HBS ‘interesting’ but not yet ready for use – Actuarial Association of Europe

first_imgWhile the German pension fund association and PensionsEurope criticised the inclusion of the HBS in the assessment, Valkenburg said it made sense from “an efficiency point of view” to have pension funds calculate the HBS for the quantitative assessment and then use them in the stress test.But the actuary also argued that it was “very difficult to have a single framework for capital requirements” in the pensions sector, as schemes are “executing pension promises in very different ways”.He said using a single risk-free rate would work if all the pensions funds used stochastic evaluations, and the risks were modelled in the same way.But he said this was not the case in reality.“Using a risk-free rate to give a good estimate of the valuation of pension promises that are not fully guaranteed would lead to too high values if the risks are not modelled in the cash flows,” he said. Valkenburg said one of the most “valuable” aspects of the stress tests EIOPA will conduct among European IORPs will be the assessment of defined contribution (DC) plans.While industry group PensionsEurope has questioned whether the stress tests will yield any useful results regarding DC scheme members, Valkenburg stressed the importance of “informing members about how a stressed situation can impact them”.He added: “It is good to see DC is included in the stress tests for the first time because most new accrual of pension assets in Europe is in DC.”One of the goals of the stress test is to assess the impact on the macro economy, which, according to Valkenburg, will not be as great as the impact on individual members who “might have less money to buy a pension” on retirement.“This is important to be aware of, and, hopefully, we can help members to navigate through their lives and minimise the impact,” he said.The AAE issued a paper in February on decumulation in which it warned that the requirement to buy an annuity on the day of retirement might force people to buy at the wrong time.Valkenburg said the stress test might also highlight the problem of guarantees being much higher than the current interest rate. “Guarantees are very expensive, and they were given in times when stakeholders were not expecting a sudden change in the environment like we have seen in the past couple of years,” he said.Valkenburg expects guarantees to come down or be removed altogether in the wake of the stress tests, which he said would, in turn, highlight the problem of people having to work longer. The European Insurance and Occupational Pensions Authority (EIOPA) needs to “take another look” at using the holistic balance sheet (HBS) approach as a means of calculating capital requirements, according to Falco Valkenburg, chair of the Actuarial Association of Europe’s (AAE) pensions committee.Valkenburg said the HBS was “an interesting concept that should be explored further, maybe as part of pension funds’ risk management”, but he also stressed that the HBS concept was “quite new”.“Not even we at the AAE are fully convinced it will lead to something that can work in practice,” he said. EIOPA announced the details of its first stress test for occupational pension funds on Monday. last_img read more

Cricket News Ravichandran Ashwin hopes for an interesting duel with Nathan Lyon in Australia Tests

first_imgNew Delhi: The upcoming clash between Australia and India will also be the clash of two of the best spinners in the world in Ravichandran Ashwin and Nathan Lyon. Both bowlers, who made their Test debuts in 2011, have achieved tremendous success for their sides in the last couple of years. Lyon has produced memorable spells against India, including his 12-wicket haul in Adelaide in 2014/15 which helped Australia to a memorable 48-run win. Speaking after the end of the third day between Cricket Australia XI and India, Ashwin admitted he admires Lyon’s ability and can learn a thing or two in the upcoming four-Test series beginning on December 6 in Adelaide.Read More |KL Rahul finds new ways to get out: Sanjay Bangar“I also watch his videos. We started our Test careers at the same time so obviously mutual admiration is there. He has done well over the last couple years and he is bowling well. The ball is coming out well off his hand. What can I learn? Probably drop the ball at the right spots and probably as the series goes on look forward to a good competition,” Ashwin said.Read More |Ricky Ponting makes bold prediction for Australia vs India TestsAustralia has been plagued by off-field issues ever since the ball-tampering scandal in Cape Town. With no Steve Smith and David Warner in the side, the batting is weak and results have not gone their way. India have a chance to break their jinx Down Under but Ashwin brushes off the favorites tag for Virat Kohli’s side.“The whole talk about India starting favourites, even when Australia came to India they were talking us up, and it looks like more of a strategy for us. I personally think you have to go one day at a time. It’s never easy to come over to Australia and win series.  In the Ashes they almost whitewashed England, knocked them over, and so as far as I’m concerned they are starting favourites,” Ashwin said.Prepared for long haulThe offspinner has said the nature of wickets in Australia is pretty flat and it won’t be easy to run through the opposition. The nature of pitches in England and South Africa helped the bowlers a lot but Ashwin admits India have to maintain the intensity every hour and on an everyday basis in order to achieve success.“You don’t turn up to Australia thinking wickets are going to seam or spin around. They are always going to be flat we know that. It’s more about getting your noses ahead in Australia. Every hour, the game can get away from you really fast in the field. We have some quality batsmen who can take the game away from them.  It’s very important to soak together good partnerships as a bowling group then try and knock them over. You won’t blow oppositions away. It might happen once in a while but you have to get your noses ahead and keep it ahead,” Ashwin stated.The Tamil Nadu bowler was happy with his performance with the ball in the warm-up game against Cricket Australia XI as the hosts ended the third day on 356/6, trailing Virat Kohli’s side by two runs. For all the Latest Sports News News, Cricket News News, Download News Nation Android and iOS Mobile Apps.last_img read more

E-national Team of Bosnia and Herzegovina achieved Qualification for e-EURO 2020

first_imgWhile many sports competitions around the world have been stopped due to the coronavirus pandemic, virtual ones have continued to run its course.Thus, the e-national team of Bosnia and Herzegovina made a great success and achieved qualification for the e-EURO 2020, which is played through the PS4 platform on the game eFootball PES 2020.Feđa “Zeusinjo” Đedovic and Igor “PlantifulBat7” Zečević were more than convincing in the qualifications, finishing in first place in Group C, without a single defeat ahead of Kazakhstan, Moldova, Northern Macedonia and Switzerland.The captain of the team is Feđa Đedović, who says about his career:“I have been playing PES for 23 years, and I have been playing e-sports professionally for 10 years. I have won over 80 local and regional tournaments, I am a nine-time champion of Bosnia and Herzegovina and once a runner-up in the PES, and in 2016 I was a champion of Croatia in 2vs2 together with the current PES national team member of Croatia, Marko Gel.”Igor Zečević’s career is no less impressive:“I have been playing PES from the very beginning of the series until today. Mostly it was with friends where we fought for the title of the best PES player in the company. In 2018, I am starting to take all this more seriously, I am applying for my first national PES championship and as a debutant in such a big tournament I meet the best players in the country, win first place and thus take the title of the best PES player in Bosnia and Herzegovina . Among other successes in the period since I have been actively playing this game, I would like to emphasize winning the tournament in Montenegro, third place at the regional tournament in Croatia, and last year’s second place at the national championship of Bosnia and Herzegovina, where the title of the best took my friend and teammate from the national team, Feđa Đedović.”In addition to numerous successes, both of them especially emphasize their qualification for the e-EURO 2020.“At the beginning of the season in September, I immediately set three goals. The first was to become a member of the national team of Bosnia and Herzegovina. The second was to qualify with a colleague, who would be with me, for the e-Euro, and I hoped it would be Igor, because any other combination of players in the national team would not ensure our appearance at the e-EURO. The third goal was to qualify for the European Club Championship. Thank God, I achieved all three goals and now, of course, there is a fourth one, and that is to make the best possible result at the e-EURO,” says Đedović.“Qualification for the e-Euro and representation of Bosnia and Herzegovina is my greatest PES achievement. Something we all dream about when we start playing this video game more seriously, and that is playing at the world’s biggest tournaments against the world’s best players. I am very proud that I managed to become a member of the national team of Bosnia and Herzegovina with my effort and commitment, and that we justified the trust of the people from the FF BH and qualified among the 16 best countries in Europe,” said Igor.They played many important matches in the qualifications, but some were still more important than others, about which Feđa Đedovic says:“My favourite match in the qualifications is Igor’s match against Kazakhstan, because in the return-leg match we really outplayed them both tactically and in every sense. That match decided whether we would go directly to the e-EURO or we would still go to the play-offs. Fortunately for us, we played perfectly and achieved a convincing triumph, which in the end resulted in winning the first place in Group C.”Zečević is a little more indecisive about the most important match:“Honestly, I can’t easily choose my favourite match. We played two very important matches against the national team of Kazakhstan. The first was when Feđa played against them, when he was losing and then scored a very important goal for a tie result, deep in the additional time, and allowed us to enter the return matches calmly, with the same points as Kazakhstan. The second match is that return-leg match against their national team, when I achieved a victory that meant the direct qualification of Bosnia and Herzegovina for the e-EURO 2020.”Our e-national team members believe that they can represent Bosnia and Herzegovina with dignity at the final tournament of the UEFA e- EURO 2020.“It is not very gratifying to have expectations at the e- EURO unless you are one of the 3 or 4 best national teams in the world in PES. I think we have a safe place in the top 8, but considering that we are in the most difficult group at the e- EURO with Spain, Germany and Romania, qualifying to the knockout phase would give us the wind in our backs. I believe that, if we pass the group stage, that we have a great chance to reach the semi-finals and even the finals. Spain is one of the best teams in the world in PES, so they are the absolute favourites in the group, while we can deal with Germany and Romania, despite the fact that the Germans have 3 national team players who also play for Schalke’s e-sports team and belong to a small group of well paid professionals in the world of PES,” says the captain, and Igor Zečević also thinks that the BH team can go through the group stage:“After the qualifiers where we secured the final stage, we set ourselves the goal of the e- EURO semi-finals. However, given that we are in a “death group” with Germany, Spain and Romania, our goal is to go through the group stage first. I can only say that we will do our best to achieve the best possible result and represent Bosnia and Herzegovina in the best possible way.”Đedović and Zečević took the preparations for the final tournament seriously:“Our preparations do not differ much from those we had for the qualifications. The FF BH provided us with all the conditions for training, and our preparations are taking place at a top level. We do a couple of hours of online training in 4-5 days a week, in which we play against colleagues from all over Europe, but we also play each other. In most cases, one takes opponents from the group, and the other takes our national team, although we sometimes play B&H vs B&H matches,” said Đedović.“Regarding preparations, I must first praise and thank the Football Federation of Bosnia and Herzegovina, which has stood by us since the beginning of the qualifications, and provided us with the best possible equipment and conditions for the game so that we achieve the best possible result,” Zečević added.Feđa and Igor have their own ways when choosing the starting line-up for PES matches:“The best line-ups at PES and live playing are quite different for me. My biggest regret is that we don’t have Begović at PES, but it is what it is. Basically, considering that e- EURO is played in balanced mode, i.e. all players of all national teams are relatively equal in ratings, so some players who might not play in the first team have better opportunities, because they have better marks than some standard first team players. My ideal line-up at PES at the moment is – Šehić on goal, I play with 3 stoppers and a left back, and they are Bičakčić, Šunjić, Memišević and Kolašinac. The last midfielder is Pjanić, in front of him are almost in the same line the central midfielder Krunić and offensive midfielder Gojak, and at the top of the attack I play with 3 centres, Kodro, Džeko and Višća, regardless of the fact that Višća is led as a winger. Later, in most cases, Koljić enters from the bench instead of Višća, Milošević instead of Gojak and Sarić instead of Krunić, although sometimes I decide to transfer Pjanić to the place of Krunić, and introduce Bešić to the position of the last midfielder, while Sarić stays on the bench until the end ,” says Đedović and adds:“In this balanced mode, the line-up is dictated primarily by the formation we choose, and then only for a couple of positions can we choose which player profile suits us best. For wexample, if we play with 2 attackers, Džeko is at the top of the attack for sure, and with him are either Koljić or Kodro, depending on who is more suitable. It is the same for the midfield, for some it is more Sarić, for others Krunić, and for some Pjanić in the central midfield, although “Pjanke” is the best in the back midfield at the moment.”Zečević is guided by a similar logic:“First of all, I have to say that in this tournament we play in a special mode that Konami made for us. All national teams and all players are tied according to the ratings so that everyone has an equal chance of winning the tournament. This means that the other strikers in the national team have the same rating as our best player, Edin Džeko. My ideal 11 in this mode are: Šehić, Kolašinac, Memišević, Šunjić, Bičakčić, Bešić, Pjanić, Krunić, Višća, Džeko and Kodro.We usually choose the first line-up in relation to what formation and tactics we decide to play. I like fast and agile players with whom I can quickly play the opponent in a few moves and make an opportunity. Unlike me, Feđa is calmer and plays slowly, he prefers players who are strong in a duel and can save the ball.”The final of e- EURO 2020 will be held on 23rd and 24th May. BH e-national team members, Feđa Đedović and Igor Zečević, will play friendly matches with the Netherlands tonight at 20:15 h, which you can watch on the YouTube channel Zeusinjo.last_img read more

Mason City women charged with embezzling money from Burger King restaurants at Diamond Jo Casino

first_imgNORTHWOOD — Two Mason City women have been charged with embezzling money from a fast food restaurant in Worth County. The Worth County Sheriff’s Department says they took a call this week from the director of operations for Burger King who wanted to report two employees who had embezzled about $15,000 from the Burger King restaurant inside the Diamond Jo Casino as well as at the Burger King located in the convenience store complex near the casino. The Sheriff’s Department says a deputy interviewed both suspects, with both admitting to taking an undisclosed amount of money over a time frame of several months. 54-year-old Kristine Morrow was charged with first-degree theft while 41-year-old Angelina Hamilton was charged with second-degree theft. Both have made their initial appearance in court.last_img read more

Chelsea frustrated in Everton stalemate

first_imgConte has already conceded his inconsistent team won’t be able to defend the Premier League title and this was another frustrating afternoon for the Italian as the Blues squandered their territorial dominance.Chelsea remain third and are 13 points behind leaders Manchester City, who play Bournemouth later on Saturday.Initially, it looked like being an encouraging day for Conte as Chelsea quickly established a pattern of complete dominance.It took an impressive double goal-line clearance by veteran defender Phil Jagielka to deny the visitors what would have been a deserved lead.The Everton captain read the situation perfectly as Marcos Alonso’s cross flew through the home area after 10 minutes, reacting sharply to block Tiemoue Bakayoko’s effort.Jagielka then responded even more impressively as Willian looked certain to convert the rebound, the defender positioning himself to keep out the follow-up effort in similar fashion.Yet for all their superiority in those opening stages, Chelsea struggled to carve out many meaningful chances to trouble home keeper Jordan Pickford.After 20 minutes, Cuco Martina was booked for a blatant foul on Victor Moses on the edge of the Everton area but Willian sent his free-kick sailing well over.And while the passing and movement of Willian, Pedro and Eden Hazard was pleasing on the eye and threatening at times, Everton stuck to their defensive duties well. It was easy to see the impact Allardyce has made since his arrival at Goodison Park although Everton were not helped by the pre-match loss of in-form Wayne Rooney due to illness.In the absence of the 10-goal forward, Everton’s attacking play was likely to be hindered and so it proved, with Chelsea keeper Thibaut Courtois a virtual spectator.– Major reshuffle –A promising counter-attack, just after the half-hour, ended with Morgan Schneiderlin sending away Tom Davies but his strike from 25 yards was always drifting away from goal.And before the interval, Dominic Calvert-Lewin showed great persistence to strip Andreas Christiansen of the ball and advance into the area where his shot was blocked by Antonio Rudiger.But Chelsea responded in kind when Bakayoko broke up an Everton attack on the halfway line before playing Pedro clear for a powerful shot which drew a spectacular one-handed save from Pickford.Allardyce made a major reshuffle at the interval, bringing on Sandro and Ashley Williams as he switched to three central defenders, a move that proved something of a gamble when he lost Idrissa Gueye to injury within five minutes of the restart and was forced to use his final substitute.By then, Chelsea had already threatened Pickford’s goal, with the keeper saving well from Pedro’s drive before Williams did well to block Alonso’s effort.There was some anxiety for the visitors when Hazard was hacked down and required lengthy treatment, with Michael Keane booked for the foul.But the Belgian quickly shook off the effects of the injury and was soon forcing Pickford into another fine diving save after receiving a pass from Willian.Williams got his head to Victor Moses’ fierce 75th minute cross, deflecting it onto the Everton bar before it flew out of harm’s way.There was also a late chance for substitute Cesc Fabregas when Jagielka stuck out a foot and deflected his powerful, long-range shot just wide.Share on: WhatsApp Liverpool, United Kingdom | AFP | Chelsea wasted a chance to move level on points with second placed Manchester United as Everton maintained their improvement under Sam Allardyce in a 0-0 draw at Goodison Park on Saturday.It marked a sixth game unbeaten for Everton under former England boss Allardyce, but Chelsea’s failure to convert possession into goals will not have pleased Blues manager Antonio Conte.last_img read more