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Dutch pension-fund ‘herding’ threatens financial stability, DNB warns

first_imgDutch pension funds exhibit herding behaviour in their investment policies, which could pose a danger for financial stability, according to research conducted by regulator DNB.The Dutch financial news daily Het Financieele Dagblad, quoting from a survey to be published in ESB, a magazine for economists, said “aping behaviour” was the most obvious example of herding.Four DNB researchers, who analysed the monthly trading data of 39 pension funds between 2009 and 2016, found several signs that the schemes had emulated similar-sized schemes or the three largest Dutch pension funds – ABP (€359bn), PFZW (€172bn) and PMT (€63bn).They said this was a problem, “as pension funds ignored their own data, which leads to markets working inefficiently”. They also noted that pension funds responded in a similar ways to changes in legislation, said Het Financieele Dagblad.For example, the researchers found that Dutch schemes began hedging the interest risk on their liabilities through interest swaps after legislation changed in 2007 and the pensions system became increasingly susceptible to interest-rate movements.Further, pension funds tended to re-balance their investment portfolios in a similar way in the wake of market movements.Dutch pension funds in general use quite narrow bandwidths in their strategic investment policies, which requires them to re-balance continuously.If they achieve a significant return on their equity holdings, for example, they need to divest stock to prevent an overweighting in their asset mix.In the opinion of the DNB’s researchers, however, this kind of herd behaviour is actually positive “because it increases stability, as it counters cyclical price movements”.Dutch pension funds, with combined assets of more than €1.3trn, comprise a substantial part of global pension assets worth more than €26trn.Because they have evolved to become major players on the financial markets, the focus on their investment behaviour has grown.Dutch schemes investing or selling the same assets at the same time could exacerbate market volatility, according to the DNB’s researchers.last_img read more

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Belgian woman euthanised after heartbreak

first_imgChristian Concern 11 February 2016FAMILY FIRST COMMENT: This is a disturbing but predicted outcome of euthanasia: “The law requires that two doctors and a psychologist evaluate a person’s request for euthanasia. In Belgium, euthanasia on the grounds of ‘unbearable suffering’ is permitted. In this case, the doctors decided that Tine’s break-up was a reasonable justification for her wanting to end her life. The two sisters felt that very little effort was made to persuade Tine to live.”  Two women have spoken out about the euthanasia of their sister, Tine Nys, in Belgium.On Christmas Eve 2009, Tine, who was 37 at the time, announced her intention to pursue euthanasia, following a split from her boyfriend.She was killed by lethal injection on 24 April 2010, with her parents and her sisters Lotte and Sophie by her side.In a recent interview with Terzake, a Flemish current affairs television programme, Lotte and Sophie expressed their dismay at the attitude doctors took toward Tine’s request.The law requires that two doctors and a psychologist evaluate a person’s request for euthanasia. In Belgium, euthanasia on the grounds of ‘unbearable suffering’ is permitted.In this case, the doctors decided that Tine’s break-up was a reasonable justification for her wanting to end her life. The two sisters felt that very little effort was made to persuade Tine to live.Not only did the three doctors fail to communicate with each other, but they failed to offer treatment for Tine’s diagnosed autism.One doctor described Tine’s death as “a lethal injection administered to a favourite pet to end its suffering”.A Flemish psychiatrist, Joris Vandenberghe, commented: “This is really very worrying. The bar for euthanasia should be higherREAD MORE: http://www.christianconcern.com/our-concerns/end-of-life/belgian-woman-euthanised-after-heartbreak?utm_source=Christian+Concern&utm_campaign=ce19b2199c-WN-2016-02-13&utm_medium=email&utm_term=0_9e164371ca-ce19b2199c-127299873last_img read more

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Wolves land £19m-rated Portuguese winger from Olympiacos

first_imgWolves have completed the £19million signing of Portugal winger Daniel Podence on a four-year deal from Olympiacos.Advertisement Promoted ContentMind-Bending Technology That Was Predicted Before It AppearedYou’ve Only Seen Such Colorful Hairdos In A Handful Of AnimeThe Highest Paid Football Players In The World5 Of The World’s Most Unique Theme Parks6 Interesting Ways To Make Money With A DroneWhich Country Is The Most Romantic In The World?7 Black Hole Facts That Will Change Your View Of The UniverseRevealed: 6 Hidden Secrets Of The Great Wall Of ChinaThis Is Probably The Happiest Dog On Instagram8 Superfoods For Growing Hair Back And Stimulating Its Growth10 Hyper-Realistic 3D Street Art By OdeithWorld’s Most Beautiful Ceilings That Will Take Your Breath Away The 24-year-old can play on either wing and is just the latest Portuguese addition to a Wolves squad laced with impressive players from the country. Podence touched down in the Midlands on Wednesday for a medical and has now put pen to paper on a deal that will see him go straight into Wolves’ squad for the game against Manchester United on Saturday.center_img Loading… Read Also: Wolves unveil Ecuador forward CampanaHe came through the Sporting Lisbon academy – also responsible for the likes of Rui Patricio and Joao Moutinho – and he has played in Portugal’s youth set-up with Ruben Neves and Diogo Jota.On joining the club, he said: ‘I’m very excited. It was always a childhood dream of mine to play in the Premier League and I look at this achievement as a dream come true.‘Wolves are a team with a big project, with ambitious goals to look forward to, where I’ll get to meet former teammates with whom I had the pleasure to play with in the past and I hope to be very successful here.’FacebookTwitterWhatsAppEmail分享 last_img read more

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Ferris set to miss Lions tour

first_img The Ulster and Ireland flanker suffered the injury on provincial duty in November, but had been expected to be back in action at some point during the RBS 6 Nations. However, the 27-year-old has had to undergo another procedure to clean out bone fragments and will be absent until late May or early June, just as the British & Irish Lions embark on their tour of Australia. An Ulster statement read: “Ulster back-row forward, Stephen Ferris, was reviewed last week as part of his ongoing rehabilitation from an ankle injury that he sustained in November. “At that review, it was discovered that although he had made excellent progress, some minor issues still remained. “Those issues included function at the ankle continuing to cause pain. “Having considered all specialist medical opinions given, Stephen underwent successful ankle surgery in Belfast yesterday (Wednesday), during which fragments of bone were removed. “Stephen will be out of rugby for a further three months but following this period is expected to make a full and complete return to the game.” Ferris was also unfortunate with injury on the Lions’ 2009 tour of South Africa. The back-rower had appeared set for a place in the Test side after a series of impressive displays, only for a knee injury to end his trip prematurely. Stephen Ferris’ Lions aspirations appear to be over after he was ruled out for another three months following a second operation on his injured ankle.center_img Press Associationlast_img read more

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2nd Test: Sean Williams ton boosts Zimbabwe against Sri Lanka

first_imgHARARE: Captain Sean Williams scored a sparkling century as Zimbabwe profited from a docile wicket to reach 352 for six at the close of play on day one of the second and final Test against Sri Lanka at the Harare Sports Club on Monday.Williams struck 10 fours in his score of 107 from 137 balls, his second Test ton, before giving his wicket away late in the day when he was bowled by spinner Dhananjaya de Silva attempting a slog sweep.Regis Chakabva (31 not out) and debutant Tinotenda Mutombodzi (10 not out) will resume the home side’s innings on the second morning.After winning the toss and electing to bat, Zimbabwe lost Prince Masvaure (9) and Craig Ervine (12) inside the first 20 overs, before Kevin Kasuza (38) and Brendan Taylor (62) put on 65 for the third wicket.They departed in quick succession though, both victims of Sri Lanka seamer Suranga Lakmal (2-31) who was the pick of the tourists’ bowlers on an unhelpful wicket.But Williams and Sikandar Raza (72) produced an excellent stand of 159 from 211 balls for the fifth wicket as they took the attack to the visitors.It was broken when Raza went for a big heave off left-arm spinner Lasith Embuldeniya and picked out a tumbling Angelo Mathews at long-on. AgenciesAlso Read: Sean Williams to lead in Tests, Chamu Chibhabha in ODIs & T20IsAlso Watch: Historic Bodo Agreement Signed, Watch ABSU celebrating the moment in Kokrajharlast_img read more

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Federer tops Wawrinka in all-Swiss Indian Wells final

first_img(REUTERS)-A revived Roger Federer beat fellow Swiss Stan Wawrinka 6-4 7-5 in the BNP Paribas Open final on Sunday to earn a record-tying fifth Indian Wells title and distinction as the tournament’s oldest winner.The win by the 35-year-old Swiss master, who made a stunning return from a six-month layoff by winning the Australian Open in January, capped an impressive run in the California desert in which he did not lose a set the entire way.The rematch of the Australian Open semi-final saw the close friends hold serve until the 10th game of the opening set when Federer, ahead 5-4, outlasted Wawrinka in a thrilling 21-shot rally for the service break.Wawrinka, who was making his first appearance in an Indian Wells final, broke right back and held serve to move ahead 2-0 in the ensuing set but Federer never wavered.Federer now joins Novak Djokovic a five-time winner at the event and becomes the oldest champion in the tournament’s history, surpassing Jimmy Connors who was 31 when he triumphed in 1984.last_img read more

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BREAKING NEWS: Student falls from Birnkrant dorm

first_imgA male student fell from the sixth floor of Birnkrant Residence Hall this morning, according to Department of Public Safety Capt. David Carlisle.According to an e-mail sent to Birnkrant residents, the student was identified as Jackson Roddy, a freshman majoring in accounting. Roddy is pledging Sigma Nu fraternity.Los Angeles City Fire Department paramedics and the Los Angeles City Police Department responded to the scene at about 6 a.m. and treated Roddy. A DPS report listed the incident as happening between 6:02 and 6:30 a.m.Though his condition is not known, Roddy was transferred to the California Hospital.The university released a statement on USC’s website shortly before noon.“Our thoughts and prayers go to the student and his family,” said Dr. Michael L. Jackson, vice president for Student Affairs.The statement also encouraged all students to seek counseling if needed, and said the university was reaching out to those who might have been affected by the incident. Students can contact Student Affairs at (213) 740-2421 or the USC Center for Work and Family Life at (213) 821-0800. Four counselors have been designated specifically to the dorm, the statement said.Though official DPS reports in the morning indicated that incident might have been caused by a jump, authorities said they now do not know the cause of the fall and are still investigating.“I don’t even know how to characterize what happened except that we know that someone on the sixth floor ended up on the ground. How that happened is being investigated by everyone,” said James Grant, director of USC Media Relations.last_img read more

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Syracuse football community reacts to former Orange players signing as free agents

first_img Published on May 2, 2015 at 11:34 pm Contact Sam: sjfortie@syr.edu | @Sam4TR No former Syracuse football players were selected after 256 picks, but a handful are making their way onto NFL rosters as undrafted free agents.Former defensive tackle Eric Crume signed with the Jacksonville Jaguars. Linebacker Dyshawn Davis inked a deal with the Washington Redskins. Sean Hickey agreed to terms with the New Orleans Saints. Durell Eskridge stayed in-state to sign on with the New York Jets. Cameron Lynch was picked up by the St. Louis Rams.Below are reactions from Syracuse players and fans on the post-draft signings.[<a href=”//storify.com/dailyorange/su-players-fans-react-to-nfl-signings” target=”_blank”>View the story “Social media reactions ” on Storify</a>] Comments Facebook Twitter Google+last_img read more

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Beat writers predict Syracuse basketball to squeak past Florida State

first_img Related Stories Dwayne Bacon stars for Florida State after bumpy roadSyracuse basketball opponent preview: What to know about Florida StateOn the beat: Syracuse rides hot streak in conference play, Florida State previewJim Boeheim and Leonard Hamilton discuss Syracuse-Florida State matchup on ACC coaches teleconference Facebook Twitter Google+ Syracuse (16-8, 6-5 Atlantic Coast) hosts Florida State (16-7, 6-5) on Thursday at 7 p.m. The Orange is riding a three-game win streak and has won six of its last seven while the Seminoles are on a four-game win streak. The two teams are tied for eighth place in the ACC, making Thursday night’s game meaningful.Here’s how our beat writers predict the game will unfold.Sam Blum (16-8)Syracuse 59, Florida State 57Home SkilletThe Orange bulldozed through three games in five days, a stretch that had head coach Jim Boeheim pleased to just have a couple days off. Now, more than a week later, this refreshed SU team won’t miss a beat against Florida State and its prolific scorer Xavier Rathan-Mayes. This will be a defensive battle, but Syracuse has the rested legs and a proven home-court advantage. This game won’t be in hand until the final possession, but the Orange has proven winning games late is something it’s capable of doing and Syracuse’s conference resurgence continues.Jesse Dougherty (16-8)Syracuse 69, Florida State 62Bacon, egg and 3s AdvertisementThis is placeholder textDwayne Bacon, Malik Beasley and Rathan-Mayes, individually and separately, spell big trouble for the Syracuse zone. But it’s the Orange playmakers that get hot after a nine-day layover and carry SU to its seventh victory in eight games. In a game filled with young talent — Bacon and Beasley are considered two of the top freshman in the ACC and country — it’s Syracuse rookie Malachi Richardson who shines the brightest. And once he puts the Orange in position to win, the Seminoles shot-happy offense starts clanking contested looks and SU rides its experience to the finish.Matt Schneidman (16-8)Syracuse 72, Florida State 66ChoppedFlorida State boasts the fourth-highest-scoring offense in the ACC, led by a dynamic freshman duo of Beasley and Bacon. But nobody has been playing as well on defense as Syracuse and the Orange finds a way to slow down the Seminoles and hold them 13 points below their season average. Michael Gbinije and Trevor Cooney, once again, guide Syracuse on the defensive end while scoring a combined 30 on the offensive side. Commentscenter_img Published on February 11, 2016 at 1:05 pmlast_img read more

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Tipperary Senior Camogie side away to Galway

first_imgThe Tipperary Senior Camogie side also hoping to make it two for two today in their Littlewoods National league campaign.After a comprehensive victory over Offaly at the Ragg last weekend they now head to Gort today to take on Galway.For the Tribeswomen its a crucial game after they were roundly defeated by Cork in their opening game of the league last month. While Galway go into today’s clash with the favourites tag Tipperary will be buoyed by that comprehensive victory at the Ragg last SaturdayThrow in this afternoon is at 2 pm with updates here on Tipp FM Photo © Tipp FM & Denis Vahey Photographylast_img read more

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