Danish pensions body counters political pressure to invest for growth

first_imgDanish pension funds have already invested DKK220bn (€29.5bn) in Danish business and are keen to help create more growth in the domestic economy, according to industry association Forsikring & Pension (F&P).But the risk of such investments has to match the return, it insisted. The association’s chairman Christian Salgild told F&P’s annual meeting: “All my warning lights start to flash when the political side proposes that pension funds invest in companies and sectors considered risky by banks and the FSA, while at the same time those businesses are making big investments in production and jobs abroad.”However, his main message should not be misunderstood, he said. He said the pensions and insurance industry already contributed very significantly to investment and growth in Denmark and wanted to step up efforts, as long as the return matched the risk.New figures from F&P show the pension funds have DKK220bn invested in Danish business.Of this, DKK125bn was in property, DKK85bn in shares, corporate bonds and loans, and DKK10bn in infrastructure, wind energy and public-private partnerships (PPPs), according to the association’s data, covering 85% of the pensions market. “I understand politicians’ desire for more pensions money to go into Danish companies,” said Salgild. But politicians also have to understand the world in which pension funds operate, he said.“We are obliged – legally, too – to safeguard pension savers’ interests first and foremost,” he said.Sagild said the problem facing investment and growth in Denmark was not that Danish companies were caught in a credit crunch.The main problem was rather that the Danish economy was growing too slowly and that Denmark was not nearly as attractive an investment location as other countries.“In a globalised world, it is first and foremost the cost level that determines where companies place their production,” he said.“And this, therefore, also determines which countries and regions will experience growth and increased employment.”last_img read more

Palace report on gov’t spending for COVID response out Aug. 3

first_imgMANILA – Malacañang is set to report next week the government’s spending for its response to the coronavirus disease 2019 (COVID-19) pandemic following calls of several senators for a special audit. Presidential spokesperson Harry Roque will have a PowerPoint presentation on Aug. 3 to put in detail the government spending even if the Palace submitted weekly reports before to Congress on its actions and spending. “Magkakaroon po tayo ng PowerPoint presentation on Monday kung magkano ‘yung natanggap ng gobyerno at paano po ginastos ‘yan para ipatunay po na wala pong tinatago ang gobyerno,” Roque said in a media briefing in Quezon City. “Makakaasa po kayo na lahat ng salapi para sa COVID-19 ay talaga pong tinutuon sa pangangailangan natin,” Galvez said in the same virtual press conference. COVID-19 policy chief implementer Secretary Carlito Galvez Jr. also assured the public that funds meant for the pandemic response are really used to address the health crisis. The call for a special audit was also supported by Senate President Pro-Tempore Ralph Recto, Senate Finance Committee Chair Sonny Angara, Sen. Panfilo Lacson, and minority senators Franklin Drilon, Francis Pangilinan, and Leila de Lima./PN Opposition Sen. Risa Hontiveros earlier filed a resolution urging the Commission on Audit to conduct a special audit on the pandemic spending before Congress debates on the proposed 2021 national budget. “Wala pong tinatago ang Presidente at ang Malacañang. Lahat po ng gastos, lahat po ng pera na ginastos para sa COVID-19, napunta po ‘yan para sa COVID-19 response ng gobyerno,” he added. “Allegations of overpricing have marred the implementation of the Bayanihan to Heal as One Act that allowed to Duterte to realign billions of pesos in funds and granted exemptions to the bidding process,” said Hontiveros.last_img read more

Nuggets extend team president Tim Connelly’s contract

first_imgDenver is 224-243 in his tenure.Connelly has also spent time with both the Hornets and Wizards franchises.The team also extended general manager Arturas Karnisovas’ contract Friday. Connelly has been running the Nuggets since 2013. Denver has not made the playoffs since he took over, but it is 39-18 this season and in second place in the Western Conference.Denver also knew it was going to go through a rebuild when it brought in Connelly. Related News Under Connelly, the Nuggets have drafted Nikola Jokic (2014), Jamal Murray, Malik Beasley (2016) and Donovan Mitchell (2017). NBA All-Star 2019: Team LeBron vs. Team Giannis by the numberscenter_img The Nuggets are extending Tim Connelly’s contract, the team announced Friday.Denver’s president of basketball operations’ current deal was up after the season, but the team wanted to lock him up for the foreseeable future. NBA All-Star 2019: Deandre Ayton ready for Rising Stars Challengelast_img read more