In the first week, 13 ATMs were removed in Dubrovnik

first_imgPenalties will be issued on a daily basis in case of non-compliance with the Decision, and can go up to HRK 200.000 million for legal entities and up to HRK XNUMX for natural persons. Thus, by Friday, after the previous administrative procedures and the expiration of the legal deadlines for adjustment, 11 decisions on execution through a fine were issued, and the owners themselves removed a total of 13 ATMs in the last seven days, four in Od Puča Street, three with Stradun, two from Boškovićeva and Široka streets and one each from Restićeva street and Gundulićeva poljana, stand out next to the city of Dubrovnik. The implementation of the Decision of the City of Dubrovnik on restricting the installation of ATMs in the historic core shows excellent results, and in the first week, since the first Decisions on removal came into force, 13 devices have already been removed. High fines are envisaged for violators, and the Municipal Police of the City of Dubrovnik continues to check locations in the historic core on a daily basis, and fines will be issued on a daily basis. However, according to the announcements, the removal of all remaining ATMs that were set up without the consent of the conservator is expected, they conclude from the city of Dubrovnik. Related news: The city of Dubrovnik is the first Croatian city to regulate the issue of setting up ATMs with their acts, which began to ruin the appearance of UNESCO’s monumental heritage with excessive numbers. Photo: City of Dubrovnik AFTER DUBROVNIK AND ROVINJ INTRODUCED SPECIAL CONDITIONS FOR THE INSTALLATION OF ATMS IN THE OLD CENTERlast_img read more

Environment Agency pension fund to ramp up private debt investments

first_imgThe UK’s Environment Agency Pension Fund (EAPF) is looking to increase investment in private debt funds this financial year as it continues to diversify growth assets as part of strategy changes agreed in 2015.This strategy involves reducing equity risk and creating a “high level” allocation to diversifying growth assets as an alternative to low-returning bonds.The diversifying-growth allocation consists of a 12% allocation to real assets, 5% to growth fixed income and 5% to private debt/illiquid credit.As part of the latter, the £2.73bn* (€3.47bn) EAPF worked with other Local Government Pension Schemes (LGPS) and UK pension funds to create a private debt fund, run by BlueBay Asset Management, that is tailored to the particular needs of LGPS. “We are looking to invest in one or two more funds in this area during 2016-17 on a similar basis,” said the EAPF in its recent annual report.The EAPF invested £50m in the BlueBay Direct Lending Fund in the 2015-16 financial year, according to its annual report.Its real assets portfolio stands at £330m, or 12.1% of the fund, as at 31 March, counting investments and undrawn commitments.“Despite a lot of demand from investors,” the fund said, “we have found some good opportunities, partly through focusing on partnerships and innovative structures.”It highlighted investments in UK wind – with fund manager Temporis – and UK and European renewable energy – with Copenhagen Infrastructure Partners.As concerns the fund’s bond allocation, it moved from a passive mandate to a “buy and maintain” basis, which it said provided “a low-cost portfolio with a better balance and more consideration of environmental, social and governance issues than an indexed allocation would achieve”.Last year also saw the EAPF launch a policy to address the impact of climate change, aimed at ensuring its investments were in line with keeping global warming to below 2°C pre-industrial levels.Analysis done for the policy influenced the EAPF’s decision to reduce its exposure to UK equities.The pension fund also reviewed its exposure to “value equities” – value being the factor driving the equity selection. It decided to keep this exposure but is looking for “options to reform it into an approach that is both ‘low carbon’ and ‘value”.As a first step in this process, it has switched smart beta indices, moving from a Research Affiliates Fundamental Index (RAFI) tracking 3,000 companies to the RAFI 1000 index, which has lower carbon exposure.The EAPF had some £100m invested in the value-orientated equity strategy as at 31 March.The fund is also understood to be continuing to look for private equity funds combining high return and strong sustainability credentials.These investment plans come as the EAPF and nine other funds work to develop an asset pool to meet government requirements. The grouping has been named the Brunel Pension Partnership and, like other LGPS pools being developed, submitted a proposal to the government in time for a 15 July deadline. Risk aversion rewardsThe EAPF has a target for 25% of the fund to be invested in the “sustainable and green economy”, and it said it has delivered on this.As at 31 March, 28% (£769m) of its assets were invested in companies with more than 20% of revenues derived from energy efficiency, alternative energy, water and waste treatment, and public transport, and investing in property and infrastructure funds with low carbon or strong sustainability criteria.The EAPF posted a return of 2.3% for its active fund in the year to 31 March, with assets growing by £73m to £2.73bn. The overall return of 2.3% for the last financial year outperformed the fund’s strategic benchmark by 2.6 percentage points (the benchmark posted a loss of 0.3%).Clive Elphick, chairman of the pensions committee, said: “The outperformance in the year was due to the benefits of the risk-averse stance we have chosen to take to support the fund in more difficult markets.”The EAPF’s CIO recently told IPE the fund’s investment strategy had sheltered it from the impact of the Brexit vote. In its 2016 annual report, the pension fund also noted that its investment performance was helped by the fund’s having significantly reduced its exposure to high carbon assets, sheltering it from the fall in the oil price.*As at 31 March 2016. The fund recently told IPE it had £2.9bn in assets at the end of June 2016.last_img read more

Football News Robert Lewandowski helps Bayern Munich avoid humiliating exit from German Cup in thrilling tie

first_img Munich: Robert Lewandowski saved his team from a humiliating German Cup exit as Bayern Munich came from behind to beat second-tier Heidenheim in a 5-4 thriller on Wednesday. Bayern was 2-1 down at half-time having gone down to ten men early in the game, and threw away a two-goal lead in the second half. Yet Lewandowski’s late winner ended a rollercoaster resistance from Heidenheim and sent Bayern into the semi-finals. “I don’t really know what to think of this game,” said Bayern striker Thomas Mueller on Sky Sports. “After such a great start, it should have gone differently for us. We didn’t play well, particularly after the red card, and it doesn’t feel all that good.” Everything seemed to be going according to the script when Leon Goretzka headed Bayern in front from a corner on 12 minutes.             Yet the script went up in flames when Bayern went down to ten men just minutes later. Niklas Suele was initially booked for a challenge on Robert Andrich, but a video review convinced the referee that Suele had denied Andrich a goalscoring opportunity. The red card galvanised Heidenheim and they forced several chances before Robert Glatzel headed in the equaliser just before the half-hour mark. Ten minutes later, the Allianz Arena was silenced as Marc Schnatterer fired Heidenheim in front.RELATED      Mueller brought Bayern level after half-time, turning in Lewandowski’s header with a marvellous, swiveling finish. He then returned the favor three minutes later, setting up Lewandowski to restore the lead for Bayern. Serge Gnabry added a fourth for Bayern on 65 minutes, slotting the ball in at the far post at a corner. Yet Glatzel stunned Bayern again when he scored twice in three minutes to make it 4-4. Having pulled a goal back on 74 minutes, the Heidenheim striker completed his hat-trick from the penalty spot.          It ended in disappointment for Heidenheim, however, as a handball at the other end allowed Lewandowski to score the winner with an 84th-minute penalty. Werder Bremen also reached the semi-finals after they eased to a 2-0 win over Schalke thanks to goals from Milot Rashica and Davy Klaassen. Rashica’s dipping shot from outside the area broke the deadlock just after the hour mark. Klaassen slotted in a second shortly afterward to ensure Werder’s place in the last four alongside Bayern, RB Leipzig and old rivals Hamburg.            “We didn’t play very well today but we had the quality to win anyway and we are very happy to be in the semis,” Bremen captain Max Kruse told Sky. The semi-final draw will take place on Sunday. highlights Heidenheim had earlier defeated Schalke in the German Cup.Bayern Munich were reduced to 10 men when Niklas Suele was sent off.Thomas Mueller and Robert Lewandowski were the key.center_img For all the Latest Sports News News, Football News News, Download News Nation Android and iOS Mobile Apps.last_img read more