Dutch insurers prove local investment a ‘responsible policy’, minister says

first_imgKamp stressed the importance for schemes’ participants that pension funds and insurers invest locally, saying this boosted Dutch society and helped workers.Diederik Samson, leader of the labour party PvdA, also called for additional pension fund investments in The Netherlands, arguing that an additional investment of 1% would benefit the local economy by €10bn.When asked by IPE sister publication FD-IPNederland, Kamp said an additional percentage point of investment was not his final target and he declined to be more specific.Encouraging pension funds to increase their local investments is a sensitive issue, as it involves private institutions.According to Eloy Lindeijer, head of asset management at the €159bn provider PGGM, “forced investment” is one of the risks of the NII.However, in the opinion of Jan van Rutte, the architect of the NII plan, the risks associated with the Institution would be no different than if it did not exist, although he conceded the risks could increase due to “publicity pressure” for local investment.Another risk is that the NII, despite the support of institutional investors, cannot offer “sound investments”.Lindeijer said he expected that it would take approximately three months before the NII could take off.The Institution aims to offer its first investment in 2015.The NII is considering issuing subordinated loans to small and medium-sized companies, as an addition to the NL Ondernemingsfonds, an initiative of the pensions providers MN and Syntrus Achmea in cooperation with banks and asset manager Robeco. Henk Kamp, minister for the Dutch Ministry of Economic Affairs, has said the new National Investment Institution (NII) will offer pension funds greater options for investing locally in the Netherlands.During the presentation of a concrete plan for the NII, Kamp, a former minister for Social Affairs, said the example of Dutch insurers showed that local investment could be a “responsible policy”.Currently, Dutch insurers invest 43% of their assets in the Netherlands, whereas pension funds invest just 14%.Investors from North America know this as well, Kamp said, adding that the US ambassador told the minister US investments in the Netherlands were larger than its combined stake in the BRIC countries – Brazil, Russia, India and China.last_img read more

Chelsea v Stoke City: match preview, team news, facts and figures

first_imgEden Hazard will take on Ibrahim Afellay again as Chelsea meet Stoke.Kick-off: 3pm, Saturday 5 March 2016Referee: Mark Clattenburg (Gosforth, Newcastle-upon-Tyne)Match in a nutshell: After an 11-match unbeaten league run under Guus Hiddink, Chelsea have the chance to move up to seventh with a win over Europa League-chasing Stoke.Five key battles: Including Cesc Fabregas v Giannelli Imbula Injuries and suspensionsCHELSEARuled out: John Terry (hamstring), Pedro (hamstring), Kurt Zouma (knee), Radamel Falcao (thigh).Fitness test: Kenedy (groin).STOKE CITYRuled out: Phil Bardsley (calf), Ryan Shawcross (back), Glen Johnson (knee), Marc Wilson (knee), Charlie Adam (calf), Shay Given (knee).Fitness test: Geoff Cameron (ankle). Possible line-upsChelsea: Courtois; Azpilicueta, Cahill, Ivanovic, Kenedy; Matic, Fabregas; Willian, Oscar, Hazard; Costa. Subs from: Begovic, Amelia, Aina, Miazga, Clarke-Salter, Baba, Mikel, Loftus-Cheek, Traore, Pato, Remy.Stoke City: Butland; Cameron, Muniesa, Wollscheid, Pieters; Whelan, Imbula; Shaqiri, Afellay, Arnautovic; Walters.Subs from: Haugaard, Teixeira, Ireland, El Ouriachi, Joselu, Bojan, Odemwingie, Diouf, Crouch. Vital statisticsForm guide – last five league matchesChelsea total: W W W D D (11 points)Home: W D D D D (7 points)Stoke City total: W W W L L (9 points)Away: W L L L W (6 points)Top scorers – all competitionsChelsea: Costa 14; Willian 10; Oscar 8; Pedro 5; Cahill 3, Fabregas 3, Ramires 3, Remy 3, Traore 3; Azpilicueta 2, Hazard 2, Ivanovic 2, Kenedy 2, Zouma 2; Falcao 1, Loftus-Cheek 1, Matic 1, Mikel 1, Terry 1.Stoke City: Arnautovic 10; Walters 7; Bojan 5; Diouf 3, Joselu 3, Shaqiri 3; Afellay 2, Crouch 2; Bardsley 1, Imbula 1.Last five meetings7 November 2015: Stoke City 1 Chelsea 027 October 2015: Stoke City 1 Chelsea 14 April 2015: Chelsea 2 Stoke City 122 December 2014: Stoke City 0 Chelsea 25 April 2014: Chelsea 3 Stoke City 0Chelsea 3 wins, Stoke 1 win, 1 drawFollow West London Sport on TwitterFind us on Facebooklast_img read more

PVL schedules provincial matches next month

first_imgFrontrow holds fun run to raise funds for young cancer patients  LOOK: Loisa Andalio, Ronnie Alonte unwind in Amanpulo for 3rd anniversary Read Next Don’t miss out on the latest news and information. Typhoon Kammuri accelerates, gains strength en route to PH Nonong Araneta re-elected as PFF president LATEST STORIES BSP sees higher prices in November, but expects stronger peso, low rice costs to put up fight “We just want to go straight to our fans in the provinces and show our appreciation to them for supporting the PVL through the years,” said Sports Vision president Ricky Palou.The PVL will also make stops in Bacolod City and Iloilo on Oct. 17 and Oct. 18, respectively.FEATURED STORIESSPORTSWATCH: Drones light up sky in final leg of SEA Games torch runSPORTSSEA Games: Philippines picks up 1st win in men’s water poloSPORTSMalditas save PH from shutoutBatangas is also being eyed as a venue for future matches.—BONG LOZADA, INQUIRER.NET The Premier Volleyball League is scheduled to play exhibition games in three cities outside of the capital in October in an attempt to grow the brand outside of Metro Manila.Tuguegarao will be the first out-of-town host on Oct. 7 when San Sebastian takes on BanKo-Perlas at People’s Gym at 3:30 pm followed by the game between three-time champion Pocari Sweat and Creamline at 5:30 p.m.ADVERTISEMENT Fire hits houses in Mandaluyong City Roberts nets brace as Global Cebu earns draw vs Hougang United MOST READ Fire hits houses in Mandaluyong City Brace for potentially devastating typhoon approaching PH – NDRRMC View comments Duterte had wanted Albayalde to take terminal leave — Go PLAY LIST 02:31Duterte had wanted Albayalde to take terminal leave — Go01:30PNP officials inspect Cubao bus terminals ahead of Undas00:50Trending Articles01:37Protesters burn down Iran consulate in Najaf01:47Panelo casts doubts on Robredo’s drug war ‘discoveries’01:29Police teams find crossbows, bows in HK university01:35Panelo suggests discounted SEA Games tickets for students02:49Robredo: True leaders perform well despite having ‘uninspiring’ boss02:42PH underwater hockey team aims to make waves in SEA Gameslast_img read more

21 days agoMan City rival Man Utd, Arsenal for Norway midfielder Odegaard

first_imgMan City rival Man Utd, Arsenal for Norway midfielder Odegaardby Paul Vegas21 days agoSend to a friendShare the loveManchester City are rivaling Manchester United and Arsenal for Norway midfielder Martin Odegaard.Winger Odegaard has impressed at Real Sociedad this season, where the 20-year-old is on loan from Real Madrid, and it emerged this week that the Red Devils and the Gunners are considering a swoop.Now City are the latest European giant to show interest, with manager Pep Guardiola keen to find a long-term successor for Silva, 33, who is expected to leave the Etihad at the end of the season after a glittering nine-year spell in Manchester, says El Desmarque.The City boss has been keeping tabs on the midfielder’s development in La Liga and has been impressed. TagsTransfersAbout the authorPaul VegasShare the loveHave your saylast_img read more

8 days agoAgent sets return date for Juventus captain Chiellini

first_imgAbout the authorCarlos VolcanoShare the loveHave your say Agent sets return date for Juventus captain Chielliniby Carlos Volcano8 days agoSend to a friendShare the loveJuventus captain Giorgio Chiellini hopes to be playing again in the New Year.The 35-year-old defender was ruled out for at least six months by a torn anterior cruciate ligament at the end of August.“His recovery is progressing positively and the man has this magnetic positivity,” Davide Lippi told TMW Radio.“It’s incredible. He works so hard every day and when I call him up, he’s the one who reassures me. He is making giant leaps forward.“I don’t know the precise date of his comeback, but it will certainly be in the New Year. It might be the end of January, February or March, but he will certainly be there for the final part of the season.” last_img read more

Video: Jay Bilas Drops Hilarious “What Are Those?!” At West Virginia Player’s Gold Sneakers

first_imgCollege GameDay at Syracuse.SYRACUSE, NY – FEBRUARY 01: ESPN College GameDay hosts (L-R) Rece Davis, Jalen Rose, Digger Phelps and Jay Bilas prior to the game between the Duke Blue Devils and the Syracuse Orange at the Carrier Dome on February 1, 2014 in Syracuse, New York. (Photo by Rich Barnes/Getty Images)West Virginia guard Jevon Carter had to know he’d get a reaction with the shoes he’s wearing tonight. With the Mountaineers facing Virginia in a great match-up at Madison Square Garden, Carter broke out bright gold kicks for the occasion. They’re quite audacious.#WVU has arrived at MSG. Here’s Jevon Carter… pic.twitter.com/amEmnakzrl— Greg Madia (@GregMadia) December 8, 2015Jay Bilas certainly noticed the kicks, hitting Carter with a loud “What Are Those?!” on air.  For those who aren’t as hip as Bilas, “What Are Those” is a meme that became popular over the summer, and is generally exclaimed at someone wearing lame or ridiculous shoes. Even Michael Jordan got hit with it this year, so don’t feel too bad, Jevon.[Reddit]last_img read more

GOGL Still in The Red

first_imgzoom Dry bulk shipping company Golden Ocean Group Limited (GOGL) managed to narrow its net loss in the first quarter of 2017, reaching USD 17.9 million, compared to a loss of USD 68.2 million posted in the respective period a year earlier. In a what was described as “slightly weaker” market environment, the company’s total operating revenues stood at USD 83.8 million, compared to USD 45 million seen in 1Q 2016.Adjusted EBITDA for the quarter increased to USD 17.5 million from USD -14.2 million recorded in the respective period last year.During the quarter, GOGL entered into agreements to acquire sixteen dry bulk vessels in a ship-for-share transaction in exchange for 17.8 million shares and the assumption of USD 285.2 million in debt.Of the sixteen ships to be acquired, fourteen will be acquired from subsidiaries of Quintana Shipping, and two ice class Panamax vessels will be acquired from subsidiaries of Seatankers, an affiliate of Hemen Holding, the company’s largest shareholder.“The freight rate environment held up in the first quarter of the year, a quarter that is typically characterized by seasonal weakness. Demand growth was sufficient to partially offset seasonal weakness as well as the 13 million dwt net growth of the global fleet during the quarter. Against this backdrop, we believe that our acquisition of a large fleet of modern, high-quality vessels in a ship-for-share transaction was timely. The acquired vessels, averaging 4 years of age, which matches the age profile of our existing fleet, will further enhance our … commercial scale and increase our operational leverage. We believe these acquisitions will … position us well for further improvements in the dry bulk market,” Birgitte Ringstad Vartdal, Chief Executive Officer of Golden Ocean Management AS, commented.In mid-March, the company completed an equity offering at NOK 60 per share, raising gross proceeds of NOK 516.5 million (around USD 60 million) to provide financial support for the vessel acquisitions.“We will pay the full accumulated deferred repayments of USD 54 million of bank debt in the second quarter of 2017 by triggering the cash sweep mechanism put in place during our first quarter 2016 restructuring due to earnings levels in excess of those anticipated at that time. Also, following the delivery of the recently-acquired 16 vessels, we expect our cash breakeven levels to be further reduced. Given our significant leverage to an improving market and highly competitive cash breakeven levels, a sustained period of market strength will allow us to continue to deleverage the company’s balance sheet,” Per Heiberg, Chief Financial Officer of Golden Ocean Management AS, added.In the three-month period ended March 31, 2017, GOGL took delivery of two Ultramax newbuildings, Golden Virgo and Golden Libra, and two Capesize newbuildings, Golden Surabaya and Golden Savannah, and decided to postpone the delivery of six remaining newbuilds until 2018.On May 23, GOGL took delivery of the ninth bulker from the batch of the sixteen recently acquired ships. The vessel in question is the 179,200 dwt Q Anastasia which will be renamed Golden Anastasia.GOGL said it has issued 550,000 consideration shares to Quintana and associated companies in exchange for the 2014-built vessel. Following this transaction, the company’s issued share capital is USD 6,233,649.60 divided into 124,672,992 issued shares, each with a nominal value of USD 0.05.In its outlook for 2017, GOGL said: “The company’s results for the first quarter reflect rates obtained by favorable fixtures done in the fourth quarter of 2016 as well as a sustained rate environment in the first quarter of 2017. Based on these conditions, the board is pleased that the company is able to deleverage through paying down the full one-year deferred debt. So far in the second quarter rates remain above cash breakeven levels, enabling the company to deleverage further.”“The company has a strong cash position and limited cash funding of the remaining newbuilding program net of debt commitments…We expect to see continued volatility over the course of the year. A broader global growth is positive for the dry bulk trade and should be supportive to the market development. The current order book is at acceptable levels and new regulations should over time also keep scrapping activity up. However, new ordering of vessels is a threat to a broader recovery in the dry bulk market,” GOGL concluded.last_img read more

Toronto stock market shut down while US markets flat Loonie edges down

first_imgTORONTO – Canada’s main stock index was shut down early Friday afternoon after technical issues prevented users from accessing the Toronto Stock Exchange, while U.S. markets were mixed.Before an “internal technical issue” prompted the TMX Group to shut down its exchanges at 3 p.m., the latest data reading at 1:39 p.m. showed the S&P/TSX composite index was up 31.34 points to 15,668.93. Canada’s biggest exchange operator said it planned to release updated closing prices later on Friday.Kash Pashootan, CEO and chief investment officer of First Avenue Investment Counsel, said in his 20-year career this kind of shutdown was “rare” to see.“It’s premature to really assess what this means, but certainly it’s not an everyday occurrence,” he said in an interview. “And that in itself will raise questions.”The TMX Group said in a statement Friday that it had identified the issue and was working to fix it, and expects to resume trading on Monday.Meanwhile, U.S. markets were largely flat despite strong earnings including from Amazon Inc., whose shares surged to an all-time high on the e-commerce giant’s better-than-expected results. Amazon shares later closed up 3.6 per cent to US$1,572.62 on the Nasdaq.In New York, the Dow Jones industrial average closed down 11.15 points to 24,311.19. The S&P 500 index closed up 2.97 points to 2,669.91 and the Nasdaq composite index closed up 1.12 points to 7,119.80.Earnings season is halfway through and has produced robust results, but it has not been reflected in the equity markets, said Pashootan.“You’re seeing the market take a cautious approach to share price appreciation, despite the fact that the numbers have been strong,” he said. “That speaks to the fact that there is more concern in the market for some of the variables that can cause a selloff.”He said concerns include the 10-year treasury yield creeping above the psychological level of three per cent earlier this week, which spooked investors, before retreating slightly towards the end of the week.The competition between stocks and bonds is heating up, he added, while geopolitical concerns continue to stoke concern.“Some new risks, many old risks, but the market is taking a more wait-and-see approach than it has in previous years,” Pashootan said.The Canadian dollar was trading at 77.78 cents US, up 0.03 of a US cent.The June crude contract was down 9 cents to US$68.10 per barrel and the June natural gas contract was down 7 cents to US$2.77 per mmBTU.The June gold contract was up US$5.50 to US$1,323.40 an ounce and the July copper contract was down 7 cents to US$3.07 a pound.last_img read more

Hotel Transylvania 3 tops charts Skyscraper stumbles

first_imgLOS ANGELES, Calif. – “Hotel Transylvania 3: Summer Vacation” has checked into the No. 1 spot at the box office in its opening weekend and left the Dwayne Johnson action thriller, “Skyscraper,” in the dust.Sony Pictures estimated Sunday that the animated family movie earned $44.1 million from North American theatres. As the first in the franchise to open in the summer, it’s just slightly under the previous installment’s $48.5 million debut in September 2015.Worldwide, “Hotel Transylvania 3” has already earned more than $100 million.“It’s really terrific,” said Adrian Smith, Sony’s head of domestic distribution. “We’re positioned to take advantage of the valuable summer weekdays and there are six weeks of summer left.”The successful series has grossed over $900 million worldwide to date.Going into the weekend, experts expected a three-way race to the top between “Hotel Transylvania 3,” ”Skyscraper” and “Ant-Man and the Wasp,” but the family film won by a large margin.“There haven’t been a lot of options for families this summer,” said comScore senior media analyst Paul Dergarabedian. “They become instant hits.”Johnson’s “Skyscraper,” a rare original summer blockbuster, remained earthbound in its first weekend in North America. The Universal Pictures film brought in only $25.5 million domestically. “Skyscraper” cost a reported $125 million to produce, not accounting for marketing costs.Johnson has been a consistent presence in movie theatres this year with both “Jumanji: Welcome to the Jungle” and “Rampage” prior to “Skyscraper.” Both previous films opened in the $35 million range, and while “Jumanji” went on to be a worldwide box office juggernaut, “Rampage” petered out domestically just under $100 million. As with “Rampage,” however, the studio is expecting the majority of “Skyscraper” profits to come from international audiences.“‘Skyscraper’ is really engineered for a global release and it got a terrific start,” said Jim Orr, Universal’s president of domestic distribution. “We have great faith in a more than terrific run at the domestic box office going forward.”Internationally, “Skyscraper” grossed $40.4 million from 57 territories for a global total of $65.9 million.Second place went to Disney and Marvel’s “Ant-Man and the Wasp,” which brought in an additional $28.8 million in its second weekend, down 62 per cent from last week. It’s one of the steeper second week falls in the Marvel Cinematic Universe. The first “Ant-Man” fell 53 per cent.“Incredibles 2” took fourth place with $16.2 million and “Jurassic World: Fallen Kingdom” rounded out the top five with $15.5 million.A handful of smaller releases made notable splashes this weekend including Annapurna’s buzzy dystopian satire “Sorry to Bother You,” which opened in limited release last week and added 789 locations this weekend. It earned $4.3 million in its expansion for spot No. 7 on the charts.The coming of age film “Eighth Grade” also scored top marks, and the highest per theatre average of the year, with $252,284 from four theatres. The well-reviewed pic will expand nationwide in the coming weeks.And documentaries continue to perform well too, including the Fred Rogers doc “Won’t You Be My Neighbour?” which added $1.9 million from 868 theatres, and “Three Identical Strangers” which expanded to 167 theatres and grossed $1.2 million.Estimated ticket sales are for Friday through Sunday at U.S. and Canadian theatres, according to comScore. Where available, the latest international numbers for Friday through Sunday are also included. Final domestic figures will be released Monday.1. “Hotel Transylvania 3: Summer Vacation,” $44.1 million ($46.4 million international).2. “Ant-Man and the Wasp,” $28.8 million ($35.3 million international).3. “Skyscraper,” $25.5 million ($40.4 million international).4. “Incredibles 2,” $16.2 million ($33.3 million international).5. “Jurassic World: Fallen Kingdom,” $15.5 million ($26.7 million international).6. “The First Purge,” $9.1 million ($6.2 million international).7. “Sorry to Bother You,” $4.3 million.8. “Sicario: Day of the Soldado,” $3.9 million ($1.7 million international).9. “Uncle Drew,” $3.2 million ($70,000 international).10. “Ocean’s 8,” $2.9 million ($4.3 million international).___Estimated ticket sales for Friday through Sunday at international theatres (excluding the U.S. and Canada), according to comScore:1. “Dying to Survive,” $66.6 million.2. “Hotel Transylvania 3: Summer Vacation,” $46.4 million.3. “Hidden Man,” $44.8 million.4. “Skyscraper,” $40.4 million.5. “Ant-Man and the Wasp,” $35.3 million.6. “Incredibles 2,” $33.3 million.7. “Jurassic World: Fallen Kingdom,” $26.7 million.8. “Asura,” $6.6 million.9. “The First Purge,” $6.2 million.10. “Ocean’s 8,” $4.3 million.___Universal and Focus are owned by NBC Universal, a unit of Comcast Corp.; Sony, Columbia, Sony Screen Gems and Sony Pictures Classics are units of Sony Corp.; Paramount is owned by Viacom Inc.; Disney, Pixar and Marvel are owned by The Walt Disney Co.; Miramax is owned by Filmyard Holdings LLC; 20th Century Fox and Fox Searchlight are owned by 21st Century Fox; Warner Bros. and New Line are units of Time Warner Inc.; MGM is owned by a group of former creditors including Highland Capital, Anchorage Advisors and Carl Icahn; Lionsgate is owned by Lions Gate Entertainment Corp.; IFC is owned by AMC Networks Inc.; Rogue is owned by Relativity Media LLC.___Follow AP Film Writer Lindsey Bahr on Twitter at: http://twitter.com/ldbahrlast_img read more