Finland’s State Pension Fund sets explicit return target for first time

first_imgTimo Viherkenttä“Seventeen years is a long time horizon, but it is not eternal, and it gives us a reason to take a look at tail risks, although we are a long-term investor.”The work on setting the annual return target to achieve this time objective has been occupying staff at the fund for most of this year, he said, but there will still be more discussion about how to adjust the portfolio and ample time to do it.From now on, the starting point for VER in building its portfolio is to find a mix of investments that will fulfil the return target over the long term, Viherkenttä explained.“I feel this is relatively ambitious, as it is not easy to find portfolios that would deliver this,” he said.VER’s investment team is already working on next year’s investment plan based on the real return target.“Tentatively, it looks as if only surprisingly small changes will be needed in spite of the new strategy,” Viherkenttä said.One element of future asset allocation will be to increase diversification in the direction of inflation protection.“One of the main things that will change is we will be looking at including more inflation-linked assets such as infrastructure, inflation-linked bonds and real estate,” Viherkenttä said.“But the main point is to look at how our whole portfolio fares in different environments, so this could mean doing different things, but investments in infrastructure and real estate will play a part.“It’s a mixed picture depending on how the main asset classes such as equities are performing.”Viherkenttä added that the real return target and strategy to reach it would be reassessed every year from now on.“If we had a bad investment year,” he said, “then we would need a higher annual return, so we would probably be increasing the risk in the portfolio, and that’s how it should be because, if stock markets came down next year, it would be a good time to increase the risk in your portfolio. There’s an intrinsic logic to that.”Though the fund has produced good returns over the years, Viherkenttä said it was somehow unsatisfactory that the reasoning for investment choices was not really derived from any concrete aim.“Setting this target has to do with integrity in that you have to base your activities on the very task you have been given,” he said.VER had total assets of €18.5bn at the end of September.For more on pensions in the Nordic region, see stories from IPE’s special report here Timo Viherkenttä, VER’s chief executive, told IPE in an interview: “We have this 25% funding objective we should strive for and now have specified ourselves when we should reach this, and our aim is 2033. The State Pension Fund of Finland (Valtion Eläkerahasto or VER) has come up with an explicit return target for the first time since it was set up 26 years ago, as part of a self-initiated project to firm up its investment aims and increase the integrity of its operating rationale.The fund has an aim, laid down in law, of growing and amassing enough assets to fund 25% of the state’s employee pension liabilities, but until now, the point at which this should happen has not been defined.As a buffer fund with no fixed liabilities or timescale for orientation, and dependent on inflows and outflows VER cannot influence, the fund has so far aimed for fairly generic risk-adjusted returns within the confines of its investment limits.The first target has been set at 3.4% in real terms per year and was arrived at with reference to when the Finnish state’s pension liabilities for its current and former employees – and also public age-related spending more generally – are due to peak.last_img read more

Secret test reveals pokie pain

first_imgNewsRoom 28 June 2017Family First Comment: Good point“If a venue can’t be sustainable without exploiting the poor then we don’t need it in New Zealand.”An undercover audit by the Department of Internal Affairs has found worrying problems remain in New Zealand’s gambling dens. What is being done to reduce the harm?The term “mystery shopper” may sound innocuous, but the results of an investigation into the country’s gambling venues are not pretty reading.More than half of “Class 4” pokie bars failed to meet problem gambling expectations in an undercover operation by the Department of Internal Affairs (DIA).Another third partially met expectations, while not a single club out of 22 visited fully met expectations.In the test, a group of researchers trained in mimicking problem gambling behaviour were sent to 120 pokie bars and clubs, plus all six casinos, to see how well staff reacted.Feigned problem gambling symptoms included a 12-hour stretch of play (with specified breaks of no more than 30 minutes) to see if staff became concerned.Other examples were signs of agitation and concerns expressed by a fake family member.Some actors tested staff on Eftpos declines, playing for 45 minutes then withdrawing $20 on four separate occasions from an ATM. Following another hour of play they approached staff and tried to withdraw $120. When this was declined, they would try to withdraw $80, then $40, to see if staff gave them advice.Under guidelines, staff should make a general comment about help available, provide a help leaflet and record the incident in a log book. Almost all class 4 venues failed this test.All six New Zealand casinos were visited, and performed better than their smaller counterparts.Significant improvements were made from the 2014 survey, with SkyCity’s venues performing particularly well. More than half of mystery shoppers were provided with help-seeking information by staff, compared with only seven percent in the earlier audit.Christchurch and Dunedin casinos also made progress, but did not perform as well as SkyCity.Saddening, but unsurprisingMore money is spent on pokies than any other form of gambling in New Zealand.In the 2015/16 financial year $843 million was spent on gaming machines outside of casinos – the highest amount since 2011/12.During the same period, $342m was spent at the TAB, $437m on lotto and scratchies, while $586m was flitted away at casinos.The total amount spent on gambling in 2015/16 rose 5.6 percent compared to the previous year.With the DIA’s mystery shopper results, new questions have been raised about whether enough is being done to monitor gaming venues.READ MORE: https://www.newsroom.co.nz/2017/06/28/36507/secret-test-reveals-pokie-painKeep up with family issues in NZ. Receive our weekly emails direct to your Inbox.last_img read more

France opens probe into figure skating underage sex abuse claims

first_img Promoted ContentThese Films Were Sued For The Weirdest Reasons6 Incredibly Strange Facts About Hurricanes8 Things That Will Happen If An Asteroid Hits EarthA Soviet Shot Put Thrower’s Record Hasn’t Been Beaten To This Day2020 Tattoo Trends: Here’s What You’ll See This Year14 Hilarious Comics Made By Women You Need To Follow Right Now7 Universities In The World With The Highest Market Value12 Movies That Almost Ended Their Stars’ Careers7 Theories About The Death Of Our UniverseCouples Who Celebrated Their Union In A Unique, Unforgettable Way9 Facts You Should Know Before Getting A TattooTop 7 Best Car Manufacturers Of All Time Loading… The probe, hailed as a “strong signal” by French Sports Minister Roxana Maracineanu and in which “the words of the victims must be heard”, will focus on allegations made by skater Sarah Abitbol last week in her autobiography that she was raped by coach Gilles Beyer between the ages of 15 and 17. “He (Beyer) started to do horrible things leading to sexual abuse and I was raped at 15,” said Abitbol, now 44, in a video interview with L’Obs last week. The inquiry will also “attempt to identify all the other victims who suffered… offences of the same nature”, Paris-based prosecutor Remy Heitz said in a statement. On the day that Abitbol’s revelations emerged, sports daily L’Equipe published an investigation in which three other skaters accused Beyer and two other coaches, Jean-Roland Racle and Michel Lotz, of abuse and rape when they were minors. Further allegations of underage sexual abuse emerged from former swimmers and tennis players. On Friday, 62-year-old Beyer admitted to having had “intimate” and “inappropriate” relations, telling AFP he was “sincerely sorry” and apologising. “I acknowledge having had intimate relationships with her,” Beyer said in a statement. “If my memories of the exact circumstances differ from hers, I am aware that, given my duties and her age at the time, these relationships were inappropriate.” Racle has denied the accusations while Lotz has not commented. Abitbol’s claims, which came on the heels of French tennis coach Andrew Geddes being jailed for 18 years for raping four underage players, gathered further pace on Monday when sports minister Maracineanu told Didier Gailhaguet to quit as president of France’s ice skating federation. French Sports Minister Roxana Maracineanu has called on Didier Gailhaguet (right) to step down as ice skating federation president in the wake of allegations of sexual abuse of minors within the sport “The weight of facts and their continuation over time illustrate that a general dysfunction exists within the federation,” she said. “Didier Gailhaguet cannot absolve himself of his moral and personal responsibility, so I have asked him to assume all his responsibilities and resign.” Maracineanu, a former swimming world champion, does not have the power to sack Gailhaguet but intimated that the federation would face state sanctions if he remains. Gailhaguet is due to hold a press conference on Wednesday. Gailhaguet admitted to “mistakes”, but defended his record on this matter. “She did not listen to me and she certainly didn’t hear me,” said the 66-year-old who has been the most influential man in French ice skating since he first became president in 1998, some years after the alleged offences. Gailhaguet has been president ever since apart from a three-year hiatus between 2004 and 2007 which followed a judging scandal at the 2002 Winter Olympics in Salt Lake City. He was suspended by the International Skating Union for three years from 2002 and duly gave up, temporarily, the presidency of the French federation. Gailhaguet’s accession to the presidency in 1998 opened the door for Beyer to take charge of the French national team. At the start of the 2000s, another skater made a complaint against Beyer which was followed up at administrative level but not by the judiciary. The investigation led the sports ministry to remove him from his technical role at the federation, but he remained a coach at club level and held an executive position at the federation until 2018. Gailhaguet on Monday attempted to deflect blame for Beyer’s return to the federation following that inquiry, turning it instead on former sports minister Marie-George Buffet, who he was careful not to name. read also:Red Hot Osimhen fires Lille into Coupe de France next round “She removed him from us and she returned him,” he said. Buffet dismissed Gailhaguet’s accusation as “some fog to escape the depth of the case”. French prosecutors said Tuesday they had opened an investigation into claims of rape and sexual abuse of minors in figure skating following claims made by a former world championship medallist.last_img read more

Grant, support enriches senior services program in Dearborn County

first_imgLawrenceburg, Ind. — LifeTime Resources has received a grant from the Dearborn County Hospital to help serve seniors and incapacitated adults. Circuit court judge James Humphrey also supported the effort.The Volunteer Advocates for Seniors or Incapacitated Adults grant of $50,000 from the Indiana Supreme Court will be combined with $12,500 from the Dearborn County Hospital to maintain and operate the volunteer guardianship program.To qualify for the VASIA grant program applicants must have a matching donation.LifeTime Resources is designed to meet temporary or emergency guardianship needs of seniors or incapacitated adults. The service insures seniors and incapacitated adults are protected under the full extent of the law.This grant allows the program to use volunteers to provide various forms of assistance like calling or visiting, escorting to healthcare appointments, helping apply for benefits or other applicable services.For more information about the program call 812-432-6220.last_img read more

Pellegrini targets league title

first_imgManchester City manager Manuel Pellegrini is focused on bringing a second Barclays Premier League title to the club – and believes his side will come out on top in the battle with Manchester United. Press Association He said: “I know the last two years were not very good in the Champions League and I will try to improve that. That’s not the only thing, though, and I will try to get another Premier League title. “When Manchester City won the league it was one of the most important things for the club and we will try to repeat it. “But we don’t have priority for one competition and we will try to do our best in all of them.” Meanwhile, City goalkeeper Richard Wright has signed a new one-year deal. Wright, 35, joined City as a free agent last summer and served as back-up to Joe Hart and Costel Pantilimon without making a first-team appearance. Wright, who has two England caps, began his career as a highly-rated teenager with Ipswich in 1995 and also counts Arsenal, Everton and West Ham among his former clubs. center_img The Chilean was speaking to the English media for the first time before City’s trip to South Africa for the first leg of a pre-season tour alongside midfielder Fernandinho – recently recruited from Shakhtar Donetsk. The former Malaga boss recognised the desire for a strong season in Europe, following two disappointing Champions League campaigns under predecessor Roberto Mancini, but he stressed a quest to recover the league title from champions United would not be sidelined. last_img read more

Ronaldo Nets Brace as Real Madrid Beats Dortmund 3-1

first_imgHe marked his 400th appearance for Madrid in total with another pair to leave him with 411 goals in the famous white shirt.This is the first time Dortmund have lost at home to Real in seven European games while holders Madrid have now scored in 38 successive Champion League games.Dortmund should have been awarded a penalty with 13 minutes gone when Sergio Ramos cleared Maximilian Philipp’s shot off the line and the ball deflected off his hand.Andrey Yarmolenko’s initial cross sailed tantalisingly over the head of Borussia’s top-scorer Aubameyang in the build up.Real took the lead three minutes later when right-back Daniel Carvajal whipped in a cross and Bale’s nonchalant volley sailed over Dortmund goalkeeper Roman Burki for a stunning goal.With half an hour gone, Dortmund turned the screw with Carvajal having to rescue Real by whipping the ball off Aubameyang’s toes with the Gabon striker bearing down on goal.Aubameyang had the ball in the net on 38 minutes, when he spun and fired home Lukasz Piszczek’s pass, but the goal was ruled offside as it stayed 1-0 to Real at the break.Real lived dangerously after the break when Mario Goetze tried to find Aubameyang, but centre-back Raphael Varane cleared the danger.The Spanish giants doubled their lead on 49 minutes when Ronaldo met Bale’s inch-perfect cross.Dortmund pulled a goal back on 54 minutes when Aubameyang slipped his marker to convert Gonzalo Castro’s cross, then hit the side netting as Borussia pushed for the equaliser.With 15 minutes left, Burki had to push Isco’s shot around the post as Real kept the pressure.Ronaldo, who was left in acres of space, settled the tie by blasting home Luka Modric’s cross on 79 minutes with Madrid’s third goal on the break to take the game out of Dortmund’s grasp.Elsewhere, Harry Kane scored a hat-trick as Tottenham maintained their 100 per cent start in the Champions League with victory over Apoel Nicosia.Kane – who also scored twice in Spurs’ opening win over Borussia Dortmund – put Spurs ahead in the 39th minute, slotting into the bottom-left corner from Toby Alderweireld’s pass.The England striker then calmly stroked in Moussa Sissoko’s cross from the edge of the penalty area in the 62nd minute to double Spurs’ lead.He completed his hat-trick five minutes later with a header into the bottom corner.Kane’s three goals were Spurs first three shots on target in the match, and Mauricio Pochettino’s side had earlier rode their luck at times.RESULTSDortmund 1 – 3 R’MadridMan City 2-0 ShakhtarMonaco 0-3 PortoAPOEL 0-3 TottenhamBesiktas 2-0 LeipzigNapoli 3-1 FeyenoordSevilla 3-0 MariborSpartak 1-1 LiverpoolTONIGHT’S FIXTURESBasel Vs BenficaCSKA Vs Man UtdAnderlecht Vs CelticPSG Vs BayernQarabag Vs RomaAtletico Vs ChelseaJuventus Vs OlympiacosSporting Vs BarcaShare this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegram UEFA CHAMPIONS LEAGUECristiano Ronaldo marked his 150th European game with two goals as Real Madrid sealed a 3-1 victory at Borussia Dortmund last night to go joint top of their UEFA Champions League group with Tottenham Hotspurs who similarly defeated APOEL 3-0.Ronaldo claimed two second-half goals after Gareth Bale’s stunning early volley gave Real the lead at Dortmund’s Signal Iduna ParkThe Germans fought back when Pierre-Emerick Aubameyang finally netted with just over half an hour left, but there was to be no repeat of last year’s 2-2 draw in Dortmund between the teams.The result leaves Real top of Group H, just ahead of Tottenham Hotspur, who beat Apoel 3-0 away, with Dortmund third and six points adrift of Spurs, who they also lost 3-1 to in London.Having also netted twice against Apoel, Ronaldo has now scored four goals in just two Champions League games this season.last_img read more

After being swept, Wisconsin looks to rebound against rival Minnesota

first_imgJake Gardiner and the 19-10-3 Badgers are looking to right the ship after being swept last weekend. UW has three more series left.[/media-credit]After winning 12 out of 13 games from early December through January, the Wisconsin men’s hockey team was feeling quite comfortable at No. 7 in the Pairwise rankings.But after Nebraska-Omaha swept the Badgers last weekend, that comfort has been replaced with some anxiety.Now UW is No.15 in the rankings – precisely on the fringe of the NCAA tournament.“I was surprised by that. It’s kind of a messed up system, if you really want to know,” UW head coach Mike Eaves said of the rankings. “You drop from seven to 15. Somebody loses we go up, or we lose a game and we go up. It’s convoluted, and when somebody told me we dropped [from 7 to 15], I said, ‘What!’”The numbers don’t lie, and right now the Badgers must win to stay on track for a NCAA appearance.There may be three weeks left in the regular season, but according to senior captain Sean Dolan, the Badgers have already adopted the playoff mindset.“100 percent,” Dolan said. “That’s our mentality going forward. We know after last weekend how much you can drop [in the rankings] after one bad series.“It’s playoff hockey, and right now we are sitting on the bubble.”The Badgers (19-10-3, 11-9-2) will test their playoff mentality against border-rival Minnesota (12-12-4, 9-10-3) this weekend. If the drop in the rankings wasn’t enough motivation – and if the disappointment of a sweep didn’t light a fire – the Badgers have a heated WCHA rivalry to look forward to.“It’s a huge weekend every time you play Minnesota,” Dolan said. “And we know they are thinking the same thing over there.”The Gophers come into Madison after earning a split against second-place Denver in Minneapolis. Minnesota found its scoring touch in game two, scoring seven goals in a lopsided victory. Goaltender Kent Patterson, who replaced Alex Kangas after the senior was ruled out for the season with hip surgery, continues to provide stability in net for the Gophers, posting a .918 save percentage and 2.57 goals against average.“We all know what we’re in for,” freshman forward Mark Zengerle said. “We know it’s going to be a battle.”The Badgers certainly feel battle-tested after a humbling series in Omaha. UW lost 4-1 in the opener and was handed a 4-3 defeat the next night, despite roaring back with a couple of late goals.Eaves mentioned Monday the series against the Mavericks gave his freshmen their first taste of playoff hockey at the collegiate level and that struggle will serve as a valuable lesson.The two losses hurt the Badgers in the rankings, but Eaves knows eye-opening experience is all part of a season-long journey.“I just don’t think people understand the process a team has to go through in order to become championship-caliber,” Eaves explained. “It doesn’t happen overnight and that’s why I don’t think we were disappointed. We played in front of 15,000 people, on the road, against a good, hard, physical team and that’s a process.“We didn’t execute the way we needed to but we were right there.”Like his coach, junior assistant captain Jake Gardiner isn’t too concerned with the two-game skid and is confident his freshman teammates will raise their level of play as the games grow more meaningful.“I didn’t think we played bad last weekend. We just couldn’t get some breaks. They had a couple lucky bounces on some goals and that hurt us,” Gardiner said. “And I think our freshmen have come a long way. They’ll show that down the stretch.”The postseason has started a little early for the Badgers, and this weekend presents two critical games for UW against a hated rival. The season is winding down, and the pressure is on.So is there any sense of panic after a sweep and a dramatic drop in the rankings?“Gosh no,” Eaves said. “This is fun. This building is going to be sold out. This is why you train all summer. You run all those damn hills because you give yourself a chance to be successful out here in February and March.”last_img read more

O’Connor Receives Additional Charges in a Murder Case

first_imgAddThis Sharing ButtonsShare to FacebookFacebookShare to TwitterTwitterShare to MoreAddThisThere’s has been an update to a case WBKB News has been following. We have now learned that additional charges have been filed in the open murder case of John O’Connor. O’Connor has now been charged with mutilation and disinterment of a human body. The 55–year–old Grayling man was charged in the death of 46–year–old Michelle Kukulski.A state police K9 found Kukulski’s body back in December in Oscoda County. O’Connor confessed to killing his longtime on and off again girlfriend after a fight. O’Connor is expected to appear back in court next month.AddThis Sharing ButtonsShare to FacebookFacebookShare to TwitterTwitterShare to MoreAddThisContinue ReadingPrevious Councilman Nowak and Mayor Pro Tem Johnson said no to RV parkNext Learn How to Set New Year Goals Instead of Resolutionslast_img read more

Sarajevo Half-Marathon to gather more than 1,300 Participants from all over the World

first_imgThe 11th Sarajevo Half marathon under the slogan “Sarajevo Bridges” is scheduled for Sunday, September 17, in front of the BBI Center, and participants and visitors from more than 30 countries are announced on the occasion of this great event.President of the Association Marathon Erol Mujanovic reminded that 70 people were gathered around the project 11 years ago, and today, this event gathers more than 3,000 starters, of which more than 1,300 are participants of the semi-marathon.“We have especially important groups from Sweden, Austria, Germany and regional countries, usually one or two people, they see that the route is very beautiful, they have a nice experience and stay in Sarajevo, they recommend it to others and next year we have more people coming,” said the first man of the association and a synonym for racing activities in Sarajevo.The half-marathon will have a socially responsible character again this year and it will support three associations from fields of environmental protection, children without parental care and people with special needs. They are hoping to collect at least 20,000 BAM.Mayor of Sarajevo Abdulah Skaka said that this represents a continuation of good practice and cooperation since 2007 and he promised to run a half-marathon by himself and expressed hope to realize the Sarajevo Marathon one day as well.It is still possible to apply for the G-Drive relay race- a 21 kilometers long race that will be run by teams of three, as well as for the Novonordisk Fun Run – 4 kilometers long race through the center of the city, and a big hit from the last year – the kids race Zmajzi Kids Run where from 300 places last year it was increased to 500 places.The path of this year’s half-marathon is: BBI Centar-– Marsala Tita, Alipasina Street, Patriotske lige Street, Alipasina Street, Marsala Tita Street, Vrbanja, Wilson’s Promenade, Franje Rackog Street, Fra Filipa Lastrica Street, Wilson’s Promenade, Vrbanja, Hiseta, Obala Kulina bana, Bentbasa, Telali, Mula Mustafe Baseskije Street, Marsala Tita Street – BBI Centar.(Source: A. P./Klix.ba)last_img read more

Osage women dead after tree strikes her

first_imgOSAGE — An Osage woman is dead after an accident while cleaning up an area of timber on Thursday afternoon.The Mitchell County Sheriff’s Department says 52-year-old Jacqueline Kapustynski was killed while clearing an area of timber, with a tree getting lodged, falling and striking her.Authorities were called to the property in the 3500 block of Noble Avenue in Osage shortly before 3:15 PM. The Sheriff’s Department says emergency services responded to the scene but were not able to provide life saving measures.last_img