Category: ezlfiymy

Dolphin Drilling expands presence in Norwegian Continental Shelf

first_imgDolphin Drilling expands presence in Norwegian Continental Shelf with new combined contract for exploration and plug and abandonment Dolphin Drilling expands presence in Norwegian Continental Shelf. (Credit: Free-Photos from Pixabay) Global contractor Dolphin Drilling can today announce it has secured a new combined contract for Norwegian oil and gas operator DNO Norge AS.The contract will see Dolphin Drilling support both ends of the well lifecycle, with work confirmed for one exploration well plus plug and abandonment (P&A) activity on three wells on the Norwegian Continental Shelf (NCS).The initial program of work will start in Q1 2021 using the Borgland Dolphin for an estimated five months. The contract also includes an option for further work into 2022.Bjørnar Iversen, Chief Executive Officer of Dolphin Drilling, said: “We are pleased to work with DNO again, and we are delighted to support an operator who is not only showing responsible well ownership with its P&A activity but continued support for the energy possibilities in the region with its exploration work.“While the lower prices continue to put pressure on the oil and gas industry, we are really pleased to be able to continue to support customers with their well requirements no matter the stage of their lifecycle, bringing the efficiencies that come from the very capable rig Borgland Dolphin, and a team of subject matter experts both offshore and onshore”Dolphin Drilling is celebrating its 55th year in operation in 2020 and continues to be one of the leading contractors in the industry. This latest contract adds to its strategic intent of building a significant presence in Norway, following the announcement of another NCS contract with Wellesley Petroleum AS earlier this year. The operation will be managed out of the new operation centre at Forus in Stavanger. Source: Company Press Releaselast_img read more

DOF Subsea contracted by Beach Energy

first_img DOF Subsea contracted by Beach Energy. (Credit: Kristina Kasputienė from Pixabay) Beach Energy has awarded DOF Subsea Australia the Otway Offshore Project Phase 4 contract which consists of subsea installation works in a tie-back program.The award includes Project Management, Engineering, Fabrication, Transportation and Installation Services and is expected to be completed in Q3 2021. The project will be executed using DOF Subsea’s regional Construction Support Vessels (Skandi Hercules, Skandi Singapore) which are ideally suited to these campaigns.Mons Aase, CEO DOF Subsea AS, said, “We look forward to working with Beach Energy to deliver safe and efficient project.” Source: Company Press Release The award includes Project Management, Engineering, Fabrication, Transportation and Installation Services and is expected to be completed in Q3 2021last_img read more

Repsol to scale down oil exploration, focus on low-carbon businesses

first_img View of Repsol headquarters (Madrid, Spain) from the east angle. Credit: Luis García (Zaqarbal). Repsol is set to scale down its oil exploration activities and reduce its presence in 14 countries as it unveiled a new strategic plan for the next five years.The 2021-2025 Strategic Plan seeks to accelerate energy transition as the Spanish firm aims to achieve zero net emissions by 2050.The company will establish a new operating model that segregates its business into four business areas- Upstream, Industrial, Customer, and Low-Carbon Generation.The plan intends to invest a total of €18.3bn between 2021 and 2025, of which €5.5bn will be earmarked for low-carbon businesses.The increase in investment in low-carbon businesses will increase renewable generation capacity to 7.5GW by 2025 and 15GW by 2030.Repsol expects upstream business to generate €4.5bn of free cash flow in five yearsOn the other hand, in the upstream business, the production will be around an average of 650,000 barrels of oil equivalent per day.Exploration activities will be more focused and efficient as the business will emphasise on key geographic areas. It also intends to reduce emissions across its asset portfolio.The strategic plan is based on Brent crude oil prices at an average of $50 per barrel and Henry Hub gas at $2.5 per million British thermal units.The business is expected to generate €4.5bn of free cash flow between 2021 and 2025, nearly five times compared to the previous five-year period (based on a same-price scenario).Repsol CEO Josu Jon Imaz said: “With this new strategic plan, which leverages our strengths, we are taking a significant step towards becoming a net zero emissions company, outlining a profitable and realistic roadmap that will allow us to grow, maximise value for our shareholders, and assure the future.“Our strategy is based on a multi-energy offering that combines all the technologies for decarbonisation of energy. We will be more efficient and increase our renewable energy objectives as well as our manufacture of products with a low, neutral, or even a negative carbon foot-print.“We will promote circular economy initiatives, develop new energy solutions for our customers, and boost cutting-edge projects to reduce the industry’s carbon footprint.”In October, the company announced that it will build an advanced biofuels production plant at its Cartagena refinery in Spain . Under the 2021-2025 strategic plan, the Spanish firm seeks to accelerate energy transition and invest heavily in low-carbon businesseslast_img read more

Mayor Fulop will be honorary chair for Race for the Cure…

first_imgThe Susan G. Komen North Jersey 11th Annual Race for the Cure at Liberty State Park is coming up on May 6, and everyone is gearing up to rally and raise awareness (and funds) in support of Komen’s bold initiative targeted at reducing the number of breast cancer deaths in the U.S. by 50 percent by the year 2026 by improving access to quality and timely cancer care and enhancing Komen’s national research focus on the most lethal types of breast cancers.Jersey City Mayor Steven M. Fulop will take on the role of this year’s Honorary Race Chair. He has moved quickly to engage his city and help generate support for the Race and the fight against breast cancer.“I am honored to stand with the local North Jersey Affiliate of Susan G. Komen as the Honorary Chair of the 2018 Race for the Cure here in Jersey City,” says Mayor Fulop. “This is an organization that has offered support and guidance to countless individuals and families during the past two decades, and has proven its dedication to fighting breast cancer across the nation. I look forward to an incredible day at the Race for the Cure in our very own Liberty State Park as we celebrate all that this organization has accomplished.”“Moving our race to Liberty State Park last year was a huge success; people loved it,” says Kelly E. Nagle, executive director of Komen North Jersey. “Everyone running, walking and celebrating with the shared purpose of finding the cures for breast cancer was incredibly powerful. And with the singular backdrop of New York City and the Statue of Liberty, the day is picture perfect. We are grateful to Mayor Steven Fulop and Jersey City for their support of Komen North Jersey and our mission to save lives and end breast cancer forever. I’m looking forward to what is sure to be the best race yet.”Newport Centre will hosting an after party in the mall’s center court from 12 -2 p.m. Attendees will enjoy refreshments, interactive activities, instagrammable selfie stations, and receive special discounts from participating retailers. RPM Raceway will host a Racing for the Cure event at 12 noon.To register for the 11th Annual Susan G. Komen North Jersey Race for the Cure, or make a donation to help get Komen North Jersey closer to achieving its BOLD GOAL, visit, call (908) 277-2904, or email [email protected] ×  1 / 3  Mayor Steven M. Fulop cuts the ribbon to kick off the 5K Fun Walk at last year’s Susan G. Komen North Jersey Race for the Cure. L-R: 2017 Honorary Survivor Ambassador Patty Steele, Radio 101.1/WCBS-FM co-host of “Scott Shannon in the Morning,” Kelly E. Nagle, Executive Director, Komen North Jersey; Steven M. Fulop, Mayor of Jersey City; Kristin Wenger, Past President, Komen North Jersey Board of Trustees; Carrie Duane, 2017 New Balance Ambassador; and Marcos Vigil, Deputy Mayor of Jersey City. (Photo: Eloquent Studios)  2 / 3  More than 2,000 people were at the 2017 Susan G. Komen North Jersey Race for the Cure. Last year was the first time the North Jersey Affiliate held their Race at Liberty State Park; more are expected to be on site at this year’s event, which will again offer a 5K USATF Certified Timed Run and a 5K Fun Walk. (Photo: Eloquent Studios)  3 / 3  Survivors with signs depicting the number of years they have “survived,” take the stage at the 2017 Komen North Jersey Race for the Cure. The Survivor Ceremony is a highlight of a day that focuses on Survivors, Forever Fighters and their families. (Photo: Eloquent Studios) ❮ ❯ 1 / 3  Mayor Steven M. Fulop cuts the ribbon to kick off the 5K Fun Walk at last year’s Susan G. Komen North Jersey Race for the Cure. L-R: 2017 Honorary Survivor Ambassador Patty Steele, Radio 101.1/WCBS-FM co-host of “Scott Shannon in the Morning,” Kelly E. Nagle, Executive Director, Komen North Jersey; Steven M. Fulop, Mayor of Jersey City; Kristin Wenger, Past President, Komen North Jersey Board of Trustees; Carrie Duane, 2017 New Balance Ambassador; and Marcos Vigil, Deputy Mayor of Jersey City. (Photo: Eloquent Studios)  2 / 3  More than 2,000 people were at the 2017 Susan G. Komen North Jersey Race for the Cure. Last year was the first time the North Jersey Affiliate held their Race at Liberty State Park; more are expected to be on site at this year’s event, which will again offer a 5K USATF Certified Timed Run and a 5K Fun Walk. (Photo: Eloquent Studios)  3 / 3  Survivors with signs depicting the number of years they have “survived,” take the stage at the 2017 Komen North Jersey Race for the Cure. The Survivor Ceremony is a highlight of a day that focuses on Survivors, Forever Fighters and their families. (Photo: Eloquent Studios) ❮ ❯last_img read more

Rock Center names new director

first_imgHarvard Business School has named Jodi Gernon (MBA ’91) as the new director of its Rock Center for Entrepreneurship.Gernon assumes her leadership role at the center after more than 25 years of marketing and leadership experience and expertise in areas such as consumer healthcare, e-commerce, and mobile. She has been involved with a number of successful startups, including Physicians Online and (both sold to WebMD), (which had its initial public offering in 1999), and Revenio (which was sold to Vignette, a web content management company). She has also worked with multinationals like PepsiCo, GE, and CR Bard.“We are all excited to have the opportunity to engage Jodi’s commitment to entrepreneurship and innovation, along with the strategic and operational skills she will bring to the Rock Center,” said Laura Moon, managing director of Harvard Business School’s portfolio of interdepartmental Initiatives.“The Rock Center is a focal point of all things entrepreneurial at Harvard Business School,” added Tom Eisenmann, the School’s Howard H. Stevenson Professor of Business Administration and faculty co-chair of the center. “It adds extraordinary value to the experience of the large number of Harvard MBA candidates and alumni who want to pursue new opportunities and launch new ventures. My faculty colleagues and I are delighted to welcome Jodi back to HBS to help with this effort.” Read Full Storylast_img read more

Georgia 4-H

first_imgFor many Georgians, 4-H brings to mind club meetings, public speaking and trips to Rock Eagle, the mountains or the beach for camp. But the nation’s leading youth organization is much more, says a Georgia 4-H program expert.Operated by University of Georgia Cooperative Extension, 4-H lessons and in-school curricula are designed to meet Georgia Performance Standards, said Mandy Marable, Georgia 4-H curriculum specialist. In school and out“4-H brings quality educational experiences to the students in all of Georgia’s counties,” Marable said. “In-school 4-H experiences open the door for myriad out-of-school opportunities. 4-H strives to bring relevance to academic knowledge with practical applications.”Georgia 4-H programs are all based on research from the UGA College of Agricultural and Environmental Sciences, the state’s oldest land-grant university. CAES first offered Georgia’s 4-H program in 1904. “The idea of bringing UGA research and resources to Georgia students through the use of county agents throughout the state was a cutting edge idea in 1904 and remains so even today,” said Arch Smith, Georgia 4-H state leader. Reaching students across the stateIn Georgia, 4-H provides programs for more than 156,000 students ages 9 to 19. Through 4-H, students learn about community involvement, health, science, engineering, technology, leadership, agriculture, communication and much more. Nationally, more than 7 million students are involved in 4-H. In the early days of 4-H, students applied new techniques to increase corn yields. Today, fifth-grade 4-H students learn about crop traits and genetics by using real-world examples and learning activities, Marable said.“We pride ourselves on the fact that our 4-H youth development program was founded as a part of the school system in Georgia, and we remain a vital partner to schools throughout the state today,” she said. Teaching public speaking and organization skillsThrough 4-H Project Achievement, each year 10,000 Georgia youths learn public speaking skills, conduct research, prepare presentations, compile portfolios of their accomplishments and present their findings to a panel of adult experts. And, 4-H is still about animals. Students can learn responsibility through livestock projects, programs and judging. Georgia 4-H partners with Georgia FFA and the UGA Animal and Dairy Science Department to provide these programs. Every year, 2,400 4-H’ers complete a year-long process to prepare more than 4,500 animals for exhibition at the Georgia Junior National Livestock Show and other competitive events. 4-H alums become successful adultsGeorgia 4-H aims to help students become successful adults. Georgia 4-H alumni include Georgia House Speaker David Ralston, singer Jennifer Nettles of the Grammy-winning group Sugarland, Georgia governors Roy Barnes and Sonny Perdue, and legal commentator and television host Nancy Grace.To learn more about Georgia 4-H, visit read more

3 steps to building increased member loyalty

first_img 28SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Frank Koechlein Frank Koechlein is the President at Empower Your Analytics and coauthor of the marketing resource book “The New Marketing Analytics”. Frank has over 40 years of marketing experience in the … Web: Details In today’s resource constrained environment many credit unions are faced with the dilemma of determining the best allocation for their marketing resources. The primary decision is whether to continue to focus on expanding the member base or to concentrate on deepening the relationships of existing members.  Of course both are critical to the continued growth of your CU.  However, many CUs are now beginning to see the benefits of creating a loyalty program that leverages the value of existing member relationships.  By offering additional CU services to existing members in a thoughtful, needs based approach many CUs are improving their revenue growth through their current members.Designing and implementing a loyalty program can be difficult; however, following these three simple steps can increase the chances of implementing a successful campaign:Know your members and what they expect from youDesign a targeted strategy with clear objectives Put the resources in place to flawlessly execute your strategy Know your membersBefore designing a loyalty program it is important to collect and analyze all you know about members and what is important to them. If a centralized marketing database isn’t part of your toolkit, this information can be collected from a variety of sources within your organization.For example, all member facing associates can be an invaluable source for information about member expectations. It’s possible to run internal focus groups and pull together antidotal information gathered from members. This focus group should include inbound service representatives, mortgage loan sales and branch personnel.Another option for gathering member information comes from companies that provide a one-time analysis of your membership that includes; a segmentation scheme, member HH revenue value, and a next product predictability index for each member.  These one-time snapshots can be rolled into an ongoing database that is updated on a quarterly or monthly basis.CUNA Research is another potential resource for learning more about membership.  CUNA offers research that focuses on defined marketing opportunities, one of them being the factors that contribute to increasing member loyalty.  In addition to this customized primary research you can spend less for syndicated third party research.  It not as accurate as primary research, but it can help control your budget.  Be careful many time syndicated research will not be accurate if you are in an atypical marketplace.If a marketing database is available, begin looking at member behavior and correlate segment characteristics with specific product usage behaviors.  This provides insights into important product attributes and determining the next product to offer.  It is important to begin developing a methodology for clustering members into meaningful groups with similar characteristics when developing a credit union wide loyalty program. Design a targeted strategy with clear objectives To be effective, a loyalty program must contain relevant messaging, a personalized call to action and offer members appropriate CU services. Interactions with members can be across many channels including your website, telephone, live chat, direct mail, marketing materials, social media and “the old fashioned way” through service associates. When creating the messaging, it is important to keep a long term perspective in mind – meaning it’s the overall member journey that matters more than individual member interactions.  Focus efforts and positioning on enhancing the member’s perceptions of their journey with their credit union.  If you don’t have a marketing database or member segmentation there is a process for using your CU’s core operating system to create loyalty program segments.  If you can identify how long a member has been with you and their balance you can use these data points to create effective loyalty program segments. Using this methodology you can gather members into 5 distinct categories for the purposes of strategy development and message (see illustration below).  In each of these 5 categories, members are defined and clustered by their behaviors at your institution.An organized onboarding program captures new members and introduces them to the credit union’s brand and provides opportunities for members to explore additional (and relevant) products.Lower balance members are broken down into two groups; newer members and those that have been with the credit union for a longer period of time. The objective for both is similar but the messaging to each is distinctly different based on their timeline and product usage behavior with the CU.  The same is true with higher balance members; those with a shorter timeline should be offered value enhancements, which create a longer member journey.  Finally, those members with a higher balance that have been with the CU for a longer time need to be rewarded and recognized in order to encourage loyalty. The specifics of these measures can be worked out by the marketing team making them relevant for the development of impactful messaging and specific offers.  Having arrived at how to position the loyalty program with members and the segment specific messaging, remember it is important to be consistent across all the channels articulated above. Put the resources in place to flawlessly execute your strategy Before implementing your loyalty strategy, it is important to identify the stakeholders responsible for each component of the program.  Stakeholders will identify team members and their responsibilities for the implementation of the loyalty program.  It is critical that the team work through all departmental interconnections and the requirements for each team member to successfully implement their piece of the program.There are several core elements that need to be included in a member loyalty campaign.  They include:  Establishing campaign goals. Before beginning any marketing campaign, have a plan. What are the marketing goals and objectives? These should include both marketing and learning goals.  By establishing learning goals for campaigns you continually increase your knowledge of the member base and as a consequence increase the CUs overall marketing effectiveness.    Defining each audience in the member segmentation. The more closely individuals within each specific segment are defined, the better the results.Defining the credit union’s USP – Unique Selling Proposition. How does the credit union set itself apart from the crowd? Why should members continue to do business with you instead of switching to a competitor? Matching the media to the messaging and member segment. There are a wide variety of social media, including Facebook, Twitter, Pinterest, Tumblr, Instagram, Google + and YouTube.  Where are members hanging out online? While it may seem old school, don’t forget traditional media such as radio, television and print. The targeting may not be as exact, but they can be very affordable options when considering how many people these media can reach.Including a strong call to action in the creative.  A strong call to action provides members an incentive to respond by clearly articulating service benefits.  Remember; don’t set unrealistic expectations, traditionally only a small percentage of members who see a campaign will open a new product or service. Properly positioned and implemented with a longer term perspective, loyalty programs provide credit unions with a win-win scenario. Members benefit by being offered additional products and services, in an educational/needs based manner that are appropriate for them.  The credit union benefits from more satisfied members, who not only use more products and services, but become brand advocates promoting the credit union to non-members.   Savelast_img read more

Remove superintendent over anthem decision

first_img“After careful thought and consideration by our administration, and after meeting with members of our student body, it was decided that the national anthem would not be played as it has been in the past. This is an event focused on school spirit and unity, and there was a concern that given the intensity of this issue and the diversity of viewpoints, that this event could turn what is supposed to be a positive experience for our students into a negative one.”What a cowardly and unpatriotic statement. I’m calling for the immediate removal of Superintendent Tangorra. A person in that leadership role shouldn’t be in a position to influence our children. His statement claims that in the interest of the diversity of viewpoints, the anthem will not be played. Has he disregarded the viewpoint of the majority of students and Americans? Why is a patriotic viewpoint being discriminated? Why does he insist on soiling our freedom and flag and national pride by refusing to continue the traditional playing of the anthem at pep rallies? The students should be taught respect and honor, not encouraged to participate in an act of such disrespect. Freedom of speech is of utmost importance, but what the superintendant has done here is extinguish that freedom of speech. He’s denying the majority of the students rights to express their love of country when putting their hand over their heart while playing our anthem, as has been tradition.I will never support NHS fund-raisers or any other event sponsored by NHS until the superintendant has been removed or issues a statement of apology and reverses his deplorable, yes deplorable, actions banning our national anthem. His statement and actions are a disgrace and are cowardly. We all should be ashamed.Joseph WolfeOrmand Beach, Fla. (formerly of Niskayuna)More from The Daily Gazette:Foss: Should main downtown branch of the Schenectady County Public Library reopen?Puccioni’s two goals help Niskayuna boys’ soccer top Shaker, remain perfectEDITORIAL: Urgent: Today is the last day to complete the censusEDITORIAL: Find a way to get family members into nursing homesEDITORIAL: Beware of voter intimidation Categories: Letters to the Editor, OpinionI’m ashamed to be associated as an alumni of Niskayuna High School. I read in the Oct. 7 Gazette: “Niskayuna Central School District Superintendent Cosimo Tangorra Jr. issued a statement just after noon Friday stating that the national anthem will not be played at the high school pep rally Friday afternoon, as has been the custom in past years.The statement read in part:last_img read more

Ashgrove fire damaged Queenslander to go under the hammer

first_imgThe kitchen is completely untouched by the fire damage and in full working order.Ms Knight, her partner Nick Barlow and their five children had lived in the home since 2011.“It’s a roomy family home with a great outdoor entertaining area,” Ms Knight said.On the lower level are three bedrooms, a laundry, storage room, rumpus room and separate kitchen and dining, which opens out to an alfresco dining area The home at 214 Acacia Drive, Ashgrove, was damaged by fire and now up for sale.THIS 1950s Queenslander might be a little burnt out but could be the perfect project for a keen renovator.The two-level 214 Acacia Drive home at Ashgrove was damaged by fire in October 2017 but buyers are being urged not to be turned off, with the home still structurally sound.Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 3:17Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -3:17 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels576p576p480p480p256p256p228p228pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenMichelle Hele’s May market wrap03:17Seller Leana Knight said the fire destroyed the garage and the upstairs living area, but said there was an engineer’s report that outlined the damage in detail.“A bathroom was also destroyed as well as smoke and water damage in other parts of the house (but) there is no structural damage to the house,” she said. The bathrooms are modern.The home is across the road from Marist College Ashgrove and there is a bus stop nearby.Ms Knight said they enjoyed making use of walking tracks in the area.“We have dogs and loved to go for walks on nearby walking paths,” she said. The floorplan of 214 Acacia Drive, Paddington.center_img The extent of the damage upstairs.More from newsDigital inspection tool proves a property boon for REA website3 Apr 2020The Camira homestead where kids roamed free28 May 2019and the pool. Upstairs are two more bedrooms, one with an ensuite.There is also a living area and bathroom but these were damaged by fire, although the polished timber floorboards remain mostly intact. The rear of the house and pool are picture perfect.Ms Knight said they had many standout memories in the home, with most of them out in the backyard.“We had lots of barbecues with our family and spent a lot of time outdoors in the garden and swimming pool,” she said.The family has since relocated to London.last_img read more

Dutch regulator forced to pay €4.8m after failing to convince high court

first_imgThe high court said it noted that the gold had been sold in three stages, against a price that rose in each phase.SPVG had based its claim on having divested all of its holdings against the maximum market value.Eric Lutjens of law firm DLA Piper, the scheme’s legal adviser, said: “It is not unreasonable to assume the pension fund could already have sold its gold in an earlier stage. However, we are very pleased with the verdict.”A spokesman for the DNB, however, described the ruling as “disappointing”.He said the regulator would assess the verdict and consider a possible “follow-up”.Meanwhile, SPVG has decided to liquidate itself and transfer the pension rights of its almost 3,000 participants to the €18bn industry-wide scheme for the printing sector, PGB, as of 1 October.Last year, the scheme lost 11.2% on its investments, as it missed out on rising equity markets due to a relatively large stake in government bonds.As a consequence, the scheme was forced to cut pension rights by 4.35%, despite an additional contribution from the employer of €7.5m, along with an extra €4.2m as a “dowry” for joining PGB.At the time, it also guaranteed payment of the amount the pension fund expected to receive from the DNB. The Dutch regulator (DNB) has been ordered pay the pension fund of glass manufacturer Vereenigde Glasfabrieken €4.8m in compensation for having forced the scheme to divest most of its 15% gold allocation. In 2011, the DNB instructed the pension fund, SPVG, to reduce its gold allocation to 3% after deeming the investment a concentration risk – and gold a “speculative commodity without any intrinsic value”.Gold prices soared after the forced divestment, and SPVG subsequently estimated its losses for missing out on the value increase at €9.5m, in addition to €1.5m for related costs. The DNB has failed to convince a Rotterdam-based court – and the now highest court in the Netherlands – that the glass scheme invested irresponsibly.last_img read more