Asset managers criticise pension fund exclusion in systemic risk consultation

first_imgTwo of the world’s largest asset managers have dismissed the exclusion of pension funds in a consultation on institutional systemic risk, as international pressure for regulatory action continues.BlackRock, Vanguard and industry groups dismissed claims pension funds should be exempt from being classed as ‘global systemically important financial institutions’ (SIFIs) as discussions continue on they should be subject to further regulation of capital buffers.The comments came as the Financial Stability Board (FSB) and International Organisation of Securities Commissions (ISOCO) closed its second consultation on methodologies for identifying globally systemic institutions other than banks and insurers.The consultation proposed excluding pension funds when it launched the consultation earlier this year, as it believed funds posed a lower risk to financial stability due to long-term investment plans and their heavy use of asset managers and investment funds. PensionsEurope, the industry representative group, threw its support behind the FSB’s logic.It defended the exemption and said pension funds were primarily governed by social and labour law – with a regulatory framework that required transparency, low leverage and prudent diversification.Vanguard, which has $3.3trn (€3trn) in assets under management (AUM), said the logic for excluding pension funds meant long-tenured mutual funds should also be excluded.The manager said 77% of its assets were held in such funds and it would only be logical to treat pension and mutual funds similarly.BlackRock, an AUM of $4.7trn, said the regulators needed to take a more “holistic approach” which covered activities across the market.The manager said asset managers were just one component and there needed to be a better understanding of asset owners and why they allocated to markets and asset classes.“Regulation needs to be applied across products to be effective. Likewise, investment activities need to be regulated regardless of which entity is managing the assets,” it said.BlackRock added: “Asset managers are not the source of systemic risk. [They] act as agents on behalf of institutional and individual investors and are not counterparty to client trades or derivative transactions and do not control the strategic asset allocation of their clients’ assets.”The UK’s Investment Association (IA), the industry group for the asset management sector, agreed and said all market participants must be considered in its consultation.The IA, however, said pension fund investment strategies, like those of asset managers’, could mitigate threats to financial stability, and it was therefore important to factor in activities and not “exclude ex-ante”.It also said some pension funds employed captive asset managers, pointing out the difficulty in seeing how exemptions from any future regulation would work.“The potential for competitive distortion with non-exempt asset managers is clear,” the IA added.Defending the exclusion, PensionsEurope cited research from the Bank of England and European Commission that said pension funds do not react to short-term market movements nor experience the same issues as other financial institutions during the crisis.“The probability a pension fund fails is very low and rare. They use derivatives only to hedge currency and interest rate risks, and not to speculate,” it said.PensionsEurope also said failure and financial distress of a pension fund does not pose systemic risk because the risks are borne by members or sponsoring employers.It said funds should either be fully funded, or subjected to different requirements to mitigate failure in a case of underfunding.“Potential systemic risks are usually avoided. Consequently, in case of financial distress, other institutions do not bear risks,” it said.BlackRock also condemned the FSB’s blanket approach of looking at AUM to determine systemic importance.The manager said AUM metrics would create false positives and false negatives, and given the transmission channels identified for analysis by the FSB, leverage should be used as a basis over AUM, should the FSB insist on moving forward.last_img read more

2 suspected nCoV cases in Capiz negative – PHO

first_imgROXAS City – Two individuals underinvestigation for a possible 2019 novel coronavirus acute respiratory disease (2019-nCoVARD) in Capiz have been tested negative, the Provincial Health Office (PHO)said. Gov. Esteban Evan Contreras of Capiz urges the public to refrain from posting, sharing and sending any reports about the novel coronavirus unless they are sourced out from the Department of Health or other credible health authorities and organizations. CAPIZ KABALAKA INFORMATION CENTER Dr. Samuel Delfin of PHO cited the laboratorytest results of the two patients under investigation sent to the ResearchInstitute for Tropical Medicine in Muntinlupa City.  “Copiesof the official results were forwarded to the attending physician, hospitalmanagement, Local Health Office and Department of Health for proper guidance,” Delfinsaid, adding the results were revealed through an official statement issued onFeb. 8 and 10. The governor also said the Capizeñosshould refrain from posting, sending and sharing reports if they are notsourced out from the Department of Health and other credible health authoritiesand organizations. (With a report fromPIA-CAPIZ/PN) Meanwhile, the second patient, a43-year-old Capizeña domestic helper in Hong Kong, will be released fromhospitalization following the negative results on her nCoV ARD test. He urged the public to verifyinformation or reports about the coronavirus seen on social media and shortmessage services platforms. The first PUI, according to Delfin, wasa 51-year-old male who manifested cough and immediately sought medicalconsultation upon his arrival in this province from a trip to Hong Kong andMacau from Jan. 25 to Jan. 29. He was already discharged from the hospital. Gov. Esteban Evan Contreras, for hispart, advised the residents of the province to stay calm but remain vigilantamidst the ongoing epidemiological surveillance and response activities tocontain the coronavirus threat.last_img read more

Addilyn Fern Hardesty

first_imgAddilyn Fern Hardesty passed away peacefully in the arms of family on March 26, 2017. She was born at 4:56 a.m. and met the eyes of Jesus at 5:17 a.m. the same day.Addilyn was the daughter of Brandon and Katlyn Bowling Hardesty of Holton, Indiana. She is survived by grandparents Mark and Patricia Tucker Hardesty and Kenneth and Cheryl  Mozingo  Bowling all of Osgood. Graveside services will be held at 11:00 a.m. Thursday, March 30, 2017 at Flat Rock Cemetery near Osgood.Arrangements by: Neal’s Funeral Home.www.nealsfuneralhome.netlast_img

Perfect forecast for Arkansas Spring Nationals at Batesville

first_imgBATESVILLE, Ark. – You couldn’t ask for better weather for this weekend’s Arkansas Spring Nationals at Batesville Motor Speedway.IMCA Modifieds run for $1,500 to win and Fast Shafts All-Star Invitational ballot berths Friday and Saturday, March 23 and 24. Both features pay $1,000 to the runner-up. Mini­mum start money is $150, non-qualifiers earn “B” money and IMCA Speedway Motors Weekly Racing National, Jet Racing Cen­tral Region, Arkansas State and track points will be awarded.The pit gate opens at 4 p.m., the grandstand opens at 5:30 p.m., hot laps are at 7 p.m. and racing starts at 7:30 p.m. each night.Spectator admission is $10 for adults and free for kids ages 14 and under. Pit passes are $30.An open practice will be from 7-10 p.m. on Thursday, March 22. Pit passes that evening are $20.Overnight accommodations are available by calling the Ramada Inn at 870 698-1800 or the Holiday Inn Express at 870 698-2700.Additional information about Arkansas Spring Nationals is available by calling 870 251-0011, at the www.batesvillemotorspeedway.com website or by emailing csstarr2@yahoo.com.last_img read more

Cricket News India vs West Indies: Virat Kohli could break THESE 2 records against Windies

first_imgNew Delhi: Virat Kohli, after a good break from the recently concluded Asia Cup 2018, is back to lead Team India in the Test series against West Indies. Skipper Virat Kohli will be back in business after a brilliant tour of England on a personal level. In this series, Kohli has a golden chance to break two milestones. Virat Kohli needs just 79 runs to surpass 3,000 Test runs at home and will become 11th Indian batter to do so. However, Kohli has not enjoyed a good time against the Windies and averages his worst if compared to his performance against other teams. He averages a mere 38.61 against West Indies.Skipper Kohli – on 502 runs – is also just 37 runs short of surpassing Mohammad Azharuddin’s 539 runs against West Indies in the longest format of the game. ALSO READ: India vs West Indies: Head to Head Stats between Men in Blue-WindiesThe West Indies tour of India could be a tight affair albeit the Head-to-Head stats favouring the Indians. The BCCI have selected some fresh faces for the series and this could be a test for the upcoming Australian tour.If we keep Virat Kohli aside, the Indian batting woes have continued and their struggle in England was visible to the whole world. The Indian batting line-up averages on 23.50 with close to 4000 runs in 9 Tests in 2018. The first Test between India and West Indies will start on October 4 at the Saurashtra Cricket Association Stadium in Rajkot.For Complete Schedule: West Indies tour of India: Complete Schedule, Fixtures, Timings, Venue For all the Latest Sports News News, Cricket News News, Download News Nation Android and iOS Mobile Apps.last_img read more

GCF wheels off its 2018 calendar on January 28

first_imgTHE Guyana Cycling Federation’s (GCF) 2018 calendar of activities will begin on January 28 with the staging of its first ‘points’ race.This will see the top cyclists of the country converge for the first time in the New Year, as they each seek to prop up their individual chances of drawing first blood in the sense of racking up points.Jamaul John was last year’s most consistent rider after tallying the most points across all GCF races, ahead of Paul DeNobrega. The two had a great rivalry in 2017 and will be sure to provide great entertainment this year as well.However, DeNobrega will want to push himself further while John has already signalled his intention of crowning 2018 with more success than 2017. The latter has already started a rigorous training regime and will be hoping to carry over his form from last year.Not to be ignored is the ever-evolving Alonzo Ambrose who proved to be a formidable opponent last year as he pushed John and company to the limits, even winning the last ‘points’ race of 2017.This year should make for intriguing contests as all the cyclists will seek to develop and push one another in their quest to reach the pinnacle of success in 2018.On January 27 the cyclists will get some much-needed track time in, as cycle coach Hassan Mohamed is organising a meet at the inner circuit of the National Park.The feature 35-lap Schoolboys Invitational race will be sure to attract the country’s top cyclists and provide top quality entertainment for cycling fans and enthusiasts.last_img read more

Mason: Coach’s errors costly for UW

first_imgI think everyone watching Saturday’s Badger football game experienced a few “what are you doing?” moments.No, viewers weren’t wondering what the players on the field were doing or how they managed to let another fourth-quarter lead slip away. Let’s face it: After everything that has happened this point in the season, was anyone really surprised with the outcome?What was a bit more puzzling, however, were the actions of Wisconsin head coach Bret Bielema.Bielema has caught a lot of heat this year for his team’s — for lack of a better description — disappointing showing. But following a few obvious coaching blunders Saturday in East Lansing, the temperature of his hot seat may have been turned up a few degrees.The first of the questionable coaching calls came at the end of the first half. After UW quarterback Dustin Sherer hit redshirt freshman Nick Toon for a 26-yard completion that moved the ball to the MSU 14-yard line, the Badgers opted to run up to the line of scrimmage and spike the ball to stop the clock with 21 seconds remaining before halftime. On second and third down, Sherer was unable to connect with tight end Garrett Graham and Toon on consecutive passes, forcing Wisconsin to settle for a field goal.I couldn’t quite understand why Bielema wouldn’t call for a timeout — his team had two remaining at that point. He must have forgotten they don’t carry over into the second half.Granted, it takes the officials a bit longer after a long pass completion to get the chains moved, but if you’re Wisconsin and you’re already hurrying up to the line of scrimmage, why not run a play? The Badgers had the Spartans’ defense on its heels. Running another play after gaining big yardage on the Sherer-to-Toon connection could have caught them off-guard.Instead, Bielema and company burned a down, giving themselves just two shots at the end zone instead of three. Look at the 25-24 final score, and the importance of that potential four-point swing becomes obvious.Another Bielema boo-boo that was a bit more blatant to Wisconsin fans was the 15-yard unsportsmanlike penalty handed to the UW head coach as MSU was about to take the field following a John Clay touchdown. The Badgers were flagged for a five-yard delay of game, which Bielema clearly didn’t agree with.The official explained to Bielema that the delay of game — when Jay Valai accidentally bumped into him — interfered with his ability to do his job. Bielema supposedly responded by telling the ref that, in his opinion, the official wasn’t doing a good job.I wonder if the referee retorted by telling Bielema the exact same thing.Regardless of what words were exchanged, the Spartans had the ball on the Badgers’ 44-yard line to start the drive. That’s not exactly fair to the defense when they’re expected to hold the offense on such a short field, and the players only had their coach to blame.These two miscues by Bielema resulted in a potential 11-point swing for the cardinal and white. It’s understandable when the players on the field change the momentum of the game by such a margin. It’s unacceptable when that blame falls on the shoulders of the coach.Oh, and let’s not forget what happened at the end of the fourth quarter. When the Spartans moved the ball to the Badgers’ 37-yard line with about half a minute remaining, it was clear they were going to attempt the game-winning field goal on fourth down.With no timeouts remaining, the MSU special teams unit had to rush onto the field to get set up. Bielema decided to call a timeout with 12 seconds on the clock — letting nearly 20 seconds elapse and giving Michigan State a chance to regroup.If you’re going to call a time out at that juncture in the game, why let the time drain off the clock? Give your team a chance to do something if (and when) they get the ball back after the kick. Instead, the Badgers attempted a failed lateral-palooza a la Cal-Stanford to end the game.As if these three reasons weren’t bad enough, there were numerous times in Saturday’s contest — and the entire season, for that matter — when UW players were running on or off the field late, looking confused as to which personnel was supposed to be in the game. Most of this seems to take place on special teams plays, which happens to be the unit Bielema coaches.I’m not saying Bielema deserves to be fired for this season’s many miscues, which were magnified against Michigan State. But something needs to be done to limit these slip-ups. A start would be for Bielema to take himself away from the special teams duties. He already oversees a team of over 100 players.Trying to decide which of those players should be on the field is obviously too tall a task for him to handle.Tyler is a senior majoring in journalism. What do you think should happen to Bielema? Let Tyler know at tmason@badgerherald.com.last_img read more

Encouraging the next generation of great thinkers at USC

first_imgFinding the fundsThe university has taken steps recently in the hopes that more undergrads will learn what it’s like to be a real researcher.“The College has always had some funding for undergraduate research, but not an established program with dedicated funds,” said Lamy, who became vice dean for Academic Programs in 2008. “So, when Dean Gilman became the dean of the College and I became the vice dean for Academic Programs, we decided that was going to be one of our priorities.”The Student Opportunities for Academic Research and Summer Undergraduate Research Fund both provide research stipends — $1,000 for SOAR and $3,000 for SURF — for undergraduate research. When the programs were launched, Dornsife  College gave away $50,000 in research funding. Now, the programs sponsor more than $100,000 worth of undergraduate research in a year.“Over four years we’ve given away $648,000,” Lamy said. “I don’t think there’s any other institution in the United States that can say that.”The College isn’t just providing funding for research — it is also providing structured programs for students who might be unsure of where tobegin.The Problems Without Passports program gives undergraduate students the opportunity to do problem-based inquiry research in foreign countries. The program is limited to undergraduate students — partly so they won’t be intimidated by competing for spots with more research-savvy graduate students — and can be paid for with SURF funding.“We wanted to create a vehicle for undergraduate students to get involved right away,” Lamy said.In past years, students have done everything from interviewing survivors of the killing fields in Cambodia to studying healing in Brazil. This year, undergraduates will have the opportunity to research global health in Oxford, England, the effect of climate and environmental change on the ancient Mayan civilization in Belize, and possibly the politics of indigenous language in Ireland. Whether it’s about learning as much possible as or having something substantial to put on a résumé, research is on the minds of many undergraduate students.Daily TrojanResearch opportunities are traditionally easy to find in the natural sciences and engineering, as research is an obvious step for students pursuing these fields.But lately there has been a push for more undergraduate research in other areas — particularly within the Dornsife College of Letters, Arts & Sciences.“We’re trying to increase the number of people doing research in the humanities. It seems to be a lot easier for the kids in the social sciences and sciences,” said Steven Lamy, vice dean for Academic Programs for the Dornsife College.Gene Bickers, vice provost for undergraduate programs, said for students in science and engineering, research “is a critical part of their preparation.” Butundergraduate research can enhance the college experience of any student.“Whether you’re in the humanities or the sciences, working with an expert is one of the best ways to learn,” Bickers said. ‘We expect the numbers to grow’SOAR and SURF have increased funding opportunities for undergraduate research, but there are a number of other possibilities.Several departments, such as international relations, have their own funds to distribute for undergraduate research. Individual schools often have their own funds, too.There are also several university-wide funding sources.Last summer more than 70 students conducted research funded by the Rose Hills Foundation, which grants fellowships of $5,000 each, according to Bickers. More than 50 students received $3,000 stipends from the Provost’s Research Fellowship last summer, and an additional 100 students received $1,000 fellowships in the fall. An additional 150 students received funding from the Undergraduate Research Associates Program.“We expect the numbers to grow this coming year,” Bickers said.Typically, about 70 percent of research proposals are accepted, Bickers said; proposals are generally rejected because they lack detail.Still, the university is hoping to increase the percentage of proposals it can approve, and new sources of funding are always being sought. ‘It stimulates my brain’Jenna Katherine Ross, a junior majoring in history, is currently assisting professor Peter Mancall on his upcoming volume about colonial North America. Ross explained her role involves reading through anthropological articles and investigating Inuit folklore to try to capture the Inuit identity.“The best aspect of conducting the research is the way it stimulates my brain,” she said. “The professors rely on me to not only find, but interpret information, and they use what I collect in their professional work. Accordingly, I think really hard about everything that I’m doing, and I’ve found that I’ve learned so much — my ability to analyze historical information has increased, and I’m beginning to feel more like a real historian, and less like astudent.” Inquiring mindsThough these programs and fellowships have helped increase the number of undergraduates involved in research, Lamy said the College is still looking for ways to engage students in humanities research specifically.Finding a research project can be more difficult for students in the humanities, but Bickers encourages students to be curious and seek out opportunities.“One of the best ways to learn about humanities research is to visit with a faculty member during office hours and inquire — often,” he said.Andrew Jones, a senior majoring in history who is also assisting Mancall with his book, said being proactive is critical.“My perception is that there’s a grant out there for anyone who has the imagination and dedication to come up with a project,” Jones said. “In the history department, I’ve been lucky to have professors eager to introduce students to research opportunities. But ultimately students must take initiative, which is how it should be.”last_img read more

Call for Tipp minors to play more club games

first_imgThe Vice Chairman of the County Board is calling for minor players in Tipperary to play more club games.John Devane says action is needed to change the current situation which sees some get as few as 2 or 3 matches a year at their own level.He thinks the lack of regular action is particularly unfair on less talented players who may not be lining out for sides playing in other grades. The Boherlahan-Dualla club man believes the status quo is unacceptable.last_img

“Fifty-Five by Two” fundraiser celebrates twin anniversaries of Jamaica and Dr….

first_img“Fifty-Five by Two” Fundraiser Celebrates twin anniversaries of Jamaica and Dr. No on Nov 28th Fifty-Five by Two to be held on November 28 at Miracle Theatre, Coral Gables, Florida.Jamaica and James Bond mark an important milestone this year as they both celebrate their 55th anniversary. To commemorate these two special anniversaries, the birth of an independent Jamaican nation and the release of the first James Bond movie ‘Dr No’, The Jamaica Committee, Inc. in collaboration with Ortanique on the Mile and the Jamaica Tourist Board (JTB) will host Fifty-Five by Two on Tuesday, November 28, at the historic Miracle Theatre in Coral Gables, Florida. This charity gala will begin at 7 p.m. with a red-carpet event in the theatre’s grand vestibule.Pleased with partnership “We are pleased that the Jamaica Tourist Board is partnering with The Jamaica Committee Inc. of Florida to celebrate these two significant milestones,” noted Donnie Dawson, Jamaica’s Acting Director of Tourism. “As a destination, we have contributed much to the global landscape in not just film, but music, sports as well as the performing and fine arts and hope Jamaicans and lovers of Jamaica will support Fifty-Five by Two.”Benefitting charitiesThe Jamaica Committee Inc. sought to use the occasion of both anniversaries to organize this gala event from which the proceeds raised will go toward five charities: Chi Chi Bud, Jamaica Epilepsy Association, Maxfield Park Children’s Home, The Animal House and Victims of the September Storms.James Bond created in JamaicaThe Bond series was written by Ian Fleming at Jamaica’s very own “GoldenEye” in Oracabessa, St. Mary, where he lifted the name James Bond from a book on Jamaican birds. Fleming admitted that having created the charming, debonair, devilish, charismatic character, the simple, steely name, James Bond was a perfect summation. Thus, James Bond, played by Sean Connery, in his first appearance as Dr. No, premiered on world screens with phenomenal success fifty-five years ago. The film was released just two months after Jamaica gained Independence from Great Britain in August 1962.Ortanique on the mileOrtanique on the Mile, which is providing the culinary fare for the occasion, will highlight the nation’s birth, as well as the glitz and dynamism of Bond.  The event will also feature Bond’s exclusive martini “Shaken, not Stirred”.  Entertainment for the evening will comprise a variety of genres including mento and ska which is expected to keep the patrons captivated. Exclusive photographs taken on the Dr. No set, which have not previously been released will be on display during the night.A screening of the film Dr. No, will be held following the reception in the Miracle Theatre. Tickets for the gala cost $55.00 and are available from The Jamaica Committee, Inc. by calling (305) 775-5191.last_img read more