To access this article REGISTER NOWWould you like print copies, app and digital replica access too? SUBSCRIBE for as little as £5 per week. Would you like to read more?Register for free to finish this article.Sign up now for the following benefits:Four FREE articles of your choice per monthBreaking news, comment and analysis from industry experts as it happensChoose from our portfolio of email newsletters
The improvement in the funding position was largely due to higher bond yields, which resulted in pension liabilities falling given higher discount rates.The magnitude was 40 basis points.Positive investment returns in the fourth quarter contributed to a small extent to the improvement in the index, according to the consultancy.It said returns on assets typically held by Swiss pension funds were 0.5% higher in the final quarter compared with the preceding quarter.Trump’s win in the November US presidential elections is behind the end-2016 improvement in Swiss pension plans’ funding, according to Willis Towers Watson.Michael Valentine, senior investment consultant at the consultancy, said: “Despite vague and sometimes contradictory political statements, Trump’s election victory triggered a proper rally on the equity markets in December 2016.“As a result of higher inflation expectations, investors plunged into equities and sold bonds, which is why yields and discount rates rose.”Peter Zanella, head of retirement solutions at the consultancy, said Swiss companies still need to be careful despite the improvement in their balance sheets and encouraged them in particular to check if the conversion rate (Umwandlungssatz) their plans offer is sustainable in the long-run.The conversion rate is used to calculate members’ pension payout levels.Persistently low yields over the past several years have caused some pension funds in Switzerland to lower conversion rates. Positive asset returns from foreign equities drove the Credit Suisse Pension Fund Index to an all-time high at the end of December.It rose by 0.81% over the fourth quarter to hit 159.91.The index is based on yields achieved by Swiss pension providers, before administrative costs, that have mandated the bank as a global custodian.Credit Suisse said that, as in the previous quarter, foreign equities contributed the most to the index’s rise (0.92%), followed by domestic equities, alternative assets, real estate and other holdings.Swiss franc bonds, foreign bonds and mortgages had a negative impact.The annualised return since January 2000 is 2.80%, compared with the annualised mandatory minimum rate for pension funds of 2.44%.The minimum return is set out in the BVG, the law goverining the Swiss pension system. Swiss pension plans’ funding position improved markedly over the course of the final quarter of 2016 largely due to market moves following the election of Donald Trump as US president, according to Willis Towers Watson.The consultancy calculates an illustrative funded ratio index – the ratio of pension assets to pension liabilities – for Swiss pension schemes as part of a quarterly review on how their financing is affected by capital market developments.The index was up by 6.6 percentage points over the fourth quarter, rising to 96.8%.At the end of December 2015, it stood at 94.8%.
Promoted Content8 Amazing Facts About Ancient Egypt5 Of The World’s Most Unique Theme ParksBirds Enjoy Living In A Gallery Space Created For Them2020 Tattoo Trends: Here’s What You’ll See This YearIt Might Be Quentin Tarantino’s Last MovieBest & Worst Celebrity Endorsed Games Ever MadeMind-Bending Technology That Was Predicted Before It AppearedA Hurricane Can Be As Powerful As 10 Atomic BombsCouples Who Celebrated Their Union In A Unique, Unforgettable Way14 Hilarious Comics Made By Women You Need To Follow Right Now6 Great Ancient Mysteries That Make China Worth VisitingThe Very Last Bitcoin Will Be Mined Around 2140. Read More Loading… A total of 33 places in the boxing tournament at Tokyo 2020 will be up for grabs at the African Olympic qualifier beginning in Dakar tomorrow. The competition at the Dakar International Expo Centre in the Senegalese capital, which concludes on February 29, is the first in a series of boxing qualification events for this year’s Olympic Games. The qualifiers are being organised by the International Olympic Committee’s (IOC) Boxing Task Force, established after the International Boxing Association was stripped of its recognition as the governing body for the sport in June. Twenty-two berths will be at stake across the eight men’s weight divisions, with 11 available in the five women’s categories.Advertisement Three places in the men’s flyweight, featherweight, lightweight, welterweight, middleweight and light-heavyweight categories will be up for grabs in Dakar. Read Also:Olympic boxing qualifier in China scrapped over virus: report Two spots will be available in the heavyweight and super-heavyweight divisions. FacebookTwitterWhatsAppEmail分享
The bases were loaded. A boy took a mighty cut but hit a topper. The kid on the pitcher’s mound gloved the ball and fired a quick throw to the plate, only to watch it thud against the backstop as a runner scooted home. Where was the catcher? Adults in the bleachers craned their necks and found him flat on his back in the dirt. Apparently, the hitter had let go of the bat and conked him over the head. Baseball moves from the Winter of BigMac to yet another Spring of Barry when players report to Arizona and Florida this week. The sport is still searching for some kind of ethical coherence. It’s like looking for a used needle in a haystack, not that steroids are the only issue here. At times like this, I think of the day a few years ago when I took a break from a jog in Woodland Hills to watch a tee-ball game. The sense of frontier justice that surrounds baseball – an eye for an eye, a beanball for a beanball, a long-held Dodgers’ grudge for a never-ending Giants’ grudge – begins a long way below the major leagues, and maybe even in the womb. It seems designed to ensure that the game’s big problems never get solved, only fought over for decades until Joe is in no condition to Say It Ain’t So. Either you work yourself into an indignant fury as the same issues pop up season after season, or you determine to shrug it all off and simply enjoy the fun on the field. Let this be the spring we vow to actually do it. Eat a hotdog and let Bud Selig Inc., stew in its own scandals. Look at baseball’s unconvincing efforts to eradicate steroids, and to figure out exactly what was going on when Mark McGwire was hitting 70 home runs in a summer and Barry Bonds was steaming to his 734 (and counting) career homers. The debate about McGwire – rejected for the Hall of Fame this winter – will go on until he’s voted in or 14 more years of eligibility go by, whichever comes first. The argument over Bonds will rage until he retires short of Hank Aaron’s 755, or forever if he breaks the record. If you’re waiting for this to go away, you’ll be waiting your life away. And you’ll be distracted from a bunch of good games. What would make anybody think baseball is about to solve anything? They’re still fussing about Shoeless Joe Jackson and the Black Sox, Eight Men Out, 88years on. They’ll be fussing about Pete Rose for at least that long, because instead of allowing an up-or-down vote for the Hall of Fame, baseball makes him a perpetual martyr. They’re still looking at every pennant race through the cynical lens of Large Market vs. Small Market, which is the fault of a toothless salary cap. Since baseball’s “luxury tax” system took effect in 2003, the gap has increased between the richest and poorest payrolls (the Yankees’ was 3.7 times the Devil Rays’ in 2002, 13.2 times the Marlins’ in 2006). None of our sports worry away more energy on issues of fairness, ethics and wholesomeness. Yet none is as unwilling to directly confront them. In Game 2 of the World Series, the Tigers’ Kenny Rogers was pitching with a suspicious smudge on his hand. But Cardinals manager Tony LaRussa declined to accuse Rogers, the umpires didn’t search him and he was allowed to simply wash his hand. Rogers pitched eight innings of two-hit ball, and Detroit had its only win of the series, eternally tainted. Maybe LaRussa realized that even if Rogers had pine tar on his hand, the rest of the Tigers had flop sweat on theirs. That was the end of last season, and here, finally, is the start of this one. The Dodgers’ pitchers and catchers report Friday in VeroBeach, Fla., hoping speed at the top (Juan Pierre, Rafael Furcal) and just enough pitching will make up for a lack of power; the Angels’ on Wednesday in Tempe, Ariz., where a good, young starting rotation waits for another power hitter to grow out of the side of a cactus. The Giants have their first workout Thursday in Scottsdale, Ariz. Get ready for the first of 40days and 40 nights of Bonds updates, which sounds like every spring training in memory. Is Bonds looking good enough to hit 22 homers this year at age 42 after hitting 26 last year? Will the legal cloud over this Barry darken the sunny mood around Barry Zito, San Francisco’s new, $126 million left-hander? Can the Selig at least put to rest speculation over how the commissioner will celebrate (or not) No. 756? Uh, no, because putting things to rest isn’t what baseball does. “That’s a matter I’ll determine at some point in the future,” Selig said last week at a Bay Area baseball luncheon, referring to whether he’d attend Bonds’ record-breaker or phone congratulations. Selig noted vaguely that he “wasn’t there when Roger Clemens won his 300th game,” as if the two milestones are equivalent. And so, another spring, same problems. That tee-ball mom would be happy, because under the people who run the major leagues, somebody else always gets to throw a bat. It should be their problem, not ours. Enjoy the game. Kevin Modesti’s column appears in the Daily News three days a week. [email protected] (818) 713-3616 160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set! As the catcher wobbled to his feet, and a few parents brought ice from the concession stand, the umpires and coaches huddled and the chief ump announced a ruling. The play would stand. The run would count. But just so the kids got the message about safety, the ump warned that any future bat-thrower would be tossed out of the game. Most parents nodded, thinking this sounded fair. Except for one of the catcher’s team’s moms, who spoke up loudly. “What?!” she said. “Now we don’t get to throw a bat!”