Under-regulated pension funds could ‘distort’ lending market, minister warns

first_imgThis increase in regulation – particularly for banks – means the world is “en route to a credit squeeze”, he warned.However, Hartwig Webersinke, an economist at the University of Applied Sciences in Aschaffenburg, argued that the increase in regulation in the wake of the financial crisis was “cyclical”.After 2008, the “clear political aim was to never let this happen again”, and to ensure this, “a flood” of new regulation was introduced.Webersinke argued that many of the new regulatory requirements were contradicting one other and pointed out that many financial service providers were being visited by different supervisors because there had been no final agreement on the remits of different European or local authorities.As a case in point, he cited European Central Bank president Mario Draghi announcing support for banks to lend more venture capital.“One month later, a different authority, under the same roof, told banks they had to improve their accounts because of new stress tests,” Webersinke said. “In a few years, we will be thinking about the costs of this additional regulation and the actual effect it has, and this will change the regulatory environment.“We are only at the beginning, but I hope we will realise how many redundancies are already being created by too much regulation and that it is killing some financial products like the Riester-Rente,” Websersinke added, referring to the German supplementary pensions vehicle set up by the former labour minister Walter Riester in 2002.Regarding a possible financial transaction tax, Schelling said he did not see a sufficient number of EU member states supporting the measure.“Further, it is unclear whether it is actually legally possible to introduce such a tax in only a few member states against the will of the other EU members,” he said. Austrian finance minister Hans Jörg Schelling has warned that institutional investors providing financing for projects and companies could “distort” the lending market because they are less regulated than banks.Speaking at the recent Faros institutional investor conference in Vienna, Schelling reiterated concerns raised by the International Monetary Fund in its October 2014 Financial Stability Report concerning ‘shadow banking’. “Regulation is a cost factor banks have to take into account and other lenders do not,” he said.Schelling said the regulatory situation in Europe was becoming “more and more dramatic”, with some new requirements “actually being pure nonsense”.last_img read more

Diana Shipping Charters Bulker Trio at Higher Rates

first_imgAthens-based shipping firm Diana Shipping has secured charter contracts for three of its dry bulk vessels, the MV Medusa, MV Artemis and MV Thetis.The Kamsarmax Medusa was charter by Geneva-based Cargill International at a gross charter rate of USD 10,000 per day. The 82,194 dwt bulker,. which was hired for a period of twelve to fifteen months, started working under the new contract on July 6, 2017.Built in 2010, Medusa was previously chartered to Geneva’s Quadra Commodities at a rate of USD 6,300 per day.Diana Shipping’s further two Panamax dry bulkers were hired by Hong Kong-based Ausca Shipping Limited, also at higher rates.Namely, the company’s dry bulk vessel Artemis started working for Ausca Shipping on July 8 for a gross charter rate of USD 9,000 per day. The 76,942 dwt ship’s deal runs for a period of twelve to fifteen months. Earlier, the 2006-built vessel was earning a gross charter rate of USD 5,350 per day under a deal with Geneva’s Bunge.Thetis, the second ship chartered by Ausca Shipping, is scheduled to start working under the new contract on July 12. Under the deal, the 2004-built ship will earn a gross charter rate of USD 8,350 per day for a period of twelve to fifteen months. The 73,583 dwt Thetis is currently chartered to Transgrain Shipping from Rotterdam at a rate of USD 5,150 per day.Diana Shipping informed that the employments of the three bulkers are expected to generate around USD 9.85 million of gross revenue for the minimum scheduled period of the time charters.last_img read more

‘Pusher’ falls in drug bust

first_imgBY IAN PAUL CORDERO Sabarillo – resident of the village – was arrested after he sold a sachet of suspected illegal drugs to an undercover cop for P15,000 on Monday. Ronald Sabarillo, 35, was caught in a drug buy-bust operation in Barangay Calaparan, Arevalo district, a police report showed. ILOILO City – He sold suspected shabu, police said. The suspect was detained in the lockup facility of the Arevalo police station, facing charges for violation of Republic Act 9165, or the Comprehensive Dangerous Drugs Act of 2002./PNlast_img read more

BAHS plans vintage car visit

first_imgPhoto Courtesy of BAHSBatesville, In. — The Batesville Area Historical Society will welcome the Great Lakes Region Vintage Car Club on Tuesday, July 25 from 1 to 3 p.m. Residents can come to the Historical Center at 15 West George Street cars like a 1927 Model A Essex or a 1950 DeSoto.During the month of July the Indiana Historical Society’s “Auto Indiana” exhibit in Batesville. Through September the auto-related collections of Joe Greiwe and Bill Nuhring are on display as well. The collections include vintage service station attire, spark plugs and carburetors.last_img read more

DI-S falls by 11 to Sumner

first_imgWesley Herrick pitched the GSA Eagles to a five-inning 13-2 win over the Mariners on Monday in Deer Isle.Harrison Vinall and Anthony Bianco led the way for GSA with run-scoring doubles.David McManus had a solo home run for the Mariners.Find in-depth coverage of local news in The Ellsworth American. Subscribe digitally or in print. Bio Hugh BowdenExecutive EditorHugh writes editorials, covers Hancock County sports and helps out where needed in The American’s editorial department. When he’s not on the sidelines, he enjoys playing jazz and tennis. hbowden@ellsworthamerican.com GSA surges in 4th to win Northern Maine title – February 26, 2017 This is placeholder textThis is placeholder text Like he did in the ’60s, Noel Paul Stookey sings out in troubling times – December 27, 2017 Latest posts by Hugh Bowden (see all) Latest Posts Is this the kind of government we deserve? – July 10, 2017last_img read more

Tim Tunney wins first-ever Dead Run

first_imgDead Run two-mile race winner Tim Tunney (center, back) is flanked by race participants(from left ) Jennifer Saunders, May Dow, Holly Archer, Chelsea Sawyer, SonyaMitchell, Jody Warren, Judy Richards and Aiden Mitchell in the front. PHOTO COURTESY BEN SPEEDELLSWORTH — Tim Tunney of Ellsworth and Laureen Libby of Frankfort were the overall winners Saturday in the first-ever Union Square Dead Run at Woodlawn Museum.A sizeable field of runners, many of them in Halloween costume, turned out for the two-mile and half-mile runs.Tunney turned in a winning time of 13 minutes and 35 seconds in the two-mile event, and Libby was the women’s winner, placing 11th overall in 17:50.Other age division winners:This is placeholder textThis is placeholder text12 and under: Noah Speed of Franklin, seventh in 16:32, and Evelyn Hardy of Bar Harbor, 36th in 29:2613-19: Dayton Dinsmore of South Thomaston, third in 14:58.20-29: Andrew Kephart of Ellsworth, fifth in 16:14, and Molly Young of Ellsworth, 26th in 23:20.30-39: Tim Hilton of Ellsworth, 45th in 33:49, and Alexis Perdonn of Ellsworth, 12th in 18:08.40-49: Tony Lombardo of Sparta, N.J., second in 14:22, and Susan Brenner of Ellsworth, 14th in 19:31.50-59: Keith Hansen of Ellsworth, 16th in 19:35, and Dorothy Small of Ellsworth, 28th in 24:57.60 and over: Stephen Fay of Ellsworth, 24th in 21:50, and Debra Shissler of Ellsworth, 18th in 20:39.Winners of the half-mile competition were Liam Stephenson and Heather Brenner-Simpson.Best costume awards went to Ian Brenner-Simpson, Evelyn Hardy, Becket Markosian, Patrick McGuire, Karen McGuire and Dotty Small.The event was organized by Union Square, a group of young professionals with a mission of engaging young people and enriching the community.last_img read more

Recluse’ Serena ready for US Open after lockdown

first_imgLos Angeles, United States (AFP) — Serena Williams said Saturday she is pressing ahead with plans to play in the US Open despite a wave of player withdrawals from the upcoming Grand Slam event over the novel coronavirus (COVID-19) fears.The 23-time Slam winner returns to tennis this week at the inaugural Top Seed Open WTA event in Lexington, Kentucky, relaunching her season after a six-month hiatus caused by the COVID-19 pandemic.Williams, who was one of the first players to commit to the US Open despite the pandemic, said her plans remain unchanged, adding that she was tentatively planning to go to Europe for the rescheduled French Open.“I see myself doing it all if it happens,” Williams said when asked about her schedule during a virtual press conference on Saturday.“But I am not planning for the future, as tournaments got cancelled I was just like, ‘Let me just work on today and see what happens.’”The former world number one said she has spent the past six months at her home in Florida, sheltering from the threat of the coronavirus.Williams has a history of pulmonary embolisms which have restricted her lung capacity, a factor which she said had prompted her to be a “little bit of a recluse” this year.“I started social distancing in early March,” she said.“I don’t have full lung capacity so I’m not sure what would happen to me.“I am sure I would be okay but I don’t want to find out.“I have like 50 masks that I travel with, I don’t ever want to be without one.A little bit neurotic“With health concerns I am super careful with what I have been doing and everyone in the Serena bubble is really protected.“It is cool to play tennis, but this is my life and my health, so I have been a little bit neurotic but that is how I have to be right now.”Williams revealed that she had been practising on her own court, built with the same hardcout surface used at the US Open. She has also stayed fit with construction of a home gym.“I had to make a gym and my husband made a court for me. The gym is not quite done. The tennis court is fun, I go there and it is my own sanctuary. It’s like, ‘Why haven’t I done this 20 years ago?’,” she said.Williams, who is also scheduled to play the Western and Southern Open tune-up event in New York before the US Open, admitted that only tournament play would allow her to properly gauge her fitness.“Everyone has an opportunity to be more fit now, because we spent so much time at home to work on ourselves,” Williams said.“Fitness wise, there is going to be a tonne of fitness, but match fitness is different to fit-fitness.”Williams, who turns 39 in September, meanwhile said she was unable to say whether she would be at the rescheduled Tokyo Olympics in 2021.“That is just looking too far ahead, I don’t know if Tokyo plans to be in Tokyo, we will have to wait and see,” she said.“I don’t know what to expect. One thing I have learned is don’t plan, I am living for the day and for the moment, in a good way but I am not making plans tolast_img read more

All Ireland Final ends in a draw

first_imgLess than two minutes later, Tipperary were awarded a penalty for a foul on Bonner. Drom and Inch clubman Seamus Callanan stepped up to the mark…but his rocket shot at goal was saved on the line. By the 25th minute of the first half, Tipperary led the Cats 1-9 to 7 points…but Richie Hogan streaked through the Premier’s defences seconds later to score a goal for Kilkenny, bringing them back to within two points of Tipp. It was tit-for-tat for the next few minutes as the two sides traded points, until two points in a row from TJ Reid put Kilkenny just a point behind Tipp in the 34th minute, but Seamus Callanan came back again to score from a placed ball to leave the Premier County 2 points to spare over Kilkenny going into the breakKilkenny had a dream start to the second half with a goal from TJ Reid inside the first minute of the half…Shane McGrath replied with a point bringing it back to level. Kilkenny found the back of the net a third time in the 48th minute giving them a three point lead…3-15 to 1-18Tipperary were awarded a second penalty in the 57th minute for a foul on Lar Corbett but Bubbles O’Dwyer’s shot was saved on the line…by the 65th minute of the game, Tipperary were trailing by three points. But a stunning passage of play from all areas of the pitch led to three points in a row for Tipp…as Bubbles O’Dwyer, substitute Jason Forde and Bubbles again brought the Premier County right back into it and left the score level on 1-28 to 3-22 by the 70th minute. In injury time, Tipperary were awarded a free inside their own half…..once again, John Bubbles O’Dwyer stepped up to the mark, from 97 metres out, to try and bring Liam home to Tipperary but the call was too close to call for the officials……and ultimately the final decision was left to Hawk Eye.So the Premier County’s senior hurlers have to do it all again….the replay has been set for 5 o’clock on Saturday the 27th September….so both sides have time to reflect, regroup and plan their attack for the next day out. After a thrilling All Ireland Final in Croke Park this afternoon, it ended all square between Tipperary and Kilkenny on a final scoreline of 1-28 to 3-22…Hawk Eye had to make the final decision when Killenaule’s James ‘Bubbles’ O’Dwyer sent a high free from 97 metres out, which just missed the posts…in the 71st minute. Tipp started the game well with 3 points inside the first 7 minutes of play…Bonner Maher raised the green flag for the Premier County in the 21st minute of the first half with a stunning goal…last_img read more

BlockChip announces London launch party next month

first_imgShare StumbleUpon Share Submit SiGMA signs new conference partnerships for 2016 event August 8, 2016 Related Articles BlockChip, the self-styled “future of igaming”, has announced a launch event at London’s Hippodrome Casino on 7th June.The startup is aiming to challenge the established igaming incumbents by offering a platform with unrivalled blockchain security.CEO Mark Suwankumpoo said ahead of the launch: “BlockChip is the future of igaming. By utilising cutting-edge blockchain and AI technologies, we are able to deliver players seamless gameplay, instant transactions and a much wider choice of games with the BlockChip ecosystem.“Our ecosystem is an open platform for games developers, giving them the opportunity to produce top-quality games and profit from their work instantly. As players, we could see that the industry wasn’t living up to the demands of the modern iGaming consumer- that is something we need to change and we believe that BlockChip is the answer.”The official launch event will feature a host of igaming and blockchain experts, including blockchain strategist and investor Thomas Power; Eman Pulis, the founder and CEO of the Malta Blockchain Summit; and Maria Jones, VP of CoinTelegraph. As well as special guest speakers, the event will include networking drinks for igaming and blockchain entrepreneurs, a fleet of supercars and a chance to interview the BlockChip team.Following the official launch event, the BlockChip private sale will take place at the end of June, with a public pre-sale and ICO to follow in July and August respectively. Beat Pagano at AffiliateFEST and win $500 October 2, 2015 Influencer marketing expert boosts AffiliateFEST agenda June 26, 2018last_img read more

Donkomi: Michael Sarpong joins Tanzanian side Young Africans SC

first_imgHe has completed his medical and is expected to join his teammates for preseason ahead of the new campaign. He was forced to depart the Rwandan club after falling out with its President in April 2020. Sarpong joins Young Africans as a free agent after months of speculation that he was bound for Simba SC. The 24 year old former Dreams FC forward built a strong reputation as a clinical finisher in the Rwandan league with Rayon Sport after scoring 16 goals to help them clinch the 18/19 league season. Tanzanian Premier League side Young Africans SC have signed former Rayon Sports striker Michael Sarpong.last_img read more