German pensions veteran Schwind to step down as Hoechst chief

first_imgJoachim SchwindOther previous roles include membership of the advisory board to the German financial regulator, BaFin, from 2002 to 2012. Joachim Schwind, a veteran of the German pensions industry, is to retire from his role as head of one of Germany’s most significant pension fund set-ups, according to local media.The two pension funds, the €7.1bn Pensionskasse der Mitarbeiter der Hoechst-Gruppe and the €1.6bn Höchst Pensionskasse, are run by the same management team and Schwind has been chairman of their management boards – effectively chief executive – for around 20 years.According to Leiter bAV, a German occupational pension publication, he is to retire from the Hoechst pension funds in July, and is due to be succeeded by Jürgen Rings. Rings has been on the pension funds’ management boards since 2016 and has had responsibility for risk management.IPE was unable to reach Schwind by the time of publication. Schwind has also held important unsalaried positions. He is currently deputy chairman of aba, the main occupational pensions association in Germany, a role he has held since 1996. He is a former member of the European Insurance and Occupational Pensions Authority’s Occupational Pension Stakeholder Group, a role that he left in 2016.center_img Jürgen RingsThe Pensionskasse der Mitarbeiter der Hoechst-Gruppe is one of the largest company-based pension institutions in Germany.It is the pension fund for employees of Hoechst, a well-known German chemicals company that is now a subsidiary of the Sanofi-Aventis pharmaceuticals group. Closed to new members, the pension fund’s roots can be traced to the 1880s.Schwind became its chief executive in 1996. Höchst Pensionskasse was established in 1998.  For more about the Höchst Pensionskassen, see last October’s How We Run Our Money interviewlast_img read more

Dutch firms pay higher contributions to UK subsidiaries, survey finds

first_imgDutch companies with subsidiaries in the UK pay a significantly higher contribution to their UK DB pension funds than their FTSE350 counterparts on average, according to a survey by UK consultancy Barnett Waddingham.Surveying the 2016 figures of 12 anonymised companies, with combined UK pension liabilities of almost ₤49bn (€55bn), it found that pension contributions amounted to at least 1.6% of total revenue on average. This compared to a minimum 0.7% from the FTSE350 companies.Including the two highest contributors, the overall contribution was 13.5% on average, it said.Dutch-sponsored schemes had a funding level of 95% on average, Barnett Waddingham reported, 1 percentage point higher than the FTSE 350 average. It added that four subsidary schemes had a funding surplus, while funding of the least funded scheme stood at 67%.According to Barnett Waddingham, funding had dropped by 2 percentage points on average in 2016, and at some schemes it had decreased by as much as 6-9%.“This is likely to be caused by a significant fall in bond yields, resulting in lower discount rates and higher liabilities,” it said, noting that the average discount rate fell from 3.8% to 2.6% during 2016.The company suggested that some employers and parent companies would struggle to meet contribution requirements over the longer term without making changes to their funding strategy.Schemes could instead use of formal guarantees to improve covenant and enable a lower assessment of accrued benefits, Barnett Waddingham suggested, or asset-backed contributions to bolster the value of assets without immediate cash injections.It added that a more simple approach would be extending the recovery plan in order to reduce the annual contribution requirements. However, UK companies have been criticised in recent months by politicians for longer than average recovery periods.The consultancy also found that the 12 UK subsidiaries on average produced 7% of their parent companies’ global revenue, while accounting for 44% of their global DB liabilities and 33% of their global contributions.All but one of the companies’ UK pension funds were closed to new entrants, which compared to 86% of all UK schemes.Barnett Waddingham also noted that four companies with at least a stable funding level disclosed liability-matching investment strategies, and suggested this policy had helped to mitigate the effects of the large discount rate fall during 2016.last_img read more

Industry Unites for Local Scottish Content

first_imgTrade unions, offshore wind developers and supply chain companies have agreed to take action to ensure more Scottish companies benefit from the awarding of contracts for offshore wind projects.At a summit held by Finance Secretary Derek Mackay and Energy Minister Paul Wheelhouse, industry representatives agreed that collective action was needed to make sure supply chain companies are well positioned to benefit from upcoming offshore wind projects.According to the Scottish government, the industry has been called on to consider urgent action for achieving the local content targets that are part of the UK’s Offshore Wind Sector Deal.The government has promised to explore the options open for attaching supply chain conditions and incentives to Crown Estate Scotland leases and ways in which the Parliament reviews and approves decommissioning plans.Additionally, representatives from the offshore wind sector committed to undertake a strategic capability assessment of fabrication in the UK and to identify the areas with the highest potential for growth.“Scotland has all the natural resources to make it an ideal location for offshore wind, but recent projects have failed to deliver significant economic opportunities for Scottish businesses,” Mackay said.“I will continue to champion the strengths, and potential, of our indigenous supply chain.  But now it is time for the offshore sector to do more by awarding contracts to our supply chain.Mackay added that the economic benefits must be maximized and the supply chain must work hard to seek opportunities, make strategic investments and consider appropriate cooperation when tendering for contracts.“We have increased our ambitions for UK content and set a 2030 target of 60%. To support it, an independent supply chain review was undertaken earlier this year,” said Chair of the Offshore Wind Industry Council and Ørsted UK Country Manager for Offshore, Benj Sykes.“The industry is working together to establish a new Offshore Wind Growth Partnership, of up to £100 million which will help UK supply chain companies to compete for multi-billion pound business opportunities in this thriving sector.”Summit invitees include senior officials from Department for BEIS, DEME GeoSea, EDF Renewables, E.ON, Equinor, GE Renewable Energy, GMB, Innogy, Jan De Nul, MHI Vestas, Moray East Renewables, Ørsted, RWE, Scottish Power, SDIC Red Rock Power, Seaway Heavy Lifting, Siemens Energy Distribution, SSE, Saipem, Unite the Union, Van Oord and Vattenfall.Delegates are expected to meet again later this year to review progress.last_img read more

SeaBird Adds BOA Thalassa

first_imgSeaBird Exploration said it has completed the acquisition of the vessel BOA Thalassa for a purchase price of NOK 92,500,000. NOK 64,833,553 has been paid in cash, and NOK 27,666,447 has been paid in the form of 23,055,373 new shares of the company.The new shares will be delivered, transferred and listed on Oslo Børs upon approval of a prospectus, estimated in June 2019.The completion of acquisition of BOA Galatea is in progress and will complete later, expected in July/August 2019.last_img

Louis J. Siefert

first_imgLouis J. Siefert, age 87 of Oldenburg, died Saturday, April 13, 2019 at St. Andrew’s Health Campus.  Born May 8, 1931 in Franklin County Indiana, he is the son of Emma (Nee: Moorman) and Quirin Siefert.  He married Marjorie Grieshop November 22, 1951 at St. Anthony’s Church in Morris.  Louie served in the army during the Korean War from 1952 – 1954, earning two Bronze Stars.  A lifelong farmer, he was also a carpenter for 25 years and worked 10 years in maintenance for Margaret Mary Health.  He was a member of Holy Family Church and the Ripley County V.F.W. Post #3183.Louie dearly loved his grandchildren.  Being with them always brought a smile to his face.  The farm was special for him too and he liked looking after his cattle.  The farm is being honored this year for 150 years.  After Marjorie died, Louie learned to cook and became quite good at it.  His apple pies and chicken and dumplings got rave reviews.  He was a quiet person by nature, but to paraphrase a line from the movie A Christmas Story, the family teased that Louie could “in the heat of battle weave a tapestry of profanity that as far as anyone knows is still hanging in the air somewhere over Lake Michigan and was a marvel to behold.”He is survived by his daughters Sue Waechter of Batesville, Patti Valliere of Champlin, Minnesota, Nancy Meyer of Batesville; son Dennis Siefert of Batesville; sister Cathy Sparks of Milan, Indiana; eleven grandchildren; three great grandchildren and special friend Barb.  In addition to his wife and parents, he is also preceded in death by his son Greg Siefert; sister Emma Siefert and brothers Mike, Robert and Gerald Siefert.Visitation is Wednesday, April 17th, from 4 -7 p.m. at the Weigel Funeral Home.  Funeral services are 9:30 a.m. Thursday, April 18th at the Srs. of St. Francis Chapel due to renovations at Holy Family Church with Rev. Carl Langenderfer O.F.M. officiating.  Burial will follow in the church cemetery with military honors conducted by the Ripley County V.F.W. Post #3183 and the Prell-Bland American Legion Post #271.  Memorials may be made to the Margaret Mary Health Foundation Hospice or the Holy Family Capital Improvement Fund.last_img read more

Small Business Restart Fund helping minority-owned businesses

first_imgStatewide —Gov. Holcomb approved $500,000 in federal funding made available through the CARES Act to support minority-owned businesses and entrepreneurs and communities negatively affected by COVID-19. The funding will enable IBE, a statewide nonprofit organization committed to the social and economic advancement of Indiana communities, to launch a targeted, statewide promotional campaign and develop community outreach programs to raise awareness of available resources and funding, enhancing participation in critical economic and workforce recovery programs.Through this new partnership, IBE will also provide direct technical support to employers by connecting minority-owned businesses and minority Hoosiers with critical COVID-19 resources; developing educational initiatives, including a webinar series for minority business owners; and increasing collaborative partnerships with existing state resources, such as the Indiana Small Business Development Center (Indiana SBDC) and Next Level Jobs, to offer training and counseling services.Since its official launch on June 3, the state has received initial applications from nearly 460 small businesses representing 69 counties for small business restart grants. The program, which committed at least $5 million of the $30 million allocated to the fund toward minority- and women-owned businesses, has received applications from 13 certified minority-owned businesses and 26 certified women-owned businesses. Eligible small businesses can seek reimbursement for up to 80% of qualified expenses, such as rent/mortgage payments, utilities, lease payments for real or personal property, and safety investments, such as personal protective equipment (PPE) and infrastructure improvements.More information on the program is available by clicking here.last_img read more

White House rejects subpoena for Trump’s tax returns

first_imgThe fight for President Trump’s tax returns appears headed for the courts.Treasury Secretary Steven Mnuchin notified Congress he would not comply with its subpoena to hand over the returns by Friday’s deadline because the request “lacks a legitimate legislative purpose.”Democrats are seeking Trump’s tax returns under a 1924 law that directs the IRS to furnish such information to the chairs of Congress’ tax-writing committees.House Ways and Means Committee Chairman Richard Neal said he’s not going to waste time holding him in contempt of Congress, but will take the refusal to the courts possibly as soon as next week.A court fight could take months, possibly years.last_img read more

Bernie Sanders, 78, canceled events until further notice after being hospitalized

first_imgHeidi Gutman/Walt Disney Television(LAS VEGAS) — Sen. Bernie Sanders, 78, was hospitalized in Las Vegas, Nevada, ABC News has learned.“During a campaign event yesterday evening, Sen. Sanders experienced some chest discomfort. Following medical evaluation and testing he was found to have a blockage in one artery and two stents were successfully inserted. Sen. Sanders is conversing and in good spirits. He will be resting up over the next few days,” said Sanders’ senior adviser Jeff Weaver on Wednesday in a statement. “We are canceling his events and appearances until further notice, and we will continue to provide appropriate updates.”ABC News first learned from officials about the Vermont senator being hospitalized after his plans to attend a presidential gun forum changed. He is one of three septuagenarians in the Democratic primary, and the oldest.Sanders’ last public campaign event was Monday in New Hampshire, where he held four back-to-back events through the state.On Wednesday, Sanders is currently on a campaign swing through Nevada, hosting a town hall on Medicare for All and Social Security in Las Vegas ahead of his appearance at the Giffords and March for Our Lives’ Presidential Gun Safety Forum on Wednesday.The news of Sanders’ hospitalization comes on the heels of the presidential contender announcing he raised a whopping $25.3 million in Q3 — the largest quarter for any Democratic candidate this year, and a number that, on its own, eclipses Sen. Elizabeth Warren’s entire first and second quarters’ total.Sanders entered his second bid for president, after falling short to Hillary Clinton in the 2016 Democratic primary, as a known quantity. Despite the presence of another liberal stalwart in the 2020 race, Massachusetts Sen. Elizabeth Warren, the former mayor of Burlington continues to carve out a lane for himself in a crowded field that still counts 19 with his blunt style and progressive ideals — including his signature “Medicare for All” proposal, which has been embraced by several of his Democratic rivals and often a key source of debate throughout the protracted contest.Last month, Sanders told ABC’s The View that 2020 is different because “many of the ideas that I talked about,” including universal health care, “were perceived to be radical,” but now “a lot of candidates and the majority of the American people agree.”Copyright © 2019, ABC Audio. All rights reserved.last_img read more

Cricket News Eng vs Ind 4th Test: ‘It was pretty tough,’ says Sam Curran

first_img For all the Latest Sports News News, Cricket News News, Download News Nation Android and iOS Mobile Apps. New Delhi: After being left out of England’s playing XI in the third Test match of the series against India, Sam Curran saved the blushes for England in the opening day of the ongoing fourth Test match at the Ageas Bowl, Southampton on Thursday. After the end of day’s play, the young all-rounder said that Indian bowlers made it “extremely tough” for them and the ball swung around consistently. However, the Surrey star added that he wasn’t trying to prove anything to England’s management after scoring a brilliant half-century when the English top order surrendered to some brilliant bowling by the Indians.”It was pretty tough. It swung massively throughout the day and was swinging around consistently,” said Curran.English skipper Joe Root opted to bat first after winning the toss, but their top order struggled from the word go as at one time the hosts were struggling at 86 for 8. However, Sam Curran, who is coming back to the playing XI scored a gritty knock of 78 runs, the highest in the first innings, to save England’s blushes and taking them to a more respectable score of 246 in Southampton.ALSO READ: Asian Games 2018, Day 13 LIVEIt was the Surrey all-rounder’s second half-century in just four Tests following a sensational match-winning knock in the first Test against India at the Edgbaston, where he was awarded the Man of the Match.However, the 20-year-old was shockingly benched in the third Test at the Trent Bridge to make way for star all-rounder Ben Stokes, who was making a return after being found not guilty of affray. But the Surrey star said he understood why he was left out and is thankful that he is back on the playing ground.”I did,” he told the media after the end of the day. “You can’t really leave someone out who has got a hundred. Everyone is fighting for their places. I was disappointed but luckily I’m back in the team now. I wasn’t proving a point at all. I was just playing the way I do, naturally and freely. I was unlucky obviously last week to miss out. There are some great names in the team and I’m learning so much.”ALSO READ: Asian Games 2018: Day 13 India full schedule, IST Timings and moreCurran’s partnerships with Moeen Ali and Stuart Broad helped England to post a total of 246 after the Indian bowlers “surprised” the home team.”I just tried to play my natural game. I love being in the side and I almost played with no fear, tried to be nice and positive and get some partnerships, not try to overthink it. Luckily enough it came off and we have a decent score on the board.”I love batting and bowling. I’d like to be up the order a bit more at Surrey. I just look at the way Ben Stokes contributes and that’s what I want to do. That’s what all-rounders love doing: big performances when the team need you.” last_img read more

Senior Football fixtures

first_imgIn Group One Kilsheelan Kilcash take on Éire Óg Annacarty Donohill in Leahy Park, Cashel while Killenaule face Thomas McDonaghs in Templetuohy.Group Two action sees Ardfinnan up against Aherlow Gaels in New Inn while Moyle Rovers and Ballyporeen meet in Cahir.Clonmel Commercials and Cahir go head-to-head in Monroe in tonight’s Group Four clash. All of those games throw-in at 7.30.last_img