Germany’s pension fund association, the aba, has called for national or European bodies to support the industry’s investment in infrastructure by assessing the risk associated with individual projects.Responding to a report by the European Parliament’s committee on economic and monetary affairs (ECON) report examining the long-term financing of the Continent’s economy, the association said that bodies such as the European Investment Bank (EIB) could potentially support Germany’s occupational pensions (bAV) sector, as they so far had little experience of infrastructure investment and were unlikely to become experts in the “niche area” in the near term.The position paper said: “The new assets in the field of long-term investment require more credit analysis and greater credit-analysis skills than existing assets, such as low-risk securities.”Echoing PensionEurope’s own position paper on European Long-Term Investment Funds (ELTIF), the aba also said it would be helpful if the EIB stepped in and guaranteed certain projects. The call comes shortly after asset manager Mirova suggested that fund managers behind ELTIFs should be bound by a ‘comply or explain’ approach on their socially responsible investment strategy.The aba further called on the Parliament to accept that, if the European Commission were to introduce capital requirements for pension funds – as long proposed through the revised IORP Directive – it should also call for an investigation into the impact of the regulation on long-term investing, similar to the one underway to investigate the impact of Solvency II on insurers.The association also reiterated its dislike of the financial transaction tax, saying it “should be avoided for the bAV sector in general – and not only in regard to long-term investments”.“Reductions in the pensions payable in Germany of an estimated 3-8% as a result of the introduction of the proposed financial transaction tax are not acceptable,” it said.,WebsitesWe are not responsible for the content of external sitesLink to the aba’s position paper on long-term financing of the European economy
“But, out of an abundance of caution … and the possibility that students could be impacted by smoke inhalation, they evacuated the building,” Thomas said. The Los Angeles Fire Department received a call at 8:31 p.m. The fire was extinguished 12 minutes later. “There was brown paper on the windows, so you couldn’t actually see into it,” Pizzurro said. “I looked through the cracks and there was clearly a fire.” Los Angeles Police Department Sergeant Rodney Peacock said firefighters had to force entry into the building because of a padlock on the door. Department of Public Safety Chief John Thomas said the fire was caused by open construction material in a wheelbarrow. LAFD said it is investigating what caused the material to ignite. Trader Joe’s and Target were evacuated, along with the Cowlings and Ilium residential colleges. “We don’t believe that there has been any arson or anything like that,” Thomas said. “It probably was just materials that should have been better contained.” “I saw flames through the door and then I saw the firefighters chainsawing the door down,” said freshman Linda Guite, who was returning to her dorm from CAVA. “I thought it was a drill at first, but then I saw the actual flames.” Following reports that students waited over 45 minutes to individually scan their fingerprints after an evacuation last week, evacuated students were readmitted to the building last night by showing their USC IDs, Cowlings and Ilium residents said. This was the second fire in a week that forced students to evacuate from Building #9 in USC Village. (Josh Dunst/Daily Trojan) Thomas said LAFD put out the fire immediately after arriving on the scene. Sophomore Greg Pizzurro, who was one of the first to spot the fire, said he reported it to a DPS officer after seeing flames through the windows of the Workshop Salon + Boutique unit, which is currently under construction. Residents were allowed to re-enter shortly after the smoke was blown out of the building. Students and employees at USC Village were asked to evacuate Building #9 after a small fire broke out in an unfinished unit near Trader Joe’s Tuesday night.