UK roundup: Brunel Pensions Partnership, FCA, MiFID II, Zurich

first_imgThe Brunel Pensions Partnership (BPP) has added its voice to those calling for the Financial Conduct Authority (FCA) to rethink its stance on MiFID II.The FCA, in its most recent consultation on implementing the wide-ranging European directive, proposed classifying local authorities as retail investors, providing them with greater investment protections but restricting the asset classes in which they can invest.This risks undermining efforts to overhaul local government pension schemes, which are run by local authority staff.The BPP, a collaboration of 10 LGPS funds based in the south and south-west of England, argued that not being classified as professional clients was “likely to be significantly negative”. In a statement on its website, it said: “Costs would likely increase because of the higher regulatory burden. Particularly at risk would be most alternative investments: as illiquid or complex investments, they are not considered suitable for retail clients.“In particular, investment in infrastructure could be curtailed significantly, undermining the government’s stated desire to see LGPS funds have an increased ambition to invest in infrastructure.”Other pools, including the Local Pensions Partnership and the London CIV, have also called for the FCA to classify LGPS funds as professional investors, as has the Pensions and Lifetime Savings Association.In other news, Zurich Assurance has completed a £300m (€341m) longevity swap transaction with an unnamed UK pension fund.The deal was a “named life” longevity hedge, meaning it covered 2,300 named pensioners and their dependants.It is the fifth such deal for sub-£1bn schemes to be completed in the past 12 months, according to advisers Mercer.Suthan Rajagopalan, lead transaction adviser and head of longevity reinsurance at Mercer, said: “These deals pave the way to competitive longevity reinsurance pricing for small and medium-sized schemes, which are more exposed to so-called ‘concentration risk’, and where there is potential for greater variability in members’ life expectancy due to diverse pension amounts.”He added that the longevity swap was “a significant step towards a “DIY pensioner buy-in’”, something Mercer claimed had never been achieved before for a deal of this size.Elsewhere, more than half of FTSE 100 companies could pay down their pension shortfalls within two years by foregoing dividend payments, according to JLT Employee Benefits.The consultancy’s research found that just six companies in the index were paying more into their pension schemes than to their shareholders, but 53 could erase deficits within 24 months.In contrast, eight companies had pension liabilities worth more than their market capitalisation.Charles Cowling, director at the firm, said: “The good-news aspect of all this is that it is clear that, for the very large majority of FTSE 100 companies, their pension deficits can be easily managed within the normal ongoing management of their capital structure – even for some of those with very large pension deficits.”In the 12 months to the end of June, FTSE 100 companies contributed £6.3bn in deficit recovery payments, up from £6.1bn in the previous 12-month period.Darren Redmayne, head of Lincoln Pensions, pointed out that there was no regulatory requirement to pay down deficits as soon as possible.He said: “Withholding dividends where there is a healthy sponsor covenant that can afford to pay a deficit over time could worsen shareholder value, make UK [companies] less investible and negatively impact the businesses supporting the pension schemes. “So somewhat counter-intuitively, such an approach could damage both the shareholder value and the security of the member benefits you are trying to improve.”Lastly, almost one-third of pension schemes in the UK have been hit by fraud, according to a survey by audit and tax consultants RSM.However, more than half of respondents said fraud was “not a significant threat”, which RSM said showed a “worrying level of complacency among trustees”.One-quarter did not realise fraud prevention was a responsibility of pension scheme trustees.Hoaxes included ‘pensioner existence fraud’ – dependants continuing to receive benefits despite the pensioner having died – and pensions liberation fraud.“Worryingly, schemes and administrators have experienced an increase in suspicious member transfer requests since the introduction of new pensions freedoms introduced in April 2015,” RSM said.last_img read more

Canaipa Passage Dredging Project Wrapped Up

first_imgThe Canaipa Passage dredging project has been completed in time for the busy summer season, reports the Gold Coast Waterways Authority (GCWA).GCWA invested $500,000 to maintain safe navigational access to the important link between Moreton Bay and the Gold Coast.They also added that the dredging will provide a depth of -2.5m LAT (Lowest Astronomical Tide) in the channel. This project was finished ahead of schedule and under budget due to favorable weather conditions and GCWA’s streamlined project delivery processes.GCWA Acting CEO Jessica Bourner said that the Authority has committed over $15 million to dredging projects across the next four years to make sure navigation channels and destinations remain safe and accessible for all waterways users.“As a waterways city, these works are vital to ensure we’re sustainably managing Gold Coast waterways for everyone who uses them,” said Ms Bourner.“Our Program ensures that the waterways are well planned and maintained so that those who use and enjoy them can do so safely and responsibly. It’s also about making sure that they remain an important asset for current and future residents, visitors and businesses to enjoy.”“Over the coming years, more dredging will be carried out in the Coomera River, at Jacobs Well, Jumpinpin, Main Channel, Nerang River, North Channel, South Channel, South Wavebreak Island and West Crab Island.” said Ms Bourner.The Canaipa Passage project focused on maintaining safe navigable depths and replenishing the foreshore at Slipping Sands and is an important part of GCWA’s Waterways Management Program.last_img read more

Jury finds Garvin George guilty of murdering Julien Junior Joseph

first_imgLegal scales. Image via: sturgislawyers.comA nine member jury has found Garvin George of Calibishie guilty of the death of Julien Junior Joseph of Vieille Case.At Wednesday’s High Court sitting the Director of Public Prosecutions Gene Pestaina in addressing the members of the jury said that this is an indictment in which we are alleging that on the 5th of February 2010 the accused murdered Julien Junior Joseph at Calibishie and that they are the judges of that fact. Pestaina warned the jury that ‘if there is any doubt in their mind that goes to the foundation of the state’s case, the benefit must go to the accused as in our law he is innocent until we convince you that he is guilty’.According to Pestaina the deceased did not have time to concoct or plan anything to say which is evident in one of the witnesses’ statement. He told the witness ‘Andy and G-Boy beat me up, go and get a transport for me, I’m feeling cold’ and later said while he was being transported to the Marigot Hospital ‘I going now’ and never spoke again. Pestaina told the court that the accused cannot be believed when he said the deceased came up to his face when he admitted that he was the one who confronted him. He added that the accused was the one who confronted the deceased and later claimed that he was ‘afraid and defended himself’ but it was the deceased who ran away from him.The prosecution also discredited the accused reliance on self defense by explaining that ‘self defense does not run wild; if a man hits you and you take a sledge hammer and knock him out, this cannot be self defense, it is excessive force. When you look at the facts, there is no self defense as the accused did not have any scratches on his body nor proof of provocation by the deceased’. He further admonished them to ‘be bold enough to make the correct decision, don’t let sympathy get the better part of you. Don’t say he is a young man, you should return a proper verdict of guilty’.Counsel for the defense, Wayne Norde began by thanking the members of the jury for performing their civic duty and went on to explain that the defense has ‘absolutely nothing to prove’ the accused can stay in the prisoner’s box and say absolutely nothing. In every criminal trial the burden of proof lies with the prosecution, they must prove beyond a reasonable doubt, beyond a shadow of a doubt that Garvin killed Julien. He said that it is a sad and tragic event that a young man has lost his life but sympathy plays absolutely no role. In his address to the jury, Norde described the prosecution’s case as disjointed, unclear and lacking evidence which is evident by the number of brilliant questions they asked in search of clarity.He also pointed out that ‘the prosecution’s witnesses support our version of self defense’. He stated further ‘there are so many unanswered questions and the prosecution wants you to draw inferences as if you are an artist, this is no cat and mouse story, this is a serious murder case. The prosecution must present strong evidence, proper witnesses and not ask you to draw inferences’.Norde added that ‘I see many doubts, evidence missing and unanswered questions’ pleading with the jury to be fair to Garvin as his life and freedom rests in their hands. Any doubts you have resolve it in favor of Garvin. Only if you are sure beyond a reasonable doubt you should find him guilty. Return a verdict of not guilty based on the evidence that was presented to you’.Justice Bernie Stephenson-Brooks, in summing up the evidence and directing the jury said that ‘you are to decide what facts you believe and which you reject, what evidence to believe, who to believe and what part of the evidence you believe. Use common sense to determine who is speaking the truth or who is not speaking the truth; evaluate each witness for credibility, accuracy and reliability.Justice Stephenson-Brooks told the jury that ‘a person who acts reasonably in their defense is not guilty of murder. But you must find out what the accused intended, whether he intended to kill Julien Junior Joseph. The prosecution must prove that he intended to kill the deceased. Look at all existing facts and circumstances and find whether the accused intended to commit an unlawful act or cause harm to the deceased’.The jury retired to the jury room at 12:55pm and returned at 3:05pm with an eight to one guilty verdict. Justice Stephenson-Brooks instructed the jury that the verdict for murder must be unanimous and sent them back to deliberate. They returned at 3:15pm with a unanimous guilty verdict.Counsels for the State and the Defense were directed to file brief written submissions regarding sentencing by the 2nd of December 2011. Garvin George is expected to return to court on December 5th, 2011 for sentencing.Dominica Vibes News LocalNews Jury finds Garvin George guilty of murdering Julien Junior Joseph by: – November 23, 2011 Sharing is caring! 42 Views   no discussions Tweetcenter_img Share Share Sharelast_img read more

19-year-old threatens to shoot up Santaluces Community High School

first_imgOfficials have arrested a former Santaluces Community high school student after he reportedly threatened to “shoot up” the school.The threat was first reported to authorities on February 3rd after 19-year-old Richard Dye posted the threat on his Instagram page stating:“I’m deadass boutta shoot up Santaluces Community High School.”Teachers also told authorities that this was not the first threat from Dye and that the former student made similar threats toward teachers in the past.Authorities then went to Dye’s home where they made contact with his mother. The mother, however, informed them that she reported her son missing on Jan. 30th.She also told them that her son has been “off of his medication” and that “he had not been himself. ”The Palm Beach Sheriffs Office were able to local Dye by pinging his cellphone and found that he had been hiding out in Orlando.He has since been arrested and was transported to the Palm Beach County Jail on charges of written threats to kill or do bodily injury. He is being held without bond.last_img read more

Tennis News Daniil Medvedev Shows Middle Finger Towards The Crowd In US Open 2019, Vows To ‘Behave Better’

first_imgDaniil Medvedev defeated Prajnesh Gunneswaran in the previous round.Daniil Medvedev is seeded fifth in the US Open 2019.The incident was not seen by chair umpire Damien Dumusois. highlights For all the Latest Sports News News, Tennis News News, Download News Nation Android and iOS Mobile Apps.center_img New York: Daniil Medvedev said he was working to do “better next time” after his middle-finger gesture angered the crowd during his third round match at the US Open. The Russian fifth seed received a code violation for angrily snatching the towel from a ballperson, threw his racquet and then covertly raised his middle finger next to his head as he began to walk. The incident was not seen by chair umpire Damien Dumusois but was caught on television and shown on video replay inside Louis Armstrong Stadium.  “It was tough. I was in the heat of the moment and started losing the momentum. I don’t really remember but I paid for it the whole match after,” said Medvedev, who was roundly booed by supporters after a fired-up post-match interview. “I want all of you to know, when you sleep tonight, I won because of you. The energy you gave. The more you do this, the more I win,” he said in the wake of a 7-6 (7/1), 6-4, 7-6 (9/7), 6-4 win over Feliciano Lopez.  Medvedev said he apologized to the Spaniard and his coach after the match, insisting his meltdown was in no way related to his opponent.  Asked whether the New York crowd would forgive him after qualifying for the last 16, where he will meet German qualifier Dominik Koepfer, Medvedev replied he wasn’t sure.  “What I can say is that I’m working on myself and hopefully I will be better next time,” he said. last_img read more

French prosecutors investigating 2018, 2022 World Cup awards

first_img(REUTERS)-French prosecutors are investigating the decision by global soccer body FIFA to award the 2018 World Cup to Russia and the 2022 tournament to Qatar, a source close to the investigation said on Thursday.The national financial prosecutor’s office (PNF), which specialises in investigating economic crimes, began a preliminary investigation last year.It is looking into possible offences which include private corruption, conspiracy and influence peddling, the source said.The source added that former FIFA president Sepp Blatter was interviewed as a witness by Swiss prosecutors in the presence of two French magistrates in Switzerland on April 20.The 81-year-old Blatter, who has been banned for six years by FIFA’s own ethics committee for ethics violations, was not immediately available to comment.FIFA has been in turmoil since several dozen sports officials, including a number of senior FIFA officials, were indicted in the United States on corruption-related charges in 2015.In the same year, Swiss authorities opened criminal proceedings against individuals on suspicion of mismanagement and money laundering related to the allocation of the 2018 and 2022 tournaments.Hosting rights for both tournaments were awarded at the same vote by the FIFA executive committee in Zurich in December 2010.Two members of the committee, Reynald Temarii and Amos Adamu, were suspended one month before the vote after they allegedly offered to sell their votes to Sunday Times reporters posing as lobbyists for an American consortium.As a result, only 22 of the 24 executive committee members voted.Russia and Qatar have denied any wrongdoing and FIFA’s own investigation, completed in 2014, said it had found no grounds to strip either country of the right to host the event.last_img read more

Kennard’s Memorial Turf Club announces racing dates for 2019

first_imgTHE Kennard’s Memorial Turf Club (KMTC) is set to ride off its calendar of events for this year with the traditional Phagwah horserace meet on Sunday, March 24, at the club’s racing facilities, Bush Lot Farm, Corentyne.Other racing dates are: Sunday March 24, Sunday May 19, Sunday August 4, Sunday October 20 and Thursday, December 26 with the traditional Boxing Day card.last_img

Ekweremadu Flags off Youths Sports Championship in Enugu

first_imgHe asked the participating teams that the championship was intended to imbibe in them the spirit of sportsmanship, competition and friendship and urged them to eschew the desire to win by all means adding that the championship was meant to provide opportunities for the youth to flourish in sports.He said the expectation was that in the very near future, the participants would be representing various clubs at home and abroad as well as playing for the country. He pledged 100,000 and 50,000 naira for every goal scored to the team and goal scorer respectively. The championship comes to a close on 18/02/2018 with the final of the football event at the main bowl of the Nnamdi Azikiwe Stadium, Enugu.Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegram Christopher Isiguzo in EnuguThe Deputy President of the Senate, Senator Ike Ekweremadu at the weekend flagged off the 2018 Ikeoha Youths Sports Championship aimed at harvesting talents for national and international championships.The championship will see youths from five local government areas of Enugu West senatorial district of Enugu state, including, Aninri, Awgu, Oji River, Udi and Ezeagu in football, basket ball and athletics.The opening match played by Team Awgu against Team Aninri ended in barren draw.Ekweremadu who spoke at the flag-off of the championship at the Awgu Township Stadium said apart from harvesting talents, the championship will also unite the people of the senatorial zone.last_img read more

Late errors prove costly for Liverpool, Man United

first_img Fellaini was brought on by United manager Jose Mourinho in the 85th minute to provide the team height and extra defensive muscle as Everton poured forward in search of an equaliser at Goodison Park. His first contribution was to bring down Idrissa Gueye as the Everton midfielder ran across the face of the penalty box. Mourinho looked disgusted in his technical area, even more so when Baines converted the penalty. Zlatan Ibrahimovic put United in front in the 42nd by latching onto Anthony Martial’s ball over the top and producing an exquisite lob from the edge of the area with the outside of his right foot. The ball bounced up onto the crossbar, came down onto the post and landed on the goal line before spinning back over the line. United hit the post early in the second half through Ander Herrera and couldn’t hold on as Everton finished the stronger. United are in sixth place after their worst 14-game start to a Premier League season. Mourinho acknowledged before the game that the title might already be beyond his team, but a top-four finish – which brings Champions League qualification – is also looking a tough task, even at this early stage. Mourinho was characteristically defiant. “Another game with a very good performance,” Mourinho said, “but we’re not getting the results we deserve.” Liverpool manager Juergen Klopp couldn’t hide his frustration after his side threw away 2-0 and 3-1 leads to slump to only a second loss this season. “We aren’t ice skating,” Klopp said. “It’s not about how it looks.” Klopp said Liverpool simply stopped playing after going 3-1 ahead in the 64th through Emre Can, adding to first-half goals by Sadio ManÈ and Divock Origi. Bournemouth scored in the 76th and 78th minutes to draw level, before Ake pounced on the mistake by Karius to complete one of the greatest turnarounds in the Premier League’s 24-year history. Ake is on loan at Bournemouth from Chelsea. “We opened the door,” Klopp said, “and they ran through.” The meltdown reignited concerns about Liverpool’s defence, which was missing injured centre back Joel Matip, and the debate over whether Karius is an upgrade on the goalkeeper he recently replaced, Simon Mignolet. Liverpool are in third place. EVERTON 1 MAN UNITED 1 LIVERPOOL, England (AP): Individual errors proved costly yesterday for Liverpool and Manchester United on a day of late goals and incredible comebacks in English football. Liverpool conceded three goals in the final 20 minutes to lose 4-3 at Bournemouth in the Premier League. The collapse was sealed when Liverpool goalkeeper Loris Karius fumbled a shot in the third minute of injury time, gifting Nathan Ake the chance to grab the winner. Hours later, United were held 1-1 at Everton after Marouane Fellaini conceded an 88th-minute penalty with a clumsy foul, two minutes after coming on as a substitute. Leighton Baines scored from the spot to leave United with just two wins since August 27. While Liverpool dropped four points behind first-placed Chelsea, United are already 13 points adrift of the leaders after only 14 games. The late drama didn’t end there. In possibly the most stunning finish to a match in the FA Cup, AFC Wimbledon came from 3-0 down in the 80th minute to beat non-league Curzon Ashton 4-3 in the second round. BOURNEMOUTH 4 LIVERPOOL 3last_img read more

Caymanas tips

first_imgANOTHER FURY DR. BANNER ANOTHER FURY ANOTHER FURYICE PRINCESS ICE PRINCESS ICE PRINCESS ICE PRINCESSRAKSHA PROUD OF NUCLEAR PROUD OF NUCLEAR RAKSHAMISTER BONES MISTER BONES LORD EQUUS LORD EQUUSSTAR OF DAVID #STAR OF DAVID STAR OF DAVID STAR OF DAVID#BIG SHOW ADORING LADY LIGHTNING LILY SIMPLY OUTRAGEOUS#HOUDINI’S MAGIC AWESOME DESTINY HOUDINI’S MAGIC #AWESOME DESTINYRUNALLDAY FORT KNOX #RUNALLDAY RUNALLDAYZEEGAR LUCKY NINE LUCKY NINE #LUCKY NINELOOSE CANNON LOOSE CANNON #LOOSE CANNON LOOSE CANNONFLYING MACHINE #FLYING MACHINE BURNING EXIT MISS MYRTLEANOTHER FURY ANOTHER FURY ANOTHER FURY DR. BANNERICE PRINCESS ICE PRINCESS ICE PRINCESS #ICE PRINCESSRAKSHA #PROUD OF NUCLEAR RAKSHA RAKSHAZEPHYR LORD EQUUS #LORD EQUUS MISTER BONES#STAR OF DAVID STAR OF DAVID STAR OF DAVID STAR OF DAVIDLIGHTNING LILY LIGHTNING LILY #ADORING LADY ADORING LADYAWESOME DESTINY PERFECT NEIGHBOUR HOUDINI’S MAGIC PINELOPEFORT KNOX #FORT KNOX FORT KNOX #FORT KNOXLUCKY NINE LUCKY NINE LUCKY NINE SHADE OF BEAUTY#LOOSE CANNON LOOSE CANNON LOOSE CANNON SECRET TRAVELLERBURNING EXIT BURNING EXIT KANALOA BURNING EXITANOTHER FURY DR. BANNER DR. BANNER HOLOGRAM SHADOW#ICE PRINCESS ICE PRINCESS #ICE PRINCESS ICE PRINCESSPROUD OF NUCLEAR RAKSHA RAKSHA PROUD OF NUCLEARLORD EQUUS LORD EQUUS LORD EQUUS #LITTLE BIG HORNSTAR OF DAVID STAR OF DAVID STAR OF DAVID STAR OF DAVIDADORING LADY KILLER BEE BIG SHOW BIG SHOWPERFECT NEIGHBOUR #AWESOME DESTINY HOUDINI’S MAGIC PINELOPEFORT KNOX FORT KNOX RUNALLDAY GREAT FAITHZEEGAR ZEEGAR LUCKY NINE LUCKY NINE#LOOSE CANNON SECRET TRAVELLER LOOSE CANNON LOOSE CANNONJON MARSHALL #FLYING MACHINE #BURNING EXIT #JON MARSHALLANOTHER FURY ANOTHER FURYICE PRINCESS #ICE PRINCESS#PROUD OF NUCLEAR RAKSHA#ZEPHYR LORD EQUUSSTAR OF DAVID STAR OF DAVIDLIGHTNING LILY ADORING LADYHOUDINI’S MAGIC HOUDINI’S MAGICFORT KNOX RUNALLDAYLUCKY NINE #BIG MACHINE LINKSLOOSE CANNON LOOSE CANNONJON MARSHALL FLYING MACHINElast_img read more