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Sunday, May 8, 2016

Top Pensions Lawyer To Aid MPs' BHS Probe

A leading pensions lawyer is being drafted in to assist a parliamentary probe into the collapse of BHS, the high street retailer, amid a furious row about the stewardship of its 20,000-member retirement schemes.
Sky News understands that Robin Ellison, who serves as a trustee of several blue-chip pension funds, is being lined up to join a specialist panel being assembled by Frank Field MP, chair of the Work and Pensions Select Committee.
The appointment of Mr Ellison, a visiting professor of pensions law at Cass Business School, is expected to be announced ahead of the inquiry's first hearing on Monday, at which officials from the Pensions Regulator and Pension Protection Fund will give evidence.
Westminster sources said that Prem Sikka, a professor of accounting at Essex University, was also likely to be appointed to the advisory panel.
They will serve alongside Lord Myners, the former City Minister whose recruitment by Mr Field has intensified the sense of drama associated with the BHS investigation.
British businessman Philip Green
Both Lord Myners and Sir David Norgrove, the former pensions regulator and one-time chair of the M&S pension trustees, locked horns with BHS's former owner Sir Philip Green during his attempt to buy Marks & Spencer in 2004.
Sir David has also been enlisted by Mr Field's committee to support its work.
The appointment of the specialist advisors underlines the complexity of the MPs' inquiry as they attempt to unpick the details of how BHS's principal staff pension scheme went from being in surplus when Sir Philip bought the company to running a deficit of hundreds of millions of pounds when it was sold last year.
Sky News revealed on Saturday that the chief executive of the PPF would disclose on Monday that its estimate of the top-up cost to the pensions lifeboat would be between £250m and £300m.
In total, BHS's pension schemes have approximately 20,000 members, with 11,000 jobs at risk from the company's collapse into administration.
The PPF is sponsored by the Government but is funded through a levy on other defined benefit pension schemes, and steps in to protect the retirement benefits of insolvent companies' employees.
Schemes which are transferred to the PPF typically pay out 90% of the accrued benefits, with a cap on the maximum they can receive.
The PPF's £300m bill relating to BHS is just over half the £571m estimated cost of transferring the high street chain's pension schemes to an insurance company.
It is likely to be closer to the figure that the Pensions Regulator could ultimately seek to extract from Sir Philip Green, BHS's former owner, and other BHS stakeholders if they are deemed to have left its pension schemes under-funded.
The full buyout cost has sparked a furious row between MPs and Sir Philip, who this week accused Frank Field, chair of the Work and Pensions Select Committee, of pre-judging the outcome of their investigation.
The former BHS owner demanded that Mr Field stand aside from the inquiry.
Monday's hearing will be the first since the announcement of a parliamentary probe into the crisis at BHS, which called in administrators last month little more than a year after being sold Retail Acquisitions, the vehicle of an inexperienced group of executives, for £1.
Several inquiries have since been launched, including one by the Insolvency Service under the instruction of Sajid Javid, the Business Secretary.

Soldier Dies In Brecon Town Centre Incident

A soldier has died after being found unconscious and injured in Brecon town centre, the MoD has confirmed.
Sky News understands that early indications show his death is not related to terrorism and Sky's Defence Correspondent Alistair Bunkall said the soldier had not been in uniform when he died.
Police say the man, who has not yet been named, was found on Lion Street at around 1am on Sunday morning.
He was taken to hospital by ambulance but died later.
His death is being treated as unexplained.
Kirsty Williams, the Liberal Democrat Assembly Member for Brecon and Radnorshire, described the incident as "shocking".
Brecon
She tweeted: "Clearly very shocking incident unfolding in Brecon town centre this morning. Will be keeping in touch with local police."
Police are appealing for anyone with information or anyone who was in the vicinity of Lion Street, Bethel Square, Tredegar Street and High Street between 12.30am and 1.30am to contact them by phoning 101.
An Army spokesman said: "We are aware of an incident involving the death of a soldier in Brecon.
"Dyfed-Powys Police are investigating and it would be inappropriate to comment further at this time."

'Swarm' Of Earthquakes Shake Mount St Helens

A "swarm" of 130 earthquakes have trembled beneath Mount St Helens in the past eight weeks, seismologists have revealed.
The US Geological Survey (USGS) said the series of small quakes showed "the volcano is still very much alive".
Although there are no signs of an imminent eruption, the volcano - 95 miles south of Seattle - is recharging, the seismologists have said.
There are no unusual gases reported, and no signs that the magma - the molten rock beneath the surface of the Earth, is expanding.
File photo showing second major eruption of Mount St. Helens in the state of washington in 1980.
Most of the tremors are less than 0.5 in magnitude and the largest was 1.3 - rumbling about 1.2 to four miles beneath the surface.
Although the quakes are relatively small, it is the frequency that is concerning scientists. 
"Earthquake rates have been steadily increasing since March, reaching nearly 40 located earthquakes per week," a USGS statement read.
The earthquakes are volcano-tectonic in nature, indicative of a slip on a small fault." 
Oblique aerial photograph shows the north flank, crater, lava dome and new glacier (behind dome), of..
The USGS said the volcano's collection of magma is "re-pressurising", but said the process can continue for years without an eruption.
Similar patterns of "earthquake swarms" were detected in 2013, 2014 and in the 1990s, said the USGS.
Mount St Helens erupted on 18 May 1980, leaving a huge crater and spewing hot ash across the northwestern US, killing 57 people.
It also started forest fires and caused floods as the snow melted from mountain tops.

Alberta Fire: A Community Displaced But United

The people of Alberta in Canada know wildfires, but not like this.
The city they love has been overwhelmed and defeated by the flames that enveloped their lives so quickly and ferociously.
Lac La Biche is the next town south of Fort McMurray.
It's still three hours away - this a remote part of the world. That makes communities close and intimate.
The Bold Recreation Center has opened up its doors as a sanctuary for those who are so much in need.
Donations are constantly pouring in - water, food, clothes, nappies, toys, pet food, books - the essentials that people didn't think of when they were running for their lives.
Volunteers keep arriving - fire and rescue groups, caterers with barbecues, kind locals who say they just want to make some of the children smile.
The Red Cross is here, offering one-on-one support, so are insurance companies so people can start working out how to start again.
A makeshift animal rescue centre is full of cats and dogs - some claimed - others still looking for their owners.
A lot of people I speak to don't know what has happened to their home - and that part of them doesn't want to.
They've seen the images of the monster fire that have shocked the world.
For them, it's not an unfamiliar place thousands of miles away - it's home. It's where they grew up, went to school, got married.
The precious items they've gathered through the years - a baby's lock of hair, wedding dresses, family photos, engagement rings, are gone.
Fort McMurray resident Marlene Cardinal says the fire came fast.
"When we were told to evacuate, from our side of town, it didn't seem urgent - it was a calm sunny day," she says.
"Then suddenly we saw the smoke - then the flames. It was just unreal."
She gets tearful.

"It's not just houses and objects - its lives, jobs, security."
Brian Jean is a local politician, the leader of the opposition in the province of Alberta.
Dressed in a suit, he walks around the refuge centre shaking hands and offering words of comfort and optimism.
His own home and everything in it doesn't exist anymore.
"We're going to get through this. We're a strong community and we will recover," he says.

Canada's 'Out Of Control' Fire Doubles In Size

A wildfire that is raging across the province of Alberta is due to become Canada's costliest natural disaster later today, after reaching the size of Warwickshire.

The blaze, which has forced the evacuation of 88,000 people from the city of Fort McMurray, doubled in size on Saturday to around 494,000 acres, according to firefighters.

The English county of Warwickshire is 488,000 acres.

Public Safety Minister Ralph Goodale warned that the situation in the parched Alberta oil sands region was "unpredictable and dangerous".

"This remains a big, out of control, dangerous fire," he added.

Officials said the inferno is being propelled by high winds northeast towards neighbouring Saskatchewan province.

Gunmen Kill Eight Policemen Near Cairo

Eight police officers have been killed by gunmen in an attack south of Cairo, the Egyptian Interior Ministry has said.
The officers were travelling in a minivan in the Helwan district when they were ambushed, the ministry announced.
Gunmen blocked their path using a pick up truck and then sprayed the vehicle with automatic rifle fire.
It is not known who was responsible but Islamic State has killed hundreds of police in attacks, mostly in the Sinai peninsula.
The ministry said those killed included a lieutenant and seven lower ranking officers.

Saturday, May 7, 2016

Books Everyone Should Read, According to Mark Zuckerberg

Zuckerberg introduced these books through his 'A Year of Books' reading group

Facebook CEO Mark Zuckerberg has a single mission: to connect people around the world.
It’s one reason why he decided to launch a Facebook-based book club last year, with a reading list that focused on “different cultures, beliefs, histories, and technologies.”
Although the birth of his daughter, Max, kept him from hitting his goal of a book every two weeks, he ended the year with 23 selections in his A Year of Books reading group.
We’ve put together a list of his picks and why he thinks everyone should read them:
  • The Muqaddimah by Ibn Khaldun

    the-muqaddimah-book-cover-ibn-khaldun
    Princeton University Press
    The Muqaddimah, which translates to “The Introduction,” was written in 1377 by the Islamic historian Khaldun. It’s an attempt to strip away biases of historical records and find universal elements in the progression of humanity.
    Khaldun’s revolutionary scientific approach to history established him as one of the fathers of modern sociology and historiography.
    “While much of what was believed then is now disproven after 700 more years of progress, it’s still very interesting to see what was understood at this time and the overall worldview when it’s all considered together,” Zuckerberg writes.
  • The New Jim Crow by Michelle Alexander

    the-new-jim-crow-book-cover-michelle-alexander
    The New Press
    Alexander is a law professor at Ohio State University and a civil-rights advocate who argues in her book that the “war on drugs” has fostered a culture in which nonviolent black males are overrepresented in prison, and then are treated as second-class citizens once they are freed.
    “I’ve been interested in learning about criminal justice reform for a while, and this book was highly recommended by several people I trust,” Zuckerberg writes.
  • Why Nations Fail by Daron Acemoglu and James A. Robinson

    why-nations-fail-book-cover-daron-acemoglu-james-robinson
    Crown Business
    Why Nations Fail is an overview of 15 years of research by MIT economist Daren Acemoglu and Harvard political scientist James Robinson, and was first published in 2012.
    The authors argue that “extractive governments” use controls to enforce the power of a select few, while “inclusive governments” create open markets that allow citizens to spend and invest money freely, and that economic growth does not always indicate the long-term health of a country.
    Zuckerberg’s interest in philanthropy has grown alongside his wealth in recent years, and he writes that he chose this book to better understand the origins of global poverty.
  • The Rational Optimistby Matt Ridley

    the-rational-optimist-book-cover-matt-ridley
    Harper Perennial
    The Rational Optimist, first published in 2010, is the most popular and perhaps the most controversial of popular-science writer Matt Ridley’s books.
    In it, he argues that the concept of markets is the source of human progress, and that progress is accelerated when they are kept as free as possible. The resulting evolution of ideas will consistently allow humankind to improve its living conditions, despite the threats of climate change and overpopulation.
    Zuckerberg says that he picked up this book because it posits the inverse theory of Why Nations Fail, which argues that social and political forces control economic ones.
    “I’m interested to see which idea resonates more after exploring both frameworks,” Zuckerberg writes.