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Off the rails

first_imgTo access this article REGISTER NOWWould you like print copies, app and digital replica access too? SUBSCRIBE for as little as £5 per week. Would you like to read more?Register for free to finish this article.Sign up now for the following benefits:Four FREE articles of your choice per monthBreaking news, comment and analysis from industry experts as it happensChoose from our portfolio of email newsletterslast_img

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IPE Views: Tackling the common, complex problems of pension systems

first_imgDialogue is the answer to tackling the complex and common problems faced by pension systems worldwide, says Paul Schott Stevens of the Investment Company InstituteThe pressure on pension systems shows no sign of relenting. Even before the financial crisis, both governmental and employer-based retirement plans were struggling to cope with longer life expectancies, funding challenges and fiscal pressures. An extended period of slow economic growth and low interest rates since the crisis have only exacerbated the challenges, for all types of schemes – pay as you go, defined benefit and defined contribution.Coping with those challenges demands the best thinking and cooperation from all sectors. That is why ICI Global – the worldwide voice of regulated investment funds – recently brought together regulators, academics and fund industry retirement experts in Geneva for its second Global Retirement Savings Conference. More than 20 experts from 12 countries on five continents shared knowledge and insights about pension reforms around the world.In particular, they addressed the challenges of investor attitudes and financial education, the role of a wide variety of default products in helping workers reach their retirement goals and the means to deliver sustainable incomes when workers become retirees, and drawdown of assets replaces accumulation. What did we learn? I took away three overarching themes. First, pension systems are complex – and must be considered in all of their complexity. As one speaker put it, pensions are “so special, so important, so individual, so complex”. In every country, retirement provision has been shaped by social relationships, labour-force structures and economic and cultural factors. Most systems are composed of interlocking, overlapping programmes designed to deal with different sectors of the population and different social needs. Any assessment of a system’s adequacy in providing retirement security must take into account all of those elements. As a result, pension reform requires widespread social commitment and strong political leadership – unfortunately, all too often in short supply.Second, the movement toward defined contribution options continues apace – with no evidence that it will stop. Country after country is experimenting with DC models, whether voluntary or mandatory, to supplement or replace older systems. As Pablo Antolin-Nicolas, head of the private pensions unit at the Organisation for Economic Cooperation and Development (OECD) explained in his keynote address, the experience of these countries highlights key principles – the need for coherent and efficient design to deliver adequacy in resources – for others to follow.Regulated funds can play a vital role in these emerging DC systems. Funds provide diversified access to a wide range of markets in a transparent product with comprehensive investor protections. Investment through funds also benefits economies, fostering the development of financial markets and providing a flexible source of capital to businesses and governments. And in many retirement systems, funds have led the way to innovations, including target-date funds, that have simplified and strengthened investing.The third theme is that DC systems, new and old, face a common set of concerns. They need to maximise participation – particularly in voluntary schemes – and increase contribution levels to ensure workers are saving at the optimal level. And they need innovative measures to harness market forces – especially in mandatory schemes – to create strong incentives to reduce costs.In each case, one key to addressing these concerns is simplicity in design of pension schemes. Tim Jones, chief executive of the UK’s National Employment Savings Trust Corporation (NEST), challenged industry participants to make pension systems clearer, less intimidating and more appealing to average citizens. Retirement savings plans should provide a reliable, clearly understandable product without requiring a deep understanding of finance – just as carmakers sell an automobile without bombarding drivers on the details of engine design.A fourth conclusion: dialogue on these issues is vitally important. As Solange Berstein, former head of the Pension Supervisory Authority in Chile, told our conference: “We still have a lot to do – but, in retirement policy, we always still have a lot to do.”Paul Schott Stevens is president and chief executive of the Investment Company Institutelast_img read more

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Ichthys LNG on schedule for March 2018 kick off

first_imgImage courtesy of InpexJapan’s Inpex remains on track to start production at its Ichthys liquefied natural gas (LNG) project in Australia at the end of March next year. Speaking to reporters, the company’s senior managing executive officer, Masahiro Murayama said that peak production will be reached over the period of two years, following the start of production, Reuters reports.Murayama said that the full-scale production would be achieved through a gradual increase in utilization rates through testing.The Ichthys LNG project is expected to produce up to 8.9 million tons of LNG per annum and 1.65 million tons of LPG per annum, along with approximately 100,000 barrels of condensate per day at peak.The project’s two offshore facilities, the central processing facility, Ichthys Explorer and the floating production, storage and offloading facility (FPSO), Ichthys Venturer, have been moored at their respective locations in the Ichthys field, 220 kilometers off the north coast of Western Australia.Initially, the project was set for start-up in the third quarter of this year, however, earlier this year the company revised its plans and said that the production from the Ichthys LNG project will start before the end of the current fiscal year, ending March 31, 2018, following the installation and commissioning of the CPF and the FPSO.Despite the delays, Inpex expects minimal cost overruns without any material impact on the project.The project is a joint venture between Inpex, major partner Total, Taiwan’s CPC Corporation and the Australian subsidiaries of Tokyo Gas, Osaka Gas, Kansai Electric, Chubu Electric Power and Toho Gas. LNG World News Stafflast_img read more

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Removal of US restrictions benefiting LIAT

first_img Sharing is caring! Share An easing in United States post-September 11 terrorism restrictions is allowing LIAT to expand one of its business lines.ST. JOHN’S, Antigua, Thursday December 22, 2011 – For the first time since the terrorist attacks in the United States in 2001, LIAT is able to move cargo into the United States territories within its network.“We were waiting for this for a long time and we have worked many hours to make sure that the service to our clients will be second to none,” said LIAT’s Country Manager in San Juan Sadie Boneta-Rittenhouse.This development has now allowed LIAT to now expand its service offerings in time for the lucrative holiday season.The airline launched its inaugural dedicated all-cargo freighter service into San Juan, Puerto Rico last week in what has been described as a “significant milestone” in its 56-year history.“Apart from the Christmas special we expect brisk business throughout the year as our rates are significantly cheaper than our competitors and more than 50 per cent cheaper at some break points. We invite the business community to make use of our service to ship car parts, food stuff, clothing, and even moderately sized building materials, said director of Cargo and Quikpak Wilbur Edwards.Edwards said that LIAT prepared meticulously for the service; and in addition to meeting all of the government’s requirements, had forged strategic relationships with several local companies who handle cargo, sales, and pick-up and delivery. LIAT launched its dedicated freighter service in February 2011. The company’s dedicated freighter aircraft has a capacity of 7,500 pounds.LIAT, the Caribbean’s main intra-regional carrier, is owned by regional shareholders, with major shareholders being the Governments of Barbados, Antigua & Barbuda and St. Vincent & the Grenadines. Caribbean 360 News Share Sharecenter_img 25 Views   no discussions Tweet LifestyleTravel Removal of US restrictions benefiting LIAT by: – December 23, 2011last_img read more

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Antigua-Barbuda ambassador a ‘no show’ before PAC

first_img Tweet Share Sharing is caring! Share Sharecenter_img 142 Views   no discussions Ambassador David Shoul. Photo credit; caribarena.comST JOHN’S, Antigua — Ambassador David Shoul failed to make an appearance before the Antigua and Barbuda Public Accounts Committee (PAC) on Tuesday afternoon, after being summoned by the chairman of the committee.Shoul was asked to prepare himself by bringing certain relevant documents and to be ready to answer questions from the chairman of the committee. The PAC had invited Shoul to provide answers regarding the US$52.5 million Chinese power plant recently constructed at Crabbs Peninsula. The PAC is established by Section 98 of the Constitution, which mandates a review of all government spending by examining and considering government accounts. The chairman of that committee is always the leader of the parliamentary opposition.Former prime minister and current leader of the opposition, Lester Bird, as chairman, wrote to Shoul one week earlier, seeking to question him on the Chinese power plant, since the ambassador has been credited by Prime Minister Baldwin Spencer with playing a pivotal role in the negotiations for the plant. Shoul had a letter delivered to the office of the leader of the opposition on Monday, indicating only that he had received the former prime minister’s letter. On Tuesday afternoon, the PAC members waited in vain for Shoul to show up. All the written questions were instead handed to the auditor for onward transmittal to the ambassador. Negotiations for the Chinese power plant began in 2008, when a price tag of US$18 million was initially mentioned. The amount climbed to US$30 million by the time a funding agreement was entered into with the Export/Import Bank of China in June 2008. Later adjustments took the cost to US$47 million. The total cost has now climbed to US$52.5 million. Examination of the installed plant has shown that the engines, the alternators and other parts of the plant are not new, though both Shoul and Spencer have each claimed otherwise. In fact, they both deem questioning of the quality of the delivered plant, by the opposition Antigua Labour Party (ALP) and thousands of Antiguans and Barbudans, as unpatriotic and diminishing of the relations between China and Antigua and Barbuda. Bird has promised to continue to pursue answers and to seek to get to the bottom of the issue.By Caribbean News Now contributor NewsRegional Antigua-Barbuda ambassador a ‘no show’ before PAC by: – January 27, 2012last_img read more

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Why Osimhen will succeed at Napoli – Pundit

first_img In terms of shooting, Osimhen is also far more composed than his age might suggest, as 44% of his shots hit the target, which is much better than Mertens’ 35%. Milik’s stats look similar in that regard, but considering that the Pole seems eager to leave, it would certainly help if Napoli have a player of similar height and shooting accuracy. The Nigerian’s technical ability is not to be underestimated as well, as although he is right-footed, he is also very capable with his left, scoring seven goals with his supposed weaker foot. Of course, pointing out only the strong aspects of Osimhen’s game would be wrong, so just like Martin Schmidt who used to coach him at Wolfsburg admitted recently, the youngster still has a long way to go tactically. However, he already has remarkable speed and athleticism, so he already is a very strong player. Mentality wise, just like every young player, the 21-year-old needs to improve his concentration, but he plays with such fire and passion that could potentially make him instrumental for Gattuso’s vision of the team. Despite all this, the fact remains that Osimhen’s transfer is a huge gamble for Napoli. Becoming Napoli’s most expensive signing ever and one of the most expensive African players of all time surely comes with a burden, so the big risk here is to avoid the exaggerated transfer fee putting in unrealistic expectations towards the player. read also:Osimhen’s Napoli switch on, more offers arrive for forward – Lille chief It is no coincidence that the likes of Manchester United, Liverpool and Chelsea have shown interest in the Nigerian, so there is little doubt that Osihmen can light up Naples. He just needs to be given the chance. FacebookTwitterWhatsAppEmail分享 Loading… Nigeria’s Victor Osimhen is arguably one of the best players in his generation and he’s capable of making a great impact with the Italian club, Napoli, according to football pundit, Vilizar Yakimov. The football pundit stated on football Italia that although Osimhen’s transfer is expensive and the Nigerian would be ready to justify the huge financial resources involved. “It’s obvious that even for €50m the expectations towards Osimhen will go way beyond the pure excitement that such a signing brings, but what exactly can he bring to Napoli? The Nigerian’s numbers clearly can’t justify his gigantic rumoured €81m transfer fee, as Osimhen scored 18 goals and four assists in all competitions for Lille, before Ligue 1 was cancelled due to the COVID situation. However, his age and playing style are what make him perfect for Napoli, as the 185cm tall striker possess impressive speed and physique, while his off the ball movement is simply remarkable. Osimhen is a player who likes to run in the channels and behind the back of opposition defences, which makes him a good for Napoli’s playing style. His acceleration and ability to run with the ball also mean he would be perfect for Gattuso’s counter-attacking approach in certain games. While neither Arkadiusz Milik nor Dries Mertens combine those qualities, Osimhen’s biggest advantage over them is the intensity of his pressing gamе. The Nigerian averages 1.3 recoveries in the final third, which is significantly higher than Milik’s 0.9, while his speed and agility are far superior to those of Mertens, who at 33, often loses some of his intensity in the latter stages of games. Osimhen’s presence in Napoli’s attack would allow the Partenopei to recover possession much easier and in more advanced areas of the pitch, while his speed and positioning in the penalty area will make the transition from defence to attack much smoother. This is further highlighted by Osimhen’s 78.9% progressive passes success rate, which is equal to Mertens, but significantly higher than Milik’s 64%.center_img Promoted Content5 Of The World’s Most Unique Theme Parks14 Hilarious Comics Made By Women You Need To Follow Right Now7 Universities Where Getting An Education Costs A Hefty PennyWhat Happens To Your Brain When You Play Too Much Video Games?6 Incredibly Strange Facts About HurricanesA Soviet Shot Put Thrower’s Record Hasn’t Been Beaten To This Day2020 Tattoo Trends: Here’s What You’ll See This YearWho Is The Most Powerful Woman On Earth?Best & Worst Celebrity Endorsed Games Ever Made9 Facts You Should Know Before Getting A TattooPortuguese Street Artist Creates Hyper-Realistic 3D Graffiti6 Extreme Facts About Hurricaneslast_img read more

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Young shines as Scotland stumble

first_imgCraig Young took three wickets on his Ireland debut as Scotland toiled in their Intercontinental Cup clash. Kevin O’Brien also took two wickets and a catch as he started his 200th game for Ireland by helping his side into a commanding position on the first day. Ireland forced Scotland out for 138 and had eaten 35 runs into the total without loss by stumps in Dublin. Only a 56-run eighth-wicket partnership from Safyaan Sharif and Moneeb Iqbal prevented Scotland from real humiliation at Clontarf. Fresh from their World Cricket League double over the Scots, Ireland started strongly following a rain delay when Max Sorensen bowled out Hamish Gardiner for a duck in the third over. And Sussex bowler Young had Scotland in serious trouble when he took the wickets of Freddie Coleman, Richie Berrington and Preston Mommsen to leave the visitors on 33 for four. O’Brien then took over, taking the wickets of Calum MacLeod and Craig Wallace, either side of pouching a catch which removed Majid Haq, to leave the Scots 68 for seven. At this stage Berrington was Scotland’s top scorer with a meagre 14 runs but Sharif and Iqbal then frustrated the hosts with nine boundaries between them in a vital stand. Graeme McCarter, who took three wickets in all, bowled Iqbal out for 25 and Scotland’s innings came to an end when Sharif fell for 41. William Porterfield (23 not out) and Paul Stirling (11 not out) saw Ireland safely through their first six overs to further consolidate the home side’s advantage. center_img Press Associationlast_img read more

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Assembly lined up for big Topaz run

first_imgPat Fahy believes Morning Assembly rates the one to beat in the Topaz Novice Chase at Leopardstown on Sunday. Press Association A Grade One-winning novice hurdler at the Punchestown Festival in the spring, the six-year-old secured his second victory from as many starts over fences when getting the better of Don Cossack in a Punchestown thriller last month. Don Cossack gave the form a boost by winning the Drinmore Novice Chase at Fairyhouse on his next start and with Ruby Walsh available to keep the ride on Morning Assembly, Fahy feels everything is in his stable star’s favour this weekend. center_img “Everything is looking good. He’s been fine since his last run, we’ve had no setbacks and we’ve got Ruby on our side again,” said Fahy. “We’re looking forward to going back over three miles with him and he seems to handle all sorts of ground. “I didn’t think he’d have the toe on better ground, but he showed he did in Punchestown the last day. “He’s a Grade One winner over hurdles and if he could go and do the same over fences, that would be great. “Looking at his form with Don Cossack, you’d say he’s probably the one to beat, but the fences are there to be jumped and he is still a baby as far as chasing goes. “As long as he and Ruby both come back safe, we’ll have a good day.” Dessie Hughes is confident of a bold show from Bright New Dawn, a narrow winner on his chasing debut at Punchestown earlier this month. Hughes said: “I’m looking forward to running him. He’s in good shape and it will be a good test, but he’s a good stayer and hopefully he’ll run a big race.” Galway Plate hero Carlingford Lough and Henry de Bromhead’s Sizing Rio also feature in a seven-strong field. last_img read more

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I have to win a trophy – Pellegrini

first_img The Chilean was entering the final year of his previous deal but has now agreed an extension to 2017 in a move that could quell speculation linking Bayern Munich’s Pep Guardiola with his position. Guardiola, out of contract next summer, is long thought to have been a target for City having previously worked under the club’s chief executive Ferran Soriano and director of football Txiki Begiristain at Barcelona. Manchester City manager Manuel Pellegrini admits he now has to deliver titles after signing a new-two year contract at the Etihad Stadium. Pellegrini, 61, won the Barclays Premier League in his first season at City in 2013 but, after last year’s disappointing campaign, he accepts improvement is necessary. Pellegrini said: “It is very important for the club to trust in our work. I am very happy here at Manchester City so if both parties are happy we can continue. The support the club gives me is important. “But you know in this profession you need results, so it is very important for me to have a good season and get good results. “For me a good season with a big team is that you must win a title (trophy). You cannot say it is a very good season if you win nothing.” Speculation over Pellegrini’s future was rife towards the end of last season as it became apparent the club would not catch Chelsea in the Premier League and they went out of the Champions League. It eased as City ended with six successive wins but could return if the team again perform below par. Pellegrini accepts this but insists it will not bother him. He said: “I was used last season to the speculation. I’m not talking about Pep Guardiola. He is a manager that every team will want to manage them because he is a great manager. “Maybe he is linked with this team more because of the relationship with Txiki and Ferran but I trust in them and I am sure if they want to bring in him, they will tell me. “I have no problem with my relations inside the club. I know exactly how the owners think. Maybe it is better for the outside media.” Soriano believes the new contract will allow Pellegrini to concentrate on business on the field. He said: “This agreement allows Manuel to focus on the challenge of guiding a team capable of both fighting for domestic titles and competing for European honours.” City’s main business during the summer has been the signing of England’s Raheem Sterling in a club record £49million deal from Liverpool. Sterling’s conduct towards the end of his time at Anfield attracted much negative criticism but Pellegrini expects the 20-year-old forward to settle quickly and provide plenty of excitement. Asked how good Sterling can be, Pellegrini said: “Very, very good. I trust a lot in him. “Maybe some of the media are talking about the price we paid for him, but an English player at 20 with such quality, speed and good technical ability – I think he will continue improving a lot every year. “Playing with players like Yaya (Toure) or (David) Silva or Kun (Sergio Aguero) will help him to improve. I trust you will see Raheem scoring a lot more goals than he scored in other seasons for Liverpool.” Another new signing, midfielder Fabian Delph, will miss Monday’s season-opener at West Brom with a hamstring injury while defender Gael Clichy is out with an ankle problem. Press Associationlast_img read more

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West Brom boss Tony Pulis hopes to move on from Saido Berahino saga

first_imgBoss Tony Pulis hopes the Saido Berahino saga is over after the striker made his West Brom comeback. A forgettable 0-0 draw with Southampton saw the 22-year-old return after his strike threat following a blocked move to Tottenham on deadline day. He failed to shine, though, as the Baggies had to settle for a dull draw at The Hawthorns. Berahino had missed the last three games with Pulis concerned about his state of mind during the saga as Albion rejected four bids from Tottenham over the summer. He threatened on Twitter never to play for the club again b ut after many home fans sung his name, despite some booing, Pulis wants to draw a line under the affair. He said: “I’m pleased he had such a great reception, that’s wonderful and it shows the quality and the depth of our supporters to have given him such a reception. “He’s a young boy. He’s made mistakes and everybody in this room has made mistakes in their life. “What he’s got to do is learn by them, move on and make sure he doesn’t make them again. “I just hope and pray he does that because he is a talent. “When we brought him on in the second half you saw glimpses and bits and pieces of what he can do. “I was not surprised by the reaction, n ot from this crowd. T he crowd here have been wonderful, absolutely wonderful.” Callum McManaman felt he should have had a penalty in the first half after going down under Matt Targett’s challenge but Albion failed to seriously test Maarten Stekelenburg. Jay Rodriguez wasted Southampton’s best opening, in a game of few chances, when he headed wide from six yards in the first half. But Southampton kept their third straight clean sheet with new signing Celtic Virgil van Dijk impressing on his debut. Boss Ronald Koeman said: “Virgil was in my opinion impressive. He looks very comfortable with his new team-mates and good in defending and we know also one of his qualities is in his passing from the back. He played perfectly today. “That’s positive (clean sheets), because in my opinion it starts always at the back and a clean sheet normally makes a winning game. We have to realise that we have to create more. “I think the best chance maybe was in the first half for Jay Rodriguez, and we were not good enough in the final part in attacking, not clinical enough. Sometimes we make too difficult choices in our final pass. If you can’t win, don’t lose.” Press Associationlast_img read more