Dutch healthcare scheme PFZW grants partial indexation of 0.94%

first_img“Although the economic recovery appears to be taking hold, the financial markets are still volatile,” he said. “This underlines the importance of a new and future-proof pension scheme, which should moderate wide fluctuations.” Almost all asset classes contributed to the pension fund’s return, which the director described as “satisfactory”. PFZW’s liquid equity portfolio returned 21.3%, while its private equity holdings returned 19.4% “due to revaluations”.The scheme added that structured credit delivered 20.4% on lower credit spreads. The scheme’s 11% property allocation returned 7.7%.The healthcare fund further reported results on infrastructure, hedge funds and catastrophy insurance of 5.4%, 5.6% and 9.6%, respectively. In contrast, the pension fund lost 10% on its fixed income securities, mainly as a result of rising interest rates. Its 22% allocation to government bonds, interest and inflation swaps lost 13.8%.However, Jan-Willem van Oostveen, the scheme’s investment manager, pointed out that this figure included the effect of the rising interest rates on the 40% hedge of the pension fund’s liabilities.Within this context, the healthcare scheme concluded that a sustained increase of long-term interest rates may drag on total returns in future. Yet Borgdorff explained to IPE that the pension fund would still reap the benefits of rising interest rates for the non-hedged part of its liabilities, and stressed that the funding ratio was the scheme’s most important criterion. PFZW attributed the 5.9% loss on its investments in high yield and emerging market debt to the depreciation of local currencies against the euro. It also said the return on commodities was close to 0%, “as the price increase of Brent oil and industrial metals was largely offset by price drops of West Texas Intermediate oil and agricultural products”.The scheme added that corporate bonds benefited from a decrease in credit spread, returning 1.1% in 2013.During the presentation, Borgdorff lamented the consecutive delays at the Ministry of Social Affairs in drawing up proposals for a new financial assessment framework (FTK).He said he was worried the new introduction date of 1 January 2015 could not be met either, and added that PFZW still strongly supported a new pensions contract under real terms rather than nominal terms.The scheme’s director also called for a broad debate about the review of the pensions system, involving all stakeholders, and including all controversial issues, instead of solving one problem at the time. The healthcare scheme Zorg en Welzijn (PFZW) saw its assets increase to more than €137bn on the back of an annual return of 3.7%, supported by a fourth-quarter result of 1.9%.Last year, the pension fund’s coverage ratio increased by 8 percentage points to almost 110%, enabling the scheme to grant a partial indexation of 0.94%, according to Peter Borgdorff, the scheme’s director, during the presentation of the preliminary figures. He indicated that PFZW would keep the yearly pensions accrual at 1.95% for its participants this year, and that it would also keep the contribution level at 24.4% of the salary.However, Borgdorff said he remained cautious.last_img read more

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Shohei Ohtani fans should be patient, Hasegawa says

first_imgTEMPE, Ariz. — Shigetoshi Hasegawa suggests that fans of Shohei Ohtani exercise some patience.“He’s going to be a Yu Darvish or (Masahiro) Tanaka,” the former Angels pitcher from Japan said. “Right now, you can’t expect too much. That’s what I think.”Hasegawa, who pitched for the Angels from 1997 to 2001, was in camp Wednesday, conducting an interview with Manager Mike Scioscia for Japanese television. Speaking to reporters afterward, Hasegawa emphasized the difficulty of the transition the 23-year-old Ohtani is facing.“Even just for pitching, it’s pretty tough to adjust coming over here,” he said. “It’s not going to be easy, both hitting and pitching. But it seems like he’s enjoying everything. That’s the key. You gotta enjoy the moment.” The first lineupThe Angels used all of their projected everyday players in one lineup Wednesday for the first time this spring, which allowed a look at Scioscia’s preferred batting order.Ian Kinsler batted leadoff, followed by Mike Trout, Justin Upton, Albert Pujols, Kole Calhoun, Zack Cozart, Luis Valbuena, Andrelton Simmons and Martin Maldonado.Kinsler, Calhoun and Cozart seem to be the variables, as any of them could hit in front of Trout or lower in the lineup.“I think this lineup has a lot of flexibility,” Scioscia said. “We can certainly see how the groupings work moving forward when we get into the season. I think this is a great template to work off. If we have to adjust, we can.”AlsoAlthough Pujols was the DH on Wednesday, Scioscia said he came through Tuesday’s three innings at first base without issue. Pujols, who has played little in the field the past two years, is expected to handle significant time at first this year. …Chris Young (strained calf) has been doing some swinging in the cage, even though he’s still in a walking boot, Scioscia said. Hasegawa also said he’ll now be rooting for Ohtani, even though he was on the other side when he worked as a scout for the Orix Buffaloes and Ohtani was playing for the Nippon-Ham Fighters.“He was the enemy so I didn’t like him,” Hasegawa said. “Now, he plays for the Angels. I gotta cheer for him.”As for Ohtani’s daily routine, on Wednesday he threw a bullpen session and took some “light” batting practice in the cage, Scioscia said. Although Scioscia said Ohtani will not hit in games on days he throws in the bullpen, General Manager Billy Eppler said that won’t necessarily be the case during the season.“He is cleared to hit in a game on a bullpen day,” Eppler said.Ohtani will pitch next Friday, in a B game against the Milwaukee Brewers in Maryvale. The game, at 10 a.m. Arizona time, will be played at Maryvale Stadium, but will not be open to the public. Going by his current schedule, his next time hitting in a game would then be Sunday, at the earliest.center_img Newsroom GuidelinesNews TipsContact UsReport an Errorlast_img read more

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Shohei Ohtani delivers go-ahead hit in 9th to lift Angels to victory

first_imgPreviousOAKLAND, CALIFORNIA – MAY 28: Jonathan Lucroy #20 of the Los Angeles Angels slides safely Josh Phegley #19 of the Oakland Athletics to score on a hit by David Fletcher #6 in the second inning at Oakland-Alameda County Coliseum on May 28, 2019 in Oakland, California. (Photo by Ezra Shaw/Getty Images)Los Angeles Angels’ David Fletcher swings for a two run single off Oakland Athletics’ Frankie Montas in the second inning of a baseball game Tuesday, May 28, 2019, in Oakland, Calif. (AP Photo/Ben Margot) SoundThe gallery will resume insecondsOAKLAND, CALIFORNIA – MAY 28: Cam Bedrosian #32 of the Los Angeles Angels pitches against the Oakland Athletics in the first inning at Oakland-Alameda County Coliseum on May 28, 2019 in Oakland, California. (Photo by Ezra Shaw/Getty Images)Los Angeles Angels pitcher Cam Bedrosian works against the Oakland Athletics in the first inning of a baseball game, Tuesday, May 28, 2019, in Oakland, Calif. (AP Photo/Ben Margot)Oakland Athletics pitcher Frankie Montas works against the Los Angeles Angels in the first inning of a baseball game Tuesday, May 28, 2019, in Oakland, Calif. (AP Photo/Ben Margot)OAKLAND, CALIFORNIA – MAY 28: Albert Pujols #5 of the Los Angeles Angels is congratulated by teammates after he scored in the second inning of their game against the Oakland Athletics at Oakland-Alameda County Coliseum on May 28, 2019 in Oakland, California. (Photo by Ezra Shaw/Getty Images)Los Angeles Angels’ David Fletcher, right, is congratulated by Shohei Ohtani (17) after scoring against the Oakland Athletics in the second inning of a baseball game, Tuesday, May 28, 2019, in Oakland, Calif. (AP Photo/Ben Margot)Los Angeles Angels pitcher Cam Bedrosian (32) waits for Oakland Athletics’ Marcus Semien, left, to run the bases after hitting a home run in the first inning of a baseball game Tuesday, May 28, 2019, in Oakland, Calif. (AP Photo/Ben Margot)Oakland Athletics’ Marcus Semien, right, scores past Los Angeles Angels catcher Jonathan Lucroy (20) after hitting a home run off Angels’ pitcher Cam Bedrosian in the first inning of a baseball game Tuesday, May 28, 2019, in Oakland, Calif. (AP Photo/Ben Margot)OAKLAND, CALIFORNIA – MAY 28: Shohei Ohtani #17 of the Los Angeles Angels grounds out in the first inning against the Oakland Athletics at Oakland-Alameda County Coliseum on May 28, 2019 in Oakland, California. (Photo by Ezra Shaw/Getty Images)Los Angeles Angels’ Shohei Ohtani runs on a ground out in the first inning of a baseball game against the Oakland Athletics, Tuesday, May 28, 2019, in Oakland, Calif. (AP Photo/Ben Margot)Los Angeles Angels’ Shohei Ohtani singles off Oakland Athletics’ Frankie Montas in the second inning of a baseball game, Tuesday, May 28, 2019, in Oakland, Calif. (AP Photo/Ben Margot)OAKLAND, CALIFORNIA – MAY 28: Shohei Ohtani #17 of the Los Angeles Angels walks back to the dugout after grounding out in the fourth inning against the Oakland Athletics at Oakland-Alameda County Coliseum on May 28, 2019 in Oakland, California. (Photo by Ezra Shaw/Getty Images)Oakland Athletics pitcher Frankie Montas, right, speaks with pitching coach Scott Emerson in the second inning of a baseball game against the Los Angeles Angels, Tuesday, May 28, 2019, in Oakland, Calif. (AP Photo/Ben Margot)Oakland Athletics pitcher Wei-Chung Wang works against the Los Angeles Angels in the fifth inning of a baseball game, Tuesday, May 28, 2019, in Oakland, Calif. (AP Photo/Ben Margot)OAKLAND, CALIFORNIA – MAY 28: Matt Olson #28 of the Oakland Athletics rounds the bases after he hit a home run off of Nick Tropeano #35 of the Los Angeles Angels in the sixth inning at Oakland-Alameda County Coliseum on May 28, 2019 in Oakland, California. (Photo by Ezra Shaw/Getty Images)Oakland Athletics’ Matt Olson, right, celebrates with Matt Chapman (26) after hitting a two-run home run off Los Angeles Angels’ Nick Tropeano in the sixth inning of a baseball game, Tuesday, May 28, 2019, in Oakland, Calif. (AP Photo/Ben Margot)The Angels’ Shohei Ohtani is congratulated by first base coach Jesus Feliciano after his go-ahead two-run single in the ninth inning of their 6-4 victory over the A’s on Tuesday night in Oakland. (Photo by Ezra Shaw/Getty Images)OAKLAND, CALIFORNIA – MAY 28: Hansel Robles #57 of the Los Angeles Angels shakes hands with Jonathan Lucroy #20 after they beat the Oakland Athletics at Oakland-Alameda County Coliseum on May 28, 2019 in Oakland, California. (Photo by Ezra Shaw/Getty Images)OAKLAND, CALIFORNIA – MAY 28: Hansel Robles #57 of the Los Angeles Angels hugs Jonathan Lucroy #20 after they beat the Oakland Athletics at Oakland-Alameda County Coliseum on May 28, 2019 in Oakland, California. (Photo by Ezra Shaw/Getty Images)OAKLAND, CALIFORNIA – MAY 28: Jonathan Lucroy #20 of the Los Angeles Angels slides safely Josh Phegley #19 of the Oakland Athletics to score on a hit by David Fletcher #6 in the second inning at Oakland-Alameda County Coliseum on May 28, 2019 in Oakland, California. (Photo by Ezra Shaw/Getty Images)NextShow Caption1 of 20OAKLAND, CALIFORNIA – MAY 28: Jonathan Lucroy #20 of the Los Angeles Angels slides safely Josh Phegley #19 of the Oakland Athletics to score on a hit by David Fletcher #6 in the second inning at Oakland-Alameda County Coliseum on May 28, 2019 in Oakland, California. (Photo by Ezra Shaw/Getty Images)ExpandOAKLAND — Shohei Ohtani finally delivered.Ohtani, who had been in a slump for a couple of weeks, lined a two-run single to snap a ninth-inning tie in the Angels’ 6-4 victory over the Oakland A’s on Tuesday night.“I’m not swinging the bat as well as I could right now, but I’m still trying to contribute to a victory and I was able to do that today,” Ohtani said through his interpreter. “Just going to keep on trying to work my way up.”Ohtani had just four hits in his last 29 at-bats before he came through with a hit big enough to give the Angels their third victory in four games. It also snapped Oakland’s 10-game winning streak. “It was a really close pitch,” Ohtani said. “I think it could have went either way. Today the umpire called it a ball and whatever the umpire says goes. Sometimes I get the wrong end of it, but today I got the better end of it.”Two pitches later, Ohtani lined a shot into right field, driving in both runners, who had moved up on a wild pitch.Hansel Robles then retired the A’s in the bottom of the ninth to seal a victory.The night also included Trout fouling a ball off his right foot in the fourth inning. Trout hobbled around the plate for a few moments in clear pain, but he remained in the game until the end. Afterward, he said X-rays showed no break, but it was sore. He said he would have to wait to see how he felt on Wednesday morning to know if he’d be able to play.The victory also made for a successful return for Nick Tropeano, who pitched in the majors for the first time in 10 months, after dealing with shoulder issues.Working after opener Cam Bedrosian, Tropeano gave up three runs in five innings. He gave up a solo homer to Ramon Laureano and a two-run shot to Matt Olson, both on changeups that Tropeano left up in the zone.“I thought he did a great job,” Ausmus said of Tropeano. “He did an excellent job. He did exactly what we needed. He gave us a chance to win the game. He was strong for us.”So far this season the Angels have used an opener eight times, and the succeeding pitcher has gotten through at least five innings six times. The first and second pitchers in those games have combined for a 4.11 ERA, which is slightly better than the American League ERA of 4.44. “It was nice,” Manager Brad Ausmus said. “I think not only for him but for us as a team. Obviously, it was a huge hit in the game. He hit the ball well. I’d like to think this will turn things around for him.”Ohtani had an infield hit during the Angels’ four-run second inning, but that was just a routine ground ball that he turned into a hit with his speed. The Angels took a 4-1 lead in that inning, but after that, their offense went silent.They had just one hit over the next six innings, including a groundout and a strikeout by Ohtani.The Angels got Ohtani to the plate again in the ninth, after Tommy La Stella lined a two-out single and Mike Trout drew a walk.Ohtani fell behind 1-and-2, bailing out with his front foot twice as he fouled off balls. Then he took a curveball that appeared to be right on the outside corner. Catcher Josh Phegley couldn’t hold it, though, and umpire James Hoye called it a ball, a call that would later prompt Joakim Soria to argue enough to be ejected.center_img Newsroom GuidelinesNews TipsContact UsReport an Errorlast_img read more

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Oscare Daycare proposing pre and post school care

first_imgLucie Janosek is with the board of directors with Oscare. She says there are concerns among the board and parents about the safety of the current location of the daycare because of a number of incidents over the summer. “Ultimately we’re all parents. In the summer there were a couple of very public, very violent incidents. We’ve been assured by the RCMP that the element that was the reason for those incidents has been chased out of town, which is very reassuring,” she explains. “However, there are still frequently episodes where the RCMP or the fire department is present. It’s not the safest or comfortable environment for the children.” She adds that if the move were approved for pre and post school care, it would help in reducing what the not-for-profit group pays in rent, and in turn would help with finding a new place for the daycare. – Advertisement -“We are actively trying to find a permanent home within the vicinity because the whole benefit of Oscare is that parents don’t have to come pick up their children at 2:50 or 3:00 and get them to care for another hour and a half or two,” she states. “In the meantime we’re looking to reduce our rental costs so that we can work towards a permanent location, so we’re looking at moving a portion of the program to the basement.” Secretary Treasure Doug Boyd explains that the proposal from Oscare differs from a previous proposal by the group where the desire was expressed for expand the daycare. “The request prior to this was to utilize the facilities and maybe even build on our properties,” he says. “This is an amended type of proposal looking at pre and post school. If the board does look at that favourably, then all the details would still have to be worked out with the school.” Advertisement There are currently 80 children involved with Oscare, and a maximum of 55 would be involved with the potential change if approved. The basement of École Central Elementary has had an inspection from both the fire department and licensing office that found the area suitable for the facility’s intent. The proposal will be discussed at the next Committee of the Whole meeting for School District 60 on January 13.last_img read more

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Man City and PSG ‘playthings of a state’: Liga chief

first_img0Shares0000Outspoken La Liga chief Javier Tebas says Manchester City and Paris Saint Germain are toys of a state and should be excluded from European competition © AFP / ROSLAN RAHMANLONDON, United Kingdom, May 22 – Manchester City and Paris Saint-Germain should be excluded from European club competition and are nothing more than “playthings of a state”, La Liga’s president Javier Tebas has said.It is not the first time the outspoken head of the Spanish league has attacked Abu Dhabi-owned City or Qatari-owned PSG, and newly crowned Premier League champions City have threatened to take him to court at one point. However, Tebas launched another broadside at the wealthy clubs when he spoke at the Financial Times Business of Football Summit, saying City and PSG “are clubs who could not care less what their real incomes are when they want to sign a player because they receive incomes from a state”.“It forces other clubs into an economic situation which is really living on the edge. It skews the balance of the entire European football structure,” Tebas said.“This is no longer sport. This is no longer an industry.“It becomes more like a toy, the plaything of a state.“And when it’s a plaything, kids start playing with other kids. You end up ruining the entire system.”City — who last weekend completed a historic domestic treble with a 6-0 whipping of Watford in the FA Cup final — are presently under investigation by UEFA over alleged breaches of their Financial Fair Play (FFP) rules. The club strongly deny any wrongdoing.PSG paid a world record 222 million euros for Neymar two years ago © AFP/File / FRANCK FIFEPSG were able to pay a world record fee of 222 million euros ($248 million) for Neymar in 2017 and also signed French striker Kylian Mbappe the same summer.The 56-year-old Costa Rica-born lawyer, who has been in his present role since 2013, said the way in which City and PSG spent freely in the transfer market had a knock-on effect on their rivals.He said other clubs see a European Super League, a potential replacement for the Champions League that Tebas opposes, as enriching them and making them better able to compete on a more level playing field with PSG and City.“The origin of this entire problem with the Super League is the inflationary effect that Manchester City and PSG have created across the whole of Europe,” said Tebas.“The rest of the clubs in Europe want money to compete with these guys.”0Shares0000(Visited 3 times, 1 visits today)last_img read more

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Will the surging A’s be buyers? If so, here are their likely trade partners

first_imgThe American League is riddled with postseason contenders. The A’s are in a tight sprint for two available Wild Card spots with at least four other teams — the Tampa Bay Rays, Boston Red Sox, Cleveland Indians and Texas Rangers.But a quick pitstop looms: the trade deadline. And the A’s will surely be looking primarily at the starting pitching and bullpen options.What’s to give up? Oakland has a bit of an infielder glut in their farm. Jorge Mateo and Franklin Barreto crowd a middle infield …last_img read more

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Culinary graduates steak their claim

first_imgRed hot in the kitchen: Chef Oriel Mbowane,wearing apron, shows the studentshow it’s done. The fourth group of students graduatedfrom the Singita School of Cooking in April.(Images: Singita)MEDIA CONTACTS • Pam RichardsonSingita community development manager+27 21 683 3424Lyndon JafthaThe Singita group of game reserves and lodges was built with the dream of protecting and preserving the wildlife in South Africa’s eastern region, known as the lowveld.This is where visitors will find world-famous destinations such as the Kruger National Park, and the Sabi Sand Reserve.Today, Singita (Shangaan, meaning “place of miracles”) maintains that dream, and one of its priorities is to reach out to the local community with development and support initiatives. The Singita School of Cooking is one of those initiatives.Kurt Abrahams, formerly the senior sous-chef (second in command in the kitchen) at Singita’s Sweni Lodge in the south-central Kruger Park, and Jason Trollip, former GM of Singita Kruger Park, are the men behind this inspiring community project.Training is conducted in-house at Shishangaan, an old military base in the Kruger Park, which is now the staff village, housing about 100 people. By building onto an existing footprint, Singita has managed to minimise damage to the surrounding environment.Each course provides between six to nine lucky students with a sponsorship and the chance to forge a dream career. The fifth group of students commenced their training in April 2012, while the previous group graduated in the same month.All graduates leave with a level four certificate, as stipulated by the National Qualifications Framework, in professional cookery.Singita Kruger Park’s GM Caroline Burke said, “In remote, rural areas equipping even one person with a good job and sound prospects, has a burgeoning effect on members of their immediate family, as well as the broader community.”Training provides not only an income, she added, but the trainees themselves provide a source of inspiration to their peers.“At Singita we are very proud to be able to make this contribution to the development of people in the regions where we operate,” said Burke.Singita benefits too, as it now has a continually renewing pool of well-trained, talented young chefs with which to staff its lodges.Skills transfer and developmentThe programme is advertised via the local community development forum, and the Mahlamba-Ndlopfu forum, which represents 12 villages in the area. These forums reach students from the nearby Bushbuckridge district, one of eight municipalities in the Kruger Park’s vicinity.Those wanting to apply need to meet criteria, which includes a matric certificate and, of course, a genuine interest in cooking The Singita staff interview those who have applied and a shortlist is created. Those on the shortlist are transported to Singita for a cook-off to assess their basic skill level, and to complete written tests and interviews.From there, the final selection is made and the chosen students are registered on an official learnership status. They receive equipment and a uniform, as well as a monthly stipend while they learn.The programme runs full-time and gives students comprehensive theoretical and practical training in skills such as preparation, making of sauces and stocks, choosing the right cut, and more.It also aims at building essential business skills such as computer knowledge, interviewing skills, confidence and improved spoken English.The aspirant chefs learn their trade under Oriel Mbowane, Singita’s chef skills developer, who is assisted by visiting chefs from other Singita lodges.On completion of the course, the young graduates are given the opportunity to apply for a commis chef position in a kitchen at any of the Singita lodges, meaning they will work as a junior chef under a chef de partie.Others are assisted in securing entry level positions in other lodges in the Kruger Park. The reserve currently employs 10 of Singita’s qualified students, while eight others are pursuing careers as chefs in other hotel and lodge kitchens in the park.Two Singita graduates, Lameck Mnisi and Mavis Mongoe – described by Singita staff as one of the “shining talents” of the school – have since been promoted to demi-chefs de partie.Successful community initiativeSince its inception in 2007, the initiative has seen 34 students graduate, including those from the fifth programme. Because of its success, the course has been increased to 18 months, and the costs of sponsoring a student has increased to R75 000 (US$9 200).The Singita Community Development Trust underwrites the costs incurred. Some of the students are sponsored by guests at the Singita Game Reserve, while others are granted funding through the government’s support of learnership programmes.Sponsors are kept in contact with the students and receive progress reports.Singita Game Reserve dates back to a piece of land bought in 1925. It now consists of nine lodges – five in South Africa, three in Tanzania, and one in Zimbabwe. Here the company is working with the Grumeti Community and Wildlife Fund on a black rhino relocation project.Its corporate social responsibility focus is based on four key areas – education, where it supports local preschools and primary schools; supporting local enterprises; conservation education amongst young people; and supply of potable water.last_img read more

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