Accrual roundup: Retail scheme warns for accrual drop to 1%

first_imgIn order to keep the current pensions accrual, premiums had to be raised to 33.1%, they argued.A third option would be that contributions are raised and accrual is reduced at the same time, employers and workers said in their letter to the minister.However, they made clear that they preferred a quick elaboration of the pensions agreement through legislation.Social partners in other sectors are also worried about the impact of cost-covering contributions, with trade unions warning for a steep accrual drop at the €459bn civil service scheme ABP and asking for a “quick solution”.The €5.7bn pension fund for the cleaning sector (Schoonmaak) has urged the minister to loosen the discount rules for liabilities.It said it would have to raise contributions from 22% to 30%, if it wanted to keep accrual at the current level.A spokesman for trade union FNV, who couldn’t provide further details, said that several other sectors would address the issue in a letter to Koolmees.He added that approximately 4,000 FNV members had signed a model letter to the minister since the union had launched the initiative last week.Trade union CNV said that a petition against rights cuts, premium increase and accrual reduction on its website had been signed 24,000 times. Accrual at ING CDC scheme to drop by one quarterThe €1.6bn Dutch ING CDC pension fund plans to reduce annual pensions accrual by one quarter, as a result of declining interest rates.In a message to its participants, it stated that the current accrual rate of 1.738% would be decreased to 1.3% as of next year.André Hollenkamp, the scheme’s chair, explained that the declining interest rates had driven up the prime cost of pensions, leaving the fixed contribution insufficient for the existing accrual level.The scheme’s board further warned that next year’s accrual reduction wouldn’t necessarily be the last one.In September, it is to assess the accrual rate again. It indicated that the possibility existed of a further reduction if interest rates remained at the current low level.The scheme’s fixed premium amounts to 31.5% of the pensionable salary, and already exceeds the fiscally allowed maximum of 27% expected to be introduced in the new pensions system.In more bad news for its participants, the pension fund announced that it would not grant an inflation compensation next year.At September-end its coverage ratio stood at 110%.The ING CDC pension fund has 14,000 active participants and 359 pensioners.Earlier, the €31bn pension fund for ABN Amro announced that it would cut annual accrual by 20% to 1.48%.Several other pension funds, including the Dutch company scheme for Philips, as well as the trade unions for government staff, have warned for looming premium rises and accrual reductions in 2021.Recently, the multi-sector pension fund PGB said that its contribution had to rise by 4 percentage points to 28% next year.However, the €29bn scheme indicated that it had postponed the implementation in order to allow employers and workers breathing space for assessing the future of their pension arrangements.The developments were triggered by the introduction of a lower prescribed discount rate for liabilies next year, the new fiscal ceiling for contributions as well as the requirement of a costs-covering premium in the new pensions system. Employers and workers in the Dutch retail sector have warned social affairs minister Wouter Koolmees that the annual pensions accrual would drop to 1% of the pensionable salary if contributions remain at the current level while costs-covering.They added that premiums at the €26bn sector pension fund must rise by no less than 47% were the accrual to be maintained at 1.56%.The maximum tax-facilitated pensions accrual in the Netherlands is 1.875%.According to the social partners – employer and employee representatives – the accrual drop is necessary if the current contribution level of 22.5% remained unchanged but was made to cover costs.last_img read more

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Total abandons Iran’s South Pars project amid renewed U.S. sanctions

first_imgTotal on Wednesday said: “Total has always been clear that it cannot afford to be exposed to any secondary sanction, which might include the loss of financing in dollars by US banks for its worldwide operations (US banks are involved in more than 90% of Total’s financing operations), the loss of its US shareholders (US shareholders represent more than 30% of Total’s shareholding) or the inability to continue its US operations (US assets represent more than 10 billion dollars of capital employed). ”“In these circumstances, Total will not take any further commitment related to the SP11 project and, in accordance with its contractual commitments vis à vis the Iranian authorities is engaging with the French and US authorities to examine the possibility of a project waiver. ”“Total…is engaging with the French and US authorities to examine the possibility of a project waiver. “.“Total confirms that its actual spending to date with respect to the SP11 contract is less than 40 million euros in Group share. Furthermore, considering the various growth opportunities which have been captured by Total in recent months, Total confirms that a withdrawal from SP11 would not impact its production growth target of 5% CAGR between 2016 and 2022,” the company said.Under the original 20-year agreement signed in July 2017, the South Pars Phase 11 would have a production capacity of 2 billion cubic feet per day or 400,000 barrels of oil equivalent per day including condensate and the produced gas will supply the Iranian domestic market starting in 2021.Total was the operator of the SP11 project with a 50.1% interest alongside the Chinese state-owned oil and gas company CNPC (30%), and Petropars (19.9%), a wholly owned subsidiary of NIOC.The SP 11 was to be developed in two phases. The first phase, with an estimated cost of around 2 billion dollars equivalent, was to consist of 30 wells and 2 wellhead platforms connected to existing onshore treatment facilities by 2 subsea pipelines.At a later stage, once required by reservoir conditions, a second phase would be launched involving the construction of offshore compression facilities, a first on the South Pars field. EU working to keep the deal French oil and gas giant Total will stop all operations on the development of the South Pars Phase 11 gas project in Iran, unless it is granted a waiver, following the U.S. President Trump’s last week’s decision to reimpose sanctions on Iran.Total said on Wednesday: “On 8 May 2018, President Donald Trump announced the United States’ decision to withdraw from the JCPOA and to reinstate the US sanctions that were in force before the JCPOA’s implementation, subject to certain wind-down periods.“As a consequence and as already explained before, Total will not be in a position to continue the SP11 project and will have to unwind all related operations before 4 November 2018 unless Total is granted a specific project waiver by the US authorities with the support of the French and European authorities. This project waiver should include protection of the Company from any secondary sanction as per US legislation. ”To remind, the French oil major in July 2017, with the other partner PetroChina, executed the contract related to the South Pars 11 (SP11) project development. South Pars is the world’s largest gas field.Announcing the U.S. exit from the nuclear agreement with Iran, UK, France, Germany, China, and Russia, Trump said: “We will be instituting the highest level of economic sanction. Any nation that helps Iran in its quest for nuclear weapons could also be strongly sanctioned by the United States,” the U.S. president said.Can’t risk U.S. financing and shareholderscenter_img The move by Total will also be a slap in the face to the EU, who has been working hard to keep the Iran deal in place, with or without the U.S. participationFederica Mogherini, High Representative of the European Union for Foreign Affairs and Security Policy yesterday held several meetings with French, German, UK and Iranian high representatives to discuss the U.S. withdrawal from the Iran nuclear deal, and a path forward.She said the “our experts were working together already today for many hours,” to address issues such as maintaining and deepening economic relations with Iran; the continued sale of Iran’s oil and gas condensate petroleum products and petrochemicals and related transfers; effective banking transactions with Iran; continued sea, land, air and rail transportation relations with Iran, and, among others, the protection of European Union economic operators and ensuring legal certainty.Offshore Energy Today Stafflast_img read more

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Chinese donate computer equipment to parliament

first_img 29 Views   no discussions LocalNews Chinese donate computer equipment to parliament by: – July 6, 2012 Share Share Tweetcenter_img Sharing is caring! Speaker of the House of Assembly Alix Boyd Knights receiving the symbolic donation from Vice Chairman of the Standing Committee of China’s National people Congress His Excellency Chen Changzhi.A gift of computer equipment and stationery items to the Dominica Parliament by a visiting Chinese Delegation this week is said to improve communication between both parliaments.Vice Chairman of the Standing Committee of China’s National People Congress His Excellency Chen Changzhi made a symbolic presentation of a laptop computer to Speaker of the House of Assembly Hon. Alix Boyd Knights during an official visit to the Parliament on Tuesday July 03rd 2012.The top Chinese official in making the presentation said that the purpose of his delegation’s visit to Dominica was to further promote exchanges, cooperation and friendship among the two countries.H.E Changzhi said Parliament to Parliament exchange is an important part of the overall relations between Dominica and China.“The National People’s Congress of China values its relationship with the House of Assembly of Dominica and we stand ready to work with Dominica to strengthen the links and communication between us”.He said such exchanges can promote the understanding of the both peoples and the growth of friendly relations. He is hopeful that the computer equipment will serve to further strengthen communication links between both countries.“As a token of friendship of the National People’s Congress towards the House of Assembly in Dominica I will help you with a supply of office stationery to improve the working conditions of your house of assembly”.His Excellency Chen said since the establishment of diplomatic ties eight years ago, bilateral relations have withstood the test of the changing international situation and maintained steady and healthy development.Dominica’s speaker of the House of Assembly accepted the gift and promised to put it to good use.Government Information Service Sharelast_img read more

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Middle School 4-Way CC Meet With Eagles, Bulldogs, Indians, & Shiners

first_imgThe Jac-Cen-Del Junior High Cross Country teams hosted a four way meet with Batesville, Milan and Rising Sun on Thursday (8/31).The JCD girls’ team finished 3rd. The JCD boys’ team was incomplete.JCD B M RS MS CC (8-31)The Batesville Middle School boys won their Cross Country meet against Milan, Jac-Cen-Del and Rising Sun on Thursday.  Ean Loichinger won the boys race, followed by Benjamin Moster, 2nd, Will Nuhring, 7th, Daren Smith, 8th, Vonley Hund, 9th, Aiden Geers, 10th, Lyle Oesterling, 12th, Cole Pride, 13th, Carter Walsman, 14th, Cayden Pohlman, 16th, Tacoma Nicholas, 18th, and Tyler Bedel, 19th.The Batesville Middle School girls won their meet against Milan, Jac-Cen-Del and Rising Sun. Lily Pinckley won the girls race, followed by Emma Weiler, 2nd, Ava Hanson, 3rd, Sophie Myers, 4th, Sarah Ripperger, 5th, Katie Olsen, 7th, Maria Lopez, 8th, Jada Day, 9th, Lily Meyer, 13th, Kaylin Hinners, 15th, Madelyn Pohlman, 16th, Alyssa Linville, 17th, and Josie Meyer, 18th. Courtesy of Eagles Coach Steve Narwold and Bulldogs Coach Derek Suits.last_img read more

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West Brom name Irvine head coach

first_imgWest Brom have announced former Preston and Sheffield Wednesday manager Alan Irvine as their new head coach on a 12-month rolling contract. Press Association The Scot will succeed Pepe Mel, who left the club by mutual consent the day after the Barclays Premier League season finished last month, once he “signs off” from his current role as Everton’s academy manager. Rob Kelly, who worked under Irvine at Preston and Wednesday, has also been appointed joint assistant head coach, alongside Keith Downing. center_img Albion technical director Terry Burton told the club’s official website: “I’m delighted we have been able to secure the services of Alan and Rob.” The Baggies had been heavily linked with former Tottenham coach Tim Sherwood and Saturday’s news may be slightly underwhelming for Baggies fans, given Irvine’s lack of management experience in the top flight. The Glaswegian was sacked at both Preston and Wednesday, who were relegated to League One under his tenure, and he has not taken charge of a club since leaving Hillsborough in 2011. However, he has played a prominent role at Everton, helping to bring through the likes of Ross Barkley and Jack Rodwell to the senior team. And the Baggies are now convinced they have the set-up in place – with Dean Kiely remaining as goalkeeping coach – to improve on last season’s 17th-placed Premier League finish. Burton added: “With the support of Keith and Dean, we firmly believe we have put in place the right coaching team to move the club forward. “From the outset, we decided to pursue candidates who are renowned for their coaching ability and Alan was very much at the forefront of our thoughts because of his achievements in the Premier League and the high regard he is held within the game. “In the end it came down to two outstanding candidates for the role. “But, following a detailed recruitment process, we decided Alan and the team around him are best suited to tackle the challenges we face in the Barclays Premier League. “He has a vast knowledge from grassroots up thanks to the roles he has performed during his decades in the game and knows what it takes through good and testing times.” last_img read more

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Gough ‘really surprised’ by Broad’s omission from Southampton Test

first_imgSOUTHAMPTON: Former England fast bowler Darren Gough has said he was surprised to see pace spearhead Stuart Broad sit out of the first Test of the three-match #raisethebat series against West Indies which started at the Ageas Bowl on Wednesday.The hosts opted for Mark Wood in place of Broad, alongside veteran James Anderson and pace sensation Jofra Archer for the series opener.The last time Broad missed a Test on home soil was also against West Indies during the 2012 series at Edgbaston.”(I am) really surprised,” said Gough on Sky Sports podcast The Cricket Debate, regarding Broad’s absence from the playing XI. Because when you talk about sticking with players, I thought with the Broad situation, he has stood up and been counted for England over the past few years, when Jimmy (Anderson) has been limping out of games with injury.”I would’ve played both Broad and Anderson in this game – I think they deserved that respect – and then I would’ve gone for one of Wood or Archer. In typical English conditions, the way I would’ve done it is, rotated Anderson, Broad and (Chris) Woakes – always two out of the three – and then have one of Wood or Archer,” he added. IANSAlso Watch: #NewsMakers: Aabhijeet Sharma, President, APW in an Exclusive Chat with Oineetom Ojahlast_img read more

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Silver medallist Allicock eyes 2020 Olympic Games in Tokyo

first_img…Blake pleased with fighters’ performance at Commonwealth Youth GamesKEEVIN Allicock, Guyana’s silver medallist at the just concluded Commonwealth Youth Games in the Bahamas, returned to Guyana and is setting his sights on 2020 Olympic Games in Tokyo, Japan as the Caribbean’s top flyweight fighter.Allicock was the lone Guyanese to pick up a medal at the games in Nassau, but now the 18-year-old fighter believes that it’s time to shift his attention to the next Olympic games, telling Chronicle Sport that his showing at the Commonwealth Youth Games added fuel to his drive to win Guyana’s second Olympic medal.“My big aim is being at the Olympics for Guyana and bringing the gold home, so I was able to get a lot of experience at these games, so I know that when I get out there next time, I will be able to do better,” a smiling Allicock said.Allicock’s coach Sebert Blake believes the fighter has what it takes to fulfil his dreams, but, it would take much funding and exposure for him (Allicock) to reach his goal.Meanwhile, looking at his fight against Englishman James David in their flyweight (52kg) encounter, Allicock and even his coach believe that the Guyanese fighter was ‘robbed’ of the gold medal.Christopher Moore“The last fight I wasn’t comfortable with the decision because I know I didn’t deserve it; but what could I do? I have to live with the decision because I was able to win silver, so I’m thankful for that,” said Allicock.He added, “I think the fight was very close. The decision that they gave me showed that the guy won all the rounds and I was wondering how is that because the guy was nowhere on my level in boxing. Not boasting or anything, he was never there.”“We trained for gold, and I was more focused on that. I was very confident in the final, I was strong and I was prepared. I’m a neutral guy, if I lose, I would say I did, but I think I won the final match,” the fighter added.According to Blake, “Keevin won the crowd and yes I believe he was cheated and we observed that in the entire competition, the guys from Britain they were favoured in many bouts and not just against Guyana but other countries.”“It wasn’t a fair decision, so the judges’ decision is final and now we have to move on and plan for other bouts,” said Blake.Christopher Moore was the other Guyanese fighter vying for a podium finish at the Commonwealth Youth Games, but he fell short at the quarter-final stage of the tournament, nonetheless, Blake was proud of the fighter’s achievement, despite his missing the podium.“The guys really worked hard and we were able to achieve about 50% that we’ve been working on. Other than the Youth Olympics which is next year, this is the second highest level of competition and I’m glad that they were able to do well,” Blake said.The fighters and coach were greeted by officials from the Guyana Boxing Association (GBA) who showered them with praise and encouraged the duo to stay focused on the task ahead; qualifying for the Olympic Games.last_img read more

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St. Martins Catholic School Set for 9th Inter House Sport

first_imgSome of the events to be competed for are 100m, 200m, 4*100m relay, sack race, blind race, high and long jumps.To add spice to the competition, the school’s Sports Master, Mr. Samuel Gborigi said three new sports were introduced to this year’s edition, and they are test for strength, balloon burst and kings and queens for parents.Eight schools have been invited for the invitational relay and they include, St. Catherine Model School, Surulere, Goodnews Baptist School, Surulere, St. Mary’s Private School, Lagos, Our Lady of Fatima, Aguda and Sacred Heart School, Apapa.Others are Mount Camel Private School, Ebute-Metta, Maryland Convent Private School, Maryland and Perfect Standard School, Lawanson.Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegram St. Martins Catholic Nursery and Primary School, Surulere, will on Thursday, January 31, hold its 9th Inter House Sports Competition at the Nigerian Port Authority, NPA, Sport Ground, Bode Thomas, Surulere.This year’s competition, with the theme ‘Promoting Unity and Togetherness through Sport’, will have four houses-Green, Blue, Red and Yellow going head to head.According to the school’s Supervisor, Reverend Sister Stella Maris Idibe, the pupils have been preparing for the sports meet since last year and are in good shape to make everybody proud.last_img read more

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Women of Troy look to salvage season

first_imgWith the regular season over, the Women of Troy finished with an even record of 15-15 and a conference record of 8-12. Though USC had one of the toughest schedules in the country, this team did not live up to expectations and had to fight to make the NCAA Tournament.“We really expected to dominate and be in the hunt with Stanford and Washington,” said head coach Mick Haley. “We figured one of us would 19-1, the other 18-2 and last team would be 17-3, but that didn’t happen. The kids are still getting better and the setting is getting better with the new setters.”This season has been filled with changes and injuries from the get-go. At the beginning of the season, freshman Lauryn Gillis started at outside hitter but sophomore Elise Ruddins stepped in and flourished at that position later. She became a great option when Bricio was in the back row.After a slow start in conference, the Women of Troy changed their traditional 6-2 offense into a 6-2/5-1 hybrid. In this new offense, Haley removed senior setter Hayley Crone and used senior outside hitter Emily Young as a front row setter. This was a tough decision to make but as the season progressed the team started to gel and play better in this new system.Most college programs have to go through their share of illness and injuries, but the Women of Troy were struck with the injury bug early. Before the season even started, they lost their star sophomore outside hitter Ebony Nwanebu for an extended period of time due to a back injury. They also lost defensive specialist Anne Marie Schmidt in the middle of conference play due to an undisclosed illness.But just like the football team, the Women of Troy continued to pick themselves off the mat on several different occasions and kept working hard.“People finally realized that they needed to have sense of urgency,” said senior middle blocker Hannah Schraer. “People started working harder in practice, and there were switches made, but everyone kept working hard.”This USC team is extremely young, with 11 underclassmen, and the teammates continued to learn and improve as they played together. At the end of the season, the Women of Troy started to show what they are capable of accomplishing. Needing a win to become eligible to make the postseason, the Women of Troy traveled to Tucson to take on the Arizona Wildcats and won in a tough four-setter.On Nov. 30, the Women of Troy’s postseason hopes were held in the balance by the NCAA selection committee. For the 24th consecutive time the Women of Troy made the tournament. This year, the NCAA selection committee chose an unprecedented 10 Pac-12 teams in the 64-team tournament. Luckily, USC was ranked 10th in the Pac-12.The Women of Troy got placed into the bracket with the No. 2 overall seed Texas and No. 7 overall team, North Carolina.“USC has a very favorable draw considering we were just hanging on the wire and I am very happy with the position that we have,” Young said. “We can definitely make it to regionals and then the Final Four.”The Women of Troy’s first round matchup in Minneapolis will be against Coastal Carolina, a team that comes into the NCAA Tournament after beating No. 1 seed Radford in the Big South Championship. The Chanticleers have a record of 25-6 and are led by freshman outside hitter Leah Hardeman and setter Sam Skryd. In the 5-1 offense, Skryd has 1,073 assists on the season and 306 digs and her favorite hitter is Hardeman.Hardeman has 464 kills on the season which averages out to 4.03 kills a set. She also has 2.82 digs per set and 48 total blocks on the season. Another dangerous hitter for the Chanticleers is middle blocker Katie Martin, who has 71 blocks and 223 kills. For the Women of Troy to be successful, they have to slow down both of these big hitters down.If the Women of Troy get past the Chanticleers, they will have to face the winner of the North Carolina and Hampton contest in the second round, which will be no easy test. Though the regular season did not go as expected, a deep run in the NCAA tournament can change everyone’s mind. In their last regular season game of the season, the Women of Troy played a tough five-set match before they succumbed to their crosstown rival UCLA — just six days after USC’s football team also suffered a crushing defeat at the hands of the Bruins.Three-peat · Junior outside hitter Samantha Bricio was recently named to the Pac-12 First Team for the third straight year. The Guadalajara, Mexico, native will lead USC into to NCAA Tournament this weekend. – Brian Ji | Daily Trojanlast_img read more

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AUDIO: FA Cup and van Gaal’s future in focus on Joy/BBC two way series

first_imgWill there be any upsets in the FA Cup this weekend? BBC’s John Bennet and Joy Sports George Addo Jnr discuss the possibilities of this happening  this weekend as well Man United’s continuous woes.Will Diego Simeone be at Stamford Bridge next season? Click to listenhttps://soundcloud.com/addojnr/joysportsbbc-epl-surf-19th-feb-2016–Follow Joy Sports on Twitter: @JoySportsGH. Our hashtag is #JoySportslast_img

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