​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

Saweety Boora reaches pre quarters, Neeraj Phogat loses in WBC

first_img COMMENT FOLLOW US LIVE TV World Championships silver medalist Saweety Boora (75kg) put up a notable performance to progress into the pre-quarterfinals while Neeraj Phogat bowed out after a contentious verdict resulting in a mixed day for India in the Women’s World Boxing Championships at Ulan-Ude, Russia today. Saweety came out a better boxer landing punches with more accuracy compared to her opponent as she blanked Mongolia’s Myagmarjargal Munkhbat 5-0, even though the Mongolian tried to make a comeback in the dying minutes, but it was not enough to impress the judges.READ: Brock Lesnar to Bobby Lashley, wrestlers who have excelled outside WWE Suman Ray SUBSCRIBE TO US First Published: 5th October, 2019 21:39 IST WATCH US LIVE Last Updated: 5th October, 2019 22:23 IST Saweety Boora Reaches Pre Quarters, Neeraj Phogat Loses In WBC Saweety Boora blanked Mongolia’s Myagmarjargal Munkhbat 5-0 to reach the pre-quarters of Women’s World Boxing Championships at Russia. Neeraj Phogat lost 2-3. A mixed day for Indian boxersEarlier in the day, India witnessed a major upset as Neeraj (57kg) had to endure a surprise loss through a split verdict of 2-3.The India Open and Umakhanov Memorial International gold medalist put up a remarkable fight on debut; displayed superior technique and aggression compared to Jieru Qiao’s aimless punches. However, Neeraj failed to receive the judges’ nod despite the Chinese pugilist getting a point revoked for foul play in Round 2. The Indian team had lodged a protest against the decision as per the latest AIBA guideline where a team is allowed to challenge two decisions in a tournament; the protest though was not accepted by the technical reviewer and the review plea was turned down.READ: Brock Lesnar’s nightmare Cain Velasquez not signed by WWE: ReportsSaweety Boora’s next challengeSaweety will now face CWG Gold medallist and second-seeded Welsh boxer, Lauren Price on October 8. On Sunday former World champion and 5-times Asian gold medalist Sarita Devi (60kg) will take the ring opposite Natalia Shadrina of Russia while debutant Nandini (81kg) will be challenged by Germany’s Irina-Nicoletta Schonberger.Rules of two unsuccessful protestsAccording to the rules, teams are entitled to two unsuccessful protests. The coaches are required to raise a yellow card within a minute of the bout getting over and follow it up by paying USD 1000 within half an hour to seek a review of any decision.The technical committee has the discretion to accept or reject a protest but once it chooses to accept, a decision is made only at the end of the day’s session.READ: ‘I owe Olympics qualification to AFI’s prompt appeal’: Avinash SableREAD: Sakshi Malik: ‘Please have faith in me, I deserve a better treatment’ Written Bylast_img read more

Independence float parade to move off from Stabroek Square

first_imgThe Jubilee Float Parade set for Independence Day has seen a modification to its route as the National Commemoration Commission has announced that floats taking part in the event will now assemble at the Stabroek Market Square as opposed to Church Street.The Commission had sent out the advisory notifying those who are set to have their costume bands feature at the float parade that they will now be required to gather at the Stabroek Market Square after which the floats will move off East along Brickdam into the D’Urban Park.This is opposed to the recently adjusted route where costumes bands were assembling at the usual junction of Church and Camp Streets, after which they would’ve proceeded west along Church Street to Avenue of the Republic, south into Brickdam and then east along Brickdam, into D’Urban Park.Nonetheless, the provisions remain the same as it relates to students from schools along the route being relocated to other centres to sit their Caribbean Secondary Education Certificate (CSEC) and the Caribbean Advanced Proficiency Examinations (CAPE) on Independence Day.This float parade is anticipated to be the largest ever as it marks Guyana’s 50th anniversary as an independent nation.As a result of placing emphasis on this celebration, the usual Republic Day Float Parade had been postponed.Thus far, it has been reported that a number of ministries and private and public organisations, have gotten on board in having their floats be part of the grand celebration. With just two days to go, final touches are being made to the floats to have them ready for the road.Overseas support has been flowing as a number of persons from the Diaspora as well as tourists are flying into Guyana to be part of the monumental event. A number of activities to observe the celebration have occurred, but most persons are anticipating the Jubilee Float Parade set for Thursday.last_img read more