Category Archives: npldse

La palme d’or

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Icelandic pension funds offered exemption from capital controls

first_imgExplaining its decision for the time-limited quota, the central bank said: “Such [overseas] investments represent a benefit to the national economy in that they will enable the pension funds to achieve a better spread of risk in their asset portfolios while reducing the build-up in pension funds’ foreign investment requirements once capital controls are lifted.“By this, the risk of instability in the wake of the lifting of capital controls will be reduced.”The Icelandic pension sector has been limited to investing in the domestic economy since the introduction of capital controls, put in place in the wake of the 2008 banking collapse.While domestic investment opportunities are available, such as the recent financing of a silicon metal plant in the country’s North, pension investors have previously lamented the increased risk caused by such a geographically concentrated portfolio – with pension assets standing at 146% of Icelandic GDP, according to the OECD.The funds have channelled inflows into the mandatory system towards private equity and real estate but were also able to gain exposure to overseas currency through domestic bond issuances denominated in other currencies.The Icelandic Pension Fund Association could not be reached for comment.But the association noted in a statement that the ISK10bn quota had been alluded to as the “first step” to relaxing capital controls by the central bank, ahead of potentially greater liberalisation in 2016.Read more about the long-awaited relaxation of capital controls in the current issue of IPE Icelandic pension funds will soon be able to invest up to ISK10bn (€67.5m) overseas, signalling a gradual relaxation of the capital controls in place since 2008.The Central Bank of Iceland has invited the country’s ISK2.9trn occupational pension sector to request exemptions from the capital controls, although any funds granted an exemption would only have until the end of the year to use up their allocated quota.In a statement, it said the ISK10bn would be divided among the pension investors based on their overall size and annual inflows.The central bank said the asset owner’s total size would be regarded as more important, and be given a weighting of 70%, while annual inflows will be given a weighting of 30% when deciding how much of the quota to allocate to individual funds.last_img read more

More fishermen needed in Dominica

first_imgLocalNews More fishermen needed in Dominica by: – July 25, 2011 Share 17 Views   no discussions Share Sharecenter_img Sharing is caring! Tweet In photo: a school of fish. Photo credit: pixdaus.comThe Government of Dominica is said to be focusing on the development of the fisheries sector on the island, with the implementation of various fisheries cooperatives around the island however, the Fisheries Division is concerned with the number of active fishermen on the island.Chief Fisheries Officer, Mr Harold Guiste says there has been a decrease in the number of fishermen currently trawling Dominican waters since many of the ‘seasoned’ fishermen are now close to retirement.While addressing the closing ceremony for a children’s fishing clinic in Portsmouth last week, Mr Guiste echoed the need for ‘young fishermen to take up the trade and continue the legacy set by our forefathers’.The two-week program, which was organized by the Fisheries Division, allowed children ages 9 to 12 to learn fishing ethics, angling skills, marine biology, among other topics.The main sponsor of the program was a Swiss national living in Dominica, Ms. Reneta Siegenthler who contributed almost fifty percent of the funds.The National Drug Abuse Prevention Unit, University of Florida, Al Dive, Rodney Smith Anglers Association of Florida, Portsmouth Beach Hotel, The Youth Division, Garraway Enterprises, Japan International Cooperation Agency (JICA) and Dive Dominica, were also sponsors of the program.Approximately twenty- five students participated in the programme.Dominica Vibes Newslast_img read more

Guineas glory for Pleascach

first_img Devonshire was third ahead of Jack Naylor and Bocca Baciata. Bolger said: “She has a nice bit of toe and is basically not a miler. She’s a relentless galloper with a turn of foot as well. “The Guineas is a bonus. It worked out well with a strong pace. I was a bit worried that a 66-rated filly (Mainicin) could do it (make the pace) and hopefully it won’t affect her mark too much! “She will go for the Irish Derby and then the Oaks after that. Entering her in the Derby wasn’t so much what I thought about her, it was really what I thought about the colts, with all due respect to our neighbours. “We think she’s very good, she’s right on that level with the colts. “I bred the filly, her sire and the dam of the sire. She’s explosive, just like her name (English translation of Pleascach).” Manning added: “The pacemaker did a great job. I was able to do my own thing with no-one bothering me. From three out I just had to wind her up. It was a very fast-run race at Naas and I felt she had come on from that. “Last year she won over seven and I think she’s very versatile. I’d have no questions about a mile and a half.” Press Association Having won the 10-furlong Blue Wind Stakes at Naas less than a fortnight ago in spectacular fashion, it was no surprise to see her ridden positively back over the mile by Kevin Manning, tracking pacesetting stable companions Mainicin and Steip Amach. As that pair began to weaken heading inside the last two furlongs, 11-2 chance Pleascach moved into the lead and though Found looked set to mow her down inside the final furlong, Bolger’s ace was not for catching and passed the post half a length to the good. center_img Jim Bolger’s filly Pleascach repelled hot favourite Found to claim Classic glory in the Tattersalls Irish 1,000 Guineas at the Curragh.last_img read more

Skerritt says working capital among financial challenges for CWI

first_imgPORT OF SPAIN, Trinidad (CMC) – Cricket West Indies (CWI) president Ricky Skerritt has painted a challenging portrait of the governing body’s finances, pointing to a shortage of working capital as a continued problem while underscoring the need to secure sustainable revenue streams.Speaking last week on the one-year anniversary of taking up the helm of the embattled organisation, Skerritt said the board had continued to suffer from a legacy of over-spending without finding a means of off-setting costs.Additionally, vital new broadcast deals still remained up in the air, depriving CWI of key revenue, while other income had fallen short of projections.“West Indies cricket has been suffering for some time from a shortage of working capital. Basically we spend more money than we earn most years,” Skerritt said.“When we earn more than we spend it’s usually small amounts. We’ve had an approach where we always spent money we thought was coming in advance of it coming, and sometimes the money that came wasn’t quite what we expected.”Skerritt, a former tourism minister in St Kitts and Nevis, said grants from cricket’s world governing body, the International Cricket Council (ICC), was a prime example.“We had been told that the ICC would be granting us a total of US$128M over a seven-year period … well the ICC earnings fell a little bit and instead of getting US$128M over seven years, we’re going to be getting US$119M over the same period,” Skerritt pointed out.“So that means West Indies was expecting an additional US$9M, which we probably wouldn’t get, but which we’ve pretty much already spent.”Much of the recent cost has surrounded the acquisition of the Coolidge Cricket Ground in Antigua, formerly the old Stanford Cricket Ground.CWI chief executive Johnny Grave said last month the board had been forced to use its “operating cash flow” to complete the purchase.Skerritt explained that undertaking this venture without having a solid base of capital had obviously had a significant impact.“Part of it (income) was spent on purchasing the Coolidge Cricket Ground and that money has had to go to complete the sale of Coolidge Cricket Ground,” he noted.“The purchase was completed without having the kind of capitalisation that we needed to have, without having any long-term money so that has pulled money out of our working capital.”CWI’s fixed costs, Skerritt explained, stood at around US$45M and this was serviced largely by ICC moneys and broadcast revenue.But with CWI belatedly entering the market to renew its broadcast deal last year, Skerritt said the board had found itself disadvantaged.“The broadcast rights money expired in December last year and we still do not have completed negotiations with most countries …,” he said.“One, you should really enter the market about two years before the end of the (deal) to start negotiating and trying to cajole and to convince the broadcasters to do business with you.“We didn’t go to the market till around the same time I became president last year (March) so we’ve not had enough time in the (market and to make it worse, the market has become very, very uncertain.“So revenues which under normal circumstances we would have already begun collecting from broadcast rights, we have not done as yet.”Skerritt said CWI would continue to navigate choppy financial waters going forward.“Revenues continue to decline, expenses are fixed and even when you try to reduce some of the administrative or operational costs, you still have payrolls that exceed US$1.5M per month to cover players, et cetera and other fixed costs that just won’t go away.”last_img read more

Women’s Basketball: Wisconsin falls to Colorado, earns bounce-back win at home vs. UW-Milwaukee

first_imgThe Wisconsin women’s basketball team (3-1) was on the road for the first time this season on Thursday, tasked with containing a potent, undefeated Colorado team that matches size with shooting capability. The Badgers were outscored by 21 points in the first half and never recovered, falling 87–54 at the buzzer.The Badgers (3-1) were able to capitalize on their relative size and talent when faced with close games at home, taking advantage of North Florida and Wofford in decisive second half runs. Thursday proved to be a different story, and Wisconsin was on the back foot from the tip. After multiple runs by the Buffaloes, the Badgers managed only 13 points in the first quarter and were quickly down double digits.Women’s Basketball: Badgers face critical stretch of non-conference contestsAfter a solid start to the season with an unblemished record, the University of Wisconsin-Madison women’s basketball team (2-0) faces Read…While the Badgers were resilient in the Kohl Center, they failed to respond to the early deficit Thursday, and the game slipped away before the intermission. Wisconsin fell even further behind after being outscored by double digits yet again in the second quarter. A season-low shooting rate of 15.4% from beyond the arc kept the Badgers out of their rhythm and prevented them from making any kind of game saving swing.Three Buffaloes scored in double-figures, led by senior Quinessa Caylao-Do with 16 points on the night. Freshman Jaylyn Sherrod added 13 points and three assists, while sophomore Emma Clarke totaled 11 points and three rebounds. The Badgers were led by Abby Laszewski and Imani Lewis, who both tallied 19 points with eight and seven rebounds, respectively.The second half was relatively uneventful, a moot point after the dominance of the Buffaloes in the early stages. Wisconsin strung together small runs occasionally, but never got within 14 points of the lead. Despite forcing 18 turnovers and shooting decently from the free throw line — above 75% for the game — Wisconsin coughed up 15 turnovers of their own and were thoroughly outrebounded.Women’s Basketball: Badgers come to life late, beat Wofford to improve to 2-0The University of Wisconsin women’s basketball team secured its second victory of the season Sunday, defeating the Wofford Terriers by Read…Coming off of a tough road defeat, Wisconsin was impressive in a turnaround home matchup with intrastate rival Milwaukee. The Panthers (1-3) — although in no way comparable to the Buffaloes in terms of team strength and talent — have historically given the Badgers a run for their money. Wisconsin erupted from the jump and conceded only four first quarter points, holding Milwaukee to a miserable 8.7% from the three point line and under 30% from the field for the game.Head Coach Jonathan Tsipis was impressed with the emphasis placed on rebounding in critical situations and maximizing possession efficiency per UW Athletics.“We never let them get a chance to really get started and did a lot better on the glass tonight, which helped us,” Tsipis said.Women’s Basketball: Badgers string together defensive stops, rebounds in season-opening winThe Wisconsin women’s basketball team, fresh off of an exhibition victory earlier in the week, welcomed the University of North Read…The Badgers cruised to a 31 point, 71–40 win at the Kohl Center and now sit at 3-1. The non-conference schedule has been relatively favorable to Wisconsin, as they prepare to take on Eastern Illinois after a nine day break. This contest will likely be a tune up for their trip to the Bahamas, where the fundamentals tested against inferior opponents will be integral to success versus the No. 20 Arkansas Razorbacks.The Badgers have a while to rest before taking on the Eastern Illinois Panthers on Tuesday, Nov. 26 at 7 p.m.last_img read more

Playtech extends decade-long partnership with Mecca Bingo

first_img Rank Group extends support for Carers Trust July 28, 2020 John O’Reilly – Erratic orders have placed UK casinos on life support August 4, 2020 Share Submit Related Articles Share Government denies casinos a July reopening July 10, 2020 StumbleUpon Updating the market, Playtech Plc has confirmed that it has renewed principal online bingo and games supplier terms with Rank Group Plc subsidiary Mecca Bingo, the firm’s biggest online bingo partner.The FTSE-listed gambling technology supplier was pleased to renew its ‘more than a decade long’ partnership with Mecca Bingo, turning the brand into a leading online bingo destination for UK consumers.Agreeing a multi-year extension of services, Playtech retains its position as exclusive provider of bingo and games content, and will further cover provisions to bolster Mecca Bingo with further points of differentiation.The agreement also includes Playtech’s Open Platform enabling Mecca to offer its players a vast array of leading Playtech and third -party games content to its rapidly growing player base.Daniel Phillips, VP UK Operations, Playtech, said: “The network is performing well with stakes and active players at their highest ever levels and our licensees have made a great start to 2017.“Mecca is one of those so we are therefore very pleased to continue our long-standing relationship with the Rank Group and our collaborative approach will help drive their bingo business into the next decade and beyond.”Colin Cole-Johnson, Group Director, Rank Group, said: “It is a suite of products our customers know and love, and this has been an important partnership for Mecca since 2006, so naturally we are pleased that an agreement has been reached to develop this further.”last_img read more

Michigan auto insurers to refund drivers in response to stay home order

first_imgAddThis Sharing ButtonsShare to FacebookFacebookShare to TwitterTwitterShare to MoreAddThisMichigan drivers can look forward to insurance refunds headed their way. On Monday, Governor Gretchen Whitmer and the Department of Insurance and Financial Services announced all Michigan insurance companies would have to issue refunds due to the pandemic. Because drivers have been asked to stay home and not travel as much as before the onset of COVID-19, insurance companies had significantly smaller risks since fewer cars have been on the road.The order sets a requirement for insurers to submit filings by June 10. This includes refunding premium waiver amounts, providing information on how that amount was determined, and notifying customers of how they will receive payment.Those who will experience a long term change in driving habits, such as those who have been laid off, will also have their situations evaluated on an individual basis for payment adjustments. You can contact DIFS at (833)ASK–DIFS for more information. AddThis Sharing ButtonsShare to FacebookFacebookShare to TwitterTwitterShare to MoreAddThis Tags: auto insurance, Insurance, money, refundContinue ReadingPrevious Pets of the WeekNext Alpena residents protest to honor memory of George Floydlast_img read more

Conor McGregor makes surprise NHL appearance, drops puck before Bruins vs. Blue Jackets

first_imgConor McGregor made an unexpected NHL appearance for St. Patrick’s Day on Saturday.The Irish UFC fighter dropped the puck ahead of a matchup between the Bruins and Blue Jackets in Boston. He was accompanied by a flag and proceeded to shake the hands of players and hype up the crowd. What’s #StPatricksDay weekend without @TheNotoriousMMA? 🇮🇪🍀— NHL (@NHL) March 16, 2019C’mon, @TheNotoriousMMA — you can’t skip the #HockeyHandshakes now. 😉— NHL (@NHL) March 16, 2019Yep, the @NHLBruins are ready to play.— NHL (@NHL) March 16, 2019Although McGregor was arrested for allegedly damaging a fan’s cell phone in Miami earlier this week, he seemed to be in high spirits.The Bruins entered Saturday enduring a three-game losing streak. The Blue Jackets had won their last two games before the contest.But McGregor seemed to favor Boston, the second-place team in the Atlantic Division. It has posted a 42-20-9 record in 2018-19.last_img read more