​Ilmarinen predicts big 2020 year-on-year fall in contributions

first_imgJouko Pölönen, Ilmarinen’s chief executive officer, said: “In the second quarter, Ilmarinen’s investment portfolio yielded 5.9% and solvency strengthened to 124% as the equity markets recovered rapidly from the dramatic stock price plummet caused by the corona pandemic earlier in the year.”Equity investments ended the six-month period with a -4.2% return and fixed income investments finished with a -2.9% return, he said, while alternative assets turned out to be the best performers generating a positive result of 10.6%, and real estate returned 1.8%.The total result for the pension fund – which is the largest of the four mutual pension insurance companies in Finland’s earnings-related pension scheme – was -€1.1bn, compared with the €931m profit registered at last year’s halfway point.Total assets fell to €48.8bn at the end of June from €50.5bn the end of last year.Pölönen said “strong development” in cost-effectiveness had continued in the first half and operating expenses financed using loading income declined by €7m from the corresponding period last year.Commenting on the pandemic, Pölönen said Finland had been successful in limiting human suffering during the first wave of the pandemic, but acknowledged that the virus continued to spread globally, with a “worrying growth trend” in infection figures in some European countries.“A key factor in terms of future development is how well a resurgence of the virus can be prevented without extensive lockdown measures, which would exacerbate the economic crisis and unemployment,” said Pölönen.Looking for IPE’s latest magazine? Read the digital edition here. Ilmarinen reported a 2% loss on its investment portfolio in the first half of this year, and the Finnish pensions insurance company warned full-year contribution inflows would be much lower than last year because of effects of the COVID-19 pandemic.Releasing its January-to-June financial report, Ilmarinen said premiums written fell to €2.7bn from €2.9bn in the same period last year, as a result of an increase in temporary layoffs and a temporary discount to the statutory TyEL contributions from employers.Commenting on the outlook for the full year, the pension provider said: “Owing to growing unemployment and the temporary discount on employers’ TyEL contributions, premiums written will fall considerably year-on-year.”Investment returns ended the first half in the red for the Helsinki-based institution, despite having rebounded between April and June.last_img read more

Keegan enjoying Pardew revolution

first_imgAlan Pardew has harnessed the support of his Newcastle players to both save his job and reverse ailing fortunes at St James’ Park, according to Kevin Keegan. Ex-Liverpool star Keegan praised Newcastle’s board for not sacking former Reading boss Pardew, tipping the north east club to consolidate their return to winning ways. “Four games ago there was despair around Newcastle,” Keegan told Press Association Sport. “He’s been under pressure for a long time, since Christmas at least. “They’ve persevered with him for whatever reason, and that’s worked out to their advantage. “The one thing that’s obvious is that the team’s behind him: you don’t go to places like Tottenham and Man City and win, or Liverpool at home when they desperately needed a result, without having great team spirit. “So that’s what Alan’s got, he’s got a lot of character.” Keegan, who led Newcastle to within a whisker of the Premier League title in 1996 and enjoyed a second managerial stint at the club in 2008, believes Newcastle can now profit from the decision not to dismiss Pardew. “Remember it was only two years ago he was manager of the year so things do change quickly in football,” said Keegan, who was launching the GoFest initiative at Surrey Sports Park. Former Newcastle and England manager Keegan hailed Pardew’s resolve in riding out nine dismal months to guide the Tynesiders to four straight victories. Newcastle laboured through two wins in 17 matches before victories over Leicester, Tottenham, Manchester City and Liverpool transformed the mood on Tyneside. “But sometimes you have to give people who’ve done it before a little bit more patience, and just respect the fact that actually they’ve done better than this. “Sometimes you’re going to hit brick walls in football, you’re going to lose key players, you’re going to sell players you shouldn’t sell maybe, that Newcastle did with (Yohan) Cabaye in particular. “But for Alan I’m really pleased, as an ex-manager of Newcastle, you don’t like to see managers just leaving the club every three to six months like some clubs. “I think the board there have got the rewards for sticking by him: and now they’ve got to keep it going. “They are halfway up the table, and they are not that far off the top six now strangely enough. “They can certainly harness this now to kick on and build again.” Keegan was on hand in Guildford to launch the GoFest initiative, the United Kingdom’s first festival of sport, fitness, dance and health, scheduled to run from July 10 to July 12, 2015. Former England captain Keegan, who won 63 international caps and was twice crowned European Footballer of the Year, urged families to take advantage of the chance to try a range of different sports next summer. “There is a sport for you and once you get into a sport it’s amazing,” said Keegan. “I never thought I’d be a professional, I never thought I’d be good enough to play for a non-league side let alone captain England. “I didn’t get in the Doncaster Boys team at 11 and 15, so even if you get rejected it doesn’t mean you stop believing. “Running turned things around for me: I got myself so fit, without really knowing, that players couldn’t live with me any more. “So through running really I got my chance: I went to Scunthorpe, no one could live with me, I went to Liverpool, no one could live with me. “My fitness got me way beyond my ability, so there’s a real lesson there. “Team sport has taken me all over the world and given me a life I couldn’t have dreamt of, so I would certainly urge anyone to get involved with this.” Press Associationlast_img read more

USA Gymnastics files for bankruptcy after sex-abuse scandal

first_imgLights inside SMX hall flicker as Duterte rants vs Ayala, Pangilinan anew Lights inside SMX hall flicker as Duterte rants vs Ayala, Pangilinan anew USA Gymnastics filed the petition in Indianapolis, where it is based. It faces 100 lawsuits representing over 350 athletes in various courts across the country who blame the group for failing to supervise Larry Nassar, a team doctor accused of molesting them. Nassar, 55, worked at USA Gymnastics and Michigan State University for decades. He is serving effective life sentences for child porn possession and molesting young women and girls under the guise of medical treatment.Kathryn Carson, the recently elected chairwoman of USA Gymnastics’ board of directors, said the organization’s goal is to speed things up after mediation attempts failed to gain traction.FEATURED STORIESSPORTSGinebra beats Meralco again to capture PBA Governors’ Cup titleSPORTSJapeth Aguilar wins 1st PBA Finals MVP award for GinebraSPORTSGolden State Warriors sign Lee to multiyear contract, bring back Chriss“Those discussions were not moving at any pace,” Carson said. “We as a board felt this was a critical imperative and decided to take this action.”The filing does not affect the amount of money available to victims, which would come from previously purchased insurance coverage, she said. Carson said the insurance companies “are aware we’re taking this action and our expectation is they will come to the table and pay on our coverage.” Trending Articles PLAY LIST 00:50Trending Articles00:50Trending Articles00:50Trending Articles02:14Carpio hits red carpet treatment for China Coast Guard02:56NCRPO pledges to donate P3.5 million to victims of Taal eruption00:56Heavy rain brings some relief in Australia02:37Calm moments allow Taal folks some respite03:23Negosyo sa Tagaytay City, bagsak sa pag-aalboroto ng Bulkang Taal01:13Christian Standhardinger wins PBA Best Player award MOST READ ‘Mia’: Rom-com with a cause a career-boosting showcase for Coleen Garcia LATEST STORIES No.13 lucky for Orlando Bloom Japeth Aguilar embraces role, gets rewarded with Finals MVP plum FILE – In this Feb. 26, 2014, file photo, the USA Gymnastics logo is displayed at AT&T Stadium during an news conference announcing in Arlington, Texas. USA Gymnastics has filed a Chapter 11 bankruptcy petition on Wednesday, Dec. 5, 2018, as it attempts to reach settlements in the dozens of sex-abuse lawsuits it faces and to forestall its potential demise at the hands of the U.S. Olympic Committee.(Ron Jenkins/Star-Telegram via AP)USA Gymnastics is turning to bankruptcy in an attempt to ensure its survival.The embattled organization filed a Chapter 11 bankruptcy petition on Wednesday in an effort to reach settlements in the dozens of sex-abuse lawsuits it faces and to avoid its potential demise at the hands of the U.S. Olympic Committee.ADVERTISEMENT Nicholas Georgakopoulos, a bankruptcy expert and law professor at the Indiana University’s Indianapolis campus, said USA Gymnastics is “hoping for a miracle” with its legal maneuvering.“The USOC says you violated this relationship, here are the consequences and USA Gymnastics is saying it filed for bankruptcy, there are no consequences,” Georgakopoulos said. “This is like a gambling addict who goes to the casino and gambles every day and one day the casino says you can’t come anymore, you’ve lost too much, and addict says, I filed for bankruptcy, you can’t stop me from coming to the casino.”If the USOC wants to go forward with decertification, it must now go to court.USA Gymnastics has no timetable on how long the bankruptcy process will take and did not offer a ballpark on how much it expects to pay in settlements. Its doors, however, remain open for business.“We are continuing to pursue all aspects of our current operating model,” Carson said. “This affords us an opportunity to reorganize as well as resolve the claims with the survivors.”Sports Related Videospowered by AdSparcRead Nextcenter_img After winning title, time for LA Tenorio to give back to Batangas folk Gretchen Barretto’s daughter Dominique graduates magna cum laude from California college Flying high View comments Nadine Lustre’s phone stolen in Brazil Carson added: “This is not a liquidation. This is a reorganization.”John Manly, an attorney representing dozens of women who have pending lawsuits against USA Gymnastics, chastised the organization for continuing to “inflict unimaginable pain on survivors” and encouraged law enforcement officials to “redouble” their investigative efforts.“Today’s bankruptcy filing by USA Gymnastics was the inevitable result of the inability of this organization to meet its core responsibility of protecting its athlete members from abuse,” Manly said in a statement. “The leadership of USA Gymnastics has proven itself to be both morally and financially bankrupt.”USA Gymnastics insists that’s not the case, stressing that the filing is based on legal expediency, not fiscal distress.While Carson acknowledged that sponsorship is down since the first women came forward against Nassar in the fall of 2016, she described the financial condition of USA Gymnastics as “stable.”ADVERTISEMENT Ginebra beats Meralco again to capture PBA Governors’ Cup title Don’t miss out on the latest news and information. USA Gymnastics reported assets in a range of $50 million to $100 million and a similar range of liabilities, with 1,000 to 5,000 creditors. The organization said its largest unsecured creditor is former president and CEO Steve Penny, who is owed $339,999.96. USA Gymnastics is disputing Penny’s claim, though attorney Cathy Steege declined to get into the specific nature of the dispute.Penny resigned under pressure from the USOC in March 2017. Two other presidents — Kerry Perry and former U.S. Rep. Mary Bono — have followed in what has become a revolving door amid the organization’s hierarchy.It’s that chaos at the top that led the USOC to initiate the process of removing USA Gymnastics as the sport’s national governing body at the Olympic level — a step that’s taken only under the most extreme circumstances.In an open letter to the gymnastics community in November, USOC CEO Sarah Hirshland said “you deserve better,” and that the challenges facing USA Gymnastics were more than it was capable of overcoming as currently constructed.Carson said the legal maneuvering Wednesday delays the USOC’s efforts to strip its designation as a national governing body.“We always have a dialogue going with them and intend to make it clear with them we have a lot to talk about and we want to keep that going,” she said.USOC spokesman Patrick Sandusky said the committee is reviewing the filing’s potential effect on decertification. “Financial stability and viability are essential for a national governing body to operate in the best interests of the athletes,” Sandusky said.USA Gymnastics believes bankruptcy protects it from having opportunities or assets taken away by a debtor. Carson acknowledged that being a national governing body “is a big part of how we raise our revenue.”Carson, who replaced Karen Golz as chairwoman last week, said she accepted the position because she believes in the direction of USA Gymnastics, which she said doesn’t need money but rather time.“We think we’re changing the dynamic and we certainly believe that we will try to remain the NGB,” Carson said. “To be clear, it is our lawyers’ firm belief that the bankruptcy will automatically stay (decertification) … and we will work with the USOC to regain credibility.”last_img read more