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‘Too strict’ FTK rules could create new source of instability, APG warns

first_imgThe Dutch pension system’s regulatory framework should be based on open norms and the prudent-person principle instead of the new financial assessment framework’s (nFTK) “strict” rules, according to Dick Sluimers, chief executive at €424bn asset manager APG. Speaking at the International Capital Market Association congress in Amsterdam, Sluimers warned that current nFTK rules forced many Dutch schemes to maintain interest hedge positions that will incur large losses if interest rates were raised.Sluimers said a sudden 1-percentage-point rate increase, assuming an average 50% interest hedge, could trigger €140bn in margin calls for pension funds.He noted one such instance between 20 April and 14 May, when the 30-year swap rate increased by 70 basis points. “The nFTK sees maintaining an interest hedge as risk reduction, yet, given the currently low interest rates, it could also be considered sensible to reduce interest cover at this very moment,” he said.Sluimers acknowledged that, for the regulator, a more open regulatory standard could be “more complicated” at the “micro level”, but he argued that it would also increase stability at the macro-economic level.“Strict rules could cause institutions worldwide to take up similar positions, which could unintentionally lead to a new source of instability,” he said.In others news, the €373bn civil service pension fund ABP is looking to give participants investment choices, including a ‘green’ option.Corien Wortmann-Kool, ABP’s chair, who mentioned the initiative in an interview with Dutch daily Trouw, said the pension fund would first need to address a legal ban on ring-fencing.It will also require the approval of the social partners, as well as more clarity on implementation risks, such as costs, care duty and the balance between individual and collective risk sharing.A recent ABP survey suggests 42% of its participants are interested in sustainable investment.last_img read more

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Bernardino given second term at EIOPA as executive director departs

first_imgA spokeswoman for EIOPA confirmed that Carlos Montalvo Rebuelta would not be seeking a second term as executive director.Montalvo has been EIOPA’s executive director since 2011.Prior to that, he was secretary general of its predecessor, the Committee of Insurance and Occupational Pensions Supervisors (CEIOPS).The supervisor has now launched a recruitment process to find a replacement.Bernardino also began his European career at CEIOPS, being elected its chairman in 2009.He was shortlisted as a candidate to be the new supervisor’s chairman and was confirmed in the role by ECON in February 2011, taking up the position three months after the European Supervisory Authorities of EIOPA, ESMA and the European Banking Authority were formally established.Prior to taking on the role of chairman at CEIOPS, Bernardino was director general for development and institutional relations at the Instituto de Seguros de Portugal (ISP), which he joined in 1989.Bernardino, as the public face of EIOPA, has often been criticised for the supervisor’s work on the holistic balance sheet (HBS) and, more recently, conducting stress tests of the pensions sector.In an interview with IPE last year, he emphasised that EIOPA was not rigid in its views, and that the then-ongoing HBS consultation – considering six potential approaches – was a means of gathering industry feedback.“You need to have an idea, but the one I have is not a choice between framework one or framework six – it is to listen,” he said at the time.“We are trying to include all the [pensions] mechanisms we have in the different countries. No country will have it all, but the tool can provide added value.” Gabriel Bernardino’s term as chairman of the European Insurance and Occupational Pensions Authority (EIOPA) has been extended until 2021.In a statement, EIOPA said the decision to offer Bernardino a second five-year term was due to his successes since the supervisor was launched in 2011.The decision by the board of supervisors is still subject to approval by the European Parliament’s economic and monetary affairs committee (ECON), which has the power to reject the appointment.In contrast to last week’s decision by the European Securities and Markets Authority (ESMA) to extend the terms of its executive director and chairman by a further five years, EIOPA has only asked Bernardino to stay until 2021.last_img read more

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Fans group welcome price rise

first_img Price hikes are rarely seen as good news among supporters, but CTWD believe it could be a sign that the Egyptian will not go through with his previous promise to walk away if the Football Association reject his application to rename the team Hull Tigers. Allam insists a rebrand would attract fresh commercial deals to the club and is said to see a hefty rise in season tickets as a way to mitigate a lack of new investment should the FA rule against him. City Till We Die, an umbrella group set up in opposition to the Tigers moniker, have lobbied the governing body to dismiss Allam’s plans but remain broadly supportive of his ownership. A statement from the organisation read: “We are pleased that the Allam family are planning for their ongoing stewardship of Hull City AFC in the event that the FA rejects their name change application. We remain open to helping find viable solutions to make the club self-sufficient. “The decision on the name change proposal is now in the hands of the FA. We assume that the club will have made details clear to the FA of any thus far undisclosed link between potential sponsorship deals and a change of playing name in their submission. “CTWD has faith in the FA’s ongoing consultation and has undertaken not to comment on the investigation. We respect the FA process and await their decision. “As throughout this campaign, we do not believe that protests against our owner have any place during the match.” The FA is expected to make a ruling on the case in April. Hull fans group City Till We Die has welcomed reports that the club may increase season ticket prices as a sign of renewed commitment from owner Assem Allam.center_img Press Associationlast_img read more

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Bruce rules out Newcastle move

first_imgHull City boss Steve Bruce has ruled himself out of replacing Alan Pardew as Newcastle manager. Bruce told a news conference ahead of tomorrow’s clash with Everton: “People know that I am from Newcastle, I was a Newcastle supporter as a boy and it has been regurgitated since I was a 22-year-old playing for Norwich and Gillingham. “For that obvious reason every time I am linked with them. It’s very flattering as I’m a Geordie but that’s it. “I have a job to do here and it would be wrong for me to think of anything else other than get this club out of the position we are in and that’s all I am focused on. “It would be wrong for the speculation to keep carrying on for the club, for the supporters, for the players. “I am determined to see this through and make sure we stay in the Premier League and build on the good work we have done in the last two and a half years. “I have had three offers in the two and a half years I have been here and I have turned them all down so I think the chairman knows the way I feel and why would I want to leave now? It’s not right, and I hope people respect that.” Hull are only a point off the relegation zone and Bruce accepted that some fans might believe it was time for him to go. He added: “We all know the industry, the one thing you don’t want to see is fellow managers being sacked but I understand the nature of the beast and some people in this city probably think it’s time for my head to roll. Press Association Bruce is a boyhood Newcastle fan and said he was “flattered” to be linked with the position but is committed to Hull and has already turned down three offers from other clubs during his time at the Tigers. Pardew is yet to complete a move to Crystal Palace after Newcastle announced on Monday night that a compensation figure had been agreed and he had been given permission to talk to the Eagles. “Thankfully I have a chairman I am convinced will stick by me. One thing none of us need is distraction and we want to be fully focused on one thing – to get us out of trouble.” Asked if he ruled himself out of moving to Newcastle, he replied: “Yes – I have got a job to do here, it would be very difficult for us to uproot and I don’t think that would be fair.” Meanwhile, Tony Pulis has not been offered the opportunity to replace Pardew. Amid claims that the former Stoke and Palace boss had turned down the chance to take the reins at St James’ Park, sources on Tyneside have insisted the proposition was never put to him as Mike Ashley considers his options ahead of Pardew’s imminent departure for Selhurst Park. last_img read more

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Phil Simmons feels lack of home support could help West Indies in England

first_imgLONDON: The lack of fans in the stands and the fact that England will be starting fresh after more than two months of no cricket could work in favour of the West Indies, according to coach Phil Simmons.West Indies are set to face England in a three-match Test series next month. The matches will be the first since the cricket calendar was halted by the coronavirus pandemic in mid-March. It will be played in a bio-secure environment with fans barred from attending. “I don’t know if it will increase our chances, because both teams are under the same umbrella — for want of a better word,” Simmons said in a video conference from the team’s training base. “The nice part for us is that 20,000 Englishmen raving for England, and that crowd support, it’s not there for them. So that in a way will help us, so it’s good from that point of view,” he said. Asked about both teams starting after a long break, Simmons: “It’s a plus, because England hasn’t come from a tour recently, and we’ve just been playing cricket at home. Because in a normal situation we would have been coming from camps and England would have been halfway through their season and the series would have been going on right now.” IANSAlso watch: Protests in City Demanding Justice for Rituparnalast_img read more

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The Latest: Reds’ Matt Davidson tests positive for COVID-19

first_imgThe Latest: Reds’ Matt Davidson tests positive for COVID-19 July 25, 2020 ___More AP sports: https://apnews.com/apf-sports and https://twitter.com/AP_Sports Share This StoryFacebookTwitteremailPrintLinkedinRedditThe Latest on the effects of the coronavirus outbreak on sports around the world:___Cincinnati Reds infielder Matt Davidson tested positive for COVID-19 and went on the 10-day injured list one day after he started the opener as a DH. Jenae Brach gave birth to healthy twin boys, Carson and Brody, on July 17. Brad Brach helped the family settle into their Tennessee home before reporting to the Mets on Saturday.“Couldn’t have worked out better, honestly,” Brach said.The 34-year-old right-hander had a 3.68 ERA in 16 games with New York last year after being released by the Chicago Cubs midseason. The Mets had not disclosed Brach’s positive test prior to Saturday. It’s unclear when Brach will be added to the active roster.Another New York reliever, Jared Hughes, also recently returned to the club after missing the start of summer camp for undisclosed reasons.___center_img Davidson popped out and grounded into a double play during the Reds’ 7-1 win over the Detroit Tigers at Great American Ball Park on Friday night. He left for a pinch-hitter.The Reds signed the 29-year-old to a minor league deal earlier this year. He also played for the Diamondbacks and White Sox. Davidson hit three homers in Chicago’s season opener in 2018.___New York Mets relief pitcher Brad Brach says he missed preseason camp because he tested positive for the coronavirus.Brach confirmed he and his pregnant wife both had COVID-19 and experienced mild symptoms, including loss of taste. Milwaukee Brewers shortstop Luis Urias has been cleared to return to baseball activity after testing positive for coronavirus before the start of Major League Baseball’s preseason summer camp.The Brewers are sending Urias to their secondary facility in Appleton, Wisconsin. The Brewers have said Urias remained asymptomatic while going through the MLB protocols on returning to action.“It’s just a matter of really just getting into baseball shape, getting live at bats and going at a good pace,” Brewers manager Craig Counsell said. “The other guys all got three weeks. I think he can be at a place where he’s maybe a little bit quicker, but it’s going to take some time.”The Brewers have said Urias remained asymptomatic while going through the MLB protocols.Milwaukee acquired Urias along with pitcher Eric Lauer in an offseason trade that sent outfielder Tyler Grisham and pitcher Zach Davies to San Diego. Associated Press last_img read more

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Funeral Service Held for Former England Defender Ugo Ehiogu

first_imgThe funeral of former England defender Ugo Ehiogu has taken place in London.The 44-year-old, Tottenham’s Under-23s coach, died in hospital last month after collapsing at the club’s training ground. He suffered a cardiac arrest.England Manager, Gareth Southgate, who played with Ehiogu at Aston Villa and Middlesbrough, was among the mourners at St Michael’s Church, Highgate, and gave a speech in tribute to his friend.A fundraising page set up in Ehiogu’s memory has raised more than £23,000. Villa team-mate and best man at his wedding, Dwight Yorke, helped carry his coffin into the church, and said the service was an “amazing occasion”.Former England defender Ledley King and fellow former Spurs players Les Ferdinand and Tim Sherwood also attended, along with ex-Middlesbrough stars Paul Ince, George Boateng and Jimmy Floyd Hasselbaink.Villa stalwarts at the service included former managers Brian Little and Ron Atkinson, and ex-striker Dion Dublin.Dublin said: “The service was beautiful, as I expected. Ugo’s way. Done right, everything was on time, all the people he wanted there were there. I’ll miss him.”Ehiogu’s widow, Gemma, said her husband’s dream was for every child to be able to play football, and the money would be used to create a charity to help enable that.“He had already put the wheels in motion. This fund will make his dream become a reality,” she said.“We don’t have a set target; every donation will help. Thank you, In memory of Ugo Ehiogu #DoSomethingKind.”The hashtag, used by Ehiogu in a final tweet about giving a homeless girl £10, gained huge momentum on social media after his death on 21 April.The appeal has so far had donations from Middlesbrough, Arsenal and Rangers football clubs and former Villa team-mate Mark Bosnich.A message left by Middlesbrough read: “Ugo Ehiogu. One of our heroes. You will never be forgotten by Middlesbrough Football Club or the people of Teesside.”Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegramlast_img read more

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Over 300 Amateur Golfers Battle for 2019 IBB Captain’s Cup

first_imgUdora Orizu in AbujaOver 300 male and female golfers have registered to participate in this year’s IBB International Golf and Country Club Captain’s Cup 2019 Tournament.The 18-hole tournament is expected to tee-off on Friday with eminent personalities including APC National Chairman, Adams Oshiomhole, Governor of Plateau State Simon Lalong, ex Governor of Kogi State, Idris Wada, the former Senate President David Mark on ground to witness the ceremony. Speaking at a press briefing in Abuja on Wednesday, the outgoing Captain of the club, Oseni Ahmed said there will be 13 categories to play for in the tournament.He said: “We are going to have 13 categories playing, main division one and two for handicappers. Players playing off handicap 0 to 14 and 15 to 28 for gentlemen golfers and then two divisions in the ladies category. Those playing off handicaps 0 to 19 and from 20 to 36. We also have our veterans and super veterans ladies and men categories.”“All together we have about 33 trophies on display, we also have what we call attachment prices and I can assure you that winners will surely smile home, some of them will win electronic devices because amateur golfers play to win electronics in line with international golf best practices,” Ahmed said.He noted that the club is very prepared and will be doing two shotguns, morning session and afternoon session which according to him will put a little bit less pressure on the course.Speaking on his tenure achievements, Ahmed revealed that he was able to reduce the deficit of the club from N277 million to N13 million.According to him, “When we came in, the club deficit was N277 million and the audited accounts are out, I’m glad to report that we have reduced that deficit from N277 million to N13 million.”“I discovered that government use to patronize us by giving us subventions but this was removed a long time ago, sponsors that we use to get Total, NNPC were affected by the economy. So I asked for every game you come to play just drop as small as N500 and in the past months the average we have gotten from that N500 was N2.3 million monthly and that amongst other initiatives helped a great deal to keep the courts, maintain the house and reduce the deficit.”Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegramlast_img read more

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FG Directives on Covid-19 Alters NFF Investigative Panel’s Work Plan

first_imgThis change in work plan has also been approved by the NFF leadership.“Since the inauguration of this committee in Benin City on Monday, 16th March, members have been at work. We have inspected facilities in Benin City and Lafia, and spoken to personalities who were involved one way or the other in the organization of the match in which the player died.“We have been able to extract useful information all round. Our plan was to submit the report to the Hon. Minister on Thursday, 26th March 2020.“We returned from Lafia on Tuesday morning, but have had to change our plans because of the trend of events and the pronouncement by His Excellency Mr. President himself, as well as other directives by the Federal Government. We are forced to suspend our activities,” chairman of the committee, Dr. Peter Singabele said.Singabele added that if the committee had a challenge in its job, it was the risk that members took to interact with people at this trying period in Nigeria.“I won’t say strictly that there were challenges. If there was a challenge it was that we took a big risk moving around at this time. We were bound to hold meetings and meet people and we could not tell who was infected at any time.“We just have to observe preventive measures by returning to our homes and continuing to work from there.”The panel also assured members of the football family its findings and recommendations would be submitted as soon as the current health challenge is under control.Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegram The directives of the Federal Government on the raging Covid-19 outbreak has altered the work plan of the investigative panel set up by the Nigeria Football Federation (NFF) on the death of Nasarawa United FC player, Chineme Martins.The panel was expected to submit its final report on Thursday, 26th March, 2020 to the Minister for Youth and Sports Development, Sunday Dare, in Abuja.However, following the current trend of events arising from the Covid-19 scourge, the panel has temporarily suspended its activities, including submission of its final report.last_img read more

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Inter Extend Victor Moses’ Loan, List Him for Europa Action

first_imgDuro IkhazuagbeFormer Super Eagles winger, Victor Moses, has been listed in Inter Milan’s squad for the restart of the Europa League to confirm his loan extension at the Serie A club.The Chelsea-owned player who has been on normadic round in different clubs on loan was due to return to Stamford Bridge after the Serie A season. Victor Moses However, Inter Manager, Antonio Conte who turned Moses into a hit as a wing-back at Chelsea has been craving to have the loan extended to allow the former Nigerian international to finish the European Season with them.There has been feet-dragging on the matter from Chelsea end.But Inter Milan included Victor Moses’ name in the official list for the Europa the Italian club released on Monday.Apart from Moses, four other players who are on also on loan to Inter Milan have been included on the List.Manchester United’s Alexis Sanchez, Sassuolo’s Stefano Sensi, Cagliari’s Nicolò Barella and Fiorentina’s Cristiano Biraghi Are in the squad.As part of the rule changes, clubs are now allowed to register three new players for the Europa League mini knockout tournament taking place in Germany, provided that players must have been already registered and eligible to play for the club at domestic level since 3 February or in any case by no later than before the first leg of the round of 16 as initially scheduled for the relevant team.The Nerazzurri are to battle Getafe at the VELTINS-Arena (Gelsenkirchen) on Wednesday, with the winner going on to face either Glasgow Rangers or Bayer Leverkusen in the last eight.Moses has racked up 12 appearances in the Europa League since his debut and won the competition in his debut season with Chelsea in the 2012-13 campaign.Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegramlast_img read more

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