on Oct. 18 against Atlanta.In a statement, the Vikings said: “We have sought to balance the opportunity to provide fan access with the responsibility to adhere to public health and medical guidance in order to maintain the health and safety of fans, players, staff members and the broader community. Ultimately, public health is our top priority.”NFC North rivals Green Bay and Detroit have announced their first two home games will be played without fans. Chicago also will start the season without spectators but has not specified for how many games.___Tennessee will be selling tickets for approximately 25% of the seats at Neyland Stadium for this season. Associated Press The stadium has a capacity of 102,455, counting everybody in the building, which could mean around 25,000 fansThe Volunteers’ first home game is Oct. 3 against Missouri and university officials say restrictions could change during the season based on statewide virus data and recommendations from public health officials. Tennessee asked fans statewide to wear masks in public.Athletic director Phillip Fulmer says he empathizes with the thousands of fans who won’t get to go to games in Neyland this fall. Fulmer says the circumstances are beyond the control of Tennessee officials and they will do their best to create the safest environment both inside and outside the stadium.Current students and active donors to the Tennessee Fund with season tickets get top priority for tickets and season tickets will be offered based on annual amount given and the order to the Tennessee Fund.The original prices for season tickets will not change with Tennessee set to host five Southeastern Conference opponents for the first time since 1959.last_img read more


first_img(BBC) – F1 bosses will meet this week to discuss a reduction of the budget cap figure to $145m (£117m) in 2021.The new level has been arrived at after a meeting on Monday between F1 chairman Chase Carey, managing director Ross Brawn and FIA president Jean Todt.F1 is also closing in on plans to re-start the season in Austria in July amid a tightly controlled environment.Bosses want to carry out coronavirus tests on all staff before they travel and every two days while at races.Teams will be separated from each other at the event and stay in different hotels, and will be taken to and from the race track by buses.The plans are being agreed with the national governments involved and F1 plans to brief the Grand Prix Drivers’ Association to reassure the drivers that bosses are not taking any risks with participants’ health, nor are they being a burden to the countries that will host races.F1 is increasingly certain that its plan to start the season in Austria with two races on 5 and 12 July is viable – assuming there is a not a sudden spike in coronavirus cases in the country.The hope is to follow the events at the Red Bull Ring with two at Silverstone on 19 and 25 July, but financial terms for the British races have not been agreed.Budget cap progressTeams reached an impasse on the budget cap during a series of meetings last month, with Ferrari leading objections to lowering the cap below $150m and some other teams – most vocally McLaren – pushing for a much lower figure.Carey, Todt and Brawn agreed a compromise plan on Monday whereby a new lower figure of $145m would be installed for 2021, and talks would continue in the coming weeks on lowering it further for 2022 and beyond.This will be presented to the teams in a letter from the FIA and F1 ahead of a discussion by team bosses.The rules currently enshrine a figure of $175m (£137.9m) for 2021, which was agreed last October. But the impact of the coronavirus crisis on F1’s finances has led to moves to lower it.Teams have already agreed informally to lower that figure to $150m but have so far failed to agree on a lower number.The hope is that Ferrari will move sufficiently to accept the $145m figure this week and can be persuaded after further talks to move beyond that in future years.The Italian team say their biggest concern is over the number of redundancies that would be involved if the cap was lower than $150m.Mercedes have similar concerns but have indicated that they would accept a figure of $145m – as long as overall spending is also addressed, including a limit on engine development costs, which is currently one of a number of exemptions from the cap.Brawn told Sky on Monday: “We started at 175. That was a long battle to get it there. And with the current crisis we’re now going to start at 145. The discussion really is how much further down we can drive the next few years.”What about the season?F1 is hopeful it will be able to firm up at least the European portion of the season within the next two to three weeks.After the Austria and Silverstone events in July – assuming the terms for the British Grands Prix are agreed – a number of options are being discussed, with a further four races to come from a selection of Spain, Hungary, France, Belgium, the Netherlands and Italy.Some of those countries have restrictions on mass gatherings until close to the end of the summer – Hungary’s is until mid-August, those in Belgium, the Netherlands and France until the end.But F1 is in talks with national governments on the basis of the isolation model that it will operate in Austria and is optimistic countries will agree races can take place behind closed doors on the basis that they will present minimal risk of spreading the virus.After Europe and into the northern hemisphere autumn, plans are considerably more fluid.Singapore has to take place on its original date of 20 September if it is to take place at all; and Canada must also be held during that month because of the early onset of winter in Montreal in October. Neither event is certain.Russia and Azerbaijan would follow whichever of the Singapore and Canada races can happen, before a move to Asia and Japan, China and Vietnam, then on to the Americas and the Middle East, ending the season with the final two races in Bahrain and Abu Dhabi.Of those events, Russia, Azerbaijan, China, Bahrain and Abu Dhabi are considered most certain, with varying degrees of uncertainty hanging over the others.Beyond that, plans depend on the development of the virus situation in each country and F1 will likely have to delay confirming a schedule until that becomes clearer.last_img read more


first_img(REUTERS) – Former England international Gary Neville says words are not enough to combat racism in football and that he is “ashamed” he did not fight harder against it when he was a player.The former Manchester United defender made the comments in the wake of the death of George Floyd, an unarmed black man who died in police custody in Minneapolis after a white police officer knelt on his neck for nearly nine minutes.“Forget campaigns. Forget words. It has to be actions,” Neville said ahead of the Premier League’s restart on Wednesday following a three-month stoppage due to the COVID-19 pandemic.“We need to take a giant leap rather than minute steps each year.“I’m not going to hide away from it. We need education, we need protocols and processes in place which basically reverse what’s been happening in our country.”Neville said he should have fought harder against racism during his playing days.“The reality is we put racial abuse in the same category as the abuse we would receive for playing for Manchester United or England. We didn’t think. We just got on with it,” the 45-year-old said.“It’s appalling and I’m ashamed of the fact for someone who … fought for players’ rights at nearly every level, I didn’t fight hard enough on this.”last_img read more


first_imgKick-off in Swansea is at 12:30.The rest of today’s matches in the Premier League will kick-off at 3 o’clock this afternoon.Chelsea makes the trip to Hull while Sunderland hosts West Brom at the Stadium of Light.Watford goes up against Bournemouth and Middlesbrough travel to face West Ham. After their Merseyside rivals Everton were held to a 1-all draw by Crystal Palace last night, the Reds could climb up to second place in the table with a win today over Swansea at the Liberty Stadium.Under Jurgen Klopp, Liverpool has enjoyed an impressive start to the season, which has led to speculation that they could be title contenders.The German says that there’s still a lot of work to get through before they can start thinking that way…last_img read more