The outsiders

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The wizard of Oz

first_imgTo access this article REGISTER NOWWould you like print copies, app and digital replica access too? SUBSCRIBE for as little as £5 per week. Would you like to read more?Register for free to finish this article.Sign up now for the following benefits:Four FREE articles of your choice per monthBreaking news, comment and analysis from industry experts as it happensChoose from our portfolio of email newsletterslast_img

Royal Bank of Scotland brings forward £4bn deficit reduction payment

first_imgUnder the current recovery plan, agreed to resolve a £5.6bn actuarial deficit after the 2013 triennial valuation, RBS will make annual payments of £650m in 2014-16 and then an index-linked payment of £450m from 2017-23, in addition to annual contributions of £270m to cover staff contributions and scheme running costs.The bank said it expected to report an actuarial deficit of £3.3bn in its main scheme, which closed to new members in 2006 and claims all but 10,000 of the company’s 230,000 DB members.The fund’s trustees have, since 2008, been gradually implementing a de-risking strategy, reducing equity exposure and using interest rate and inflation hedging overlays to largely hedge its rate and inflation exposure. Royal Bank of Scotland (RBS) is to bring forward a £4bn (€5.3bn) payment to its pension fund to settle the defined benefit (DB) scheme’s deficit.Following discussions between the UK lender and pension trustees, the £30bn fund’s triennial valuation has been brought forward by up to six months, while the £4.2bn payment will be made on 31 March, the previous date for the triennial valuation.The one-off £4.2bn payment sees no new money for the scheme but rather consolidates into a lump sum the deficit and other payments previously scheduled for the years until 2023.As a result of the payment, announced in a trading statement, RBS said it expected its common equity tier 1 (CET1) ratio to fall by approximately 0.7%.last_img read more

UK audit inquiry reignites ‘illegal dividends’ dispute

first_imgShe asked: “That is a clear admission, isn’t it, that the two regimes – the capital maintenance requirement regime and the IFRS standards – are different?” Nick AndersonIts author, Nick Anderson, a member of the International Accounting Standards Board, wrote: “it is important to remember that IFRS standards, if only because of their international nature, cannot reflect in detail specific requirements of the multitude of different capital maintenance regimes among the more than 140 jurisdictions that now require the use of our standards.”He concluded that, although it was beyond the standard setter’s remit to determine the validity of distributions, “there is no impediment to… providing additional disclosures about dividend policies and dividend payments, including any disclosures needed to meet jurisdiction requirements”. Michael Izza, chief executive, ICAEWThe BEIS committee’s inquiry also put the spotlight on the status of guidance published by the ICAEW.At last week’s hearing, Sandbach told Izza: “My concern is that your guidance doesn’t take into account the obligations as stated by the law.“What we are told in the evidence we have been given is that… parliament passes the law and the courts interpret it; it is not the ICAEW that does it.”She added that the evidence parliament had heard from accountants and lawyers was that “the IFRS standards cannot be relied on to ensure compliance with the law”.Pension funds’ long-running battle with FRCThe UK’s Local Authority Pension Fund Forum (LAPFF), which represents a number of local government pension schemes, has been challenging the audit regulator, the Financial Reporting Council (FRC), on capital maintenance rules since 2013. Following years of back-and-forth between lawyers – representing the LAPFF and other investors on one side and the FRC and the accounting sector on the other – in November 2018 the UK parliament’s BEIS committee stepped in with an inquiry about the future of audit regulation.This was followed by the announcement of a probe into the market for audit services by the Competition and Markets Authority, while the government also appointed the former chair of the London Stock Exchange Group, Donald Brydon, to head up a separate inquiry into audit standards.LAPFF acting chair Paul Doughty told IPE: “It’s good to see how intensively the sessions are looking at the issues.“The evidence supports what George Bompas [the LAPFF’s lawyer] has said: the law is the law and the standards are inconsistent with the law. The impact of these discrepancies can’t be exaggerated.”Further readingLAPFF urges FTSE 350 firms to disregard ‘defective’ accounting advice In September 2016, the public sector pension body called for company boards to disregard advice from the FRCAccounting briefing: Just ignore the FRC Stephen Bouvier digs into documents revealed under the UK’s Freedom of Information ActIFRS Foundation steps inIn a separate development, the IFRS Foundation has published an opinion piece addressing in part the issue of capital maintenance and distributions.center_img A number of UK companies could have paid out illegal dividends for more than a decade, a parliamentary inquiry heard earlier this month.Giving oral evidence to the Business, Energy and Industrial Strategy (BEIS) Select Committee on 5 February, the chief executive of the Institute of Chartered Accountants of England and Wales (ICAEW) said there were “inconsistencies” between international reporting standards and UK law on “capital maintenance”, which governs how companies can report distributable reserves.If confirmed, Michael Izza’s statement would mean that an unknown number of UK group entities could have paid out illegal dividends since 2005, when the EU first adopted International Financial Reporting Standards (IFRS).Izza was responding to questions from Antoinette Sandbach, a Conservative party MP and member of the BEIS committee.last_img read more

Petit slams inconsistent Tottenham midfielder Ndombele

first_img “He was not regularly a top player. Sometimes he could play a beautiful game — then three days later be average. “He is not consistent enough. He doesn’t play well with any regularity. “He has quality but I agree with Mourinho in that Ndombele could do much more. Read Also:Mourinho: I cannot keep giving Ndombele more opportunities “When he is very motivated, fit and ready, with his mind and body, and when he has the ambition to perform well, he becomes a top player.” FacebookTwitterWhatsAppEmail分享 Arsenal hero, Emmanuel Petit, has slammed Tottenham midfielder Tanguy Ndombele. Promoted Content8 Things That Will Happen If An Asteroid Hits EarthA Soviet Shot Put Thrower’s Record Hasn’t Been Beaten To This Day7 Universities Where Getting An Education Costs A Hefty PennyThe Very Last Bitcoin Will Be Mined Around 2140. Read More6 Ridiculous Health Myths That Are Actually True5 Of The World’s Most Unique Theme Parks7 Ways To Understand Your Girlfriend Better6 Interesting Ways To Make Money With A Drone10 Hyper-Realistic 3D Street Art By OdeithWhat Is A Black Hole In Simple Terms?Can Playing Too Many Video Games Hurt Your Body?You’ve Only Seen Such Colorful Hairdos In A Handful Of Anime Petit has been dismayed by the displays of his countryman since he arrived at Spurs from Lyon last summer. He told The Sun: “He received the same criticisms at Lyon. “We all know the potential of Ndombele. I like this type of player and I used to watch him in France.Advertisement Loading… last_img read more

Army, Reds clash in Calinog

first_imgOn the other hand, none from the 61IB troopswere hurt, he added. ILOILO City – New People’s Army (NPA)rebels clashed with troops of the Philippine Army’s 61st Infantry Battalion(IB) in Barangay Binolosan Pequeño, Calinog, Iloilo before dawn yesterday. “We were informed na may wounded sa part ng ating kaaway pero hindi natin ma account kung ilan,” said Batara. Batara said the CFC operated in partsof Lambunao and Calinog, and parts of the municipality of Tapaz in Capizprovince. The rebels retreated toward BarangayGuinbonyogan, said Batara. The exchange of gunfire lasted forsome 10 minutes. The 61IB troops recovered from theencounter site backpacks with personal belongings, an M79 rifle and bullets. The encounter happened at around 3:15a.m. Batara said his men were conducting “offensive combat operation” inBarangay Binolosan Pequeño. Batara said the NPA could be gearingfor more offensives to mark its 51st anniversary on March 29. According to Army Colonel JoelBenedict Batara, 61IB commander, there were around nine rebels and thesebelonged to the NPA-Panay Central Front Committee (CFC) under Ka June. “That’s why we have deployed moresoldiers in the field,” said Batara./PNlast_img read more

Special Olympics Winter Games Wrap Up

first_imgThe 37th Annual Special Olympics Winter Games have wrapped up at Perfect North Slopes in Lawrenceburg. It’s the eighth year The Winter Games were held at PNS.254 athletes, Unified Partners, and Coaches from across Indiana participated with 92 from The Ripley Ohio Dearborn delegation.’18 Special Olympics Winter Games ResultsThe Winter Games were sponsored by The Lions Club.Courtesy of ROD Program Coordinator Greg Townsend.last_img

Update on the latest sports

first_imgUpdate on the latest sports February 16, 2020 Suter made $568,300 last year. He asked in arbitration for a $1.25 million salary this year and the Brewers offered $825,000.The 30-year-old gets a $100,000 signing bonus payable within 60 days and salaries of $900,000 this year and $1.5 million in 2021. His 2021 salary can escalate by up to $250,000 based on innings this year: $50,000 each for 80, 100, 120, 140 and 160.In other baseball news:— Free agent pitcher Chad Bettis has signed a minor league contract with the New York Yankees with an invitation to big league spring training. The 30-year-old right-hander was 1-6 with one save and a 6.08 ERA in 39 games, including three starts, for Colorado last season. He went on the injured list Aug. 14 with a left hip impingement and didn’t pitch the rest of the year. Bettis has pitched in parts of seven seasons in the majors, all for Colorado. He is 31-31 with one save and a 5.12 ERA in 164 games, 92 of them starts. Bettis was diagnosed with testicular cancer in November 2016 after going 14-8 in the Rockies’ rotation. He underwent surgery and chemotherapy and returned to the majors in August 2017.— St. Louis Cardinals pitcher Miles Mikolas (MY’-koh-las) was scratched from his second bullpen session of the spring because of a flexor tendon issue. Cardinals manager Mike Shildt said the Cardinals hope to have a more concrete time frame for Mikolas return to the mound in a day or two. Associated Press NHL-RED WINGS-PENGUINSHornqvist has 2 goals, assist and Pens top Red Wings 5-1PITTSBURGH (AP) — Patric Hornqvist had two goals and an assist as the Pittsburgh Penguins defeated the Detroit Red Wings 5-1.Hornqvist has 14 goals this season. Sidney Crosby scored his 11th of the season, Kris Letang added his 14th on the power play and Sam Lafferty also scored for Pittsburgh, which moved within one point of first-place Washington in the Metropolitan Division.Crosby continued a four-game point streak on Sunday. He has six goals and 19 points in 12 games since returning from core muscle surgery on Jan. 14. MLB-NEWSSuter, Brewers avoid arbitration, reach 2-year, $2.5M dealUNDATED (AP) — Milwaukee Brewers left-hander Brent Suter reached a two-year, $2.5 million deal Sunday that avoids an arbitration hearing that had been set for next week.Suter returned from Tommy John surgery last September and went 4-0 with a 0.49 ERA in nine relief appearances, helping the Brewers earn an NL wild-card spot.Suter had mostly been a starter the previous two seasons with Milwaukee before having elbow surgery in July 2018. He is expected to be used out of the bullpen this year. Quinton Rose scored 22 points and Nate Pierre-Louis had 16 for Temple.Temple and Villanova have been the standard bearers of the Philadelphia Big 5, the yearly city round-robin series that also includes La Salle, Penn and Saint Joseph’s. The Wildcats already had clinched at least a share of their 27th title with wins earlier this season over the other three Philadelphia rivals. They are now tied with Temple for most Big 5 titles.In other top-25 games Sunday:— Luka Garza scored 24 points and Ryan Kreiner added 10 points and No. 21 Iowa came back to beat the Minnesota Gophers 58-55. Minnesota’s Daniel Oturu missed the front end of a one-and-one free-throw attempt with a chance to tie the game with 3.8 seconds left and the Hawkeyes came away with a rare road win in the Big Ten. Iowa trailed by eight points with 5:25 remaining but finished the game on an 11-0 run. Oturu scored 15 points and Marcus Carr added 10 points, eight rebounds and six assists for Minnesota.LPGA-WOMEN’S AUSTRALIAN OPENcenter_img TORONTO (AP) — Former All-Star shortstop Tony Fernández has died after a long battle with kidney disease. He was 57.Fernández made five All-Star teams during his 17 seasons in the major leagues and helped the Toronto Blue Jays win the 1993 World Series. He won four straight Gold Gloves with the Blue Jays in the 1980s and holds club records for career hits and games played.A clutch hitter in five trips to the postseason, he had four separate stints with Toronto and played for six other teams. One of those was the New York Yankees, who replaced him at shortstop with a 21-year-old Derek Jeter in 1996. Fernández was slated to slide over to second base, but he broke his right elbow lunging for a ball late in spring training and missed the entire season.The next year, Fernández caught on at second with the Cleveland Indians and was instrumental in their 1997 American League pennant.His foundation says Fernández was taken off a life support system Sunday with his family present at a hospital in Weston, Florida. Fernández had been in a medically induced coma and had waited years for a kidney transplant. Matt Murray made 27 saves for Pittsburgh, which has won 11 of its past 15 games.Valtteri Filppula scored his fifth of the season for Detroit, which lost its fourth straight game. The Red Wings have been outscored 16-5 in their past four games and 59-23 in their past 16. Detroit has lost 14 of its past 16 games.T25 MEN’S BASKETBALL-SCHEDULEVillanova beats TempleUNDATED (AP) — Collin Gillespie has scored a season-high 29 points to lead No. 15 Villanova to a 76-56 victory over Philadelphia rival Temple. Jermaine Samuels added 13 points and Jeremiah Robinson-Earl had 10 for Villanova, which won its seventh straight game over Temple while finishing 4-0 in the Big 5. Share This StoryFacebookTwitteremailPrintLinkedinRedditNASCAR-DAYTONA 500Daytona 500 underway after rain delayDAYTONA BEACH, Fla. (AP) — The Daytona 500 has begun after a rain delay. The start of the race was delayed by an unexpected rain shower that began moments after President Donald Trump and his motorcade finished a parade lap. Trump’s limousine nicknamed “the beast” exited Daytona International Speedway moments before the sky opened and soaked the track. Drivers returned to pit road.The start already had been pushed back 13 minutes to accommodate the president’s trip. Trump made a dramatic entrance hours earlier that set off a raucous celebration at the famed track. He gave the command for drivers to start their engines before taking a ceremonial lap.Ricky Stenhouse Jr. is on the pole for “The Great American Race.”MLB-OBIT-TONY FERNANDEZFormer All-Star shortstop Tony Fernández dies Inbee Park wins Australian Open, ending 2-year title droughtADELAIDE, Australia (AP) — Seven-time major champion Inbee Park saw a seven shot lead shrink to two shots Sunday before winning the Women’s Australian Open by three strokes to clinch her first LPGA title in almost two years.Park started her final round three shots in front of 19-year old South Korean compatriot Ayeon Cho. She bogeyed the ninth hole but still turned five shots ahead of the field and went out to a seven shot lead early on the back nine at the Royal Adelaide Golf Club. She walked off the 16th green only two shots ahead of American Amy Olsen but finished strongly to claim her 20th LPGA title.last_img read more

Liverpool, Atletico UCL Clash ‘Led to 41 Additional COVID-19 Deaths’

first_imgA report in the Sunday Times explains how Edge Health, a group that analyse NHS data through data-modelling, believe the game at Anfield led to 41 additional deaths between 25 to 35 days later.Imperial College London and University of Oxford have estimated Spain had around 640,000 positive coronavirus cases at that time that the match went ahead.There were 100,000 in Britain at that stage, the report continues.At the time the match went ahead, many businesses, schools, restaurants and some matches had already moved to behind-closed-doors in Spain.Last month, Mayor of Madrid Jose Luis Martinez-Almedia admitted that it was a ‘mistake’ that the game was allowed to go on.‘It didn’t make any sense that 3,000 Atletico fans could travel to Anfield at that time,’ Martinez-Almedia told Spanish radio station Onda Cero.‘It was a mistake. Looking back with hindsight, of course, but I think even at that time there should have been more caution.The UK government defended the decision to allow major events such as the game at Anfield and Cheltenham Festival to go ahead despite the fact 10 days later, social distancing measures were introduced.Cheltenham Festival attracted more than 250,000 people in the second week in March and research by Edge Health, reported in the Sunday Times, found that Cheltenham ‘led to 37 additional coronavirus-related’ deaths.Organisers insisted they introduced special hygiene measures for the event, including extra hand-washing stations for spectators.They have also said they followed clear guidance from the government and science experts which, at that time, was still allowing sporting events to go ahead as planned.Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegram An analysis of NHS data has discovered that Liverpool’s Champions League last-16 second leg against Atletico Madrid at Anfield ‘led to 41 additional deaths’ due to coronavirus.Jurgen Klopp’s side hosted their Spanish rivals at Anfield on March 11 in front of 52,000 fans. There were 3,000 Atletico Madrid fans in attendance.The match was the last major game played in England before lockdown restrictions were enacted and the league was temporarily suspended due to the scale of the coronavirus pandemic.last_img read more

Alumni create networking app geared toward USC community

first_imgAccording to Malani, future plans include making the app more centralized. Malani said Gurayah originally created the idea and centralized it. By outsourcing it to a team of developers, through fundraising money from friends and family, he was able to create the first version of the app. After that, Malani was brought on board for marketing and aesthetic appeal insights and branding product design. “The bigger vision we have, especially here at USC, is people joining different communities, building actual lifelong connections with each other,” Gurayah said. Through the app, users sign up and connect their social media platforms to their profile and then select which social media platform they would like to share with other Mydas members. Under the network section, users can note any information about their connection with a person or group, such as where or when they met them. While many confuse it for a social media app, Malani said Mydas is a tool that allows people to gain more followers, interests and relationships within a professional environment. Mydas CEO Michael Gurayah, a Marshall School of Business alumnus, developed the idea for the app during the end of his junior year and pitched it in his entrepreneurship class. When he noticed that students were interested in working on it, he decided to pursue it that summer. “The app is most convenient for me because I am really trying to make friends as a freshman,” Shivlani said. “So, I try to share most of my information. It’s been really helpful in that sense.” “We’re trying to really just hone in on this market,” Mydas Chief Product Officer Prateek Malani said. “This is our market, our school … If our big goal is to really share that Trojan network, that vision, that exclusivity, that ability, that networking — it is so important to everyone else. It starts with honing in on making that Trojan network digitally stronger first.” “What we’re trying to do is kind of become that main app, that main tool you use when you’re at a networking event,” Malani said. “When you’re at a USC social event, whether it’s football or at Greek Row, etc. Whether it’s a classroom that you can go ahead and make as much friends, make as much connections for your future as possible.” Malani, who founded the app along with Gurayah and Chief Technology Officer Rob Ryan, met Gurayah at the Kappa Sigma fraternity at USC. Gurayah approached Malani about the idea for the app, and invited him to join the team in 2018, a year after Malani graduated from USC. “We want to actually make the Trojan network have students,” Gurayah said. “Start with these connections and maintaining it past college, that’s the great part of the Trojan Family: Everyone’s staying connected from social settings and classroom settings and keeping the Trojan Family united. That’s the bigger picture.” From Malani’s USC coursework experience on market testing, he has tested over 500 students on certain aspects of the company. The company has been able to make improvements to this feedback in quick time following the suggestions. center_img “He basically drew the designs on pieces of paper and kind of made his vision into a reality, which most entrepreneurs don’t do,” Malani said. “People don’t execute on their ideas, and I’m just really proud of him for making something like that was such a risky, scary thing to do and he actually did it. ” Caroline Bellamy, a Mydas social media intern, found out about the app at the Start-Up career fair last semester and said the convenience of Mydas appealed to her. “I just thought that their whole idea and concept was just really important and something easy that students need,” said Bellamy, a sophomore majoring in public relations. “Like the idea of an electric business card and AirDropping just all of your info at once so you don’t [have to] type it in.” The app, previously known as iMidas Touch, changed its name to Mydas to make it simpler and more appealing to the Gen Z market, according to Malani. The app underwent an update and full rebranding at the end of last year. The company routinely posts polls and questions on its Instagram page to filter feedback for the app in order to create the perfect app for USC students, Malani said. “We’re here to make the Trojan network digital,” Malani said. “We’re here to make the process of exchanging multiple social media accounts faster, and we’re here to make it easier for people to join groups and circles and friendships.” Diti Shivlani, a freshman majoring in business, first found out about the app from Instagram stories posted by her friends. She said the app makes her feel safer sharing her information, since she can decide after people share their information with her if she would like to share her contact. “[We’re the platform] if you want to grow your base,” Malani said. “You want to share your voice, you want to build job opportunities, you want to build new friends — that will never change with us, that will always be the core principle of Mydas.” Prateek Malani (left) and Michael Gurayah (right) developed the networking app Mydas to mimic the University’s Trojan network by instantly connecting students through their current social media accounts. (Vincent Leo/Daily Trojan) A group of USC alumni and team of 31 USC student interns launched Mydas, an app similar to LinkedIn that lets users share all social media accounts, professional background and contact information in one touch, in early January. The networking app is tailored to the USC community and capitalizes on the University’s Trojan network, according to the app’s founders.last_img read more