first_imgCPEG indicated relief at the outcome as the result averted a potential “catastrophic” double rejection. However, as a precautionary measure it noted the vote could be contested.  “We are pleased that a solution has been found to allow the fund and its members to approach the future with more peace of mind,” it said in a statement.The cantonal government lamented that voters had opted for a proposal that did not provide for structural reform of CPEG, saying it hoped new recapitalisation measures or benefit cuts would not be necessary in the coming years. The law approved by the referendum would come at a higher cost to the canton than the government’s proposal, it said. How it will workThe mechanism for the bulk of the recapitalisation is fairly complex, involving a long-term loan from CPEG to the canton, to be reimbursed in the form of real estate assets – land for development or construction rights for housing in the Praille-Acacias-Vernets (PAV) area.If this were to lead to real estate accounting for more than 45% of CPEG’s overall assets, cash or other “contributions in kind” would have to be made, according to the text of the approved law.The government said the text would not allow any construction in the PAV area beyond what was already agreed. The PAV area is the focus of a plan to redevelop railway and industrial land to address a housing shortage in Geneva and surrounding municipalities.Speaking to IPE before the referendum, CPEG’s chief investment officer Grégoire Haenni said a recapitalisation would have an impact on the scheme’s asset allocation and the investment portfolio’s expected return, but the investment strategy would not change.In a national ballot yesterday Swiss voters backed a proposal to pump CHF2bn into the state pension scheme on an annual basis from next year. The provision was included in a reform of corporate tax rules that would also scrap preferential rates for multinational corporations. The CHF12.6bn (€11.2bn) public pension fund for the Swiss canton of Geneva will be recapitalised with CHF4.4bn but without structural changes after a public vote on Sunday.The funding level at the Caisse de prévoyance de l’Etat de Genève (CPEG) will reach 75% as a result of the recapitalisation, bringing it closer to the 80% level that it must reach by 2052 under federal law.However, voters rejected the government’s proposed change to CPEG’s structure, from defined benefit (DB) to defined contribution (DC).Both the government and opposition parties supported a recapitalisation plan, but only the government’s proposal included the DB to DC switch. Voters approved both plans, but more were in favour of the opposition’s plan. The turnout was reported to be 45%.last_img read more


first_imgHosts Sudan beat Gabon 1-0 to seal victory in the opening match of the 2011 African Nations Championship.Mudather Eltaib scored the only goal of the game halfway through the first half.The other Group A game between Algeria and Uganda takes place on Saturday in Khartoum.2009 runners-up Ghana also start their Group B campaign on Saturday as they face South Africa, while Niger play Zimbabwe.This is the first Caf tournament hosted by Sudan since 1970 when they maximised home advantage to lift the African Nations Cup.Source: BBClast_img read more


first_imgFacebook12Tweet0Pin0Submitted by Westport WineryWestport Winery’s Roberts family has again collaborated with Johnny and Darlene Camp of Opal Art Glass in Cosmopolis. Together they designed and crafted a hand-blown glass lighthouse for Shelter From The Storm, the first true port-wine crafted by winemaker Dana Roberts.The new bottle is a scale replica of the winery’s lighthouse. Wine club members and their guests were treated to the unveiling of this unique bottle on Sunday, May 22, in the winery’s event pavilion. Winery co-owner Kim Roberts said, “We have the westernmost vineyard in Washington State, so we made sure the architecture and theme of our business reflected our incredible coastal community. That’s why we built a 40-foot lighthouse as part of our tasting room.”Like all of their wines Shelter From The Storm benefits a local charity. A portion of the proceeds from Shelter is donated to the Grays Harbor Hospital Foundation. Since they opened in 2008, the Roberts family has contributed over $300,000 to local charitable organizations.Photo Credit: Molly Bold, Portrait ExpressionsThe wine’s label features an original watercolor by Tokeland artist Wally Mann. Additionally, each wine is commemorated in the resort’s gardens with a sculpture by a local artist. They Shelter sculpture was also created by Opal Art (as are two other sculptures in the park). The two companies continue to produce their popular “Float” bottle, designed to resemble a Japanese fishing float.Westport Winery Garden Resort is located on the corner of Highway 105 and South Arbor Road halfway between Aberdeen and Westport. The winery (including the restaurant, bakery, nursery and gardens) is open daily and offers lunch and dinner from 11 a.m. to 7 p.m.last_img read more