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first_imgHe also warned that asset managers were facing increased scrutiny from regulators, as the authorities feared that some products might suggest a liquidity that did not really exist.A similar concern was voiced at the Swiss Pension Conference outside Zurich a few weeks ago.However, Joachim Fels, managing director and global economic adviser at PIMCO, warned that, while the banking system had become “much more stable” in recent years, it was now more vulnerable when it came to liquidity shocks, as banks were holding more capital in reserve.According to the results of PIMCO’s latest Secular meeting held on the long-term economic outlook each May, institutional investors are likely to continue to have to search for alternatives to traditional bonds in the years to come.PIMCO’s analysts predicted that the neutral, real base rate for government bonds in developed countries would hover around 0% over the next 3-5 years, once central banks found the “right level” to balance out investments and savings.“We have probably seen the bottom of the trough regarding interest rates in Europe now,” said Bosomworth.PIMCO’s analysts estimated that basic yield would only be increased by an inflation premium, most likely the 2% set by the European Central Bank as target inflation, and a duration premium of 0.5-1% for 10-year-bonds on average.Nevertheless, Fels said he did not anticipate a “great rotation” from bonds into equities, predicted by many in the current low-interest-rate environment.“Some investors shifted a part of their portfolios into equities, but volatility remains a problem for many,” he said.Bosomworth added that not all companies could “get money on the stock markets”, while governments had to continue to issue bonds.He pointed out that, even with low interest rates, there was still demand for government debt.Fels added: “Government bonds with low yields can be compared with an insurance premium, [where] investors pay for the low default risk.” The debate over institutional investors’ increasing role in providing finance for long-term projects has “steered in the wrong direction”, according to Andrew Bosomworth, managing director at PIMCO Germany.He said the term ‘shadow banks’, used for these investors by some critics and regulatory authorities, was an “exaggeration” and argued that institutional investors bore no resemblance to the unregulated banks for which it was coined decades ago.Austria’s finance minister recently repeated criticism voiced by the International Monetary Fund that unregulated institutional investors risked “distorting” the lending market.PIMCO’s Bosomworth, however, pointed out that, because banks could no longer provide capital on the same scale as they did before, “someone else has to step in”.last_img read more

first_img Tweet 141 Views   one comment Sharing is caring! Share Sharecenter_img Share LocalNews Soufriere family sentenced to 15 years by: – March 23, 2012 (L-R) Lauretta Xavier, Herbert Xavier and Manuella WilliamsHigh Court Judge Brian Cottle has sentenced a Soufriere family to serve an imprisonment term of 15 years for murdering their brother.Herbert Xavier, Lauretta Xavier and Manuella Williams of Soufriere were found guilty on March 9th, 2012 of killing Harrison Williams on 24th September, 2010.Dawn Yearwood Stuart who represented 35 year old Lauretta Xavier said in mitigation for her client that she was “satisfied” with the social inquiry report ordered by the courts.She asked the court to consider that Loretta had a 13 year old daughter and at the time of the incident was living with her father.She said “through the report it is clear that Loretta had no problem with her deceased brother Harrison”.According to Stuart, her client had “no previous convictions and had maintained her innocence in the face of the findings of a jury of her peers”.She said that one person interviewed in the report said that “the trio had to pay for killing their brother” because on the day they were charged “Loretta and Manuela were seen leaving the court waving to onlookers and showed no remorse”.Her client Loretta however said their actions were taken “out of context” she said that was their way of letting their family know “they were ok”.Stuart ended her mitigation by requesting from the Court judgment with mercy for Loretta.Wayne Norde mitigated on behalf of 32 year old Herbert Xavier begged the court for “leniency” asking the court to temper justice with mercy and not impose a lengthy custodial sentence on his client who is the father of “two young children”.He said his client was “not the aggressor on the night of the incident, a first time offender and was considered a nice and quiet person prior to the incident”.Norde further informed the court that Xavier was willing to “take part in any rehabilitation programs offered by the court or prison”.He ended his mitigation by asking that the sentence given to his client will give him a chance “to be in his children life”.Ronald Charles and Dawn Yearwood- Stuart mitigated on behalf of 43 year old Manuela Williams, mother of 5.They said their client was a “first time offender” who had a “very close relationship” with her deceased brother and has “maintained her innocence in the face of a guilty verdict”.They said Manuela “appears to be the only person who is suffering openly”.Stuart quoted her client saying “I cannot believe I going to prison for something I didn’t do. I never hit my brother Harrison but his wife was blaming me for his death”.Both Charles and Stuart begged the court not to impose a lengthy sentence and take the time spent in custody into consideration. “Give Manuela a chance that she can leave prison while she still young,” Charles said.Before sentencing Justice Brian Cottle noted that he is required to consider the facts, circumstances, character and record of the convicted person.Cottle pointed out that in the case of Herbert Xavier the jury had to review the pathologist report which stated that Williams received multiple injuries, which were “difficult to sustain the position that he acted out of self defense”.He said “the version does not agree with the facts. It is clear that there were three against the deceased. It is clear that at that point blows were inflicted and the force used was sufficient to cause the wood to break and cause broken ribs”.Cottle noted that he would take into account the fact that “the deceased was the one to produce the wood that night and entered into the yard of the convicts. But the Jury found that the reaction of the convicts went too far”.He said he would also take into account the fact that “all three convicts had a clean police record and also the social inquiry report which suggests responsibility of the breakup of the family should rest on the wife of the deceased”.Justice Cottle said; the defendants “never expressed remorse for their brother’s death up to this stage” and the court “must say to citizens that acts of violence which causes death to other citizens should not be taken lightly”.They were all sentenced to 15 years minus the 17 months already spent in prison.Cottle explained that he did not find “no good reason” to impose a different sentence as he considered that they were equally and jointly responsible for the death. Dominica Vibes Newslast_img read more

first_imgA MAN has been rushed to hospital in Letterkenny after a serious road crash.The incident happened around at 12.30am when a car left the Glen Road in Glenties.The vehicle hit and tree and ended up on its side in a nearby field. Glenties Fire Brigade crews attended the scene and assisted with the recovery of the driver.Ambulances from Killybegs and Glenties Gardai also attended the scene.The driver, who was is a foreign national, was transferred by ambulance to Letterkenny General Hospital in a serious condition.  BREAKING NEWS: MAN SERIOUSLY INJURED IN ROAD CRASH was last modified: August 19th, 2014 by John2Share 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:ambulaceambulancedonegalFIRE BRIGADEGlentiesletterkennyroad crashlast_img read more