NZ’s Ardern, ministers take 20% pay cut for six months due to coronavirus impact

first_img“This is where we can take action and that is why we have,” Ardern said in a news conference announcing the decision.”We acknowledge New Zealanders who are reliant on wage subsides, taking a pay cut, and losing their jobs as a result of the global pandemic,” she added.New Zealand on Wednesday recorded 20 new cases of COVID-19, the disease caused by the new coronavirus, bringing the total number of cases to 1,386. It has recorded nine deaths so far.The government is expected to decide next week whether it will extend its current “Level 4″ shutdown. New Zealand Prime Minister Jacinda Ardern, ministers in her government and public service chief executives will take a 20% pay cut for the next six months amid the economic impact of the coronavirus pandemic.New Zealand’s offices, schools and non-essential services have been closed for the last three weeks, and economic activity is at a standstill as the country undertakes one of the strictest lockdowns globally.The government has forecast joblessness to surge because of the global and domestic slowdown. In a speech to New Zealand’s business community earlier in the day, the finance minister said that if the government decided to ease restrictions, the emphasis would be to permit economic activity that is safe.Grant Robertson also said the annual budget, to be announced on May 14, would focus on recovery.”It will include funding for the cost pressures that are necessary part of keeping our country ticking over. But we will devote much of our resources to kick starting this recovery,” Robertson said in his speech streamed to business leaders. center_img Topics :last_img read more

New Estonian pension provider crowdfunding start-up capital

first_imgBy Tuleva’s reckoning, the management company, once established, will be sustainable once 3,000 members join and transfer their existing second pillar savings.The mandatory second pillar currently has close to 685,870 member and €2.7bn of assets.As of 23 August the association was half way past its target, with €1.53m of capital collected since the end of April, and a membership of 1,700 acquired entirely by social media and word-of-mouth.Members pay an up-front fee of €100 and pledge to bring in their second-pillar savings.The first 3,000 members can also make an additional voluntary contribution of between €1,000 and €10,000 to the start-up capital, fully returnable if the fund management company is not established by the end of next July, in return for a higher profit share.According to Pekk, a former chief executive of GA Fund Management who has also worked for PwC and the European Bank for Reconstruction and Development, 0.05% of the Tuleva’s AUM will be distributed among the members according to the size of their pension account in Tuleva funds, while the rest of the profit – both from the business as well as investment income of the start-up capital – will be distributed among all members according to their contribution to start-up capital.In addition to the novel ownership structure, Tuleva intends to charge lower management fees, a contentious issue in the Estonian pensions market. According to Pekk, management fees currently average 1.26%, while the total expenses ratio is some 1.5-2%.Tuleva will initially charge a management fee of 0.5%, reducing this when the membership increases.It intends to achieve the lower costs through a fully passive investment strategy – 75% invested in the MSCI All Country World Index and 25% in the Barclay Capital Global Aggregate Index – using mostly BlackRock as its provider.Pekk told IPE that Tuleva hopes to have the necessary documentation ready by September and the finances in place by the end of October, with the pension fund launching next year pending regulatory approval.Estonia’s finance ministry, meanwhile, which itself called for greater competition and fee transparency, is incorporating two of Tuleva’s proposals into forthcoming amendments to financial legislation.The current exit fee for pension fund members switching providers is to fall from 1% of assets to 0.1%, while the minimum share capital will be cut to €1m.Tuleva is not alone in turning to passive investment to cut fees.This week LHV announced that it plans to launch two new passive index funds – a second-pillar fund 75% invested in equities, and a third pillar one fully invested in equities –  each of which will charge a management fee of 0.39%.LHV plans to receive the regulatory go-ahead for its new offerings later this year. Estonia’s shrinking pension fund landscape may soon have a new player, operating on a profit-sharing cooperative model.Tuleva, started up by 22 prominent Estonian financial and business individuals, has been established as a commercial organisation, a collective of members with similar interests, with each member holding one vote, in contrast to the four existing bank-owned market players.“The market for the second pillar fund system is uncompetitive, and returns since its launch in 2002 have been poor,” Tuleva board member Tõnu Pekk told IPE.The association is building up capital to set up a second-pillar pension fund management company, which under current Estonian law needs a minimum capital of €3m, as well as funds to finance costs such as regulatory, legal and depositary expenses.last_img read more

AXA IM: Investors must focus on China’s digital services economy

first_imgMark Tinker, head of Asian equities at AXA Framlington, added that innovative developments were boosted by China’s growing middle class population and rising incomes, as well as by the continuing migration to urban areas where more people were digitally connected.He advised investors to shun state-owned firms “as they represent the old industry”.The same went for indices and exchange-traded funds because they lacked sufficient technology, innovation and growth, Tinker contended. “Only by actively investing will investors benefit from the technological revolution in China,” he said. AXA Framlington only offers actively managed funds.Bryan Collins, head of Asian fixed income at Fidelity International, also saw opportunities in the transition to a consumption-driven services economy which was increasingly focused on the environment.“As a consequence, new chances are created in technology such as renewable energy and air purification,” he said.Collins also emphasised that investments were possible across the entire spectrum of the Chinese capital market, comprising a diversity of bonds in terms of duration, rating and coupon rates as well as dollar and renminbi-denominated government paper.He noted that China’s “onshore bonds” for foreign investors – issued since 2015 – have been added to several indices and that this trend was accelerating.As the onshore market represents a value of $12trn (€10.1trn), the potential was enormous, according to Collins. Investors should refocus on China as a new digital services economy rather than on “old China” and its production-based economy, according to AXA Investment Managers (AXA IM).Speaking at the annual conference of IPE’s Dutch sister publication Pensioen Pro last week in Amsterdam, senior economist Aidan Yao said that the country’s transition to a services-based economy was in full swing and was driven by a fast-growing middle class, as well as innovation and new technology.This trend was confirmed by an annual rise in research and development costs of 12% across the country during the past five years, he said.Although the Chinese government was largely sponsoring these costs, in Yao’s opinion, the reform policy was bearing fruit “as the authorities are increasingly open to the privatisation of companies”.last_img read more

Working long hours ‘raises heart attack risk’

first_img Share 27 Views   no discussions Tweet Share Working more than 11 hours a day rather than the usual 9am to 5pm markedly increases heart disease risk, say UK experts.The magnitude of risk goes up by 67% for people who work long hours, they say in Annals of Internal Medicine.The University College London team base their findings on over 7,000 civil service employees whose health they have been tracking since 1985.They suggest GPs should now be asking their patients about working hours.Lead researcher Professor Mika Kivimäki said: “Considering that including a measurement of working hours in a GP interview is so simple and useful, our research presents a strong case that it should become standard practice.“This new information should help improve decisions regarding medication for heart disease.“It could also be a wake-up call for people who overwork themselves, especially if they already have other risk factors.”Hard graftOver the course of the 11-year study, 192 of the participants suffered a heart attack.People who worked 11 hours or more a day were more than half as likely again to have a heart attack than those who worked shorter hours.And adding working hours to well-established heart risk factors, such as high blood pressure, made the researchers’ predictions far more accurate.If GPs were to add this to their usual list of heart questions they might spot 6,000 more of the 125,000 people who suffer heart attacks in the UK each year, the researchers suggest.Studies are now needed to see if getting people to cut back on their working hours will improve their heart health, they add.Professor Stephen Holgate of the Medical Research Council, which part-funded the investigation, said: “This study might make us think twice about the old adage ‘hard work won’t kill you’.“Tackling lifestyles that are detrimental to health is a key area for the MRC, and this research reminds us that it’s not just diet and exercise we need to think about.”Professor Peter Weissberg of the British Heart Foundation said: “These most recent findings raise the possibility that long working hours may increase the risk of a heart attack.“But further studies are required to confirm this association and clarify how it might be used to change our current approach to assessing someone’s risk of developing heart disease and what advice we give on working conditions.”Experts suspect a number of underlying factors may be at play, such as undetected high blood pressure, stress, anxiety or depression, and being a driven, aggressive or irritable personality.Source: BBC Newscenter_img Sharing is caring! Share HealthLifestyle Working long hours ‘raises heart attack risk’ by: – April 5, 2011last_img read more

Elaine Stephenson, 96

first_imgElaine Stephenson, 96, of Elrod passed away at 6:20am, Thursday, October 20, 2016 at the Kings Daughters Hospital in Madison. She was born at Perryville in Decatur County, Tennessee on February 10, 1920 the daughter of John and Dora Brashear Kindle. She was married to Benjamin Stephenson on January 1, 1940 and he preceded her in death on May 13, 2004. Survivors include two sons Larry Stephenson of Elrod and Ronald (Pam) Stephenson of Kent; one daughter Glenda (Robert) Kelly of Scipio; two grandchildren Brianna Stephenson and Brian Kelly. She was also preceded in death by her parents and her brothers Arthur, Riley, and James Kindle. Mrs. Stephenson was a homemaker and had been employed at the Delaney Wood Heel factory in Versailles. She enjoyed tending to her garden and quilting. Elaine was a member of the Washington Baptist Church in Elrod. Funeral services will be held on Monday, October 24th at 11am at the Stratton-Karsteter Funeral Home in Versailles with Rev. Brian Dempsey of the Washington Baptist Church officiating. Burial will be in the Eastview Cemetery at Patriot. Visitation will be Monday from 10am until time of services. Memorials may be given to the Washington Baptist Church in care of the funeral home.last_img read more

Clarke wants Berahino deal done

first_img “That is what I am trying to do with him here and I think he is happy to work with me along those lines. “My own personal opinion is that he is not quite ready for full international football. “It is not for me to tell Roy (Hodgson, the England manager) how to do his job, but that is my personal opinion. “People are trying to push him too far too quickly. Give the boy time to grow and develop.” Berahino, who had come on as a substitute just after the half-hour mark for hamstring-injury victim Billy Jones, swept the ball in from just inside the box having received it from Stephane Sessegnon’s cut-back. Gareth McAuley headed in Chris Brunt’s corner in the 83rd minute to wrap up West Brom’s win as managerless, rock-bottom Palace sunk to a ninth defeat in 10 league games this term. The visitors created some notable opportunities, such as when Adlene Guedioura – who subsequently departed the field on a stretcher with damaged ribs following a collision with Boaz Myhill – saw an early shot saved by the Baggies goalkeeper, and when Mile Jedinak was only able to head wide from a good position in the second half. Ultimately, though, the Eagles did not have enough, suffering a seventh straight loss in what was caretaker boss Keith Millen’s second match in charge since Ian Holloway’s departure by mutual consent. The wait for Holloway’s permanent successor to be confirmed goes on, and Millen said: “It is not an easy situation, with all the speculation about when the manager is going to come in and who it will be. “The players have been focused – I don’t think you can accuse them of not concentrating on the job in hand. But it is a tough time for everyone at the club really. “The chairman is not going to rush into it. He needs to appoint the right person. “But I think the sooner someone does come in, the better – then there will be new ideas, a fresh voice and hopefully a little bit of luck maybe that I don’t think we are getting at the moment. Then things can change.” Asked if he knew when it might happen, Millen said: “No, I don’t. I spoke to the chairman on Friday and he’s busy doing what he needs to do. “He told me to continue this week, so we are planning this week’s training ready for the Everton game (next Saturday).” Meanwhile, Clarke has confirmed that Victor Anichebe and Nicolas Anelka were left out of the Albion squad for the Palace match due to a hamstring problem and a virus respectively. And asked post-match for an update on that situation, Clarke said: “We are in negotiations with Saido’s representatives and if I was the club, I would get it done as soon as possible. “He has had a good season, and long may it continue.” Off the back of Berahino’s rapid emergence, there has been talk of him potentially breaking into the full England squad in time for next summer’s World Cup. It is not talk welcomed by Clarke, who has been wary of the weight of expectation being placed upon the Burundi-born player. “It is hard for me if you (the media) want to write about it,” Clarke said. “All I would say is that he is a young boy that, a few weeks ago, nobody was talking about. “You have to keep the level of expectation down. In this country we are too quick to push people forward as the next big thing. “For Saido, the most important thing is that he continues to develop as a player. Berahino’s 44th-minute strike in the contest at The Hawthorns – his second top-flight goal, following up his winner at Manchester United in September – took his overall tally for the campaign to 10, including four goals for England Under-21s. Talks between the 20-year-old, who is reported to currently be on £850 a week, and the Baggies over a new deal are ongoing. West Brom head coach Steve Clarke expressed his eagerness for Saido Berahino’s new contract with the club to be finalised after the forward scored his sixth Albion goal of the season in their 2-0 Barclays Premier League win over Crystal Palace. Press Associationlast_img read more

Stadium ban frustrates Chelsea manager Jose Mourinho

first_img “Maybe I watch a movie. I don’t know,” he said. “For me, it’s very similar to going to a cinema and somebody tells me ‘you are not allowed to come in’. “Or I go to a shop to buy a pair of shoes and somebody tells me ‘you cannot come into the shop to buy a pair of shoes’. “So tomorrow I want to go to a football match, Stoke against Chelsea, and if I try to do that somebody will stop me. “I want to go to Stoke-Chelsea with my son and, at the door of the stadium, somebody says: ‘You kid, you can come in. You father, you go home’. That’s the basic picture. “On top of it, I am going to that stadium to work, and people says ‘you cannot come here to do your work’. “Even if I buy a ticket people will stop me (coming in). There is no chance.” Mourinho must stay away from the Britannia Stadium following his half-time dismissal at West Ham last month. The Blues boss “admitted a Football Association charge of misconduct regarding his language and/or behaviour towards the match officials in or around the dressing room area” at Upton Park and was fined £40,000 alongside the stadium ban. The FA released its reasons on Friday, with referee Jonathan Moss saying Mourinho called him “f****** weak”. “My punishment, the dimension of my punishment, the stadium ban that stays suspended, obviously affects everything,” said Mourinho, who on Thursday lost a separate appeal against a suspended one-match stadium ban. “My answers (to the media), obviously, are going to be different. “The way I participate with the game, obviously, is going to be different. “I had a game a few days ago where I stood for 90 minutes on my side. The other manager (Liverpool’s Jurgen Klopp) was jumping like Michael Jordan and nothing happened. “So, I know that for me everything is different. It’s changed a lot. “I think the message that the power (the FA) want to give me, the message is more than clear.” Mourinho is frustrated he is barred from doing his job as he says he is uncertain how he will follow the game, although it is inconceivable he will not watch the televised contest. Press Association Chelsea boss Jose Mourinho says his stadium ban changes everything and compared his banishment from Stoke’s Britannia Stadium with being prevented from entering a cinema to watch a film. last_img read more

Freshman forward Carolin Hoffmann excelling on defense

first_img Published on September 26, 2017 at 9:49 pm Contact Billy: | @Wheyen3 Facebook Twitter Google+ Whenever Syracuse head coach Ange Bradley is asked about Carolin Hoffmann, Syracuse’s second-leading goal scorer, Bradley’s response usually has little to do with her offensive prowess.“Her ability to defend as a forward is really good,” Bradley said when asked why she recruited Hoffmann. No. 7 Syracuse (8-2, 1-2 Atlantic Coast) has not only benefitted from the freshman’s five goals but her ability to set the line of pressure for a defense which has allowed just five goals in 10 games.Most often against its opposition, SU controls possession and works its way into the attacking third before the other team can retake control. When the Orange’s opponents win the ball back and look to move up the field, they must first bypass the Orange’s forwards, specifically Hoffmann.Her work establishes the tone for the rest of the line. With her stick held in an outstretched right arm, Hoffmann sprints back and forth as the opposition’s backs swing the ball across the field. If there’s a misplaced touch, Hoffmann quickly goes from moving laterally to choppy steps directly on the ball.AdvertisementThis is placeholder text“She fits really well into our system,” Bradley said. “The way that we like to run an offense as well as a defense.”Back in Germany, Hoffmann played for HTC Uhlenhorst Mulheim, a highly successful club team. While Hoffmann was with the team, it was promoted to Germany’s top league. Bradley pointed out how impressive it was for a high schooler to be playing with Olympians, but Hoffmann remembered it also meant she didn’t always stand out.“My old coaches always said that my defense is like my biggest weakness,” Hoffmann said.That contrasts why Bradley recruited Hoffmann in the first place. The freshman credited practicing over the summer once she arrived in Syracuse as the reason behind her defensive improvement, also because Bradley emphasizes on-ball pressure when the other team control possession. Hoffmann also said she saw improvement because of the players around her.“It’s not only the forwards, it’s also the midfielders, who structure us and tell us how we have to stand,” Hoffmann said.That communication comes from Syracuse’s defensive third. Goalkeeper Borg van der Velde relays instructions to the the backs who advise the midfielders. As a forward, Hoffmann needs a lot of pieces behind her to click before fully understanding the defensive assignments.And, so far this season, they have. Both of Syracuse’s losses have come in overtime, which forces teams to drop normal lineups of 11 players down to seven each. When playing in regulation, the Orange has succeeded mostly by keeping the ball pinned in the opponent’s end of the field. And the team’s second-leading scorer has keyed up that pressure.Following Syracuse’s 5-0 dismantling of Bucknell on Sept. 2, Hoffmann was asked about what led to the success on that day. She pointed to the defense, even though she scored a goal. And when asked Sept. 20 about her defending, Hoffmann concluded her answer with a favorite line: “Defense wins championships.”“Honestly, I don’t really think about like ‘I have to do this, I have to do this,’” Hoffmann said. “I’m just playing.” Commentslast_img read more

UFC 245 News: Mike Perry likely to face Geoff Neal upon return

first_img Written By Last Updated: 31st October, 2019 22:50 IST UFC 245 News: Mike Perry Likely To Face Geoff Neal Upon Return Geoff Neal vs Mike Perry is set to happen at UFC 245 as Perry is set to return in the UFC. Know more about their upcoming fight and match updates from UFC 245. According to American media reports, the welterweight division is going to be blessed with a super fight between Mike Perry and Geof Neal in UFC 245. UFC 245 is going to go live on December 15 from the T-Mobile Arena in Las Vegas with Colby Covington vs Kamaru Usman as the main event. In his last fight, Mike Perry faced a brutal nose injury against Vincent Luque at UFC Fight Night 156. Mr Platinum Perry lost the fight via decision and he is ready to return inside the Octagon in UFC 245 with a fightagainst Geoff Neal, which is already in works. Raj Sarkar WE RECOMMEND LIVE TV First Published: 31st October, 2019 22:50 IST WATCH US LIVE FOLLOW US 10 months ago UFC: Jose Aldo loses weight for bantamweight division; Slams Cejudo SUBSCRIBE TO US Also Read- UFC: Conor McGregor Gets Attacked In Khabib Nurmagomedov’s RussiaUFC: Mike Perry vs Geoff NealAriel Helwani confirmed the news of a bout between Geoff Neal and Mike Perry being in the making and the MMA Universe has highly appreciated the idea. Mike Perry is a total badass and he is one of those fighters who are never afraid of bloody war and his comeback is expected to be big. Perry holds a record of 13-5 while the Brazilian Geoff Neal is 12-2 at the moment. None of them are in the top 14 spots of the welterweight roster but this is one of those matchups where the fans can surely expect some heavy action. COMMENT UFC 245: Match UpdatesKamaru Usman(C) vs Colby Covington (Welterweight title on the line)Max Holloway (C) VS Alexander Volkanovski (Featherweight title on the line)Amanda Nunes vs Germaine de Randamie Women’s Bantamweight title on the line)Jose Aldo vs Marlon MoraesUrijah Faber vs Petr YanMatt Brown vs Ben SaundersJessica Eye vs Viviane AraujoKai Kara France vs Brandon MorenoOskar Piechota vs Punahele SorianoGeoff Neal vs Mike Perry.Also Read- UFC: 3 Major Fights In UFC History With Controversial EndingsAlso Read- UFC: Joe Lauzon To Not Fight Again In The Competition? Also Read- UFC: US President Donald Trump Is Set To Attend UFC 244 At MSGGeoff Neal is a dangerous fighter too and UFC fans definitely expect him to get a win at UFC 245. If Mike Perry has the will to keep fighting in any condition, so does Neal has the perfect left-hand to give him a strong reply. UFC 245 already had a stacked card and with Mike Perry and Geoff Neal’s entry, it has just become more glittery. Mike Perry vs. Geoff Neal is in the works for UFC 245 on Dec. 14, according to sources. Both sides have verbally agreed to the welterweight fight.— Ariel Helwani (@arielhelwani) October 31, 2019 10 months ago WWE: Seth Rollins Slammed By UFC Interim Champion Colby Covingtonlast_img read more

Nigeria Cup 2016: Caddies’ Event Winner, Ganiyu, Bags Pro Sponsorship

first_img*100 golfers to storm Ilorin for ‘October Fest’Kunle Adewale in Lagos and Hammed Shittu in IlorinIt was jubilation all through the golf section of Ikoyi Club on Monday as the 2016 Nigeria Cup Committee offers to sponsor Adesanya Ganiyu for professional trainee programme for emerging the best among over 150 others who took part in the caddie event in the ongoing 20th edition of the Nigeria Cup. The offer was the first of its kind in the history of the competition.Speaking at the closing ceremony of the Caddies’ event on Monday, Chairman 2016 Organising Committee, Bayo Alli, said; “The idea was to encourage the boys and show them that there is always reward for hard work. We believe that the gesture will go a long way to helping the caddie get more serious in whatever they do. “We are doing this to show that we support the caddies, we appreciate the role they play in the golfing community and we will continue to support and encourage them’, Bayo Alli, saidAdesanya grossed 84-over 18-holes to come tops in the caddies’ event.The Nigeria Independence Anniversary celebration continues at the golf section with a special independence kitty today while the pros will take their turn on the course on Thursday.The tournament is a Pro-Am and will feature professional golfers playing alongside their amateur counterpart.On Friday, September 30, it will be the turn of guests and veteran golfers while Saturday, October 1st is the grand finale.Expected on the course are golfers who scaled through the tournament pre-qualifiers.Sunday October 2, is the day winners of the week-long competitions would be given their trophies and prizes at a gala night billed to hold at the golf section of Ikoyi Club 1938.Meanwhile, about 100 golfers across the 36 states of the federation have concluded arrangements to storm Ilorin Golf Club from Friday Sept. 30, for a one-day 18 holes tournament tagged ‘October Fest.’The club’s Captain, Mr. Layi Maliki, who spoke with journalists in Ilorin yesterday on the level of the preparations for the tournament said that, the competition is part of activities to mark the country’s 56th Independence Anniversary.He listed golfers from Mic-Com Golf and Country Club, Ada, Kadariko Golf Club Kainji, Minna Cantonment Golf Club, Ibadan Golf Club and Ogbomoso Recreation Club amongst those to compete for honours in the invitational competition.Maliki explained that the competition will have players compete for honours in different categories in the amateur rank while the professionals have handsome prize money at stake for them.The Ilorin Club captain added that event will tee off with a welcome cocktail party for participants on Friday at 7:00 p.m while golfers will take to course on Saturday, Oct. 1,starting from 7:00a.m. He disclosed that the club’s Hole One will be rededicated to late Dr. Olusola Saraki.The captain said the aim is to make the competition an annual event while thanking individuals and corporate bodies for sponsoring the competition.According to him, the competition is put together by Lanre Sagaya, Asiwaju Tunde Badmus, Kwara State Bureau of Lands, Kwara ALGON, Sterling Bank and Peace Pharmaceutical company. The event will climax with a gala night at the club’s ultra- modern club house later in the evening.Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegramlast_img read more