​Sweden pushes ahead with new pension fund model, framework

first_imgInstead, newly proposed pension institutions should be subject to three capital requirements and hold capital equal to the highest of the three requirements – either a flat-rate capital rate similar to the current buffer requirements, a risk-based capital buffer or a guarantee-based requirement.The committee responsible for the final report suggested the risk-based capital requirement would take into account the investment risk of individual asset classes and was “intended to provide incentives for good risk management”.It also said a breach of the risk-based capital rules would be regarded as less severe than the flat-rate measure, as the latter would be viewed as pension institutions being in breach of the IORP Directive.The institutions will also be offered leeway to account for capital shortfalls under the risk-based requirement if a third party is able to provide additional funding to shore up its position. The Swedish government has announced details of a new pension framework, imposing capital requirements on the country’s pension institutions that exceed the revised IORP Directive it is meant to emulate.The rules, which will take effect from 2016, follow 2011’s decision to phase out the previous regime for pension institutions (UFL) and aim to improve corporate governance and risk management.The stated aim of the review, chaired by Tord Gransbo, is to give companies a clear choice between offering pensions through a vehicle regulated under domestic insurance or through occupational pensions law.According to the final, 848-page report, presented to the government today, simply applying the same principles that would apply to insurance companies under Solvency II would have not been the right approach to pursue.last_img read more

OilMac Spring-Boards into Offshore Wind with New Logistics Hub

first_imgOilfield Machinery Ltd (OilMac) has announced that it will set up an East Coast Centre for Energy Logistics (ECCEL) to support offshore wind farms in the North East UK. The centre will launch its new heavy lift division, OM Heavy Lift, into the offshore wind sector, according to the company.The hub will be located in the Port of Dundee, which is currently developing a new GBP 10 million heavy lift quayside by owners Forth Ports, and will also be supported by transport consultants, Collett & Sons, and fabrication specialists, Motive Offshore.The hub combines the heavy lift facilities and laydown space at the port with dedicated engineering services, and has been created to meet the logistic and marshalling needs of offshore wind farms, OilMac said. The hub will be equipped with heavy lift, light fabrication, self-propelled modular transporters and haulage support.Operations are anticipated to start as early as 2018, with the creation of around four new positions.Alex Fyfe, managing director at OilMac, said: “The hub’s location, together with its collective capabilities and expertise, offers east coast wind farms a range of low-cost solutions for marshalling, staging, assembly and load-out operations.“ECCEL’s launch is hugely positive for the broader offshore wind sector, and we have significant sector knowledge which will allow us to succeed in this industry.”David Webster, port manager at the Port of Dundee, commented: “We warmly welcome OM Heavy Lift and the ECCEL logistics hub to the Port of Dundee. This significant investment is further good news for Dundee and for the port.”last_img read more

Clarksons: Enesel Returns to Daehan for Two More Tankers

first_imgGreek shipowner Enesel, part of family-owned Lemos Group, has ordered two Suezmax tankers at South Korean mid-size shipbuilder Daehan Shipbuilding, according to Clarksons Platou Shipbroking.The contract includes two firm plus two optional 158,000 dwt tankers due for delivery by the end of 2020. Financial details of the deal have not been disclosed.The order is being reported four months after Enesel entered into a deal with Daehan for the construction of two 114,000 dwt tankers, also set for delivery in 2020.The Greek shipowner will reportedly be paying around 104 million for the two IMO Tier III compliant Aframaxes.Daehan Shipbuilding, a brand of Daewoo Shipbuilding and Marine engineering (DSME), has already built two Aframaxes for Enesel, which were delivered in 2017, the Maltese-flagged Kyrakatingo and Antonis.Based on the data from VesselsValue, aside to the two Aframaxes, Enesel has two very large crude carriers on order at Hyundai Heavy Industries, scheduled for delivery in 2019.In total, the company’s fleet comprises 14 ships, including ten containerships and 4 tankers.Separately, Clarksons also reported that, following a lengthy discussion, CSC Nanjing Tanker finalized an order at Guangzhou Shipyard International (GSI), which is part of the China State Shipbuilding Corporation Group, for two firm plus up to four optional 50,000 dwt medium range (MR) tankers. Delivery of the firm vessels is due within the fourth quarter of 2020.World Maritime News Staff; Image Courtesy: Flickr-Kees Torn under CC BY-SA 2.0 licenselast_img read more

DepEd: Remedial classes help ‘frustrated’ readers

first_imgOne of the flagship programs that theSchools Division has implemented is the Beyond Horizons for Literacy (BHL)which developed “contextualized and levelized” instructional materials inreading and numeracy that serve as supplementary materials in conductingremedial classes for learners. The goal of the Schools Division is todevelop them into “independent level” readers. The Regional Education Council isplanning to set a Regional Education Summit in March. ILOILO – What steps are being taken tohelp this province’s estimated 42,000 “frustration level” readers fromkindergarten to high school? Sangguniang Panlalawigan member JasonGonzales said Gov. Arthur Defensor Jr. met with Bermejo and asked for thebreakdown of the 42 000 frustrated level readers. There are 987 public elementary schools and 179 public secondaryschools in the province. Gonzales said it will help local chiefexecutives address concerns on education. According to the Schools Division ofIloilo, BHL was able to achieve 91.79 percent improvement in English readingproficiency, 92.04 percent in Filipino and 92.29 percent in numeracy among thebeneficiary learners. The Phil-IRI, an initiative of theBureau of Learning Delivery of DepEd, is an informal reading inventory composedof graded passages designed to determine the individual student’s performancein oral reading, silent reading and listening comprehension in both English andFilipino. The Schools Division of Iloilo assuredthe Ilonggos it “recognizes the urgency of addressing gaps and issues inproviding and attaining quality basic education in the Province of Iloilo.” “All schools districts were directedto implement BHL beginning school year 2019-2020 in partnership with theirrespective local government units,” read part of a statement from the SchoolsDivision of Iloilo. The Regional Education Council itselfwill also make use of the data to design interventions, said Gonzales. Schools are holding remedial readingclasses, according to the Schools Division of Iloilo but stressed that “ittakes a village to educate a child.” Defensor wanted to know from whichtowns these readers are to introduce appropriate interventions, said Gonzales,chairperson of the Regional Education Council.center_img But since “it takes a village toeducate a child”, it urged Ilonggos to “be actively involved, to cooperate andcollaborate in advancing the quality of basic education” in Iloilo. Some of these learners may be special children with special needsbut enrolled in regular classes. “It only provides an approximation ofthe students’ abilities and could be used in combination with other reliabletools of assessment,” it stressed. According to Bermejo, majority of the frustration level readers inIloilo were between Grade 1 and Grade 6. “Our intervention will be systematicand large scale,” he said. There were many factors why this was so, he stressed. Local chief executives need to be aware of the participation rateof learners in schools; the cohort survival rate or the rate of learners enteringthe first grade that can make it into the sixth grade; the activation of schoolgoverning council; and the establishment of expanded school board which will beneeded for budgetary concerns; and the literacy rate, among others, saidGonzales. These three types of assessments aim to find the student’sindependent, instructional and frustration levels. The data from these measurescould be used to design or adjust classroom, small group or individualizedinstruction to fit the students’ needs and abilities. The Schools Division clarified,however, that the Philippine Informal Reading Inventory (Phil-IRI) from whichthe 42,000 learners were gauged as “frustration level” readers is not the sole assessment tool that providesthe holistic reading performance of the students. “Frustration level” readers can recognize some words but they lackcomprehension, according to Dr. Roel Bermejo, superintendent of the IloiloSchools Division. Another factor could be the parents’lack of interest in how their children were faring in school, said Bermejo./PN The family’s socioeconomic status may also be a factor, saidBermejo. Learners from poor families were likely to miss classes more often tohelp their parents make a living.last_img read more

Three batsmen hit half-centuries in West Indies 301-6

first_imgBULAWAYO, Zimbabwe, (CMC) – Batsmen Shai Hope, Roston Chase and Kraigg Brathwaite all gathered half-centuries as West Indies made a bright start to their tour of Zimbabwe here Sunday.Opting to bat first on the opening day of the three-day tour match against Zimbabwe A, the Caribbean side ended on 301 for six with Hope top-scoring with 85, Chase stroking 79 and Brathwaite chipping in with 53.Kyle Hope, Shai’s older brother, missed out on a half-century with 42 while seamer Michael Chinouya, who played his only two Tests against New Zealand last year, was the best bowler with two for 55.In the only warm-up match before the first Test starting next Saturday, West Indies made the most of the outing with their main batsmen getting among the runs.They lost left-hander Kieran Powell cheaply for one with a mere seven runs on the board in the day’s fifth over but Brathwaite and Kyle Hope posted 87 for the second wicket to repair the innings.Brathwaite struck five fours and a six in an innings spanning 136 deliveries and just over 3-1/2 hours while Kyle faced 109 balls ìn 189 minutes at the crease, and counted four fours and a six.Both perished four balls apart in successive overs with the score on 94 but their demise paved the way for an attractive 175-run, fourth wicket stand between Shai Hope and Chase.Hope, the most successful batsman on the recent tour of England, appeared in good touch, striking 10 fours off just 107 balls in just over three hours.Chase, meanwhile, looking to regain his form following a poor England series, faced 114 deliveries in three hours at the crease and counted eight fours and a six.They were both trotting comfortably towards three figures when they retired with the score on 269 and Jermaine Blackwood failed to follow their example, belting a four and a six in 15 before falling lbw to Chinouya. WEST INDIES 1st inningsK Brathwaite lbw b Mashinge 53K Powell c Musakanda b Chinouya 1K Hope c wkp Mutumbami b Mavuta 42S Hope ret. out 85R Chase ret. out 79J Blackwood lbw b Chinouya 15+S Dowrich not out 10*J Holder not out 3Extras (b3, lb3, nb3, w4) 13TOTAL (6 wkts, 90 overs) 301To bat: S Hetmyer, S Gabriel, M Cummins, A Joseph, D Bishoo, R Reifer.Fall of wickets: 1-7, 2-94, 3-94, 4-267, 5-267, 6-286.Bowling: Chinouya 19-6-55-2, Tiripano 10-5-9-0, Mashinge 16-3-52-1, Chisoro 25-3-85-0, Mavuta 20-1-94-1.last_img read more

Perry puts England to the sword with imperious unbeaten 213

first_imgELLYSE Perry registered the highest Test score by an Australian to leave England battling to save the one-off day-night Test and keep their Women’s Ashes hopes alive.All-rounder Perry had never previously reached three figures in any form of international cricket but a masterful innings of 213 not out propelled Australia to 448 for nine declared at the North Sydney Oval.The tourists need to avoid defeat to keep the multi-format series alive and openers Lauren Winfield and Tammy Beaumont at least survived a testing spell under lights to usher their side to 40 without loss at the close – still 128 runs in arrears.If England do succumb to defeat on the final day, it will be in large part due to Perry, who took three for 59 before engineering Australia’s recovery from 168 for five over the course of the previous two days.There were century stands, too, with Alyssa Healy, who contributed 45, and Tahlia McGrath, dropped on nought before going on to make 47, but England found Perry immovable in a 374-ball stay that included 26 fours and one six.Hers was the key wicket when she resumed on 70 and, despite England’s persistence, there were precious few chances of note, with Perry bringing up her maiden hundred for Australia by tickling Laura Marsh’s legside delivery fine for her 17th four.With the Southern Stars closing in on England’s first-innings 280 all out, Marsh finally made the first breakthrough of the day as Healy clubbed to Anya Shrubsole at mid-on.Test debutant McGrath was shelled at extra cover in the next over by England captain Heather Knight, and it proved a costly drop with the batters establishing a healthy lead for Australia.Perry breezed past her 150 and looked utterly unflustered as England started to tire in the field although McGrath was denied a fifty on debut after miscuing a Georgia Elwiss full toss straight to Nat Sciver at mid-on.here was a cameo 24 from Jess Jonassen but when she and then Amanda Wellington departed in quick succession, there were fears Perry would be left stranded as she closed in on a double ton.On 194, she celebrated reaching the landmark after lofting Marsh to deep midwicket only for replays to show the ball had landed a couple of feet inside the boundary rope.She showed her resolve, however, by quickly refocusing and a lovely drive down the ground off Sophie Ecclestone in the next over saw her to a double hundred, this time to more muted celebrations.Perry then hammered a four then a six off Ecclestone to overhaul Karen Rolton’s previous Australian Test-best 209 not out and go third on the all-time list, behind Pakistan’s Kiran Baluch and India’s Mithali Raj.Australia promptly declared with a 168-run first-innings lead in an effort to make inroads into England’s batting.There were a couple of nervy moments for England but Winfield and Beaumont made it to the close.last_img read more

IOA might face action for rejecting the new Draft National Sports Code

first_imgLast Updated: 11th November, 2019 18:51 IST IOA Might Face Action For Rejecting The New Draft National Sports Code Indian Olympic Association (IOA) might be suspended by IOC if it goes ahead with administrative reforms enshrined in the Draft National Sports Code 2017. 10 months ago IOC pledges $10 million to anti-doping fight FOLLOW US 10 months ago IOC names Mary Kom in boxing’s athlete ambassadors group for Olympics 10 months ago Tokyo officials feud with IOC over Olympic marathon switch to Sapporo First Published: 11th November, 2019 18:50 IST “We, the IOA and all our members, outrightly reject the new Draft Sports Code as it interferes in the autonomy of the IOA and its members. The Sports Code was discussed with GOI MYAS and implemented in 2014 in IOA Statutes which enabled IOA to regain its recognition in 2012,” Mehta said in the feedback letter sent to the ministry. WE RECOMMEND 10 months ago Tokyo governor confronts IOC over moving Olympic marathon WATCH US LIVEcenter_img LIVE TV “Any further interference in IOA Autonomy will also be taken seriously by IOC and OCA and can once again lead to suspension of membership IOA. We certainly hope that it is not the intention of the Sports Ministry to send Indian contingent to Tokyo in 2020 Olympics under IOC Flag and not the Indian Flag.”The IOA was suspended by the IOC in December 2012 for government interference and was reinstated 14 months later after assurances on autonomy. Expressing surprise at the insistence of the ministry to furnish feedback on the Draft Sports Code, he wrote: “We are willing to work together by forming a small committee to take it forward as was agreed on 11.10.2019 and we sincerely hope that MYAS will also stand by what was conveyed to IOA & NSF’s in the 11th October 2019 meeting.” READ: Tyson Fury autobiography: Behind The Mask – Tyson Fury cover releasedThe proposed changesThe National Sports Code 2011 is currently in force but a new National Sports Code was drafted in 2017. The draft proposed drastic changes in the 2011 Code, including barring of ministers, members of Parliament and Legislative Assemblies and government servants from holding office in National Sports Federations (NSF) and the IOA, tenure restrictions and age cap of 70 years. The draft also widened its scope to all office-bearers and board members of the IOA and NSFs.It also calls on the NSFs to appoint CEOs, Nominee Directors, and an Ombudsman. Besides, an eminent athlete is also required to be a part of the NSFs. All NSFs will also have to constitute an athletes commission. If implemented, the IOA and the NSFs will have six months to amend their constitutions as prescribed by the draft.READ: Shooting: Aishwary bags India’s record 13th Olympic quota placeREAD: ‘Red-faced’ BFI now runs for a cover after Mary Kom-Nikhat ‘fiasco’ 10 months ago IOA rejects proposal to appoint Chhattisgarh CM as state body chief COMMENT SUBSCRIBE TO US Written By India will incur the International Olympic Committee’s wrath and might even be suspended if it goes ahead with administrative reforms enshrined in the Draft National Sports Code 2017, the IOA has warned, rejecting the proposed document completely. The Indian Olympic Association (IOA) also expressed surprise with the government’s move to seek feedback on the draft after the Sports Minister Kiren Rijiju, on October 11, announced the formation of a committee to look into the contentious provisions such age and tenure cap on officials, which are being opposed by National Sports Federations. Despite the announcement by Rijiju, the ministry, through its Director (Sports), sent a letter to the IOA on October 24 to send feedback on the Draft National Sports Code latest by November 10.READ: Gaurav Gill set for Rally of Australia this weekendIOA sends a note rejecting the changesIOA Secretary General Rajeev Mehta, in turn, sent a note rejecting the changes proposed by the 2017 Draft National Sports Code. Press Trust Of India last_img read more

GLO-CAF Awards: Okocha, Kanu lead ex-internationals to gala night

first_imgEx-Internationals and former Super Eagles Captains, Austin ‘Jay-Jay’ Okocha and Kanu Nwankwo will be among the generation of old Super Eagles’ players who will attend the 2014 Glo-CAF Awards gala night coming up on 8th January in Lagos, Nigeria.In a statement from the organisers of the awards, Globacom, Okocha and two former African Footballers of the year, Nwankwo Kanu and Victor Nosa Ikpeba, are expected to grace the awards aptly labeled the Oscars of African football.Kanu and OkochaIt is believed that their presence at the event would spur younger football players to greater height.Okocha distinguished himself playing with Einthract Frankfurt FC of Germany, Fernabache of Turkey, Paris St Germain of France and Bolton Wanderers of England. He is noted for his flamboyant skills and dribbles on the pitch. A two-time winner of the BBC African Player of the Year, he was honoured with the Legends Award along with Ex-Moroccan International Mustapha Hadji at the 2011 Glo-Caf Awards. He wore many caps for the Nigerian national team, Super Eagles before he retired about eight years ago.last_img read more

Rare copy of Super Mario Bros sells for a record $114,000

first_imgAn original copy of Super Mario Bros has sold at auction for $114,000, the most ever paid for a single video game.The sealed copy of Nintendo’s seminal platformer was sold by Heritage Auctions to an anonymous bidder. The item was graded 9.4, indicating that it was in near pristine condition.It was even more rare due to having a “cardboard hangtab” — a feature of packaged games before plastic wrapping became the standard, which encased the hangtab and made them obsolete.Heritage Auctions noted that this copy of Super Mario Bros is both sealed and features a hangtab, indicating that it was manufactured in a small window soon after the game first launched — after the introduction of plastic wrapping, but before the production line could be altered to cut the cardboard in a different way.“In short, a cardboard hangtab copy of any early Nintendo Entertainment System game brings a certain air of ‘vintage’ unrivaled by its successors,” Heritage said, explaining the high value of the sale.On the same day, Heritage Auctions also sold a sealed copy of Mike Tyson’s Punch-Out for more than $50,000.last_img read more

Revenge aside, former Patriot Brandin Cooks is key to a Rams Super Bowl win

first_imgMORE: Top 10 Super Bowls of all timeBecause the Patriots need to worry about Woods more than they did with Watkins, they won’t always get the matchups they want. Cooks will get more chances to make big plays than Hill received, and if he takes advantage of them, he will open up underneath routes for the Rams. The Patriots’ secondary will be left reeling with some of the assignment confusion they have had in their losses this season.Regardless of who is covering him, Cooks needs to do much more for the Rams this year than his one catch for 23 yards on two targets for the Patriots in their Super Bowl loss to the Eagles last year. A big box score in Super Bowl 53 will convert Cooks’ revenge and redemption into the most important thing: a victory. ATLANTA — If Super Bowl 53 turns out to be a successful second stop on The Brandin Cooks Playoff Revenge Tour, two weeks after Los Angeles topped the wide receiver’s original NFL team in New Orleans, the Rams will beat the Patriots on Sunday.Cooks, who was traded to LA from New England before the season, was instrumental in helping the Rams outlast the Saints in the NFC championship game. He led the team with his seven catches for 107 yards on only eight targets, and he was even more effective than the stats indicate. Cooks, 25, employed his full skill set of quickness and speed, short and deep in a great mix of play calls by coach Sean McVay. Against the Chiefs, the Patriots put Gilmore on Sammy Watkins, and even with Watkins catching four of his eight targets for 114 yards and burning Gilmore downfield without safety help, it worked in New England’s favor. During the regular season, the Patriots used Gilmore on both all-around No. 1 receivers (DeAndre Hopkins, Davante Adams, Antonio Brown) and speedy deep threats (Stefon Diggs, Robby Anderson).Because Gilmore is not a slot corner, chances are he will be matched up against Cooks when Woods lines up inside. The Patriots, then, will let a combination of Jason McCourty and Jonathan Jones handle Woods, and they will have confidence in J.C. Jackson shadowing third wideout Josh Reynolds. When Woods (6-0, 195 pounds) lines up outside, though, the Patriots might use Gilmore’s size (6-1, 202 pounds) to try to shut down the big receiver.center_img The Rams surely will try to get their top big-play threat going again by getting him involved all over the field Sunday. What’s in doubt is how the Patriots will counter. Can they keep Cooks from celebrating the ultimate vengeance?SUPER BOWL 53 PICKS:Rams-Patriots predictions from SN’s expertsCooks spent most of Super Bowl media week explaining how his lone season in New England last year made him a smarter player. He also has rare experience as a receiver who spent a year getting a daily look at Stephon Gilmore, the Patriots’ All-Pro cornerback.”They’re playing at a very high level … playing man-to-man and doing a lot of different things,” Cooks said of the Patriots in a conversation with Sporting News. “You kind of need to wait until the game to see what’s going on. Stephon does everything well. He’s a very smart player and plays the ball well. I have a lot of respect for that guy.”As teammates, Gilmore and Cooks became great friends. Each has an understanding of what kind of challenge he will face against the other.”He has great speed and he can run every route,” Gilmore told SN, speaking about Cooks. “He’s made plays lining up everywhere. He’s a great player. I can’t wait to match up against him.”Which brings up the biggest coverage question and mystery of Super Bowl 53: Will the Patriots shadow Cooks with Gilmore, or will they turn to the high-low bracket — a double-team, in essence — with another corner and safety?MORE: Top 10 Super Bowl-winning teamsThe latter plan worked for New England against Kansas City’s speedy No. 1 wideout Tyreek Hill in the AFC championship game. Hill escaped for one, 42-yard catch downfield, but the Patriots took him out of the game. Quarterback Patrick Mahomes targeted Hill only three times.But the Rams deploy Cooks in a different way than the Chiefs utilized Hill. Cooks works from the slot only a quarter of the time; Hill lines up there nearly half the time. The Rams have a strong co-No. 1 receiver in Robert Woods; the Chiefs’ best receiving option beyond Hill was tight end Travis Kelce, who didn’t have the same inside-outside lineup versatility Woods presents.last_img read more