Croatian second-pillar pension funds report strong results

first_imgThe 2015 returns for these were 9.12% and 6.78%, respectively.According to a recent press conference by the Association of Pension Fund Management Companies and Pension Insurance Companies (UMFO), since the start of the pension reform, the second pillar achieved an annual average return of 3.65% in real terms, with models suggesting the system could provide up to 44% of a retired member’s final pension.High returns on sovereign Croatian bonds contributed to 2015’s positive results.These securities account for the biggest share of second-pillar assets, ranging from 48.6% for Category A funds through 71.2% for Category B and 91.7% for Category C.These returns will decline if Croatia maintains the economic growth it recorded in 2015 after six years of recession, forcing the funds to look at alternative bonds.The Category A funds also had high holdings in shares and GDRs – 25% in domestic issues and 12.5% in foreign ones, with foreign equities generating the higher returns.The respective holdings for B funds were 10.5% and 8.6%.Share activity by the mandatory funds in 2015 included participating in major recapitalisations, notably those of the food producer Podravka, Port of Rijeka (the country’s largest port), the postal bank Hrvatska poštanska banka and tanker operator Tankerska Next Generation.The new government, approved this January, appears set to call on the pension fund sector as part of its financing plans.Damir Grbavac, president of the management board of Raiffeisen Mandatory and Voluntary Pension Funds Management Company, said: “We have established contacts with the new government, and it seems we are very much appreciated as potential investors in infrastructure, possible privatisations of listed companies in which the state has minority ownerships, and pending privatisations in general.“Within that framework, discussions about Croatian motorways have been started again, but they are still in a very early phase.”Total membership as of the end of December 2015 grew by 1.5% year on year to 1.73m, and assets grew by 1.2% in Croatian kuna terms to HRK74bn (€9.7bn), of which HRK25bn were investment earnings accumulated since the start of the second pillar.In the case of the voluntary sector, returns for the six open-ended funds ranged from 2.07% to 6.88%.Assets grew by 14.8% to HKR3bn, and membership by 7.5% to 236,948.For the 16 closed-end funds in operation since the start of 2015, the returns ranged from 3.32% to 8.11%, with assets up by 14.3% to HRK681.2m, and membership by 20.3% to 28,776. Croatia’s mandatory second-pillar funds generated impressive returns in 2015 compared with many of their regional peers.The Category B funds, which account for 98.6% of total membership, achieved an annual nominal return of 6.19% last year, albeit down from 11.36% in 2014, according to the Croatian Financial Services Supervisory Agency (HANFA), the sector’s regulator.These medium-risk funds were the original vehicles set up in 2002 when Croatia launched the second pillar, and became the default option for those who did not exercise their choice when the lifecycle system came into effect in August 2014.The new system introduced Category A high-risk funds open to all those with more than 10 years left to retirement, and low-risk Category C funds, open to all but compulsory for those with fewer than five years left to retirement.last_img read more

AXA to build private debt partnership with Capzanine

first_imgBefore the transaction, AXA France owned 22% of Capzanine. AXA and Capzanine first formed a partnership in 2005.The private debt collaboration would grant Capzanine access to AXA IM’s €38bn structured finance platform, the companies said in a joint statement, opening up its offerings to pension funds, insurers, and family offices.Pascal Christory, chief investment officer at AXA Group, said: “This collaboration strengthens our access to innovative, diversifying products and stable, attractive returns through the proven performance of a highly reputed management company. These investments allow AXA companies to participate in the financing of the growth of the European real economy.”Andrea Rossi, CEO of AXA IM, added: “Complementing our investment capabilities selectively to better meet the needs of our customers is one of our strategic priorities. This partnership fits perfectly into this framework by strengthening our alternative investment offer.”The transaction is subject to regulatory approval.AXA IM last year announced a €100m investment programme aimed at restructuring its business and increasing its offerings in alternative asset classes.In December, it announced a scaling up of its use of artificial intelligence technologies and making investments into digital services, data analysis and science capabilities in order to improve efficiency and “identify new sources of alpha”. AXA Investment Managers (AXA IM) is poised to launch a private debt distribution partnership with Capzanine, a specialist debt investor in the small and medium-sized business sector.The agreement forms part of a proposed €82m transaction that will see AXA IM and AXA France buy out French investment company Eurazeo’s stake in Capzanine.According to a statement from Eurazeo, the AXA companies “and other investors” will take on Eurazeo’s investments in Capzanine funds.Once the transaction is complete, AXA IM and AXA France will own 46% of Capzanine in total, with the latter company’s management owning the rest of the shares.last_img read more

Hissene Habre: Profile on Africa’s “Pinochet”

first_imgTalk Africa: Africa in 2014 Related What you should know about Hissene Habre, his background, how he came to power, and what he’s accused of doing to remain there. CCTV’s Kathryn Ogunde reports. Who is this man Hissène Habré? Africa Risinglast_img

A structured and carefully crafted approach essential to tackling CNCD’s

first_imgLocalNews A structured and carefully crafted approach essential to tackling CNCD’s by: – September 9, 2011 Sharing is caring! Tweet Share Chairman of Healthy Caribbean Coalition, Professor Trevor Hassel.Chairman of Healthy Caribbean Coalition Professor Trevor Hassel has warned that Caribbean Islands need to adopt a structured and carefully crafted approach to tackle the epidemic of Chronic Non-Communicable Diseases (CNCD’s).Professor Hassel who addressed the opening ceremony of the National Commission on CNCD’s at Fort Young Hotel yesterday further warned that the epidemic has the potential to reverse all gains achieved by Caribbean Islands post Independence.“Unless we, we in the Caribbean, adopt a structured and carefully crafted approach to tackling the NCD’s there is the potential for there to be a reversal of all gains achieved by our Caribbean countries over the post Independence period,” he said.Professor Hassel also quoted Director of the World Health Organization, Dr. Margaret Chan who described the epidemic as ‘a slow moving catastrophe’ and that the whole of society and Government approach is required.“The Director of Chronic Diseases epidemic is described by Dr. Margaret Chan, Director of WHO as and I quote, ‘a slow moving catastrophe as most of these diseases develop slowly but unhealthy lifestyles that fuel the epidemic are spreading with a stunning speed and swift.’ As you have heard the whole of society and whole of Government approach is required. As I said in another place, every ministry in the Caribbean should be a health ministry,” Professor Hassel said.Dr. Ruby Blanc addressing the opening ceremony of the National Summit yesterday.Hospital Medical Director Dr. Ruby Blanc also urged that the battle against CNCD’s can best be won by forming partnerships among stakeholders.“The only way in which significant inroads can be made in this battle with the CNCD’s is through collaborative efforts. The full participation of policy makers, government and non-government sectors, donor agencies and indeed all citizens in the formation of policies and the execution of action plan is necessary. In short the battle can best be won by forming partnerships among stakeholders.”Dr. Blanc also advised that the old adage of ‘prevention is better than cure’ holds true with CNCD’s and that in cases where the disease occurs, every effort to keep complications at a minimum must be made.According to Dr. Blanc in order to achieve the goals of battling CNCD’s we must address our minds to policy and lifestyle changes.“To achieve those goals, we are faced with the uphill task of achieving policy changes and lifestyle changes that would address physiological, non-physiological as well as social factors that increase the risk of CNCD’s, and certainly the challenge that these policies poses is great.”Dr. Tomo Kanda; PAHO Advisor on Chronic Diseases.Advisor on Chronic Diseases at the Pan American Health Organization (PAHO) Dr. Tomo Kanda also advised that there is great need for active partnerships if we are to effectively address the problem of CNCD’s.“I would like to emphasize the important need for active partnerships and multi-sectoral approach in order to realistically and effectively address the problem of the NCD’s. I must say this is the key for successful implementation of the NCD strategy and action plan at community level.”Dr. Tomo further admonished that although individuals are responsible for maintaining a healthy lifestyle, the government must ensure that they create the enabling environment for citizens to do so.“The traditional approach of imploring individuals to modify their lifestyle is not sufficient to reach the ultimate health goal. Yes, maintaining a healthy lifestyle is an individual responsibility however, if the society doesn’t provide the environment which facilitates access to healthy food at affordable prices, safe places and spaces for physical activities for everyone appropriate access to health services of adequate quality this is no longer only the individual responsibility but rather the governments’ as well as public and private sectors.”Dr. Tomo also noted that for a resolution of this epidemic to be realzied it ‘must be embraced as a shared social responsibility.’The National Summit is being held with a view to finalizing a National Policy on Chronic Non-Communicable Diseases.Dominica Vibes Newscenter_img 89 Views   no discussions Share Sharelast_img read more

Ighalo tipped to start for Man Utd in 3-5-2 line up vs Watford

first_img Loading… Odion Ighalo could be handed his first start by Manchester United boss Ole Gunnar Solskjaer since completing his loan move to Old Trafford in the January transfer window.Advertisement The former Watford man has came on as a substitute in United’s last two games against Chelsea and Club Brugge. United travelled to Club Brugge on Thursday night for their 1-1 draw in the Europa League, with Anthony Martial starting up top for the Red Devils.And Martial could be joined by Ighalo for United’s Premier League clash against Watford (2pm kick off).Solskjaer could play the pair up top in United’s 3-5-2 formation.Speaking ahead of United’s draw at Club Brugge, Solskjaer admitted he hoped to play Mason Greenwood against the Belgium side.However, the youngster is struggling with an illness and missed out.Should Greenwood miss United’s Premier League clash against Watford, Solskjaer may opt to chuck in Ighalo against his old side or play Daniel James alongside Martial.“We were thinking Mason (Greenwood) for this game,” Solskjaer told MUTV ahead of United’s draw at Club Brugge.“He didn’t feel well so now Anthony starts and Odion will probably come on.“We have got plenty of games coming up. There is not too much between players and we want to have competition between places.However, the youngster is struggling with an illness and missed out.“If we are to be successful in the league, the Europa League and FA Cup we need everyone, and today was a chance to give them a chance because we payed Monday. (It was) A physical and mental test for everyone. So we made a few changes.”Solskjaer bizarrely blamed the Europa League ball for their draw against Club Brugge on Thursday evening.“It was a difficult game against a well-organised team in difficult conditions,” he said.“I don’t think it was one of the best games that anyone’s seen.“A bit sloppy concentration-wise, but the conditions with the pitch and the ball makes it hard.“It’s just different and difficult to play with. You can get one and try! It’s light.“But it’s the same for the two teams, of course. But the conditions weren’t nice, the wind and the rain.Man Utd team news: Predicted 3-5-2 line up vs Watford – Odion Ighalo decision https://t.co/gpJUSmEKk3 pic.twitter.com/sA2gyG5K6f— Football news 247 (@sportsnews_2020) February 21, 2020Read Also: Europa League: Dennis, Martial net as Man United battle FC Brugge to draw“But anyway, strange goals for both teams. Their throw-in we scored from and a long kick straight through the middle, so lack of concentration probably from both teams there.“We needed to make everyone part of the squad (so I made changes), gave them games.“We’ve got so many games now, so we got an away goal, we got a draw. We go home next week so hopefully we can finish the job.”Man Utd predicted team to face Watford:De Gea; Shaw, Maguire, Bailly; Williams, Matic, Fred, Fernandes, Wan-Bissaka; Martial, IghaloFacebookTwitterWhatsAppEmail分享 Promoted Content6 Incredibly Strange Facts About HurricanesThe Very Last Bitcoin Will Be Mined Around 2140. Read More10 Risky Jobs Some Women DoJason Statham Bought And Sold A Multi-Million Dollar House10 Awesome TV Series That Got Cancelled Way Too SoonBirds Enjoy Living In A Gallery Space Created For ThemThe Funniest Prankster Grandma And Her Grandson10 TV Characters Who Were Destined To Become IconicA Hurricane Can Be As Powerful As 10 Atomic Bombs6 Extreme Facts About HurricanesBest Car Manufacturers In The WorldWhich Country Is The Most Romantic In The World?last_img read more

Fire hits Mambusao stores, leaves P200,000 damage

first_imgThe blaze on July 14 totally gutted the sari-sari store owned by Maria Labao and the carinderia of Imelda Jarencio while it partially damaged the aluminum supply store of Alma Evaresto and the burger stand managed by Mike Lopez. According to arson investigators, the fire started in the store of Labao. Firefighters from the towns of Jamindan and Sigma assisted the Mambusao municipal fire station in putting out the blaze.As of this writing, arson investigators have yet to determine the cause of the fire./PN ROXAS City – Properties estimated to be worth P200,000 went up in smoke after fire gutted four commercial establishments in Barangay Poblacion Proper, Mambusao, Capiz.center_img Fire gutted four commercial establishments in Barangay Poblacion Proper, Mambusao, Capiz on July 14. Properties estimated to be worth P200,000 went up in smoke. DYVR RMN ROXAS 657 KHZlast_img read more

I’m here to stay, warns Forde

first_img Millwall’s Forde got the nod from then manager Giovanni Trapattoni last season with Westwood unable to displace Simon Mignolet at Sunderland having initially taken over from Shay Given following his retirement from international football. New Ireland manager Martin O’Neill, who worked with Westwood at the Stadium of Light, named the Black Cats man in the starting line-up for his first game, Friday night’s 3-0 friendly victory over Latvia, but has indicated that Forde will play in Poland on Tuesday evening. David Forde has warned Keiren Westwood he has no intention of giving up his place as Ireland’s first-choice keeper. However, the 33-year-old, who only made his competitive debut for his country in March, is in no mood to stand aside in the longer term. Forde said: “Look, that’s what you are going to get at international level. Everyone wants to play – you want to play for your country. “I know what I have done over the past year and I am just looking forward to the next challenge. “All I can do is control what I have been doing. At the end of the day, it is down to David Forde and what I do. I don’t get too worried about what everybody else is doing. “That’s all I can do, really. It took a long time (to get into the team). I am enjoying every game at the moment and I love just meeting up and being involved. “It’s a fantastic challenge for me and one I just keep looking forward to every time.” Forde and his team-mates have spent the last week working with O’Neill and number two Roy Keane, and the process of trying to impress them enough to win a starting birth is ongoing. But he, Westwood and Newcastle’s Rob Elliot face the additional challenge of catching the eye of new goalkeeping coach Seamus McDonagh, who has replaced Alan Kelly after eight years in the job. Forde said: “That’s just football, these things happen in football. Alan Kelly has been fantastic for me in my development and in how I have improved as a goalkeeper. “But we know that’s football at the end of the day and we have the new goalkeeping coach now and I am just looking forward to working with him and see how we get on then.” Westwood was a virtual by-stander for much of the Latvia game, but Forde is likely to be significantly busier in Poznan, the site of Ireland’s Euro 2012 finals defeats to Croatia and Italy. The keeper said: “You see the Poland side – they have one of the best strikers in the world at the moment in (Robert) Lewandowski, so it’s going to be a difficult game, especially away in Poland. “But we have had a fantastic week and it’s going to make for a good game. “There’s a great energy around. The lads are trying to impress the new management and everybody is trying to show what they can do to get into the side.” Press Associationlast_img read more

Bridcutt: We’ll fight to the end

first_img Robert Snodgrass put the Canaries in front before Alexander Tettey lashed home spectacularly to seal a 2-0 win. Marcos Alonso was sent off late on to compound a poor day for Gus Poyet’s side, who remain inside the bottom three and face a tricky test at title-hunting Liverpool on Wednesday. “We need to be ready to fight and stick together,” said Bridcutt. “We have to forget this result and move on and be ready for Liverpool on Wednesday. “The boss has told us how disappointed he is and we know what we need to do. A positive we can take is that our next game is only a few days away.” The former Brighton man admitted the Black Cats were not expecting such a stern test at Carrow Road and was quick to offer an apology to the club’s supporters. “Of course we are disappointed with the result, it was a big game,” he added. “It turned out to be tougher than we expected and it was one of those days for us – nothing went our way and Norwich were at us from the get-go. “I’m sorry for the fans who made the trip to Norwich, it is a long, long way from Sunderland and they deserved much more than that. Every game from now until the end of the season is massive for us – we need to keep fighting.” The win for Norwich takes them seven points clear of the bottom three with seven games remaining as manager Chris Hughton once again saw his side win when there was pressure on his position at the helm. Scotland international Snodgrass was pleased with the vital victory but is keen to keep the momentum running into the forthcoming games with fellow strugglers Swansea and West Brom. “It was a massive result for the boys and everyone involved in the football club,” he said. “It has been very frustrating at times but I’m delighted we have got the three points. When we have to win we produce and that is a sign of big characters. “It is a great result for the club all round and hopefully we can build on it because that is the only way we can get out of the relegation dog-fight.” Snodgrass’ opener was his third goal in five games, with the 26-year-old enjoying a spell of good performances at present – something he always believed would happen. “A season isn’t done in six months,” added Snodgrass. “I told people to be patient and to stick with and I would repay them and I feel as if I have done that.” Sunderland midfielder Liam Bridcutt is adamant the players are up for the fight of keeping the club in the Barclays Premier League following an uninspiring display in defeat at Norwich on Saturday. Press Associationlast_img read more

Patriots Down Mariners

first_img Bio House fire in Winter Harbor – October 27, 2014 Latest Posts admin DEER ISLE — A three-run homer by Brett Bradford and four hits, including a solo home run, by Jon Johnson led the Bangor Christian Patriots over the Deer Isle-Stonington Mariners 11-5 on Monday at Deer Isle.Jon Lymburner had three singles, Eben Powers singled twice and drove in a run and Deven Haskell had an RBI single for the Mariners. For more sports stories, pick up a copy of The Ellsworth American. State budget vs. job creation – January 22, 2015 Latest posts by admin (see all) Hancock County Court News Nov. 3 thorugh Dec. 11 – January 22, 2015 This is placeholder textThis is placeholder textlast_img

MILO Schools Football tournament 2019

first_imgPresident’s College, Annandale record contrasting quarter-finals winsANNANDALE Secondary and President’s College are the first two teams through to the semi-finals of the 2019 MILO Schools Football tournament.The two teams had contrasting paths to the next round when the first two quarter-finals were played at the Ministry of Education ground on Carifesta Avenue yesterday.In the opening game, Annandale railroaded their Charlestown opponents 4-0.A lethargic opening 45 minutes from the East Coast side saw them end the half 1-0, thanks to Collin Hendricks in the 32nd minute.On the resumption, the East Coast side had two close chances, which, after goal-line scuffles, were pushed into the uprights.However, they extended the lead to two, through Omari Glasgow in the 50th minute and another in the 59th.That third goal broke the hearts of the Georgetown-based support side and Jemar Harrigon’s 90+1 minute goal only solidified the resultsIn the second game of the day, President’s College continued the East Coast’s dominance on the day, inching past Bishops’ High 2-1.Jesse Thomas’ 41st minute goal was cancelled out in the same minute by Bishops’ Malachi Richards as the two battled for the second semi-final spot.While both teams had several chances, it was Edron Stephens’ 56th minute goal that took PC ahead and until the final whistle.Today, tournament favourites Christianburg/Wismar Secondary School (CWSS) will play Vergenoegen Secondary in the first match, before Lodge Secondary face St John’s College at 15:00hrs.last_img read more