EIOPA stress tests to give German IORPs ‘headaches’, Bayer warns

first_imgNellshen said some of the results of these exercises would be “critical” for most German pension funds and called on the European Commission to “abandon the idea” of the holistic balance sheet (HBS) approach with harmonised, EU-wide quantitative capital requirements.He urged the Commission to focus instead on a more differentiated, principle-based approach to capital requirements.Nellshen warned that the outcomes of some QA calculations suggested that financial “gaps” could be avoided only by those German pension funds with “a single, large plan sponsor that has very good credit quality”.For pension funds with several smaller sponsors – perhaps lacking any credit rating – the QA requirements in many of the examples would be nearly impossible to fulfil, he said. Nellshen said the calculations for the whole QA exercise, although “simplified” compared with the quantitative impact study (QIS) of 2012, was still “very complex”, particularly with respect to sponsor support. Bayer PK’s CFO, meanwhile, welcomed ECON member William Hayes’s comments on the IORP II Directive, as they “did not include any mandate for EIOPA to derive EU-wide, harmonised quantitative solvency requirements”.As for the stress test as a whole – mandatory for Bayer PK, being one of Germany’s largest pension funds – Nellshen said it was “logical and stringent”.However, he criticised that some parameters were “far removed from practical market experience”, such as the simulated shock on real estate values of up to 63%.“These assumptions,” he said, “might prevent investors from going into long-term real asset investments.”He also repeated his concerns, voiced after the first quantitative impact study in 2012, that marked-to-market valuation could create “completely false steering impulses” for IORPs and lead to “extremely pro-cyclical investment behaviour”. Stefan Nellshen, CFO at the €8.5bn pension fund for pharmaceutical giant Bayer, has warned that German pension funds will need to close “very substantial financial gaps” if they exposed to the full brunt of Solvency II. Speaking at the annual aba conference, Nellshen said meeting the “full Solvency II impact”-variant of the stress tests – referring to Example 1 in the quantitative assessment (QA) – would be “almost impossible” for most German IORPs.“We cannot swallow enough pills to cure the headaches the application of this variant would give us,” he said.Earlier this year, EIOPA issued stress tests for European IORPs (institutions for occupational retirement provision) to complete on a voluntary basis and added a QA exercise – including several variants on scenarios – to assess possible quantitative capital requirements and supervisory regimes.last_img read more

Russia set to bid for 2027 Rugby World Cup hosting

first_img Promoted Content10 Risky Jobs Some Women DoHere Are The Top 10 Tiniest Mobile Phones On The Planet!11 Most Immersive Game To Play On Your Table Top8 Things To Expect If An Asteroid Hits Our PlanetWhat Are The Most Delicious Foods Out There?14 Hilarious Comics Made By Women You Need To Follow Right NowTop 10 Enemies Turned Friends in TVWho Earns More Than Ronaldo?6 Interesting Ways To Make Money With A Drone5 Of The World’s Most Unique Theme Parks7 Universities In The World Where Education Costs Too Much6 Ridiculous Health Myths That Are Actually True Hosts of the 2018 FIFA World Cup, Russia, say they are interested in hosting the 2027 Rugby World cup with 2023 already billed for France.The Russian Rugby Federation confirmed the country will bid to stage the global tournament, with Australia the current favourites to earn host status.World Rugby’s official host bidding process will open in February 2021, with the 2027 host decision expected in May 2022.France held off competition from Ireland and South Africa to stage the 2023 tournament, with Japan having enjoyed a record-breaking competition in 2019.Russia finished bottom of Pool A at Japan 2019, with former London Welsh and Dragons coach Lyn Jones at the helm, and ex-Northampton wing Vasily Artemyev the captain.Russia and USA Rugby teams slug it our in one of their past clashes“On July 24 the supreme council of the Russian Rugby Federation established a committee to prepare an application to host the Rugby World Cup in Russia in 2027,” read a statement on the Russian Rugby Federation website.“Anticipating the creation of the committee, chairman of the supreme council of the Russian Rugby Federation Igor Artemyev recalled that the initiative to prepare an application to host the 2027 Rugby World Cup in Russia was supported president Vladimir Putin at the council for the development of physical culture and sports.Read AlsoHenry-Ajudua opts to play for Nigeria Rugby“The necessary consultations were held with the participation of the ministry of sports. By the end of this year detailed information and criteria for the application are expected.” FacebookTwitterWhatsAppEmail分享 center_img Loading… last_img read more

Klec­zka dominates IMCA Modifieds at Luxemburg

first_imgBy Greg AregoniLUXEMBURG, Wis. (May 13) – On a night that had everyone huddling up to stay warm, Andy Kleczka stayed hot on the track and picked up the Xtreme Motor Sports IMCA Modified feature win at Luxemburg Speedway.Kleczka started up front and never looked back. He put his right rear tire right on top of the track and pulled the field around the 1/3 mile. Kleczka’s only concern was a lap three yellow but after the caution it was a Friday Fun night for Kleczka.Kleczka went untouched the rest of the way and built a lead up to a straightaway in the eventual win. Sean Jerovetz made a run to second half way through the race but could never cut in to the lead. R.M. Van Pay finished third after a race-long duel with Brian Joski.Tom Brumlic opened as the king of the castle in the IMCA Sunoco Stock Car showdown.  Brumlic had quick company from Troy Muench who charged from his 11th starting spot to the front of the field.  Muench made a three-wide pass for the lead on lap six and seemed to have his bases covered.A couple cautions mid-race allowed Brandon Czarapata to find where his car worked best. Czarapata ran to the back bumper of Muench and with three to go got inside of the leader. Muench was forced to try to run the middle but Czarapata was quicker down low. Czarapata held Muench off in the final laps to take home the “W.”  Rob Waechter finished third with Dave Bouche and Shawn Havel rounding out the top five.Race Van Pay was way out front in the Karl Chevrolet Northern SportMod feature after a couple laps. Van Pay held court while the big dogs made their way to the front. Wyatt Block started in the 12th spot and had his racer hooked up everywhere on the track.Block grabbed the lead halfway through the race and never looked back. He had a straightaway lead with five laps remaining and picked up the win. Lucas Lamberies finished second. Todd Weiss won a late race battle for third over Kelsy Hayes and Randy Lemieux Jr.last_img read more

“Grand Pooba” of First Church of Cannabis announces candidacy

first_imgIndianapolis, IN—The founder of Indy’s First Church of Cannabis says he will seek the Libertarian Party nomination for Governor next year. Bill Levin confirms his decision to the Indy Politics blog, promising to assemble a team of advisors representing all three parties.“We will become a force! Especially, if, when in office, we have an immediate committee of the governor of all three parties, equally” remarked Levin.His church in Indianapolis proclaims “The Healing Plant” its Sacrament…last_img read more

Sunday Dare Approves Refund of ‘Misappropriated’ IAAF Money

first_imgDuro IkhazuagbeSports Minister, Sunday Dare, has approved the refund of $135,000 to world athletics body- IAAF.The money is the overpayment made to the Athletics Federation of Nigeria (AFN) two years ago.Despite promises by immediate past Sports Minister, Solomon Dalung, to refund the money, the Jos-based politician did not honour his words before leaving office last May. Minister of Youth and Sports Development, Sunday Dare It became an international embarrassment for the country and her track and field aficionados until Dare offered to refund the money wednesday.In a tweet on his official Twitter handle wednesday, the Sports Minister wrote:“IAAF- I have approved the release of funds to refund the IAAF overpayment wrongly credited to the Athletics Federation of Nigeria. In a few days from now the funds should hit the account of the IAAF baring any interbank delays. With this Nigeria’s reputation is regained.”Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegramlast_img read more

Christmas brushes aside postseason ban talk on, off court

first_img Facebook Twitter Google+ Published on February 7, 2015 at 8:25 pm Contact Jesse: jcdoug01@syr.edu | @dougherty_jesse PITTSBURGH — Rakeem Christmas sat slumped inside a locker, a white hoodie pulled tightly over his head and his college career one day closer to its end date of March 7.Christmas, the only scholarship senior on a team that announced a self-imposed postseason ban Wednesday, said he isn’t thinking about the wall his final season is inevitably going to hit. Instead he said he’s just playing his game, evidenced by the 23 points and 12 rebounds he tallied in Syracuse’s (15-8, 6-4 Atlantic Coast) 83-77 loss to Pittsburgh (16-8, 5-5) at the Petersen Events Center on Saturday.Still, Christmas’ teammates feel for the player most directly affected by Syracuse’s decision to close its season at North Carolina State instead of in the NCAA Tournament, National Invitational Tournament or even the College Basketball Invitational.“I felt bad, I felt bad for him. But at the same time I know he is a strong person and I know he’ll be fine,” SU junior forward Michael Gbinije said. “He’ll definitely continue to play basketball past Syracuse.“You know, it stinks, but he’s been to a Final Four, not a lot of players can say that, I feel bad for him but at the same time it’s life. It happens and I think he’ll move on and be fine.”AdvertisementThis is placeholder textIn SU’s first game after announcing the ban, Christmas and Gbinije led the game in scoring and Christmas was his usual dominant self. He was the only player in the game to play all 40 minutes, while shooting 9-of-13 from the floor, 5-of-8 from the free-throw line and blocking six shots on the other end, but it wasn’t enough to will the Orange to back-to-back conference wins.The loss was a microcosm of Syracuse’s season — Christmas shouldering a sizable offensive load, anchoring SU’s zone defense and not getting the support needed to turn his effort into a win.But this loss is different given where it falls. This year’s team is not thought to be involved in the NCAA investigation that led to the self-imposed ban, but it’s the one paying for it. And its starting center is paying a bulk of the tab.“Rakeem is a tough kid,” SU junior guard Trevor Cooney said. “He knows like all of us that you can only control what you can control.”Christmas insisted that he’s approaching the end of the season with the same, measured demeanor he’s had all year.Said Christmas: “I don’t think about it. I just go out there and play every game like it’s my last and in the end I’ll be fine.” Commentslast_img read more

Premier League wins for Southampton and Arsenal.

first_imgSouthampton remain right in contention for a top four Premier League finish this season.They sit third in the table this morning, having beaten Manchester United 1-0 at Old Trafford.Arsenal are fifth and just a point off the Champions League places, following their 3-0 victory over Stoke. Alexis Sanchez scored twice for the Gunners.last_img

Croatia Will Qualify ahead of Nigeria, Argentina in Group D, Says…

first_img“We all have the intention to do something big, but we are not the only team that wants to achieve something, so that desire needs to be shown on the field.“We qualified for the World Cup when it was hardest, and now we have a common goal, we are all focused on the first game, and the main thing now is to prepare for the game.”The Vatreni will face the Super Eagles of Nigeria in their first game on Saturday at the Kaliningrad Stadium.Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegram Croatia striker Mario Mandzukic believes the team has the quality to scale through the group stage hurdle at the 2018 FIFA World Cup in Russia.Zlatko Dalic’s men are in Group D with Nigeria, Argentina and Iceland.“We’ve been talking about our chances for a long time, and we all know that we have a good team with good individuals. We have our goals, and we have what it takes to take first position in the group,” the Juventus forward told Croatia’s official website.last_img read more

Crusader Baseball preview: Wellington returns 71 innings of starting pitching; but inexperience is an issue elsewhere

first_img5Chantz Daugherty10 Junior Varsity 3Austin Sears9 5. Dunn should be back…Austin Dunn, who tore his knee in week #2 of football and missed all of basketball, is expected to return to sports action in baseball. Dale said the doctor has given him clearance and he should return this week. Expect him to play outfield, where there is plenty of varsity inexperience. Jared Shields is expected to start at center field. He played only two games last season after incurring an injury in the outfield.As of today, Dale said he planned on playing freshman Cade Phelps in left field and Zach Frederick, a senior, would play in right field. Thurs., April 30D-header4:30Winfield, home 7. Churning out the hits…Wellington will have six returning starters at the plate. Nance was the leading hitter in 2014 with a .409 average. Three batters were over .300 hitting in 2014 including Gilmore at .342, Connor Phelps at .321 and Hines at .321. Dunn hit .275 in 2014.“With hitting you never know,” Dale said. “We have the potential of being very good offensively. But we’ll just have to wait and see.” 8.  The competition…Wellington has a shot at winning the AV-CTL DIV but in baseball more than perhaps any other sport, it all depends on circumstances.Wellington could be competing against Andale/Garden Plain for the league marbles. Mulvane, which it sees Thursday, could change that if things don’t go well for the Dukes.“There are so many factors depending who is pitching and when we are playing a specific team,” Dale said. “I can’t really predict how things are going to go in this league.”And then there is Collegiate – which is always the great mystery.Regional assignments have yet to be release. Sat., May 9Triangular0:00at Ark City, v. KC Turner 10. The varsity and jv boys roster… 4Cade Phelps9P/OF 21Arlis Troutman9 Thurs., April 2D-header4:30Mulvane, home Close Forgot password? Please put in your email: Send me my password! Close message Login This blog post All blog posts Subscribe to this blog post’s comments through… RSS Feed Subscribe via email Subscribe Subscribe to this blog’s comments through… RSS Feed Subscribe via email Subscribe Follow the discussion Comments Logging you in… Close Login to IntenseDebate Or create an account Username or Email: Password: Forgot login? Cancel Login Close WordPress.com Username or Email: Password: Lost your password? Cancel Login Dashboard | Edit profile | Logout Logged in as Admin Options Disable comments for this page Save Settings You are about to flag this comment as being inappropriate. Please explain why you are flagging this comment in the text box below and submit your report. The blog admin will be notified. Thank you for your input. There are no comments posted yet. Be the first one! Post a new comment Enter text right here! Comment as a Guest, or login: Login to IntenseDebate Login to WordPress.com Login to Twitter Go back Tweet this comment Connected as (Logout) Email (optional) Not displayed publicly. Name Email Website (optional) Displayed next to your comments. Not displayed publicly. If you have a website, link to it here. Posting anonymously. Tweet this comment Submit Comment Subscribe to None Replies All new comments Comments by IntenseDebate Enter text right here! Reply as a Guest, or login: Login to IntenseDebate Login to WordPress.com Login to Twitter Go back Tweet this comment Connected as (Logout) Email (optional) Not displayed publicly. Name Email Website (optional) Displayed next to your comments. Not displayed publicly. If you have a website, link to it here. Posting anonymously. Tweet this comment Cancel Submit Comment Subscribe to None Replies All new comments Mon., April 6D-header4:30Collegiate, away 2Trey Cary9 13Austin Dunn12OF 16Michael Billington10 Thurs., April 23D-header4:30Circle, home 14Jace Lowe11P/IF 25Braiden Buresh9 Thurs., April 9D-header4:30Rose Hill, home 6Chevy Nuss10 12Noah Rinehart10IF 15DJ Seyfert10 3Cameron Bartelson11C 2Derek Driskell10IF 16Wesley Gilmore11P/IF 6Chevy Nuss10P/OF 23Jaden Hines12C 9Zach Bodkins12OF Thurs., May 7D-header4:30Clearwater, home 6. Infield juggling…Connor Phelps will remain the anchor for the team at shortstop as a junior. Jaden Hines returns as a starting catcher. The other infielders could be a combination of Nance at first base, Gilmore at third base, and filling the gaps when either one of those boys are pitching. Dale said he has three sophomores and a freshman that could be starting at second base and/or first and third on a given game.“Sometimes, the coaches can’t decide from practice to practice who will be playing in those positions,” Dale said.Freshman Arlis Troutman, and sophomores Noah Rinehart, Derek Driskell and Therin Frame figure on being in the mix.center_img 15Therin Frame10IF 9. The WHS schedule… 12Adam Hilt10 Mon., April 20D-header4:30Buhler, away by Tracy McCue, Sumner Newscow — Ten things you need to know about the 2015 Wellington High School baseball team …1. Where we last left off…Wellington lost to Winfield 6-5 in the first round of the Class 4A Regional in Winfield capping off a 10-11 season. The Vikings scored four runs late in the sixth inning to eliminate the Dukes. Monday, March 30D-header4:30Augusta, away 14Therin Frame10 24Jace Lowe11 21Arlis Troutman9IF 1Zach Frederick12OF 18Trevor Nance12P/IF 4. The three pitching starters…Wellington may not have a lot of depth on the mound, but it brings back 76 innings of pitching from 2014. Senior Trevor Nance, who returns after posting a 4-1 record and 2.33 ERA in 33 innings pitched in 2014, will be the primary returning pitcher.Wesley Gilmore, who was 2-3 as a starter last season with a 4.5 ERA, will return as a junior.Adam Condit, 1-0 with a 2.74 ERA in 2014, will be Wellington’s third returning starter.Outside that, it will result on a number of younger guys filling in. For example, tonight, Dale said he is pitching Chevy Nuss, a sophomore, in game one and perhaps, Jace Lowe, a junior in game two.“But it all depends what happens in Augusta,” Dale said.Add a late start for Gilmore and Nance to the mystery pitching equation. Both were playing state tournament basketball just a couple of weeks ago. Dale said he didn’t think either boy would be ready to start tonight. #NAMEGRADEPOSITION Wellington boys baseball 7Dylan Ferguson10 8Trevor Bernd10 11Noah Rinehart10 5Connor Phelps11IF #NAMEGRADEPOSITION 22Skyler Struble11 3. What Wellington has returning…Jesse Dale, who is embarking on his fifth year as the head WHS baseball coach, has 31 players out with six juniors and six seniors.“This is the smallest number of players we have had out since I took over as head coach,” Dale said.Wellington has experience returning though. The Dukes have five position players and three pitchers returning from last season. 17Colton Glover10 Follow us on Twitter. 20Logan Jones9 19Adam Condit12P/OF 30Connor Burnett10 11Jared Shields11OF 1Hayden Baker9 Mon., April 13D-header4:30Andale, away 2. The season begins tonight…Wellington opens the season tonight with a trip to Augusta for a non-divisional double-header. The Crusaders will then have their home opener Thursday at Sellers Park against Mulvane which is also an Ark Valley-Chisholm Trail League Div. IV opener. It will be a busy couple of weeks for the Crusaders, which is scheduled to play four double-headers in 10 days. That constitutes 8 of their 20 high school games scheduled. Of course, that is barring rain outs.last_img read more

Wellington Police Notes: Tuesday, May 17, 2016

first_imgWellington Police notes by Tuesday, May 17, 2016•12:04 a.m. Douglas M. Taylor, 26, Wellington was issued a notice to appear for defective headlamp and driving while license is suspended in the 500 block E. 16th, Wellington.•8:43 a.m. Officers took a report of found bicycle in the 800 block N. Woodlawn, Wellington.•9:51 a.m. Officers took a report of a domestic family dispute by known subject(s) in the 1300 block E. Harvey, Wellington.•11:52 a.m. Officers took a report of suspicious activity in the 1200 block N. Washington, Wellington.•1:19 p.m. Officers investigated a theft of medication in the 800 block N. Woodlawn, Wellington.•1:30 p.m. Officers assisted an outside agency in the Wellington.•3:46 p.m. Justin W E Corter, 33, Wellington was arrested and confined on a Sumner County arrest and detain order for probation violation.•8:31 p.m. Carmen A. Acotto Jr, 45, Wellington was issued a notice to appear for seatbelt violation.•10:59 p.m. Officers investigated possession of stimulant, possession of depressant, possession of drug paraphernalia, driving while license is suspended and illegal registration in the 300  block E. 10th, Wellington by known suspect.•11:33 p.m. Joshua A. Bodner, 25, Wellington was arrested and charged and confined with possession of stimulant, possession of depressant, possession of drug paraphernalia, driving while license is suspended and illegal registration.last_img read more