May 26

Vanuatu favourites after exciting win over PNG

first_imgThey made it 4 wins from 4 games as they overcame a rejuvenated PNG side by just 7 runs.PNG’s bowlers turned up after a below par performance on Tuesday to restrict Vanuatu to just 115 off their 20 overs after Vanuatu won the toss and elected to bat. Kabua Vagi Morea was tight with the ball taking 2/18 from his 4 overs and PNG were back to their best in the field with 2 run outs and some excellent catches.However, Vanuatu were determined to make it back to back wins and Patrick Matautaava responded with the wicket of PNG captain Chris Amini in the first over. Riley Hekure (41) and Dogodo Bau (23) steadied things to take it 2/58 and PNG looked to be well on track to victory.Vanuatu’s bowlers had other ideas and the introduction of Jelany Chilia (3/18) quickly turned the momentum as PNG lost 7/22 to be left 7 runs short at the end of the 20 overs.In the morning matches PNG and Vanuatu both recorded comfortable wins against Tonga and New Caledonia respectively while Tonga had their second successive win over an enthusiastic New Caledonia in the afternoon.Today is a rest day for cricket with matches resuming tomorrow at Amini Park.Round 3Vanuatu 7/285 (20) Nalin Nipiko 105, Ronald Tari 69, Simpson Obed 32, Joseph Nigote 2/57 defeated New Caledonia 9/51 (14.2) Emmanuel Katrawi 15*, Simpson Obed 2/7 , Shem Sala 2/7 by 234 runsPNG 9/190 (20) Jason Kila 74, Riley Hekure 47, Sione Manumuna 3/26, Timote Latu 2/37 defeated New Caledonia 10/76 (20) Aloisio Pau’u 22, Maamaloa Kuluka 21, Jason Kila 3/7, Alei Nao 2/15 by 114 runsRound 4Tonga 3/222 (20) Nicolasi Moala 86, Aloisio Pau’u 60, Nicholls Adjouhgniope 2/57 defeated New Caledonia 10/162 (19.3) Jonathan Lapacas 57*, David Magulu 21, Asiake Haukinima 3/9, Paula Palu 3/135 by 60 runsVanuatu 9/115 (20) Jonathon Dunn 41,  Andrew Mansale 32, Simpson Obed 32,  Kabua Vagi Morea 2/18, Hiri Hiri 2/20 defeated PNG 9/108 (20) Riley Hekure 41, Dogodo Bau 23, Jelany Chillia 3/18, Simpson Obed 2/13 by 7 runsPacific Games Points Table:last_img read more

December 27

Public pension outlook gloomy

first_imgSANTA BARBARA – A panel of investment experts drew a grim picture of public employee pension plans Saturday, saying a mix of new debt, higher taxes or cuts in government service may be needed to shore up accounts that in some cases are underfunded by billions of dollars. At the same time, a new federal accounting rule will require local and state governments for the first time to show the actual costs of other benefits promised to retirees, primarily for health care. Complying with that rule, which takes effect in December, is expected to show that the pay-as-you-go method traditionally used by governments has left many of them with huge unfunded liabilities. In California, those liabilities are in the tens of billions of dollars. Questioning the funding of public employee pensions and other retiree benefits should be a major story for media companies, said Dan McAllister, San Diego County’s treasurer-tax collector. “It affects their pocketbooks and the services their government provides to them,” said Wingard, who sat on a panel that included a public finance attorney and several experts in municipal finance. Funding problems can be attributed to overly generous promises, poor investment returns and less-than-required contributions made by the plan sponsors, according to information provided by McAllister. In some cases, governments have had to double or triple payments to underfunded worker retirement plans. Some entities had not made contributions in years. The recession and bear market of 2000-02 dropped revenue by as much as 40 percent in many pension systems, he said. A separate but similar issue will start coming to light at the end of this year, when a rule issued by the Government Accounting Standards Board takes effect. The accounting rule – referred to in investment circles as GASB45 – requires all state and local governments that provide so-called “other post-employment benefits” to start reporting their actual costs. The largest of those benefits by far is health insurance and prescription medication, but they also can include life insurance and long-term care. Initial studies done in anticipation of the requirement have shown some government retiree benefit funds are woefully underfunded. In California, a legislative analyst’s report earlier this year estimated the state’s liability for unfunded retiree health care will range from $40 billion to $70 billion. That represents paying the full amount already earned by current and past state employees. Making it up translates into an annual contribution of $6 billion: $2 billion for the value of benefits earned by current employees; and $4 billion to pay off the unfunded liability over 30 years. The accounting rule does not require governments to fund those liabilities, only to report them. Still, the bond ratings for state and local governments that fail to create a long-term funding plan are likely to suffer, said Parry Young, a credit analyst with Standard & Poor’s. Such a move drives up the cost of borrowing, a scenario that has implications for budgets and spending. Governments have a number of options to address the issue, including renegotiating benefits with unions, increasing contributions from employees, raising taxes, taking on riskier investments in the hope of higher returns or selling bonds to finance the costs.160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set! AD Quality Auto 360p 720p 1080p Top articles1/5READ MORE11 theater productions to see in Southern California this week, Dec. 27-Jan. 2“This is really pension D-Day,” he said, speaking to newspaper executives attending the annual conference of the California Society of Newspaper Editors and The Associated Press News Executives Council. The city of San Diego has been the example when problems arise for poorly funded pensions. A combination of underfunding that city’s pension system while enhancing benefits for retirees left it with a $1.4 billion deficit. The debacle trashed the city’s credit rating, cost some politicians their jobs and sparked federal and state investigations into former city officials and members of the pension board. News organizations must be aggressive in pointing out the potential for similar problems in local and state governments throughout the country, said Laura Wingard, local government editor at the San Diego Union-Tribune. Readers, she said, want to know about those issues. last_img read more