Dutch roundup: Progress, Vervoer, PostNL

first_imgThe Unilever scheme saw its nominal funding drop by 15 percentage points to 126%, while its official policy coverage fell by 3 percentage points.It said the latter, however, still stood at 136% as of the end of September.According to Kragten, the pension fund lost more than 9% on equities and incurred a “significant loss” on its commodity holdings.Progress had a 42.2% allocation to equities and a 5% allocation to commodities as of the end of 2014, but it has scaled back its exposure to securities since then in a bid to reduce risk after the scheme closed to new entrants last April.Kragten said Progress made a modest return on fixed income over Q3 while also generating positive results on private equity.In other news, the €19.5bn Pensioenfonds Vervoer reported a quarterly loss of -1.1%, leading to a year to date loss of 2.2%.The scheme for public road transport attributed the 7.5% increase in liabilities over the period chiefly to a 28-basis-point drop in its discount rate to 1.77%.It added that its nominal funding fell by 9 percentage points to 99.3% and attributed nearly half of this decrease to the lower UFR.The pension fund conceded it was unlikely to grant indexation in the coming years.Vervoer reported a 9.8% loss on its 28.5% equity allocation, while real estate and infrastructure generated losses of 0.5% loss and 0.7%. The scheme’s 67.3% fixed income allocated returned 0.3% over the same period.Meanwhile, the €7.3bn Pensioenfonds PostNL reported a quarterly loss of 1.9%, due largely to an 11.4% loss on equities.The pension fund lost 3.7% on its remaining commodity stake before it fully divested its holdings in July.Fixed income and real estate delivered positive returns of 0.3% and 3%, respectively.The Pensioenfonds PostNL closed the third quarter with a nominal funding of 104.2% and a policy coverage of 107.7%. Progress, the €4.7bn Dutch pension fund of Unilever, lost 6.5% on investments over the third quarter due to falling interest rates and declining equity markets. The pension fund also cited the impact of the new ultimate forward (UFR) rate for discounting liabilities, which was lowered this summer.Rob Kragten, the scheme’s director, said he could not yet specify the exact cause of the “disappointing” third-quarter performance, which brought the scheme’s overall loss year to date to 5%.“We experienced headwinds in almost every asset classes,” he said.last_img read more

Accounting roundup: More illegal dividends unearthed

first_imgMeanwhile, Hargreaves Lansdown admitted it breached the Companies Act by failing to file interim accounts to support dividend payments.It is believed the breaches extend back to 2008. A random inspection by the UK’s Financial Reporting Council (FRC) picked up the issue.The rules for determining whether a company can pay out a dividend or make a distribution are complex.In the UK, the requirements are broadly set out in the Companies Act 2006. However, lawyers who spoke to IPE last March warned that companies must also consider the common law alongside the act.The Local Authority Pension Fund Forum (LAPFF) has long argued that what it considers defective IFRS accounting standards put companies at risk of paying illegal dividends out of illusory IFRS profits. The row, which has culminated in calls for companies to ignore the FRC on the question of distributions, has also put the wider question of dividend payments under the microscope.In addition to claimed flaws with the IFRS numbers, directors are also at risk of failing to comply with the requirement in the Companies Act to file interim accounts to show that their company has sufficient reserves to support a dividend.Most recently, the affordability crisis among the UK’s defined-benefit pension schemes has left companies either unable to afford to pay a dividend or having to deal with a trapped dividend.In other news, it has also emerged that the International Accounting Standards Board (IASB) has no plans to start work on its pensions accounting research project in the near future.According to meeting papers posted on the board’s website: “The staff do not expect to begin work on any of the [research] pipeline projects in the next few months.”At the conclusion of its agenda consultation last year, the board opted to assign a relatively low priority to pensions accounting and said it would focus on the effort as and when resources were available.The IASB’s pension project is expected to examine pension benefits that depend on asset returns. The board decided not to investigate other aspects of accounting for post-employment benefits.Finally, analysts at Barclays Bank have warned that the IASB’s new IFRS 9 accounting rules will increase volatility in bank earnings and capital.IFRS 9 is the IASB’s replacement for its existing financial instruments accounting standard, IAS 39.It comes into force on 1 January 2018. Supporters say that it will force banks to set aside provisions against expected losses on loans rather than wait for a loan to turn bad.Critics of the model, such as the LAPFF, argue that it is too little too late.The Barclays analysts wrote: “Capital headwinds in a downturn could be much more severe under IFRS9.”They went on to warn that IFRS 9 could knock as much as 300bp off a bank’s common equity tier 1 ratio during a typical downturn.The analysts also claimed that the provisions made under IFRS 9 will provide an insufficient buffer during a downturn.Last year, IPE reported that the financial stability impact of the new standard was ‘unknown’. Two further publicly quoted companies in the United Kingdom have owned up to paying out illegal dividends.The admissions from furniture company Dunelm and retail stockbroker Hargreaves Lansdown follow IPE’s report last week that Domino’s Pizza had uncovered problems with illegal dividend payments going back to 2000.In a statement, Dunelm said its board had “become aware of an issue” with a dividend payment made in November 2015.The company described the affair as a “technical infringement of the Companies Act 2006”.last_img read more

Siblings create townhouse project with original Queenslander

first_img MORE QLD REAL ESTATE NEWS: BUYERS HUNGRY FOR RIVERFRONT LUXURY AUSTRALIA’S BIGGEST HOUSING JUMP IN 16 YEARS Enjoy kicking back and relaxing at 82 Dobson Street, Ascot. 82 Dobson Street, Ascot.A unique townhouse development in the premium suburb of Ascot is giving buyers the opportunity to secure stunning freehold properties at an affordable price.Located at 82 Dobson St, the newly completed project comprises a renovated four-bedroom Queenslander and two modern three-bedroom townhouses. HISTORIC REVAMP OF HOMESTEAD There’s plenty of space to unwind at 82 Dobson Street, Ascot. The kitchen area is spacious at 82 Dobson Street, Ascot.The development is a joint initiative of brother and sister team John and Mia Pradella of the development company Pradella Property Ventures.“Pradella has a name in property that dates back 60 years and normally our projects involve active retirement resorts,” Ms Pradella said. “In this case, my brother and I recognised a need in key suburbs of Brisbane for people seeking beautiful freehold townhouses.”The properties are designed to cater to either professionals or downsizers looking for low maintenance yet quality homes.“There’s a real need for properties to suit people who want to stay in their area and downsize, without living in a high-rise,” Ms Pradella said. “We wanted it to have a real owner-occupier focus resulting in a beautifully finished product that people can see themselves downsizing to or enjoying as a professional couple.” Ms Pradella said finding the right site proved a challenge, but the result was worth the wait.The project involved shifting, lifting, building beneath and completely renovating the existing Queenslander on the block to create a spacious four-bedroom home with a study.More from newsParks and wildlife the new lust-haves post coronavirus10 hours agoNoosa’s best beachfront penthouse is about to hit the market10 hours agoTwo bright and airy townhouses were built behind it, each with three bedrooms, a study nook, two bathrooms and powder room. 82 Dobson Street, Ascot.The townhouses feature 2.7m ceilings, north-facing patios, and have bi-fold doors and windows to maximise indoor/outdoor living.Ms Pradella said quality and smart design were the focus inside each home, with premium appliances and high-end finishes among the features. “We are passionate about design and owner occupiers, and we really wanted to create something beautiful which honours what the area of Ascot deserves,” she said. The Queenslander and townhouses are each for sale by expression of interest. Phone Ray White Ascot’s Kate Francis on 0438 800 849.last_img read more

ASRY wraps up scrubber retrofit in record 29 days

first_imgASRY added that it has secured over a dozen more retrofit projects for completion this year. The company said that lessons learned from its previous projects have enabled the yard to bolster its efficiency and ensure quick project turnaround. The scrubber retrofit project involved Greek-based vessel managers TMS Tankers, which has had several retrofit projects at the yard. Shipowners have been investing heavily in the installation of scrubbers on their ships as a way of meeting the IMO 2020 sulphur cap that entered into force on January 1, 2020. The Aframax tanker is 2007-built Monterey.center_img Shipyards in Asia, predominantly account for the majority of scrubber retrofits. However, shipyards in Europe and the Middle East have proven their expertise in the field as well. Arab Shipbuilding and Repair Yard Company (ASRY) has completed a scrubber retrofit project in a record 29 days, the shipyard said. “This new record is one of the fastest turnarounds of the project in the region and it also involved a simultaneous BWTS retrofit on the Aframax vessel as well as silicone repairs, making the achievement even more noteworthy,” ASRY added.last_img read more

Edo Deputy Governor Adopts Nwokocha with $10,000

first_img The Adopt a Talent initiative is a brain child of Youth and Sports Minister Mr Sunday Dare. The amount was paid directly into the account of the adopted athlete.Advertisement Nzubechi confirmed the payment to former Olympic medallist and Special Adviser on Sports to the Minister Mary Onyali. Rt. Hon. Shuaibu, himself a footballer inspired Bendel Insurance of Benin to secure promotion to the elite league and he is still a registered player in the second tier league. The Deputy Governor is an avid supporter of other sports which has been further confirmed by this adoption. Nzubechi who was born on the 7th of April, 2001, hails from Abia state and is a student of the University of Port Harcourt. She competed in the 100m in 2019 and will be part of Team Nigeria to the Tokyo 2020 Olympics. FacebookTwitterWhatsAppEmail分享 Loading…center_img Nigeria’s preparations to the 2020 Tokyo Olympics got yet another boost yesterday with the cheering news that  Edo state Deputy Governor, Rt. Hon. Philip Shuaibu, has adopted Nigerian athlete Nwokocha Nzubechi with the payment of $10,000 .last_img read more

“Eat, Stay & Play” During Winter Fun Giveaway

first_imgLawrenceburg, IN —The Dearborn County Convention, Visitor & Tourism Bureau is kicking off the start of the winter season with its annual Winter Fun Giveaway, a month-long contest with a large prize package scheduled to be awarded at the end of January.The free contest showcases the many things visitors can see and do in the region, with an “Eat, Stay & Play” theme that includes gift cards to attractions and restaurants throughout the area.   To enter the contest or view complete contest rules, visit their Facebook page.Participants can enter the contest one time per week. At the end of the month, one winner will be chosen to receive a prize pack including:One $100 gift card to Perfect North Slopes valid for skiing, boarding, or snow tubing. One of the region’s most popular winter attractions, Perfect North is the “perfect” place to go for outdoor winter fun.One $75 gift card to Third and Main Historic Restaurant. Located in a historic building in downtown Aurora, this crowd-pleasing eatery features a full menu of beef, chicken and seafood items, in addition to appetizers, sandwiches, soups, salads and more.One $50 gift card to Great Crescent Brewery. Housed in a circa-1843 historic warehouse, the cozy microbrewery offers handcrafted beer and ales, beer samplers, and a selection of artisan-crafted items on the menu.One $150 gift card to Hollywood Casino Hotel in Lawrenceburg, where visitors enjoy comfortable accommodations and friendly service right in the heart of downtown Lawrenceburg, only steps away from Hollywood Casino’s flagship Lawrenceburg property.last_img read more

Wake Forest, Syracuse meet in conference play

first_img February 7, 2020 Share This StoryFacebookTwitteremailPrintLinkedinRedditWake Forest (10-12, 3-9) vs. Syracuse (13-9, 6-5)Carrier Dome, Syracuse, New York; Saturday, 8 p.m. ESTBOTTOM LINE: ACC foes meet as Wake Forest takes on Syracuse. Wake Forest fell 86-76 at Louisville on Wednesday. Syracuse lost 97-88 loss at home against Duke on Saturday. Associated Press Wake Forest, Syracuse meet in conference playcenter_img TEAM LEADERS: The do-everything Elijah Hughes is averaging 19.4 points, five rebounds and four assists to lead the way for the Orange. Buddy Boeheim has paired with Hughes and is producing 16.3 points per game. The Demon Deacons have been led by Brandon Childress, who is averaging 14.6 points and 4.5 assists.CLUTCH CHILDRESS: Childress has connected on 31.1 percent of the 106 3-pointers he’s attempted and has made 4 of 16 over the last three games. He’s also converted 81.9 percent of his free throws this season.COLD SPELL: Wake Forest has lost its last four road games, scoring 70.8 points, while allowing 84.3 per game.ASSIST RATIOS: The Demon Deacons have recently converted buckets via assists more often than the Orange. Syracuse has an assist on 30 of 75 field goals (40 percent) over its previous three outings while Wake Forest has assists on 41 of 75 field goals (54.7 percent) during its past three games.DID YOU KNOW: Wake Forest has attempted more free throws per game than any other ACC team. The Demon Deacons have averaged 23.2 free throws per game.___ For more AP college basketball coverage: https://apnews.com/Collegebasketball and http://twitter.com/AP_Top25___This was generated by Automated Insights, http://www.automatedinsights.com/ap, using data from STATS LLC, https://www.stats.comlast_img read more

Jamaican sprinting in trouble without Bolt – Blake

first_imgJAMAICAN sprinter Yohan Blake believes the country’s dominance of the sprint events could falter following the exit of the world’s fastest Usain Bolt.Bolt, the dominant force in athletics for the last 10 years, has promised to step aside following the London World Championships.The 30-year-old is however only halfway through the door and it seems the dominance that the Caribbean country has enjoyed for the better part of a decade could already be under threat from traditional sprint powerhouse, the United States.For once the big Jamaican himself failed to deliver on the world stage, finishing third in the men’s 100m final behind Americans Justin Gatlin and Christian Coleman.Since then there have been a number of disastrous results with heavy favourite Elaine Thompson not only failing to claim the women’s 100m gold but missing the podium entirely, an event won by American Torie Bowie.Yohan Blake who was fourth in the 100m final, then failing to qualify for the 200m final. The event marked the first time since 2003 that the Jamaicans had no representation in the men’s 200m final, unfamiliar territory for the dominant Caribbean island.“A little. The big man’s leaving and there’s a lot riding on our shoulders. So far I’m still the man in Jamaica, the fastest this year. I want to keep focused and keep getting my times better. If I run more races, I think I’ll be much better,” Blake said.”The guys have to really step up. Of course, I do too. It was a very disappointing championship for me.”Blake will team up with Bolt for the men’s 4x100m final.last_img read more

USC ousted by UCLA in Pac-10 finale

first_imgPlaying in what will likely be her last match at Marks Stadium, senior Maria Sanchez punctuated a stellar season with an impressive 6-1, 6-3 victory over UCLA’s McCall Jones.Despite Sanchez’s victory, the Women of Troy (15-6, 4-4) still fell to the Bruins in a tight 5-2 contest Friday afternoon.Led by senior Noelle Hickey, UCLA (18-5, 7-1) took control of the doubles’ point early on, followed by Hickey’s singles win over sophomore Danielle Lao, 6-2, 6-0.The No. 21-ranked Lao struggled throughout the day, losing both of her matches in quick fashion.On court three, Lao and senior Lyndsey Kinstler fell to the Bruins’ doubles Pamela Montez and Maya Johansson, 8-5, in what would be the deciding match between the two teams.Staying in doubles’ play, the No. 5 pair of Sanchez and freshman Kaitlyn Christian ended the season on a five-match winning streak, taking down UCLA’s Courtney Dolehide and Andrea Remnyse, 8-3.In the third-slotted singles match, Christian continued her winning ways, dispatching the No. 62-ranked Remynse in straight sets 6-3, 3-0 after Remynse retired with an injury midway through the second set.UCLA went on to sweep through the bottom half of the singles’ bracket, highlighted by Montez’s 6-2, 6-4 win against junior Alison Ramos. Following Montez’ victory, UCLA’s Johansson took down sophomore Valeria Pulido 7-3, 6-3 on court four, and then in the day’s final match senior Cristala Andrews was beaten by Carling Seguso 6-2, 1-6, 6-2.“Give UCLA credit, they played very well, having said that we didn’t play our best by a long shot,” Gallien said. “We are going to be healthy for the NCAA tourney and give it our best shot.”Before USC heads to the NCAA tournament, though, they will have to get through the Pac-10 tourney.Despite their performance in Pac-10 play, coach Gallien has a tremendous amount of confidence and faith in his group.“I believe we still have a run in us,” he said.last_img read more