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Eurozone debt sales succeed

first_img Show Comments ▼ Tuesday 17 August 2010 8:28 pm More From Our Partners Florida woman allegedly crashes children’s birthday party, rapes teennypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the whatsapp KCS-content Sharecenter_img Eurozone debt sales succeed by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailNoteabley25 Funny Notes Written By StrangersNoteableyZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen HeraldCrowdy FanShe Didn’t Know Why Everyone Was Staring At Her Hilarious T-ShirtCrowdy FanBetterBe20 Stunning Female AthletesBetterBeautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comAtlantic MirrorA Kilimanjaro Discovery Has Proved This About The BibleAtlantic MirrorTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastElite HeraldKate Middleton Dropped An Unexpected Baby BombshellElite Herald whatsapp INVESTORS snapped up €1.5bn (£1.2bn) of Irish debt at auction yesterday, though the Dublin government was forced to offer high yields to tempt buyers. The auction attracted bids of €5.1bn yesterday, the strongest demand in an auction so far this year, in part due to yields far above the German gilt benchmark. Ireland will pay 3.62 per cent on four year bonds and 5.38 per cent to €1bn worth of 10 year bonds. Eurozone counterpart Spain also secured strong demand for its debt sale yesterday, offloading €5.51bn of bonds to tighten yield spreads against German government debt. Irish central bank governor Patrick Honohan warned that governments needed to convince investors they were committed to cutting budget deficits, even as he suggested in a speech yesterday that the cost of the Irish bank bailout may rise further.“There is, for these stressed sovereigns, no question as to whether national growth is best served by bringing the public finances back promptly to a convergent path,” he said yesterday. Honohan restated that Ireland was committed to reducing its deficit to an EU target of three per cent of GDP by 2014 Tags: NULLlast_img read more

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EU wages war on derivatives

first_img Share More From Our Partners Killer drone ‘hunted down a human target’ without being told tonypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comKamala Harris keeps list of reporters who don’t ‘understand’ her: reportnypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.com980-foot skyscraper sways in China, prompting panic and‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comSidney Crosby, Alex Ovechkin are graying and frayingnypost.comUK teen died on school trip after teachers allegedly refused her EU wages war on derivatives by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastNoteabley25 Funny Notes Written By StrangersNoteableyMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comPeople-TodayWoman Files For Divorce After Seeing This PhotoPeople-Today Wednesday 15 September 2010 9:11 pm whatsapp KCS-content center_img RADICAL curbs on short selling and derivatives trading proposed by the European Commission to bring the multi-trillion dollar industry in from “Wild West territory” were condemned as costly and potentially uncompetitive by hedge funds yesterday.The proposals, released to coincide with the collapse of Lehman Brothers two years ago, require increased disclosure of short selling positions against companies and government debt as well as handing the European Securities and Markets Authority, one of the EU’s newly created financial regulators, the power to temporarily ban short selling altogether. Investors will need to disclose short positions to regulators if they exceed 0.2 per cent of a company’s issued share capital, and to the rest of the market if the short position exceeds 0.5 per cent. The proposals also cover credit-default swaps and the clearing of over-the-counter derivatives – a $600 trillion (£384 trillion) market. In a bid to reduce counterparty risk, most derivatives trades will have to be routed through centralised clearing houses providing a safety net in the event of a collapse, and ensuring regulators know how much money firms owe each other. This forced transparency, will challenge the dominance of the roughly half a dozen large banks, including Deutsche Bank, Barclays, Goldman Sachs, JP Morgan, Bank of America and Citigroup, which currently design derivatives for customers and trade them among themselves. Michel Barnier, the EU’s financial services commissioner, insisted that the regulatory overhaul was vital for the future stability of Europe’s financial system. “No financial market can afford to remain a Wild West territory,” he said.Barnier also sought to dampen fears that the new rules could drive dealers away from the City, where 40 per cent of the global derivatives trade is based, saying similar measures were being brought in worldwide. Andrew Baker from the Alternative Investment Management Association welcomed the standardisation across Europe, but slammed short position reporting to the market as “uncompetitive.” Darren Fox, a partner at Simmons & Simmons, said the disclosure requirements would “potentially be very expensive” for firms and trading venues. While Kevin McNulty, head of the International Securities Lending Association, said the proposed thresholds were too low and could encourage investors to curb their trades to stay beneath those levels, reducing liquidity and ironically creating riskier trading conditions.The regulations, which still need to be approved by EU member states and the European parliament, are expected to be in place by July 2012. whatsapp Show Comments ▼ Tags: NULLlast_img read more

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Working group reviews relations between WCC and Roman Catholics

first_img Associate Priest for Pastoral Care New York, NY Assistant/Associate Rector Morristown, NJ Gerry Gannon says: Assistant/Associate Rector Washington, DC Ya no son extranjeros: Un diálogo acerca de inmigración Una conversación de Zoom June 22 @ 7 p.m. ET Curate (Associate & Priest-in-Charge) Traverse City, MI Tags Featured Jobs & Calls Rector Shreveport, LA Submit a Press Release Episcopal Charities of the Diocese of New York Hires Reverend Kevin W. VanHook, II as Executive Director Episcopal Charities of the Diocese of New York Episcopal Migration Ministries’ Virtual Prayer Vigil for World Refugee Day Facebook Live Prayer Vigil June 20 @ 7 p.m. ET Submit an Event Listing Featured Events Missioner for Disaster Resilience Sacramento, CA In-person Retreat: Thanksgiving Trinity Retreat Center (West Cornwall, CT) Nov. 24-28 Working group reviews relations between WCC and Roman Catholics Course Director Jerusalem, Israel Submit a Job Listing Press Release Service Rector (FT or PT) Indian River, MI Inaugural Diocesan Feast Day Celebrating Juneteenth San Francisco, CA (and livestream) June 19 @ 2 p.m. PT Comments are closed. The Church Investment Group Commends the Taskforce on the Theology of Money on its report, The Theology of Money and Investing as Doing Theology Church Investment Group New Berrigan Book With Episcopal Roots Cascade Books Rector Bath, NC Remember Holy Land Christians on Jerusalem Sunday, June 20 American Friends of the Episcopal Diocese of Jerusalem Director of Administration & Finance Atlanta, GA Anglican Communion, Bishop Diocesan Springfield, IL Rector Knoxville, TN September 13, 2016 at 10:11 pm Is it not about time that we began to concentrate on what we all have in common, rather than whatminor differences we have? Lord, bring us all together.Gerry Gannon Rector Pittsburgh, PA Rector Belleville, IL center_img By Gavin DrakePosted Sep 13, 2016 Rector Hopkinsville, KY Join the Episcopal Diocese of Texas in Celebrating the Pauli Murray Feast Online Worship Service June 27 This Summer’s Anti-Racism Training Online Course (Diocese of New Jersey) June 18-July 16 Seminary of the Southwest announces appointment of two new full time faculty members Seminary of the Southwest Canon for Family Ministry Jackson, MS An Evening with Presiding Bishop Curry and Iconographer Kelly Latimore Episcopal Migration Ministries via Zoom June 23 @ 6 p.m. ET Family Ministry Coordinator Baton Rouge, LA Youth Minister Lorton, VA Rector Smithfield, NC Director of Music Morristown, NJ Rector/Priest in Charge (PT) Lisbon, ME Rector Tampa, FL Rector Collierville, TN AddThis Sharing ButtonsShare to PrintFriendlyPrintFriendlyShare to FacebookFacebookShare to TwitterTwitterShare to EmailEmailShare to MoreAddThis Associate Rector Columbus, GA Cathedral Dean Boise, ID Comments (1) TryTank Experimental Lab and York St. John University of England Launch Survey to Study the Impact of Covid-19 on the Episcopal Church TryTank Experimental Lab Rector Martinsville, VA Curate Diocese of Nebraska [Anglican Communion News Service] The relationship between the World Council of Churches and the Roman Catholic Church is being reviewed in a five-day meeting beginning today at the Ecumenical Centre in Switzerland.Full article. Ecumenical & Interreligious The Church Pension Fund Invests $20 Million in Impact Investment Fund Designed to Preserve Workforce Housing Communities Nationwide Church Pension Group Virtual Celebration of the Jerusalem Princess Basma Center Zoom Conversation June 19 @ 12 p.m. ET Priest Associate or Director of Adult Ministries Greenville, SC Rector and Chaplain Eugene, OR Assistant/Associate Priest Scottsdale, AZ Rector Albany, NY Rector Washington, DC Associate Rector for Family Ministries Anchorage, AK Priest-in-Charge Lebanon, OHlast_img read more

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Friday Funnies – The Top 5 Referee Bloopers

first_imgFriday Jul 4, 2014 Friday Funnies – The Top 5 Referee Bloopers This week’s funny features videos of referees getting knocked over, and knocked out. As proven over the years, refs taking a tumble always provide for a laugh or too. You may have seen the videos before but as always, Rugby HQ have thrown them together brilliantly.More Top 5 clips can be found in the section for it hereADVERTISEMENT Posted By: rugbydump Share Send Thanks Sorry there has been an error Top 5 compilations Related Articles 240 WEEKS AGO The Top 5 Biggest Hits of the Year 242 WEEKS AGO The Top 5 BLOOPERS of the Year! 244 WEEKS AGO Powerful Top 5 ‘Tongan Thor’ moments From the WebThis Video Will Soon Be Banned. Watch Before It’s DeletedSecrets RevealedUrologists Stunned: Forget the Blue Pill, This “Fixes” Your EDSmart Life ReportsYou Won’t Believe What the World’s Most Beautiful Girl Looks Like TodayNueeyGranny Stuns Doctors by Removing Her Wrinkles with This Inexpensive TipSmart Life ReportsIf You Have Ringing Ears Do This Immediately (Ends Tinnitus)Healthier Living30+ Everyday Items With A Secret Hidden PurposeNueeyThe content you see here is paid for by the advertiser or content provider whose link you click on, and is recommended to you by Revcontent. As the leading platform for native advertising and content recommendation, Revcontent uses interest based targeting to select content that we think will be of particular interest to you. We encourage you to view your opt out options in Revcontent’s Privacy PolicyWant your content to appear on sites like this?Increase Your Engagement Now!Want to report this publisher’s content as misinformation?Submit a ReportGot it, thanks!Remove Content Link?Please choose a reason below:Fake NewsMisleadingNot InterestedOffensiveRepetitiveSubmitCancellast_img read more

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Disappearance of Guy-André Kieffer

first_img News Receive email alerts Côte d’IvoireAfrica November 27, 2020 Find out more News May 26, 2004 – Updated on January 20, 2016 Disappearance of Guy-André Kieffer News Ramael has said that it was not Kieffer who drove the car found abandoned at the airport. The magistrate said the seat had been pulled forward, showing that it was someone smaller who had driven the car to the airport car park.Nothing has been heard of the Abidjan-based freelance journalist since 16 April 2004. He was seen for the last time at around 1pm in a commercial centre in the capital. His mobile phone has been cut off and he has not contacted anyone.The 54-year-old, who is father of two children, is specialised in raw materials and economic and financial affairs. He worked for the French economic daily La Tribune from 1984 to the beginning of 2002. He worked since that date as a freelance in Abidjan, reporting for La Lettre du Continent and several Ivorian newspapers. Help by sharing this information October 16, 2020 Find out more Reports Reporters Without Borders said it appeared that the Ivorian authorities are blocking a French legal investigation into the disappearance of French-Canadian journalist Guy-André Kieffer.In a letter, sent 21 May to the state prosecutor in Abidjan, the French examining magistrate, Patrick Ramael complained of “a total block on (his) investigations”.Michel Legré, brother-in-law of President Laurent Gbagbo’s wife, Simone Gbagbo, was the last person to have seen Kieffer before his disappearance. In two interviews with Ramael, he gave him the names of at least eight people, whom he said were involved in kidnapping the journalist. Ramael has said that his “requests to interview those named by Legré are getting nowhere”. In his letter he “formally asked the prosecutor to intervene to ensure questioning of people whose evidence is essential to get at the truth.” Those involved are: Sery Lia, a member of the military who reportedly kidnapped Kieffer; Gouamene, an army captain; Aubert Zohore, head of the private office of Economy and Finance minister, Victor Nembelissini, managing director of the national investment bank, Patrice Bailly, head of presidential security, Anselme Seka Yapo, head of security for Mrs Gbagbo, Bertin Gahié Kadet, presidential adviser on defence and Moise Kore, who calls himself Gbagbo’s priest.Still according to Michel Legré, several men snatched Kieffer from the car park of an Abidjan commercial centre, bundled him into a green four-wheel drive vehicle that took him to a military camp on the orders of Patrice Bailly.”Impunity seems unfortunately to remain the rule in Cote d’Ivoire,” Reporters Without Borders protested. “It is now essential that the Ivorian authorities show renewed commitment to the legal and police co-operation needed to pursue the inquiry and to the safety of witnesses.Reporters Without Borders and its lawyers, Jean Martin and Guillaume Prigent, expect an official and immediate reply and hope the authorities will ensure that the summonses sought by Ramael are put into effect. Finally, the international press freedom organisation called on the French authorities to convince their Ivorian counterparts of the need for co-operation with the inquiry.The wife of the missing journalist, Osange Silou-Kieffer, has expressed her disappointment following a meeting with the examining magistrate on 25 May.”The highest Ivorian authorities, even President Gbagbo, promised me there would be no obstruction of the investigation and that everyone involved in the case could be questioned,” she said, adding, “I demand an explanation.”center_img Follow the news on Côte d’Ivoire French examining magistrate Patrick Ramael wrote to the state prosecutor in Abidjan on 21 May complaining that his requests to interview witnesses named by Michel Legré “were getting nowhere”. The brother-in-law of President Laurent Gbagbo’s wife, Simone Gbagbo, named at least eight people implicated in the disappearance of Guy-André Kieffer. RSF’s recommendations for protecting press freedom during Côte d’Ivoire’s elections Organisation RSF_en to go further October 29, 2020 Find out more Côte d’IvoireAfrica Threats against journalists in run-up to Côte d’Ivoire’s presidential election The 2020 pandemic has challenged press freedom in Africalast_img read more

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Donegal Marathon hailed a huge success

first_img Previous articleFuneral takes place of “a man who could rename a city”Next articleOver 754,000 euro paid in Donegal during NPPR amnesty admin LUH system challenged by however, work to reduce risk to patients ongoing – Dr Hamilton Three factors driving Donegal housing market – Robinson Twitter Pinterest Calls for maternity restrictions to be lifted at LUH Neil Martin is Donegal’s representitive on the board of Athletics Ireland. He says there’s a major emphasis on running and walking as a means of promoting a healthy lifestyle, and this is an essential part of that…….Audio Player Up/Down Arrow keys to increase or decrease volume. Donegal Marathon hailed a huge success Almost 10,000 appointments cancelled in Saolta Hospital Group this week News Google+ Twitter The first Donegal Marathon for 31 years took place today, with a capacity 850 runners and walkers taking part, and organisers saying they intend to run the event next year.The prospect of the race was raised in the chamber of the then Letterkenny Town Council last year by Cllr Dessie Larkin, who is now the Letterkenny Town Manager and Chair of the Marathon Support Committee.Speaking to Highland Radio News on the starting line this morning, he said it’s been a cumilative effort to bring the event to fruition…………Audio Player Up/Down Arrow keys to increase or decrease volume. Facebook By admin – August 24, 2014 Google+ WhatsApp RELATED ARTICLESMORE FROM AUTHOR Facebook Business Matters Ep 45 – Boyd Robinson, Annette Houston & Michael Margey WhatsApp Guidelines for reopening of hospitality sector published Pinterestlast_img read more

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Diocese of Clogher release statement over Aussie flu concerns

first_img Harps come back to win in Waterford RELATED ARTICLESMORE FROM AUTHOR Google+ Facebook Twitter Arranmore progress and potential flagged as population grows Homepage BannerNews The Diocese of Clogher has released a statement in response to ongoing concerns over the spread of the Aussie Flu virus.They say they are conscious of the public health implications arising from the current outbreak and would urge people to follow advice given by public health authorities.In regards to the sign of peace the Diocese wishes to point out that this expression is an optional part of Mass but say the matter will be kept under review.The Diocese of Clogher says parishes in Donegal should be conscious of the ongoing public health situation concerning the Aussie Flu and consider their responsibility to minimise the spread and impact of the virus.In a statement issued by the Diocese they say the sign of peace is an optional part of Mass and a matter for each celebrant and parish community.They advise parishes to keep the matter under review and ensure Eucharistic ministers wash their hands before and after the distribution of Holy Communion. Diocese of Clogher release statement over Aussie flu concerns News, Sport and Obituaries on Monday May 24th WhatsApp Loganair’s new Derry – Liverpool air service takes off from CODAcenter_img Pinterest WhatsApp Previous articleRockwell would be ‘eaten by rats’ to work with McDonaghNext articleThree years at least before substantial work done on Bonagee Link News Highland Pinterest By News Highland – January 10, 2018 DL Debate – 24/05/21 Twitter Important message for people attending LUH’s INR clinic Facebook Google+last_img read more

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Trees and flower displays vandalised overnight in Carndonagh

first_img Facebook Trees and flower displays vandalised overnight in Carndonagh Twitter WhatsApp Previous articleAll-island healthcare system needed – Senator McCallionNext articlePolice investigating arson attack on Co Tyrone convent News Highland News, Sport and Obituaries on Monday May 24th The Cathaoirleach of the Inishowen Municipal District has hit out following overnight vandalism in Carndonagh.19 trees and flower displays have been damaged in the Station and Church Road areas.This is just the latest in a string of vandalism incidents in this area in recent years.Local Councillor Albert Doherty is calling for action from Gardai to hold those responsible to account:Audio Player Up/Down Arrow keys to increase or decrease volume. AudioHomepage BannerNews Pinterest Google+ By News Highland – July 26, 2020 DL Debate – 24/05/21 center_img Important message for people attending LUH’s INR clinic RELATED ARTICLESMORE FROM AUTHOR Twitter Facebook Google+ Loganair’s new Derry – Liverpool air service takes off from CODA Pinterest WhatsApp Arranmore progress and potential flagged as population grows Nine til Noon Show – Listen back to Monday’s Programmelast_img read more

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Militia group agrees to leave their encampment in New Mexico near US border

first_imgKVIA-TV(SUNLAND PARK, N.M.) —  An armed militia group of private citizens has agreed to leave their encampment near the U.S.-Mexico border after officials expressed concerns about them brandishing weapons on public property.“They decided it wasn’t worth the fight,” Sunland Park, New Mexico, Police Chief Javier Guerra told ABC News on Tuesday.Members of the group, which calls itself the “United Constitutional Patriots,” were seen using military-style attire and firearms to detain dozens of migrant families last week. Video of the encounter was shared widely on social media.The group has remained camped out near the border in New Mexico and plans to leave the area Wednesday morning, Guerra said.The group’s leader, Larry Mitchell Hopkins, was arrested Saturday after he was charged in a criminal complaint with being a felon in possession of firearms and ammunition, according to a statement from the U.S. Attorney’s Office in the District of New Mexico.“Pointing a weapon at an unarmed individual is assault,” Guerra told reporters in Sunland Park on Tuesday. “Now that I know there was an ex-felon over there, it does bring worry to me.”Federal officials also issued a warning to militia members over the weekend.“Interference by civilians in law enforcement matters could have public safety and legal consequences for all parties involved,” a U.S. Customs and Border Protection official said in a statement.Private citizens have organized along the southern border for years in attempts to stop immigrants. A group known as the Minuteman Project coordinates volunteers looking to spot and report people that they believe to be crossing into the United States illegally.“It’s our job to support law enforcement, not to be law enforcement,” said Howie Morgan, a Minuteman Project leader.Despite public warnings from federal and local officials, Morgan said that their group only reports what they believe to be illegal activity.CBP did not respond to follow-up questions from ABC News about border agents’ interactions with civilians offering unsolicited help and members associated with United Constitutional Patriots could not be reached for comment.Hopkins, the group’s leader, allegedly said the that United Constitutional Patriots had also plotted to assassinate Hillary Clinton and Barack Obama, according to a 2017 criminal complaint.The U.S. Attorney’s Office in New Mexico declined to comment further.Hopkins will appear in court next week and, if convicted, faces up to 10 years in prison.Copyright © 2019, ABC Radio. All rights reserved.last_img read more

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Cutting the cost of relocation

first_img Previous Article Next Article Comments are closed. HR is under increasing pressure to get a grip on itsexpatriate relocation costs. Scott Beagrie discovers some expert tips on how toreign in the budgetIf you are employed by a multinational company, then you’re probablyfamiliar with the workplace sans frontieres, where expatriate management is anessential part of your job. You will also be highly aware of the immense costsinvolved. An international assignment will typically cost two to three timesmore than an employee’s annual salary. With nearly every economy in the world running at a snail’s pace, thepressure is on HR departments to control relocation costs. In a recent surveyby relocation services provider Cendant Mobility, 63 per cent of its clientssaid cost containment or reduction was their biggest relocation challenge for2003, while a further 16 per cent cited more accurate budgeting. Assuming that HR has asked the right questions before sending someone off toKuala Lumpur or Hong Kong to carry out an assignment in the first place, hereare some key areas of consideration when looking to manage internationalrelocation costs. Policy review Conducting a thorough review of current policy is as good a place to startas any. If communicated as a new strategy designed to meet the demands of atougher economic climate, a well-thought out policy revision will feel lesslike a cost-controlling exercise. “The key is getting the policy right. If you do that, the rest of itshould scroll through,” says Ian Mann, managing director of HR consultancyECA International. “And that means you need to have a very good idea ofall the components that go into your policy.” Sue Bury, client relationship manager at staff relocation specialistsCountrywide Mobility, also highlights the importance of tight budgetarycontrol. “We find problems with companies not fitting one and with noparameters an employee can go off and spend loads of money,” she says. Begin by benchmarking your policy against competitors, as it will help youidentify how much fat there is in your own. “By benchmarking across theindustry, you can make sure you have the latest trends and ensure you areproviding the most efficient policy for the assignee,” says Peter Holland,managing director of recently set up Expatriate Management Services (EMS). Once you’ve carried out the review and analysed the results of thebenchmarking exercise, home in on the detail. Policy is a vast and highlycomplex area, and is impossible to cover comprehensively here, but thefollowing are some suggestions made by the relocation experts interviewed forthis article. A popular route for companies to take, especially within Europe, is thereduction or even elimination of foreign-service premiums. There has also beena shift away from specific reimbursement to ex-pat employees of cost of livingdifferentials in favour of a lump sum payment. In Europe, many companiesrecognise that staff don’t have to buy the same goods or services as at home,and instead adapt their shopping to what is available in local markets. Thecost of living differentials are sometimes so small that it doesn’t justify thecost of the administration. One alternative to offering a full menu of services and meeting all thecosts of an ex-pat employee is to donate a lump sum of cash to the worker, andlet them invest it in what is key to them. The downside of this ownership isthat they may choose to spend it on something other than the essential servicesit was intended for. If there are ex gratia payments that must be made, such as assignmentincentives or an aggravation allowance, make sure they are paid in one hit tominimise administration costs. As Bob Sperl, senior international consultant atHR consultancy Watson Wyatt, points out: “If you only ask the individualto relocate or move once, then it is reasonable to only pay them once.” A more radical and hard-headed business approach would be to seriously questionwhether a worker is ever likely to repatriate. An individual might start athree or five-year assignment which is then continually extended; meanwhile,the company is still paying into their UK pension plan, even though theemployee has no intention of returning. “If the individual isn’t realistically coming back, let’s find that outupfront and get out of the whole expatriate package from the outset, or atleast only build it in for a 12-month transition period,” says Sperl. Recruitment While policy reviews and managing suppliers undoubtedly offer potential forreducing costs, the greatest scope for savings is to move the process upstreamand focus on recruitment. Instead of trying to identify candidates forassignment once a need arises, organisations should assess staff mobility atthe point of recruitment. Scott Sullivan, corporate services manager UK & Ireland for CrownRelocations, suggests that one reason relocation is so costly, is because thefirst (and often, only) people who come to mind for such positions, areinherently expensive senior executives. This stems from the fact that most companies have an insufficient talentpool to draw from, but if you get the recruitment and retention strategy right,it is possible to build a bank of pro-mobile people suitable for suchpositions. Savvy, career-minded staff, for instance, take a much more favourable viewof international and global working, and consider it an essential part of theircareer development. These individuals could then be assigned on aninternational transfer basis on one-way tickets with streamlined benefits,where they quickly merge into their new surrounds with a benefits packagecommensurate with their local peers. “HR can optimise the return on investment of international assignmentsby dedicating their attention to career planning, retention and identifying apool of internationally mobile talent,” says Sullivan. “Not only willthis approach raise HR’s profile with the organisation, particularly atboardroom level, but it will enable HR to have a positive impact on thebusiness’ bottom line.” Accommodation and the benefits of short-term assignments Local rental is another high-cost area, with 69 per cent of UK companiesproviding free housing – specifying a ceiling rent – to expatriates, accordingto an annual survey carried out by ECA International. Only 10 per cent offer nohelp. But although it often represents the biggest proportion of costs in anoverseas assignment package, accommodation is also one of the hardest areas inwhich to reduce costs, and any cuts must be handled sensitively. One of the major arguments against cost-cutting for UK companies stems fromthe state of the domestic property market. Soaring property prices in recentyears mean that both partners often need to work to meet mortgage payments, andoverseas assignments usually lead to the loss of one spouse’s salary. Soanything less than free accommodation isn’t going to appeal. While the UK homecan be rented out to ease the situation, this isn’t always a popularresolution, and the process of attempting to do so can also generate furthercosts. One couple Personnel Today spoke to were forced to spend £7,000 on homeimprovements just to stand a chance of renting their property in a highlycompetitive rental area. Nonetheless, significant savings can be realised by not housing the assigneein expatriate compounds – where rental charges are often at a premium – andusing peer-group housing instead. “Stop looking to put people in highly-priced expatriate ghettos,”says Sperl. “If the assignment warrants it, try to put them in housingthat their peer group would have in the assignment location.” The past three years has seen a steep rise in the number of short-termassignments which, as well as often being a more popular option for theemployee, don’t carry the inherent relocation costs of longer-term postings,and can therefore be used as a method of controlling costs. According to theGlobal Relocation Trends Survey 2002, 50 per cent of companies surveyed saidthey are looking for alternatives to the long-term assignment, and the chiefreason cited was cost effectiveness. Short-term assignments typically range from three to 12 months, with staffless likely to want to uproot their families for such a length of time and lessjustification for doing so. This removes a suite of relocation costs, andoffers scope for reduced local rental costs in temporary or servicedaccommodation. Determine how long staff need to be away as it may be the case,for instance, that the costly senior person you want for the job only needs tobe there for the start-up, or to oversee a particular phase of a project. Setting budgets managing suppliers and outsourcing The relocation process relies on many suppliers, from tax and immigrationlawyers to freight companies and relocation agents. It’s vital to agree setcosts with them from the outset to provide better financial certainty. “Having a clear definition of what those costs are is obviouslycritical,” says Mann at ECA. “If you don’t know how much it costs,how can you save money?” It’s also best to get several quotes, as there can be huge differentialsamong suppliers. Holland at EMS has seen in the region of 1,000 suppliers in the past threeyears, and reports variations of between 40 and 60 per cent in freighthandlers’ rates alone. So it is hardly surprising that David Edwards,international HR adviser at Pair – a company that deals with expatriate issueson behalf of industrial group, Atlas Copco – routinely demands that expatriatestaff get three quotes for any service. Most HR departments have long been keen outsourcers, but you might not haveconsidered it for relocation. Specialist companies offer integrated servicesremoving the administration burden and will take on the practicalities of theprocess. And because of their buying power, outsourcing organisations can oftennegotiate better rates from suppliers. “The greatest cost savings for HR professionals managing corporatemobility projects can be achieved by outsourcing the administration of projectsand redirecting their valuable expertise towards human capital planning andstrategy implementation,” says Crown Relocation’s Sullivan. “As the market for outsourcing mobility management continues to grow,perhaps the most important advice for HR professionals is to work towards theearly identification of individuals who want to relocate overseas, and thecreation of a structure and system to identify and keep in touch with theseemployees to ensure a successful mobility strategy.” Cutting the cost of relocationOn 18 Nov 2003 in Personnel Today Related posts:No related photos.last_img read more

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