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​KLP posts 0.5% H1 loss, reveals lost €14.3m on sale of DC unit

first_imgWhile KLP posted a -0.5% first half investment return on a value-adjusted basis, in booked terms – the actual return passed on to customers – the return was a positive 1.9%.Total group assets rose to NOK786bn (€74bn) at the end of June, from NOK763bn at the end of 2019, according to the interim financial data.“Despite low returns in the financial markets, KLP is still very solid, and well equipped to face further unrest for a long time, without our customers having to worry,” Thornes said.Among individual asset classes, the pension fund’s equities holdings ended the first half with the weakest return, losing 7.0%, while short-term bonds produced a 4% return, long-term/hold-to-maturity bonds made 1.8%, and property generated 1.5%.KLP said the sale of its DC business was still awaiting approval from the Norwegian FSA (Finanstilsynet), but that it had met with a positive conclusion from the Norwegian Competition Authority. Final approval is expected during the third quarter of this year, the firm said.“With the framework for public sector pensions now resolved, given the limited DC market in the public sector – and bearing in mind the need for major investments in system upgrades to manage the revised framework conditions and give customers the best service – it is the right time to find an owner for the company who will be able to see to customers’ best interests in future,” Thornes said.KLP also reported that it repurchased €306m of its own subordinated debt in the six-month period, which resulted in NOK291m costs in its accounts, but said the move would give rise to large annual cost savings over the next five years.Looking for IPE’s latest magazine? Read the digital edition here. Norway’s largest municipal pension provider Kommunal Landspensjonskasse (KLP) revealed a 0.5% investment loss for the first half of this year, but sought to reassure local authority customers it was still solid enough to stand a long period of market turmoil.Reporting interim results, the pension fund also revealed it was taking a NOK152m (€14.3m) loss on the sale of the defined contribution (DC) corporate pensions subsidiary KLP Bedriftspensjon, which it announced in June it was selling to DNB Livsforsikring.Investment performance improved in the second quarter for KLP, with a value-adjusted return of 3.2% for the three-month period, following the 3.7% loss it reported for January to March.Sverre Thornes, KLP chief executive officer, said: “The world’s financial markets remain challenging, but we have built up our buffer capital over several years in order to ensure we are equipped for market unrest like this.”last_img read more

New medical marijuana rules permit home delivery in Michigan

first_imgAddThis Sharing ButtonsShare to FacebookFacebookShare to TwitterTwitterShare to MoreAddThisALPENA, Mich. – Dispensaries will be able to deliver the marijuana drug to users’ homes. The news came Tuesday when lawmakers approved updated medical marijuana licensing rules.Licensed shops would be able to drop–off no more than 2.5 ounces of medical marijuana per patient, and no more than 10 deliveries at a time. The Michigan Department of Licensing and Regulatory Affairs says, it will not close the unlicensed medical marijuana businesses before the end of December, unless they have approval from their local government to operate.AddThis Sharing ButtonsShare to FacebookFacebookShare to TwitterTwitterShare to MoreAddThisContinue ReadingPrevious Alpena’s Bagley street bridge will get rehabilitatedNext Winter art walk ready to welcome people in from the coldlast_img read more

Another vehicle bursts into flames

first_img…mechanic points to contaminated smuggled fuel channelled through gas stationsIn just over one week, four vehicles have mysteriously burst in flames; the most recent being on Wednesday, where a father and his child barely managed to escape unhurt.The car that was damaged by flamesThe incident took place at Oronoque and Charlotte Streets, Bourda, Georgetown.Fire Prevention Officer Andrew Holder told Guyana Times that the engine of the red Toyota Allion car which bears registration number HC 8512 was badly damaged.According to him, the owner’s daughter complained of smelling a burning scent. The owner later observed smoke coming from under his bonnet and upon checks, discovered that the engine of the car was engulfed in flames.Holder noted that an investigation has been launched into the recent fiery destruction of vehicles. He noted that the Guyana Fire Service (GFS) is in the process of issuing advisories on the proper maintenance of vehicles as this has been found to be a major area of concern, in light of the recent fires.“So yes we have launched an investigation and I guess at some point in time in summing up the causes of all these vehicular fires, the Fire Chief will make a statement,” he said.Holder also explained that the GFS has not ventured into investigating the fuel being used by the vehicles as preliminary investigations point to poor maintenance of the vehicles.Owner of the car assessing the damageThis option has however not been ruled out, he said, but expressed willingness to explore this area, if other vehicle combust under similar circumstances.He however admitted that the fire department is incapable of running tests to verify the quality of fuel being used by the vehicle owners.“The Fire Service in itself we are not equipped to test the fuel to see if it is something about the fuel causing these fires, but rest assured that if this continues to happen definitely we will have to examine that possibility,” Holder noted. On Thursday last, a minibus in Berbice, Region Six (East Berbice-Corentyne), mysteriously caught fire. Prior to that on Wednesday last, two vehicles in Georgetown also faced the same fate in separate incidents.Meanwhile, this newspaper contacted several experienced mechanics for an opinion on the recent incidents and was told that it is not normal for vehicles to burst into flames even if servicing is not done on time. One mechanic who works for a major mining company pointed to the possibility of contaminated fuel being the source of the issue. He added that in Guyana’s case, he will not be surprised if contaminated smuggled fuel has been channelled through pump stations.Reports are the first fire occurred at High Street and Brickdam, Georgetown. The driver of that car saw thick smoke emanating from under the bonnet and existed the car. The vehicle subsequently burst into flames.The Guyana Fire Service was called and the situation was brought under control. No one was injured.Minutes later on Sheriff Street, Georgetown, a similar scenario unfolded when a minibus contracted to the Guyana Power and Light (GPL) erupted in flames.According to information received, the minibus was crossing David Street, heading in the direction of the Rupert Craig Highway when the driver, Tameshwar Mullin, noticed smoke coming from under his seat. After exiting the vehicle, he lifted the seat and saw flames.Efforts to save the minibus proved futile.last_img read more