Finnish roundup: VER, Varma, Veritas

first_imgStock markets were weaker than before because of mild disappointments in economic development, particularly in the US, he said.Asset allocation in VER’s investment portfolio tipped slightly towards private equity and away from fixed income during the period, with the former rising to 3% from 2% and the latter falling to 51% from 52%.Quoted equities made up an unchanged 40% proportion of the portfolio at the end of March.The State Pension Fund’s market value of investments rose slightly to €16.5bn as of the end of March from €16.3bn at the end of December. Meanwhile, pension insurer Varma reported a 2% return on investments for the first three months of the year, and said it was keeping its equity weighting stable since there were no better alternatives.All investment classes made a profit in the quarter, according to the interim report.The overall investment return in the period undercuts the 3.4% return achieved in the same period last year.Risto Murto, president and chief executive of the company, said: “The recovery from the financial crisis has been strong.”Assets under management increased in value to €38.7bn at the end of March from €36.2bn at the same point in 2013.Solvency capital increased to €9.6bn, or 32.9% of technical provisions, versus €8.4bn and 30.1% a year before.Fixed income investments performed unexpectedly well, it said, returning 1.4% in the quarter compared with 0.6% in the same period in 2013. Despite being affected by the crisis in Ukraine, worries about the economic growth in China and expectations the US Fed would trim debt stimulus measures, share prices increased between January and June, Varma said.Its equity investments generated a 2.6% return, down from 7.6% in the first quarter of 2013, while property returned 2.1%, up from 1.3%.Investment allocations were broadly unchanged in the three-month period, with equities remaining the largest asset class in the portfolio with a weight of 38%.Chief investment officer Reima Rytsölä said: “Hardly a single investor feels entirely confident about opting for equity overweight. Right now, however, it’s difficult to find a better alternative to equities and, in that respect, the situation has not changed since the turn of the year.”In other results from Finnish pension funds, Veritas reported a 1.8% return for the first quarter but warned it had muted expectations for profits over the rest of the year.Equities returned 2.6% and fixed income investments 1.8%, the pension insurer said in its interim report.The overall investment return was down from the 2.4% posted in the first quarter of 2013.Niina Bergring, investment director, said: “The first quarter was strong, and we are pleased with the performance. However, the expected return for the rest of the year remains moderate.”Fixed income returns were helped by positive development in corporate bonds and falling interest rates, she said.Valuations in equity markets were now somewhat high, she added.She said Veritas had lowered the level of risk in its portfolio slightly and was following developments in China particularly closely.Solvency increased to 28.6% of technical provisions by the end of the quarter, up from 27.6% at the end of December 2013.Assets under management rose to €2.52bn at the end of March from €2.45bn at the end of December. Finland’s State Pension Fund (VER) made a return on investments of 1.5% in the first three months of this year, down from the 3% it generated in the same period a year ago.Quoted equities returned just 1.4% in the period compared with the 7.4% they produced in the first quarter of 2013, but fixed income investments returned 1.5%, up from the year-earlier return of 0.2%, the pension fund said in its interim report.Timo Löyttyniemi, chief executive at the fund, said: “The development of returns at the beginning of the year was reasonable despite the strong fluctuations in the markets.”He said the markets had shown no clear direction, even though the Ukrainian crisis had added colour.last_img read more

Robert Lee Upton

first_imgRobert Lee Upton, 78, of Aurora, Indiana, passed away Thursday June 4, 2020 in Cincinnati, Ohio.He was born March 21, 1942 in Dearborn County, IN, son of the late John Upton and Evelyn (Lipscomb) Chapin.Robert worked in the salvage industry with over 20 years of service.He served his country as a member of the United States Army, and was a member of Aurora American Legion.Robert loved to fish, read and watch Western movies. He loved his little chihuahua, “Angel”.Robert is survived by 3 children; siblings, Gladys Gibbs, Venton “Bernie” (Wanda) Upton, and Leonard (Donna) Chapin; Uncle, James “Pete” Lipscomb; and several grandchildren.He was preceded in death by father, John Upton, mother, Evelyn Chapin, step-dad, Leroy Chapin, and a brother, Eugene Upton.Memorial Services will be held on Sunday, June 14, 2020 from 3:00-4:00 pm at the Moores Hill Church of Christ with Pastor Tito Pel officiating.Contributions may be made to defray funeral expenses. Please call the funeral home office at (812) 926-1450 and we will notify the family of your donation with a card.Due to the current situation dealing with COVID-19, we are following the directives from Governor Holcomb and the Centers for Disease Control and Prevention concerning large events and mass gatherings. The family deeply appreciates the support and love shown from friends, but the health and well being of everyone in our community is of top priority.Alternative ways to express your condolences can be done by going online at our website and leaving the family a message, sending a card, flowers, or making a donation in memory of their loved one.Our prayers go out to all of the health care community and those affected by COVID-19.Visit: www.rullmans.comlast_img read more

Sanchez Accepts Jail Sentence for Tax Fraud in Spain

first_imgAppearing by video link from London, Sanchez admitted he had “made an incorrect tax payment” and that he had settled the issue with tax authorities.He was sentenced to two eight-month suspended jail sentences to run consecutively, although prosecutors have called for the sentence to be lifted after two years if he does not re-offend.Sanchez scored 47 goals in 141 appearances for Barcelona before leaving in 2014 to join Arsenal.He is rumoured to be the highest paid player in the Premier League following his move to United, reportedly earning around £500 000 a week before tax.Sanchez is one of a number of high-profile players to have fallen foul of the tax authorities in Spain.In 2016, Barcelona midfielder Lionel Messi was sentenced to a 21-month jail sentence that was eventually reduced to a fine of 2.1 million euros.Last month, Real Madrid’s Croatian midfielder Luka Modric paid Spanish fiscal authorities close to one million euros to settle his own image rights tax case.The former Barcelona and Liverpool player Javier Mascherano has accepted a one-year suspended jail sentence over a 1.5-million-euro tax fraud.In potentially the largest case, Spanish authorities are currently investigating World Player of the Year Cristiano Ronaldo of Real Madrid for tax fraud amounting to €14.7 million.Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegram Manchester United striker Alexis Sanchez has struck a deal with Spanish authorities to accept a 16-month suspended jail sentence for tax fraud in return for avoiding a trial.Sanchez, who joined United from Arsenal last month, faced being tried over the fraud of €983 000 linked to image rights during his time at Spanish giants Barcelona, according to details of the deal seen by AFP.Prosecutors said the 29-year-old Chilean forward had failed to declare any proceeds from the exploitation of his image rights in 2012 and 2013 and had also failed to declare that he was the owner of a company set up in Malta, Numidia Trading Limited, which owned the rights.last_img read more

NHL playoffs 2019: Tomas Hertl makes good on Game 7 vow with 2OT goal for Sharks

first_imgTomas Hertl is a man of his word.After he tallied two goals in the Sharks’ 5-2 win over the Golden Knights in Game 6 Thursday, the San Jose forward all but promised the series would go to seven games. NHL PLAYOFFS 2019: Sharks’ Logan Couture scores goal, loses teeth in win over Golden Knights“Now we know we need [to win] one more game and come back [to San Jose] for Game 7 and I believe because we’re a better team than them,” Hertl said to NBC Sports California analyst Jamie Baker.Neither the Sharks or Golden Knights would budge on Sunday as San Jose netminder Martin Jones set a franchise-record 58 saves, while Vegas’ Marc-Andre Fleury stopped 27 shots.In the second overtime, Hertl netted a shorthanded game-winner 11:17 into the frame, the first shorthanded game-winning goal in a postseason game that required multiple overtimes in league history, per Elias Sports Bureau.THE BIG HERTLThis shorthanded goal ends a 2OT thriller and forces a Game 7 for the #SJSharks and— Sporting News Canada (@sportingnewsca) April 22, 2019″I saw a little bit of space so I took a couple of steps and tried to shoot it,” Hertl said of his goal. “It was a huge goal and super exciting for us. It feels great.” Vegas, the reigning Western Conference champions, are now set for their first Game 7 in the franchise’s brief history. Tuesday’s tilt will be one of two Game 7 matchups as the Maple Leafs and Bruins will play a series-deciding game.San Jose will need to win a Game 7 for the first time since the team defeated the Predators in the 2016 postseason. Hertl, who has five total goals in the series, is focused on clinching the pivotal win to advance to the next round.”Now we have to finish it,” Hertl said. “It will be a really tough game.”last_img read more