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_img Associated Press February 6, 2020 Davidson, VCU meet in conference play Share This StoryFacebookTwitteremailPrintLinkedinRedditDavidson (11-10, 5-4) vs. VCU (16-6, 6-3)Stuart Siegel Center, Richmond, Virginia; Friday, 7 p.m. ESTBOTTOM LINE: A10 foes meet as Davidson takes on VCU. Davidson easily beat UMass by 35 at home on Saturday, while VCU fell to Rhode Island on the road on Friday, 87-75.center_img STEPPING UP: Marcus Santos-Silva has put up 13 points and nine rebounds to lead the way for the Rams. De’Riante Jenkins has complemented Santos-Silva and is putting up 10.7 points, four rebounds and two steals per game. The Wildcats have been led by Jon Axel Gudmundsson, who is averaging 14.9 points, 6.9 rebounds and 4.1 assists.A10 ADVANCEMENT: The Wildcats have scored 75.2 points per game to conference opponents thus far. That’s an improvement from the 70.3 per game they recorded against non-conference competition.CREATING OFFENSE: Gudmundsson has either made or assisted on 46 percent of all Davidson field goals over the last five games. Gudmundsson has 35 field goals and 29 assists in those games.ASSIST-TO-FG RATIO: The Wildcats have recently used assists to create buckets more often than the Rams. VCU has an assist on 44 of 88 field goals (50 percent) across its past three games while Davidson has assists on 50 of 93 field goals (53.8 percent) during its past three games.STIFLING DEFENSE: VCU has forced opponents into committing turnovers on 25.4 percent of all possessions this year, the eighth-highest rate among all Division I teams. ___For more AP college basketball coverage: https://apnews.com/Collegebasketball and http://twitter.com/AP_Top25___This was generated by Automated Insights, http://www.automatedinsights.com/ap, using data from STATS LLC, https://www.stats.comlast_img read more


first_imgBiH football player Vedad Ibišević is the fifth player according to Player efficiency rating in the Europe, with only Dario Cvitanich, Miroslav Klose, Radamel Falcao and Lionel Messi more efficient than him.Vedad scored 10 goals from 37 shootings, which brings him the 27% efficiency rating.Another successful BiH footbal player Edin Džeko is on 10th position, with 21.3% efficiency rating, with 10 goals from 47 shootings in the second season playing for Manchester City.last_img


first_imgJames Franklin answers questions from reporters after he was introduced as Penn State’s new football coach during a news conference on Saturday Jan. 11, 2014, in State College, Pa. (AP Photo/John Beale)PITTSBURGH (AP) – Penn State football coach James Franklin did nothing “inappropriate” when he contacted the woman who claims four of Franklin’s former players at Vanderbilt University raped her last year, a Tennessee prosecutor said Thursday.“I can’t comment on it much other than to say the statement we’ve always made is there is no indication that coach Franklin did anything inappropriate in this investigation,” Nashville Deputy District Attorney Tom Thurman told the Pittsburgh Post-Gazette (http://bit.ly/1lDBY8Z ) in a telephone interview.Any contact Franklin had with the woman wasn’t significant to the case, Thurman added.Franklin denied wrongdoing earlier this week when attorneys for a former Vanderbilt player charged with raping the woman along with three former teammates accused prosecutors of mishandling evidence in the case.Thurman told The Associated Press on Wednesday that the filings by defense attorneys for Brandon Vandenburg were “an obvious tactical ploy by Mr. Vandenburg’s attorneys to intimidate the victim and malign veteran prosecutors.” The filings could also taint the jury pool and prevent a fair trial of the charges, Thurman said.Vandenburg’s attorneys contend prosecutors have concealed evidence from them, including text messages, phone records and call logs from Franklin.The defense filings said the alleged victim told detectives that Franklin contacted the woman days after the alleged June assault, telling her “they cared about her” because she assisted with recruiting.The defense attorneys also claim that Franklin had previously “called her in for a private meeting and told her he wanted her to get 15 pretty girls together and form a team to assist with the recruiting even though he knew it was against the rules.”“The allegations I did something wrong are simply not true,” Franklin said in a statement Tuesday, when the contents of the documents were first reported. “I have cooperated fully with the authorities in this matter, but, out of respect for the legal process, I am not able to comment any further.”___Information from: Pittsburgh Post-Gazette, http://www.post-gazette.comlast_img read more