Canada’s social insurance assets pass $140 billion in fourth quarter
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Sunday, February 13, 2011
With a fourth-quarter investment earnings of $3.9 Billion CAD, largely driven by stock market rises, the Canada Pension Plan’s (CPP) assets rose to $140.1 Billion reported the CPP Investment Board on Thursday.
Rate of return for the quarter netted three percent, bringing the first nine months of the fiscal year to 8.3%. The fund’s broad exposure to equities, in concert with a good quarter for stocks both in Canada and internationally, was largely to be credited according to CEO David Deneson.
The assets value rose from $127.6 Billion March 31st 2010, to $138.6 B on September 30th, to $140.1 B December 31st. The $3.9 B investment earnings, 3.58 of which came from the 54% of the portfolio in equities, was partially offset by seasonal outlays of $2.4 B to plan members.
The fund was very active throughout the calendar year, and particularly active in infrastructure, real estate, and private equity. As part of a consortium they completed the $4.8 B purchase of UK-based Tomkins plc, as well as purchasing Australian-based Intoll for $3.4 B thus acquiring a 30% stake in the 407 Express Toll Route (ETR) near Toronto — which they expanded purchasing a further 10% stake from Spain’s Concesiones de Infraestructuras de Transporte, S.A. (CINTRA). They acquired a 25% equity stake in Westfield Stratford City, a retail complex adjacent to London’s Olympics venue, among many real estate ventures.
The CPP fund covers every province except Quebec, whose Caisse de Depot et Placement du Quebec is the only larger pension fund in Canada. The five-year annualised investment rate of return for the CPP reserve fund was 3.5%, its 10-year rate of return was 5.6%, at the close of 2010. The fund was established in 1997.
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By Justin Burch
Like many of its Caribbean neighbors, St. Kitts still bears many markings of its colonial past. A tour across the island will reveal old sugar plantations, stone fortresses and period European architecture. One of the most celebrated sites on the island is the oldest colonial plantation and its mansion, Romney Manor. Established in the 17th century during the first major stage of colonial development, the property has been owned by only six families in over 350 years. Today, Romney Manor retains much of its antique charm and certainly has plenty of stories to tell the curious visitor.
Before colonizers gained control of the land surrounding Romney Manor, it is believed the site was occupied by the village of Chief Tegereman – the leader of the Carib Indian tribe. Soon after European colonizers defeated the native tribes, the land came to be owned by the ancestors of Thomas Jefferson. Many of the structures from the once-successful tobacco plantation known as the Wingfield Estate date to this early colonial period. Adjacent to the Wingfield Estate, the Earls of Romney established their own sprawling plantation and resided over both estates by 1735.
The story of Romney Manor in the 18th century is, in many ways, the story of the Caribbean. In the fields, African slaves focused on the cultivation of sugar cane while the Romneys tended to their airy Caribbean mansion. After the emancipation of slaves in 1834, sugar production slowed considerably – not just at Romney Manor, but also throughout the region. As more Caribbean nations gained independence in the 19th and 20th centuries, plantation farming came to a halt and colonial structures such as Romney Manor fell into disrepair. However, in 1974, this majestic property again became a site of culture and industry.
[youtube]http://www.youtube.com/watch?v=5WpU2j7W1yY[/youtube]
Today, Romney Manor features one of St. Kitts’ most celebrated local businesses – Caribelle Batik. Using the traditional Indonesian method of treating fabric with wax to resist dye, the artisans of Caribelle Batik have been creating their apparel and tapestries for over 30 years. When you visit the site, you can watch the artists at work and even learn the technique during hands-on demonstrations. Known for their durability and inventive designs, handcrafted artworks from Caribelle Batik are some of the finest souvenirs you can find in St. Kitts.
Outside the main home, you will find some of the most beautiful botanical gardens on the island. Spread over six acres, the gardens feature many varieties of tropical flowers and plenty of animal life. At the heart of the gardens’ diverse plant life is a 350-year-old saman tree, also known as a rain tree. Having seen all stages of St. Kitts’ diverse history, this giant tree – it covers nearly half an acre – has long been one of Romney Manor’s most popular sites. In many ways, the saman tree and the gardens it presides over add to the majestic aura of the site.
At the farthest reaches of the botanical gardens, you can even spot the beginning of the island’s dense tropical rain forest. As you walk amongst the ruins of the oldest plantation in St. Kitts, you can hear the creatures of the rainforest calling to one another and see the land rise to the volcanic peak of Mt. Liamuiga. If you want to explore parts of the rainforest while you are at Romney Manor, guides are available to help you find the best trails and teach you about the ecological diversity of St. Kitts.
Many tours visit Romney Manor each day and it is easy to find if you venture to the site on your own. Perhaps more than any other destination in St. Kitts, Romney Manor has many stories to tell about how the island used to be and how to best appreciate it today.
About the Author: This article was written by Justin Burch. Justin writes select pieces about vacationing in the Caribbean for the
St Kitts Marriott Resort and Casino
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Wikipedia founder embroiled in affair and financial allegations
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Wednesday, March 5, 2008
| This article mentions the Wikimedia Foundation, one of its projects, or people related to it. Wikinews is a project of the Wikimedia Foundation. |
The implosion of a relationship between Wikipedia founder Jimmy Wales and journalist Rachel Marsden has resulted in controversy and international headlines. Associated Press and ABC News have also reported on questionable activity by Wales involving Wikimedia Foundation expenses. The Wikimedia Foundation is a donor-supported non-profit organization which runs Wikipedia.
Marsden had contacted Wales two years ago about concerns she had over the article about her on Wikipedia, and Wales determined the article was not compliant with Wikipedia’s standards. The tech blog Valleywag revealed Wales had a personal relationship with Marsden, and posted supposed transcripts of their instant message conversations on its site, www.valleywag.com. Wales and Marsden met in February, and The Times reported that “An apparent transcript of their conversations before that meeting suggests that, although Mr Wales had withdrawn from the editing process, he was still influencing the editors.” The Times quoted Wales from the chat logs as having stated to Marsden “The truth is of course a much worse conflict of interest than that; but that will do.” — in reference to his conflict of interest regarding Marsden’s article on Wikipedia.
Wales posted a public statement on Saturday on Wikipedia addressing the matter, and stated that his relationship with Marsden was over: “First, while I find it hard to imagine that anyone really cares about my sex life, the facts are: I am separated from my wife. I considered myself single at the time of my one meeting with Rachel Marsden on Feb. 9, 2008 … I am no longer involved with Rachel Marsden. Gossipy stories suggesting that I have been in a relationship with her ‘since last fall’ are completely false … I care deeply about the integrity of Wikipedia, and take very seriously my responsibilities as a member of the board and as a member of the Wikipedia community. I would never knowingly do anything to compromise that trust.” With regard to the conflict of interest in Marsden’s article, Wales had acknowledged to a team of Wikipedia editors in February 2008 that he and Marsden “became friends … and that we would be meeting about that,” and stated “I recused myself from any further official action with respect to her biography.”
On Sunday, The Canadian Press reported that Marsden had posted photos of herself on Ebay, and was selling items that Wales had left at her New York City apartment. In her Ebay posting, Marsden stated: “Hi, my name is Rachel and my (now ex-) boyfriend, Wikipedia founder Jimmy Wales, just broke up with me via an announcement on Wikipedia … It was such a classy move that I was inspired to do something equally classy myself, so I’m selling a couple of items of clothing he left behind, here in my NYC apartment, on eBay. Jimbo was supposed to come visit me in a couple of weeks and pick up some of his stuff, but obviously that won’t be happening now.” Marsden told The Canadian Press “It didn’t really help matters that Jimmy chose to announce the breakup to the entire world via Wikipedia (which apparently now is an online encyclopedia that doubles as a personal soapbox?) rather than to me directly (which he did much later, in an instant message discussion).”
| I care deeply about the integrity of Wikipedia, and take very seriously my responsibilities as a member of the board and as a member of the Wikipedia community. I would never knowingly do anything to compromise that trust. | ||
Marsden placed a t-shirt and sweater which she said were left at her apartment by Wales up on Ebay, and started the bidding for each at ninety-nine cents, with the auctions set to end on March 12. By Monday, bidding on the t-shirt had reached US$300, and by Tuesday the highest bid had reached $12,200. In an email to The Globe and Mail, Marsden stated “My only focus right now, to be really honest, is on my career and finding a way to get back into print, TV, or radio here in NYC,” she wrote. “All of this other personal stuff is just an unfortunate distraction.”
Jay Walsh, the Wikimedia Foundation’s head of communications, told the San Jose Mercury News that Wales’ actions in relaying Marsden’s concerns about her Wikipedia article to a team of trusted editors was within his “routine” role. When asked by the San Jose Mercury News if Wales’ actions regarding the Marsden article could compromise his role with the Wikimedia Foundation and Wikipedia, Walsh responded “No, absolutely not.”
On Tuesday, ABC News carried a story by Wired News reporter Megan McCarthy regarding allegations of “excessive spending” by Wales, and Associated Press also reported on questions involving Wikimedia Foundation expenses. McCarthy reported that former Wikimedia executive Danny Wool, who had left the foundation last year, criticized Wales’ use of Wikimedia Foundation expenses in a blog post. Wool stated that Wales had tried to expense $300 bottles of wine, a $1,300 dinner for four at a Florida steakhouse, and visits to Moscow massage parlors to the foundation, and that the foundation rescinded Wales’ corporate credit card in 2006. Wool also stated that Wales paid the foundation $7,000, after being short $30,000 on receipts for expenses.
Wool told EPICENTER that “There were occasions where he used [the Wikimedia Foundation] for personal advancement under the guide [sic] of the mission. And, as someone who was in there for the mission part of it, I found that rather distressful.” Wool commented in an interview with the San Francisco Chronicle: “Originally, it was carelessness … But as things developed, it became more apparent and obvious that he was taking advantage of the foundation credit card. It was almost like his personal piggy bank.”
| Jimmy has never used Wikimedia money to subsidize his personal expenditures. Indeed, he has consistently put the foundation’s interests ahead of his own. | ||
In an instant message exchange with Associated Press, Wales denied that the Wikimedia Foundation had taken away his corporate credit card, and asserted that he had made the decision to stop expensing business travel for the foundation. Wales highlighted a statement by the foundation’s executive director Sue Gardner: “Jimmy has never used Wikimedia money to subsidize his personal expenditures. Indeed, he has consistently put the foundation’s interests ahead of his own.” In an email to Associated Press, Brad Patrick, a former attorney for the Wikimedia Foundation, stated “Danny seems interested in blogging his way straight to a lawsuit”.
Florence Devouard, who chairs the Wikimedia Foundation, told Associated Press that Wales had been “slow in submitting receipts,” and that the foundation had rejected Wales’ expense at the Florida steakhouse. Devouard told fellow foundation board members in a private email that she had convinced Associated Press that “the money story was a no story,” and told Wales “I find (it) tiring to see how you are constantly trying to rewrite the past. Get a grip!” Wales told Associated Press: “The board, the current executive director, the previous executive director, and independent auditors have reviewed our books and publicly agree that all of my expenses were appropriate and fully accounted for.”
Media reports speculated on how the controversy would end up being represented in Wikipedia itself. On Wednesday, the St. Petersburg Times wrote: “Wales’ Wikipedia page said only this about Marsden: ‘Wales had a brief relationship with Canadian journalist Rachel Marsden.'” An article in The Australian surmised: “History will decide whether Mr Wales broke his own principles, but before that happens there may well be a Wikipedia page devoted to the controversy.”
