Pension funds must be more transparent on ownership rights – DNB

first_imgThe individual ownership rights of pension fund participants must be more transparent if the Netherlands is to build a truly sustainable system, according to Klaas Knot, president of Dutch regulator De Nederlandsche Bank (DNB).Speaking at the DNB’s annual pensions congress, Knot cited ownership rights as one of the biggest hurdles to the creation of a “future-proof” pension system.“People must have realistic expectations about their future pension – not only about its level, but also the risks,” he said.To do this, he said, pension funds had to be more transparent on ownership rights. Knot also called for “tailor-made pension arrangements”, such as an age differentiation for allocating risks.“Older workers need more risk protection, as they have less options for additional measures, while younger workers are in a better position to counter risks,” he said. Knot also called for a tailor-made approach to pensions accrual, arguing that the current average had had “significant negative effects” for participants who freelance at some point during their career.He added that tailor-made solutions also required more freedom of choice for participants, to suit their personal needs.The DNB president warned, however, that the margin for freedom of choice was slim as long as there were no clear ownership rights, while the average contribution principle had caused a “structural redistribution of pension rights”.Knot said a balanced risk allocation across all participants was the third condition for a solid pensions system.“Participants’ trust in the system is eroding when certain generations are systematically disadvantaged,” he said.last_img read more

Pricey Oxenford house hits the market at more than $3 million

first_img 9 Temple Island Circuit, Oxenford from the street.The vendors, who moved from up-market Sovereign Islands to the leafy suburb of Oxenford, enlisted a designer and builder who typically work on the Sovereign Islands. Ray White Sovereign Islands agents Rhonda Gunn and Edin Kara are marketing the property and said they were blown away when they first stepped inside.“When I first walked into it I was just stunned,” Ms Gunn said.“The quality just jumps out at you right from the word go. It just oozes luxury.” Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 2:31Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -2:31 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels540p540p360p360p270p270pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenIs it a good time to list?02:31HAS this Gold Coast mega mansion been built in the wrong suburb?The Oxenford house is on the market at more than $3 million and will smash the suburb record if it sells for its asking price.The property, at 9 Temple Island Circuit, is on a sprawling 1000sq m block overlooking Regatta Waters Lake but “oozes Sovereign Islands luxe on an unprecedented scale”. Among its standout features is a curved Venetian plaster wall, gourmet kitchen, resort-style pool, media room, parent’s retreat, three car garage and gym.Mr Kara said the vendors loved the position on Temple Island Circuit so much they decided to make the move west.CoreLogic records reveal they paid $600,000 for the block in 2017 before building their dream home. Inside the luxury abode at 9 Temple Island Circuit. Entertain while overlooking the lake. The luxurious kitchen. The house overlooks the lake. Style at every turn.center_img The house features an open-plan design. And a cinema room.More from news02:37International architect Desmond Brooks selling luxury beach villa7 hours ago02:37Gold Coast property: Sovereign Islands mega mansion hits market with $16m price tag1 day ago “They loved the lake and the fact the block faces northeast and is so peaceful and quiet,” Mr Kara said.“They always used to run around the lake and so bought a block of land to build their dream home.”While a sale of more than $3 million would be a record for the suburb, the agents are confident of finding a buyer.Property records show the highest sale in Oxenford is $1.26 million 2017 for a house on Brittany Drive.Oxenford’s median house price is $527,250 according to REA Group. The vendors moved from Sovereign Islands at Paradise Point to Oxenford, west of the M1. 9 Temple Island Circuit, Oxenford.last_img read more

Eni comes up dry at Rabat Deep well off Morocco

first_imgItalian oil company Eni has failed to find a hydrocarbon accumulation in its Rabat Deep 1 (RD-1) well offshore Morocco.The RD-1 well is located on the Rabat Deep Permits in Morocco where Eni is the operator with a 40% interest. Eni’s partners are Woodside Energy (25%), ONHYM (25%), and Chariot Oil & Gas (10%).Eni started drilling the well using the Saipem 12000 drillship in mid-March 2018.Eni’s partner, Chariot Oil & Gas, informed on Monday that the Rabat Deep 1 has been drilled to a total measured depth of 3,180m to test the JP-1 prospect. The well penetrated a thick top seal and drilled into the primary target encountering tight, fractured carbonates as evidenced by extensive losses of drilling fluid.As a consequence, only limited cuttings were recovered from the primary target and some limited hydrocarbon indications were observed, Chariot said.Furthermore, electric log data and side-wall cores have been acquired and detailed analyses will now be undertaken. The data collected will be used to calibrate the existing data sets to understand the implications of the well results on the prospectivity of the surrounding area.Chariot concluded that the well will now be plugged and abandoned.Larry Bottomley, Chariot CEO, commented: “Whilst the results of the Rabat Deep 1 well are very disappointing, the fact that we encountered tight carbonates in the Jurassic target with a thick top seal will be invaluable in calibrating the existing data sets and determining the implications for the prospectivity in the Rabat Deep Permits. Rock properties from the top seal and some thin sands encountered in the overburden will allow an improved description of the Cretaceous siliciclastic play that Chariot is targeting in the neighbouring Mohammedia and Kenitra permits where we operate with 75% equity.“We will continue to evaluate the well data and the implications of these results on the surrounding area, before discussing next steps with our partners Eni, Woodside and ONHYM.“Separately, Chariot is on track and fully funded to drill Prospect S in Namibia in the second half of 2018 targeting a gross mean prospective resource of 469mmbbls.”last_img read more

Talks with LIAT pilots stave off industrial action

first_img Sharing is caring! BusinessLifestyleNewsRegionalTravel Talks with LIAT pilots stave off industrial action by: Caribbean Media Corporation – May 25, 2017 65 Views   no discussions Tweet ST JOHN’S, Antigua (CMC) — The management of the regional carrier LIAT says all fights will operate on Thursday as scheduled, as the threat of industrial action by pilots, has been averted.On Wednesday, Attorney General Steadroy “Cutie” Benjamin called an emergency meeting with president of the Leeward Island Airline Pilots Association (LIAPPA) Captain Carl Burke, members of the airline’s management team and others.The meeting was held as LIALPA had issued an ultimatum, which gave the management until midnight on Wednesday to pay outstanding salaries.However, in a release late Wednesday LIAT said discussions were cordial and “the management and pilots have reached a mutually amicable decision on outstanding issues.”At issue is the late payment of salaries by LIAT, which has been mired in a financial mess for decades, and with which the pilots have had a volatile relationship.center_img Share Share Sharelast_img read more

Late Model Sunday Series win at I-35 goes to Cooney

first_imgBy Greg Grabianowski MASON CITY, Iowa (June 15) – Todd Cooney was the winner when the Sunday Series for IMCA Late Models came to I-35 Speedway on June 15. The hard charger by advancing six positions, Cooney finished in front of Charlie McKenna and Curtis Glover.The IMCA Xtreme Motor Sports Modifieds had an interesting finish to say the least as frontrunners Alex Hanson, Mike Jergens and Jeremy Mills all made contact with one lap to go, sending Jergens spinning into the infield while Mills wrestled the lead away from Hanson and went onto the win. Kevin Opheim is off to a good start this summer at I-35 and that good run continued with his first IMCA Sunoco Stock Car win at the track Sunday night. Blake Cole placed second.Shane Swanson earned his fifth Karl Chevrolet Northern SportMod feature win of the season in the area but his first one at the Mason City track. Chad Gentz also earned his first feature win of the season at I-35 in the IMCA Sunoco Hobby Stocks, coming from the outside of the third row to start the race. Nate Coopman captured his third local feature win of the season in the Mach-1 Sport Compacts.last_img read more

Pellegrini: I’m leaving Malaga

first_img The Chilean head coach has been heavily tipped to fill the vacancy left by Roberto Mancini at Manchester City this summer and has now stated he will not be in charge of the Champions League quarter-finalists next season. According to Spanish newspaper website Marca.com, he said: “My coaching staff and I are separating from Malaga but our union with this city will be eternal. I’m going for sporting reasons.” Manuel Pellegrini has confirmed he will leave Malaga at the end of the season. The 59-year-old’s exit from La Rosaleda has been largely expected for weeks although the club themselves have yet to confirm his departure. His name was being linked with City before Mancini’s exit on May 13, although Pellegrini denied that a deal had already been done following the goalless draw with Sevilla on May 12. “I deny here and now being the new coach of Manchester City, I haven’t signed any agreement with anybody,” Pellegrini said on his club’s official website at the time. The Qatari-owned club currently sit in the Europa League places in the Primera Division but are banned from European competition next season due to unpaid bills in breach of UEFA’s Financial Fair Play regulations. A further one-year suspended ban was overturned on appeal. Pellegrini added in his speech at the Malaga Provincial Council: “Sunday will be my last match at La Rosaleda and will be very exciting for me. I’m not leaving due to the matter of money but looking for a project that allows me to develop my profession conveniently.” The former Real Madrid coach first moved to Europe in 2004 when he became boss of Villarreal. In five years with the Yellow Submarine, he guided the club to unprecedented success, reaching the Champions League semi-finals in 2006 and finishing second in the league in 2008. That attracted the attentions of Madrid and Pellegrini moved to the Santiago Bernabeu in 2009 but was sacked after a single season, following a second-placed finish in the league and last-16 exit in the Champions League. He moved to Malaga in November 2010 and guided the club to 11th before finishing fourth in his first full season in charge. His side exited the Champions League at the quarter-final stage to Borussia Dortmund this season and currently sit in sixth place in La Liga, with games against Deportivo and Barcelona to come to finish their season. center_img Press Associationlast_img read more

Westwood finds form at Valhalla

first_imgA rejuvenated Lee Westwood set the early clubhouse target as Tiger Woods failed to make an impression on the opening day of the 96th US PGA Championship. Press Association “Going into last week I felt like I had turned the corner. I was starting to swing it a lot better but that’s no good unless you start converting it into low rounds. The first three rounds were frustrating because I played a lot better than three over. “Then obviously I got it going the final day, shot 63. I tried to keep it low key in the practice rounds here, just playing nine holes each day, and carry that momentum through to the first round, which I’ve managed to do.” Poulter is another player looking for form after an injury-plagued season, but the 38-year-old looked to have found it courtesy of some lengthy practice sessions this week. Asked what was most pleasing about his 68, Poulter said: “The overall state of my game, because it hasn’t been there for a little while. “I think the work that I put in Monday, Tuesday, Wednesday was rewarding to go out there to play well. It’s the most balls I’ve hit in any session. The body is allowing me to hit more balls at the minute, which is a good thing. It’s coming into the right time of the year.” In contrast Woods was disappointed with his 74, which featured four bogeys and just one birdie, the former world number one chipping in on the 16th. “It wasn’t very good,” Woods admitted. “A lot of bad shots and I never got a putt to the hole. I had plenty of looks to turn my round around and then post something even par, even under par. My swing was dialed in on that range out there. Unfortunately, I didn’t carry it to the golf course.” Asked about his back, Woods added: “It’s a little bit stiff, but that’s about it. I’m going to go get treatment and make sure this thing is nice and loose for tomorrow.” The biggest threat to Westwood and Chappell was coming from American Ryan Palmer, who raced to the turn in 31 and remained five under with five holes to play. But pre-tournament favourite Rory McIlroy was also moving menacingly up the leaderboard, the world number one carding birdies on the fourth, seventh and ninth to reach the turn in three under par. McIlroy is seeking a third win in succession after victories in the Open and Bridgestone Invitational, not to mention a fourth major title and second US PGA victory in two years. His serene progress came to a shuddering halt on the 10th, the 25-year-old splitting the fairway with his drive but then hooking his second shot out of bounds. That led to a double-bogey seven and dropped him back to one under, five behind Westwood, Chappell and Palmer, who had chipped in on the fifth for his sixth birdie of the day. Sweden’s Henrik Stenson and England’s Luke Donald were also within striking distance on four under after 11 and nine holes respectively. Westwood, who carded a closing 63 at Firestone Country Club on Sunday after missing the cut in his previous four events, looked to have squandered a good start when he covered the back nine in 33 only to run up a double bogey on the first. However, the 41-year-old bounced back with a birdie on the fourth and rattled in four more in succession from the sixth, ending his round in style by holing from 40 feet on the ninth. Italian Edoardo Molinari was five under par with four holes remaining, while Holland’s Joost Luiten and England’s Ian Poulter boosted their Ryder Cup chances with rounds of 68 and Colin Montgomerie returned a highly-respectable 70. “I wanted to represent the Champions Tour well and 70 is okay to start with,” said Montgomerie, who qualified by winning the Senior PGA Championship in May. “I drove the ball well and knew if I did that I could get round.” World number six Matt Kuchar could not say the same thing, the American withdrawing before the start of play with a back injury as the problems mounted for US Ryder Cup captain Tom Watson. Dustin Johnson has already made himself unavailable for the team due to “personal challenges”, while defending US PGA champion Jason Dufner is struggling with two bulging discs in his neck. Kuchar, who has already sealed his place on the Ryder Cup team for Gleneagles, was replaced in the draw by first reserve John Huh. Westwood, whose 65 eclipsed his previous lowest score in the US PGA – an opening 66 at Oak Hill last year, said: “Last week was a big week for me. All eyes were on Woods after he declared himself pain free and said he was targeting a 15th major title at Valhalla, despite getting in just nine holes of practice after withdrawing from the final round of the WGC-Bridgestone Invitational with a back injury. But while the former world number one struggled to a three-over-par 74, Westwood compiled a six-under 65 that was matched minutes later by American Kevin Chappell. last_img read more

33 bodies recovered after massive boat fire, 1 missing

first_imgWednesday, dive teams continue to pull bodies out of the water after a massive boat fire off the Southern California Coast.The Coast Guard says 33 bodies have been recovered and one person remains missing out of the 39 people aboard.Five crew members managed to escape the before the boat went up in flames, The Coast Guard said.The cause of the deadly fire remains unclear at this time.Investigators with the National Transportation Safety Board are currently on the scene near Santa Barbara to determine what happened and why.The 75-foot vessel was chartered for three days by a commercial dive group based in Santa Cruz, and the deadly fire occurred Monday morning.This story is developing.last_img read more

Shortlists announced for Fourth Annual CONCACAF Awards

first_imgTHE Confederation of North, Central America and Caribbean Association Football (CONCACAF) announced yesterday the shortlists and the opening of fan and media voting for the fourth annual CONCACAF Awards, to honour the year’s standout performers and achievements from across Confederation events.The awards, which will be presented for the fourth time, have been designed to recognise the top players, coaches and referees in women’s and men’s events from the CONCACAF region.The CONCACAF Awards honour players and achievements in CONCACAF-sanctioned tournaments and competitions involving the Confederation’s national teams at all levels, including FIFA World Cups and World Cup qualifying for both genders, in all age categories.Performances also eligible for recognition include those achieved in professional club football leagues under CONCACAF’s stewardship in North America, Central America and the Caribbean, as well as the Scotiabank CONCACAF Champions League.Players, coaches and referees of any nationality were eligible to be nominated for the awards, as long as they meet at least one of the following criteria:1. Have played/coached/refereed in an official CONCACAF tournament at club or national team level OR2. Have played/coached/refereed for a CONCACAF member national team in a FIFA-sanctioned international competition ORHave played/coached/refereed in a domestic league within CONCACAF’s territory:A player/coach/referee from the CONCACAF region, who does not meet the above criteria (i.e. a player whose only performances in the past year came in a European or Asian league etc.), would not be eligible;Goal-of-the-Year applies only to goals scored during CONCACAF or FIFA official competitions or a league game disputed within the CONCACAF region;Voters should base their judgments solely on performances in the above categorised competitions from January 1, 2016 to December 31, 2016.This year’s award categories are:CONCACAF Male Player of the YearCONCACAF Female Player of the YearCONCACAF Male Goalkeeper of the YearCONCACAF Female Goalkeeper of the YearCONCACAF Male Coach of the YearCONCACAF Female Coach of the YearCONCACAF Male Referee of the YearCONCACAF Female Referee of the Year CONCACAF Male Best XICONCACAF Female Best XICONCACAF Goal of the YearFans and media will also be able to vote for the Male and Female Best XIs. In each category, a list of nominees has already been determined through voting of Technical Directors from each of CONCACAF’s 41 Member Associations and the CONCACAF Technical Study Group, which analyses tactics and rates performances at all official CONCACAF tournaments.The lists have now been submitted for final voting among three important stake-holding segments of the Confederation:Member Associations’ men’s and women’s national team coaches and captains, media and fans. The national team coaches and captains from across the Confederation will account for one third of the final vote, and accredited members of CONCACAF’s media circle will contribute another third of the tally. Fans from around the region and the world are invited to vote online for the final one-third segment of the vote.Fans can have their say by visiting the fan voting page on CONCACAF.com, available here. Media should cast their ballot via the dedicated link to be sent separately to media members on CONCACAF’s distribution list.Voting is open through 11:59 EST, Sunday, January 8, 2017. Final votes in each of the 11 categories will be tallied and the winners announced via CONCACAF.com.last_img read more

The Latest: Big South allows 4 nonconference football games

first_img Share This StoryFacebookTwitteremailPrintLinkedinRedditThe Latest on the effects of the coronavirus outbreak on sports around the world:___The Big South Conference has decided to delay its fall sports seasons with the hopes of playing in the spring. But it will allow football-playing members to schedule up to four nonconference games in the fall at their own discretion. More AP sports: https://apnews.com/apf-sports and https://twitter.com/AP_Sports ___The Washington Football Team will at least begin the NFL season playing without fans in its stadium.The team formerly known as the Redskins says it plans to play home games at an empty FedEx Field in Landover, Maryland, “out of an abundance of caution due to the rapidly changing dynamics of the COVID-19 pandemic.” The decision can be reevaluated if conditions improve throughout the course of the season.“This decision was not an easy one,” owner Dan Snyder said. “But after several discussions with federal, state and local officials – along with input from some of the nation’s foremost medical experts, based right here in the nation’s capital – we are confident that it is the right one.”___ The Latest: Big South allows 4 nonconference football games ___The Division II Gulf South Conference is postponing competition in football, basketball, soccer and volleyball until at least Jan. 1.The league noted that the NCAA has identified those as high-risk contact sports that are subject to significant testing requirements for all student-athletes and personnel.The Birmingham, Alabama-based conference’s Board of Directors cited health and safety of athletes and others on campus, mandatory participation protocols from the NCAA Board of Governors and the cancellation of Division II fall championships.The league said it would evaluation options for spring seasons in football, soccer and volleyball.center_img August 12, 2020 Associated Press Commissioner Kyle Kallander says the decision was made to protect student-athletes during the coronavirus pandemic. He says the league hopes to play conference football, men’s and women’s cross-country, men’s and women’s soccer and volleyball in conjunction with its spring sports and still crown champions in all 19 of its sports.___The Division III New Jersey Athletic Conference has decided the delay the start of conference play in basketball until Jan. 20 because of the coronavirus pandemic.The conference’s Board of Athletic Administrators also agreed to reduce the number of NJAC games played by each team from 18 to 9 for both men and women.The conference members are Kean, Montclair State, New Jersey City University, Ramapo, Rowan, Rutgers-Newark, Rutgers-Camden, Stockton University, The College of New Jersey and William Paterson.last_img read more