LAPFF welcomes EC concession on bank accounting concerns

first_imgThe Local Authority Pension Fund Forum (LAPFF) believes the European Commission has made a major concession in addressing investor concerns over International Financial Reporting Standards (IFRS).In a letter dated 17 May addressed to the European commissioner responsible for financial markets, Jonathan Hill, the LAPPF writes: “Your written answer to Syed Kamall MEP (E-106071/2015) confirms our belief on both points of law relevant to the endorsement criteria for IFRS – ‘the target’ (being a true and fair view of assets, liabilities, financial position and profit or loss) and ‘the purpose’ (being for creditor and shareholder protection).”The letter continues: “[It] represents a significant change to the landscape of accounting standard setting. Our evidence is that accounting firms, standard setters and regulators have been working on assumptions contrary to that.”This latest development in the long-running war of words follows a bid by commissioner Hill to reassure investors over the financial stability impact of IFRS, including the new financial instruments accounting standard IFRS 9. In a letter dated 10 May seen by IPE, he wrote: “We have analysed EFRAG’s advice, and we are satisfied the standard has been properly assessed against the endorsement criteria of the IAS-Regulation.“In particular, we believe the issues you previously raised in your letter to me of 23 September 2015 have been adequately addressed.”The spat over the purpose of and basis for financial reporting in the EU between some long-term UK investor interests and the wider accounting establishment dates back to the 2008 financial crisis.Since then, concerns have mounted that accounts prepared under IFRS – particularly by banks – could be defective.The LAPFF is among those long-term UK investors that have been vocal in their criticism that IFRS accounts let potentially insolvent financial institutions pay out dividends and bonuses.These investors have argued that dividends paid on the back of unrealised profits ultimately rebound on to shareholders and creditors.In December last year, the LAPFF called on the European Commission to clarify its position on IFRS 9.In particular, the LAPFF believes EFRAG has issued defective endorsement advice on the standard.The LAPFF first contacted the European Commission about the issue on 23 September.The local authority pension funds body warned that the EU Commission could in future face legal action were IFRS 9 to be endorsed.Meanwhile, this latter exchange of correspondence in the dispute leaves the LAPFF holding its line that IFRS 9 fails to meet the EU’s endorsement criteria.LAPFF chairman Cllr. Kieran Quinn wrote in the 17 May letter: “Given that, the only way IFRS 9 could ever comply with the criteria of EU law, having been designed on different premise, would be by accident.”The letter also reveals that the LAPFF continues to believe the EU’s advisory body on accounting matters, the European Financial Reporting Advisory Group (EFRAG), has misapplied the EU’s accounting endorsement criteria in its formal advice to the Commission.Cllr. Quinn said: “The EFRAG has instead operated by taking the assertions of the International Accounting Standards Board as if it defined the purpose of accounts, rather than the rule of law.”Of particular concern to the LAPFF is the EFRAG’s continued support in its 15 September 2016 advice for IFRS 9, despite the fact it could mean banks pay out dividends based on what the LAPFF calls “unreliable level 3 numbers (mark-to-model asset values)”.This means, the LAPFF argues, that the profit or loss and financial position (net assets) will not be correctly stated either.It also dismisses the EFRAG’s suggestion any deficiencies in IFRS 9 could be fixed through a footnote disclosure. “[W]ords might accompany the numbers as a note to the asset valuations,” it said, “but, whatever that note is intended to do, it does not compensate for the asset value, and the profit or loss and the financial position being wrong in the first place.”The LAPFF argues that, although the purpose of accounts is creditor and shareholder protection, commissioner Hill has, in his latest letter, applied a far looser criteria of the Capital Maintenance Directive (2012/30/EU), not the Accounting Directive (2013/34/EU).Moreover, the Capital Maintenance Directive requires shareholders to pay back illegal dividends.The European Union’s endorsement criteria for accounting standards are set out in the accounting directive.The IASB’s efforts to replace its existing financial-instruments accounting literature with IFRS 9 has proved to be controversial.In March, it emerged that the European Systemic Risk Board has not yet undertaken a study of the financial stability impact of the new standard.last_img read more

Inmates riot against prisons chief in Guinea

first_imgAt least a dozen inmates and guards were reportedly injured during riots at an overcrowded prison in Guinea’s capital on Monday.The riots are said to have been sparked by the inmates’ dislike for the prison’s governor.Hundreds of police were deployed around and inside Conakry Civil Prison, from where gunshots were heard for at least two hours, according to witnesses.A government statement said that the situation was brought under control after timely and vigorous response from the security forces.“Hundreds of prisoners mutinied on Monday against the prison governor, who is immensely disliked by the prison population,” a security source based in Conakry is reported to have said.last_img

DNR confirms dead, sick deer from EHD in Clark County

first_imgClark County—Preliminary lab results were positive for epizootic hemorrhagic disease (EHD) virus in a sample of a dead deer from Clark County the DNR staff submitted to a lab for testing early this month. Additional testing is required to determine the strain of EHD virus. Results of testing of samples from deer from several other counties are pending.EHD is a viral disease that may affect white-tailed deer to some degree every year. It typically occurs during late summer and early fall, and there is evidence that outbreaks may be worse during drought years. EHD is transmitted by flies commonly known as biting midges, sand gnats, and “no-see-ums.”Humans are not at risk for contracting hemorrhagic disease.The testing came about from investigations DNR staff have been conducting after receiving reports of sick or dead deer in central and south-central Indiana. Clark County seems to be experiencing the most intense outbreaks thus far, but suspect reports have come from 10 counties in total.“Although the reports DNR is receiving are consistent with EHD episodes of past years, it’s important for testing to be done on samples before it can be confirmed,” said Dr. Joe Caudell, DNR deer research biologist. “Samples need to be collected as soon as possible after the deer dies to be most useful for testing.”Caudell worked with Indiana Conservation Officers to collect an adequate sample, the one that tested positive for EHD, on Aug. 2.“Deer infected with EHD may appear depressed or weak and often seek out water. Other signs may include a blue-tinged tongue, swelling of the head, neck or eyelids, ulcers on the tongue and the oral cavity, or sloughed hooves,” said Dr. Nancy Boedeker, DNR wildlife veterinarian.Hemorrhagic disease is often fatal to deer, but some will survive the illness. Not every deer in an affected area will contract hemorrhagic disease. Localized death losses during an outbreak can range from negligible to greater than 50 percent. Outbreaks can be more severe in years in which there is a wet spring followed by a hot, dry fall. Severe outbreaks rarely occur in subsequent years due to immunity gathered from previous infections.“If you see a deer that you suspect may have died from EHD, you can report it directly to the DNR through our website,” Caudell said. “Just click on the link for Report a Dead or Sick Deer.”The DNR monitors for EHD annually. The most recent significant outbreaks were in 2007 and 2012.last_img read more

Black Cats dismayed by Colback move

first_imgSunderland have been left with a “bitter taste” after midfielder Jack Colback fulfilled a boyhood dream by crossing the Tyne-Wear divide to sign for Newcastle on a free transfer. Press Association The 24-year-old had been with the Wearside club since he was eight and despite head coach Gus Poyet’s desire to retain his services, an initial contract offer was dismissed and further talks ultimately came to nothing. And Colback, who was born on Tyneside and supported the Magpies as a boy, on Monday signed a long-term contract with the St James’ Park club – much to the dismay of the Black Cats. center_img A Sunderland statement on Monday evening read: “Jack is a player we have nurtured and developed through our academy system since he was eight years old. We gave him the opportunity to become a professional footballer and are therefore extremely disappointed in the events that have led to his departure from the club. “This wasn’t about money – the club agreed to all of the terms demanded of us during discussions and we were always led to believe that Jack wanted to stay with us. At his and his representatives’ request, final talks were put on hold until the club secured its top-flight status. To our dismay, however, we were subsequently never given the chance to negotiate with him to stay. “For him to then leave the club that has supported him throughout his formative years in such a manner, with no chance for Sunderland to recover any of the significant investment that it has made in him as a player, has left a bitter taste.” Colback, who won a Capital One Cup runners-up medal with the Black Cats in March, was thrilled with developments, however. “I’m absolutely delighted,” said the player, who scored for Sunderland in their second successive 3-0 victory over Newcastle at St James’ Park in February. “To come to the team I supported as a boy, my home-town team, will be really special for me. “It was an opportunity I couldn’t let slip. If you asked fans around the world the one thing they’d like to do before they die, it would be to play for the team they support and I’ve got the chance to do that. “I’ve only got good things to say about Sunderland. They gave me my chance and I want to thank the fans and the club for all their support. “I hope they can understand the chance I’ve had here to move to my boyhood club. Now I can’t wait to pull on the black and white shirt at St James’ Park for the first time.” Colback becomes Newcastle’s second summer signing following the capture of 20-year-old Tenerife striker Ayoze Perez. last_img read more

Collins clanger lifts City

first_img Silva fired an early warning over the bar before Aguero shot straight at Adrian and a Kolarov free-kick curled wide. Aguero blasted another effort into the stands before City claimed the lead in freak circumstances after 18 minutes. Jesus Navas, often criticised for his lack of decent delivery, burst down the right and clipped a ball towards the box looking for the inrushing Aguero. It initially appeared the Spaniard had been thwarted again as Collins stepped in to intercept but City got lucky. The ball bobbled, caught Collins on the shin and looped over the stranded Adrian, hitting the bar on its way down and then going in off the post. It was a goal set to feature on bloopers reels for years to come and another unwelcome addition to the usually dependable Collins’ list of clangers. West Ham offered little in response although the experienced Carlton Cole, making his first start since February following injury to Diafra Sakho, shot at Joe Hart. City doubled their lead nine minutes before the break after Yaya Toure slid to cut out a Stewart Downing pass and find Aguero. The Argentinian sped into West Ham territory, skipping past a Collins tackle and exchanging passes with Navas to fire home. It was Aguero’s 26th goal of the season and his 20th in the Premier League, taking him above Harry Kane and Diego Costa in the competition’s scoring chart. City were strolling and Aguero almost had another early in the second half after a nice City passing move but Carl Jenkinson frustrated him with a well-timed challenge. Aguero was hurt in that tackle and required treatment but returned to run off the knock. Silva was not so fortunate after being caught on the side of the head by a stray elbow from Kouyate, who was booked. The City playmaker was down for around eight minutes, requiring lengthy and careful treatment before eventually being lifted onto a stretcher by medical staff. Samir Nasri, recently out of favour, came on as his replacement for the closing stages. City eased up as the game drifted towards a conclusion and West Ham enjoyed some decent possession but Hart – on his 28th birthday – came out to block their one good chance when Kevin Nolan went through. Top scorer Sergio Aguero was also on target as the fallen champions, after a horrendous run of six defeats in eight games, claimed a welcome and routine 2-0 victory at the Etihad Stadium. Collins set them on their way when he contrived to lob goalkeeper Adrian when an attempted interception went wrong before Aguero added to the tally before half-time. A bizarre own goal from West Ham’s James Collins helped Manchester City back to winning ways in the Barclays Premier League. It was not enough to lift City back into the top three but at least increased the gap to fifth-placed Liverpool – with heat increasing in the race for Champions League positions – to seven points. The result is also unlikely to alleviate the pressure on City manager Manuel Pellegrini much, but he could at least reflect on a satisfactory afternoon’s work against a lacklustre West Ham. The only obvious sour point was a serious-looking injury to David Silva, who was carried off on a stretcher with a head injury after a clash with Cheikhou Kouyate. That added to a list of problems for City who were already without Vincent Kompany, Wilfried Bony, Gael Clichy, James Milner and Stevan Jovetic. Veteran midfielder Frank Lampard came into the starting line-up to face his old club for probably the last time, while Eliaquim Mangala, Aleksandar Kolarov and Fernando also featured. After all the criticism sent their way over the collapse of their title defence, City were probably grateful West Ham were so indifferent to their task. The Hammers had registered just one win in their previous 10 games and it never looked like this would be the occasion when their confidence returned. City controlled possession from early on and gradually moved through the gears. Press Associationlast_img read more

Travel Advisory: I-95 Shut Down in Jacksonville Due to Brush Fire

first_imgMemorial Day weekend travel may be difficult in North Florida due heavy smoke from a stubborn wildfire.I-95 is closed in both directions for seven miles in Jacksonville due to poor visibility.I-95 is closed in both directions for seven miles between SR 200 and Pecan Park. Also, I-95 North is closed at Exit 362 to I-295 where drivers will be diverted east or west. The JSO says these traffic changes could be in effect all day.You can take I-75 as an alternative out of the state.I-95 is closed in both directions for seven miles between SR 200 and Pecan Park. Also, I-95 North is closed at Exit 362 to I-295 where drivers will be diverted east or west. The JSO says these traffic changes could be in effect all day.The  wildfire is proving to be a tough opponent for firefighters.The Yellow Bluff Fire has grown to 450 acres and is only 30 percent contained.That’s a slight improvement over the night before when it was just 25 percent contained.The Florida Forest Service says the terrain and the fire’s proximity to I-95 are making things difficult, and it could take the whole weekend before the fire is put out.Those looking for the cause of a growing wildfire are focusing on a passing train.The Yellow Bluff Fire appears to have started near train tracks in Jacksonville Wednesday afternoon.The Florida Forest Service speculates something thrown from the train could have started the fire, or maybe friction from the brakes or exhaust fumes.No homes or businesses are in harm’s way at this point, and no serious injuries have been reported.last_img read more

Video shows the moment a man set a homeless person on fire

first_imgThe Santa Ana Police Department has arrested a 45-year-old man who was caught on camera setting a homeless man on fire.The video shows a man dressed in all black approach the victim who is sitting crossed-legged on the sidewalk of a strip mall. The man then dumps a container of liquid on the victim and the pulls out what appears to be a lighter to ignite the fuel. Seconds later the victim is on fire.The suspect then leaves the area on his bike, while the victim stands up and attempts to put the fire out.A witness then called the fire department, who assisted the victim and rushed him to the hospital.Authorities say the victim was on fire for about 30 seconds and suffered first-, second- and third-degree burns to his upper body. He has since underwent surgery and was last reported to be in critical condition.The suspect in the video identified as Adrian Alberto Rodriguez Herrera was arrested on Monday after authorities released the video to the public and received a tip.He has been charged with arson and attempted murder, however, authorities say they are still gathering evidence which could result in more charges.last_img read more

Openers leading run-getters’ chart again this Indian Premier League

first_imgNew Delhi: Ever since the inauguration of the Indian Premier League (IPL) in 2008, batsmen, and mostly openers, have found it easy to score big whether it be Kolkata Knight Riders (KKR) Brendon McCullum who kicked off the league in an amazing manner, playing a blistering 73-ball 158 or Shane Watson who scored an unbeaten 117 to help Chennai Super Kings (CSK) win the trophy for a record third time last season.And if one does an analysis of the ongoing edition, they will find that this season has been no different. Opening batsmen of almost all the franchises have found it easy to score runs in most of the games, irrespective of the time the matches have started.Jonny Bairstow (445) and David Warner (611) were absolutely sensational for the Sunrisers Hyderabad as they scored the bulk of the runs for the team and single-handedly won matches.For Kings XI Punjab, Chris Gayle (444) and KL Rahul (441) have been very impressive at the top of the order, a reason why Punjab have performed well in IPL 2019 as compared to the previous editions.Though Royal Challengers Bangalore have not had a season of their liking and are all but out of the contention of making it to the playoffs, Virat Kohli (400) and Parthiv Patel (326) have been among the runs throughout the season and have played a massive role in the four matches that they have won in this season.For Rajasthan Royals, Jos Buttler (311) had a terrific run in the eight matches he played. Buttler, along with Ajinkya Rahane (391), laid the foundations for the Royals, whether they were setting up a total or were chasing.Shikhar Dhawan (401) and Prithvi Shaw (262) have performed in almost all the matches for the Delhi Capitals. The duo have made full use of the powerplays, scoring big and thus reducing the pressure on the middle order. Their strong start has enabled Delhi to be at ease while setting up targets or in chasing, a big reason why the franchise finds itself at the second spot in the points table.Openers like Quinton de Kock (393), Rohit Sharma (295), Faf du Plessis (179), Shane Watson (251), Chris Lynn (264) and Sunil Narine (143) – who have opened in most of the matches for their respective sides – have had a decent outing with a bat in the ongoing IPL.However, while batsmen at the top have performed well for almost all the teams, batsmen in the middle order have been found wanting in IPL 2019. Apart from Andre Russell (406) and M.S. Dhoni (314) for KKR and CSK respectively, most of the middle order batsmen have failed to deliver. On occasions when openers have not given a good start, middle order of most of the teams have struggled to deal with the pressure and the slowness of the wickets which has been there in all the grounds.As IPL 2019 reaches its business end, all the franchises would hope their top-order batsmen continue to go all guns blazing and lay the foundation for a slam-bang finish in the remaining matches. IANSAlso Read: SPORTS NEWSlast_img read more

Changes made to the RSTC’s seven-race `Photo Finish’ card

first_imgSOME changes have been made to the Rising Sun Turf Club’s (RSTC) seven-race `Photo Finish’ seven-race card that is billed for Sunday at the club’s facility, Arima Park, West Coast Berbice.According to information received, because of the response from racehorse owners and sponsors, the organisers – Jumbo Auto Sales and Stables, in conjunction with the RSTC, decided to increase the prize moneys for some of the races.The feature event remains the 1400m race horses classified D3 and Lower with $1M up for the winner.Among the top Guyana and West Indian-bred horses that have already been registered for this event are Golden Blue Echo, Lady Budapest, Just Call Me Boss and Spite Fire.An 1100m race is also on the cards and this will be for horses classified H3 and Lower and four-year-old non-earners for 2017 and carries a first-place prize of $350 000.The other five races on the day’s card are all over 1400 metres and they are all open to horses classified G1 and Lower and E3 non-winners over the past six months; a race for three-year-old Guyana-bred horses; a J2 and Lower race; a race for `I’ maiden horses and a race for Cow horses.The winner of the E3 and Lower non-earners will receive $400 000, while the winner of the three-year-old Guyana bred horses will earn $250 000.The winner of the J2 and Lower event will take home $175 000, while the winner of the Cow horses event will earn $100 000.Among the other 46 horses already registered for the day’s activity are: Brave Sky, Jack in My Style, Release the Beast, Goodwill Boy, Red and Lovely, Honey Flow, Climate Change, Big Man Boss, Puppy Tail, Mischevious Marker and Firing Line.The top jockey, trainer and stable will be rewarded.last_img

Amla, Tahir sink Sri Lanka to give Proteas victory

first_img(REUTERS)-A dominant South Africa beat Sri Lanka by 96 runs in their opening Champions Trophy Group B game at The Oval on Saturday, helped by Hashim Amla’s classy century.Sri Lanka, chasing 300 for victory, started brightly but were soon in trouble after losing wickets at regular intervals.South Africa’s Morne Morkel made the first breakthrough when he dismissed the dangerous Niroshan Dickwella for 41 after the Sri Lanka opener’s attempted drive down the ground resulted in a comfortable catch for Wayne Parnell at third man.Skipper AB de Villiers chipped in with a stunning catch to send Kusal Mendis packing for 11 runs, nonchalantly plucking the ball out of the air one-handed, and then ran out Dinesh Chandimal for 12 with a direct hit.With Sri Lanka suddenly reeling at 116-3, leg-spinner Imran Tahir got into the act, trapping Chamara Kapugedera leg-before for a duck, before enticing Upul Tharanga into a lofted drive that was caught by David Miller in the deep.Sri Lanka heads dropped after the loss of Tharanga, who top-scored for them with 57 runs off 69 deliveries, and despite Kusal Perera chipping in with an unbeaten 44, South Africa mopped up the tail without major difficulty.Man-of-the-match Tahir ran out Suranga Lakmal and struck twice more to get rid of Asela Gunaratne (4) and Nuwan Pradeep (5) as the Sri Lanka lower order collapsed.SLOW STARTSouth Africa started slowly after losing the toss, scoring 32 runs in the first 10 overs before Quinton de Kock departed for 23 after edging a Nuwan Pradeep delivery to wicketkeeper Dickwella.Amla (103) and Faf du Plessis (75) steadied the ship with a 145-run stand for the second wicket before Du Plessis departed after misjudging a Pradeep delivery and was caught by a diving Dinesh Chandimal at midwicket.South Africa were still in the driving seat at that point, but were soon put under pressure when De Villiers departed for four after the skipper mistimed a pull shot that Chamara Kapugedera caught comfortably.Amla, whose knock moved him past India’s Virat Kohli as the fastest player to reach 25 ODI centuries, was in impeccable form until being run out.He played with caution after the departure of De Villiers, focusing on rebuilding the innings with David Miller (18) and eventually reached his century in the 42nd over.Miller departed after the next ball, and a tired Amla soon followed suit — his despairing dive while coming back for a second was not enough to prevent Dickwella whipping off the bails after good work in the field by Mendis.It was left to JP Duminy to provide the sting in the tail of the South African innings, which the left-hander did with a swashbuckling unbeaten 38 of 20 balls.India and Pakistan, the other teams in Group B, meet today, with the top two advancing to the semi-finals.last_img read more