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Dutch pension funds including airline KLM’s three schemes benefited from rising interest rates and positive investment results during the second quarter of 2017.The coverage ratio of most of them rose by several percentage points since March.With an investment result of 0.7%, the Algemeen Pensioenfonds KLM – the airline’s €8.3bn pension fund for ground staff – posted the best quarterly performance among the larger schemes in the Netherlands. It generated a 3.2% yield over the first six months of the year.Its funding ratio rose 2.9 percentage points to 109%. The €3bn Pensioenfonds KLM Cabinepersoneel generated 0.6%, in part thanks to a 1.8% result from its equity allocation. This took its year-to-date result to 3.4%.Coverage of the pension fund for cabin staff increased by 3.3 percentage points to 106.3%.The Pensioenfonds Vliegend Personeel KLM, the€8.5bn fund for pilots, reported a second quarter return of 0.4%. In the first six months of 2017 the scheme gained 3%.Its funding ratio improved by 3.1 percentage points to 120.5%.Meanwhile, PGB,the €24.5bn multi-sector pension fund, said it returned 0.1% over the second quarter and 2.1% over the first half of 2017.Since March, it lost 1.7% and 0.1% on government bonds and credit, respectively. In contrast, residential mortgages and inflation-linked bonds delivered positive results of 1.1% and 2.6%, respectively.Within its return portfolio, PGB achieved quarterly profits on equity (1%) and property (0.5%).However, it had to sacrifice 4.2% on alternative fixed income, 1.4% on infrastructure and 0.6% on private equity.Despite this, PGB’s coverage ratio rose by 2.4 percentage points to 100.8%.The €23.5bn sector scheme for the private road transport sector (Vervoer) reported a quarterly gain of 0.4%, but indicated it was 0.1% in the red over the past half year.However, its funding rose 1.4 percentage points to 101.8%.Recently, the five largest Dutch pension funds reported a funding improvement of approximately 2 percentage points during the second quarter, as a consequence of reduced liabilities in the wake of rising interest rates.However, none of them had generated positive quarterly returns. The best performer on a relative basis was the €389bn civil service scheme ABP, which did not generate a return or a loss. It gained 1.9% over the first six months of 2017.
In a speech at the 84th Anniversary of the Armed Forces of the Philippines (AFP) on Tuesday night, the Chief Executive has tasked the government forces to destroy local terrorists who are still making violent attacks. The President also hailed soldiers for being the utusan ng bayan for being there in times of armed conflict and disasters. MANILA – President Rodrigo Duterte reiterated his order to soldiers to “crush” enemies of the state including communist rebels. “Isa pang kalaban na sumisira sa buhay natin ay itong mga terrorista, kasali na ang NPA (New People’s Army), kasali na ang mga kidnap-for-ransom nandyan sa Jolo, ang Abu Sayyaf, at lahat na. Ang utos ko sa kanila (AFP), at pag sila (terrorists) ay lumaban, durugin para matapos na ang problema ng Pilipino,” Duterte said. President Rodrigo Duterte leads the awarding ceremony for the outstanding members of the Armed Forces of the Philippines (AFP) during the AFP’s 84th anniversary at the Camp General Emilio Aguinaldo in Quezon City on Dec. 17. PCOO “Sa utos ko na yan, na ubusin ninyo sila, sabihin ko sa inyo, time and again, I take full legal responsibility. I and I alone…will go to prison. You can enjoy your freedom. I will take the risk,” Duterte said. He assured soldiers that they have his support and even declared openness in taking full legal responsibility for his order. “Our soldiers, they are everything, and that is why you should love your soldiers. Tayong mga Pilipino, tulungan natin,” President Duterte said./PN