first_imgThe German pensions industry has issued a “clear rejection” of any attempt to standardise solvency requirements across European pension funds, according to Joachim Schwind, chairman of the German Hoechst Pensionskasse and board member at German pension fund association Aba.At this week’s Handelsblatt occupational pensions conference in Berlin, he pointed out that the holistic balance sheet (HBS) approach was “really a Solvency II concept with additional regulation for occupational pensions”.As such, he said it was highly complex and increased costs without taking sponsor support into account. Previous attempts to assess the value of a sponsor to IORPs have been branded “inconsistent” and “arbitrary”.  Schwind added that, even though solvency requirements were not part of the revised IORP Directive, the industry would “still have to deal with it” due to the stress tests the European Insurance and Occupational Pensions Authority (EIOPA) has scheduled between 11 May and 10 July this year.However, Jung-Duk Lichtenberger from the European Commission’s Insurance and Pensions Unit said it had “no plans to introduce Solvency II through the back-door” and suggested it was unlikely any commissioner would pick up the topic again in the foreseeable future.“Harmonising solvency requirements is not an issue for us because we are aiming at solving problems of future pension arrangements, not those from past pension promises.” His comments come after EIOPA indicated that past accrual could be excluded from any future HBS reform.Lichtenberger also hinted that EIOPA wanted to ensure pension funds were sufficiently aware of future problems.But Schwind pointed out the HBS was not fit to assess the solvency of pension systems because of their extremely long-term duration of 20 or more years.He argued that even life insurers had problems calculating their solvency requirements when their duration was only 10-15 years on average.Commenting on the IORP II draft, Schwind noted it was “very good for us” that the delegated acts granting the Commission power to regulate without parliamentary scrutiny had been scrapped by the European Council. “This way, occupational pensions will remain more closely embedded in national pension legislation,” said Schwind.He also pointed out the new draft included a clause to review the Directive after six years, not the four years as previously intended. The longer time frame gives Aba and other stakeholders more time to try and prevent HBS from happening, he said.Schwind said the paragraph in the revised directive stating that occupational pension vehicles were instruments “with a social purpose”, and not merely financial service providers, was an example of successful lobbying against over-regulation.last_img read more

first_imgThe International Accounting Standards Board (IASB) has instructed its staff to carry out more research into its project regarding defined benefit (DB) surplus accounting rules.The controversial proposed amendments to asset-ceiling guidance under IFRIC 14 rules could lead to sponsors recognising huge additional liabilities, according to critics of the IASB’s proposals.IASB members agreed that staff should “perform further work to assess whether [they can] establish a more principles-based approach… for an entity to assess and measure its right to a refund of a surplus”.IASB vice-chair Sue Lloyd said: “It seems that we might be at risk of making a change that might only be relevant to one jurisdiction, where non-substantive changes might mean that that change has very little effect anyway.” The focus of the staff’s research will be paragraph 11 of IFRIC 14, which specifies the circumstances in which an entity has a right to a refund. Staff said they also wanted to assess whether any work to clarify the words in paragraph 11 could be kept narrow in focus.IASB director Petrina Buchanan said the board didn’t propose to change a “very strict differentiation” between a full and gradual settlement of a plan. She said staff expected to bring back papers to the board “probably before the end of the year”.Consultants who spoke to IPE ahead of the meeting said it was possible that the IASB could decide there was little benefit in continuing with the project.It was also possible that DB schemes in the UK would be able to dodge the amendments by renegotiating their scheme rules, they said.The IASB and its interpretations committee launched the IFRIC 14 project in late 2014 to clarify the circumstances in which a DB scheme could recognise a surplus. Critics of the proposals have argued that whether or not an entity recognises a liability can often turn on a narrow legal interpretation of a scheme’s rules.Since then, however, proposed changes to the wording of the board’s 2015 exposure draft have expanded the scope of the changes.Consultants have warned that the changes now capture not only an insurance buyout of a plan but also a buy-in.The board also agreed to proceed separately with proposed amendments to IAS 19. These changes deal with amendments, settlements and curtailments to DB plans.last_img read more

first_imgThe system is designed for quick deployment onto available vessels in a distressed submarine scenario. The system consists of an electrically operated SEVDS 600-metre umbilical winch, containerised control room with fully automated controls and manual backup systems, vacuum and pressurisation machinery room. Submarine Manufacturing & Products (SMP) has delivered another submarine emergency ventilation decompression system (SEVDS). The container comes with electrical distribution and low, medium and high pressure breathing air compressors with high pressure storage banks and distribution. SMP will supply top side and subsea training templates for the client to be delivered later in the year.last_img read more

first_imgZubiri took three rapid tests and two swab tests in less than 24 hours before he was declared negative for COVID-19. He opted to remain under isolation for about two weeks. MANILA – Senate Majority Leader Juan Miguel Zubiri announced Tuesday his confirmatory test for coronavirus disease 2019 (COVID-19) came out negative.“I AM NEGATIVE…My confirmatory test with the Philippine Red Cross showed that I no longer have live RNA cells of [COVID-19],” the Negrense senator said.Zubiri was not able to attend President Rodrigo Duterte’s fifth State of the Nation Address (SONA) on Monday after the Negrense yielded a positive result for the virus.Swab testing was a requirement for those who wanted to physically attend the President’s SONA at the Batasang Pambansa in Quezon City. “Just to be sure and safe, I will still continue my quarantine for the prescribed period,” Zubiri said./PN “What the Infectious Disease experts have told us is that the Department of Health’s result yesterday possibly detected remnants of dead virus cells which is a common occurrence with recovered patients,” Zubiri said.“Studies from Europe, Asia and the US have shown that recovered patients with antibodies are no longer infectious if COVID-19 cells are discovered in their system,” he added. “I AM NEGATIVE…My confirmatory test with the Philippine Red Cross showed that I no longer have live RNA cells of [COVID-19],” says Negrense senator Juan Miguel Zubiri. MSN.COMlast_img read more

first_imgVolleyball Regionals.1A @ Morristown-Indy Lutheran over Hauser in 5 sets for The Regional crown.2A @ Forest Park-ND falls to Mater Dei in Opening Round. Christian Academy wins.3A @ Corydon-Greensburg loses to eventual Regional champs Silver Creek.2018-19-ihsaa-class-1a-volleyball-state-tournament-class-1a-state-championship2018-19-ihsaa-class-2a-volleyball-state-tournament-class-2a-state-championship2018-19-ihsaa-class-3a-volleyball-state-tournament-class-3a-state-championshiplast_img

first_imgPadraig Harrington will try to find the “intensity” which has been missing from his game all season as he competes in the KLM Open for the first time in more than a decade. “Obviously I missed out on the FedEx Cup events and at this time of the year you are looking to play golf and try to find some good form,” Harrington told European Tour Radio at Kennemer Golf and Country Club in Zandvoort. “It’s nice to come to two really nice events this week and last week and being not far from home it really does feel nice. “Everyone will feel comfortable on this course but certainly it will play into my strengths and I am definitely looking forward to a competitive week. “It’s very linksy tee to green and it’s quite windy and cold as well. The golf course will play well in this weather; if it was a big parkland course it would be miserable, but every shot can be hit in the wind out here. No matter how windy it gets this course will play well. “There’s been nothing wrong with my game all year expect when I go on the course with a card in my hand. I play quite well Monday, Tuesday, Wednesday and I don’t seem to have the intensity on the tournament days. “It’s there, it’s just figuring how to best get it out of me. That’s part of the game at the moment, trying to figure out the right attitude and the right level of intensity to get the best out of my game. “Whenever I’ve played my best golf in the past, I’ve generally felt quite fearful about the state of my game. I tended to get quite tense and focused and as a result I played much better, but because there’s no fear at the moment, I’m not bringing much of a spark out onto the course. “It’s just something I’m going to have to manage to figure out, but I’m definitely working at it; I never stop working at this game.” Holland’s Joost Luiten will carry the majority of home hopes as he looks to build on a superb season which saw him win the Lyoness Open in Austria and record five other top-10 finishes to lie 23rd on the Race to Dubai. “I haven’t played Zandvoort for three years but I like it and have good memories here,” Luiten said. “I was second in 2007 so if I take my form to the course in know I can do well. “It’s a great old-fashioned golf course and is going to be in great condition. Hopefully the weather is going to help us a bit but the golf course itself is brilliant. “It plays linksy but you can still fly it into the greens. You have to play for position a lot of the time, it’s not driver everywhere, you have to be smart and hit the fairways. If you miss the fairways you are going to be in trouble.” Press Association Harrington has recorded just two top-10 finishes on the European Tour this season – in January and March – and failed to finish in the top 125 on the US Tour to qualify for the lucrative FedEx Cup play-offs. The three-time major winner has therefore turned his attention back to Europe and after finishing 41st in Switzerland last week, where he failed to build on a second-round 65, the 42-year-old is hoping to challenge for a first victory on a major worldwide tour since his 2008 US PGA triumph. last_img read more

first_imgVictory for Latvian Sevastova sees her reach the first Grand Slam semi-final of her career.She will play the winner of Tuesday’s night match between Serena Williams and Karolina Pliskova in the last four.The high temperatures have been a significant issue during this year’s championships with the conditions described as “dangerous” in the opening rounds, while Roger Federer said he was “happy the match was over” after his defeat in high humidity on Monday.“I think it was very physical today and tough to play,” Sevastova said.“It was so hot in the stadium. I just kept fighting.”Stephens struggled with her movement, was repeatedly being caught out by Sevastova’s drop shot and after a number of wayward errors was bent double on the court.She failed to put up a fight in a one-way first set and soon fell 4-1 behind in the second.Encouraged by her home crowd, the world number three threatened a comeback by getting the match back on serve at 4-3 but was then broken again before Sevastova served out.Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegram Defending champion Sloane Stephens has been knocked out of the US Open in the quarter-finals after defeat by 19th seed Anastasija Sevastova.The American third seed seemed to struggle physically in high temperatures in New York, with the extreme heat policy again in place.Stephens hit 27 unforced errors and lost 6-2 6-3 on Arthur Ashe Stadium.last_img read more

first_imgAfter nearly four months since its last game in the University of Wisconsin Field House, the UW volleyball team split a hard-fought four-game match with in-state rival UW-Milwaukee 32-30, 30-32, 30-25, 28-30 Wednesday evening. “It’s exciting,” Jocelyn Wack said of playing in front of the home crowd again. “It’s something to look forward to in the fall. Really, the fall is going to come fast. We’re looking forward to it, and it’s going to be a fun year.”Despite a poor serving game — the Badgers had five service errors — Wisconsin was able to edge out UWM in the first game.The second game was close as well. With the game tied at 12, the Badgers went on an 8-4 run to separate themselves a little bit from the Panthers. The game went back and forth until the Badgers got within one point of going up 2-0 at 29-24, but they were not able to put the Panthers away. Milwaukee went on 8-1 to close the game.”[I’m] not too happy about that. … We have put it away and that starts with the passing,” head coach Pete Waite said. “All you need is a side-out or a score, and you win the game. Normally in the fall those are the kind of things that we do.”Brittany Dolgner and Katherine Dykstra led the Badgers to a Game 3 win with five and four kills, respectively. In the fourth game, neither team was able to go on any sort of run, and the largest lead either team held was by three points. With the game tied at 26, UW defensive specialist/libero Megan Mills’ serve went into the net and gave UWM a lead it would not relinquish.”We would make some good plays and come back and serve in the net,” Waite said of his team’s play. “We just can’t do that. We gave away way too many unforced errors on our side, and that’s just free points for them”With Audra Jeffers sitting out to rest her back, Caity DuPont having back surgery and Morgan Salow out with mononucleosis, several players were given the opportunity to have more court time and play in different positions. One of the players in a new position was Wack. Normally the team’s libero, Wack started all four games and played on the left side, a position she hasn’t played since high school.”It was kind of bittersweet. I used to hit in high school all the time,” Wack said. “It’s really fun while I get the chance to. It just so happened the way the spring went with someone getting hurt and then someone getting sick, I was thrown into it, but I’ve embraced it and I’m having fun.”Despite playing on the left side, Wack still led all players with 26 digs. She also had 10 kills and two blocks in her return to the left side.”It was great to see Wack as an outside hitter,” Waite said. “She hasn’t been able to do that since high school. I’m sure she’s exhausted right now, because there is a lot more stress for the person who plays front row and back row. For her to hit and then come play in the back row, it’s a lot tougher than she’s used to.”With Wack playing left side, Waite switched between Mills and Amanda Berkley as the team’s libero.”Once we take [Wack] out of the libero spot, it means other people have to step up,” Waite said. “It’s real important for us to do that this spring.”Dykstra was one of the new people in the front row. After sitting out her freshman year, as a redshirt, she only played sparingly last year. Wednesday night, Dykstra played on the right side and was second on the team with 17 kills. “[Dykstra’s] a great athlete out there, and we’ve always known it,” Waite said. “She is starting to get her game up to speed with everybody else.”She is a very physical player, and each day she’s on the court for us, she is going to get better.”After redshirting last season, Nikki Klingsporn has seen some court time also, filling in for Jackie Simpson at setter. Klingsporn was able to distribute the ball to UW’s hitters, recording 24 assists in the two games she played. While she only had one service ace, Klingsporn was able to throw the Panthers off with her jump serve.”[Klingsporn’s] a great server,” Waite said. “She has been hitting her jump serve harder than she was last fall and that’s what we are looking for out of her. I thought she ran the offense well and really kept Milwaukee on their heels with her serve.”Maya Carroll also saw some extended playing time, starting at middle blocker in all four games and contributing with 10 kills and six blocks.”That’s what the spring is about,” said Waite of the different lineups. “Whether it’s our sport or football, you have to figure out on the court in the spring and who’s going to step up when people are out with injuries.”last_img read more

first_imgHe said it.During his introductory press conference Tuesday afternoon in Heritage Hall’s Varsity Lounge, the new Women of Troy basketball coach Michael Cooper — yes, that Michael Cooper — quoted The Godfather in explaining his rationale behind taking the USC job.You can probably guess what he said, but let me give you a little background first.Seasoned pro · New USC women’s basketball coach Michael Cooper is not only a former WNBA coach but also a former Los Angeles Laker. – Dieuwertje Kast | Daily TrojanCooper won five NBA titles with the Los Angeles Lakers in the 1980s as one of the league’s first defensive specialists — Bruce Bowen before there was Bruce Bowen, if you will. Larry Bird frequently referred to “Coop” as the best defender he ever played against.After his playing career ended, Cooper successfully jumped around the coaching world, spending parts of seven seasons at the helm of the WNBA’s Los Angeles Sparks, a season as head coach in the NBDL, and even filling an interim head coaching position with the Denver Nuggets of the NBA for a month in 2004.Suffice it to say, he’s a proven coach.Yet, he said Tuesday that moving — down, most would argue — to the women’s college basketball ranks was a no-brainer.And he did this while alluding to one of the best movies of the 20th century.“When the opportunity came up, I couldn’t say no,” Cooper, 53, said at his press conference. “It’s almost like that old mafia rule, ‘I’m gonna make you an offer that you can’t refuse.’”He was joking, of course, but still, you have to wonder where Cooper’s coming from.The Women of Troy finished an average-at-best 17-15 last year, failing to qualify for the NCAA Tournament.Then the two leading scorers from last year’s team graduated.Then USC’s top-rated recruit in the class of 2009 — forward/center Monique Oliver, a McDonald’s All American — asked for her release and signed with Rutgers.An offer you can’t refuse?I wouldn’t say so.But to each his own, and USC will reap the benefits of Cooper’s opinion.He will be an instant upgrade to Mark Trakh, who resigned in April after five seasons in Troy. Cooper brings an undeniable pro swagger to the Women of Troy and that important defensive reputation. He already has three titles to his name as a head coach. And he’s from the Pasadena area.Translation: Apart from his coaching abilities, he’ll also be able to recruit the best and brightest, including athletes from Los Angeles that have looked away from USC in recent years.He’s already growing on his players, who appreciate that pro experience, usually unseen at the women’s collegiate level.“We know a lot more about coach Cooper than people think,” said sophomore Briana Gilbreath, the Pac-10 Freshman of the Year last season. “Even though we’re younger people, we’ve seen him on the court, we’ve seen what he’s about. We know he has so much experience.”They also think he can help a talented roster mesh together.USC already has a lot of talent on its roster. Gilbreath, a 6-foot-1 guard, led the team in rebounding in conference play while averaging 10.5 points per game. Sophomore point guard Ashley Corral averaged 8.5 points while earning Honorable Mention Pac-10 All-Freshman honors.Redshirt junior guard Jacki Gemelos was named National Player of the Year in the class of 2006 by most recruiting services before tearing her ACL three times. She’s yet to appear in a game with the Women of Troy, but 30 days before the season kicks off with a home date against Xavier, she finally appears healthy.And there’s more: Returning seniors Hailey Dunham, Aarika Hughes and Heather Oliver bring leadership and, collectively, nearly 18 points per game from last season.Of course, Gemelos isn’t a sure thing, and neither is the team’s potential.But don’t tell that to the Women of Troy.“Once coach Cooper came in, it was like that last piece to our puzzle,” Dunham said.One thing is for sure about Cooper: He’s brash — in a good way. He didn’t sugarcoat anything in front of the media Tuesday.“I know the process is gonna be tedious,” Cooper said of his first year as a college coach. “I know it’s gonna be a journey, but right now I think our coaching staff and our players are ready for the journey that we’re about to encounter.”And he certainly didn’t shy away from taking digs at other Los Angeles teams.He did so — twice, in fact. First in line was his former team.“The biggest thing is that we are a very talented team as far as shooting the basketball, much more so than the Los Angeles Sparks,” Cooper said to laughter from his players flanking him at the podium. “We’re talented in a lot of different areas.”Then he went after the men.“I bet you we play better basketball than the Los Angeles Clippers,” Cooper said while trying to convince a reporter to come out to Women of Troy contests. “Oh yeah, you can write that down.”Will do. We’ll see, Coop.“Looking Past the X’s & O’s” runs Wednesdays. To comment on this article, visit dailytrojan.com or email Pedro at pmoura@usc.edu.last_img read more

first_imgWith their season winding down and fresh off a crucial victory over the No. 1-ranked Stanford Cardinal the night before, the USC Women’s volleyball team has its sights set on a long run through the NCAA tournament. Following their most important victory of the season, the Women of Troy celebrated Senior Night by fending off the California Bears 3-2 (23-25, 25-21, 18-25, 29-27, 15-11) on Friday, improving to 26-4 overall and 14-4 in Pac-12 competition.On a roll · Junior libero Natalie Hagglund recorded 19 digs in No. 8 USC’s win against California on Friday night. USC has won five straight matches. – Deborah Liu | Daily Trojan“Normally, I do get nervous when as much is on the line,” USC coach Mick Haley said. “I think winning last night took off some of the pressure from this match. Winning both games is important for the rankings and the seedings.”Senior Katie Fuller, playing in her final regular-season home match, notched her seventh double-double of the season with 14 kills and 10 digs. Freshman outside hitter Samantha Bricio paced the USC attack, registering 18 kills while also adding nine digs, two aces and two service blocks. The Women of Troy also celebrated the final home appearances of defensive specialist Erin Yoder, who tied her season high with six digs, and middle blocker Natasa Siljkovic, who saw limited action in the beginning of the match.After jumping ahead 12-6 on three straight points in the first set, the Women of Troy extended the lead to 16-10, then 23-17 after Shaw knocked down consecutive kills. After Cal recorded its 21st point to get within striking distance, Fuller ended the set with a strong left-side kill.The Bears restored their lead in the third set, as the Women of Troy fell behind 15-9 and failed to recover en route to a 25-18 loss. Fittingly, the critical fourth set was competitive throughout, as USC took an 18-15 lead. However, the Bears put on a strong push, coming back to tie it at 18-18 before claiming match point at 25-24. The Women of Troy staved off elimination with back-to-back Fuller kills to take the lead, and after more back-and-forth action, the Women of Troy sealed the thrilling set as a Bricio kill and subsequent Cal attacking error secured the frame 29-27 for the hosts.The fifth and final set featured noticeably less drama than its predecessor, as the Women of Troy rode the motivation from their fourth-set victory to a 15-11 clincher. Shaw turned back a shot to put USC ahead 11-5, at which point the lead became insurmountable. Bricio had a block to  secure the 13th point before knocking down a kill to take the match.Fuller, whose performance on and off the court will surely be missed next season, did not view the match as significantly more special or different emotionally, despite the celebration surrounding Senior Night.“It was a sentimental game, but I didn’t feel it as much as I thought I would,” Fuller said. “We will hopefully host first and second round, so I think those will be more challenging.”While the team has certainly met its preseason expectations and is poised to inflict damage in the postseason, Haley stressed the importance of finishing on a strong note and playing without overconfidence.“It’s a long trip and it’s going to be snowy [in Oregon],” Haley said. “No matter how much I preach, we will be looking forward to UCLA, but we absolutely cannot get caught [off guard] up there. We’ll see what we’re made of on the road because we haven’t done very well on the road, and we need to because we need to win regionals on the road.”The Women of Troy will conclude their regular season with a match against Oregon State Tuesday before taking on crosstown rival UCLA on Friday night.last_img read more