It is interesting to point out that this project is the first in Croatia whose Study of the Impact on World Heritage, Dubravko Bačić from the Faculty of Architecture in Zagreb, was confirmed by UNESCO. The plan was made by the architectural studio 3LHD, by the Dubrovnik architect Marko Dabrović. The planned spatial plan included a hotel complex that was to have 600 beds, a garage with 500 parking spaces, a congress and concert hall. But Viktor Vekselberg opted for a five times smaller hotel complex with 210 beds in the hotel and 60 in the villas. A hotel of this status has the potential to make Dubrovnik the host of the highest economic and state gatherings. Youtube: Vilin Studios At this year’s session of the Dubrovnik City Council, the mentioned changes to the planning solutions of the complex should be adopted. Namely, if the City Council adopts new spatial documents in the next year, all the needs of the permit will be issued and the demolition of the existing hotel and the construction of a new one will begin. The dilapidated building of the Dubrovnik Hotel Belvedere should soon, it seems, be demolished. In his place, the Russian rich man Viktor Vekselberg plans to build a much smaller but extremely exclusive hotel. It is a project in which he is ready to invest between 120 and 150 million euros, and the hotel could have as many as 7 stars. Photo: imgur / ionization
According to Timo Ritakallio, president and chief executive at Ilmarinen, the company’s long-term investment strategy was a key element in its success.He said: “The diversification across different asset classes and also geographically has proved successful. Last year, we also succeeded particularly well in the timing of our investment decisions.”However, continuing low interest rates were reflected in the 1.2% return on Ilmarinen’s fixed income portfolio, compared with 2.4% the year before.According to Ilmarinen CIO Mikko Mursula, low interest rates prompted investors to look for alternatives throughout 2015, leading to brisk activity on the real estate markets.“Property once again proved its worth in our portfolio, with a return of 7.8%, compared with 5.4% the year before,” said Mursula.“Last year, we continued to diversify our real estate portfolio outside Finland, buying properties in Germany, Belgium and the US, among other countries.”Ilmarinen’s solvency remained strong. At end-2015, solvency capital was €8.2bn – 29.6% of the technical provisions, giving a solvency position of 2.0 times the solvency limit.In terms of its operations, however, the company said the development of customer numbers did not reach the levels of previous years.Ritakallio said: “We can be satisfied with our customer acquisition, but strengthening customer retention will be a focus area in our operations in the future.”In other news, Norwegian public service pension fund KLP reported value-adjusted and book returns of 4% and 3.6%, respectively, for 2015.KLP said good returns in the equity and property markets were the main contributors to Q4 profits, with value-adjusted returns of 2% for the last three months of the year.Sverre Thornes, chief executive at KLP, said: “Poor prospects for economic growth and persistently low interest rates have resulted in higher risk premiums for debt instruments, unsettled equity markets and low commodity prices.“Against that backdrop, it is now important to have sufficient solidity to withstand further fluctuations in the market. KLP has strengthened its financial buffers to be as well prepared as possible in facing challenging capital markets.”Under the new Solvency II rules, KLP has a solvency ratio of 187% without the use of transitional rules for technical provisions.When using these rules, the solvency ratio is 274%.The group has freed up premium reserves of NOK19.6bn with changes to its disability financing, new disability rates and special conditions for the nurses’ scheme.Thornes said: “NOK14.9bn of these assets is set to be used for solvency-promoting measures such as reducing the average guaranteed rate of return and making transfers to the risk-equalisation fund. The remaining NOK4.7bn will be returned to the customers’ premium fund.”The large influx of new customers running public sector occupational pension schemes in recent years has continued.During 2015, 22 public businesses and one municipality, with just under NOK2bn worth of assets in total, transferred to KLP.Group assets under management rose to NOK543bn, from NOK491bn at end-2014, with the growth largely attributable to these customers.In total, 91 municipalities, one county and 375 public businesses have chosen KLP as their provider since 2012. Finnish pension insurance company Ilmarinen has reported a 6% return on its portfolio in challenging market conditions for 2015, compared with 6.8% the previous year.Within its portfolio, worth €35.8bn at end-December, equities performed best, in spite of share price volatility.The return on the equity portfolio was 11.6%, with Finland, Europe and Japan the top performers.However, Ilmarinen said the US equity market return in dollars was modest, while returns from emerging market equities fell into negative territory.
Panelo: Duterte ‘angry’ with SEA Games hosting hassles World dragon boat champs out to make waves in SEA Games MOST READ Private companies step in to help SEA Games hosting PBA: Columbia escapes San Miguel in OT LATEST STORIES Alaska 106 – Banchero 29, Simpson 22, Manuel 18, Casio 9, Thoss 7, Teng 7, Enciso 6, Racal 3, Cruz 3, Exciminiano 2, Pascual 0, Ayaay 0.Quarterscores: 34-32, 57-52, 88-80, 118-106Sports Related Videospowered by AdSparcRead Next Cayetano: Senate, Drilon to be blamed for SEA Games mess Trending Articles PLAY LIST 00:50Trending Articles00:50Trending Articles00:50Trending Articles02:42PH underwater hockey team aims to make waves in SEA Games01:44Philippines marks anniversary of massacre with calls for justice01:19Fire erupts in Barangay Tatalon in Quezon City01:07Trump talks impeachment while meeting NCAA athletes02:49World-class track facilities installed at NCC for SEA Games02:11Trump awards medals to Jon Voight, Alison Krauss Tenorio joined Pringle in that attack to push the Gin Kings to a 5-4 card and add to the Aces’ woes that have now spanned for three outings.Up next for Ginebra is Magnolia, which it takes on next Sunday also at the Big Dome.Alaska, meanwhile, hopes to put a halt to its losing skid when it goes up against Rain or Shine on Saturday at MOA Arena in Pasay.The scores:Ginebra 118 – Brownlee 27, Pringle 27, Tenorio 22, Aguilar 22, Devance 7, Thompson 6, Slaughter 4, Mariano 3, Caperal 0.ADVERTISEMENT Urgent reply from Philippine football chief PH beach spikers also eye spots to Continental Cup MANILA, Philippines—Barangay Ginebra leaned on a balanced attack of its bevy cast of stars to topple a retooled Alaska, 118-106, in the nightcap of PBA Commissioner’s Cup action at Smart Araneta Coliseum on Sunday night.ADVERTISEMENT View comments “We do have a lot of weapons. Justin (Brownlee) isn’t our only weapon. I think time will figure it out how best [to use them],” said coach Tim Cone, whose charges bounced back from a 111-103 beating at the hands of Phoenix last Friday.Brownlee, who finished the affair with 27 points, indeed had better help this time out, with Stanley Pringle scoring the same. LA Tenorio, who keyed the pull-away in the stretch, joined Japeth Aguilar in tossing in 22 each.FEATURED STORIESSPORTSPrivate companies step in to help SEA Games hostingSPORTSSingapore latest to raise issue on SEA Games food, logisticsSPORTSPalace wants Cayetano’s PHISGOC Foundation probed over corruption chargesAlaska turned to Chris Banchero’s career-best 29 points and the debut of old reliable Diamon Simpson who added 22 for both scores and rebounds in the losing stand.The two squads figured in a nip-and-tuck affair before the defending champions went on the offensive with much more intensity. POC chief on SEA Games hosting glitches: ‘It’s normal’ Don’t miss out on the latest news and information. Duterte wants probe of SEA Games mess