Category : eduiqruimkun

German Pensionskassen, BaFin in ‘uncharted territory’ over solvency

first_imgThe German pension fund for a Catholic aid organisation in Cologne is one of three Pensionskassen in talks with the country’s regulator BaFin regarding the potential impact of 2017 losses.The €546m Caritas Pensionskasse (Caritas PK) is currently discussing its 2017 balance sheet “in close coordination with the actuary, the accountants and the BaFin”, the pension fund told IPE in a statement.Last week, BaFin issued a statement saying it had banned Caritas PK from taking on any new business since May, after finding that its recovery plan for meeting its solvency requirements was “inadequate”.It is the first time BaFin has issued a Pensionskasse with such a ban. However, over the past year the regulator has frequently issued warnings to insurance-based pension funds regarding their funding structures. BaFin’s office in BonnA detailed account of the solvency issues will only become available once the annual reports for both pension funds have been approved. A spokesperson for Caritas PK told IPE that its annual report would only be published once the general assembly had approved it. However, the general assembly was not due to hold another meeting this year, the spokesperson said.Industry sources told IPE that it was unlikely the Caritas PK would take on new business any time soon.Kölner PK blames rulebookThe Kölner PK is also currently not taking on any new business as it lacks funding to continue operations under the regulatory framework for mutual insurance companies.If this situation continues, the fund will have to start planning for internal runoff.In its 2016 annual report the Kölner PK’s board blamed – in part – “nonsensical measures” deriving from regulation for starting the fund’s solvency problems.Some regulatory requirements had forced the fund to sell off assets at the wrong point in time, the pension fund said, while some money put aside for the Zinszusatzreserve – the interest rate buffer – could have been better spent on filling the funding pool. Germany’s Bundesrat building in BerlinThe regulatory burden and reporting requirements for Pensionskassen and other German pension vehicles are unlikely to reduce any time soon.Germany’s lower chamber of parliament, the Bundestag, this month approved the government’s draft rules implementing the EU’s IORP II pension directive, known as the EbAV II.The pension fund association aba said “there is hope” that its objections to the prospect of EU-wide harmonisation for occupational pension funds had been heard.The draft bill has to be passed by the upper chamber of parliament (the Bundesrat) in a vote scheduled for today, with BaFin then due to issue circulars and guidelines on the actual implementation and industry-specific issues.What is already certain, however, is that the EbAV II will mean more reporting and internal risk assessment requirements for pension funds.“Overall the requirements for providers will increase significantly,” said Michael Hoppstädter, managing director of consultancy Longial.– Barbara Ottawa Earlier this year Caritas PK and its affiliated pension fund, the €329m Kölner Pensionskasse (Kölner PK), informed members about difficulties regarding the funding situation and possible cuts to pension payouts. Cologne’s Caritas and Kölner Pensionskassen face solvency problemsBoth the Caritas and Kölner funds are structured as mutual insurance companies – Versicherungsverein auf Gegenseitigkeit (VVaG) – which brings with it certain solvency and interest rate “buffer” requirements.The talks with BaFin now fall under the remit of Olaf Keese, who takes over joint management of the Caritas and the Kölner Pensionskassen this month. As a result of his appointment Keese will resign his seat on the board of the Peugeot pension fund in Germany at the end of the year.Tax consultants’ fund talking to BaFinFunding problems have also been reported at the pension fund for German tax consultants, the €992m Steuerberater Pensionskasse VVaG, with BaFin involved in negotiating a recovery plan. The fund itself declined comment.“All this is completely uncharted territory for the industry and the regulator,” one source told IPE.Insurance-based Pensionskassen had been performing well in Germany despite the funding requirements placed on them by their guarantees, but a mix of the low interest rate environment, challenging demographics and regulatory requirements has caught up with them.Some providers have chosen to sell their Pensionskassen business to run-off companies, with Frankfurter Leben having bought two funds earlier this year, from AXA Germany and Cofra Group.More regulation incoming as Bundestag passes IORP II billlast_img read more

Dominica Stars in Action raise funds to produce their film

first_img Sharing is caring! Share Tweet Share Photo credit: stcatharines.cityguide.caA group of over twenty young persons from the north are hoping to encourage the young people of Dominica through the performing arts.‘Dominica Stars In Action’, a group of young persons from the north-northeastern communities will on Saturday join their talents to feature a play entitled ‘I’m pregnant for my dad’ at Azille’s Country Club in Bourne.The play, written and directed by Matthew Laplume, a young man who is no stranger to the performing arts sector, will be staged at 6:30pm on September 3rd.Mr Laplume said that the play is aimed at raising funds to produce a film entitled ‘The Lil’ Mad Boys Return’.Mr Laplume says the message in the play targets youth who are going through social problems as well as parents and guardians.“In the play there is a little bit of everything. It teaches young people to make the right decisions and demonstrates what the consequences are when they make bad decisions. It encourages parents to also make the right decisions for their family and show them how bad decisions can influence the lives of their children.”Tickets for the play cost $20.00 for adults and $10.00 for children.Dominica Stars In Action was first formed in 2009 and consists of members between the ages of 10 to 33.Members come from the communities of Penville, Vieille Case, Paix Bouche, Portsmouth, Bense, Thibaud, Cottage and Anse Sol Dat.Dominica Vibes Newscenter_img Share EntertainmentLocalNews Dominica Stars in Action raise funds to produce their film by: – August 30, 2011 20 Views   no discussionslast_img read more

FISU President Matytsin appointed Russian Sports Minister

first_img The 55-year-old takes over from Olympic fencing gold medallist Pavel Kolobkov, who was among the Government officials to step down following President Vladimir Putin’s  state-of-the-nation address last week. Kolobkov’s predecessor Vitaly Mutko, Sports Minister from 2008 to 2016 and who was implicated in the state-sponsored doping scandal, has lost his seat as a Deputy Prime Minister. Dmitry Chernyshenko, President and chief executive of the 2014 Winter Olympic and Paralympic Games in Sochi, has been chosen as one of nine Deputy Prime Ministers. Chernyshenko was removed from the International Olympic Committee (IOC) Coordination Commission for Beijing 2022 when the Russian Olympic Committee was suspended inDecember 2017. Matytsin was selected for the position by Mikhail Mishustin, the new Russian Prime Minister who had promised a major reshuffle. He is expected to be heavily involved with the Russian appeal against a four-year set of sanctions imposed on the country by the World Anti-Doping Agency (WADA) as  punishment for the manipulation of data from the Moscow Laboratory. Matytsin, a member of the IOC Olympic Education Commission, was re-elected to serve a second four year term at the helm of FISU in November told state-operated  domestic news agency RIA Novosti that he intends to hold both roles simultaneously. FISU secretary general Eric Saintrond said it was a “great honour to have our President appointed to help Russia handle its current challenges, and re-engage with the  world’s sport community”. Saintrond added: “Oleg Matytsin’s accomplishments at FISU have been remarkable. “With him as President, FISU has delivered exceptional competitions for thousands of elite university athletes. “Oleg has brought the university sports movement together to support the vision of positively shaping tomorrow’s leaders through their experiences of international  university sport.” Read Also:German bid for 2025 Summer Universiade still on track Matytsin’s first task will be dealing with the Russian doping scandal and the series of sanctions from WADA, which includes a ban on the country’s flag at major events  such as this year’s Olympic Games in Tokyo. FacebookTwitterWhatsAppEmail分享 International University Sports Federation (FISU) President Oleg Matytsin has been appointed as Russia’s new Sports Minister in a Government reshuffle following the resignation of the entire cabinet. Loading… Promoted Content6 Incredibly Strange Facts About HurricanesYou’ve Only Seen Such Colorful Hairdos In A Handful Of Anime15 Extremely Surprising Facts About Disney Princesses6 Extreme Facts About HurricanesThe Highest Paid Football Players In The World6 Amazing Shows From The 90s That Need A Reboot Right Now9 Facts You Should Know Before Getting A TattooWho’s The Best Car Manufacturer Of All Time?A Hurricane Can Be As Powerful As 10 Atomic Bombs10 Stargazing Locations To ‘Connect With Nature’Couples Who Celebrated Their Union In A Unique, Unforgettable WayWhich Country Is The Most Romantic In The World?last_img read more

New library addition opens today

first_imgBrookville, In. — The $3 million expansion at the Franklin County Public Library in Brookville will open today (Sunday, September 16). From 2 to 4 p.m. the public is invited to come out and look around.Local author Mark McLane will deliver remarks and talk about his summer research project about the library.The new facility includes sections for children and teens, meeting rooms and a Genealogy Department.last_img

Sean McDermott

first_imgIf you watch a Butler game today, you may not know what Sean McDermott went through just to be able to walk again, much less play basketball.  In 2013 when he was a junior at Pendleton Heights High School he went through a terrible night of practice.  On the way home from school he was too tired to even go into Wendy’s to eat with his brother.  He stayed in the car and slept.  The next morning his mom took him to the ER in Anderson which started a series of hospital visits and the eventual trip to Riley Hospital.  It was here that the doctors discovered a staph infection in his blood stream.  Had this gotten to his heart, it could have been fatal.  The skin-born virus that he had usually causes minor irritations, but to Sean it became a life and death experience.Sean is now at Butler University where his basketball skills are again delighting basketball fans.  It wasn’t until Sean was healthy and able to play basketball again that they revealed to him how sick he really was.  If you think you have had a tough time, just check with the McDermott family.  Not only did Sean have all of his problems, but his mom dealt with cancer during this time as well.Next time you see Butler on TV, remember the journey of Sean McDermott!!I want to thank the Indianapolis Star for some of this information.last_img read more

That was close! Hiatt is IMCA Modified winner at Eagle

first_imgThe margin of Shane Hiatt’s IMCA Modified feature win Saturday at Eagle Raceway was all of 64/1,000th’s of a second. (Photo by Joe Orth)By Greg SoukupEAGLE, Neb. (May 6) – If you thought the finish of Saturday’s Kaplan University IMCA Modified feature at Eagle Raceway was a nailbiter, the electronic scoring was proof of just how close the top two cars were.Shane Hiatt passed Johnny Saathoff coming to the checkered flag and won by all of 64/1,000th’s of a second.“It’s been a while coming I guess, but it was a really exciting race. Johnny and I were working the bottom and he slipped up just a little bit,” Hiatt said. “I got beside him going into three, and I decided to not lift coming off of four and just nipped him at the line.”“We started sixth row inside so we had quite a ways coming up there,” he continued. “But our GRT chassis was working good. It was awesome.”One hundred and seventy-one cars took to the track over the course of the evening.Ryan King celebrated his 32nd birthday two days early with his career first IMCA RaceSaver Sprint Car victory.Shawn Harker was the Hoosier Tire IMCA Northern SportMod winner after starting eighth. Forty-seven SportMods saw action during the night.Jeff Ware won again in the Valentino’s IMCA Hobby Stock main event, this time on his dad’s birthday and from the ninth starting spot.Zach Bohlmeyer also became a two-time winner this season at Ea­gle, in the Mountain Dew Kick Start IMCA Sport Compacts.last_img read more

I wasn’t up to the job – Holloway

first_img Holloway and Palace co-chairman Steve Parish announced the split by mutual consent at a hastily-arranged press conference, which came two days after the team lost 4-1 at home to Fulham. The former Blackpool boss said he did not have the energy for the relegation fight, claiming the club had lost the spirit which helped them win promotion to the Barclays Premier League last season because of their raft of summer signings. A brutally honest Ian Holloway admitted he could not keep Crystal Palace up as he left the club on Wednesday. The defeat to Fulham left them second bottom of the table, with seven losses from eight games. Holloway said: “This club needs an impetus of energy. But I just feel tired to be honest. I’m worn out. “I want to give them the chance to stay in this division. “They didn’t want me to do this. They’ve got a great chance, they’ve got 30 more games. The best chance they’ve got is if they use some of the money this big division gives them to get someone they couldn’t afford when they chose me, and if that happens, sitting at home in my front room, no one is going to jump higher than me.” Parish added: “He felt things weren’t working for him, he felt that he wasn’t getting the support that he wanted to get and a different approach might keep us in the division.” Holloway only took over at Selhurst Park last November and led them to promotion via the play-offs. But this season only Sunderland’s woeful form has kept them off the foot of the table and the thrashing at home by fellow strugglers Fulham was the final straw. Palace signed enough players for an entire new team over the summer, bringing in the likes of the much-maligned Marouane Chamakh from Arsenal, Reading pair Adrian Mariappa and Jimmy Kebe, Jerome Thomas from West Brom, Jose Campana from Sevilla, Stephen Dobbie from Brighton, Dwight Gayle from Peterborough, Elliot Grandin from Holloway’s former club Blackpool and, on loan, Southampton’s Jason Puncheon and Stoke’s Cameron Jerome Holloway said: “I didn’t value enough the spirit of the group that helped us get to the Premier League “I’ve lost the spirit of that group. I owe it to the lads to admit that. “I’m not saying my new signings aren’t good enough. But they need to buy into this football club the same way my other lads did.” Parish said Holloway had run himself into the ground doing his own scouting over the summer. “We came up very much as a Championship club,” he said. “The amount of work that went on in the summer was extraordinary, Ian was watching player after player. We should have had more of a scouting infrastructure in place.” Parish emphasised that he never had any intention of sacking Holloway, praising the 50-year-old for doing the “honourable thing” and admitting he was not the man for the job. He said: “He leaves our club with his head held very high. “He’s a remarkable man, he’s done something that most people wouldn’t do, and said, ‘we need to talk about the situation, I don’t think it’s working at the moment’.” He confirmed Keith Millen would take temporary charge for the match against Arsenal on Saturday and he had no permanent replacement lined up. Parish said he would consult Holloway when it came to appointing the new manager, saying they needed someone with more top-flight experience. Former Stoke boss Tony Pulis would fit that bill, having established the Potters in the top flight before leaving at the end of last season. On Pulis, Parish said “He’s never been relegated, and he’s out of work. We’ll look. People with some kind of affinity with the club, that does help when times are tough. I wouldn’t discount anyone.” Press Associationlast_img read more

USC Wireless outages lead to frustration

first_imgJordyn Holman contributed to this report. USC Information Technology Services is working to solve a hardware problem that has affected the USC Wireless and USC Wireless Plus networks since Tuesday.Technicians have confirmed the problem is related to the network’s hardware, but the cause of the issue is still unknown, according to Kevin Durkin, director of communications and marketing for ITS.“Since we haven’t fully diagnosed the issue, we have no timeline on when it will be fixed,” Durkin said.Durkin noted that the wired Internet network has been unaffected by the glitch.Chris Amezcua, a freshman majoring in business administration, said the problems with the Internet have made completing the final assignments of the semester extremely difficult.“Everyone has papers due and especially research papers, which you need the Internet for,” he said. “It’s crunch time right before finals, so it’s the worst timing possible.”Since the technical difficulties with the wireless networks began, Amezcua has been using an Ethernet cable to complete his assignments.According to Robert Hernandez, an assistant professor of professional practice at USC Annenberg, the issues with USC’s wireless networks have disrupted his lesson plans and impacted his students’ final projects.“We are a digital class. Most of us are very dependent on Wi-Fi. We are starting to code, so technology and, of course, Wi-Fi, is the backbone of this class,” Hernandez said. “When something like this goes down, it really is crippling, not just for my class, but for everyone. You don’t have to be a digital journalism professor like I am to be affected.”Durkin said ITS plans to send out a notification when the problems with the wireless network are fixed. The ITS website is also being updated as technicians learn more about the issue.Katherine Sun, a freshman majoring in business administration, said the problems with the Internet have forced her to look for other ways to get online.“I’m thinking about going to Starbucks off campus to complete my homework,” Sun said. “It’s a very inconvenient time for this. I can’t believe this happened during finals.”last_img read more

In photos: Rockin’ with Rec Sports kicks off semester of campus sports

first_imgThis year’s Rockin’ with Rec Sports at the SERF Thursday was an exciting night on campus filled with activities, giveaways and demonstrations from University of Wisconsin club sports members. Highlights of the event incorporated glow-in-the-dark Zumba, water volleyball, a bubble obstacle course and an appearance by the beloved Bucky Badger.  Students were welcome to enjoy the pool, spin studio and multiple gyms. Sarah Godfrey/The Badger HeraldSarah Godfrey/The Badger HeraldSarah Godfrey/The Badger HeraldRec Sports presents master plan to update recreational facilitiesAssociated Students of Madison’s Shared Governance Committee listened to University of Wisconsin’s Recreational Sports presentation on its master plan to update recreational Read…Sarah Godfrey/The Badger HeraldSarah Godfrey/The Badger HeraldSarah Godfrey/The Badger HeraldSarah Godfrey/The Badger HeraldSarah Godfrey/The Badger HeraldSarah Godfrey/The Badger HeraldSarah Godfrey/The Badger HeraldSarah Godfrey/The Badger Heraldlast_img read more

NHL All-Star Game 2019: USWNT player Kendall Coyne will be first woman to compete in skills competition

first_imgCoyne, 26, takes the place of Avalanche forward Nathan MacKinnon who pulled out of the event on Friday with an apparent lower-body injury.The Avalanche announced MacKinnon would not participate, but in that same post, they extended an invitation to Coyne to take his spot in the event. Related News NHL All-Star Game 2019: Sidney Crosby out of skills competition with illness History is going to be made Friday at the NHL All-Star Game’s skills competition.Kendall Coyne Schofield, a member of the United States’ Olympic gold medal winning hockey team, will become the first woman to officially compete in the fastest skater event. Hilary Knight participated last year, but she did not officially compete. “Nate’s here in San Jose for #NHLAllStar , but has someone else in mind to compete for Fastest Skater,” the Avalanche tweeted. “@KendallCoyne, what do you think!?Nate’s here in San Jose for #NHLAllStar, but has someone else in mind to compete for Fastest Skater…@KendallCoyne, what do you think!?— Colorado Avalanche (@Avalanche) January 25, 2019″It would be my honor,” she replied. “I’ll get to the rink as fast as I can! #NHLAllStar #HockeyIsForEveryone.”It would be my honor! I’ll get to the rink as fast as I can! #NHLAllStar #HockeyIsForEveryone https://t.co/D0FyiQ1uZM— Kendall Coyne Schofield (@KendallCoyne) January 25, 2019The NHL All-Star Skills Competition can be seen at 9 p.m. ET Friday on NBCSN. She jumped at the opportunity.last_img read more