Many people are only slowly beginning to realise the harm low to negative interest rates are causing and, without a lobby, the concerns of savers and pension funds are hardly taken seriously, the head of the board of trustees at Swiss multi-employer pension fund Profond told delegates at a trade fair in Zurich yesterday.All of Swiss pension funds’ assets have been affected by the low to negative rates environment, said Olaf Meyer, criticising central banks’ monetary policy as “politically motivated redistribution” of financing from the private sector to governments.Prices have become political prices rather than market prices, he said, adding: “We’re no longer operating in a market system.”He said Swiss Pensionskassen were faced with low yields in listed and unlisted assets, a domestic currency that had become a burden and a large gap between members’ pension expectations and the yields attainable via traditional investment strategies. Picking up a point made earlier by Dewet Moser, alternate member of the governing board of the Swiss National Bank (SNB), that real interest rates were still positive, Meyer said it was very difficult to explain this to individuals who tend to think in nominal terms.“That’s something we have to live with,” he said.As to how Pensionskassen can respond to the rates environment, there are two main choices, according to Meyer – adjusting investment activity (by buying real assets and hedging exchange rates, for example) or adjusting benefits.The latter is already happening in Switzerland to an extent that has not been seen for a long time, he said.By way of conclusion, Meyer noted that unlisted assets had become more attractive and that a failure to change investment strategy would entail lower benefits at most Pensionskassen.Monetary policy needs to become a more substantial part of Pensionkassen’s new investment strategies, he added.Meyer’s presentation came after the SNB’s Moser acknowledged that negative rates were a burden for Pensionskassen but also argued that the direct negative effect was limited.He defended the removal of the cap on the Swiss franc/euro exchange rate in January 2015 and the introduction of a -0.75% deposit rate the following month, saying the negative rate was working even though it is “not a magic cure”. As for the impact on Pensionskassen, he said he understood negative rates were a burden but that he could not offer any prospect of relief, as they were unlikely to disappear any time soon.When the Swiss central bank set interest rates at -0.75% in February last year, the country’s pension funds called for an exemption, asking to be granted accounts at 0% interest with the SNB instead – the request was denied.Moser yesterday said the international low-rate environment was the bigger challenge for Pensionskassen than the domestic situation but that, together, these still only represented “the tip of the iceberg”.Far more important, according to Moser, are aspects such as increasing life expectancy, investment regulations and the conversation rate applied by pension funds (Umwandlungssatz).He called for political solutions, saying Swiss occupational pension provision needed to be reformed.He declined to comment on the nature of such reform, however, saying later that, although he deliberately mentioned the need for reform, he could not elaborate, as this was not a matter for the central bank.The call for reform is by no means new in Switzerland, and the topic is the subject of much debate – and some concrete action.A reform package is in the midst of going through Parliament, with Altersvorsorge 2020 (AV 2020), as the package is known, having most recently been part of a three-day debate in the lower chamber earlier this month. The relevant committee, the commission for social security and health, is due to discuss AV 2020 again on 12-13 May.
By Simon EvansMANCHESTER, England (Reuters) – UEFA’s claim that Manchester City “disguised equity funding” from their owners was “unsubstantiated” but the club showed “blatant disregard” to the Financial Fair Play investigation, the Court of Arbitration for Sport (CAS) said yesterday.The CAS panel that heard Premier League City’s appeal published their full reasoning for overturning the English club’s two-year ban from European football earlier this month.The decision allows City to compete in next season’s elite Champions League competition. Sport’s highest court also reduced the fine for City’s failure to cooperate with UEFA to 10 million euros ($11.72 million) from 30 million euros.European soccer’s governing body UEFA ruled in February that City had committed serious FFP breaches and failed to cooperate with its investigation.The FFP regulations are designed to stop clubs running up big losses through spending on players. They also ensure sponsorship deals are based on their real market value and are genuine commercial agreements and not ways for owners to pump cash into a club to get around the rules. UEFA opened an investigation into City in March 2019 after the publication of ‘Football Leaks’ documents led to allegations that the club’s Abu Dhabi owners inflated sponsorship agreements to comply with the FFP requirements.The leaked documents included club emails which referred to money being “routed” through sponsors. CAS ruled that the leaked documents could be used as evidence but noted that they did not prove the existence of any actual transactions that broke UEFA’s rules and no evidence was produced that such payments were carried out.The court also pointed out that the leaked emails were distributed internally and not sent to sponsors or other parts of the club’s United Arab Emirates-based owners.The panel also said that some of UEFA’s charges related to material that was over five years old and was therefore time-barred according to UEFA’s own rules. City did not supply UEFA’s investigation with the original emails related to the leaked documents but CAS also noted that UEFA did not “pursue” that evidence before the hearing.“UEFA’s approach in this regard is understood, because it was faced with a dilemma between trying to obtain additional evidence and having an award issued before the start of the 2020-2021 UEFA club competitions season,” said the CAS panel.Explaining the decision to overturn the ban, CAS said that the charge of “dishonest concealment of equity”, which was unproven, was more serious than the failure to cooperate with UEFA’s investigation.“The majority of the panel therefore does not consider it appropriate to impose any ban … for MCFC’s failure to cooperate with the investigations alone,” the judgment concluded.
A minute remained in the half and the Northstars surprised the Bees with an onside kick, recovering it at midfield. Just 11 seconds before intermission, J.J. Razmovski found a streaking Adron Pafford down the right sideline for a 37-yard scoring play.In a span of less than four minutes, a close contest was now a 28-7 game, and B’ville could not afford to fall further behind. Instead, it began to climb back, sparked by a defense that held C-NS without a first down in the third quarter.Mixing in runs and passes from Braden McCard (including a 20-yard tipped pass to Pat May on fourth down, the Bees drove to the one, where Strong scored his second TD of the night.Then, on the first play of the fourth quarter, McCard, from his own 40, threw down the left sideline to Pat May, who caught it, cut back and found the end zone, and the Bees were within a score, 28-21, with plenty of time to catch up.Pinned at its own 13-yard line after the ensuing kickoff, C-NS regrouped, and Razmovski made his three best throws of the night.One was a third-down pass to Mason Ellis that covered 23 yards. Then, on fourth-and-four at the Bees’ 47, Razmovski hit Pafford, who broke tackles on a 37-yard run to set up first-and-goal. Three plays later, Pafford lost his defender on a cut to the middle and Razmovski found him again, the TD covering 12 yards with 4:55 to play.That turned out to be the game-winner because B’ville again responded, McCard throwing a 12-yard TD pass to May with 1:13 left, but an onside kick was smothered by the Northstars, who were able to run out the clock.McCard completed eight of 10 passes for 177 yards and also ran for a career-best 103 yards on 10 carries, while Strong finished with 142 yards on 24 carries. May and Robert Hamm led the defense with seven tackles apiece as Dan Ewald added five tackles and three assists.B’ville (2-2 league, 3-3 overall) visits Fayetteville-Manlius (1-3 league, 2-4 overall) in next Friday’s regular-season finale. Only a win guarantees a post-season berth since a loss creates a three-way tie for third between the Bees, Hornets and the winner of the West Genesee-Rome Free Academy game, and of those three, two will qualify for the playoffs.Share this:FacebookTwitterLinkedInRedditComment on this Story In the past, if the Baldwinsville football team ever had to face a three-touchdown-deficit in the second half, its style of play would almost preclude any idea for a glorious comeback.Yet on Friday night at Pelcher-Arcaro Stadium, the Bees found itself battling back against visiting Cicero-North Syracuse, knowing that if it could complete its rally from a 28-7 hole, it would likely host a first-round Section III Class AA playoff game.B’ville did find the end zone three times – but it wasn’t quite enough as the Northstars parlayed a fourth-quarter scoring drive into a tense 35-28 victory and a chance to grab the Class AA-2 division regular-season title if it beats Utica Proctor next weekend. Both teams arrived at this game with 2-1 league marks, and they would trade scoring drives in the early going, C-NS taking a 7-0 lead, B’ville countering with a strong ground attack anchored by Willie Strong as he scored on a one-yard plunge early in the second quarter.It was still 7-7 when C-NS erupted late in the half. The catalyst was a scoring drive familiar to B’ville fans where the Northstars ran the ball on all 12 plays, with Mike Washington getting 11 of those carries and going the final yard for the TD.By contrast, the next time C-NS had the ball after a fourth-down stop by the defense at the B’ville 38, Washington needed only one play to sprint 62 yards to the end zone, making it 21-7. Tags: Baldwinsvillefootball
Speaking to Tipp FM Sport Kildangan manager Dan Hackett said his team have underachieved in Semple Stadium over the last few years. The North champion’s manager believes its time to take the opportunity that presents itself. Two hurling double headers take place in Semple Stadium On Saturday the tie of the round sees North champions Kildangan meet Drom Inch at 2pm while at 3.30 Three in a row West winners Eire Óg Annacarthy meet Kilruane McDonaghsOn Sunday Portroe and Nenagh meet at 2pm while Thurles Sarsfields meet Clonoulty Rossmore at 3.30.
Kosovare Asllani made it 2-0 when excellent footwork at the byline allowed her to squeeze the ball inside the near post from a tight angle.The forward wastefully volleyed over soon after but a third did arrive before halftime, Boonsing only able to parry Fridolina Rolfo’s powerful long-range drive into the net. Women’s World Cup 2019: Updated group stage results and standings Sweden booked its place in the last 16 of the Women’s World Cup with a comfortable 5-1 victory over Thailand in Nice.Having left it late to overcome Chile 2-0 in its opening fixture in Group F, Peter Gerhardsson’s side needed just six minutes to take the lead on Sunday. Linda Sembrant managed to get to Elin Rubensson’s deep free-kick before goalkeeper Waraporn Boonsing to score the opener, potentially paving the way for a landslide victory.Yet a Thailand team that conceded a record 13 goals against the United States managed to do a solid job of damage limitation following the early setback. Related News Women’s World Cup 2019: Netherlands advances with win over Cameroon Thailand’s goalkeeper bravely denied substitute Madelen Janogy from close range early in the second half but was helpless to stop Lina Hurtig’s superb header finding the net with nine minutes remaining.Kanjana Sung-Ngoen garnered the loudest cheer from the crowd when firing in an unlikely consolation goal in stoppage time, her shot leaving Hedvig Lindahl rooted to the spot.However, Sweden — who face the USA next in a likely battle to finish top of the table — had the last word courtesy of a VAR review for handball, allowing Rubensson to add a fifth from the penalty spot.2/2 for Sweden! #SWETHA | #FIFAWWCpic.twitter.com/vTsi3lazuZ— FIFA Women’s World Cup (@FIFAWWC) June 16, 2019