​Denmark paves the way for major changes to ATP’s model

first_imgThe changes had been recommended by ATP’s board, it said.In a written comment, ATP said: “It is the management’s highest priority on an ongoing basis to ensure that ATP’s business model is up to date in relation to ATP’s purpose and thereby ensure the members the best possible pensions.”Because of this, it said the board had worked “purposefully” on this topic in the last few years, and it hoped to be able to publish conclusions at the end of this year.“The current wording of the ATP Act contains a number of restrictions on possible adjustments to the ATP Lifelong Pension, which seem outdated, which is why the bill proposes to make an adjustment to this, so that the board is authorised to submit relevant and up-to-date amendments to the Minister of Employment.”Last year, ATP’s board revealed it was conducting a review of its business model, and chief executive officer Bo Foged told IPE in April 2020 that low interest rate levels were a challenge.Financial experts have pointed the finger at ATP’s largely guaranteed-yield pension model, which they say hampers its ability to keep pace with inflation because it struggles to invest enough in equities and other assets with higher long-term returns.Of each mandatory contribution to the ATP scheme, 80% attracts a guaranteed yield and is invested in the fund’s huge hedging portfolio consisting of fixed-interest instruments, and 20% goes to the bonus potential, which is invested in a multi-asset return-seeking portfolio.In the wording of the bill, the right to make recommendations “could potentially include changes that significantly change the nature of the ATP product and that can significantly lower the guarantee element in the pension product by significantly reducing the guarantee contribution.”The bill indicates that up to a quarter of the current guaranteed contribution could be invested on a different basis, which could potentially allow ATP to invest 40% of contributions without guarantees – including the 20% bonus contribution.One previous critic of ATP’s business model, Jesper Rangvid, professor of finance at Copenhagen Business School, cautiously welcomed the changes contained in the bill.“With the reservation that we do not know the detail – this is of course an important reservation – I am very much in favour of the overall direction that ATP is taking,” he told IPE.With 80% of all contributions currently being guaranteed at a nominal interest rate, he said the only thing people knew for sure was that they would get a negative return after inflation.“There are large parts of ATP’s members whom in my opinion this product does not fit,” he said.“In particular for young people, the part that is guaranteed should be lower, and when you are older this should change,” Rangvid said.Looking for IPE’s latest magazine? Read the digital edition here. Clues about the radical changes Denmark’s largest pension fund is considering have been revealed in a new bill proposed by the Minister of Employment, as ATP continues analysing the viability of its guarantee-heavy business model.Parliamentary debate was set to start today on a lengthy legislative proposal submitted yesterday by Minister of Employment Peter Hummelgaard, which leads on the COVID-19-linked plan for early release of a cache of holiday funds to workers, but includes a number of changes to the ATP Act.Among these draft amendments is a mandate for the ATP board to recommend certain possible alterations to its main ATP Lifelong Pension scheme, such as different investment options.The Ministry of Employment said in its consultation documents on the proposals that “the bill allows ATP’s board of directors the opportunity to recommend adjustments to the pension product, ATP Lifelong Pension to the Minister of Employment, which provides greater room for manoeuvre in terms of investment.”last_img read more

DWDR Program Committed to Heritage and Culture

first_imgThe first few months of excavation for the new Wellington Dock Navigation Channel for Port of Dover’s flagship Dover Western Docks Revival (DWDR) have uncovered some exciting new features relating to the origins of the historic Western Docks.As the Port of Dover reports, the impacts on the historic environment are hugely important, the DWDR scheme was designed to minimize the loss of historic character, which includes the retention of the Wellington Dock with a new navigable channel to/from the new marina.Specialist heritage experts, Archaeology South-East (ASE), were brought on board to oversee the excavation, which began in March this year to ensure the requisite investigations were conducted in a controlled environment.Kristina Krawiec, Senior Archaeologist, ASE said: “The excavation of such a large channel provides a unique opportunity to uncover and record deeply buried archaeological remains and the sediments associated with them.”The first discovery included the old basements of the Victorian houses that once occupied the promenade which were built c.1830 and demolished c.1945 following WWII.Further discoveries included the remains of the foundations of ‘The Pent’ proposed and overseen by Thomas Digges c.1570, under the approval of Elizabeth I.Josie Sinden, DWDR Conservation Officer, Port of Dover said: “DWDR undertook extensive heritage investigations and it was discovered that the technique used to the construct ‘The Pent’ was used extensively in the Benelux (or Low Countries).”Approximately 250 timbers were also uncovered on the beach side of excavation and would have formed a seawall with the timbers acting as fenders for the ships to moor alongside. The structure was recorded using laser scanning, and will be removed and stored for analysis prior to re-incorporation into the development.A Heritage Steering Group (HSG) was formed in the early stages, in order to meet the design delivery of the project’s heritage requirements. This group comprised of a mixture of project staff and external archaeological organisations and is supported by a full-time dedicated conservation officer.Dave Herrod, DWDR Program Director, Port of Dover, said: “The Port’s commitment to heritage goes over and beyond its statutory requirement. Recently the DWDR team worked with the Dutch Culture Association and Historic England, to facilitate scanning of concretions found adjacent to the Dutch vessel, Rooswijk, which was recently excavated off the Kent coast.”last_img read more

Hornsea One Suffers Technical Fault, Drops Production

first_imgThe Hornsea Project One offshore wind farm in the UK suffered a technical fault on 9 August due to grid problems.During the technical fault, the 1.2GW offshore wind farm significantly dropped its power production as it lost 800MW of electricity, around the same time as another generation source lost load, Ørsted said.“During a rare and unusual set of circumstances affecting the grid, Hornsea One experienced a technical fault which meant the power station rapidly de-loaded – that is it stopped producing electricity,” a project spokesperson said.The National Grid stated that the root cause of the issue was not with its system, but a rare and unusual event, the almost simultaneous loss of Hornsea One and one gas generator.According to Ørsted, if the National Grid had any concerns about the operation of Hornsea One, it would not be allowed to generate electricity.“The relevant part of the system has been reconfigured and we are fully confident should this extremely rare situation arise again, Hornsea One would respond as required.”Hornsea Project One, currently under construction 120km off the coast of Yorkshire, will comprise 174 Siemens Gamesa 7MW turbines. It will become the world’s largest offshore wind farm once fully operational in 2020.last_img read more

KN wins Brazilian LNG terminal operation deal

first_imgKlaipedos Nafta, Lithuanian oil and LNG terminal operator, has been named the operator of the LNG terminal in the Brazilian Port of Açu.Through its unit KN Açu Serviços de Terminal de GNL, the company signed the deal with Gas Natural Açu (GNA), which is a joint venture among Prumo Logistica, BP and Siemens.Following the signing of the agreement, KN assumes the responsibility for the provision of operations, including maintenance of the jetty and its installations, gas pipeline and gas metering stations as well as supporting the commissioning of the LNG terminal.The agreement will become effective once GNA receives remaining corporate and lenders approvals.The initial term of the agreement is for a 13-year operational period following the completion of the terminal and can be extended upon mutual agreement.LNG terminal at the port of Açu is due to start operations in 2020 for the commissioning of GNA’s thermal power plant, UTE GNA I.The project includes two natural gas-fired power plants with a combined capacity of 3GW and the LNG import terminal with a regasification capacity of 21 million cubic meters per day.The newly built FSRU BW Magna of 170,000 cubic meter storage capacity is delivered and operated by BW, while the liquefied natural gas will be supplied by BP, also a shareholder at GNA.last_img read more

PFA investigating Sunderland fines

first_img In his post-match press conference at the weekend, Di Canio said: “I thought that at (his previous club) Swindon (there were) arrogant, ignorant footballers because they’ve not had many chances to stay at the top level. I have to tell you unfortunately I found a worse environment in terms of discipline in this club.” That was part of a lengthy rant about his players from Di Canio, who stressed the need for the matter to be addressed and also claimed the PFA “excuse people that behave like Phil Bardsley…(even though) the PFA don’t pay them, it’s a private club that pays them.” Taylor, without being drawn on specific names or details of the fines, confirmed that members of the Sunderland squad had been in touch with the PFA regarding former West Ham midfielder Di Canio, and emphasised that the union were examining the situation closely. Taylor told Press Association Sport: “We know Paolo as a player and a manager, and he is a bit volatile. “But he knows, from when he was a player with the PFA, what we are about. We represented him then, the same as we also represent the players (now). “One point he made was about Sunderland being able to do what they want – well they can’t. There is a disciplinary procedure that is agreed. “We obviously agree with discipline, but that has to be in line with the Football Association and the Premier League. From that point of view, there is a due process.” Di Canio, appointed as successor to the sacked Martin O’Neill in March, has been speaking publicly about what he sees as a lack of discipline among the players at the Wearside club, seven of whom he fined last week. Defenders Phil Bardsley and Matt Kilgallon were dropped from the matchday squad for Sunday’s Barclays Premier League clash at Tottenham after they were pictured celebrating on a night out in a casino earlier in the week, with the former lying on the floor covered in £50 notes. Professional Footballers’ Association chief executive Gordon Taylor has confirmed the union has been contacted by Sunderland players about their manager Paolo Di Canio and that it is investigating the recent fines issued by the Italian.center_img Press Associationlast_img read more

Walsh grabs Tramore brace

first_img Walsh tracked favourite Illtakeitfromhere for much of the final circuit, before jumping the second last alongside him and scooting clear. He recorded a three and a half-length verdict over Indian Temple, who stayed on to relegate the market leader to third place. The win meant Ruby Walsh landed the prize for leading rider at the Festival. Ted Walsh said: “The plan was to make it but he was wiped out at the start. Ruby was lucky he didn’t break his toe. We had to go to Plan B then and that was just to let Ruby do what he wanted. “He won around here before, he is an ordinary horse and it was an ordinary race. It was nice to win. “He is a 0-95 horse, he is a good leaper and he needs quick ground. He handles this place well and there will be another one in him somewhere along the line. Walsh’s double was started when Upazo returned to form with a battling display in the Comeragh Veterinary, Kilmacthomas Chase. Willie Mullins’ 7-4 favourite was off the bridle earlier than closest rival Usuel Smurfer, but he found more up the run-in to score. Mullins said: “The conditions of this race suited him well and he jumped well considering he got an awful fall the last day in Limerick when running a really good race there. “I was hoping if he got over that fall that he’d have a chance and thankfully it worked out. I don’t know where we will go from here but we’ll look out of a winners’ of two novice chase. “I’m happy with him over that trip or two and a half mile for the time being, it probably just gives him more time to jump and get his confidence back. Ruby said he tried to pull himself up when he got to the front so we might put cheekpieces on him the next time to keep him concentrated.” Mullins completed a double of his own when son Patrick guided Pearl Diamond (4-5 favourite) to an emphatic victory in the Irish Stallion Farms EBF Mares Flat Race. The win was particularly momentous for Patrick Mullins, as that brought his tally of career wins to 400. Ruby Walsh bagged a double at Tramore, culminating in victory aboard his father Ted’s Old Castletown in the Heinz Pollmeier Memorial Handicap Chase. Press Associationlast_img read more

Wema, Union Bank Pick Nigeria Bankers Games’ First Win

first_imgUnion Bank claimed third top spot in Group A with their 3-0 win over Ecobank. Both teams aimed at bouncing back from last week’s outings.In the final group fixture, Wema Bank sealed a lone goal victory over Sterling Bank to pick their first points of the 2019 season.Meanwhile, in the chess event concluded at the weekend, Union Bank claimed the gold medal in the male category, while First Bank and FCMB won the silver and bronze medals respectively.The table tennis event will conclude this week in the YabaTech Indoor Hall, while the football event will be entering the knockout stages.Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegram Wema Bank, Union Bank, EcoBank and Sterling Bank have qualified for the knockout stage at the ongoing 2019 Nigeria Bankers Games at the YabaTech Sports Complex, Yaba, Lagos.In the first match of the day, UBA and FCMB battled to a one-all draw, with a superior goal difference a point enough was for UBA to clinch the top spot in Group A.First Bank and Fidelity Bank went head-to-head in the second game but tie ended goalless as Fidelity Bank clinched top spot with superior goal difference.last_img read more

PCP: Who wins AL East race?

first_imgFiammetta:In the interest of full disclosure for this sacred space that is Herald Sports’ Point-Counterpoint, I need to be honest – I am a Yankees fan. Not a bandwagon fan, and not one of those “baseball sucks so I’ll just go with a team that wins” fans. Nope, I’m from New York, and I’ve been attending games in the Bronx since 1995. But – and I promise you this is the truth – when I say the Yankees will win their 17th AL East title later this month, I honestly believe it.Now it’s not like it’s exactly a bold prediction – the Yanks hold a 2.5-game lead over the Rays after last night’s victory over them.So why am I sticking with them to hold onto their lead and take home the division crown? Well, to be honest, I always like to point out the Yankees’ veteran experience and familiarity with October…but that argument’s not exactly the most popular here in the Midwest. Fair enough…even though you know you would want Jeter, Mo, Pettitte and Posada in your World Series lineup.Even though they’re not playing their best ball of late, the Yanks might be on the brink of hitting their stride. In his first start after coming off the DL, Pettitte pitched six great innings of three-hit, one-run ball. Between ace C.C. Sabathia and newcomer Ivan Nova, – don’t laugh, the Yankees are 5-1 in games he has started, and he has the vibe of a pitcher that can handle New York in October – Pettitte forms a strong three-man rotation.It’s been a funky season for the Yanks on offense for sure, but you can’t tell me that you still won’t trust Jeter to produce in October. Robinson Cano’s been the team MVP, Curtis Granderson’s been on fire (eight-game hitting streak, four homers and 12 RBIs in his last six games) and Nick Swisher and Brett Gardner are finally healthy. So while it hasn’t been that pretty for the Yanks in September, enough is coming together where I’m confident that the team – the defending champions, at that – will keep it together for another two weeks.Holt:Oh Mike, I hate to say it, but while the Yankees will have bought their way to another postseason, they won’t take the divisional crown.The Rays could easily claim the division title for a number of reasons, but let’s begin with the schedule. Tampa Bay finishes the “competitive” part of the stretch run once the series with New York ends. From there, the Rays face the likes of Seattle, Baltimore and Kansas City. For those who are unaware, that translates to the worst offense since the DH rule was instated and the Tweedle Dee and Tweedle Dum of the American League.The Yankees, on the other hand, have to deal with hated rivals. Boston, a Toronto team that hits enough home runs and strikes out enough batters to hang with anyone (despite the .500 record), and finishes, once again with the Red Sox. The Sox might have been ravaged by injuries this season, but in a rivalry series like that, anything can happen.As for the actual players, Tampa’s core of sprinter Carl Crawford, the mercurial B.J. Upton and slugger Evan Longoria are still in their prime. Tampa Bay’s youth means the Rays can run. Stretching out singles into doubles and going from first to third are their specialty – and an advantage many of the Yankees don’t have.Derek Jeter is on pace for his worst batting average since… well, since ever. A-Rod is still A-Rod, but unless you’re a Minnesota Twins pitcher, there’s no real reason to fear him this season. How un-Alex Rodriguez is Alex Rodriguez this year? Nick Swisher has a higher OPS and batting average than the former MVP. Andy Pettitte might be back, but he’s one re-tweaked groin from dooming New York’s repeat hopes.New York will be the October mainstay it always is, but this year, on the road to face my Twins. The Rays are just too good at finding ways to win, and with their favorable schedule, should coast to their second ever AL East title.last_img read more

Panelists discuss the role of soft power in diplomacy

first_imgThe USC Center on Public Diplomacy held a discussion Thursday night in Wallis Annenberg Hall that focused on the use of soft power in world negotiations. The event, “Does Soft Power Really Matter?” was moderated by BBC host/presenter Ritula Shah as part of a larger series broadcast to both British and international viewers.Soft power, hard choices · Panelists including Jay Wang, director of the USC Center on Public Diplomacy debated the role of soft power in international relations at a discussion on Thursday night. – Linda Hsu | Daily TrojanThe event featured a panel of experts in the fields of global studies and public diplomacy who assessed the significance of soft power in various facets of international relations.The term “soft power” was coined by Joseph Nye, a political scientist and former dean of the John F. Kennedy School of Government at Harvard University.“Soft power is the ability to get things you want through attraction rather than coercion or payment,” Nye said in a previously recorded interview with Shah that was played at the event.Though globalization has made nation-states more interconnected than ever, recent events like Russia’s annexation of Crimea, territorial conflict in the South China Sea and enduring animosity in the Middle East serve as reminders that hostility — in the form of hard power — continues to impede diplomatic interactions on the modern world stage.“Hard power and soft power are historical constants,” said Jay Wang, Director of the USC Center on Public Diplomacy. “What’s new is that in the contemporary times, because of the information environment that we’re living in, the powers are so diffused that there are so many different actors. In order to accomplish peaceful, productive relationships in the context of the global economy, we do rely more on soft power tools to establish that. Even though we are witnessing some hard power moments, in general soft power does matter — and matters more.”Political scientist and professor of public policy at Pepperdine University Robert Kaufman, though, argued that this outlook is overreaching.“Soft power has its place, but you have to make a reasonable distinction between dealing with democratic regimes in the democratic zone of peace, or regimes that are revolutionary, authoritarian and expansionist,” Kaufman said. “In the latter category, the Obama administration has vastly overrated the importance of soft power at the neglect of hard power.”Yet P.J. Crowley, Global Communication Fellow at George Washington University, conceded that hard power is not everything.“You can see today hard power also has its limits. We no longer, thankfully, fight wars to a total surrender. All wars now are wars of choice,” Crowley said. “You have the employment of hard power, but in determining who has the advantage or disadvantage, it’s accompanied by a significant campaign of soft power.”Kaufman later asserted that soft power can be and has been beneficial, but only when the circumstances are convenient.“The United States and weak countries, or countries not in the mainstream of geopolitics, have historically always advocated soft power because they’ve had the luxury to do it,” he said.On this note, Shah cited the temperate relationships between Argentina and Brazil and among the United States and its bordering neighbors.“Let me give you the contrast,” Kaufman said. “If Israel relied on soft power, it’d be gone in 30 minutes. The ability of a country to rely on soft power depends on your neighborhood, your enemies and the situation you’re in. Sometimes it works, and sometimes it’s a death sentence.”Olga Oliker, associate director of the nonprofit global policy think tank RAND Corporation, cited the negative effects of soft power.“Nothing Russia is doing now would have happened if it hadn’t started off with a very effective soft power campaign,” she said.Technology fuels this negative soft power influence as well.“Just because it’s soft doesn’t mean it’s nice,” Oliker said. “Soft power isn’t benevolent power; soft power is an effort to attract. ISIS uses soft power. This is where I think the Information Age is very important. They reach out to people around the world through the Internet, and that’s soft power.”Students at the event said that the discussion highlighted a shift in the study of international relations.“Soft power is the bright side of international relations, with a focus less on war, political maneuvering, or deceptive diplomacy but rather the power of cultural identity and ideals that either bind or separate countries and nations,” said Kenneth Lee, a freshman majoring in international relations (global economy). “Accordingly, globalization makes soft power critical.”Others enjoyed the format of the event.“I think the way this presentation was formatted was really cool because we got to see all these great thinkers discuss live instead of just reading a report or watching a program,” said Nimarta Singh, a sophomore majoring in international relations (global economy).last_img read more

USC Security Roundup

first_imgThe following incidents were reported in the USC Department of Public Safety incident report summary between Monday, Oct. 19, and Tuesday, Oct. 20. Crimes against propertyAt 3:32 p.m. on Oct. 19, a student reported a stolen cell phone from an undisclosed location.At 4:42 p.m. on Oct. 19, a suspect removed a bicycle from 1123 37th Drive.At 4:45 p.m. on Oct. 19, it was reported that an altered USC parking permit caused a staff member’s vehicle to be immobilized.At 7:14 p.m. on Oct. 19, it was reported that three placards were stolen from the fourth floor walls of Albert S. Raubenheimer Music Faculty Memorial Building.At 7:48 p.m. on Oct. 19, it was reported that as a parking gate closed, it caused minor damage to a student’s vehicle.At 12:02 a.m. on Oct. 20, it was reported that a bicycle was reported stolen from Hoffman Hall.At 2:59 a.m. on Oct. 20, it was reported that a University vehicle’s rear driver’s side quarter panel was damaged by unknown means at an unknown location.Miscellaneous incidentsAt 9:26 a.m. on Oct. 19, it was reported that a non-USC male collapsed at Kenneth Norris Jr. Cancer Hospital Research Institute. He was examined and released from the scene.At 12:51 p.m. on Oct. 19, it was reported that a purchase was made at Verna & Peter Dauterive Hall using a counterfeit $50 bill.At 3:32 p.m. on Oct. 19, a student reported that her cell phone was missing.At 7:08 p.m. on Oct. 19, a staff member at Parkside Apartments was transferred to a local hospital after suffering from chest pains.At 9:10 p.m. on Oct. 19, it was reported that a student at Parkside International Residential College was transferred to a local hospital after sustaining a cut to her knee.At 2:49 a.m. on Oct. 20, the contents of a trash bag at Keck Hospital of USC activated a radiation alarm.last_img read more