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Construction contracts increase in both VT and NH

first_imgStatistics show that although construction in Vermont during the month of February looked to be slowing, overall contracts for future construction are above last years values. This includes residential, non-residential and nonbuilding construction. February and year-to-date data for Vermont:Similar statistics for the state of New Hampshire also show a significant increase in future construction contracts for the year 2011. February and year-to-date data for New Hampshire:Source: McGraw-Hill Constructionlast_img read more

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Elder Law Section, FAWL support gay adoption lobbying

first_imgElder Law Section, FAWL support gay adoption lobbying Elder Law Section, FAWL support gay adoption lobbying Senior Editor The Bar’s Elder Law Section and the Florida Association for Women Lawyers have become the latest organizations to endorse the Family Law and Public Interest Law sections’ request to lobby for the repeal of the Florida law that bans gays from adopting.The FAWL executive council at a recent meeting endorsed a resolution supporting the two sections, which want both to repeal the gay adoption ban and adopt a best-interest-of-the-child standard.The Elder Law Section Executive Council decided at its October 4 meeting to support the two sections’ request to push their position at the legislature.The matter is pending before the Bar Board of Governors, which exercises a general oversight of lobbying by sections. The two sections presented their case to the Bar Legislation Committee in August, but the committee tabled the matter with members saying they were concerned the matter raised deep philosophical differences among Bar members.Under Bar policies, sections, which have voluntary membership and dues payments, are given wide latitude on subjects they wish to lobby. Those positions must not contradict a Bar-wide legislative position, and must not create deep philosophical divisions among Bar members. The sections must also make it clear they are representing only themselves and not the Bar as a whole.Legislation Committee members said they were not concerned with the propriety of repealing the ban on gay adoptions and having a best-interest-of-the-child standard, but were worried that the repeal issue could create deep philosophical divisions. Members suggested the two sections approach other sections for their views and support their contention that seeking the repeal would not produce deep philosophical divisions.The Public Interest Law and Family Law sections had planned to take their case to sections during the Bar’s General Meeting, but that was postponed because of hurricanes, and most sections did not meet during the rescheduled meeting.Evan Marks, chair of the Family Law Section, said the two sections have sent letters to other sections asking them to look at the issue.“Our goal is not to get every section to say that the gay adoption law should be repealed, although if they did, that would be wonderful,” he said. “At the very least we would like the sections to say this is not so divisive within a substantial section of The Florida Bar as to prohibit the Family Law Section from lobbying.”Marks said he was happy that FAWL and the Elder Law Section had acted. He noted the section executive council not only supported PILS and the Family Law Section lobbying the issue, but concluded that the issue was not divisive of Bar members. Both section actions were by unanimous vote.The Family Law Section has posted information about the issue at its Web site, www.familylawfla.org. The date includes 11 major organizations, from the American Medical Association to the American Psychiatric Association, that support gay adoptions.Marks said he doesn’t think the gay adoption issue is any more divisive than the Bar’s support a few years ago of merit appointments for all trial judges and its recent vote to oppose Amendment 3 — which limited contingency fees in medical malpractice actions — on the November 2 ballot.He also noted that as this News went to press, the Young Lawyers Division Board of Governors was scheduled to debate the issue, and make a recommendation for the Board of Governors’ December meeting.So far, although several individual lawyers have contacted Bar leaders and written letters to the editor in the Bar News, no legal organization has voted to oppose the two sections’ requests, Marks said.Aside from the Elder Law Section and FAWL, the two sections’ efforts have also been endorsed by the Equal Opportunities Law Section and the Bar’s Legal Needs of Children Committee. November 15, 2004 Gary Blankenship Senior Editor Regular Newslast_img read more

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Engineering firm Fluor wants to offload Dutch pension liabilities

first_imgConstruction and engineering firm Fluor has indicated it wants to terminate the contract for pensions provision with its €460m Dutch pension fund, as it wishes to offload the liabilities from its balance sheet.The employer – a subsidiary of US parent company Fluor – wanted to place pensions provision with an insurer, according to the pension fund’s annual report for 2016.The pension fund, which implements a defined benefit plan, has already been closed to new entrants since 2014.Its current pension plan is reinsured under a contract with Aegon, based on a separated investment depot, invested in Aegon funds and managed by Aegon Asset Management. Aegon is also pensions provider for the Fluor Pensioenfonds. The scheme’s board said that, following its closure, the pension fund was expecting decreasing returns, as it had to reduce its risk profile as a consequence of its shortened investment horizon.It added that administration costs – currently €674 per participant – would also rise.Although the board made clear that it expected that the pension fund would ultimately cease to exist in its current set-up, it said it wanted to carry out an asset-liability management study in order to get clarity about the impact of a buy-out for its participants for the short term.It made clear that new pensions accrual was likely to take place under defined contribution arrangements, and that this decision would be up to the employer and the works council.The board said it had hired consultancy Triple A to support it in its negotiations with the employer and the works council.The pension fund reported a net return of 10%, including almost 4 percentage points thanks to a 70% interest hedge.With a return of 12.1% – an outperformance of almost 2.5 percentage points – commodities was its best returning asset class.Worldwide equity generated 8.8% under a full currency hedge of dollar, pound and yen.The scheme said that fixed income had yielded 5.6%, with Dutch residential mortgages producing almost 9%. Listed property gained 4.9%.Global Tactical Asset Allocation returned almost 3.5%, falling 0.6 percentage points short of its benchmark.As at the end of July, the Fluor Pensioenfonds was 108.8% funded.last_img read more

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Arsenal and Tottenham fans hit out over lack of transfer window signings

first_imgFans from Arsenal and Tottenham have expressed their frustration at the north London rivals’ lack of activity during the summer transfer window. Press Association “Arsenal are in a very strong financial position and it is of course disappointing that the transfer window has closed with just the signing of Petr Cech,” it statement read. “Arsenal have built a strong squad and just one or two more good additions would have strengthened the chances of winning a first title in 11 years. “No one wants Arsenal to buy players just for the sake of it, but we do want to see the money being invested to make the club stronger.” The Tottenham Hotspur Supporters’ Trust is angry that Spurs missed out on West Brom striker Saido Berahino despite repeated bids, leaving the club with Harry Kane as their only available forward. “We think a credible explanation from the board to address the genuine concerns of supporters, many of whom have backed the current board consistently, is now required,” it said in a statement. “We welcome the good signings that have been made, but are concerned at the gaps that still exist and the pressure this places on the manager and the team.” center_img Arsenal’s solitary signing has been goalkeeper Petr Cech from Chelsea for £10million, making them the only club from a major European league not to recruit an outfield player this summer. The Arsenal Supporters’ Trust believes the club has missed a good opportunity to strengthen their challenge for the Barclays Premier League title. last_img read more

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