European equities drag down Spanish pension funds’ Q1 returns

first_imgStrengthening financial markets throughout March enabled Spanish occupational pension funds to achieve positive returns for the month, according to figures from Mercer’s Pension Investment Performance Service (PIPS).The average return for the month was 1.1%, the biggest – 2.4% – coming from non-EU equity portfolios.EU equity portfolios returned 2.1%, fixed income 0.3%.However, this did not compensate for the turbulence in the second half of 2015 and the first two months of this year. Across all asset classes, returns for the first quarter of 2016 were -0.4%, with EU equities returning -7.6% and non-EU equities -3.5%.Fixed income portfolios, however, made gains of 1.5%.The PIPS survey covers a large sample of Spanish pension funds, most of them occupational schemes.Over the 12 months to end-March 2016, fixed income returned exactly 0.0%, while EU equities returned -15.4% and non-EU equities -9.3%.Xavier Bellavista, principal at Mercer, said: “The quarter has seen volatile performances, especially in equity markets. EU equity assets had the worst negative performance, but non-EU equity assets also posted negative returns, especially because of the performance of non-EU currencies.”He added: “Fixed income assets are also increasing in volatility and have incurred a negative performance for some months.“EU fixed income assets made positive returns for the quarter to end-March, but lower returns are now expected because fixed income indices posted a negative performance during April.”Bellavista said non-EU fixed income assets had been affected by the negative performance of some emerging fixed income assets, and also by the depreciation in non-EU currencies.Meanwhile, according to Spain’s Investment and Pension Fund Association (INVERCO), occupational pension funds returned -3.33% for the 12 months to 31 March 2016.         Average annualised returns for Spanish occupational funds were 4.66% for the three years to 31 March 2016, and 4.67% for the five years to that date.As at the end of March 2016, total assets under management for the occupational pensions sector stood at €35bn, a decrease of 3.4% over the past year.Total pension assets, including those in individual plans, now amount to €103.1bn, while the number of participants in the occupational system remains stable, at just over 2m.According to INVERCO, the gradual shift away from domestic assets continues, with an average 60.6% of portfolios now invested domestically, compared with 61.4% at end-December 2015.Non-domestic assets made up 22% of portfolios as at the same date, with the balance in cash and technical provisions.Fixed income investments make up 57.3% of portfolios, barely unchanged over three months.The biggest single component of pension fund portfolios – 32.3% – is still invested in Spanish government bonds, with a further 16.3% in Spanish corporate bonds.Bellavista highlighted what he considered to be the most significant change in asset allocation in corporate pension funds in the past 15 years – the increased allocation to non-EU fixed income assets.“Historically, this allocation was close to zero,” he said. “But, in the past three to four years, it has increased to around 6% of corporate pension fund portfolios.”Over the past couple of years, he added, Spanish pension fund managers have been increasing the duration of fixed income portfolios in response to the extremely low interest-rate environment.The average duration of corporate pension funds rose from 3.5 years at end-2013 to 4.5 years at end-2015.Meanwhile, an average 21.2% of portfolios is invested in equities, down by 1.4 percentage points since end-December, according to INVERCO.The category of ‘other investments’ – real estate and alternatives, almost all invested domestically – has increased from 3.6% at end-December 2015 to 4%, more than double the percentage in December 2011.last_img read more

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Video: Wärtsilä Tests Remote Control Ship Operating

first_imgFinnish technology group Wärtsilä has taken a step towards developing its Smart Marine capabilities as it tested the remote control of ship operations.The testing, which involved driving the vessel through a sequence of manoeuvres using a combination of Dynamic Positioning (DP) and manual joystick control, was carried out on August 21 off the North Sea coast of Scotland in collaboration with US-based operator Gulfmark Offshore.Although the test vessel was in the North Sea, the remote control navigating was carried out from the Wärtsilä office located in San Diego, California, 8000 km away.Wärtsilä’s Dynamic Positioning unit developed remote control capabilities in the early part of 2016, but this was the first test carried out on the offshore vessel Highland Chieftain. The ship is an 80 metre platform supply vessel already fitted with a Wärtsilä Nacos Platinum package for Navigation, Automation and Dynamic Positioning systems, as well as a Wärtsilä drives package.For the test, additional software was temporarily added to the DP system in order to route data over the vessel’s satellite link to the onshore work station in California.The testing was carried out using standard bandwidth onboard satellite communication. No land-based technology was used for the communications between the vessel and the remote operator work station.The successful test was conducted over an almost 4 hour period during which time the vessel was driven through a series of manoeuvres at both high and low speeds. All the test procedures carried out went as planned.last_img read more

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Mabaruma resident gets bail for ganja possession

first_imgRawle Ramsindo, a resident of Hopo Hill, Mabaruma, North West District (NWD) was on Monday arraigned for the possession of cannabis for the purpose of trafficking when he appeared at the Georgetown Magistrates’ Courts.The 30-year-old stood before Chief Magistrate Ann McLennan and pleaded not guilty when the charge was read to him. Police stated that on March 28, 2019, at Hopo Hill, Mabaruma, the poultry farmer had 170 grams of cannabis. The illegal substance was reportedly discovered in his bedroom by police ranks who conducted a search on his premises.He was arrested and charged. Police Prosecutor Gordon Mansfield had no objection to bail provided that it is granted under the condition that the defendant reports to the Mabaruma Police Station.Bail was granted in the sum of $200,000 and transferred to the Mabaruma Magistrate’s Court for May 21, 2019.last_img read more

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First Edition January 24 2013

first_img This is part of the KHN Morning Briefing, a summary of health policy coverage from major news organizations. Sign up for an email subscription. Today’s headlines include reports about what will come next in terms of addressing the deficit and possibly trimming entitlment programs, now that Congress appears to have temporarily dealt with the debt ceiling. Kaiser Health News: Fighting Painful Misconceptions About Sickle Cell Disease In The ERReporting for Kaiser Health News, Beryl Lieff Benderly writes: When sickle cell patients arrive at emergency rooms, they often have great difficulty getting the treatment they need. Paula Tanabe, an associate professor at the Duke University School of Nursing, is making it her mission to change that” (Lieff Benderly, 1/24). Read the story.The New York Times: House Votes Sidesteps An Ultimatum On DebtSenator Harry Reid of Nevada, the majority leader, … said he would take up and pass the House bill without changes as soon as next week. … He said he would then move quickly on a budget plan for the first time since 2009. “Democrats are eager to contrast our pro-growth, pro-middle-class budget priorities with the House Republicans’ Ryan budget that would end Medicare as we know it,…” said Senator Patty Murray of Washington, the chairwoman of the Senate Budget Committee. House Republicans appeared eager for that fight. For two years, the House has passed detailed but nonbinding budget plans that would cut domestic programs…, enact changes to Medicare that would offer older people fixed subsidies to buy private health insurance, and mandate a much-simplified tax code. … Now, Republicans said, the debate will be over numbers (Weisman, 1/23).Los Angeles Times: House GOP Seeks Steep Cuts While Raising Debt CeilingStepping up their austerity campaign, House Republicans plan to demand far deeper spending cuts from President Obama to balance the federal budget in just 10 years, an extraordinary goal that would hit Medicare and other safety-net programs. House Speaker John A. Boehner (R-Ohio), confronted with a more conservative Republican majority, agreed to the dramatic initiative to coax reluctant rank-and-file lawmakers Wednesday to approve a temporary suspension of the $16.4-trillion debt limit without any cuts in spending (Mascaro, 1/23).The Associated Press/Washington Post: A Revised Deficit Collision Course: Senate Dems Eye New Taxes, GOP Seeks Deeper Spending CutsThe nation’s sharp disagreements over taxes and spending are on a re-routed collision course, as Senate Democrats launch a plan that includes new taxes and House Republicans vow to speed up their plan to balance the federal budget with spending cuts alone. The Republicans’ new approach would require even deeper cuts in social programs than they pushed last year. Liberals denounced those earlier plans as severe and unfair, and they say the new version would be worse (1/24).The Wall Street Journal: Passing Debt Bill, GOP Pledges End To DeficitsThe House defused one potential debt crisis Wednesday, while a top Republican set the stage for a far broader debate over whether it is possible to actually balance the U.S. budget in coming years (Hook, Boles and O’Connor, 1/23).The Wall Street Journal’s Washington Wire: Ryan Expects ‘Big Down Payment’ On DebtThe Wisconsin Republican, long a favorite of conservative activists, said the budget would rely on the new tax revenue Congress agreed to earlier this month. But he provided few other details for how he would plan to erase deficits that exceed $1 trillion beyond broad promises to cut additional money from popular entitlements and other safety nets for the poor and elderly, highlighting Medicaid, the health-care program for low-income Americans (O’Connor and Boles, 1/23).Politico: Next Up: Sequester, Budget ResolutionThe dueling House and Senate budget resolutions could force the two parties into a serious policy debate over cuts to Medicare, Social Security and Medicaid — as well as whether to raise new taxes through a reform of the Tax Code — something that was largely avoided in the previous Congress. How this is resolved will define Obama’s second term in office and whether Capitol Hill can finally get a handle on its finances — or fall into yet another crisis (Raju and Bresnahan, 1/23).The Associated Press/Washington Post: Massachusetts’ Law Set Stage For National Health Overhaul, Becomes A Template For Other StatesWhen Massachusetts adopted its landmark health care law in 2006, the goals were ambitious and the potential solutions complex. More than 90 percent of its residents already had health insurance, but the state hoped to cover nearly everyone by plugging as many holes as possible in its system, short of a so-called single payer option (1/24).Politico: States Hustle To Modernize MedicaidWhether states accept or reject the Medicaid expansion under the health law, they’ve got plenty of work to do to get ready for big changes in coverage next year. And as of Jan. 1, 47 states had grabbed or requested bonus federal dollars to upgrade their aging Medicaid enrollment systems, according to a state survey released Wednesday from the Kaiser Commission on Medicaid and the Uninsured and the Georgetown University Center for Children and Families (Millman and Smith, 1/23).The Associated Press/Washington Post: States That Turn Down Medicaid Would Leave Citizens Uninsured While Immigrants Get CoveredGovernors who reject health insurance for the poor under the federal health care overhaul could wind up in a politically awkward position on immigration: A quirk in the law means some U.S. citizens would be forced to go without coverage, while legal immigrants residing in the same state could still get it (1/23).Politico: Nelson: From 60th Vote To ACA’s ImplementationAs CEO, earning nearly $1 million a year, Nelson will be a leading intermediary between the states and Washington. The states are trying to implement the wide-ranging law without sinking their health insurance markets — or giving up too much of their traditional regulatory turf. And the U.S. Department of Health and Human Services is working like mad to get the law ready in time for 2014 — including in states that aren’t exactly bending over backward to help (Millman, 1/23).Los Angeles Times: WellPoint’s 4th Quarter Profit JumpsBut the company said it remains cautious about the year ahead in light of federal budget battles over Medicare and Medicaid and upheaval in the health insurance markets from the federal Affordable Care Act. WellPoint estimated full-year earnings of $7.60 a share, below analysts’ expectations of $7.94 a share compiled by FactSet. The Indianapolis company said the search is still underway for a new CEO to replace Angela Braly, who stepped down in August after major shareholders expressed dissatisfaction with the company’s performance (Terhune, 1/23).The Associated Press/Washington Post: WellPoint 4th Quarter Profit Jumps 38 Percent; Insurer Says Costs Could Weigh On 2013 PerformanceWellPoint Inc.’s fourth-quarter earnings jumped 38 percent compared to the final quarter of 2011, when the nation’s second largest health insurer incurred a big hit from its Medicare Advantage business (1/23).The Wall Street Journal: WellPoint Earnings Rise 38% Amid Light Commercial CostsHealth insurers are preparing for the planned opening of state-based exchanges for individuals and small businesses. People will be able to seek plans there for coverage starting in 2014, potentially putting millions of new members in play for health insurers. Meantime, the industry is also aiming to add business as states expand Medicaid coverage under the health law and create new plans to cover high-cost people on Medicaid and Medicare, known as dual eligibles. WellPoint recently closed on a $4.46 billion purchase of Medicaid insurer Amerigroup to help chase the emerging dual-eligible market while lessening its tilt toward individual and small-group markets, which are considered most exposed to the exchanges (Kamp, 1/23).Politico: Ex-Medicare Chief Moves Toward Run For GovernorFormer Medicare chief Don Berwick stepped closer to a run for Massachusetts governor this week, organizing a fundraising committee that will test the traction of a potential candidacy. “This does not represent a change. In other states, this would be called an exploratory committee,” Berwick, a Democrat, told POLITICO on Wednesday. “I’ve not set a deadline for a final decision” (Cheney, 1/24).The Associated Press/Washington Post: After Shootings, Some States Rethink Deep Cuts To Mental Health Care, Consider More SpendingDozens of states have slashed spending on mental health care over the last four years, driven by the recession’s toll on revenue and, in some cases, a new zeal to shrink government. But that trend may be heading for a U-turn in 2013 after last year’s shooting rampages by two mentally disturbed gunmen (1/23).The Associated Press/New York Times: Louisiana: Hospice Cuts RescindedGov. Bobby Jindal’s administration on Wednesday scrapped plans to shutter the state’s Medicaid hospice program in February, meaning it will continue to provide end-of-life care to people who cannot afford private insurance (1/23).Check out all of Kaiser Health News’ e-mail options including First Edition and Breaking News alerts on our Subscriptions page. First Edition: January 24, 2013last_img read more

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