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Danish roundup: Skandia Denmark, PensionDanmark, MP Pension

first_imgThe unit-link product Skandia Basic similarly ended the quarter with higher returns than those posted in the first quarter – 2.5% to 4.4% versus 0.7% and 1.3% – but underperformed the benchmark in the second quarter.“This is because the reference index is denominated in US dollars, which rose significantly in value during the period,” Skandia Denmark said.Because of this, the Basic portfolio – although it was hedged against currency risk versus US dollars – lost ground against the reference index, it said.Skandia said its investment department had decided to overweight equities in the portfolio compared with bonds because financial markets had been hit in the second quarter by a series of measures from central banks to ease credit.But with Danish mortgage bonds making up the bulk of Skandia Denmark’s fixed income portfolio, fixed income returns had been boosted by a further reduction in interest rates, as well as the European Central Bank’s lending programme to the financial sector at the end of the quarter.“On top of this,” it added, “as a result of positive tendencies in emerging markets, we increased our exposure to government bonds from these countries.”In other news, PensionDanmark is investing DKK175m (€23.5m) in a commercial property in Copenhagen already let to a government agency.It is buying the asset from MP Pension, the Danish labour-market pension fund for academics run by Unipension.The building in the Østerbro district of the Danish capital is currently leased by the Danish Working Environment Authority (Arbejdstilsynet), and contains 14,273sqm of space.Torben Möger Pedersen, PensionDanmark’s chief executive, said: “We see this as a good real estate investment in an attractive location close to the S-train (urban rail network) and the coming metro station on the Cityring.”He said the pension fund had a very solid tenant in the Danish Working Environment Authority – and therefore the state – so the investment would give scheme members a good and stable return.PensionDanmark said, since it sold its entire residential property portfolio in June, it now had just under DKK10bn in overall real estate investments.In the next few years, the fund said it expected to make new investments in residential as well as commercial property of DKK2bn a year.At the moment, PensionDanmark is the developer of six large commercial construction projects, either alone or in cooperation with other investors.These include the Alfa Laval headquarters in Ålborg, Semco Maritime in Esbjerg, Nordea Bank Danmark in Ørestaden, NCC in Gladsaxe and, soon, MTH in Søborg, as well as the new psychiatric hospital in Vejle.Its next big residential project will be the construction on Islands Brygge in Copenhagen, which will include 550 new homes. Investment returns on unit-link pension products at Skandia Denmark undercut benchmarks in the second quarter of 2014, prompting the unit of Nordic financial group Skandia to sell shares in US companies.Reporting some results for the April to June period, Skandia Denmark said its Skandia Match unit-link pensions product had produced between 2.9% and 3.8%, up from the 2.6% to 3.1% range reported for the first quarter but lower than the reference index.The company said: “A significant reason for this are the falls partly on the Japanese stock market but particularly on the US market at the start of the quarter.“Skandia’s investment department has since reduced the exposure to both small and large US companies.”last_img read more

DONEGAL SINN FÉIN LAUNCH TARGETED CAMPAIGN TO PREVENT LONE PARENT ALLOWANCE CUTS

first_imgDonegal North East Sinn Féin TD Pádraig Mac Lochlainn has said that his party will carry out a targeted campaign in a bid to stop the government’s proposed cuts to Lone Parent Allowance. Deputy Mac Lochlainn said Sinn Féin activists would deliver thousands of post cards throughout the county which members of the public can send to Joan Burton to register their opposition to the cuts.Deputy Mac Lochlainn said, “The 7000 lone parents in Donegal – most of whom are in fact working – will suffer a financial loss of up to €86 per week if Tánaiste Joan Burton proceeds with the cut next month. “Cuts to the Lone Parent Allowance will drive some families into poverty and have negative consequences for all.“Lone parent families are among the most vulnerable people in our society.  CSO figures show that 63% of lone parent families are living without basic necessities.“There is also a disturbing increase in homelessness among these one parent families with figures from the Tenancy Protection Service showing that more than 60% of households seeking urgent assistance are lone parent households.“Thousands of families are struggling to survive on the limited income they have. Minister Burton promised that these cuts would not be enacted without affordable childcare and afterschool care.However these provisions were not put in place and the cuts are now less than a month away.The change on July 2nd will drive working lone parents away from paid work.“In response to this proposed cut, Sinn Féin in Donegal and across the state has launched a campaign to put pressure on the Tánaiste to reverse this decision.“We will deliver thousands of postcards, addressed to Joan Burton, highlighting the difficulties these families face, and urging her to reverse the cuts immediately. “There is still time to row back. The cost of not doing so will be huge.“I would ask everyone in the county who receives a postcard to fill it out and send it to the Minister. Anyone who would like more can contact my constituency office on 074 93 22697 and we will arrange for them to be sent to you.”DONEGAL SINN FÉIN LAUNCH TARGETED CAMPAIGN TO PREVENT LONE PARENT ALLOWANCE CUTS was last modified: June 5th, 2015 by Mark ForkerShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window)Tags:newsPoliticslast_img read more