Swiss government warns of fire sale to fund first pillar payouts

first_imgSwitzerland’s first-pillar pension fund could be forced to sell off millions in assets per month to finance pensions if no long-term funding solution is found, the country’s government has warned.The Swiss first pillar fund AHV/AVS is expected to amass a CHF43bn (€37.2bn) deficit by 2030, in a ‘worst-case’ scenario assuming no return on investments.To ensure all pension payouts are met by then, the fund needs CHF53bn, the government said in a press release about a consultation on first-pillar reforms.“Successful measures to ensure the stability of the AHV/AVS fund are urgently necessary,” the government stated. “Without them the fund would have to sell of assets worth CHF100m per month to be able to meet the pension payments.” The first pillar AHV/AVS fund currently manages CHF37.6bn in assets and is continuously paying out pensions.Money is expected to become tight from 2020 when the baby boomer generation enters the retirement phase.To mitigate this, the government has proposed various measures to stabilise the financial situation of the AHV/AVS.Reviving retirement reformsThe Swiss government wants to introduce a flexible retirement age, intended as a guideline, coupled with incentives to work longer. The new flexibility would make it possible to retire any time between 62 and 70.A new “reference age” would remain 65 for men, and the age for women would be adjusted to match it in several stages.To compensate women for the change, those closer to retirement age once the reform comes into effect would not be penalised for taking early retirement. In addition, those working beyond the reference age would be rewarded more than their male colleagues.By increasing the reference retirement age for women by one year to match that of men, the government estimated additional income of CHF10bn – some of which would be used to finance the compensatory measures.“The analysis of the referendum on 24 September 2017 has shown that increasing the retirement age for women makes compensatory measures necessary,” the government said in its statement.In autumn last year, the Swiss electorate voted against a major comprehensive reform package for the whole pension system, the Altersvorsorge 2020. One of the points of contention was the lack of compensation for women affected by the rising retirement age.After the reform proposal failed, the Swiss authorities have concentrated on the more urgent reform of the first pillar, saving necessary reforms in the second pillar for later.The government plans to put more money into the AHV/AVS via “additional financing”, beyond possible capital returns from investments. One of these “additional pots” is to come from a proposed VAT increase of 150 basis points.last_img read more

Brisbane’s property market leading the nation

first_imgHome values in Brisbane are still growing despite falling prices in other capital cities. Picture: Richard Walker. GET THE LATEST REAL ESTATE NEWS DIRECT TO YOUR INBOX HERE Compared to the same time last year, Brisbane home values are 1.2 per cent higher.The only other capital city to record growth in the past month was Adelaide, where home values inched just 0.1 per cent higher.The housing downturn is gathering pace in Sydney where values have fallen half a per cent in the past 28 days and are down 5.6 per cent compared to the same time last year.The Melbourne market is also coming off the boil with home values declining nearly 1 per cent in the past month and 1.1 per cent over the past year. the Brisbane housing market is bucking the downward trend seen in other states. Picture: Richard WalkerBRISBANE is leading the nation in all four property performance indicators for the first time in more than a decade — defying the downturn gripping the other mainland capital cities.New figures show Brisbane is the only capital city to record an increase in home values over the past week, month, year-to-date and 12 months.The last time the Queensland capital did that was back in 2007 before the Global Financial Crisis.While home values in the other mainland capital cities headed south, houses and units in Brisbane gained a third of a per cent in value in the past 28 days, according to property researcher CoreLogic. Unit values in Brisbane are growing, despite oversupply concerns. Photo: Liam Kidston.Hobart — which is currently the strongest performing market — was not included in the CoreLogic figures, but Mr Kusher said even it was showing signs of growth slowing. Propertyology head of research and buyer’s agent Simon Pressley said Brisbane’s property market could be performing a lot better, but the local economy was letting the city down.“Brisbane has some good property market fundamentals, but we have to go way back to2007 to find the last time that its property market produced double-digit price growth,” Mr Pressley said.“Coincidentally, that’s also the year that Peter Beattie retired from his post as state premier.”Mr Pressley said Brisbane lacked significant attractions to draw both national and international visitors, who generally headed straight to the Gold or Sunshine Coast as soon as they arrived.More from newsParks and wildlife the new lust-haves post coronavirus17 hours agoNoosa’s best beachfront penthouse is about to hit the market17 hours agoPaul James and Madeline Cant at their new Rochedale home. Picture: AAP Image/Josh Woning DEMAND FOR BEACHFRONT HOMES SURGES Brisbane couple Paul James, 29, and Maddie Cant, 30, have just bought their first home in Rochedale, which has been experiencing strong growth in home values.Mr James said they had been looking for a while and considered themselves lucky to get a three-bedroom house for $530,000 in the suburb.“It’s a nice area — a growing area, and it’s affordable,” he said.Selling agent Skye Dutson of Place – Sunnybank said prices in the Rochedale and Rochedale South area had tapered off slightly, but values were still growing in Rochedale South and open homes were still attracting strong numbers.“Rochedale South is only 20 minutes from the city and you’re still paying affordable prices,” Mrs Dutson said.“If you wanted to be as close to the city in Sydney and Melbourne, you’re paying millions of dollars.“I think buyers are taking their time a bit more and just being a little bit more patient.” Capital city home value changes. The monthly change is the change over the past 28 days. Source: CoreLogic.CoreLogic senior research analyst Cameron Kusher said Brisbane was continuing to record “moderate growth” while the other mainland capitals were slowing.“The rate of growth in Brisbane is generally slower than it was a year ago, but when you look at migration to Queensland picking up and what’s happening in Sydney and Melbourne, it’s no real surprise that Brisbane is holding up better,” Mr Kusher said.He said it was likely Brisbane could experience an acceleration in home value growth thanks to increasing migration, an improving local economy and its relative affordability.But not to the extent seen in Hobart, Sydney and Melbourne in the past.“I think you’ll see pretty steady growth in the next year or two,” he said. FROM UGLY DUCKLING TO SWAN Unit values in the Brisbane riverside suburb of Tennyson have jumped a whopping 45 per cent in the past year, while Hamilton houses have been the best performers — up nearly 27 per cent in 12 months.“Generally speaking, it’s the inner city and parts of Logan that doing well in terms of growth,” Mr Kusher said.“The higher value stock in the inner city is probably attractive to Sydney and Melbourne buyers, and then the growth in Logan City is probably linked to strong first home buyer demand and affordable housing stock.” Home value growth in Brisbane is higher than other mainland capital cities. Image: AAP/Glenn Hunt.In the inner-city suburb of Grange, Helder and Saori Peguicha have just listed their house at 37 Howard Street and are confident it will attract strong interest and a good price based on the capital growth it has achieved.“With the amount of infrastructure projects on the horizon, I think Brisbane will attract a lot of people for work, so I think there is potential for more growth still,” Mr Peguicha said.Craig Lea of McGrath Estate Agents – Wilston, who is marketing the property, said he wasn’t surprised Brisbane home values were defying the downturn plaguing other states.“There’s all this doom and gloom discussion on the basis of Sydney and Melbourne’s protracting market, but that was to be expected,” Mr Lea said.“Brisbane’s always been a slow boil.“We’re seeing a lot of migration from the southern states, particularly from expats.” BRISBANE’S BEST PERFORMING SUBURBS Suburb Property type Median price Median price change in past 12 mthsTennyson Unit $1.2m 45%Rochedale Unit $685,000 35.6% Hamilton House $1.4985m 26.7% Sandgate House $732,500 22.1%Wilston Unit $507,250 20.3%Bardon Unit $655,000 19.1%Northgate Unit $417,000 18.3%Sunnybank House $850,000 17.1%Seven Hills House $950,000 16.9%Kangaroo Point House $1.0225m 16.9%(Source: CoreLogic)last_img read more

Bidders pay hundreds of thousands for contents of Brisbane’s Hollywood-style mansion

first_imgSome of the crowd who battled the elements to attend the auction at 652 London Road, Chandler, last weekend.Brooding clouds and torrential downpours failed to stop more than 300 people turning up to bid on the contents of 652 London Road, Chandler — Brisbane’s Hollywood-style mansion — last weekend.More than 360 lots were up for sale and included everything from the estate’s Versace furniture to a compost bin to a grand piano — the only item not to be sold on the day.Auctioneers battled inclement weather, pausing proceedings to cover televisions to stop them blowing away, during the marathon auction that started at 9am and finished about 12 hours later. The weather proved too much some, who chose to abandon the driveway of the Chandler Mr Mahmodi, film and television producer and music composer, said his grand piano was the only thing that he wasn’t prepared to let go of underpriced. AAP Image/Richard Goslingmansion and continue bidding online from their own homes.Nathan Dwyer, business development manager at Slattery Auctions and Valuations, which handled the auction, said the sale raised hundreds of thousands of dollars for the owner.“We and the owner were very happy with the result. It far exceeded our top expectations. It was a challenging day, but I think everyone had fun,” he said. While the bulk of the items sold for between $700 and $1000, among the top sellers were a dining table, which went for more than $10,000, a pair of horse statues and, unexpectedly, a set of curtains also broke the $10,000 price tag. Some of the home’s curtains sold for more than $10,000.“The curtains were really popular. I mean, they weren’t my style,” Mr Dwyer said, “but they were certainly a few people’s style, because there were alot of people who wanted them.”As expected, the Versace furniture, including a card table, proved popular, with much of it going to a determined bidder from near by Fig Tree Pocket, who has a similar-style house.“It was almost like his arm was stuck up at one stage, he really wanted the Versace items. He kept trying to outbid himself., we had to tell him, “No it’s yours already, it’s your bid.” All the Versace furniture proved popular with bidders.Mr Dwyer said a good mix of people attended, including a large contingent of Chinese buyers, with more than 100 people registered to bid online.More from newsParks and wildlife the new lust-haves post coronavirus8 hours agoNoosa’s best beachfront penthouse is about to hit the market8 hours agoThe auction was held after the house in Chandler sold this month to a local buyer for an undisclosed sum, but more than the $3.85 million paid for it in 2018. However, the new owner didn’t wish to keep any of the contents. The previous owner, film and television producer and music composer Hiwa Mahmodi said seeing his beloved items being sold at prices 10 to 20 times less than what he had paid for them was hard, but it had made many people happy. Many things sold for well below their value and Hiwa Mahmodi said while he felt sad to see them go he was happy with the overall result. AAP Image/Richard Gosling“There were many different aged people there, young, old, families with kids, it was like a goodbye party for me,” Mr Mahmodi said.“The majority of the items were collectables that I sourced especially for the house, and came from all over the world. They weren’t things you can buy here, so it made a lot of people happy and I am pleased for that.”As for the piano, Mr Mahmodi said: “It was something very personal to me. It’s a big part of who I am and while I could have sold it, I wasn’t prepared to just let that go.”Mr Mahmodi, who is originally from Sydney, spent about $1.5 million over the past two years decking out the house at 265 Lodon Road in the hope that he could use it as a set for Hollywood movies and reality TV shows, but COVID-19 had put a stop to that and led to the sale of the property. While he has temporarily moved to the Gold Coast, he said he hoped to return to Brisbane one day and pick up where he left off with his venture.last_img read more

Transocean-Songa deal: Norwegian union expects ‘smooth process’

first_imgFollowing an announcement that Transocean is buying its rival driller Songa Offshore in a $3.4 billion worth deal, the Norwegian workers union, Industri Energi, said it expects a smooth transition process. Early on Tuesday, the Swiss-based driller Transocean reported its intention to acquire 100 percent of the issued and outstanding shares of Songa Offshore. The combination will create a company with 51 offshore drilling units with backlog of $14.3 billion. This includes Songa’s four Cat D rigs, all of which are employed by Statoil offshore Norway. Songa also has three other semi-sub rigs, which are currently unemployed.Transocean has the Transocean Arctic semi-sub in operation on the Norwegian continental shelf and, later this year, the semi-sub Transocean Spitsbergen will also be coming back in operation.The Association Director at Industri Energi Frode Alfheim said the merger will create the world’s largest rig company, pointing out that acquisitions in the offshore drilling industry are not unexpected.To remind, another two offshore drillers, Ensco and Atwood Oceanics, are also currently working on their combination which will, if completed, make Ensco one of the world’s largest jack-up rig owners.Alfheim also said he expects the companies to involve employee representatives right from the start. According to the union, representatives from both companies have already agreed to meet.Offshore Energy Today Stafflast_img read more

Green Party to push for cannabis decriminalisation

first_imgNZ Herald 26 January 2014The Green Party says it will push for decriminalising marijuana during any post-election negotiations with Labour – but also made it clear it was not a do-or-die bottom line.Speaking after announcing an education policy for low-decile schools, co-leader Metiria Turei said the party still had its policy to decriminalise cannabis and it was one that she would like to see progress.“I would like to progress a vast amount of our policy, and that would be one. We believe a drug-free lifestyle is the healthiest, but we don’t believe people should be convicted of a crime, adults, if they smoke cannabis. So we still consider de-criminalisation is the wisest policy.”Her co-leader, Russel Norman, also said it should be on the table. “Decriminalisation is long-standing Green Party policy, there has been movement on it internationally as well as domestically and it will be on the table in any post-election negotiation, like our other policies.”Ms Turei said the Law Commission had provided a model for decriminalisation and there were changes in other countries, including the US.http://www.nzherald.co.nz/nz/news/article.cfm?c_id=1&objectid=11192340last_img read more

Alan E. Tarplee

first_imgAlan E. Tarplee, 60, of Aurora, Indiana passed away Wednesday, January 6, 2016.He was born Wednesday, December 7, 1955 in Cincinnati, Ohio, son of the late Robert Gest Tarplee and the late Marjorie L. Wise Tarplee.Alan enjoyed bowling and managed Durbin Bowl for a while. He was a huge Nascar fan, but also enjoyed Pro Football and College Basketball, especially I.U. He loved his cat and dog, Gizzie & Maddie.Alan was a car salesman at KIA of Florence.Surviving are his wife, Deborah Tarplee of Aurora, IN; step daughter, Bridget (Cameron) McCreary of Aurora, IN; step grandchildren, Alexie & Breckin McCreary.He was preceded in death by his parents.Services will be held at the convenience of the family.Visit: www.rullmans.comlast_img

SR 3 Closed Due to Vehicle Fire

first_imgGREENSBURG — The Northbound lane of the SR 3 overpass, which is currently undergoing reconstruction, closed momentarily on Thursday afternoon when a pickup truck caught fire and needed to be extinguished.According to the Greensburg Daily News, no injuries occured and that the driver was able to explain the events leading up to the incident.The fire was fully extinguished in around 10 minutes and traffic was soon after able to pass.last_img

Jose Mourinho talks future plans after turning 57

first_img Loading… Spurs fans will be hoping for more of the same in North London, as the Lilywhites have been without a trophy since their League Cup win in 2008. During an interview with Fox Sports Brasil’s Expediente Futebol show, Mourinho revealed that people think he is tired but he has many years left in him as a manager. He even responded to whether he would manage Brasil one day. On the latter, he said: “In football, I think you can never say: ‘I will never drink this water’. You never know what’s going to happen. “I left Portugal in 2004 and haven’t gone back yet. There are those who expect me to return to train the Portuguese team one day, and I can’t even say yes or no. Mourinho managed two seasons at Porto, followed by four at Chelsea, two at Inter Milan, three at Real Madrid, three more at Chelsea, and three at Manchester United (Wikipedia). However, in that time, the Portuguese head coach has won silverware wherever he has gone, including Champions Leagues, league titles, and cups.Advertisement Jose Mourinho has now been the Tottenham head coach for almost five months, as he looks to progress from the Pochettino era to a new trophy-winning period. The Special One still has more than three years remaining on his current Spurs deal, although he has only ever managed four seasons in charge of a club once in his career.center_img Read Also: UEFA urges leagues to complete suspended football seasons“One thing I say is, I’m 57 years old, and that’s not enough for a coach. People think I’m tired because I’ve been in this high dimension for many years, but I’m tired of being home now due to the Coronavirus, I’m not tired of training and playing.“If God is willing and gives me health, I will have many years ahead of me and I do not say I will not drink this water. At that moment it is difficult to say yes, but it is also impossible to say no [to managing in Brazil].”FacebookTwitterWhatsAppEmail分享 Promoted Content10 Hyper-Realistic 3D Street Art By OdeithWho Is The Most Powerful Woman On Earth?8 Things That Will Happen If An Asteroid Hits Earth10 Risky Jobs Some Women DoPretty Awesome Shows That Just Got Canceled10 Of The Best Places Around The World To Go StargazingYou’ve Only Seen Such Colorful Hairdos In A Handful Of Anime11 Theories Why We Haven’t Met Any Aliens YetThe Very Last Bitcoin Will Be Mined Around 2140. Read MoreBirds Enjoy Living In A Gallery Space Created For Them7 Mind-Boggling Facts About Black Holes9 Facts You Should Know Before Getting A Tattoolast_img read more

Walter Eugene “Gene” Henry

first_imgWalter Eugene “Gene” Henry 86, of Aurora, Indiana, passed away Thursday July 16, 2020 in Lawrenceburg, Indiana.He was born September 1, 1933 in Aurora, IN, son of the late Walter R. Henry and Hazel (Fairfield) Henry.Gene was a Teacher and Music Director for Aurora High School. He directed the Aurora High School Choir with over 100 voices, the Dearborn County Community Choir, (they performed “The Messiah” at Christmas and Easter), and the Dearborn County Barbershop Chorus. Gene sang in several Quartets and for many weddings. He was inducted into the Southeastern Indiana Music Hall of Fame. Gene was a Prudential Insurance Agent for 10 years. He enjoyed hunting, and fishing. His faith and family were most important to him. Gene impacted many lives with his musical talents, humor, and kindness. He left a great legacy for his many friends and family. A great void is left by his passing.Gene is survived by his loving spouse of 53 years Nancy (Gullion) Henry, sons, Paul (Shelly) Henry of Lawrenceburg, IN, and Patrick (Jodi) Henry of Ft Mitchell, KY; daughters, Lindsy (Bob) Barrix of Villa Hills, KY, Laura Townsend of Nederland, CO, and Lee Ann Henry of Aurora, IN; grandchildren, Travis, and Christian Barrix, Patrick Harvey, Ryan, Colin, and Brenna Henry, Alisha (Jake) Merkle, and Kait (Brandon) Pratt; great grandchildren, Karsyn House, Wesley Barrix, Haddie and Stella Merkle.He was preceded in death by his parents, Walter and Hazel Henry; brothers, Allen Crouch, Herschel Henry, Russell Henry, and sister, Bernice Lee Spaulding,Friends will be received Tuesday, July 21, 2020, from 5:00 pm – 8:00 pm at the First Baptist Church Greendale, 45 Tebbs Ave, Greendale, Indiana.Services will be held at the Church on Wednesday, July 22, 2020 at 11:00 am with Mark Tanner, officiating.Interment will follow in the River View Cemetery, Aurora, Indiana.Contributions may be made to the Greendale First Baptist Church or Young Voices of Indiana. If unable to attend services, 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. We are asking everyone who will be in attendance to please remember the social distancing guidelines at all times, and the wearing of masks is highly recommended.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.Visit: www.rullmans.comlast_img read more