first_imgAP4 has backed a shift to a prudent person principle, despite the Swedish government’s decision to cancel the proposed reform of the buffer fund system.The government dropped plans to close two of the buffer funds last week after it became apparent the cross-party Penisonsgruppen, tasked with agreeing pension reform, could not reach an agreement. Mats Andersson, managing director at AP4, predicted it would be “some time” before any new reform proposals are tabled.“We’ve been under investigation for three-and-a-half years,” he told IPE, referencing the start of the initial Buffer Fund Inquiry chaired by Mats Langensjö. “We can’t continue to function under these circumstances.” Andersson said the proposal discussed by Pensionsgruppen would have made life for the buffer fund system “so much worse”.But he did qualify his condemnation of the proposals, which included an overhaul of sustainable investment guidelines and a shift to a prudent person model under a principal sitting within a proposed National Pension Fund Board.“I would love to see other regulation in terms of how much we can invest in unlisted [assets],” he said.AP6, the private equity fund set to be merged with AP2 under the proposals, has argued that the creation of a so-called excellence centre for unlisted assets would be the best solution for the system, despite the decision to abandon the reform.The proposal was for the remaining three AP funds to pool unlisted investments, potentially with a joint investment committee overseeing the vehicle’s activities.For his part, Andersson was also in favour of a shift away from binding investment regulation to a prudent person principle, one of the main proposals contained within the Buffer Fund Inquiry’s report. “You can implement the prudent person into the system we have today,” he said. “That’s the only part I really miss.”He added: “But given the alternatives, [abandoning the proposals is] the best we could hope for.”last_img read more

first_imgGermany’s Universal-Investment has been sold to a UK private equity firm, bringing to an end a decades-long ownership by local banks.Montagu Private Equity acquired the €280bn asset manager, Germany’s third-largest institutional manager behind Deutsche Asset Management and Allianz Global Investors, for an undisclosed sum.Daniel Fischer, director at Montagu Private Equity, cited Universal’s proven track record spanning 45 years managing Germany’s master KVG market as his firm’s rationale for the deal.“We’re particularly impressed by the performance of the management team, which has developed Universal-Investment into a growing platform with an outstanding reputation,” he added. “We’re excited to work closely with Bernd Vorbeck and his team going forward, accompanying them through the company’s next growth phase.”Vorbeck, spokesman for the board at Universal, also emphasised the KVG market’s importance the company’s success.“Our recipe for success includes our employees’ commitment and expertise, our independence and our distinct business model as [the] leading Master-KVG platform,” he said. “That’s why we’re especially excited to have found a new partner and owner in Montagu, which will continue to actively support this strategy in future.”Joh. Berenberg, Gossler & Co, also known as Berenberg Bank, and Bankhaus Lampe have each owned 50% of Universal since 2012, when they jointly acquired German regional bank LBBW’s 27% stake.Universal has seen a rapid increase in assets under management over the last decade, growing from €60bn to €280bn over the period.Within Montagu’s portfolio, it will complement the London-based private equity firm’s recent acquisition of Equatex, a global employee share plan administrator.Last year, it also bought Denmark’s largest property manager DEAS from its pension fund owners PKA and Sampension.last_img read more

first_imgFamily First Board Member Bruce Logan says that at 80 years old he finds himself living through a relentless campaign to kill the past in the name of the future. Because I have a religious and conservative mind I am condemned because I suffer from every trendy phobia possible. In short I am a bigot beyond the pale. My character is suspect and my convictions irrelevant. I can’t possibly be permitted a voice in the public square. It’s not that the content of what I have to say is ever precisely examined. It’s just that I might offend someone who will cry, “unsafe”.In the space of a couple of decades the language of public debate has changed its character and function. A range of terms in common use don’t actually describe anything to live by, rather they are unjustified abstractions that promise Utopia. Their power is in what they appear to promise rather than in their meaning. “Social justice “would have to be one of the most obvious shibboleths closely followed by “equality” and a contemporary spin on “tolerance” which really means affirmation. “Diversity and inclusion” more accurately reflect uniformity and exclusion because they exclude the critic of diversity dogma. I’ll come back to “social justice”.All of the terms above echo deconstruction and condemnation rather than construction and wholeness. They are based on one particular prevailing view of the world. Human beings are victims of some entrenched “hegemonic” power rather than sinners; creatures who have fallen short of even their own standards. The struggle intrinsic to the human condition is not about learning to be faithful, humble, patient, gracious, hopeful, forgiving, generous, and loving; about the development of a man’s or woman’s character.Life’s purpose is about breaking free from those who have power over us. The struggle is political; not moral. The rebel is hero. Such a hero presumes s/he knows what to destroy without having any idea at all of what will follow. S/he lusts after freedom without realising that s/he is leaving it behind. Providing everything is done in the name of equality and the hegemonic, (that word again) responsibilities of civil society destroyed, Utopia will in the nicest possible way of course, embrace us.Civil society and its institutions are the very skeleton of freedom our progressive hero would grind to dust because s/he is wantonly ignorant of her/his heritage. S/he simply does not understand the civilising power of the intergenerational family and the institutions which surround it. S/he wants a society where family, marriage, tradition, mediating institutions between the individual and the state, legitimate hierarchical order, religion, especially Christianity and law sensitive to responsibility and duty, are abolished. If one may paraphrase a little of Shakespeare, the baby of human rights beats the nurse of common-law. And, just in case, something from the past should slip in unnoticed and arouse doubt in our hero’s mind any suggestion of transcendent religion must be excluded from the public square.Our hero might well reject God, but nevertheless s/he has faith in the new religion of utopian equality and the “Goddess of Choice”. Any consideration of an either/or world is forbidden and must be kept silent by invective or swelling hate speech law. That there are only two ways to live; bathing in the light of God’s loving sovereignty or hiding in the darkness from God’s sovereign love, cannot possibly be allowed to surface. The progressive has declared that human liberation is to be found in the right and power of the self to choose. It is not, as I and nearly everyone was taught before well…let’s say…1968, in our release from the power of sin.Consequently justice, which is essentially about equality, must always be envisaged as “social justice”; as much about equal outcomes as it is about equal opportunity. Justice, meaning everyone getting what he or she deserves, is too intimately connected to the sovereign God who demands that we love Him without reservation and our neighbour as one loves him or herself.  The threatening truth of God’s just sovereignty is denied, but it is always there, behind the equality facade, disorientating the fragile human psyche in its denial. That’s why we can’t have God in the public square or Parliament.There never has been a time in the whole of human history when so much conflicting data has been available on the nature of what it means to be human. Consequently, that freedom, which is promised to sinners by God should they repent and turn to him is nearly always misunderstood. Freedom we are constantly told is about being able to “live the dream”; to do what we want. The irony should be salutary.The modern pagan in his or her hubris has forgotten the line from the ancient pagan dramatist Sophocles. “Those whom the gods would destroy they first make mad.” Or alternatively, evil appears as good in the minds of those the gods lead to destruction. When one becomes his or her own God, madness always follows, or to be a little more contemporary, mental health decays. One should not be surprised that the default characteristic of the progressive mind is to hold two conflicting ideas in the mind at once and believe both of them. Most recently the advocates of transgenderism have achieved this end with a zealousness so uninformed they must enforce it on the rest of us.In spite of almost two centuries of the authority of “science” claimed by the dogma of Darwinian evolution we now find ourselves strangely disconnected from the authority of science and profoundly confused about our origin and destiny. The apparent victory of the decaying religion of natural selection over the biblical story of creation in our schools is not a consequence of gathering knowledge; rather an ignorance of both.We have been made dizzy by a new spin on old-fashioned dualism. On the one hand we are autonomous creatures, but on the other victims of government or some other demeaning “hegemonic” power; the patriarchy perhaps. Personal identity rooted only in the subjective, must be sustained by a growing number of human rights. The joy of discovered rather than invented identity, and the consequent freedom enjoyed in community, created and sustained by the transcendent God, is a foreign country that can’t possibly be explored.The progressive is not Prometheus. Rather a very small man or woman with delusions of grandeur. The horizon is found only within the self. It has to be, because there is no transcendent spiritual truth outside the enclosed circumference of the narcissist vision. In the end the progressive is nothing more than a narcissist without the sympathy of the gods to make the fairy-tale palatable.Now, to the point. It is a remarkable for the progressive to claim that advocacy for the natural family is not in the public interest. It is particularly remarkable when it is obvious to the disinterested observer that Western civil society, by any measure, is going through an extended period of disintegration. That he or she, the progressive, is the instigator of that disintegration doesn’t seem to compute.The cultural heritage of any society is passed on almost entirely through the family. One could say that as the family goes, so too does society. Right now in 2019, mental health is a vexatious issue. Young people confront a range of problems of such intensity unknown in several generations. They include, the increasing use of drugs, issues around sexual identity and behaviour, suicide, parental relationships, moral confidence and spiritual ennui.The historical concept of family in Western Culture is both Classical (Aristotelian1 rather than Platonic) and Biblical. Indeed there is a universal inter-generational concept of family that varies little from culture to culture. Post-modern relativism and its infertile child, doctrinaire diversity, have added little to parental understanding other than confuse them and undermine their confidence.Since Aristotle, Western Civilisation has defined virtue2 as a determination to behave in the right manner and as a mean between extremes of deficiency and excess, which are vices. The apostle Peter has this to say about virtue. Make every effort to supplement your faith with virtue, and virtue with knowledge, and knowledge with self-control, and self-control with steadfastness, and steadfastness with godliness, and godliness with brotherly affection, and brotherly affection with love3. Unfortunately Narcissis never had the pleasure of meeting Peter.We learn virtue primarily in the family through trial and error, habit and practice rather than through the uniformity of the state education system ignorant of its own history. It instructs but seldom reasons. As the family disintegrates so too does the habit and practice of virtue. The soft and necessary pliability of democracy’s arteries and veins begin to suffer from arteriosclerosis.1The Aristotelian conceptualization of family is a multigenerational institution of mutual responsibility, defined in part through story around developing virtue and helping members find their purpose.2 Virtue should be distinguished from the modern “values”. When we use values as a noun rather than a verb it does not change its subjectivity. Unlike virtue, which can be seen in action, values cannot.  They are esoteric and personal, certainly not universal. The historian Gertrude Himmelfarb in her seminal text “The Demoralisation of Society” deals exhaustively with this issue.3  2 Peter I:5-7.last_img read more

first_imgInson – resident of Barangay Poblacion,Valladolid, Negros Occidental – was nabbed after he sold a sachet of suspectshabu to an undercover cop for P500 around 8:30 p.m. on Feb. 10, police said. The 42-year-old Ramy Inson was caught ina buy-bust operation in Barangay 3-Poblacion, Pontevedra, Negros Occidental. When frisked, four more sachets ofsuspected illegal drugs were recovered from him. The suspect was detained in the lockupcell of the Pontevedra municipal police station.center_img BACOLOD City – He allegedly sold illegaldrugs. Charges for violation of Republic Act9165, or the Comprehensive Dangerous Drugs Act of 2002 will be filed againsthim./PNlast_img read more

first_imgWhile attending the state track meeting a few weeks ago, I learned that in two years all high school coaches will have to be licensed by the IHSAA.  One of the things that each of them will have to do is pass a course on recognizing the symptoms of a concussion.   This is already in place in most states.  The head coaches in Indiana already must do this.  Coaches also must pass CPR and other emergency response procedures.What is new is that to obtain this license and then retain it, you must constantly take courses to upgrade these skills.  I am not opposed to having a coach be proficient in these skills, but with so many lay coaches now filling positions in high schools, I wonder what this will do to filling staffs for 17 or more high school sports.  This will also include junior high as far as I understand.It will soon be easier to be a regular teacher and retain a license than it will be to coach a high school sport.  Are we really moving in the right direction?last_img read more

first_imgThe Head of State also directed that in accordance with the recommendations of the Inter-Faith Council, the maximum number of persons permitted to attend funerals and weddings is reviewed upwards to 100, with all in attendance abiding with Ministry of Health Protocols.Get breaking news on your Mobile as-it-happens. SMS ‘NEWS’ to 20153 President Uhuru Kenyatta has Wednesday extended the nationwide curfew from 9pm-4am as well as the closure of bars and nightclubs by a further 30 days in an effort to combat COVID-19.Addressing the nation from State House in Nairobi, the president at the same time, increased operation hours for hotels and restaurants from 7pm to 8pm starting July 27, 2020 (tomorrow).Also Read  Uhuru calls for rebuilding of the UN to better address emerging challenges“The closure of bars and nightclubs is continued for a further 30 days. However, the prohibition against the sale of alcohol by licensed hotels with residence is vacated.  In the next 30 days, bar owners, in consultation with the Ministry of Health will develop self-regulating mechanisms as part of their civic responsibility to their clientele, in order to allow their resumption.” He saidAlso Read  Survey: Displaced persons profoundly hit by Covid The ban on the sale of second-hand clothing ‘mitumba’, was also lifted with the president saying that details of how that will operated and the protocols for the same to be announced by the government on Thursday.Also Read  COVID-19: Kenya records 139 new cases, 198 recoveries and 9 fatalitiesHe also directed that the Ministry of Sports, Culture and Heritage and the Ministry of Health jointly issue guidelines on the gradual resumption of sporting events in Kenya.last_img read more

first_imgEdwin van der Sar believes successor David de Gea is one of the key reasons behind Manchester United winning last season’s Premier League. His performances after joining from Atletico Madrid were heavily criticised, but he has risen in stature and shone as Sir Alex Ferguson capped his final season with the league title. De Gea’s performances saw him selected for the PFA Premier League Team of the Year and Van der Sar is full of praise for the man that replaced him. “It is unbelievable,” the ex-goalkeeper, now Ajax marketing director, said. “He came from different league, he was young. He was 20 when he came. “He came from Spain, he didn’t speak the language. There is different food, different tactics, different methods of training. “Corners and free-kicks, balls in the box – that is different to the Spanish league. It was normal he could have some troubles in the beginning. “I think the way he turned the corner from January onwards has been a real benefit for United and one of the two or three reasons they won the league. “His physique is better. He worked really well with (former goalkeeping coach) Eric Steele and the physical coaches and that is the way you improve. “He is still so young but already experienced. Hopefully he will get a chance in the national team also.” Van der Sar closed out his career in style at Old Trafford, winning four league titles, two FA Cups and a Champions League before hanging up his gloves. De Gea was given the unenviable task of the replacing the former Holland international two years ago, with United making him the world’s second most expensive goalkeeper aged just 20. De Gea is already impressing this season, pulling off a world-class save in United’s 2-1 win at Sunderland on Saturday. It was just their third league win of the season and leaves them ninth in the standings, a point off newly-promoted Hull. That is hardly the position David Moyes will have wanted to be in after replacing Ferguson, but Van der Sar is not concerned. “We have had so much success over the years with Ferguson and not even he won the league all the time,” he said, speaking at the Leaders in Football conference. “There is a chance that he might not win in the first season or even the second season, but hopefully they have faith in what he can do. “I know the directors and the owners are not panicking quickly, so I don’t see a problem. “Of course they are realistic contenders because they have great players, a lot of experience. “They have a lot of young players coming through as always because United are a team that give young players a chance. “Maybe a little later than clubs like Ajax, but there is always a chance for the likes of Danny Welbeck, Jonny Evans, Rafael.” Press Associationlast_img read more

first_imgHe says the Premier County isn’t short of talented coaches at the moment… Football coaching in Tipperary has benefited hugely from the influence of the last three county senior managers.Former selector and U21 boss Tommy Toomey believes they’ve helped to foster ‘a lot of home-grown expertise’.The Arravale Rovers club man recently announced that he’d be joining the backroom team of new Laois boss Peter Creedon.last_img

first_imgThe Chairperson of the Nigeria Women Football League, Aisha Falode, has sent a congratulatory message to the Edo State Governor, Mr. Godwin Obaseki, and the state’s Deputy Governor, Rt. Hon. Philip Shaibu, for the milestone attained on Wednesday at the event of the rebranding and unveiling of the state-owned women premier League club, Edo Queens Football club.Falode, who was present at the Banquet Hall of the Edo State Government House, in Benin City during the event, commended the efforts of the state government in giving equality to the women folks in the area of sports.“I had no option than to applaud the great works of the state government, that showed huge respect for women in sports, as the Deputy Governor, Philip Shaibu, announced the approval of equal remunerations for the state owned clubs, Bendel Insurance FC and Edo Queens, not minding the popular erroneous belief that men play more serious football than women. Godwin Obaseki “The Edo State government by so doing made history in Nigeria as the first to equate the salaries of the men’s team with that of the women’s.“It’s a milestone by the government. It was also commendable to witness the public presentation of a five- star hostel facilities to Edo Queens, as well as a brand new coaster bus, a move that will provide better living for the girls and in addition boosting their morale to do well as elite soccer players in the Women’s Premier League.“The full involvement of the Edo State First Lady, Mrs. Betty Obaseki, and wife of the Deputy Governor, Mrs. Mary Ann Shaibu, in Wednesday’s programme which centres on better life for women’s footballers in Nigeria, tells a lot about the personalities of the two first ladies.”Falode, used the event to implore owners of women’s football clubs in Nigeria to take a cue from the laudable gesture of the Edo State government in dealing with their various clubs both in the women Premier and professional leagues in Nigeria.“As the chairperson of the Nigeria Women Football League and a board member of the Nigeria Football Federation, the gesture of the Edo state government towards Edo Queens today in Benin City, gave me and my board members in the NWFL the hope that, there are better days ahead for the women’s football league in Nigeria.”Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegramlast_img read more

first_imgRashford opened the scoring from the spot after he was clumsily knocked over by Bernardo Silva, with the penalty awarded by video assistant referee Michael Oliver.The in-form England striker, who has now scored 13 goals in his past 14 games for club and country, hit the bar moments later but United did not have to wait long to extend their lead.United’s next attack saw Daniel James find Anthony Martial on the right of the area, and he had space to turn and squeeze his shot inside Ederson’s near post.City had never trailed by two goals so early in a home league game since Pep Guardiola took charge in 2016 and their fans were left in stunned silence as United’s supporters celebrated noisily at the other end of the stadium.While the home side finally began to get a grip on the game after that, especially in midfield, the damage was done.City had repeated penalty appeals for United handballs turned down by referee Anthony Taylor and VAR before the break, while Gabriel Jesus wastefully headed a Kevin de Bruyne cross wide.United continued to defend deep after the break but City struggled to create meaningful chances and Otamendi’s header from a Mahrez corner could not rescue them from their fourth league defeat of the season.The game was marred by allegations of racist abuse towards United midfielder Fred in the second half, while there were also reports of objects being thrown at him from the stands.United’s best results this season have been against the leading clubs, but before this they had all come at Old Trafford. Until now, Norwich were the only side they had beaten on the road.Solskjaer’s side set that record straight in scintillating fashion here, tearing City apart in the early stages when they could conceivably have scored two or three goals more.Ederson was the only reason that did not happen, making superb saves from Daniel James, Jesse Lingard and Rashford with the score at 0-0.When United did take the lead, the way they controlled the game was also impressive – conceding possession and territory to their hosts, but limiting their shooting chances.It was an excellent all-round performance and United’s players clearly enjoyed it too, celebrating with the away fans at the final whistle.It is less than a week since Solskjaer’s future as United boss was being seriously questioned but back-to-back wins over Tottenham and now their neighbours have offered an emphatic response to his critics.Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegram Manchester United saturday dealt a crushing blow to Manchester City’s title hopes with a stunning derby win that leaves the defending champions 14 points behind Premier League leaders Liverpool.Marcus Rashford and Anthony Martial fired United into an early lead and although Nicolas Otamendi’s late reply set up a thrilling finale, the visitors held on for arguably the most impressive victory of Ole Gunnar Solskjaer’s 12-month reign.Both United goals came in a breathless opening half-hour at Etihad Stadium, where they repeatedly carved open City’s creaking back-line to devastating effect.last_img read more