Dutch roundup: ING, Vervoer, PDN, APF, BPLandbouw, Koopvaardij, PNO Media

first_imgING’s closed €25bn pension fund in the Netherlands has benefited greatly from falling interest rates, returning more than 32% on investments over 2014.The combination of falling interest rates – which dropped from 2.7% to 1.4% – and the scheme’s 76% allocation to government bonds and interest rate swaps led to a return of more than 40% on fixed income holdings over the period.The ING scheme, which has been closed to new entrants since last year, said increasing spreads between the large economic blocs had generated returns on governments bonds and interest swaps with a 50-year duration of up to 50%.The pension fund’s 16% equity allocation returned 17.6%, with US equity returning almost 10%. Emerging market equities returned 1.1% due to currency appreciation against the euro, as well as falling oil prices.The scheme reported a 21.6% annual return on its 4.7% real estate portfolio.Listed property returned 8.7% over the course of 2014 on the back of a 12% fourth-quarter return. Its 2.6% alternatives allocation, comprising hedge funds and private equity, returned 19.3%.However, the scheme said it incurred a 1.4% loss on its 50% hedge of the six main positions in foreign currencies last year.The ING pension fund closed the year with a funding ratio of 129.9% against market rates, equating to a coverage of 89.2% in real terms and an ‘official’ funding of 144.8%.In other news, the €19.6bn pension fund for private road transport (Vervoer) reported an annual return of 27.6%.The pension fund, which did not publish a breakdown of its returns, had allocations to fixed income, equity and real estate of 59%, 28.5% and 2.1%, respectively.In 2014, it hedged 85% of the interest risk on its liabilities, covering 100% of the risk on the main currencies.However, due to increased liabilities as a consequence of falling interest rates, its coverage ratio increased by 2.5 percentage points to 111.5% last year.It noted that its funding was still based on the three-month average of market rates, and estimated that, if interest rates remained at their current level, its coverage ratio would drop by 5.4 percentage points by year-end.Meanwhile, the €6.7bn pension fund of chemical conglomerate DSM (PDN) and the €5bn Dutch scheme of Akzo Nobel (APF) both returned 17.7% on investments last year.The €13.1bn industry-wide pension plan for the agricultural sector (BPLandbouw) and the €3.8bn scheme for the merchant navy (Koopvaardij) reported annual returns of 20% and 20.9%, respectively.PNO Media (€5.1bn) and the pension funds for Architects (€3.5bn) announced results of 16% and 18%, respectively.last_img read more

RESULTS OF MIDTERM ELECTIONS IN FLORIDA

first_imgDistrict 112 GOVERNOR/LIEUTENANT GOVERNOR OF FLORIDA FLORIDA STATE SENATOR District 30Bobby Powell (Dem) – IncumbentDistrict 34Gary Farmer, Jr. (DEM) IncumbentDistrict 36David Perez (DEM)District 40Annette Taddeo (DEM)STATE REPRESENTATIVESDistrict 82MaryLynn Magar (REP)District 84Delores Hogan Johnson (DEM)District 85Rick Roth (REP)District 86Matt Willhite (DEM) IncumbentDistrict 87David Silver (DEM) IncumbentDistrict 89Mike Caruso (REP) District 93Chip LaMarca (REP)District 98 Michael Gottlieb (DEM)District 103Cindy Polo (DEM)District 105Ana Marie Rodriquez (REP)District 108Dotie Josephs (DEM)District 111Bryan Avila (REP) #5:  Broward County Office of Inspector General’s Discretion to Commence an Investigation – YES #1:  Increased Homestead Property Tax Exemption – Increases the amount of a home’s value exempted from property tax (Will force local governments to cut public services or raise local taxes) – FAILED   #5:  Charter Amendment Prohibiting Certain Payments Circulators of Initiatory Petitions………YES Referendum to Approve AdValorem Levy for Teachers, Instructional Personnel, School Safety and Security  …..YES #7:  Central Examining Boards Appointment of Alternate Members – YES Matt Caldwell (REP) MIAMI-DADE COUNTY ELECTIONS County Commission District 2                                             Richard DeNapoli COUNTY COURT JUDGE STATE JUDICIAL ELECTIONS #6:   Charter Amendment Creating New Municipality in Northeast Miami Dade…….NO Group 18:                                        Maxine Dianne Cheesman Retain Judge Burton Conner                                       YES Jimmy Patronis (REP) #12:  Housekeeping Amendment to Delete Ineffective or Unnecessary Language: Yes   FLORIDA CHIEF FINANCIAL OFFICER #7 – First Responder and Military Member Survivor Benefits; Public Colleges and Universities – Requires death benefits for first responders and military members, a supermajority vote for college fees, and adds state college system structure to constitution (3/4 majority vote to increase fees makes it very difficult to meet university needs) – PASSED. Donna Shalala (DEM) #3 – Voter Control of Gambling in Florida – Requires voter approval of casino gambling (Removes authority to expand gambling from the legislature and returns it to voters) –  PASSED   #9 – Prohibits Offshore Oil and Gas Drilling; Prohibits Vaping in Enclosed Indoor Workplaces – Bans offshore oil and gas drilling and vaping in enclosed indoor workplaces (Concern for the environment overrides concern about putting vaping in the Constitution –  PASSED. Distrct 2:                                                              Greg Weiss #9:  Posting of Notices, Agenda and Backup Materials No Later Than 48 Hours Prior to Meeting.…..YES  Group 4:                                               Ashley Zuckerman               #13 – Ends Dog RacingProhibits betting on dog races (Ends legal wagering on inhumane dog racing) – PASSED. COUNTY COURT JUSTICES OF THE SUPREME COURT District  4                                                             Robert Weinroth #2: Charter Amendment Relating to County Appointed Officials and Employees Running for Certain Elective Office ….YES BROWARD COUNTY ELECTIONS District 4      :                                             Lamar Fisher #5 – Vote Required to Impose, Authorize, or Raise State Taxes or Fees – Requires 2/3 vote of legislature to impose or increase tax or fee (Will tie the hands of future legislatures making it nearly impossible to address budget needs, such as teacher raises and natural catastrophes) – PASSED FOURTH DISTRICT COURT OF APPEAL BROWAD COUNTY REFERENDA #10:  Composition of the Independent Board That Nominates the County Auditor……. YES(We have not been able to get the listed position appointed) District 2      :                                             Mark Bogen FLORIDA CONSTITUTIONAL AMENDMENTS Group 38:                                   Stefanie Camille Moon Port of Palm Beach (Grp 5):                            Joseph Anderson  Retain Judge Jeffrey Kuntz                                          YEScenter_img #8:  Board of Rules and Appeals Quorum Shall be the Majority of the Total Board Membership – YES #11 – Property Rights; Removal of Obsolete Provision; Criminal Statutes – Repeals some obsolete language; repeals a provision saying that changes to a criminal statute are not retroactive (Impact of criminal statute portion is unclear and disputed. Other repealed provisions are already unenforceable or expired) –  PASSED. #2: Limitations on Property Tax Assessments – Makes the cap on non-homestead (2nd homes and commercial) property assessment increases permanent (Will continue to limit resources available for public services; Three South Florida property appraisers support the amendment and say a Yes vote will avert a sudden and largely unexpected tax crisis for more than 530,000 residential and business property owners in Miami-Dade, Broward and Palm Beach counties) – PASSED District 1:                               Ann Murray                                          Group 25:                                                              Sarah Willis #10 – State and Local Government Structure and Operation – Prohibits counties from abolishing certain local offices, changes start date of legislative sessions, and adds an executive office and executive department to constitution (Takes away control granted to charter counties limiting ability to respond to local conditions) – PASSED. PALM BEACH COUNTY ELECTIONS #1:  Funding for Countywide Transportation System Improvements thru Levy of Surtax – YES#2:  Standards for Establishing County Commission Districts – YES CIRCUIT COURT 15 JUDGE #3:   Redistricting Procedures for County Commission Districts –  YES)#4 :  Broward County Affordable Housing Trust Fund – YES US SenateRick Scott (Dem) leading Democrat Bill Nelson. Results too close to call, and advances to a recount as Nelson is behind by less than 0,5 percent of total votes cast.US CONGRESS:    District 20Alcee Hastings (DEM) IncumbentDistrict 22 Ted Deutch (DEM)District 23Debbie Wasserman Schultz- (Dem)District 26  Debbie Mucarsel Powell (Dem) Group 46:                                    Maria Markhashin-Weeks            Group 14:                   Vivianne del Rio                                     Group 19:                                       Jackie Powell Nicholas Duran (Incumbent) –(DEM) SCHOOL BOARD REFERENDUM Ashley Moodie (REP) Group13:                                                     Scott Ryan Kerner        ATTORNEY GENERAL of Florida CIRCUIT COURT  17 JUDGE COUNTY REFERENDA #12 – Lobbying and Abuse of Office by Public Officers – Prohibits public officials from lobbying for compensation while in office and 6 years thereafter (Applied too broadly at local level; will not solve problems of money and influence in politics) – PASSED CIRCUIT COURT 11 JUDGE District 113Michael Grieco  (DEM)District 114Javier Fernandez  (DEM)District 115Vance Aloupis (REP)District 116Daniel Anthony Perez (REP)District 118 Anthony Rodriquez (REP)District 119  Juan Fernandez-Barquin (REP)District 120.Holly Raschein (REP) #4:  Charter Amendment Regarding Elections for County Commissioners and Mayor……………..YES District 27 #6:  Broward County Planning Council Revisions to Zoning Glossary and Public Hearings – YES Group 9                                           Corey Amanda Cawthon Retain Justice Alan Lawson                                          YES #11:  Compositon of the Broward County Inspector General Selection Oversight Committee…. YES(We have not been able to get the listed position appointed) #4 – Voting Restoration Amendment  – Restores right to vote for most people with felony convictions upon completion of sentences (Gives 1.5 million Floridians the right to vote after paying their debt to society)  – PASSED Ron DeSantis/Nunez (Rep) #6 – Rights of Crime Victims; Judges (multiple questions) – Adds a Marsy’s Law (victims’ rights) to state constitution, increases judicial retirement age; prohibits judges from deferring to admin agencies to interpret law (Victims’ rights already protected in the Constitution; Eliminates an existing provision that protects the constitutional rights of the accused)  – PASSED. Broward Soil & Water Conservation BROWARD SCHOOL BOARD COUNTY COMMISSION Florida Commissioner of Agriculture and Consumer services #3:  Charter Amendment Relating to Review of Initiatory Petitions for Legal Sufficiency………….YES Retain Judge Carole Taylor                                         YES School Board question……….YES MUNICIPAL ELECTIONSBROWARD COUNTYCoral Springs Commissioners Seat 2                          Dan DaleySeat 4                         Joshua A SimmonsCooper CityCommissionerSeat 2                               Howard M. MeltzerDania Beach CommissionersLauren OdmanLori LewellenDavieCity CouncilDistrict 2           Caryl HattanDistrict 3           Susan StarkeyHallandale Beach Special Mayor At-Large   – Joy D. AdamsCommissionersSeat 1                                Mike Butler Seat 2                                Sabrina JavellanaHollywood CommissionersDistrict 1                 Caryl Sandler Shuham District 3                Traci Lynn CallariDistrict 5                Kevin Biederman LauderhillCommissionersSeat 2  – Richard CampbellSeat 4   Denise GrantLauderdale LakesCommissioners Seat 1                         Marilyn DavisSeat 2                         Beverly Williams Margate CommissionersSeat 3                             Antonio ArserioSeat 5                             Joanne SimoneNorth LauderdaleMayor At-Large            Ana ZiadeCommissionersDistrict A                       Lorenzo WoodDistrict B                       Mario BustamanteOakland Park CommissionersMichael E. CarnJane F. BolinParkland Commissioners Richard WalkerPlantationMayor                Lynn Stoner City CouncilGroup 1             Erik Anderson Group 2             Denise HorlandGroup 5             Nick SortalPompano BeachMayor                Rex HardinCommissionersDistrict 1           Andrea Leigh McGee District 2           Rhonda Eaton District 3           Tom McMahonDistrict 4           Beverly PerkinsDistrict 5           Barry MossSouth West RanchesCouncil MemberDistrict 1                 Bob HartmannSunriseCommissionerGroup C                 Neil C. Kirch Group D                 Lawrence “Larry” Sofield TamaracMayor At-Large – Michelle J. GomezCommissionersDistrict 2               Mike GelinDistrict 4               Debra PlackoWestonCommissionerSeat 4                Mary Molina-MacfieWest ParkCommissionersSeat 1                 Anthony DorsettSeat 2                Brandon Smith Wilton ManorsMayor Justin FlippenCommissionerPaul Rollilast_img read more