Dutch roundup: Vervoer, KLM, Gazelle, Pon

first_imgElsewhere, with a return of 3.7%, the €2.2bn KLM pension fund for cabin staff was the best performing scheme of the three large schemes of the Dutch airline over the first quarter.The pension fund’s coverage ratio rose by 0.6 percentage points to 123.6%, equating to a real funding of 78.7%.The Stichting Pensioenfonds Cabinepersoneel KLM reported returns for fixed income, equity and property of 3.3%, 1.7% and 2.9%, respectively, while a 50% interest hedge contributed 1.4 percentage points to the total result.However, following rising equity markets, it lost 0.1 percentage points on its equity cover.Over the same period, the €6.6bn KLM scheme for ground staff achieved a return of 3% due mainly to the rising value of its bonds portfolio.Its interest hedge contributed 0.5 percentage points to the quarterly result of the Algemeen Pensioenfonds of KLM.According to the scheme, fixed income, equity and real estate returned 3.6%, 1.7% and 2.8%, respectively.It added that it was considering investing in existing funds of Dutch mortgage loans, as a way of diversifying its portfolio.Since year-end, the coverage ratio of the pension fund for ground staff rose from 122.1% to 122.8%.The €7.3bn KLM scheme for cockpit staff (Vliegend Personeel) reported a quarterly return of 2.5%, while its coverage rose by 0.5 percentage point to 133.3%.The assets of the KLM schemes are managed by Blue Sky Group.In other news, the €85m pension fund of bicycle manufacturer Gazelle has joined SPP, the €660m multi-company scheme of Dutch Volkswagen importer Pon.SPP was alreading managing the pension assets of the Stichting Pensioenfonds Pon Holdings (SPPH), the Stichting Pensioenfonds Geveke (SPG) and the surviving relatives scheme of the Stichting Pensioenfonds Pon.The Gazelle pension fund has approximately 1,875 participants in total, and was founded in 1927.Although it is part of the metal and electrotechnical engineering industry, it had been exempt from mandatory participation in the industry-wide metal scheme PME.The scheme said it decided to join the multi scheme for reasons of continuity, expertise and costs.The Pon multi scheme was established on 1 January 2012 to simplify joint operations, while allowing the participating pension plans to keep their own characteristics.An additional consideration was that, because of the ring-fenced assets within the multi scheme, the principle of solidarity between participants could remain limited to the individual pension plan, SPP said.The multi-company scheme has now approximately 10,550 participants in total.Following their respective collective labour agreements (CAOs), a large part of the Pon employees are participants of either metal scheme PME or PMT, the pension fund for the metalworking and mechanical engineering industry. Vervoer, the €15.7bn pension fund for the private road and waterways transport sector in the Netherlands, has reported a 6% return for the first quarter of 2014. Over the first three months of the year, its coverage ratio improved by 3.4 percentage points to 112.7%.Vervoer attributed the increase of its coverage to its 64.3% fixed income holdings and falling interest rates, as well as a positive return on its derivates to hedge the interest risk on its liabilities.The transport scheme, which has 624,000 participants in total, said its fixed income and equity holdings returned more than 3% and 0.7%, respectively, while property and infrastructure returned 0.7% and 2%.last_img read more

Wednesday people roundup

first_imgCandriam Investors Group – The €100.1bn asset manager has appointed Isabelle Cabie as global head of responsible development and Wim Van Hyfte as global head of responsible investments and research. They will report to CIO of investment management at Candriam, Vincent Hamelink. Cabie will be in charge of developing Candriam’s active ownership strategy, leading its corporate social responsibility policy, and promoting socially responsible investing (SRI). She has over 20 years of experience in macroeconomics, institutional portfolio management, and sustainable and responsible investments. Van Hyfte transfers from the quantitative team at Candriam, where he was senior fund manager and SRI specialist, co-managing over $3bn (€2.79bn) in global SRI quant equity funds and segregated accounts. Together with his team of SRI research analysts he will create new ESG products and investment solutions. The asset manager is planning to hire two analysts in 2017 to grow its SRI team.AP3 — Joakim Blomqvist has been hired by Sweden’s AP3 to the role of senior manager in its Alpha Management division. He started the job on 9 January. Blomqvist joined the pensions buffer fund from SEB Markets, where he was responsible for global sales of corporate bonds, among other things. He has also worked at Nordea Markets, insurance company If, Connecta, and JP Bank. At AP3, Blomqvist will have responsibility for a global bonds absolute return mandate. GlaxoSmithKline — Head of benefits at the British pharmaceutical giant, Moira Beckwith, has left to join Capital Cranfield, an independent trustee company. She is one of four new client directors, alongside John Nestor, Paul Black, and Andy Scott. Nestor serves on the trustee boards of several UK pension funds, including Prudential and the RAC. Black joins from consultancy firm Lane Clark & Peacock where he was an investment partner. Scott joins from Punter Southall where he had spent 20 years, and founded its independent trustee business.AFG – Virginie Buey has been appointed international development manager at the French asset management association. She will be responsible for promoting the French asset management industry in France and abroad. She previously worked at NN Investment Partners, where she was head of marketing and communication for France.GMO – The US-based asset manager has named Scott Hayward as its next CEO, effective from 13 February. He replaces Peg McGetrick, interim CEO since July last year, who took the role following the resignation of Brad Hilsabeck. Hayward joins from Quantitative Management Associates, where he was chairman and CEO.GMO has also hired Andy Martin from Cambridge Associates as head of investment teams, a newly created role. At Cambridge, where he spent 10 years, Martin was managing director in the non-profit practice and global head of hedge fund research. The asset manager plans to launch a series of products and strategies focused on climate change this year, GMO said in a statement.Aon Hewitt – The consultancy giant has hired William Parry from Xerox, formerly Buck Consultants, as a senior consultant within its fiduciary management arm. At Xerox, Parry led its fiduciary management oversight operations, helping pension funds assess and appoint fiduciary managers. In his new role, he will focus on services for larger pension schemes of £1bn or more.Tax-Incentivised Savings Association (TISA) – Stephen Gay has been named policy team manager, and Renny Biggins has been appointed pensions technical officer for the UK lobby group. TISA said the new arrivals would form part of its “development plan”, aimed at extending and refocusing its policy reach. Gay has held senior roles at the Association of Independent Financial Advisers and the Association of British Insurers. Biggins has worked at mutual insurer Royal London, pension provider Suffolk Life, and fund administrator IFDS over a 25-year career.Robeco – Graham Elliot is to join the asset manager’s Hong Kong office in a new role as head of Asia Pacific and the Middle East distribution. He has worked at Robeco since 2011, most recently as country manager and head of sales for the Middle East and Africa. He will keep these responsibilities “on an interim basis”, Robeco said.HSBC Securities Services – Tim Wood is to lead the banking giant’s custody business in the UK from 28 March. He joins from RBC Investor and Treasury Services, where he has worked since 2002. RPMI Railpen, Standard Life Investments, Candriam, AP3, SEB Markets, GMO, QMA, Cambridge Associates, Aon Hewitt, Xerox, TISA, Robeco, HSBC Securities ServicesRPMI Railpen – Standard Life Investments has poached RPMI Railpen’s head of sustainable ownership. Deborah Gilshan will leave the UK’s £25bn (€29bn) pension fund for railway employers at the end of March. At Standard Life Investments, Gilshan will be governance and stewardship director.Chris Hitchen, Railpen CEO, said Gilshan had “helped us evolve our thinking on sustainable ownership and what this means for us as a long-term asset owner”.Gilshan said of her forthcoming role: “It is really exciting to be joining at a time when environmental, social, and governance [ESG] considerations continue to increase in significance for investors, companies, regulators, and wider society.”last_img read more

Norway to let 7-yr-olds change gender

first_imgThe Local 25 June 2015Children as young as seven would be allowed to change their legal gender under a bill proposed by Norway’s government on Thursday, bringing it one of the lowest ages for transgender rights anywhere in the world.“This is an important area where Norway has lagged far behind many other countries for many years,” Health Minister Bent Høie  said as he announced the plan during the Oslo Pride festival. “Now we can be proud that we are implementing this law.”According to the Norwegian Health Ministry, most European countries only allow citizens to change the gender assigned to them at birth after they turn 18.However, Richard Köhler, of the Transgender Europe lobby group, told Reuters that the “gold standard” was to have no formal limit, as in Malta.“Generally it is very good to allow very young transpersons to have their gender identity respected,” he said.Until April this year, Norway insisted that those seeking to change their legal gender undergo surgery, a practice which transgender activists argued was a violation of human rights.http://www.thelocal.no/20150625/norway-to-let-7-yr-old-change-genderlast_img read more

Apple Fined Millions for Slowing Down Old iPhones

first_img Share (Image credit: Future)(Tech Radar) Apple has been hit with a multi-million dollar fine for deliberately slowing down older iPhone models via a software updateThe €25 million ($27 million) punishment was issued by France’s competition and fraud watchdog DGCCRF, which found Apple did not warn users that updating the latest firmware would slow down their smartphones.Apple admitted in December 2017 that it did slow down old iPhone devices, though the company claimed that it was done to prolong their lifespan.In its response, Apple refuted the popular online conspiracy theory that it slowed the phones to force people to upgrade. Consumers complained that their devices had slowed down considerably with time, however, a battery replacement vastly improved the performance. This resulted in Apple offering steep discounts on battery replacements.The regulators found that the company has not informed the consumers ‘that installing iOS updates (10.2.1 and 11.2) could slow down their devices”.Apple has agreed to the pay the fine levied by the Directorate-General for Competition, Consumption and the Suppression of Fraud (DGCCRF) and will also have to publish a press release on its French site for one month.The Halt Planned Obsolescence (HOP) association which had requested the prosecutors to open this inquiry, is now planning to file claims for additional damages on behalf of the iPhone users. Tweet BusinessInternationalLifestyleNews Apple Fined Millions for Slowing Down Old iPhones by: – February 14, 2020 Sharecenter_img Share The company said that the lithium-ion batteries in iPhones are prone to supplying less power in peak current demand in some devices, once they age. This could result in frequent shutting down of phones. Hence, to control this battery issue, the company released the software update for the older devices like the iPhone 6, iPhone 6s, iPhone 7 and iPhone SE. 257 Views   no discussions Sharing is caring!last_img read more

Henderson plays down title talk

first_imgThere is an air of confidence around Liverpool right now, but Jordan Henderson insists they are not getting carried away. A tilt at the Premier League title had never been part of Brendan Rodgers’ plan this season, but their recent form has given them a real chance of a first championship since 1990. Saturday’s 3-0 victory at Southampton – the only side to have won at Anfield this season – extended their winning streak to four matches, seeing them climb above Manchester City and Arsenal into second. Just four points separate them from leaders Chelsea and Liverpool’s travelling fans chanted ‘we’re going to win the league’ at St Mary’s – talk that midfielder Henderson attempted to move away from. “We have just got to keep our feet on the ground,” the England international said. “We are very confident but at the same time there is a long way to go so we have just got to take each game as it comes. “We’ve got some quality players here and are working very well, so we will take each game as it comes and see where we finish.” Victory at Southampton was the ideal start to a run of three successive away matches, with Luis Suarez marking his 100th league appearance for the Reds by opening the scoring at St Mary’s. The hosts responded impressively but Liverpool held firm, adding extra gloss to the scoreline as substitute Raheem Sterling and captain Steven Gerrard netted in a dominant second-half display. “I think the win was really important with the break coming up,” Henderson told the club’s official website, www.liverpoolfc.com. “Coming here we knew it would be a very difficult game for us and it was a really important game for us to stay up there at the top so we’re over the moon with the three points and the performance. “We knew we’d come under pressure at some point because they’re a good team with good players and we knew at some point we would have to deal with some pressure. “But I thought we handled them quite well. They had a few chances and Simon [Mignolet] made a great save, but I think in the second half we dealt with it better and created some good chances.” Liverpool have now scored three or more on 16 occasions this season, with their tally of 73 goals from 28 matches making them the Premier League’s top scorers. It is at the back where the problems lie, though, with only four teams having kept fewer clean sheets heading into Saturday’s match, making the shut-out at St Mary’s particularly poignant. “It was really important for us to get a clean sheet,” Henderson added. “I think we’ve been disappointed with some of the goals we’ve conceded over the last few weeks and have worked on it in training – and I think you could see that. “The defenders were outstanding, Simon was very outstanding and as a team defensively we were very good.” Press Associationlast_img read more

Virat Kohli Wins Hearts In Pakistan With Sportsmanship

first_imgManchester: The much-hyped World Cup clash between India and Pakistan turned out to be a damp squib on Sunday with India romping home to a facile 89-run win (D/L method).However, Indian players, particularly Rohit Sharma and Virat Kohli, came in for a lot of praise from across the border for their performance and the Indian captain’s display of sportsmanship.One of the moments which drew applause from Pakistan fans on social media was when Kohli enquired if pacer Wahab Riaz was okay after the latter slipped and fell on his follow through. The two then exchanged smiles and carried on.Later in the innings, Kohli’s march to a 42nd ODI ton was stopped when he seemingly nicked a delivery off Mohammad Amir to the wicketkeeper. The umpire did not raise his finger but the Indian captain walked anyhow while replays showed that there was in fact a big gap between bat and ball.”Virat Kohli is such a gentleman. The sportsmanship he displayed is reflection of his grandeur. He knew he edged it and therefore walked off instead of waiting for umpire’s decision. Patted Wahab when he fell. He has won a million more fans! How can anyone hate him,” asked one fan on social media. IANS Also Read: Virat Kohli Becomes Fastest Batsman To Score 11,000 ODI Runslast_img read more

Men’s basketball falls to Arizona State, drops to fifth

first_imgSenior guard Jonah Mathews scored a team-high 22 points in the Trojans’ loss to Arizona State. USC is now 6-5 against Pac-12 opponents. (James Wolfe | Daily Trojan) Freshman forward Onyeka Okongwu is averaging 16.4 points per game this season but only scored 5 against Arizona State. (James Wolfe | Daily Trojan) A last effort 3-point attempt from senior guard Jonah Mathews did not fall for USC after ASU took a 2-point lead with 19 seconds remaining. Mathews may have been fouled on the play but did not receive a call, capping off a disappointing Grand Canyon State road trip. “I take the blame for the loss,” head coach Andy Enfield said. “I could’ve done a few things differently tonight, so we win and lose together.”  The Trojans got off to a hot start, jumping out to a 15-7 lead in the first five minutes of the game as the Sun Devils had a hard time making their shots fall in the first half. The Trojans took advantage of Arizona State’s missed opportunities, going into halftime with an 8-point lead. It did not take long out of the break for the Sun Devils to get going, however, as ASU crawled back and took its first lead of the game with 12 minutes remaining. USC tried to keep the game close but fell apart in the final two minutes of the game, giving up a 7-0 run to close things out. USC has now lost three straight after starting the season 17-4.  USC will look to avenge the disappointing loss when it returns home to take on the Washington Huskies at Galen Center Thursday at 6 p.m. “Our big guys had their share of turnovers just like our guards, so we have to do a better job of playing team basketball,” Enfield said. “We try to break the press and try to score out of it … but with 24 turnovers, it’s just too many.”center_img The biggest difference in the game for the Trojans was the Sun Devils’ game plan against freshman forward Onyeka Okongwu. The Sun Devils limited Okongwu, who was recently named a finalist for the 2020 Kareem Abdul-Jabbar Award for the nation’s top collegiate center, to only 5 points. In addition, USC turned the ball over an astonishing 24 times, giving ASU extra possessions. Both teams would finish with 42 rebounds and eight 3-pointers. USC finished with a 41.8% shooting percentage while ASU finished at 31.3%. Even though the Trojans shot at a better rate than the Sun Devils, they could not find a way to capitalize when it mattered most. “I thought we lost our composure midway through the second half, and then they took the lead and I thought we regained [composure],” Enfield said.  “And then we retook the lead and then we made a couple of big mistakes and then we threw the ball away … We have to execute.” The Pac-12 has been interesting of late, as both No. 14 Oregon and No. 23 Arizona lost Saturday as well. With seven more regular-season conference games to go for USC, the Trojans still have an outside chance to compete for the Pac-12 regular-season championship and could earn a first-round bye in the Pac-12 Tournament by securing a top-four finish. The Sun Devils, who entered Saturday’s game with a 5-4 conference record and a two-game win streak, entered the game with a chance to move ahead of the Trojans in the Pac-12. On the other hand, USC knew that this game — especially with it being on the road — was crucial for its NCAA Tournament hopes. The USC men’s basketball team could not find a way to pull out a win against the Arizona State Sun Devils Saturday night, losing 66-64 in Tempe, Ariz.  “We’re inconsistent in general,” Enfield said. “We’re a good team but we have inconsistencies in some things we do like turn the ball over, like shooting open shots. There are certain things we’ve done this year that make us inconsistent offensively and defensively, but we’re still a good team.”last_img read more

Fans get chance to wish Tipp well in hurling final

first_imgThey can do so at an open training session at Dr Morris Park, Thurles, on Tuesday August 16th.The County Board say fans will be allowed in between 7 and 8pm.The board also say “the support given to the team is widely recognised and valued by manager Michael Ryan and his squad”.last_img

Hammers hope to get season back on track

first_imgPhoto © – pixabay Kick off is at 8 o’clock. West Ham manager Slavin Bilic is under increasing pressure.The Hammers will hope to pick up their first point of the season at home to Huddersfield tonight.The newly promoted club head to the London Stadium aiming for a win that will move them level on points with Manchester United and Manchester City at the top of the table.last_img

Palmer vs GFA: CAS postpones ruling to September 1

first_imgThe Court of Arbitration for Sport (CAS) has moved its final ruling for the case between Wilfred Osei Kwaku and the Ghana Football Association (GFA) to September 1 2020.The ruling was expected to be made on Tuesday, August 4, 2020 after it was moved from July 17 but after hours of waiting, the verdict never came, paving way for speculations over the unusual delay.This is the second time the scheduled date for the ruling has been moved however, CAS have communicated to the parties involved, their decision to extend the date.Wilfred Osei Kwaku, appealed to CAS after he was disqualified from contesting the Ghana Football Association Presidency, by the Elections Committee of the Normalization Committee for failing integrity checks.Here is the statement from CAS:last_img read more