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Latvian pension funds produce positive returns despite market turmoil

first_imgLatvia’s second and third-pillar pension funds generated positive returns in 2015 despite a volatile second and third quarter.The results were critical for the seven second-pillar fund managers.Under a new performance fee regime introduced in 2015 managers were rewarded for achieving positive results and penalised for negative ones.In the case of the second-pillar funds, the 12-month average return declined to 1.93%, from 5.24% a year earlier, according to the Association of Commercial Banks of Latvia (LKA). The return of the eight active, equity-orientated funds fell from 5.52% to 2.29%, that of the four balanced funds from 5.28% to 1.43%, and that of the eight conservative bond plans from 4.57% to 1.26%.Since the end of 2014, membership of the mandatory system has grown by 4,800 to 1.25m and assets by 16.3% to €2.3bn.Assets increased partly because the contribution rate rose from 4% to 5% in May 2015.In terms of asset allocation, all classes of funds adopted more conservative strategies, especially in the fourth quarter.The overall share of pension fund investments in equity and equity investments fell by 6 percentage points year on year to 26%, and that of bond and bond funds by 4 percentage points to 50%, while the cash share grew by 7 percentage points to 15%.Geographically, the share of investments in Latvia increased from 42% to 43.5%.There was a growing interest in alternatives such as funds investing in Latvian venture capital and real estate.The second-pillar funds were also one of the biggest investors in the green bonds issued in 2015 by Latvenergo, the state-owned electricity and thermal-power supply, generation and transmission company.The bonds were the CEE’s first renewable energy securities issued by a state-owed company.The funds increased their share of investments in Eastern Europe from 17% to 20%, and that in the rest of Europe from 14% to 16%, while scaling back their asset allocation in North America, Asia and in international/global securities.Third-pillar average 12-month returns also declined over the year, from 5.33% to 2.28%.Those of the active plans fell from 6.62% to 3.34%, and those of the balanced plans from 4.91% to 1.71%.There was relatively little change in the balanced funds’ asset allocation.As of the end of 2015, bond and bond funds accounted for the highest share of portfolios (64%), followed by cash (14%) and equity and equity funds (10%).The active funds reduced their equity holdings from 41% to 34% while increasing their bond and cash allocations to 43% and 11%, respectively.Latvian-denominated securities accounted for 34% of third-pillar fund investments, Eastern Europe 11%, the rest of Europe 23% and global securities 16%.Assets grew over the year by 17.7% to €330m, and membership by 8.1% to 255,012, of which 22% had their contributions paid by their employers.last_img read more

This is what WrestleMania 35 trash talk would sound like if kids were in charge

first_imgFallon brought out Braun Strowman, Carmella, Drew McIntyre, Alexa Bliss, Kofi Kingston and Seth Rollins to read off the taunts.MORE: Join DAZN and watch more than 100 fight nights a yearWatch ‘The Tonight Show’ WrestleMania tauntsNow that you’ve watched the entire skit, let’s go through each of the taunts below.WRESTLEMANIA 35Match card | Schedule | Buy PPV & ticketsTaunt 1 (YouTube) (YouTube) (YouTube) (YouTube) This one is just awful all around. How did two kids manage to make something so bad?”Come at me, you noodle!” at least has some traits of being trash talk, but essentially is just nonsense. Calling someone a noodle won’t get at the root of someone’s pain like true trash talk would. You need to really hit the opposing person with some emotional trauma for effective trash talk.Also, “I’ll wax you New York style” makes absolutely no sense at all. Damion and Tina have no future in wrestling.Taunt 3 Taunt 6 JERRY IS A 5-YEAR-OLD PRODIGY!Looking past the fact we have our second butt reference in three taunts, we need to really celebrate Jerry’s creativity here. First of all, Jerry did this all by himself, unlike the other losers who needed to double-team this task. And he easily has the best taunt of the bunch.This whole thing is a masterpiece in storytelling. Shoving his foot up his opponent’s butt relates to the whole theme of violence throughout wrestling. And “you will be pooping toes for a week” is just a great sentence. Taunt 4 We’re starting to hit the double-digit age groups now.Finally, the age is showing off as Chase delivers a home run of an insult. I don’t fully understand what this means, but I absolutely love it. This insult works because it’s so confusing. If you hear this, you’re spending the next week of your life thinking about the path that led you to looking like a potato-chicken nugget lovechild. Jared is the oldest of the kids so far, so I really expected a top-notch performance from him here.I’ve gotta say I’m let down with the results. Lunches have nothing to do with WrestleMania, Jared. Do better.Taunt 5 With WrestleMania 35 coming up this weekend, Jimmy Fallon decided to have kids write out taunts for the wrestlers to use on “The Tonight Show.”The kids kind of grasp the intention of trash talk, but their underdeveloped brains aren’t really good at coming up with great insults. Also, they’re kids so the language is softened up a bunch. But the wrestlers did their best to make these submissions sound as terrifying as possible. (YouTube) This one gets off to a pretty solid start.”You want a piece of me?” This is a classic trash talk line. I wouldn’t even be surprised if the kids Googled “trash talk” and this phrase showed up as a top result. I am a little concerned it took two kids to write this little snippet. I get that Oliver is only 5 years old, but Emilia should have just gone solo with it.I bet Oliver came up with the “Because when I’m kidding… I say knock knock!” part. Do better, Oliver.Taunt 2 Sixth taunt, third reference to butts. I don’t have kids, but at this point I’m assuming 95 percent of their dialogue involves references to butts.As for the taunt itself, I’m really let down by what Xavier and Mason have to offer. Your face and butt cannot be each other. Maybe they’ll learn this once they reach a certain grade in school. (YouTube) read more

Juventus Camp and Academy in Sarajevo

first_img[wzslider]Football Club Juventus is one of the oldest and most known clubs in the world. As a big club, Italian giant is always in move with new and inovative aproach to football culture. As an example of clubs developement is Juventus Soccer Schools project, which is spread throughout all 6 continents.In cooperation with Birr Group from Sarajevo, the project of Juventus Soccer Schools is coming to Bosnia and Herzegovina. In 2015, Birr Group has organised Juventus Camp on the pitches of International University of Sarajevo (IUS) and it was a huge sucess.„We are aiming to bring quality brands to Bosnia and Herzegovina and Juventus is exactly what we had in mind when we decided that our goal is introduction of global brands to Bosnian society“, said Anes Memic, Project Manager of Birr Group.Birr Group is a Sarajevo based company, which is operating in international enviroment, bringing quality education and sports projects to Bosnia and Herzegovina and Balkan area.Juventus CampJuventus Camp will be held for second time in Sarajevo, from 22nd to 27th August of 2016. Same as the last year, the camp will take place at pitches of IUS, where the children will have all necessary conditions to experience the Juventus atmosphere.All children aged 6 – 16 can participate in the event. There will be morning and afternoon training sessions, led by Juventus coaches. In this way, the children will enjoy in activities and education provided by experienced Juventus staff.„When we decided to make Juventus Camp in Sarajevo, we tried to think about whole Bosnia and Herzegovina, and we will be glad to provide that experience to children from all cities within country.“, said Melvin Ahmetovic, PR & Marketing Manager of Birr Group.Juventus Academy„After last years Juventus Camp, we decided that Academy is our goal. We were in contact with Juventus Office for some time, regarding the Academy, since they were satisfied with the job we did in 2015 Camp in Sarajevo, they were glad to give us licence to organize year-long event.“, said Anes Memic.As we were told, the Juventus Academy is a year-long project, where children will train 4 times a week and will play matches during weekend. The Academy will take place at „Safet Zajko“, Center for Education, Sport and Recreation, Halilovici, municipality of Novi Grad.The children will train under, carefully selected, domestic coaches, who will be under constant supervision of Juventus staff.Project Mission During our chat with people involved with Juventus Camp and Academy project, we asked what is the mission of these two projects: „We are trying to give a glimpse of Juventus experience to all children who attend our Camp and Academy. Official Juventus slogan for soccer schools is „Develop people first and footballers second“, which we take as a guideline for our work. In the future, who knows, maybe some of them will become new Pogba or Dybala.“, said Melvin Ahmetovic.It is obvious, this young and enthusiastic group of people are aiming to bring quality, education and sports programs, to Sarajevo and Bosnia and Herzegovina. We consider that these Juventus projects are window to promotion of Bosnia and Herzegovina in the world.ST Teamlast_img read more

GMSA head slams KN over blunder in Gold Board fraud report

first_img… demands apologyControversial news outlet Kaieteur News made a major blunder in its most recent article which carries the theme of fraud discovery and defamation of reputable businessmen.GMSA President Eon CaesarPresident of the Guyana Manufacturing and Services Association (GMSA) Eon Caesar, who is also the owner of Safeway Security, was cited as the proprietor of another business fingered in a multimillion-dollar scam at the Guyana Gold Board (GGB).In a detailed missive released on Saturday, Caesar disassociated himself from the report and criticised the news outlet for failing to conduct proper research prior to the publication of an article which can cause perhaps irreversible damages to one’s character.The Glenn Lall-owned entity reported on September 15 that Safewatch Inc is owned by Caesar and was involved in a huge fraud scheme with then GGB Board Secretary Bobby Gossai, who is now the President of the newly established Guyana Oil and Gas Association (GOGA).The report revealed that Safewatch Inc received payments from the GGB amounting to $35,535,956 and $10,852,143 in 2014 and 2015 respectively, which was far above board.But Caesar made it clear that he has no affiliation with the company Safewatch Inc nor has he ever conducted any business or have business affiliations with Gossai.He posited also that he has never been awarded any contracts or done any work with the GGB.“The article published by Kaieteur News has no factual basis and the information provided about me was complete and utter falsehood! The writer of the article obviously never did any research, because had he or she done their due diligence they would have been aware of the facts and never linked my company or myself to such a libelous article,” he expressed in his statement of condemnation.Caesar lamented that his personal character and that of his company has been put in disrepute by the “unprofessional journalistic article” and in this regard, he has demanded a full retraction of the publication as well as a bold apology.The GMSA head wants the Kaieteur News editor to publish a full apology in the form of a full page article along with his photo and the true facts of Safeway Security and its non-affiliation to Safewatch Inc, the GGB and Gossai.last_img read more