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Dutch government makes FTK concessions on indexation, investment policies

first_imgThe state secretary also compromised on her initial plan to block pension funds with a funding shortfall from adding risk to their investment portfolios.Klijnsma said pension funds with a coverage of at least the required minimum funding of 110% would be allowed to adjust their strategic investment policies once.She said a second adjustment would be permitted only if a pension fund opted for a dynamic hedge of the interest risk on its liabilities.Klijnsma conceded that pension funds could circumvent the investment restrictions by chosing a relatively high strategic risk profile in 2015, when the new FTK is to come into force.“However,” she said, “pension funds must consult their social partners, as well as their internal governance bodies, about their risk attitude.”The two coalition parties of the PvdA and the VVD, as well as the CU, the SGP and the D66, also made clear that they wanted the prescribed discount rate for liabilities to mirror the future European discount rate for insurers.Meanwhile, industry organisations for the elderly warned that the update of the FTK might be at odds with European rules.In a letter to Klijnsma, the KNVG, the CSO and the NVOG called for a delay in the FTK’s reading in Parliament, until such a time as the bill had been been checked against EU legislation.Parliament is to decide on the FTK proposals on Wednesday evening. Dutch state secretary Jetta Klijnsma has secured a majority in Parliament for her proposals for a new financial assessment framework (FTK) by making concessions on indexation and investment policy.During consultations in Parliament on Monday, she said she would ease restrictions on inflation compensation by allowing pension schemes with a coverage ratio of more than 126.6% to grant indexation in arrears over a five-year period, rather than the proposed 10 years.However, many Dutch pension funds’ coverage ratios are at less than 110% – the level at which schemes can start granting inflation compensation under the new FTK.Klijnsma made the concessions under pressure from three opposition parties – the CU, the SGP and the D66 – whose support is crucial to achieve a majority in the Senate.last_img read more

LAPFF hits out at UK’s Financial Reporting Council

first_imgThe Local Authority Pension Fund Forum (LAPFF) has called on the UK government to give “serious consideration” to winding up the UK Financial Reporting Council (FRC).In a hard-hitting attack on the UK audit and corporate governance watchdog, the LAPFF called for the FRC to be replaced with an independent companies commission.The LAPFF said: “One reason why the FRC is failing is because it was never set up properly in the first place. The Treasury Select Committee described the position of the FRC as ‘inexplicable as it is unacceptable’.“We agree and believe that Downing Street needs to take an active interest in the position of the FRC; it falls so far short of the standards expected in public life, it warrants intensive investigation.” LAPFF also noted that, despite being a public authority, the FRC is not fully subject to the Freedom of Information Act.The call came as part of LAPFF’s submission to a consultation on corporate governance from the Department for Business, Energy, and Industrial Strategy (BEIS). The consultation on the BEIS green paper closed on 17 February.The green paper sought comments on executive pay, strengthening the employee and customer voice, and corporate governance in large private businesses. The FRC plans to launch a separate review of UK corporate governance later this year.The LAPFF believes that the FRC has failed to enforce the Companies Act 2006 in respect of both the ‘true and fair’ accounting requirement and, more recently, in relation to the duty on directors to report compliance with s172 of the Companies Act. This requires company directors to act in the best interests of the success of their company.It says a director must “act in the way he considers, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole.”The watchdog recently told IPE that it needs additional powers to force directors to report on how they have complied with s172.In its submission to BEIS, it repeated its call to be given more powers.The LAPFF, however, claims that the FRC has got the law wrong.The forum told BEIS: “First, the FRC has cited a lack of prescriptive reporting methods in the legislation as the means to deny the prescribed purpose of the legislation.“The falsity of that argument is betrayed by the green paper itself, which sets out that the lack of prescriptive methods is deliberate to enable flexibility in delivering the prescribed purpose.”The LAPFF also argued that the FRC has misread s414(1) of the Companies Act and overlooked the fact that it already has the power to enforce reporting under s172.Meanwhile, the Department for Work and Pensions (DWP) also weighed into the debate over s172 in the wake of the BHS Pension Fund scandal.In its consultation response, the DWP said it wanted company directors to be forced to take specific account of both past employees and pensioners when discharging their duties.In support of its call, the DWP noted that Legal & General had warned that the BHS collapse was “perhaps more to do with the application of directors’ duties by those directors in question” than deficiencies in legislation.The DWP also noted that Legal & General had suggested that there was “scope for the application and enforceability of directors’ duties to be scrutinised through the courts” rather than through further prescription at this stage.last_img read more

Gov’t financing program helps MSMEs restart operations

first_img“We encourage our MSMEs to establish and maintain a good track record since all applications are screened on the basis of the business’ability to bounce back based on projected cash flow and good credit standing before the crisis,” said Capiz DTI provincial director Ken Queenie Cuñada. ROXAS City, Capiz – Some 23 Micro, Small and Medium Enterprises (MSMEs) engaged in the culinary school, agricultural products, food manufacturing, carinderia, sari-sari as well as dry goods stores, shoes trading, construction supply, funeral home, salon and garments businesses in Capiz were approved of their loan applications to the government’s financing program through the Small Business Corporation’s (SBC) Pondo Para sa Pagbabago COVID-19 Assistance to Restart Enterprises (P3 CARES). Based on the Department of Trade and Industry (DTI) records, a total of 152 loan applications were received and pre-screened since the province was placed under the general community quarantine on May 1. “The approved loans amounted to P1.7-million as of July 6,” said SBC P3 provincial coordinator Mark Paul Serran, noting that some of the approved applications were already released of their borrowed amount while others are yet to get their loan this month.center_img The DTI and SBC are hand-in-hand in providing immediate relief and in supporting the micro and small businesses amid the COVID-19 crisis. All interested MSME – applicants may contact SBC thru Serran at (036) 6212637; 09756448606 and 09453102006 or visit the DTI Provincial Office at the Sacred Heart of Jesus Boulevard, Pueblo de Panay in Roxas City. (PIA Capiz)last_img read more

Sunman Park needs volunteers for project

first_imgSUNMAN, Ind. — The Sunman Park Board is looking for volunteers for an upcoming project.On Saturday, April 22, volunteers will be asked to help develop a social media marketing campaign for the board, while others will paint and update the building.At least five volunteers are needed, but registration will be capped at 20.Click here to register.last_img

Moyes not to blame for Manchester United struggles – Van Persie

first_imgDavid Moyes is not to blame for the struggles Manchester United have endured since Sir Alex Ferguson headed into retirement, says Robin van Persie, who considers the players to have “dropped” collective standards at Old Trafford. Robin van Persie A managerial baton was passed between two Scots in the summer of 2013 with the Red Devils still basking in the glow of a 13th Premier League title triumph. Moyes was charged with the task of building from that point, but inherited an ageing squad and would last only a matter of months before being unceremoniously dumped from a long-term contract. Van Persie formed part of the United side at that time and admits that the wheels started to fall off in spectacular fashion. The Dutchman is, however, of the opinion that players – then and in the seasons since – have to shoulder as much of the responsibility for regression as the high-profile coaches who have failed to deliver on expectation. “We did struggle because we ended up being seventh,” Van Persie told Premier League Productions of a rut that United first got stuck in during the 2013-14 campaign. “From such a high, we were thinking about winning the Champions League and moving on. “It was a new period as well with Scholesey coming to the end, Giggsy taking a player/coach role. It was all new. “Moyes was not to blame – anyone who came in after Ferguson, good luck to you. It was not only him to blame, it was us as well. The standards were so high but they dropped.” It came as some surprise when Ferguson opted to walk away, despite having previously backtracked on retirement plans, with Van Persie admitting that he made a move from Arsenal in the understanding that an iconic coach would be sticking around for some time. He added on the departure of a legendary boss at the end of his debut campaign with the Red Devils: “That was a bit of a shock. Just before I signed, I literally had the pen in my hand and I said ‘One more thing Sir Alex, how much longer are you planning to stay?’ and he said ‘At least three more years’. “To be fair the reason why he stopped was family reasons and family comes first. “He was one of the big reasons I signed so it was a blow but then that is football. players come and go, managers too. He played 26 years and built the club up but that’s life.” read also:Robin van Persie compares ‘world-class’ Saka to Arsenal, Man Utd legends United have savoured FA Cup, League Cup and Europa League successes since Ferguson bid farewell, but they are still searching for a spark and hope that 1999 Treble-winning hero Ole Gunnar Solskjaer will be the man to deliver that over the coming years. FacebookTwitterWhatsAppEmail分享 Promoted Content10 Asian Actresses Of Irresistible BeautyTop Tastiest Foods From All Over The World10 Phones That Can Work For Weeks Without Recharging10 Risky Jobs Some Women DoThe Very Last Bitcoin Will Be Mined Around 2140. Read MorePretty Awesome Shows That Just Got CanceledCan Playing Too Many Video Games Hurt Your Body?Lil Nas X Is About To Beat A World Record!Couples Who Celebrated Their Union In A Unique, Unforgettable Way9 Talented Actors Who Are Only Associated With One RoleWho Is The Most Powerful Woman On Earth?Who Earns More Than Ronaldo?center_img Loading… last_img read more

Deputy VFD scrambles for gear following Monday fire

first_imgImage: Thanks to –Deputy, In. — The Jefferson County community of Deputy is rebuilding following a blaze that severely damaged the Deputy Fire Station and possibly three apparatus. Investigators believe the fire started in the attic around 11:30 Monday and departments from Scott and Jennings Counties provided mutual aid.The department is all-volunteer, so no one was at the department at the time of the fire.“There’s a great deal of camaraderie of these gentlemen that are volunteering their time and risking their lives to come out here and do this,” said Capt. Keith Hartman of the Jefferson County Sheriff’s Department.First responders in surrounding communities are coming up with additional equipment and mutual aid plans to continue fire protection in the community.last_img read more

Traveling Baseball

first_imgAre you aware that major league baseball will be playing games out of the United States this summer?  The NFL has done this for years, so I guess I am not that surprised that the MLB is doing the same thing.  This year the Mets and Padres travel to Mexico to play a 3-game series, and the Red Sox and Yankees will go to London for a 2-game series.This is good for the other countries, but just think what it must cost to load up a baseball team and take them to London to play a 2-game series!  Wouldn’t it make a lot more sense to take those dollars and invest in youth baseball and softball in their respective cities?  I sure think it would.last_img read more

Cricket News Mitchell Starc boosts Australia in Twenty20 Internationals after two years

first_img For all the Latest Sports News News, Cricket News News, Download News Nation Android and iOS Mobile Apps. New Delhi: Mitchell Starc, Australia’s pace spearhead, was included in the third and final Twenty20 International against India at the Sydney Cricket Ground on Sunday. Starc replaced fellow left-arm pacer Jason Behrendorff in the side as Aaron Finch’s side, currently leading 1-0 in the three-match series, looked to seal a rare series win against Virat Kohli’s India side which are unbeaten in the last seven Twenty20 bilateral series. Australia chose to bat against India but the return of Starc completes a remarkable journey for the left-arm pacer in the shortest format of the game.Read More | ICC Women’s World T20: Australia clinch record fourth titleThe Sydney Twenty20 game is the first time Starc is playing a Twenty20 international since 2016. The last time the left-arm pacer played in this format was against Sri Lanka at the R Premadasa stadium in 2016 and he picked up 1/32 from four overs. Since then, Starc has suffered a series of injuries that has restricted his involvement primarily for Test matches. Starc’s inclusion in Sydney will be the first time the left-armer plays a match in Australia since 2014, when he took 1/19 against England at the same venue. Read More | India vs Australia 3rd t20 live score updates: Hosts bat, Starc inFollowing the series against Sri Lanka, Starc suffered a fractured foot in the Test series against India in Bangalore 2017 and that ruled him out of competitive cricket for a couple of months. This resulted in him missing the entire 2017 Indian Premier League for Royal Challengers Bangalore as Cricket Australia advised him to undertake a rehabilitation program in order to be fit for the Champions Trophy in England.Starc came back in style for the 2017/18 Ashes and played a starring role for the team, picking up 22 wickets and helping Australia reclaim the Urn with a 4-0 series win. The Australian speedster did not play in the Trans-Tasman Twenty20 series and in 2018, he was picked up by Kolkata Knight Riders for Rs. 9.4 crore but he had to miss the tournament due to a right foot injury.The left-arm pacer will be happy to come back to the Sydney Cricket Ground, a venue where he has enjoyed success in the Big Bash League for the Sydney Sixers. last_img read more

Africa’s Last Team Standing, Cameroon, Bow out of France 2019

first_imgGoals from Steph Houghton, Ellen White and Alex Greenwood sent England through to face Norway on Thursday, but the fractious game will be remembered for Cameroon’s extraordinary reactions to White’s goal and a disallowed effort from Ajara Nchout.The distraught Cameroon players twice appeared unwilling to restart the match, gathering in a huddle after White’s strike was given and remonstrating with the officials further after half-time.Captain Houghton struck England’s opener after an early back pass gave England an indirect free-kick, before the drama escalated.Striker White placed in England’s second, which was initially ruled out before the video assistant referee deemed White to have been onside, but Cameroon reacted furiously and gestured to suggest the big screen’s replays had indicated differently.The African side thought they had pulled a goal back after the break through Nchout, but their despair increased when it was disallowed after a VAR review for an extremely tight offside call.England left-back Greenwood then swept in the Lionesses’ third to secure a win that saw them reach at least the last eight of the competition for a fifth time, and for the fourth consecutive World Cup.Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegram Cameroon, Africa’s last team standing at the ongoing FIFA Women’s World Cup in France succumbed to the superior fire power of England yesterday afternoon, conceding three un-replied goals to end their campaign at the Round of 16The Central Africans were however enraged by two VAR decisions that appeared not fair to them.With the victory, the English ladies have now progressed to the quarter-finals.last_img read more

Jolene makes U-19 team

first_imgBack in June, Jolene Anderson didn’t know if she would even make the team. After suffering a facial injury on the final day of a trial tournament in San Diego, Anderson underwent an emergency root canal while her teammates battled for the final roster spots.That day, Anderson lay in a dentist’s chair while her teammates accepted gold medals at the International Sports Invitational. One month later, Anderson — now fitted with temporary teeth following her surgery — joined her teammates on the medal stand as the United States U-19 team captured gold at the 2005 World Championship Tournament in Tunis, Tunisia.After a tumultuous tryout, Anderson was on the floor as Team USA cruised past Serbia & Montenegro 97-76 July 24 in the gold medal game, capping a perfect 8-0 world championship run. Anderson and Team USA sailed through the tournament, leading all nations in points scored (105.2 per game) and points allowed (58.9 per game) to win by an average of 46.4 points per game. For Anderson, earning her roster spot proved a far more harrowing experience.Anderson was one of 15 players selected to compete in the trial tournament in San Diego, the International Sports Invitational. After winning all four games to capture gold at the Invite, three players were sent home as the world championship roster slimmed to 12. Anderson played just four minutes in the final game before an injury forced her to undergo the emergency root canal that left her with a set of temporary teeth during the world championships. Though her tryout was cut short, Anderson did enough during the first three days to survive the final cut. “All 15 of us went to one room and then they called out three of them and they talked to them separately,” Anderson said. “When I wasn’t one of the three, I knew I was in.”Though Anderson would not get her permanent teeth put in until after the world championship tournament, the USA medical staff cleared her to play following the root canal.“I’m good to go,” Anderson said before leaving for Tunisia. Anderson and her new teammates reconvened June 28 for a training session in Colorado Springs, Co. before traveling to Washington, D.C. July 3 for three days of training at American University. The newly formed Team USA then held five more days of training and a pair of exhibition games against the Hungarian U-19 squad in Budapest, Hungary before the world championships kicked off in Tunisia July 15. Then, all that remained was the small matter of matching up against the top players in the world during Anderson’s first trip outside US borders.“I really want Jolene just to savor the moment,” Wisconsin head coach Lisa Stone said. “This is a special opportunity. Enjoy the moment, every bit of it.”Stone, who served as an assistant coach for the US U-19 national team that won gold at the 2002 World Championships Qualifying Tournament in Brazil, left her standout guard with a few pointers about the international experience. Among other things, Stone encouraged Anderson — who had never traveled farther than Hawaii — to keep a diary while overseas. The coach’s words would soon prove prophetic.“Jolene will have stories for all of us when she returns, and hopefully a gold medal hanging around her neck as well,” Stone said. Stone still remembers her own medal ceremony in Brazil, an experience that she now shares with her star guard.“When you stand on the medal stand…and you watch the flag go up and they do the national anthem, it is an amazing feeling,” Stone said. “It’s not the Olympics, it’s the U-19 national championships, but there’s nothing that feels like that. It’s an experience I’ll never forget.”Prior to the tournament, Stone explained that a strong showing in Tunisia could serve as the gateway to a future tryout for the Olympic team. After seeing action in all eight games and averaging 4.9 points per contest in the world championship tournament, Anderson may have taken her first strides toward representing her country in the Olympic Games.“Once your foot’s in the door, and Jolene can do what she can do — abide by the rules, toe the line, compete, battle — they remember that,” Stone said. “You want to wear those colors to the best of your abilities, go perform well this summer, be invited again next summer…There’s no guarantees with anything in life, but she’s put herself in a tremendous situation at this point.”last_img read more

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