Pension funds for companies on Germany’s DAX index return 5%

first_imgThe companies on the German stock exchange DAX returned 5% on average on their pension plans over 2013, according to figures from Mercer.Looking at the 22 already available annual reports of companies that represent around 90% of pension liabilities in the DAX, the consultancy found that, despite the fact the average return halved year on year, funding levels improved from 62% to 66%. This is down to liabilities going down for the first time since the beginning of the financial crisis, according to Thomas Hagemann, chief actuary at Mercer Germany.“It seems a few of the DAX companies could even increase the discount rate for 2013, which led to a reduction of the liabilities,” he added. Others were able to hold the 2012 level or make only slight adjustments.Hagemann said it was a “great advantage” of the German system that companies did not have to fund their pension plans fully every year or achieve a minimum funding level, but were able to “sit out” drops in interest rates.“Last year, no company was forced to offset the lower funding level with additional payments,” he pointed out.Further, Carl-Heinrich Kehr, a principle at Mercer’s investment department, said contributions made by companies currently exceed the level of new liabilities, which he said might mean companies were shooting for a higher funding level in the near future.In total, pension liabilities in the DAX are now at €300bn, while assets have grown to €197bn.Over the last year, equities have boosted performance, returning around 20%, while bonds only contributed 1.4% and emerging market fixed income performed negatively.Overall, the equities allocation of around 25% on average increased by approximately 300 basis points over the period, but Kehr put this down “more to strong returns rather than active asset reallocation”.More than 60% of the DAX’s pension assets remain invested in bonds, while another 15% is invested in ‘other’ asset classes.last_img read more

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Ghana president kicks off Sankofa FPSO oil production

first_imgItalian oil and gas giant Eni has formally started oil production from its Sankofa field in the Offshore Cape Three Points (OCTP) block, in Ghana.According to Ghanaian media reports, Ghana’s president Nana Addo Dankwa Akufo-Addo at a ceremony aboard the John Agyekum Kufuor FPSO on Thursday turned the valve, marking the formal start of oil production from the Sankofa and Gya-Nyame fields.The OCTP integrated oil & gas development is made up of the Sankofa Main, Sankofa East and Gye-Nyame fields, which are located about 60 kilometers off Ghana’s Western Region coast.The fields have about 770 million barrel of oil equivalent (mboe) in place, of which 500 million barrels of oil and 270 mboe of non-associated gas (about 40 billion cubic meters). The project includes the development of gas fields whose production will be utilized entirely by Ghana’s domestic market.The “John Agyekum Kufuor” floating production, storage and offloading unit (FPSO), will produce up to 85,000 barrels of oil equivalent per day (boepd) through 18 underwater wells. A 63-kilometer submarine pipeline will transport gas to Sanzule’s Onshore Receiving Facilities (ORF), where it will be processed and transmitted to Ghana’s national grid, supplying approximately 180 million standard cubic feet per day (mmscfd).H.E @NAkufoAddo ready for a tour of the FPSO J.A Kufour with GNPC CEO, Dr. Sarpong, @eni CEO and others. #SankofaFirstOil @eni @vitolgroup pic.twitter.com/HhC8UO5xDO— GNPC Ghana (@GNPCGhana) July 6, 2017Offshore Energy Today Stafflast_img read more

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Palm Beach Elections Officials See Surge in Mail-in Ballot Requests

first_imgWendy Sartory Link, Supervisor of Elections, has sent mailers to residents, to remind them about the process for requesting a mail-in ballot.“Avoid the crowds, stay safe, vote from home,” a mailer states.The inside of the mailer reads: “We are living in uncertain times, and no one knows what the continued effects of COVID-19 will be as we enter this very important election season. We want the highest voter turnout possible, and we encourage you to request a Vote-by-Mail ballot for the upcoming elections.” Voters in Palm Beach County can request the mail-in ballots in multiple ways: visiting www.pbcelections.org, calling (561) 656-6200 and selecting #2, or by emailing [email protected] Link also said they are ordering personal protective equipment, sanitizer, and other protective measures to keep polling locations safe.She added that due to social distancing guidelines, fewer people will be allowed inside voting locations at a time.“Lines are going to be a reality and for people who are concerned about that, we want to make sure they have an option [for vote by mail],” Link said.PBC Elections Office Prepares for Surge in Vote-By-Mail Requests Elections officials in Palm Beach County are seeing more mail-in ballot requests than usual this year, as a result of the ongoing coronavirus pandemic.Staff at the Palm Beach County Supervisor of Elections office say they are getting about 1,500 requests for mail-in ballots each day, totaling more than 200,000 requests to this point.last_img read more

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Company Launches Online Marketplace for Off-Duty Cops in Olympia

first_imgFacebook0Tweet0Pin0Submitted by CopsForHireCopsForHire (CFH) is an online technology platform marketplace that allows individuals and businesses to hire off-duty cops for private and public events. Founded by Seattle-area entrepreneur David Bluhm and retired Pierce County Sheriff’s Deputy Andrew Finley, CFH provides a streamlined solution for law enforcement jurisdictions, the officers who work off-duty and the customers who need police support for their events.Olympia was selected as the location to launch their start-up to take advantage of specific economic growth and hiring opportunities while avoiding the regional traffic challenges impacting the Seattle and Eastside areas. The market for off-duty cops is large and growing. There are approximately 780,000 commissioned law enforcement professionals in the US today and 43 percent of them work off-duty.Presently, requests by businesses and individuals to hire an off-duty cop can be a fragmented and oftentimes frustrating experience. Streamlining this process between law enforcement and the communities they serve will help ease the growing tensions that currently exist. CFH provides a complete end-to-end solution, including detailed reporting, for all participants in the marketplace.The CFH solution is free to law enforcement to use while providing a technology platform to recover the costs to the public of resources used in the act of off-duty details. Recovering resources such as fuel, the use of a vehicle, boat, ATV or even a K-9 all represent good stewardship in terms of having clients pay for the use of these public assets when utilized for their private events. The business model is transaction fee based in exchange for hosting the marketplace and providing a secure process for the posting of jobs, managing law enforcement profiles, handling payments, and ensuring department policies and terms are adhered to.CFH recently completed a Seed and subsequent Friends and Family Series A investment round, and is now currently expanding the team and preparing for an immediate Series A1 growth round.CFH is working today with the Thurston County Sheriff’s Office (TCSO), and plans to go live with the online marketplace in support of their off-duty details in the coming weeks.CFH is hosting an Open House on April 30 from 2:00 – 6:00 PM to officially launch their business and provide live demos of the solution to community leaders, affiliated partners, present and future investors as well as local supporters of their efforts. For an invitation, please email [email protected]last_img read more

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