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EIOPA sponsor-support assessment could ‘mask’ risk – PensionsEurope

first_imgProposals by the European Insurance and Occupational Pensions Authority (EIOPA) to assess the value of sponsor support could be overly simple and mask important risk-management information, PensionsEurope has warned.The lobby group also warned that models proposed by the European regulator’s discussion paper on sponsor support ­– published over the summer and now closed to consultation – risked causing problems for companies with multiple pension funds or multi-employer schemes, such as those common in Germany and the Netherlands.PensionsEurope’s response reiterated it does not support the proposed holistic balance sheet (HBS) approach for which the technical specifications under consideration could be employed.However, it welcomed aspects of the consultation – such as EIOPA’s suggestion to provide a “practical and proportionate” method for measuring support by employing sponsor credit ratios. It said EIOPA had “clearly put thought into designing a system that draws on existing information” by suggesting an approach that would seek to grade firms on a six-step scale broadly equivalent to AAA-CCC credit ratings, but that it would still demand that “detailed work” be produced by scheme advisers.“If, as seems likely, this is additional to existing work, then it would be a significant increase in the scheme’s overheads,” the response said.“Furthermore, it is still very unclear how to apply these ratios to group entities, multi-employers schemes, multinationals, public sector funds and industry-wide funds.“In addition, the access to the relevant and complete information is likely to be difficult.”PensionsEurope also raised concerns the six-step scale would fail to define the levels of support.“For instance, there is an enormous gap between ‘weak ’ and ‘very weak’,” it said, levels that EIOPA equated to a credit rating of B and CCC in its discussion paper.The lobby group further said the approach could result in an “oversimplification that will mask important risk-management information”, and that every approach that differed from a basic formula of a single sponsor and single IORP with one pension promise in one country would prove difficult to assess.In suggesting other measures to assess the likelihood of a sponsor default, the response suggested that funds sponsored by relatively large companies could employ credit default swaps.“The credit spread in the cost of funding of the sponsor could also be examined as a possible measure,” it added.It also urged EIOPA not to penalise sponsors deemed strong by shortening the potential period for recovery payments to only five years.“Penalising stronger sponsors is not an adequate way of regulating the pension sector,” it said. “The stronger the support, the less the imperative for shorter recovery periods.”PensionsEurope stressed the importance of local protection funds when asked to say whether pension funds should be barred from being a creditor upon sponsor default, but it said it was “too strict” to rule out any recovery of assets, especially as this was often regulated on a national level.It also rejected EIOPA’s suggestion that a recovery rate of 5% would be appropriate for most sponsors, saying it was “very likely” to be higher.“For example, in Germany, sponsoring employers of Pensionsfonds are legally obliged to pay into the national insolvency protection system (Pensions-Sicherungs-Verein), which would lead to a probability of recovery close to 100%,” it said.It therefore urged that the default probabilities be adjusted according to the individual IORP’s wishes based on the likelihood of asset recovery.,WebsitesWe are not responsible for the content of external sitesLink to PensionsEurope discussion paper responselast_img read more

Stock shortage drives speedy sales

first_img An unrenovated two-bedroom unit at 4/4-6 Peak Ave, Main Beach sold for $445,000 in 24 hours.“We had six private inspections on the Sunday and an offer the next day which was accepted,” said agent Nicole Bricknell of Cole Residential – Isle of Capri who sealed the deal on 4/4-6 Peak Ave at $445,000.Harcourts Coastal reports 61 sales at a value of $52,647,800 in April, including 26 sales in the final week of that month. At the top end of town, three luxury properties on Sovereign Islands changed hands over a four-day period last week including 1-3 Knightsbridge Pde East which fetched around $6 million in a deal handled by Ray White Sovereign Islands agents Ali Mian and Edin Kara. Suburb booming with mega sales Spa king’s beachside trophy home for sale Across Australia, properties were listed for a median 52 days in April 2020 compared with 60 days for the same period in 2019, despite restrictions and economic disruption from COVID-19.A number of speedy sales are being reported across the Gold Coast, with one Main Beach unit going under contract within 24 hours of inspections late last month. MORE: Every day’s a holiday in this home A luxury six bedrooms home at 1-3 Knightsbridge Pde East, Sovereign Islands sold for around $6 million in April. Search activity on the risecenter_img Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 0:58Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:58 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD432p432p216p216p180p180pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenHow much do I need to retire?00:58 For sale search activity increased by a further 4.7 per cent over the past week, marking the sixth consecutive week in growing search activity.More from news02:37International architect Desmond Brooks selling luxury beach villa7 hours ago02:37Gold Coast property: Sovereign Islands mega mansion hits market with $16m price tag1 day ago“We are seeing sizeable pools of buyers who have sold their properties over the past few months now looking to purchase their new homes,” said Andrew Bell, CEO of Ray White Surfers Paradise Group. “We are also seeing many buyers who have moved from interstate now looking to purchase instead of continuing to rent.” 4/4-6 Peak Ave, Main Beach went under contract within 24 hours of inspections late last month.Homes have been selling faster despite COVID-19 disruptions as an increasing number of buyers compete for fewer properties.Sellers are the main ingredient missing in the real estate market recovery on the Gold Coast which is showing strong signs of a bounce back as the state eases its way out of restrictions. Data from listings site (REA) shows homes are spending less time on the market than the previous year while buyer activity is increasing every week. Listings volumes are still well down, however, with sellers slower to regain the confidence to go to market.Andrew Henderson, Real Estate Industry of Queensland Gold Coast Zone Chair, said the easing of restrictions in Queensland from this weekend should stimulate a boost in listings.“Getting sellers back in to the market will be the key going forward,” he said.“Hopefully we should start to see a change as restrictions ease and sellers find the confidence to go to market.”last_img read more

Bridal Shop Latest Target of Angry Gay Marriage Protest (US)

first_imgThe New American 15 August 2014The owner of a bridal shop in Pennsylvania has become the latest target of angry criticism due to her refusal to validate a behavior her Christian faith condemns. Victoria Miller, the owner of W.W. Bridal Boutique in Bloomsburg, Pennsylvania, has been skewered on Facebook and in the media after she refused two women who allegedly wanted her shop to fit them for bridal gowns for their same-sex wedding.According to one of the two women, who insisted on not being identified, when she called the store to make an appointment, she was put on hold for about five minutes and then was told that no appointment would be scheduled because the bridal shop did not service same-sex couples.Explaining her decision, Miller told a local newspaper, “We feel we have to answer to God for what we do, and providing those two girls dresses for a sanctified marriage would break God’s law.” read more

Rain Monday, Snow Possible Overnight

first_imgThe work week is getting off to a rainy start as showers are moving through the region Monday morning.Rain is expected to continue through midday with a wind advisory in effect until 10 a.m. The line of showers produce high winds with gusts as high as 40 mph. Rainfall amounts are projected between a quarter and half of an inch.Keep the umbrella close as there is an 80 percent chance of rain Monday night. As the temperature falls, the rain will turn to snow overnight. The low temperature is 29 degrees.A freeze watch has been issued from 6 p.m. Tuesday to 12 p.m. Wednesday.Temperatures will drop below freezing Tuesday morning into the mid 20’s through daybreak Wednesday. The cold temps could impact unprotected outdoor plants, which can be damaged or killed.We will see temperatures rise back into the 50’s by Wednesday afternoon and the extended forecast shows Thursday and Friday temperatures in the mid 60’s.last_img read more

Barbados to honour Sir Wes Hall with statue

first_imgTHE contributions of Sir Wes Hall to West Indies cricket and to cricket in Barbados are the stuff made of legends, and now that legend will be enshrined in a statue of the great man who turned 80 in September.Sir Wes, said Chris DeCaires, committee member of the Sir Wes Hall 80th Committee, has “done a heck of a lot, so we wanted to do something that will be there for a long time, so the idea is to build a statute”.The size and location of the statue in Barbados is still to be decided and will depend on conversations with the artist set to build it.“We are not just relying on Government; we started collecting money through fundraising activity and we have raised over $100 000. But a statute is going to cost hundreds of thousands of dollars so we have got a lot of work still to do,” said DeCaires.Sir Wes, loves the idea of a statue but was quick to point out that he could never have achieved the things he did without great people around him.“When a statue of one man is erected, you can bet your life that there were another 30 people helping him, so I am grateful for them. It is a good thought, and something that I never thought could be my lot,” said Sir Wes.( read more

Super Senior Hopkinson cops 2nd place in Senior Division

first_imgTHE Guyana National Rifle Association’s (GuyanaNRA) IPSC Regional Director, Harold Hopkinson, along with sanctioned handgun competitors, Dr Pravesh Harry, Ms Angelique DeGroot, the father-son combination Andrew and John Phang from Guyana Sport Shooting Fundation, travelled to neighbouring country of Suriname, for the Secure Innovations and Concepts Inc. sponsored IPSC Level 3, 2019 Amazon Shoot.Battling a stomach bug that had him vomiting and nauseous, veteran hand-gunner Harold ‘Top Gun’ Hopkinson pulled off a second-place finish against his younger, fitter competitors.As the only Super Senior, the 64-year-old Security Executive, shooting an out-of-the-box CZ Shadow 2 Production gun, was thrown into the younger more agile senior class.In an invited comment, Hopkinson said he was absolutely shocked that he got the silver medal since he was not convinced that he had shot well.The Regional Director said he was proud that his team members had put up a valiant and commendable performance in front of their trainer Grand Master Ronald Brown.“They all finished just off the podium. There were 60 shooters from Aruba, Barbados, Curacao, French Guiana, Grenada, Jamaica, Trinidad and host Suriname.”He informed that the next destination would be Trinidad and Tobago, followed by the 25th Anniversary competition of the Aruba Practical Shooting Association.Hopkinson and his team members are extending thanks to Commissioner of Police. Leslie James, DSS, DSM, GRA Commissioner General Godfrey Statia, AA, GuyanaNRA president Brigadier Patrick West, MSS, his GuyanaNRA executive and handgun captain Dale Hing, for their collective assistance in making the Suriname tour a possibility.last_img read more

ESM boys track climbs to SCAC Empire title

first_imgOnly when Michael Parks found his way around the track for 1,500 meters in the fifth and final event of the pentathlon Thursday night did the East Syracuse Minoa boys track and field team reach the top of the standings in the Salt City Athletic Conference Empire division championships at Spartan Stadium.Parks earned 2,285 points overall in the penathalon, with Central Square’s Connor Colesante third. That four-point difference was larger than the Spartans’ winning margin as it had 135 points to the Redhawks’ 132.5, with Jamesville-DeWitt third by earning 131.5 points.Going 1-2 in the 110 hurdles, ESM had Myles Riggins win in 15.47 seconds over Rocky El (16.24), Riggins going on to take the 100-meter dash in 11.37 seconds and hold off J-D’s Haberle Conlon, 23.08 seconds to 23.01, in the 200-meter dash for a third individual title. As if that wasn’t enough, Riggins, El, Erwin Alemic and Luke Garlic, going 44.73 seconds to win the 4×100 relay over J-D (45.28), who had Conlon, Nick Deknaey, Andrew Balotin and Caleb Smith on hand. El added a victory in the triple jump when he went 41 feet 4 inches, while Alemic was third with 39’6″.ESM’s Elijah Buck won the discus by going 142’7″ over J-D’s James Richer (130’2″) and Caleb Patterson (109’1″), with Kevin Hasty fourth. But Richer won the shot put with 44’2″ to Buck’s 43’10”, again with Patterson (41’2″) third.Conner Hillman finished second in the 400-meter hurdles in 1:03.31, just behind Central Square’s Adam Cooney (1:03.21). Bennett Ferrari cleared 9’6″ in the pole vault for a second-place finish, with J-D’s Ben Virgo fourth. Tags: ESMJ-Dtrack and fieldcenter_img J-D’s Fidel Martinez sprinted to first place in the 400-meter dash in 52.24 seconds and helped Conlon, Nick Mannion and Mike Potamianos win the 4×400 relay in 3:31.55, where ESM was third in 3:42.11.Mannion got second place in the mile in 4:33.97, with Sam Smith fourth behind ESM’s Nick Berg (4:36.97) in third place. Caleb Smith went 19’10 1/4″ in the long jump to finish third as Alemic (19’6″) was fourth and El sixth, Smith also gettng fifth place in the triple jump.J-D was second in the 4×800 relay in 8:39.26, with ESM fourth, with Michael Sizing giving the Rams a second-place finish in the 3,200-meter run in 10:08.72 as Nate Rindfuss was sixth.Ahviere Reese ran the 3,000-meter steeplechase in 10:59.15 to finish third, with ESM’s Michael Sanders fifth. Dekaney finished fourth in the 110 hurdles and fifth in the high jump. Balotin was fourth and Conlon fifth in the 100, with Nico Stella sixth in the 400 hurdles and Jack Moore sixth in the 800-meter run.In the girls SCAC Empire meet, ESM also finished head of J-D, 135 points to 126, but both were topped by Central Square’s winning total of 177 points.Sara Bourdon led the Spartans, throwing the shot put 30’9″ as part of a 1-2 finish with teammate Aryanna Finkelstein (29’5″), and then Bourdon dominated the discus with a throw of 99’3″, with Sophia Jackson (82’2″) third.ESM swept both pentathlon events as Jessica Stevens claimed the girls portion with 2,038 points to the 1,976 from Central Square’s Jennifer Metz.Sophie Hartz went 13.03 seconds to claim the 100 sprint as Lailani Carrion won the 400 sprint in 1:02.33 with Hartz, Carrion, Kayleigh Maloof and Rylie King winning the 4×100 in 50.98 seconds, leaving J-D (53.01) in third place. The Spartans also were second in the 4×400 relay in 4:27.61, where J-D was fourth.Maria Markert was second in the pole vault, clearing 9 feet. Rachael Ladd got third place in the 2,000-meter steeplechase in 7:51.28 and was fifth in the 1,500-meter run, with Allmedina Mujcic fifth in the 400 hurdles, Maloof fifth in the 100 hurdles and Mary Roach fifth in the 3,000-meter run.J-D got three wins from Denise Yaeger, who in the 200 went 27.77 seconds to top Cortland’s Ella Quick (27.94), with Eva Wisniewski fourth and King fifth as Wisniewski also got fourth place in the pole vault.Yeager then had a winning long jump of 16’7″ to beat Hartz (16 feet), and in the triple jump needed 34’10 1/2″ to beat teammate Amber Hamernik’s 33’4″, while Maloof was sixth.Also, Laetticia Bazile won the high jump, clearing 5’1″ ahead of ESM’s Rhiannon Butchko and Jennah Ferrari, both of whom topped 5 feet. Bazile finished third in the long jump with 15’5″.Monica Hernandez-Olivera was second in the 400 hurdles in 1:16.64 and third in the 100 hurdles in 17.31 seconds, with Kyra Schultz fourth in the 400 hurdles.Sophia Vinciguerra, in 2:32.43, edged Amelia Gilbert (2;32.63) for second place in the 800 and got third place in the 1,500-meter run in 5:07.49, while Anna Sofia Hege was sixth. Kathryn Sizing was fourth and Samantha Aitken were fourth and fifth, respectively, in the steeplechase as the Rams were third and Spartans fourth in the 4×800.Now J-D and ESM would gear up for a week and get ready for next Friday’s Section III Class A championships at Central Square, which start at 4:30.Share this:FacebookTwitterLinkedInRedditComment on this Story last_img read more

Barkley shows encouraging signs for return

first_imgAfter dropping an early season game to an unranked Pac-10 opponent for the second consecutive year, the Trojans are looking to right ship this week at the Coliseum against the Washington State Cougars.Although the status of freshman quarterback Matt Barkley and senior All-American safety Taylor Mays are still day-to-day, USC coach Pete Carroll liked what he saw out of his team at practice yesterday.Working his way · Matt Barkley, who did not play in Saturday’s loss, was able to practice Monday. – Tim Tran | Daily Trojan“We came out and had a good day,” Carroll said. “We’ll do it one day at a time and get ourselves on track. The sense of urgency of doing things right is more obvious than ever in all phases, and we’re going to see if we can get going again.”Barkley split throwing reps with redshirt sophomore quarterback Aaron Corp Monday as the freshman is trying to work his way back from a shoulder injury he suffered against Ohio State. While Barkley is still not 100 percent healthy, Carroll was encouraged what he saw in practice from his young quarterback.“I’d love to see him get back out here and get back his spot,” Carroll said. “I don’t have any problem playing him if he’s OK this week. The fact that he could practice [Monday] was a great sign.”Mays rested during most of practice Monday, as was planned by the coaching staff. He did participate in some running and back peddling drills, but he has still yet to go at full speed since injuring his right knee against the Buckeyes.Even if both stars return to the Trojans this week, USC still has plenty of holes to fix both offensively and defensively if it hopes to win its remaining nine games of the regular season.And Carroll is looking at himself and the coaching staff to address those issues.“It’s more than just talk,” he said. “It’s habits, the sense of urgency and taking care of the ball. That’s why it’s my responsibility because it’s more than one guy.”Carroll did emphasize that unlike last season’s loss against Oregon State where his team looked sluggish in the first half, the Trojans came out ready to play against the Huskies. But, he said, there are some parts of the game that can’t be controlled.“Sometimes it’s the game, and as much as we work at it, it’s a great challenge to win every game. It’s a fantastic challenge,” he said.After USC running backs combined for four fumbles Saturday at Washington, it was a mystery to some why redshirt junior running back C.J. Gable didn’t get any playing time.Carroll revealed Sunday that Gable had the flu and he didn’t want to push him. But Monday’s at practice, Gable said he would have been ready to play if Carroll called his name.“He said it looked like I wasn’t ready,” Gable said. “So I guess how I looked determines how I play I guess, but … if I say I’m ready to go, I’m ready to go. I know when my body is not ready to go.”Gable also said it was frustrating to stand on the sideline and watch his fellow running backs lose the ball four times.“If they fumble, and they get back in, then I guess those are the guys that can do that,” the running back said.“Whenever I get my opportunities, I’m holding onto the ball, because it might be the last one I ever get,” he added.Carroll said Gable has a chance to reclaim his spot in the rotation against Washington State.Although he hasn’t started a game, redshirt freshman defensive end Nick Perry has made a strong case for a starting role early this season.During USC’s first three games, Perry has racked up a team-high four sacks in a backup role and has recorded 10 tackles.“He needs to play more for obvious reasons,” Carroll said. “He’s been so productive … Those are remarkable stats for a guy who hasn’t played very many snaps, so we’ve got to get him in the game more and see if he can keep going.”Carroll also said if Perry has a good week at practice, he may start Saturday against the Cougars.While four sacks in three games may seem tough to accomplish for a backup defensive end, Perry has an easy explanation for his success so far this year.“Basically, I like getting at the quarterback a lot because I like making sacks. So, I have to just play to the best of my ability,” he said.last_img read more

Betway faces Belgian troubles for unclear corporate structures

first_img UK gambling adopts toughest online advertising code to protect underage audiences August 27, 2020 Belgian Pro League live betting streaming deal for Stats Perform August 21, 2020 Kansspelcommissie – the Belgium Gambling Commission (BGC) is reported to be weighing up hefty sanctions against online gambling group Betway with regards to not disclosing transparency in its corporate ownership structures and further breaching BGC licensing frameworks.This week, BGC official Marjolein De Paepe stated that the commission had begun sanction procedures against Betway citing “cumulative licences and a lack of transparency”.Betway has operated in the Belgian online gambling marketplace since July 2015, having secured its operator licence through a partnership with Grand Casino Brussels – a land-based casino property operated by Casinos Austria International.BGC licensing conditions require all remote gambling operators to partner with a registered Belgian gambling enterprise, while Kansspelcommissie only permits one licence category per Belgium remote incumbent.A BGC probe carried out in 2017 found that a Betway ‘affiliated unit’ had received a BGC gambling machine manufacturer licence, breaching the Kansspelcommissie licensing policy.Furthermore, ‘Betway Malta’  – the subsidiary which was officially granted the BGC online gambling license by Kansspelcommissie – had failed to disclose its full corporate ownership structure, a key requirement of Belgium financial regulatory codes.Betway’s obscure corporate make-up had raised concerns of national media, as the bookmaker had secured prominent partnerships with Brussels football club RSC Anderlecht and the Royal Belgium Football Association, as betting partner of the Croky Cup.The BGC has yet to confirm penalties against Betway, stating that charges are being weighed up by its committee members, with Marjolein De Paepe citing a number of potential outcomes.“Kansspelcommissie can close the investigation, carry out additional investigations, start sanction procedures, the representatives can inform their ministers about the situation,” she said. “This depends on the assessment that the members of the Gaming Commission indicate this dossier.” StumbleUpon Share Related Articles ASA monitoring sweep marks gambling as the worst underage advertising offender August 26, 2020 Share Submitlast_img read more

Gamesys to pay £1.2m for social responsibility & AML failures

first_img Enlarged Gamesys returns to UK growth eyeing FTSE250 spot  March 17, 2020 UKGC hails ‘delivered efficiencies’ of its revamped licence maintenance service  August 20, 2020 Submit Share Betway to pay record £11.6m after Gambling Commission finds VIP customer failings March 12, 2020 Related Articles Share StumbleUpon Online gambling operator Gamesys (Gibraltar) Limited will pay £1.2m for failing to prevent gambling harm and breaching money laundering regulations, the UK Gambling Commission (UKGC) has announced this morning.Gamesys operates the newly launched Virgin Bet, sports data site Live Score and a range of further igaming sites.The regulator launched an investigation into the operator’s processes after police investigations revealed three individuals had spent stolen money with the gambling business.It was discovered that despite customers displaying behaviour that could indicate problem gambling the operator failed to deliver interaction that could have prevented harm.The investigation also revealed the operator failed to comply with money laundering regulations, including not establishing customers’ source of funds.As part of a settlement with the Commission, Gamesys will return £460,472 of stolen money to victims and pay £690,000 as a payment in lieu of a financial penalty. This money will be spent accelerating delivery of the National Strategy to Reduce Gambling Harms.Richard Watson, Gambling Commission Executive Director, said: “It is vital that operators understand their customers – track their online gambling and step in quickly when they suspect someone is suffering from gambling harm.“These key steps and processes ensure they meet both their anti-money laundering and social responsibility obligations for all customers.“Gamesys’ approach resulted in a variety of failings and saw stolen money flowing through the business – with customers being put at risk of gambling-related harm.”last_img read more