​Swedish minister defends salaries at AP Funds, urges cost efficiency

first_imgPer Bolund, Sweden’s financial markets minister, has defended the salaries paid to staff at the country’s national pension funds — the AP Funds — saying they do not deviate in any major way from policy.Responding to a written question from Ulla Andersson, a member of the Swedish parliament (Riksdag) who belongs to the Left Party (Vänsterpartiet), Bolund said: “It is the boards of the AP funds that decide on guidelines for remuneration to senior executives in the funds, but these must be consistent with the guidelines adopted by the government.”Later in his reply, he said: “The auditors’ audit for the fiscal year 2018, as in previous years, only shows minor deviations from these guidelines.”These deviations related to longer notice periods stated in the guidelines, he said, which originated from the time before the guidelines were established. Andersson’s original question to Bolund was: “Is the State Council prepared to review the guidelines that form the basis for salaries and remuneration within the AP funds?”She said that while people in Sweden were getting stuck with pensions that were difficult to live on despite a long working life, people managing the pensions money in the AP funds had wages that ordinary people could not even dream of.“The AP funds manage large pension assets and must be skilled at it, but that does not mean that they should have salaries and benefits that are fundamentally different from society at large,” she said, adding that this undermined confidence in the state authorities and society as a whole.“In the various AP funds, heads of asset management and equities chiefs often have monthly salaries almost equivalent to an annual salary for a worker, and funds’ chief executives earn considerably more than that,” Andersson wrote.The prime minister of Sweden was paid less than half of the highest earning chief executive’s salary in the AP funds, she said.“It is unreasonable that wages and remuneration in the AP funds deviate so much from the rest of society,” she said.Minister stresses need for cost efficiencyIn his response, Bolund said the government’s guidelines on remuneration at the funds showed that the total remuneration to senior executives had to be reasonable and well-balanced.“It should also be competitive, capped and appropriate, and contribute to good ethics and organisational culture,” he said.But Bolund also said that the role of administrator of state pension resources carried with it the requirement that the AP Funds had the trust of the general public. Remuneration conditions for the funds’ leaders were very significant in this regard, he said.“It is important that the AP funds continually work towards a high level of cost efficiency in their business,” he wrote.last_img read more

Bassoe: Offshore rig market to reach 85% utilization again

first_imgA quick note on bifurcation There’s a lot of talk about bifurcation (which has been going on for years), and strengthening preferences by oil companies for new rigs will continue to solidify this phenomenon. Bifurcation might create better effective utilization for certain segments of the market, but it doesn’t completely negate oversupply. Even with the bifurcation we’re seeing, old rigs still win contracts (especially in the Middle East and India), and there are simply too many newer rigs with respect to demand.In other words, bifurcation exists partly because the market is oversupplied. Finding the right balance of scrapping and increased demandIf we assume demand increases to “realistic” sustainable levels (without exceeding previous all-time highs), we can derive the amount of scrapping required to leave the market with 85% utilization.For jackups, a 32% increase in demand would get us to 397 rigs (the all-time high) and a required supply of 467 rigs (i.e., total supply at 85% utilization). To reach that level of supply, 172 jackups would have to be scrapped. This equals about two thirds of the 258 potential jackup scrapping candidates we identified previously in our 340 total scrap rig number. This is doable – especially if some of the Chinese newbuilds are never delivered.And if all 258 jackups were scrapped, the market would reach 85% utilization with only a 7% increase in demand.Semisubs don’t look too bad either. The current supply of 163 semisubs is equal to their all-time demand high of 163, but demand would have to increase by a less realistic 130% to reach the current required supply of 137 rigs. That said, if you assume that semisub demand increases by around 50% (or 107 rigs), then only 38 semisubs (out of a potential scrap pool of 65 rigs) must be scrapped to reach 85% utilization.If all 65 old semisubs are scrapped, then demand only needs to increase by around 20%.And if you look at harsh environment segment specifically, the numbers look even better as we’ve noted in a previous article.Drillships, however, have the most difficult path to 85% utilization. An increase in demand of 46% is needed to reach the all-time demand high of 86 rigs, but not even demand at this level would be enough to cope with the extreme overbuilding, and subsequent oversupply, of 6th and 7th generation drillships.We don’t see demand for drillships increasing beyond its all-time high due to the limited number of deepwater programs expected over the next few years. Areas such as Brazil, Mexico, and West Africa will add to demand, but a 46% demand increase is still far from conservative. Nevertheless, if we assume 46% demand growth, then 41 drillships must be scrapped to reach 85% utilization. After aggressive scrapping over the last three years, there are only 15 drillships either built before year 1990 or before year 2000 and are cold stacked.This means that 26 (41 total minus 15 old) modern drillships will have to be scrapped (in addition to the 46% assumed demand increase) for the drillship market to regain a state of health.85% will happen eventuallyWe can run scenarios until our models explode, but the fact is that, while there’s a lot of work to be done to get the rig market back up to 85% utilization, the path forward is achievable.Rig owners have control over the supply side. A realistic approach to fleet attrition would go a long way toward solving the problem of oversupply.At the same time, increasing drilling activity driven by higher oil prices and the weak, unsustainable capex programs pursued by oil companies since 2015 which will likely need to be compensated for over the next few years will help on the rig demand side.We don’t know exactly when we’ll see 85% utilization across the rig market. But we expect that the jack-up and semisub markets will balance first. And once someone decides to scrap the first modern ultra deepwater drillship, we’ll know we’re getting close.Offshore Energy Today has shared the article above with permission from the author. You can read the original post at Bassoe.noThe views and opinions expressed in this article are those of the author and do not necessarily reflect the official policy or position of Offshore Energy Today. So will the market ever see 85% or more utilization again?Yes, it will – if the right things happen.Superficially, it’s pretty simple: there needs to be a reduction in rig supply and an increase in rig demand. But what combination of these factors is realistic, and what’s even feasible?Although this is a numbers game with endless possibilities and scenarios, we’ve tried to illustrate a few of the scenarios which can achieve 85% utilization. By: David Carter ShinnHigh rig utilization isn’t just a dream. It’s a requirement for a meaningful recovery in dayrates.When utilization in the offshore rig market reaches around 85%, dayrates start to rise significantly.As utilization moves from 60%, for example, up toward over 80%, dayrates increase, but once 85% utilization is reached, dayrates normally kick into a higher gear and rise at a faster rate relative to before 85% was reached – and vice-versa.Take drillships as an example. During 2014, utilization was nearly 100% during the early part of the year. Dayrates were also at cycle highs, with some fixtures above $600,000. As utilization declined toward 50%, dayrates crashed to around 30% of their highs.Even if dayrates never reach their highs again (because the market is fundamentally different now as efficiency and cost-savings dominate), they must somehow increase to levels that generate “investor-friendly” amounts of cash. The problem is that until utilization rises sufficiently, the rig market will be stuck with more or less cash break-even dayrates – which are unsustainable if rig owners are to thrive again.Right now, utilization for all rig types (jackups, semisubs, and drillships) – based on the full potential supply of rigs which includes those under construction – ranges between 50% and 60%. We’ve seen an increase in demand for newer rigs lately, but we’re far from the optimal 85% utilization that every rig owner wants to see. Current rig supply requires an unrealistic increase in rig demandWe recently wrote that up to 340 offshore drilling rigs could be scrapped by 2020. That exercise identified all rigs which weren’t viable in today’s market due to age or technical specification.But we didn’t look into how many rigs need to be scrapped. We’ll do that here, but first, let’s assume that only minimal scrapping takes place (say 20% of our 340).Jackups would require demand growth of over 65% to reach 85% utilization. This equals a demand of 498 rigs and a required supply of 586 rigs (354 + 232 in the graph below). For reference, the all-time high for jack-up demand was 397 rigs in 2013–2014.Semisubs require demand growth of nearly 80% to reach 85% utilization. This equals a demand of 127 rigs and a required supply of 150 rigs (84 + 66 in the graph below). For reference, the all-time high for semisub demand was 163 rigs in 2013–2014.Drillships require demand growth of 100% to reach 85% utilization. This equals a demand of 118 rigs and a required supply of 139 rigs (69 + 70 in the graph below). For reference, the all-time high for drillship demand was 86 rigs in 2013–2014.For simplicity, we assume that all rigs currently under construction are eventually delivered at some point. While there is a risk that some rigs won’t ever be delivered (especially certain jack-ups in China), most of the rigs under construction are either complete or close to it and will attempt to enter the market if demand starts to improve.last_img read more

Parents told to take charge online

first_imgNZ Herald 26 Nov 2012Do it early and without fear – that’s the advice an internet safety expert has for parents worried about how and when they should address concerns about their children’s online activity. Stephen Balkam, founding chief executive of the US-based Family Online Safety Institute, is visiting the country as a speaker at a conference hosted by NetSafe and opening in Wellington today. His seminar tomorrow covers a range of issues facing society’s growing use of the internet, from the advent of “digital citizenship” to problems including cyber-bullying, addiction and sexting. Mr Balkam told the Herald his talk would also look at startling findings released by his organisation this month. The study found large differences between what parents know about their teens’ social networking use on sites, such as Twitter, Facebook and Tumblr, and the level of monitoring their children knew of. It found 70 per cent of parents checked their teens’ text messages on their phones but 70 per cent of teens were unaware of it, and while about 84 per cent of parents said they monitored online useage, just 39 per cent of teens were aware they were being spied on. Just 14 per cent of teens thought their parents were well informed about what they were doing on Twitter and while 95 per cent of teens reported feeling safe online, 94 per cent of parents disagreed with them. Parents saw stranger danger as their top worry.http://www.nzherald.co.nz/nz/news/article.cfm?c_id=1&objectid=10849907last_img read more

Franklin County employees sue officials

first_imgBrookville, In. — The legal costs for Franklin County taxpayers continue to increase as two former employees take legal action against county government.Court documents say Kimberly Robinson started working for the Franklin County auditor’s office in February of 2008. In July of 2016, Shannon Meyer was hired to serve as the chief deputy auditor.Robinson has accused elected county officials of instructing her to pay county employees for the same holiday twice, approve sick pay for employees not approved to receive it and hide potential ghost employee instances.Meyer says the same officials asked her to disburse amounts over what was authorized in the salary ordinance and making improper adjustments to balance other accounts.The lawsuit alleges Meyer and Robinson were fired after refusing to perform the questionable tasks.There have been no claims made by the county of insubordination or poor work habits.The legal action was taken after all administrative options were exhausted by the plaintiffs.The lawsuit asks the county to reinstate the workers in the same jobs, pay and seniority. The plaintiffs are also asking for lost wages and benefits, damages, pre and post-judgment interest and reasonable attorney fees. Additionally, Meyer has asked for liquidated damages.County officials have already paid for a $12,000 audit of the finances.last_img read more

WATCH: Lake Worth Commissioner, Mayor Argue Over COVID-19 Response

first_imgA Lake Worth city commission meeting became heated last Thursday, as a commissioner and the mayor clashed over the city’s handling of the coronavirus outbreak.During the emergency meeting, city officials discussed a local utility company’s role and the issue of residents losing power for not paying their utility bills.Commissioner Omari Hardy says he requested the meeting and only one other commissioner agreed to it, while other city officials did not think the meeting was necessary.A video of the meeting shows Commissioner Hardy becoming upset when another commissioner “calls the question” over the utility company.“I’m sorry, that’s not how this works,” Commissioner Hardy says in the video. “We usually each have an opportunity to speak five minutes.”Mayor Pam Triolo then asks for a second call to the question, as Hardy continues to ask that the council allow him to speak.The two city officials then start arguing until Triolo calls for a recess.In a Facebook post, Hardy says he does not regret the heated exchange between him and the mayor.“Sometimes you have to get into trouble to stand up for what’s right,” the post reads.The city later announced in Facebook statement that utility services will not cut off during the corornavirus pandemic.Courtesy: City of Lake Worth/Facebooklast_img read more

Jalen Carey, Darius Bazley: What to watch in the 2018 Jordan Brand Classic

first_imgA look at Jalen CareyFor the first time in three years, a Syracuse player is rostered for the game. Six-foot-3 shooting guard Jalen Carey, a senior at Immaculate Conception (New Jersey) High School, is a playmaker with creativity around the rim. He can shoot well from 3-point range, attack the rim and create off the dribble. Carey chose the Orange over national champion Villanova, Connecticut and Kansas, among others. He’s the No. 4 high school player from New Jersey in his class, per ESPN. Carey visited Syracuse last September and committed in October. He recently became the first player in his county (Essex) to score 2,000 career points since 2006.If no SU player from last season enters the NBA Draft, Carey will join Tyus Battle, Frank Howard, Elijah Hughes and Howard Washington in the backcourt.Darius BazleyIn March, Bazley became the third SU commit since 2012 to appear in the McDonald’s All-American game. He had 11 points and seven rebounds in 17 minutes.But on March 29, Bazley decommitted from Syracuse to turn professional in the G League. Bazley, the No. 9 recruit in ESPN’s 2018 rankings, committed to SU back in July 2017.  The 6-foot-9 power forward out of Princeton (Cincinnati) High School headlined Syracuse’s 2018 recruiting class that features No. 37 recruit Carey and Buddy Boeheim, son of SU head coach Jim Boeheim.“He would’ve been a big piece for us, but we just got to work around that now,” Carey said last week. “(Syracuse) made the Sweet 16 this year without him so we just going to have to find a way to get back.”Bazley will display his game for professional scouts and provide SU fans a look at what he would have brought to the Orange in 2018-19.A glance at future opponentsThe Jordan Brand Classic rosters are loaded with players committed to Atlantic Coast Conference schools, offering a glimpse of who the best freshmen in the ACC will be, come this fall. Eight of the 24 rostered players, or one-third, will play for an ACC team next season.Four future Duke Blue Devils headline the rosters: Cam Reddish, R.J. Barrett, Tre Jones and Zion Williamson. Duke reached the Elite Eight last season with a win over Syracuse in the Sweet 16, and while the Blue Devils will lose at least two starters to the draft, they’ll reload with these talented freshmen, starting with Reddish. Wake Forest commit Jaylen Hoard and North Carolina commits Nassir Little and Coby White also will play Sunday.Duke has four commits in the JBC, Syracuse has one, not including Bazley, North Carolina has two and Wake Forest has one, which is eight total — far more than any other conference. Comments Published on April 5, 2018 at 8:12 pm Contact Matthew: mguti100@syr.edu | @MatthewGut21 Facebook Twitter Google+center_img Syracuse commit Jalen Carey will play in the 2018 Jordan Brand Classic, an annual high school all-star game, on Sunday at Barclays Center in Brooklyn. He will share the court with former Syracuse commit Darius Bazley, one of the top-10 players in the country who decommitted from Syracuse on March 29.Twelve former Syracuse players have appeared in the showcase: Carmelo Anthony (2002), Paul Harris and Mike Jones (2006), Donte Greene (2007), Dion Waiters (2010), Michael Carter-Williams, Rakeem Christmas and Mike Gbinije (2011), Jerami Grant (2012), Tyler Ennis (2013), Chris McCullough (2014) and Malachi Richardson (2015). Frank Howard and Tyler Lydon played in the 2015 regional game.Here are three things to know ahead of Sunday afternoon contest, a showcase of some of the best high school players in the country.last_img read more

Portugal’s pioneer: Miguel Oliveira stuns in Styria

first_img WE RECOMMEND SUBSCRIBE TO US 3 weeks ago Portugal president helps rescue of two young girls 2 weeks ago President welcomes UK decision of taking Portugal of quarantine Red flags, high-speed chases and an unexpected win that nobody saw coming! Relive the highlights of an awesome #AustrianGP.Co-Presented by @India_Yamaha..#MotoGPOnEurosport #RoadToMotoGP #EurosportInIndia #YamahaMotorIndia #YamahaIndia #CallOfTheBlue #YamahaMotoGP #MotoGP pic.twitter.com/tOSWEj6msr— Eurosport India (@EurosportIN) August 24, 2020 A few laps prior, Viñales slowed up and held his hand up to suggest something was wrong with his YZR-M1. Down in P13, Viñales continued but then, with 12 laps to go, the Spaniard had to bail. Viñales jumped off his Yamaha at Turn 1 in what looked like a brake failure. His machine rocketed into the air-fence at Turn 1, deflating it, with his bike going up in flames. Thankfully, Viñales was able to walk away relatively unharmed in a scary incident. This brought the red flags out as the race came to a halt, with a 12-lap dash to follow.The 2020 MotoGP™ World Championship will next move to Italy for the Gran Premio Lenovo di San Marino e della Riviera di Rimini on September 13, 2020, LIVE on Eurosport and Eurosport HD. The race will also be streamed LIVE on Discovery Plus.(Image Courtesy: MotoGP Twitter) First Published: 23rd August, 2020 23:12 IST FOLLOW US 1 month ago Brazil sets Olympic camp in Portugal due to pandemic at home Written Bycenter_img Last Updated: 24th August, 2020 17:14 IST Portugal’s Pioneer: Miguel Oliveira Stuns In Styria Red Bull KTM Tech 3 star wins the 900th premier class race as Oliveira, Miller and Pol Espargaro take it to the final corner WATCH US LIVE 1 month ago Portugal: Over 700 of firefighters continue to battle Oleiros blaze, several injured Digital Desk 3 weeks ago Portugal ready for Champions League after subduing virus LIVE TV COMMENT Red Bull KTM Tech 3 star wins the 900th premier class race as Oliveira, Miller and Pol Espargaro take it to the final corner.In a dramatic red-flagged BMW M Grand Prix of Styria, Miguel Oliveira (Red Bull KTM Tech 3) got the better of Jack Miller (Pramac Racing) and Pol Espargaro (Red Bull KTM Factory Racing) at the famous final corner, on the final lap, to win his first MotoGP™ race in the 900th premier class contest. A stunning victory for Oliveira who hands Portugal and Tech 3 their first premier class wins, in his 150th Grand Prix.Joan Mir (Team Suzuki Ecstar) got a fantastic launch from P3 to snatch the holeshot from polesitter Pol Espargaro, with Miller also getting away well from fourth on the grid. The Australian wasted no time in getting past Espargaro as Miller dived up the inside at Turn 2, before Miller was leading the race – despite shoulder troubles – after Mir was forced to drop a position for running wide and gaining an advantage at Turn 1 on the opening lap.READ: Pol position: KTM and Espargaro seal Saturday firstsUpfront, Mir was now stretching his lead. The Spaniard, fresh from his first podium seven days ago, was gapping Miller and Nakagami and by Lap 13, Mir’s lead was up to 1.3 seconds. Miller and Nakagami were, in turn, two seconds clear of Pol Espargaro and Rins as Nakagami eventually got the better of Miller on Lap 16. The LCR man made his move at Turn 6 as he set his sights on Mir, who was two seconds up the road, but there was drama to follow in Styria.last_img read more

Onaway Area Community Schools put into “shelter in place” after threat surfaces

first_imgAddThis Sharing ButtonsShare to FacebookFacebookShare to TwitterTwitterShare to MoreAddThisOnaway — The Federal Bureau of Investigation contacted Presque Isle Sheriff’s Department on Tuesday to warn of a potential threat at Onaway Area Community Schools.School administration placed the schools into a “shelter in place.” As precaution, other area schools were notified and secured based on protocol.  Law enforcement and administration searched and secured the Onaway buildings as well as the students.During a search, authorities located a suspect for the threat. After questioning the juvenile female and her father, law enforcement placed the juvenile female in custody. The investigation is still ongoing. There is no current threat to area schools.AddThis Sharing ButtonsShare to FacebookFacebookShare to TwitterTwitterShare to MoreAddThis Tags: FBI, Federal Bureau of Investigation, juvenile, Onaway, Onaway Area Community Schools, presque isle, Presque Isle Sheriff’s Department, school administration, shelter in place, ThreatContinue ReadingPrevious What’s Trending for September 18Next Local man is a danger to animalslast_img read more

Seminar of FBiH Karate Federation has finished

first_imgFBiH Karate Federation organised a seminar for referees, examiners and trainers which was held in Sarajevo from 18-20 January.More than 20 clubs with more than 100 beginners attended the seminar, and seminar for trainers was organised in cooperation with the Faculty of Sports and Physical Education of the University in Sarajevo, said FBiH Karate Federation.During the seminar there was a test for master levels, and nine new masters of karate have been promoted on the last day of the seminar.Ten referees, 30 coaches and 6 examiners of the Federation received licences.last_img read more