Dutch glass-makers’ scheme to merge with €16bn industry-wide pension fund

first_imgSPVG, the €375m pension fund for glass manufacturers in the Netherlands, has said it will liquidate itself and join PGB, the €16.3bn industry-wide pension fund for the Dutch graphics, packaging and process industry. The pension fund is still waiting for the DNB – the pensions regulator – to pay damages for lost returns after the watchdog forced SPVG to offload its gold holdings.The pension fund filed an €11m claim for compensation against the DNB after the regulator was adjudged to have wrongly ordered the scheme to slash its gold allocation from 13% to 3%.The pension fund’s decision to pursue compensation followed the rejection of the DNB’s appeal against the verdict of the Rotterdam court. The court had ruled that the watchdog’s reasoning in the case had been “unacceptable”.Although the DNB has not yet paid, SPVG has already factored in the €9.5m into its assets.Meanwhile, SPVG’s employer, O-I Netherlands, is to provide an additional contribution of €4m to facilitate the transfer of pension rights, which is to take effect on 1 October.Last year, the company contributed an additional €7.5m to limit a necessary rights discount of 6.1% to 4.6% for the more than 3,000 predominantly older participants.The pension fund said its employer had made the newest additional contribution conditional to a merger with PGB, which is expected to implement the pension arrangements against much lower costs.Last year, SPVG lost 11.2% on its investments as a consequence of the effect of increasing interest rates on its large fixed income allocation.last_img read more

Attorney Kofi Woods Offers to Represent Duncan

first_imgThomas Eric Duncan, 42, is currently fighting for his life, according to information from the Texas Presbyterian Hospital where he is isolated, and his condition has moved from critical to worse.  But while he is fighting for his life, officials in Liberia are plotting for his prosecution, along with others found in deliberately infesting others.  Justice Ministry officials reportedly held a discussion last week on how to prosecute Ebola infected persons who knowingly would infect others.  “This is a serious situation,” said a young man who has followed the crisis involving Mr. Duncan’s trip to the United States. “The situation is critical and has legal implications.”This has provoked the recent reaction of former Public Works Minister, Attorney Samuel Kofi Woods.  Mr. Woods, speaking at a Carter Center forum at the Emory University’s Department of Ethics and International Studies recently, said it was premature to discuss the innocence or guilt of Mr. Duncan.  Minister Woods was addressing the issue as to whether Duncan knowingly and deliberately planned to mislead authorities when he answered “no” to questions whether he had contact with Ebola patients. But with a clear open-ended question and answer, many Liberians are worried that Mr. Duncan’s action was anything but deliberate.  Though Minister Woods noted that the current situation should rather focused on proper legal representation, he said he would represent Mr. Duncan’s rights to a free and fair trial that guarantees his due process rights.  “The issue of due process indicates that the action by Mr. Duncan should be on the books,” admitted a law student, who asked not to be identified, “for the Justice Minister to want to prosecute any violator may involve human rights issues.”  Indeed there are fundamental issues the Liberian government should take into account, many Liberians interviewed for this article said. This is precisely Attorney Woods’ view.One has to do with the government’s initial response to the Ebola epidemic.  Like many Liberians, Attorney Woods described Liberian government’s response as, “woeful, inadequate, and disjointed.” And if the government proceeds with the case, Woods said, “we will assemble the best legal team to put the Liberian government on trial, for failing the people of Liberia, rather than Mr. Duncan, a victim of institutional neglect.” That is if Mr. Duncan survives.   Attorney Woods seems to have a case against the Liberian government, as he has indicated his willingness to fight the Duncan case to the end. “We know too well the trail of the countless displays of wholesale impunity, complicity, neglect and abuses that have occurred recently and over the years under the watchful eyes of this Government. The list is endless,” he said.  How can the Liberian government win such a case against Mr. Duncan, if it ever comes to court? But many Liberians are also saying that for a start, what would be the government’s response when Mr. Duncan took the Ebola infested patient to seek medical attention? Did the Liberian government have any initiative to ensure that anyone who takes a sick person to any medical center is questioned and possibly isolated?  “First of all, the Liberian government should set things straight with itself,” said a seller in Monrovia.  “Does this government have any tracking system to identify suspected Ebola patients and those who might have come into contact with them?” This is where the major issue is.  Perhaps prosecuting Mr. Duncan can hold ground if what many see as necessary actions are considered first, as suggested by Attorney Woods.“I have said repeatedly that we continue to commit moral sin and ethical transgression against the poor and weak. It is the poor, weak and powerless that are vulnerable to the caprices of our governments. We ignore their needs and demands, we reward their abusers, turn a blind eye to the theft and abuse that deprive them of basic social services, including health care, yet we are anxious to punish them, even before we gather all the facts. This must stop!”   Admittedly, the Duncan issue is larger than itself. And prosecuting violators may seem to be the best option, but for any success, many Liberians are asking the Liberian government to recognize its own shortcomings, or the effort would be a waste of resources that government has said it did not have. “We don’t need any window-shopping case that may serve as a distraction,” said a local attorney. “We have a larger problem here.”Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)last_img read more

Lee Clayton confirmed as new Head of talkSPORT after 14 years at the Mail

first_imgLee Clayton has been confirmed as the new Head of talkSPORT after joining from the Daily Mail, Mail on Sunday and Mail Online where he is currently Head of Sport.Clayton spent 14 years at the newspaper, helping them to win several major awards during his tenure in charge. But he has agreed to make the switch to the key role within the Wireless organisation, overseeing all programming across talkSPORT and talkSPORT2.Clayton will sit across a major drive to integrate the sports content with teams across all the platforms with the News UK group – including The Times,  The Sun and the Sunday Times.Scott Taunton, CEO of the Wireless Group, said: “This is a great hire for us at a very exciting time for Wireless with our move to The News Building around the corner and a jam-packed sporting calendar kicking off alongside exclusive rights across a number of sports.“I’ve no doubt Lee will complement the superb talent we already have working across talkSPORT and talkSPORT2. How the Premier League table could change after the Boxing Day fixtures Which teams do the best on Boxing Day in the Premier League era? REVEALED possible standings Top nine Premier League free transfers of the decade Best clips, calls and talkSPORT moments of 2019, feat Hearn, McCoist and more MONEY impact Clayton (R) helped the Mail win the Award for Newspaper of the Year in 2017 by Patrick Collins (L) during the SJA British Sports Journalism Awards highlights Forbes list reveals how much Mayweather, Ronaldo and Messi earned this decade Transfer news: After 14 years I will be departing my role as Head of Sport of the Daily Mail to take on an exciting new challenge as Head of talkSPORT. I leave a brilliant team but look forward to an exciting new adventure. Start/exit date tbc @talkSPORT @MailSport— Lee Clayton (@LeeClayton_) September 7, 2018“Lee brings with him a wealth of sporting knowledge and content and I was particularly struck by his passion for both radio and publishing – a key factor for us and our editorial colleagues at The Sun, The Times, and The Sunday Times.“I am simply delighted to have someone of his calibre on board.” silverware 1 smart causal Most read football stories RANKED Every current Premier League club’s best kit from the past decade Every Championship club’s best signing of the decade, including Taarabt and Dack England’s most successful clubs of the past decade, according to trophies won Clayton added: “I am thrilled with my appointment and this opportunity to head-up the country’s leading sports radio station.“talkSPORT is the home of sports radio and my new role is the radio equivalent of being given the chance to have a daily kick-around with Ronaldo and Messi.“Having spent 30 years in national newspapers as well as a three-year stint presenting on talkSPORT this feels like the perfect storm of radio and publishing coming together.”last_img read more