Nordic roundup: PFA takes DKK2.2bn hit from longevity rise in Q3

first_imgDenmark’s largest commercial pension fund PFA took a hit to its bonus pool because of rising life expectancy.PFA boosted its business in the first nine months of the year, according to its third-quarter resuts, but its bonus potential was dented by DKK2.2bn (€296m) of provisions set aside to account for increased life expectancy of its members.The pension fund said its investments produced between 4.3% and 9% in profits for market-rate customers between January and September, and 1.8% for customers on average-rate pensions.Allan Polack, PFA’s chief executive, said: “People in Denmark live longer, which is positive, but when longevity in Denmark increases markedly, we must take due account of this in our financial statements.” Since 30 September, PFA’s life insurance provisions have been based on a 20-year longevity benchmark instead of the previous 30-year benchmark, it said.This change reduced the collective bonus potential by DKK2.2bn, with this increase also affecting results for the first three quarters of 2017.In the first nine months of the year, PFA’s regular pension contributions were up 12% year-on-year. In the same period, it won 189 new corporate customers and lost 59.“We are seeing considerable growth in regular payments and we are attracting many new corporate customers, which is impressive in a mature market,” Polack said.PFA’s customer assets rose to DKK463bn at the end of September, from DKK440bn.Alternatives boost Danica in 2017Meanwhile, Danica Pension said alternative investments produced particularly strong returns for its customers in the year to September, with the asset class generating 9.6% overall in the period.Per Klitgård, chief executive of the Danske Bank pensions subsidiary, said: “With our alternative investments, we are spreading our investments and producing attractive returns.”In the first three quarters of the year, Danica Pension had put around DKK6bn directly into “sound companies”, he said.“In the coming years, our ambition is to invest DKK15bn annually, provided we can find suitable investment prospects,” Klitgård added.The firm began its direct investment strategy in 2014.Danica Pension increased its return for unit-linked pensions to 6.3% in the first nine months of this year, from 1.3% for the same period in 2016, according to its interim financial report.However, the return on traditional with-profits pensions fell to 1.3%, from from 8.9%.Folksam hits out at savings taxSwedish pensions and insurance group Folksam has criticised the government’s plan to increase tax on insurance-based savings products.In the group’s interim report, chief executive Jens Henriksson highlighted the government’s proposal for the increased tax, which is set to take effect on 1 January next year.“For us in the Folksam Group, the starting point is always our customers,” he said. “Even though the cost of the increased tax is modest, the focus should be on creating opportunities for higher pensions instead, because they are already under pressure.”Folksam’s life insurance and pensions division Folksam Liv made a 3.4% total return in the nine months to the end of September.KPA Pension, which covers local government staff in Sweden and is 60% owned by Folksam, made a 3.7% return in the period.last_img read more

Largest Dutch pension schemes commit to national climate agreement

first_imgWopke Hoekstra, the Dutch finance minister, described the agreement as “unique”, and said that foreign colleagues admired the fact that participation was voluntary but that implementation was binding. The scope of carbon emission reduction targets in the Dutch pension sector is set to widen after nine large Dutch pension funds, as well as asset managers, insurers and banks, signed up to the government’s national Climate Accord.“The signing of the agreement means broadening the current reduction goals,” said Gerard van Olphen, chairman of the Climate Accord finance task force and chief executive of the €500bn asset manager APG.“We wanted to be more than just onlookers,” he added. The agreement, in which financial institutions commit to adhering to the Climate Accord – based on the UN-brokered Paris Agreement – was signed by four industry organisations, as well as 45 other financial institutions in The Hague on Wednesday. Gerard van Olphen, CEO of APG and chair of the Climate Accord finance task forceThe Netherlands’ commitment to the Paris Agreement requires it to halve its emissions by half by 2030. “As a consequence, investors’ commitments are to apply to a much longer period, and to all other relevant asset classes besides just equity,” said Van Olphen. Most pension funds used a five year period for their carbon reduction target.The Dutch pension funds that have signed the domestic agreement have €800bn of assets between them, and include civil service scheme ABP, healthcare pension fund PFZW, the metal schemes PME and PMT as well as BpfBouw, the pension fund for the construction sector.APG and MN, the asset managers for ABP and the metal schemes, respectively, are also participants.As of 2020, signatories must report the carbon emissions associated with their holdings. They must make clear by 2022 how they will reduce emissions.An independent organisation is to monitor progress every five years.Implications unclearIt is not yet clear how tightening the reduction targets will affect pension funds.Marcel Andringa, executive trustee for asset management at PME, said the way emissions are measured needed to be harmonised.Another problem is that the Paris Agreement’s reduction target relates to 1990, whereas pension funds do not know these emissions, as no monitoring was taking place at the time.The signatories are to exchange their experiences in a forum chaired by Dutch supervisor De Nederlandsche Bank (DNB). The ‘Platform for Sustainable Financing’ is already developing a uniform method for measuring carbon emissions.Last year, more than 70 Dutch pension funds signed an international responsible investment covenant, known as IMVB in Dutch but Shaktie Rambaran Mishre, chair of the Dutch Pensions Federation, said there was hardly an overlap with the new commitment “as the IMVB covenant predominantly addressed social issues such as labour conditions”.last_img read more

DP World Kicks Off Berbera Port Development Project

first_imgConstruction work on the development of the multi-purpose Berbera Port in the Republic of Somaliland officially started earlier this week with a special ground-breaking ceremony to mark the occasion, DP World said in its latest release. The first phase will consist of building a 400 meter quay and 250,000 square meter yard extension as well as the development of a free zone to create a new regional trading hub.H.E. President of the Republic of Somaliland, Muse Bihi Abdi and DP World Group Chairman and CEO Sultan Ahmed bin Sulayem launched the first phase of work and thanked attending government officials and partners for their support at the start of a new era of growth for the country.DP World Berbera, the joint venture company, will also serve land locked countries in the Horn of Africa such as Ethiopia which has a 19% stake in the project as a shareholder.Long term DP World partner Shafa Al Nahda Contracting has been awarded the construction contract for the port expansion.last_img read more

Saga LNG shipping takes delivery of ABS-classed Saga Dawn

first_imgImage courtesy of Saga LNG ShippingThe ABS-classed Saga Dawn, the world’s first LNG carrier to be fitted with the cargo containment system based on IMO requirements for independent type A tanks, has been delivered to Saga LNG Shipping.The 45,000-cbm Saga LNG Shipping vessel, which completed three weeks of gas trials in June, was constructed by China Merchants Heavy Industry at its Jiangsu shipyard in Haimen, China.LNT A-BOX system was developed by LNT Marine. It features an IMO independent prismatic type A tanks as the primary containment.The tanks are supported by laminated wooden supports and liquid-tight thermal insulation attached to the hull compartment as an independent secondary barrier.“After nearly 10 years of research and development, we are delighted to see the completion and delivery of the first LNG carrier based on our LNT A-BOX technology. We would like to thank CMHI, Saga and ABS for excellent cooperation throughout the project,” said Kjetil Sjølie Strand, CEO, LNT Marine.last_img read more

Iloilo City meets minimum standards for COVID-19 preparedness – Treñas

first_img“We have enacted regulations which complement the efforts of the national government in containing the spread of the coronavirus disease 2019,” Treñas pointed out. * 30-day buffer supply of personal protective equipment for health workers and testing swabs These minimum health system capacity standards or parameters covered health and human resources; infrastructure and equipment; supplies and commodities; and organizational and processes. Treñas detailed what the city government had done. Among these were the following: * increased human resources for health by hiring 136 nurses, nine doctors and 39 medical technologists to man quarantine facilities and health centers * 10 dedicated referral hospitals * organized and trained 63 contact tracers, forming nine contact tracings teams for the seven district of Iloilo City * established city epidemiology and surveillance office * trained 25 medical technologists on proper collection packaging and transportation of samples for COVID-19 testing * the city government, along with QualiMed Hospital, Metro Iloilo Hospital and Medical Center, The Medical City, and West Visayas State University Medical Center, initiated to build their own COVID-19 testing centers ILOILO City – Like other areas in Western Visayas that are under modified general community quarantine since June 1, this city has also met the minimum health system capacity standards for coronavirus disease 2019 (COVID-19) preparedness and response prescribed by the Department of Health (DOH), according to Mayor Jerry Treñas.center_img * trained healthcare workers to manage suspect, probable and confirmed cases in nine health centers, 87 barangay health stations and two quarantine facilities “We are also considering measures to ease the economic struggles faced by the city,” according to Treñas. * nine private hospitals with 1,287 bed capacity and three government hospitals with 725 bed capacity allotted 165 beds for COVID patients * three quarantine facilities – St. Therese-MTCC Hospital (83 bed capacity), Diamond Jubilee Hall (85 bed capacity) and PHINMA-UI (50 bed capacity) A  modified GCQ is the transition phase between GCQ and the “new normal” when restrictions are made more relaxed and become less necessary such as limiting the movement of people and conduct of business, among others. * one COVID sub-national testing laboratory (Western Visayas Medical Center) “Stringent health containment measures affected almost 65 percent of businesses resulting in either suspension or closure of operations,” said Treñas. Based on gathered data, said Treñas, Iloilo City already incurred a shortfall of P121,349,088.67 in revenues in the first quarter of the year. Iloilo City transitioned from enhanced community quarantine to GCQ on May 16./PNlast_img read more

Dillsboro man killed in Ohio County wreck

first_imgOHIO COUNTY, Ind. — A Dillsboro man was killed in an accident in Ohio County Monday morning.According to the Ohio County Sheriff’s office, Daniel J Lynch, 40, was pronounced dead on the scene by the Ohio County Coroner’s Office after his vehicle crashed into a tree and burned.The accident happened just before 3:00 AM on State Road 56. Nobody else was involved in the wreck.last_img

Barnes is champion on record-setting night for Sport Compacts at Super Nationals

first_imgJoshua Barnes led every lap in winning Tuesday’s Mach-1 Sport Compact main event at the IMCA Speedway Motors Super Nationals fueled by Casey’s. The Boone Speedway win paid $335. At right is IMCA President Brett Root. (Photo by Buck Monson)BOONE, Iowa (Sept. 6) – Joshua Barnes put on a clinic on racing in lapped traffic Tuesday night at Boone Speedway.Then the champagne flowed as Barnes and his crew celebrated winning the Mach-1 Sport Compact championship at the IMCA Speedway Motors Super Nationals fueled by Casey’s.Barnes started on the pole and led all 25 circuits of a main event that ran caution-free. He was running with lapped cars by midway and negotiated traffic the last 12 times around the track with Mitch Bolton and Kimberly Abbott close behind.“We worked hard just getting better after finishing second at Super Nationals last year,” said Barnes, whose $335 win included the Speedway Motors Weekly Racing bonus. “We wanted to get better and there’s only one way to do that. We race against a lot of good drivers and there were a lot of them here tonight.”A Super Nationals record 84 Sport Compacts, from eight states, competed Tuesday. That’s 20 more than the previous mark.Bolton, Abbott and Ramsey Meyer completed the top four. Defending champion Nate Coopman was fifth.Bolton was scored second on every lap while Abbott took over third for good on lap three. Meyer took over fourth soon after and joined in the pursuit of the leader.Both Bolton and Abbott made up ground as Barnes negotiated traffic. He moved to the lower line and had a lapped car as a cushion when he crossed the stripe.“With Kimberly (Abbott) starting outside the front row, I knew she’d keep up a fast pace,” said Barnes. “I started running mid-track but once I got into lapped traffic some of those cars were running my line, so I threw it lower.”Late contact in the right rear with one of those lapped cars nearly knocked Barnes out of that line, but he got the car straight and led to the finish.Grady Shearer became the first North Dakota driver to start the Sport Compact main event at Super Nationals and finished 24th.Hard charger was Brandon Reu, who advanced 13 positions to finish 14th after winning his “B” feature.Feature results – 1. Joshua Barnes, Keokuk; 2. Mitch Bolton, Grand Junction, Colo.; 3. Kimberly Abbott, Camp Point, Ill.; 4. Ramsey Meyer, Pierce, Neb.; 5. Nate Coopman, Mankato, Minn.; 6. Ron Kibbe, Danville; 7. Austen Becerra, Camp Point, Ill.; 8. Jake Newsom, Sioux City; 9. Zachary Bohlmeyer, Beatrice, Neb.; 10. Dustin O’Brien Jr., Glidden; 11. Jake Benischek, Durant; 12. Corey Stapleton, Denison; 13. Luke Jackson, Sioux City; 14. Brandon Reu, Donnellson; 15. Todd Hine, Davenport; 16. Cory Peters, Spencer; 17. Brandon Lambert, Carthage, Ill.; 18. Trent Orwig, Ottumwa; 19. Brooke Fluckiger, Columbus, Neb.; 20.  Terry Blowers, Waseca, Minn.; 21. Brett Marshall, Maquoketa; 22. Shaun Bangart, Chilton, Wis.; 23. Dan Markham, Murray, Neb.; 24. Grady Shearer, Fargo, N.D.; 25. Lance Mielke, Norfolk, Neb.; 26. Cody VanDusen, Atalissa; 27. Jarad Gross, Spencer; 28. Chuck Fullenkamp, West Point; 29. Nathan Chandler, Norway; 30. Luke Benischek, Durant.last_img read more

Smith, Daae have good nights in Super Nationals Stock Car qualifying

first_imgSmith passed eventual runner-up David Brandies of Wilton for the point on lap three. The only caution of the contest came with six to go and the top four running order of Smith, Brandies, Kyle Falck of Decorah and Brian Blessington of Breda remained unchanged to the checkers.  Canadian Austin Daae won Friday’s second Stock Car qualifier at the IMCA Speedway Motors Super Nationals fueled by Casey’s. (Photo by Jim Zimmerline) David Smith of Lake City led all but the first two laps in topping the first qualifier at Boone Speed­way while Estevan’s Austin Daae became just the second Canadian driver to make the Stock Car main event by winning the nightcap at Boone Speedway. BOONE, Iowa (Sept. 6) – A regular visitor to America’s Racin’ Vacation and a candidate who helped make the IMCA Speedway Motors Super Nationals fueled by Casey’s a truly international event were Stock Car qualifying feature winners Friday night. Top four finishers from both races move on to the Saturday Big Dance.  Daae made his trip to the front from outside row three, taking over the lead on lap 11. Tenth start­ing John Oliver Jr. of Danville headed up the pursuit the last half of the race but never caught up with the Canadian clipper.  2nd qualifier – 1. Austin Daae, Estevan, Sask.; 2. John Oliver Jr., Danville; 3. Steve Meyer, Grundy Center; 4. Matt Speckman, Sleepy Eye, Minn.; 5. Jay Schmidt, Tama; 6. Scott Davis, Ma­drid; 7. Kyle Brown, Madrid; 8. Mike Coel, Pulaski, Wis.; 9. Andrew Burg, Maricopa, Ariz.; 10. Cody Gustoff, Scranton; 11. Kirk Martin, Weatherford, Texas; 12. Tom Cannon, West Branch; 13. Char­lie Rustman, St. Peter, Minn.; 14. Sterling Sorensen, Portsmouth; 15. William Wade, San Angelo, Texas; 16. Bruce Wickmann, Emmetsburg; 17. Wayne Landheer, Thompson; 18. Kodiak Wirtz, Menominee Falls, Wis.; 19. Jeff McCollum, Mankato, Minn.; 20. Andrew Borchardt, Plym­outh; 21. Chris Luloff, Independence; 22. Dan Mackenthun, Hamburg, Minn.; 23. Dustin Larson, Rushmore, Minn.; 24. Jeremy Christians, Horicon, Wis.; 25. Paul Wenzlaff, Yankton, S.D.; 26. Don Vis, State Center; 27. Justin Nehring, Storm Lake; 28. Angel Munoz, Lamar, Colo.; 29. Rod Staats, Columbus Junction; 30. Todd VanEaton, Orient.  Feature Results The first Canadian driver to make the Stock Car main at Super Nationals was Rocky Alexander, also of Estevan, in 2011. Blessington makes his career 14th Saturday night start, Smith his 13th. Meyer is in for the fourth time, Oliver the third, and Brandies the second. Falck and Speckman join Daae as first-time qualifiers. 1st qualifier – 1. David Smith, Lake City; 2. David Brandies, Wilton; 3. Kyle Falck, Des Moines; 4. Brian Blessington, Breda; 5. Jesse Sobbing, Malvern; 6. Mike Nichols, Harlan; 7. Brandon Czarapata, Pulaski, Wis.; 8. Damon Murty, Chelsea; 9. Elijah Zevenbergen, Ocheyedan; 10. Aa­ron Stolp, Suamico, Wis.; 11. Troy Jerovetz, Iowa Falls; 12. Marcus Fagan, Adair; 13. Jake Nel­son, Williston, N.D.; 14. Austin Jahnz, Lewisville, Minn.; 15. Brock Badger, Bagley; 16. Craig Carl­son, Madrid; 17. Calvin Lange, Humboldt; 18. Mathew West, Kellerton; 19. Jeff Tubbs, Colby, Kan.; 20. Connor Masoner, St. Joseph, Mo.; 21. Rodney Richards, Madrid; 22. Lavern Carey, Ionia; 23. Darin Toot, Albert Lea, Minn.; 24. Dallon Murty, Chelsea; 25. Austin Bouzek, Trenton, Mo.; 26. Justin Temeyer, Independence; 27. Kelly Shryock, Fertile; 28. Rick Mees, Eagle Lake, Minn.; 29. Mike House, Panora; 30. Brian Cesar, Sheboygan, Wis. His checkers in Friday’s opening qualifier put David Smith in the Stock Car main event at Super Nationals for the 13th time. (Photo by Jim Zimmerline) Steve Meyer of Grundy Center and 14th starting Matt Speckman of Sleepy Eye, Minn., were next to the checkers. 2001 king Blessington was one of five former Super Nationals champions in Friday’s first qualifier. Smith joins brothers Devin and Donavon on the main event grid. last_img read more

Possible shooting being investigated in Jefferson County

first_imgDupont, IN—According to  Jefferson County Sherriff David W. Thomas, Tuesday evening Jefferson County Central Dispatch received reports of an altercation where a firearm was alleged to have been discharged on West Main Street in Dupont. The Jefferson County Sheriff’s Deputies responded to investigate the incident.No individuals were injured during the altercation nor was there any property damaged or reported in the area. The scene was processed by the Jefferson County Sheriff’s Office and evidence was collected at two locations. The investigation is still currently active. Madison Police Department assisted with the investigation near the County/City line where an individual possibly involved in the matter was located and interrogated.Anyone with information related to this investigation should contact Jefferson County Sheriff’s Office at 812-265-2648 and request to speak with an on-duty deputy.last_img read more

New twist in Bale transfer saga

first_img There is also a feeling among the Spurs hierarchy that Real do not have the money to pay for Bale outright and they are also unimpressed with the Spanish club’s current offer, which involves spreading what is expected to be a world-record fee over six years. Bale missed Tottenham’s 1-0 win over Swansea on Sunday as he had been given time off, with suggestions a trip to Spain over the weekend would have also seen him finalise details over a deal that was likely to break the world record transfer fee. Tottenham themselves have invested heavily in players throughout the summer, breaking their own transfer record on two separate occasions, with the likes of Paulinho, Roberto Soldado, Nacer Chadli and Etienne Capoue moving to White Hart Lane. But despite such an outlay on new talent the club maintain that they have not manoeuvred themselves into a position which means they need to sell Bale to recoup the money spent. With potential fees for Bale reportedly varying from £80m to £100m, there would be few clubs other than Madrid who have the spending power to pull of a move for the winger, who was named both PFA Player of the Year and FWA Footballer of the Year last season. Spurs boss Andre Villas-Boas maintains there is a possibility Bale could even stay at White Hart Lane, where he scored 26 goals in all competitions last year as Tottenham only just missed out on a Champions League berth. “There is interest from Real Madrid,” Villas-Boas said. “Whether the transfer will happen or not, hopefully you will have more news in the next couple of days, but at the moment there is nothing I can tell you.” With just a week of the transfer window remaining any last-minute bidders will need to move quickly to entice Bale away from his seemingly preferred move to Madrid, whose own actions could potentially scupper what appeared to be a done deal. The 24-year-old has been expected to join Madrid for much of the summer but Press Association Sport now understands that the north London club have received an offer from at least one other club for the player. Spurs are also thought to be dismayed with Real’s conduct during the whole affair, including the club’s decision to erect a stage inside the Bernabeu for Bale’s unveiling, and the fact that they started selling replica shirts with the Welshman’s name on the back. Press Associationcenter_img The long-running Gareth Bale transfer saga has taken a fresh twist after it emerged that Tottenham are considering a bid from another club for the Real Madrid target.last_img read more