Dutch schemes left ‘disappointed’ by discount rate decision

first_imgBorgdorff responded: “Contrary to Knot and Koolmees, in our opinion pension arrangements offering less certainty may lead to a different discount rate.“If the discount rate were to take future returns into account, the coverage ratio would improve to a level at which we aren’t headed for benefit discounts in 2020 or 2021.” The Netherlands’ biggest pension funds have expressed disappointment that they will remain tied to the ultra-low risk-free interest rate as part of a new pensions agreement.Speaking on behalf of the country’s top five pension funds (ABP, PFZW, PME, PMT and BpfBouw), Peter Borgdorff, director of the €203bn healthcare scheme PFZW, said they had expected to avoid benefit cuts in the next few years as a consequence of the planned reforms.Klaas Knot, president of supervisor De Nederlandsche Bank (DNB), argued in a recent letter that the risk-free interest rate should always be used to calculate nominal pension rights. Wouter Koolmees, the minister for social affairs, has supported this view. Peter Borgdorff, PFZWIn a recent opinion piece in Dutch financial newspaper NRC Handelsblad – written with colleagues from the other four large funds – Borgdorff called on the employers and unions discussing the Dutch reform package to reach an agreement quickly to avoid cuts to pension payouts.“It goes against any sense of justice, if we have to apply rights discounts when the economy is doing well,” the five pension fund directors wrote.Borgdorff and his colleagues had expected some leeway from DNB to change the discount rate, in part based on an earlier admission from Knot that the ECB’s quantitative easing policy had led to the low interest rate.Further reading: ECB’s policy could cause Dutch pension system ‘implosion’PGGM’s Agnes Joseph and Niels Kortleve explain how the European Central Bank’s policies affected Dutch pension funds, and the options for fixing the problems it created, in this column from April 2017“We assumed that, given this effect as well as the fact that we have to apply the lowest rate, DNB would show more flexibility,” Borgdorff said.Although the funding ratio of the five schemes has been improving, PFZW, ABP, PME and PMT were all still short of the required 105% minimum funding level at the end of the second quarter of 2018.Benne van Popta, trustee at the PMT, said the DNB’s position would not bring a new pensions contract any closer.“Moreover, Knot’s statement is at odds with what DNB has said earlier and what is accepted elsewhere in Europe,” he told Dutch newspaper FD.Elsewhere, Martin van Rooijen, MP for 50Plus, the party for the elderly, said he would put questions to finance minister Wopke Hoekstra regarding DNB’s position.He also noted that DNB had changed its earlier opinion about the discount rate.Despite recent signs of progress, the social partners are still discussing a new pensions contract – which will form the backbone of a new pensions system – in the Social and Economic Council (SER).last_img read more

Sharon Kay (Patton) Davis

first_imgSharon Kay (Patton) Davis, age 66, of Vevay, Indiana, entered this life on May 29, 1950, in Phelps County, Missouri, the daughter of the late, John Franklin and Maude Ruth (Harris) Patton-Smith. She atttended the Rising Sun High School. Sharon was united in marriage on February 17, 1968, at the Rising Sun Baptist Church in Rising Sun, Indiana, to the late, Gilbert Aldred Davis and to this union arrived two daughters, Sheryl and Melissa and two sons, Gilbert and John to bless their home. Sharon was employed for Electro Wire in Bedford, Kentucky, where she was head of the hardware department from 1986 to 1989. She was later employed as a cook for Milton-Kentucky Souvenir from 1989 to 1994. She was also employed as an assembler for Dorman Products in Warsaw, Kentucky, retiring in 1996 after 2 years of service. She was a member of the Rising Sun Church of Christ in Rising Sun, Indiana. Sharon enjoyed camping, crocheting, gardening and helping people. Sharon passed away at 6:54 am, Monday, January 30, 2017, at the King’s Daughters’ Hospital in Madison, Indiana.Sharon will be dearly missed by her daughters: Sheryl Arvin and her husband: Troy of Milton, KY and Melissa May Newton and her husband: Donald of Carrollton, KY; her sons: John Franklin Davis of Markland, IN and Gilbert Aldred Davis, II. of East Enterprise, IN; her grandchildren: Crystal and her husband: Dave, Ashlie, Troy, Kenneth, Kimberly, Larry, Cory, Gilbert III, Matthew, Destany, Brittany and Chloe; her great-grandchildren: Alica, James, Clayton, MaKenna, Lona, Hayden, Kenzi, Kyla and Nevaeh; her brothers: Robert Patton and his wife: Christy of New Mexico, William “Billy” Smith of Rising Sun, IN and Guy Patton and his wife: Angel of Cincinnati, OH; her sisters: Linda Manning and her husband: Bob of Hanover, IN, JoeAnn Patton of Seattle, WA, Bonnie McAlister of East Enterprise, IN, Wanda Mohanon and her husband: Phil of Hartford, IN and Cora Matthews and her husband: Jennings of TX and her several nieces and nephews.She was preceded in death by her parents: John Franklin Patton, died June 24, 1958 and Maude Ruth (Harris) Patton-Smith, died March 27, 2001; her step-father: Claude Smith; her former husband: Gilbert Aldred Davis, died in 1995; her companion: Bill Henderson and her brothers: Randy, Bill and Alvin Patton.No services are being held at this time.Memorial contributions may be made to the Hospice of King’s Daughters’ Hospital. Cards are available at the funeral home.last_img read more

Sanitation schedules altered for the holidays in Batesville

first_imgBatesville, In. — Batesville officials have announced an adjustment in sanitation services over the holiday period.Holiday collection dates for residents located north of Pearl street are Wednesday, December 26 and Wednesday, January 2, 2018.  Residents living south of Pearl Street will have their garbage collected on Saturday, December 29 and Saturday, January 5, 2018.last_img

Pro soccer resumes in Germany with games in second division

first_imgPro soccer resumes in Germany with games in second division Share This StoryFacebookTwitteremailPrintLinkedinRedditPro soccer resumes in Germany with games in second division,Tampa Bay Lightning advance to face Dallas Stars in Stanley Cup finals, beating New York Islanders 2-1 in OT in Game 6 Associated Press center_img May 16, 2020last_img

USG to create online guide for spring admits

first_imgAt Tuesday night’s USG meeting, USG Vice President Rini Sampath announced that an online guide for USC students who are admitted for the spring semester will be available within a week. The guide, which will be posted on USG’s website, will give spring admits information on what to expect during their freshman year.“It’s an opportunity for spring-admitted students to come here to be successful and feel like they’ll have a great time,” Sampath said.Currently, official information for incoming spring admits is limited to frequently asked questions pages on USC’s website. Sampath hopes that the new guide will expand on this page and provide more information.“This will be a comprehensive guide,” Sampath said. “It will take the information from the FAQ page and really flesh it out.”The new guide will cover a variety of topics, including housing, registering for classes and food on campus.Inspiration for the page came from Winston Lee, a sophomore majoring in computer science and computer engineering who created a Google Document for students who were admitted in the spring of 2014. A spring 2014 admit himself as well as a current USG senate aid, Lee created the page to help others facing similar challenges.“Basically I wanted something I didn’t have as a student, which was a document that compiled the different information I gathered through my research,” Lee said.Before enrolling at USC, Lee lived near campus and took classes at Los Angeles Community College. He struggled to find information about which of his credits would transfer and what other classes he should take.“[The information] is definitely out there, it’s just hidden on different sites and different pages,” Lee said.USG’s new page will expand on Lee’s design and will feature graphic design and testimonials from former spring admits“We’re taking what Winston [Lee] created and making it more accessible, and more aesthetically pleasing,” Sampath said.Sampath and Lee met at USC while participating in student government. Their decision to collaborate grew from both being spring admits themselves.“We bonded over the spring admission experience,” Lee said.In her experience, Sampath found that the Facebook page for spring admits was filled with questions.“The Facebook page had a lot of questions, like ‘what do I do about housing?’” Sampath said.Though it is specifically designed for spring admits, Sampath and Lee hope that the new page will answer questions that are relevant for all students.“The final product should be something that everyone at our university be able to utilize,” Sampath said.last_img read more

The Stars Group sells entire stake in Jackpotjoy Plc for £45 million

first_img Tabcorp expects $1bn hit as ‘COVID and retail contractions’ take effect August 3, 2020 StumbleUpon ‘Deal maker’ Rafi Ashkenazi ends Flutter tenure  August 27, 2020 PokerStars moves to refresh global appeal with ‘I’M IN’ August 18, 2020 Related Articles Share Submit Share Toronto TSX online gambling firm The Stars Group has moved to sell its entire stake in London-listed Jackpotjoy Plc.Issuing a market update, Stars Group has detailed that it has sold 5.6 million shares (7.5% shareholding) at a target price of 802p per share, netting gross proceeds of £45 million.The transaction was carried out by Stars Group through subsidiary unit Stars Interactive Holding. Stars Group informs that Jackpotjoy will gain no proceeds from its share sale.This week, Jackpotjoy governance detailed that it had secured a £385 million senior secured loan with further access to a revolving credit facility.In its update, Jackpotjoy governance informed that the proceeds from the loan facility will be used to ‘repay the existing first and second lien term loans’.Updating investors, the loan facility comprises two finance tranches of £250 million and EUR 140 million, with an attached maturity of seven years and weighted average interest rate of 4.91% above Libor, which will be stepped downs of an additional 0.75% based on future leverage ratios and credit ratings.Entering new secured loan terms, Jackpotjoy’s new group annual cash interest payments will be reduced by approximately a third, targeting £9 million in savings for its first year of transactions.last_img read more

Van Gaal favourite to replace Moyes

first_imgLouis Van Gaal has emerged as the front runner to replace David Moyes after he was axed by Manchester United just ten months into his six-year contract.Moyes paid the price for a dreadful campaign when he was dismissed following a meeting with United vicechairman Ed Woodward at the club’s training ground yesterday.United’s most-decorated player Ryan Giggs, a player/ coach under Moyes, will take charge ‘‘until a permanent appointment can be made’’, the club said.Holland head coach Van Gaal has emerged as the favourite to replace Moyes with senior figures at United holding the 62-year-old, who is out of contract after the World Cup, in high regard.Sources close to the club have made it clear the fact that Van Gaal will be in Brazil with Holland this summer would not be an obstacle to the Dutchman taking over.Talks could take place over the coming days as United want to install Moyes’ successor quickly. It is easy to see why United are interested in Van Gaal.The Dutchman lifted the Champions League with Ajax and he also won titles in Germany and Spain.The former Barcelona and Bayern Munich coach is also used to working with bigname players and attracting big signings – neither of which were part of Moyes’ track record.Van Gaal has made it clear he wants to move to the Barclays Premier League when his contract expires and is the bookmakers’ overwhelming favourite.Van Gaal was linked with the Tottenham job, but United’s illustrious history, and a £150million transfer kitty, make the vacancy at Old Trafford far more attractive.Borussia Dortmund coach Jurgen Klopp ruled himself out of the running, telling the Guardian: ‘‘Man United is a great club and I feel very familiar with their wonderful fans. But my commitment to Borussia Dortmund and the people is not breakable.’’ Pep Guardiola was considered when Sir Alex Ferguson retired last summer, but the Spaniard went to Bayern Munich, where he intends to remain. ‘‘I want to stay at Bayern for two more years,’’ Guardiola told a press conference.‘‘Bayern are my team, I’m comfortable here.’’ Other potential candidates include Paris Saint-Germain manager Lauren Blanc, who played for United for two years, Ferguson’s former assistant Carlos Queiroz, whose contract as Iran coach expires in the summer, and highly-rated Atletico Madrid manager Diego Simeone.For now, Giggs is the man charged with restoring some pride to United following what has been a truly awful campaign.What Giggs lacks in experience, he makes up for with passion and a will to win. The 13 Premier League winner’s medals he owns prove that.Giggs is expected to be assisted by Nicky Butt, who is currently in charge of the under-19s and also coaches the reserves. Phil Neville and Chris Woods remain in their posts as first-team coaches, but Steve Round and Jimmy Lumsden – both brought in by Moyes last summer – have been fired.A throng of camera crews and photographers turned up at the AON Training Complex, but they had missed Moyes, who slipped in during the early hours of yesterday morning.Moyes was sacked shortly after 8am, but the 50-year-old remained at the training ground for a few hours so he could thank and say goodbye to his players.He then left via the back exit away from the cameras.Moyes knew he was on his way out when reports emerged on Monday claiming he had lost the faith of United’s owners, the Glazer family. But he can have few arguments about his dismissal.Exactly one year ago, United won a record 20th title with four games to spare.Now they are in seventh, 23 points behind leaders Liverpool.The list of unwanted records broken by Moyes is as embarrassing as it is long.United are guaranteed to end the season with their worst points total in Premier League history, they have failed to qualify for the Champions League for the first time in almost two decades while Moyes’ home record is the worst of any United boss since 1978 when Dave Sexton was in charge. That is why Moyes will go down in history as the third shortest serving United boss behind Walter Crickmer and Lal Hilditch.Moyes never looked capable of dealing with the pressure of being United boss, he struggled in the transfer market, and his reign was dogged by rumours – denied by the Scot – that he did not get on with a number of his players.Former United striker Michael Owen took to Twitter and he summed up the situation perfectly.‘‘United had to be 100% Moyes was the right man,’’ the former United striker said.‘‘Evidently they didn’t have the confidence in him in which case makes the timing absolutely right. Now the big question is who’s next?’’ Van Gaal looks likely to be that man.last_img read more

CAF CC: Medeama beaten 3-1 after late Sundowns rally

first_imgMedeama have a herculean task now in the CAF Confederations Cup, after they lost through three quick goals in eight minutes on Saturday evening in Pretoria.Mamelodi Sundowns came from behind to secure a 3-1 win over the Mauves and Yellows in the first leg of their tie. The Ghanaians broke the deadlock inside the opening minute, as Eric Kwakwa rifled home a sublime effort that left Wayne Sandilands with no chance.Khama Billiat went close for Sundowns after 13 minutes as his cheeky lob from close range was tipped over the bar by Tagoe.Sundowns should have been level in the 27th minute, as Anthony Laffor weaved his way into the box and a had glimpse at goal. However, the Liberian opted lay the ball off rather take a strike at goal.The home side went even closer in the 33rd minute. Leonardo Castro’s fine back-heel released Mzikayise Mashaba, who rattled the upright from close range.Cuthbert Malajila was brought on to replace the in-effective Laffor five minutes into the second half, as Sundowns pushed for an equaliser. Castro squandered a glorious chance to level matters in the 58th minute, as the Colombian placed his header wide of the upright from six-yards out.Mosimane opted for a double change after 70 minutes, introducing Teko Modise and Siyanda Zwane for Tebogo Langerman and Rama Mphahlele.Sundowns eventually leveled matters in the 80th minute, as Castro nodded home Dolly’s corner at the near post.Mosimane’s charges eventually completed the comeback in the 84th minute, as Billiat’s cross-cum-shot from the right flank sailed over  a flailing Tagoe and into the back of the net.However, the hosts sealed the win a few minutes later, as Malajila calmly slotted into the bottom corner from six-yards out, 3-1. FORMThe South African side were favorites to wrap this up, after winning their tough domestic Premiership title this week when a 3-0 win over University of Pretoria gave them an unassailable lead over Bidvest Wits.The Brazilians, as they are called, dropped down into the Confederation Cup, Africa’s second-tier club competition, after being eliminated from the CAF Champions League by AS Vita two weeks ago.Meanwhile, Medeama have been struggling in the Ghana Premier League, where they lie tenth.They would need a miracle to overturn this tie in Tarkwa. LINEUPS:Mamelodi Sundowns: Sandilands, Mphahlele, Langerman, Nthethe, Arendse, Kekana, Mashaba, Laffor, Billiat, Dolly, CastroMedeama: Tagoe, Adade, Amoah, Aidoo, Sarpong, Boahene, Kwakwa, Akowuah, Bio, Donsu, Abass Mohammed—last_img read more

LA Clippers breaking opponents’ spirit early with dominant defensive efforts

first_imgLOS ANGELES – Writers more talented than the one named above have written volumes about basketball using jazz music as a way to describe the free-flowing movements on the court.Jazz, like the best basketball, can be loosely planned and beautifully precise all at once, with the saxophonist and the drummer briefly sharing a look or the cellist quickly hearing a specific pattern of notes, telling him what comes next. While separate, they form something together.For a basketball team, the more continuity you have from year to year, the easier it becomes to understand the unspoken languages, using situations as forms of communication. And, when you reach that point where a look is as good as word, you can start creating masterpieces. Eight games into the NBA season, the Clippers have reached this point, and in a bit of a surprise, the best improvisations are coming on the defensive end of the floor, where they’re far and away the best in the league.“We understand each other better. We cover for each other. We know the schemes better,” Clippers forward and ace defender Luc Mbah a Moute said. “It’s everything – on the ball, the weak side, talking better, knowing when to switch, when not to switch, reading each other better.”It’s not as if the Clippers were defensively illiterate last season. After inserting Mbah a Moute into the starting lineup on Nov. 29 last season the team ranked fourth in points allowed per 100 possessions (100.4), the preferred measurement unit for defending.But, this season, whether it’s maturity, better players, better coaching, better schemes or, simply, continuity, the Clippers are even better.“It is a different thing,” forward Blake Griffin said. “I feel like I keep repeating myself, but we just take ownership of defense differently. There’s a different feel. Not to say in years past we haven’t… but, this year it’s all about getting stops and getting out into transition. We’re not worried about our offense.“We have guys … we can score the ball. Defensively has been our focus and our focal point, and it’s shown.”As of Thursday morning, the numbers as well as the team’s 7-1 record – best in the NBA – easily illustrate Griffin’s points.They’re allowing 89.3 points per 100 possessions. The second-best defense, Charlotte, is allowing 6.1 more. They’ve got the 10th-best offense in the league, a unit that’s climbing after a very slow start.And, their net rating, the difference between their offensive and defensive efficiency numbers, is 16.1. For a reference point, the Golden State Warriors’ net rating during their 24-0 start last season was 15.7.The depth of that margin, though, comes from their dominating defense, which Coach Doc Rivers sees as something that’s actually disheartening Clipper opponents.“It kind of breaks the spirit on the other end on their defense because they can’t score and they’re thinking about scoring,” Rivers said. “It’s good. We’ve just got to keep doing it and keep getting better.”Their intensity on the defensive end hasn’t wavered whether they’re leading by 10 or 30, so far, and the Clippers view this is as a positive sign. It’s something they consider to be the next step in their growth as a team.Right now, though, the biggest gains have been in their ability to react to one another on the defensive end, to use the advantage of time together to shut down offenses.“Knowing our system and knowing what we’re trying to take away, I think, is key on the defensive end. The improvisation part is just knowing who the next guy is, whoever is closest, knowing the rotation,” Griffin said. “We like to keep (DeAndre Jordan) near the hoop, but if it doesn’t work out like that, we’re just scrambling around. And, when we get a chance, we try to reset.“I think it’s just trust.”center_img Newsroom GuidelinesNews TipsContact UsReport an Errorlast_img read more

Gregg Popovich holds first Team USA practice ahead of World Cup: ‘All I care about is who’s here’

first_img“I watched the women’s World Cup team win the World Cup and it was inspiring,” said Steve Kerr, who is serving as the team’s assistant coach. “To me, that’s what sports are about, the competition and the unity. Bringing out this great spirit and energy with the fans. We have a chance to do something that is very positive and unifying.”The final roster will be announced Aug. 17 after two weeks of practice and scrimmages.Afterward, the team will embark on a pre-tournament tour in Australia and then the play in the World Cup in China from Aug. 31 to Sept. 15. Andre Drummond, Montrezl Harrell latest to withdraw from FIBA World Cup Gregg Popovich entered the first Team USA practice focused. He was focused on the responsibilities of upholding the US’s legacy at the FIBA World Cup as the team’s head coach, but more importantly on the players who showed up Monday. The Americans are chasing their third consecutive World Cup championship.There are a few late additions that could bolster these hopes. Kings star De’Aaron Fox has reportedly been elevated from the Select Squad and the Nets’ Joe Harris was added to the Select roster before the start of USA Basketball’s workouts in Las Vegas.”All I care about is who’s here,” Popovich said. “I’ve got a fine group of guys and we’re going to get the best possible team we can. … This is the most satisfying form of putting a bunch of guys together and them have empathy and love for each other to form the kind of team they’re going to have to have to beat some really good European teams.”The men’s team also has a lot of inspiration to pull from. The Team USA roster has lost some big names in the last couple of weeks, but that didn’t seem to worry Popovich.”It’s our responsibility to not only be the best team we can be but also conduct ourselves with the USA on our shirt, we’re representing a lot of people,” Popovich said, via ESPN. “We have a huge responsibility, not only for the country, to do this in a classy manner, but to continue the success that USA basketball has had over the last 12 years.” Related News Jerry Colangelo doesn’t have any ‘angst’ over U.S. chances at FIBA World Cup De’Aaron Fox reportedly added to Team USA roster for FIBA World Cup training camplast_img read more