In the Ministry of the Sea, Transport and Infrastructure, financial offers were opened yesterday in the process of selecting the contractor for the Study of the Electronic Toll Collection System.In accordance with the tender proposals, a total of four technical and financial bids were received: Community of Bidders Ernst & Young Consulting Croatia and Ernst & Young GmbH Germany, Bidder MultiContract Consulting from Hungary, Bidder IDOM Consulting from Spain, Bidder CGI Czech Republic from the Czech Republic.After the evaluation of technical bids in which it was determined that two bidders meet the technical requirements, the commission conducted a second round in which the public opening of financial bids was carried out. communities of bidders Ernst & Young consulting Croatia and Ernst & Young GmbH Germany (Value of financial bid – 1.124.080,00 euros) and the bidder IDOM Consulting from Spain (Value of financial offer 875.526.43 euros). Both bidders offered project teams formed by domestic and foreign experts, according to the Ministry of the Sea, Transport and Infrastructure.The consultant selection procedure is carried out with the consent of the World Bank and in accordance with the procedure (QCBS – Quality and Cost Based Selection), which consists of 8 steps. The final selection of advisors for the preparation of the Study of the Electronic Toll Collection System, which is being carried out as part of the Project for Modernization and Restructuring of the Road Sector of the Republic of Croatia, is expected in early July.Seasonal toll prices from June 15 to September 14 bring a 10% price increase From Friday, June 15 to September 14, seasonal toll prices will be introduced on motorways operated by Croatian Motorways (HAC) and the Rijeka-Zagreb Motorway (ARZ). Seasonal toll prices are introduced for IA, I. and from this year and for II. group of vehicles, and on III. and IV. vehicle group does not apply. In the seasonal period, the unit toll price for vehicles IA, I. and II. groups increases by 10%.The model of seasonal toll prices, which was introduced last year, during the 3 summer months in a period of increased traffic intensity, is one of the accepted measures of financial restructuring of companies in the road sector. The introduction of seasonal toll prices for certain categories of vehicles stems from the fact that about 40% of total annual traffic is realized in the summer months, and on some motorways the number of vehicles increases up to three times in summer compared to the rest of the year.
*The European Insurance and Occupational Pensions Authority (EIOPA), European Securities and Markets Authority (ESMA), and European Banking Authority (EBA) “This approach does not entail a general forbearance,” they said.To meet the new rules pension funds and other institutions have to update legal documentation such as credit support annexes (CSAs), contracts covering derivatives arrangements between counterparties. There are thousands of such documents in existence covering derivatives trades in funds and liability-driven investment strategies.PensionsEurope welcomed the announcement by the ESAs, saying that getting the documentation in place by the March deadline was “a significant challenge” and that pension funds and their service providers in many countries were struggling to do so.Úrsula Bordas, policy advisor at the trade association, said: “A strict interpretation of the compliance rule would mean that many pension funds would have a limited access to liquidity as they would have a limited number of banks with whom to trade and this could significantly impact their ability to hedge risks.”PensionsEurope “hopes national authorities will further explain their approach to compliance for the next months to pension funds and their service providers”, she added.A head of clearing at a European bank told IPE that, if a pension fund or any other financial institution was not able to get new CSAs in place in time, “it looks as though [it] will be left up to individual counterparties to decide if they want to cease trading, and how forgiving their supervisor will be if they don’t”.The picture was mixed as to how supervisors would proceed, and some sort of materiality would be considered, the banker added.The ESAs said national regulators should “take into account the size of the exposure to the counterparty plus its default risk” when making enforcement decisions. The UK regulator set out its approach to enforcement, or “supervision of firms’ progress”, in a statement yesterday.The banker cited an expectation that, at best, 50% of agreements will be re-negotiated and in place by the March deadline, leaving “a significant gap still to be re-negotiated”.The ESAs did not hide their displeasure at having to make yesterday’s announcement, noting that “[t]he timeline for implementation has been known in EU since 2015, and it is unfortunate that the financial industry has not managed to prepare for the implementation”.“Furthermore, a delay of 9 months was already granted by BSBC-IOSCO in 2015 on the basis of similar arguments from the industry,” they added. “That delay was agreed with the clear expectation that the financial industry would be ready to prepare the implementation within two years.”The ESAs’ announcement comes after the US derivatives regulator earlier this month issued a “no action” letter, providing a grace period on the collateral rule. In their statement, the ESAs noted that they have no mandate to disapply directly applicable EU law.US regulators and IOSCO, the international umbrella organisation for securities regulators, also made announcements yesterday acknowledging that industry may not be able to complete the necessary documentation to be able to fully comply with the variation margin requirements by the scheduled deadline of 1 March. Both agreed that there should be some leeway.Pension funds recently obtained an extension of their exemption from a requirement to centrally clear OTC derivatives, with this now lasting until August 2018. Pension funds and other financial institutions look set for potential reprieve from strict enforcement of new derivatives rules following an announcement by the European Supervisory Authorities (ESAs) yesterday.The statement concerns a 1 March deadline for rules requiring variation margin to be posted as collateral to cover counterparty risk in non-cleared, over-the-counter (OTC) derivatives.In a joint statement, the ESAs* said they “have been made aware of operational challenges” in meeting the deadline. Although they did not explicitly refer to small pension funds, they noted that smaller counterparties in particular were having difficulties.They effectively granted national regulators discretion not to strictly enforce compliance with the new rules, saying that they can assess “the degree of compliance and progress” on a case-by-case basis.
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Image Courtesy: Sky SportsAdvertisement bml94NBA Finals | Brooklyn Vsl8ifWingsuit rodeo📽Sindre Epkaj( IG: @_aubreyfisher @imraino ) ce8mWould you ever consider trying this?😱z99Can your students do this? 🌚xy1ylRoller skating! Powered by Firework 23rd October, a pretty normal day to European football clubs, except, the Belgian elites R.S.C. Anderlecht. Why, you ask? This day on 2014 proved to be a nightmare for them, as their UEFA Champions League match against Paris Saint Germain saw a 5-0 defeat, and thanks to one special, special player- Zlatan Ibrahimović, who delivered four goals on his own into the back of the net. yes, FOUR.Advertisement Image Courtesy: Sky SportsThe 2013-14 UCL Group C face off at the Constant Vanden Stock Stadium in Brussels still haunts the Paars-wit, as manager Laurent Blanc with his star studded PSG squad raided the home team, and the man leading the charge was the club captain Zlatan, 33 year old back then.The Swedish attacker, who arrived at the Parc des Princes in 2012 from AC Milan, opened up the scoreline in the 17th minute, and three more in the 22nd, 36th and 62nd minute. The Uruguayan striker Edinson Cavani was the solo contributor along with him, adding up with a goal in the 52nd minute.Advertisement Enjoy the highlights below, courtesy to English football magazine Mundial’s official Twitter handle.The Parisians topped Group C, but were eliminated in the quarter finals by Chelsea. The La Liga giants Real Madrid went on to win the trophy, their 10th Champions League title. Advertisement