Governor Wolf Announces More Action to Manage State Budget and Meet Commitments to Schools, Providers

first_img Budget News,  Press Release Harrisburg, PA – Governor Tom Wolf today announced he will monetize a major state asset to manage the state budget and ensure that payments can be made to schools, health and human services providers, and other governmental entities. As specified in the governor’s February budget, the commonwealth will begin accepting proposals to execute a lease-leaseback arrangement for the Pennsylvania Farm Show Complex & Expo Center. This arrangement would allow the commonwealth to retain control of the property, while also using its value to protect school districts and other entities that rely on funding from state government.“The failure to finalize and responsibly balance the budget means I must take action to make sure the Commonwealth can honor the commitments approved on June 30 by the General Assembly,” Governor Wolf said. “This further action will mean we can make our complete payments to local school districts and providers of human services, treatment programs, child care and other important services that Pennsylvanians rely on. Pennsylvanians, especially our kids and most vulnerable, should not bear the consequences of House Republicans’ inaction.“I continue to urge the House to pass a commonsense shale tax to address the structural deficit.”The commonwealth will retain ownership and control of the property. This plan will also continue the commonwealth’s commitment to the facility by dedicating additional funds to improve the property over the term of the agreement as the commonwealth continues to own and highlight the facility for Pennsylvanians and visitors from throughout the country.Under this arrangement, the commonwealth will lease the Farm Show to a private entity for 29 years for the fair market value of the property of approximately $200 million. At the same time, the private entity will lease back the facility to the commonwealth for the same term with annual rental payments based on a negotiated interest rate.The review process for proposals will involve multiple agencies, including the Department of Agriculture.This is the latest step by Governor Wolf to manage state finances and ensure the commonwealth can meet its commitments. This announcement follows his actions last Wednesday. SHARE Email Facebook Twitter October 09, 2017center_img Governor Wolf Announces More Action to Manage State Budget and Meet Commitments to Schools, Providerslast_img read more

High pharma exposure depresses Alecta’s returns in first half

first_imgSweden’s biggest pension fund has expressed disappointment at its own investment returns for the first half of this year after its allocation to pharmaceutical equities dragged on performance.In its interim report for the first half of 2018, Alecta, which manages private sector occupational schemes, emphasised its higher longer-term performance.The pension fund’s defined contribution (DC) and defined benefit (DB) schemes returned 2.1% and 1.7% respectively in the January-to-June period, down from 5.8% and 4% in the same period last year.Magnus Billing, the firm’s chief executive, said: “Given Alecta’s very long-term business the key figures for the latest five-year period are the most interesting, and for those we did somewhat better than the Swedish and international benchmark we measure ourselves against.” However, he added: “We have higher expectations for ourselves than what we actually delivered in terms of return in the first half.” Magnus Billing, Alecta CEOThe DC product Alecta Optimal Pension returned an average 10.2% a year over the last five years, down from 12.1% at the end of June 2017. The DB scheme made a 7.8% return over the period, down from 8.8% when measured at the same point last year, according to the interim report.The pension fund explained that, in the first half of this year, it had a high allocation to pharmaceutical stocks, which had not developed as positively as other sectors. Its underweight position in oil-related shares compared to the benchmark index had also had a negative impact on performance.Group total assets rose to SEK260.6bn (€25.4bn) at the end of June from SEK255.8bn at the end of December.Billing hailed his firm’s success in the recent bidding process through Collectum, the administrator of Sweden’s supplementary private-sector occupational pension (ITP), which saw Alecta winning new five-year contracts within the plan, including the renewal of its contract as default provider within traditional insurance.The procurement process led to Alecta reducing its fee further to 0.09% for ITP members, lowering the fee ceiling to SEK600 from SEK900 and strengthening the guarantee, Billing said.last_img read more

Naval Energies names new president

first_imgNaval Energies has appointed Laurent Schneider-Maunoury as a new president.Laurent Schneider-Maunoury, who will replace Thierry Kalanquin, is a graduate of Polytechnique and Ecole Nationale des Ponts et Chaussées.His mission is to accelerate the development and sustain the growth of Naval Energies, the company explained.Laurent Schneider-Maunoury said: “I am honoured and proud to join Naval Energies, this newly-created company, which already holds some impressive credentials. I admire its breakthrough technologies and its capacity to develop industrial projects in complex environments. I have every confidence in the talent of its teams and partners for successfully rising to the operational and commercial challenges that will allow Naval Energies to become a world industrial leader for marine renewable energy. Attentive to the needs of its customers, its employees and its shareholders, my priority will be to develop the group as energy transition is gaining momentum across the planet.”An engineer by training, Laurent Schneider-Maunoury has a solid experience of company management both in France and internationally.Laurent Schneider-Maunoury started his career within the PSA Group, then after being responsible for industrial development and special advisor to the Préfet of the Champagne-Ardenne Region, in 1996 he joined Safran where he held various senior positions.In 2016, Laurent Schneider-Maunoury was appointed general manager of Quantel, specialized in ophthalmological and industrial lasers, where he led the managerial and shareholder transition.Laurent Schneider-Maunoury is 51 years old and holds an MBA from the Collège des Ingénieurs.last_img read more

75 years on, Little League still swings big bat

first_imgSteve Hauser coaches his grandson, Owen Newcomer, before a Little League game in Williamsport, Pa. , May 28, 2014. He is the son of Dick Hauser who played on one of the original Little League teams in 1939, making him the second and Newcomer the fourth generation to play Little League. (AP Photo/Ralph Wilson)WILLIAMSPORT, Pa. (AP) — Dick Hauser was an accidental Little Leaguer.Sitting on the front porch of his Williamsport home 75 years ago, the 12-year-old was approached by a man who asked, “Can you play ball?” His name was Carl Stotz, and he was starting a youth baseball league that would supply bats, balls and uniforms — unimaginable luxuries in Depression-era Pennsylvania.After watching Hauser shag flies and field grounders, Stotz invited him to join.“When you’re presented the opportunity to swing a real bat instead of a stick, and play with a real ball instead of something round that had tape on it, it was awesome,” Hauser, now 87, reminisced as he watched his great-grandson — a fourth-generation ballplayer — take the field not far from Little League’s birthplace.Little League began with three teams and Stotz’s big dream: to teach boys the fundamentals of baseball along with values like teamwork and sportsmanship.Today it’s a global enterprise with 2.1 million baseball players and a long-running TV contract for its signature event, the 10-day Little League World Series, played each August in front of 40,000 fans at South Williamsport’s Lamade Stadium and watched by millions more on ABC and ESPN.Little League is marking its 75th anniversary with a new PBS documentary, a partnership with Major League Baseball and a website that’s collecting players’ memories and photos.With thousands of local leagues in 50 states and more than 80 countries, Little League’s appeal remains little changed from June 6, 1939, when the eager boys of Lycoming Dairy and Lundy Lumber met in the inaugural game.Oil the glove. Lace the cleats. Play ball.And maybe learn some life lessons.“If the kids have fun playing the game, the Little League field can really be a classroom,” said Stephen Keener, Little League’s president and CEO.A lumber company clerk who doted on his baseball-loving nephews, Stotz saw a need for field dimensions and rules designed especially for younger boys. He promoted his idea relentlessly, and leagues patterned after Little League spread rapidly throughout the U.S., then internationally.Stotz would later split with Little League in a legal dispute over the direction of the program, and he died in 1992. His family has since reconciled with Little League, contributing many artifacts to its museum.“My father’s goal was to see a boy wearing a baseball hat,” said his daughter, Karen Stotz Myers. “He was thrilled so many children had that opportunity.”A progenitor of today’s heavily organized youth sports, Little League has both reflected and shaped the culture.It becomes a reality show each August, its young all-stars turned into mini-celebrities by saturation TV coverage of the World Series — a spectacle lamented by some critics. In the 1950s, it took a stand for civil rights by confronting dozens of whites-only leagues in South Carolina. Twenty years later, it found itself on the other end of a civil rights battle, begrudgingly admitting girls amid a series of lawsuits.Participation has declined about 20 percent from its 1997 peak of 2.6 million, likely a function of competition from other youth sports and activities. But it’ll probably be around as long as kids like 5-year-old Owen Newcomer and his 7-year-old sister, Isabella, pick up a glove.Little League is in their blood — their mother, grandfather and great-grandfather, Dick Hauser, are alumni.“We just enjoyed being around it, and I couldn’t wait for my kids to get that experience,” said their mother, Jen Newcomer, who played Little League softball.Keener, the CEO, said he’s confident Little League will be around another 75 years.“There’s still the allure of being part of a team, of playing a game that’s very special, and doing it with the kids in your community, that I think keeps Little League relevant today.”last_img read more