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Dutch pensions to invest €100bn in risky assets boosting Europe’s defence efforts

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Dutch pensions to invest €100bn in risky assets boosting Europe’s defence efforts

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Dutch pension funds are set to plough tens of billions of euros into risky assets in Europe, as their move to a system without fixed benefits supports the continent’s efforts to attract investment and bolster its defence sector.

Reforms being rolled out in the Netherlands could lead to its €2tn pensions industry — one of the largest in the world — boosting investment in private equity and credit investments by about 5 percentage points over the next five years, said the head of the biggest Dutch asset manager.

The “largest part” of the anticipated €100bn is expected to be deployed in Europe owing to “more attractive valuations” and a wish to have a “real-world impact”, Ronald Wuijster, chief executive of APG Asset Management, told the Financial Times.

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He added that Dutch funds might be able to do “even more” to finance defence initiatives in the continent, saying that APG had already invested about €2bn in companies that contribute to the defence industry.

Wuijster’s comments came as the EU has been under pressure to raise defence investment, with former European Central Bank president Mario Draghi last year calling on the bloc to boost investments by €800bn annually to keep up with US and China. US President Donald Trump has also demanded governments shoulder a greater burden for Europe’s security.

“There used to be a penalty for private investments and for credit risk that is now diminishing, which increases the budget to take more risk,” Wuijster said.

He added that the reforms would allow investors to consider assets with “a slightly higher risk profile”, predicting an increase of “five-ish” percentage points in risky assets, as well as higher allocation to private assets and credit spreads. 

In 2023, Dutch senators passed a law to transition the country’s occupational pension system into a model in which pension funds no longer guarantee a fixed retirement income to members. The transition is expected to take place between 2025 and 2028.

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The old defined benefit system pushed the schemes into liquid, low-risk assets such as government bonds by requiring pension funds to closely match assets with long-term pensions owed.

The funds will now be able to set target returns that can fluctuate with market movements, removing some liability driven constraints and increasing their risk appetite.

This was a significant step because “psychologically, it puts the funds closer to regular lifecycle investing . . . and on that measure, Dutch pensions are probably taking too little risk”, Wuijster said. 

ABP, which is responsible for the pensions of Dutch civil servants and is by far the largest fund managed by APG with €544bn of assets, expects to transition to the new system by 2027.

At the end of last year, just over a quarter of ABP’s assets were in private markets. About 40 per cent of its private equity exposure was in Europe, which also had 57 per cent of its global allocation in private credit.

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Wuijster said this geographical balance could continue under the new system, and that the shift into private assets and credit would be “a very gradual process” taking place “over the next five years”. 

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A dead woman’s key fob and two grisly crime scenes: How the Utah triple-murder suspect was tracked across state lines | CNN

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A dead woman’s key fob and two grisly crime scenes: How the Utah triple-murder suspect was tracked across state lines | CNN

As investigators raced to find the person responsible for three killings in rural Wayne County, Utah, they used automated license plate readers and a victim’s own vehicle key fob to track their suspect – a man police said has no connection to the victims or the region that is known for its awe-inspiring landscapes dotted with quiet, small towns.

It would take just hours to pin down the suspect in a search that spanned multiple states in the Four Corners region of the Southwest – ending early Thursday with the arrest of 22-year-old Iowa resident Ivan Miller, who is charged with three counts of first-degree, aggravated murder, officials said.

Miller was taken into custody in Colorado, officials said –– more than 350 miles from where the bodies of three women were found at two locations in Utah.

Miller’s first court appearance is scheduled for Friday afternoon in Archuleta County, Colorado. He will be represented by a public defender, court records show.

The victims were identified as Margaret Oldroyd, 86; Linda Dewey, 65; and Natalie Graves, 34, Utah’s Department of Public Safety said.

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Dewey and Graves, an aunt and niece who’d gone for a hike together, were found dead near a trailhead just outside the town of Torrey, Utah’s DPS said. The women’s bodies were found by their husbands who grew concerned when the pair didn’t return from their hike, Utah Highway Patrol spokesperson Lt. Cameron Roden said at a news conference Thursday.

Investigators found Oldroyd’s vehicle at the trailhead and deputies went to her home in nearby Lyman, where they discovered her body, Roden said.

After his arrest, Miller told investigators he spent a night in Oldroyd’s back shed and snuck into her house while she was out, according to an indictment filed in court Thursday. Miller “waited for her behind a door and shot her in the back of the head … while she was sitting down to watch television,” the indictment said.

Miller made efforts to clean up the scene before dragging the 86-year-old’s body to a cellar under the shed, where she was later found, the indictment read. He then stole her Buick Regal and traveled to the trailhead, investigators said. Miller told investigators “he did not like the car and wanted to find a different vehicle,” the indictment said.

At the trailhead, Miller said he saw Dewey and Graves get out of a white Subaru and shot them both, according to the indictment. Miller told investigators he stabbed one of the women in the chest multiple times because she was still moving, the document said.

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He then admitted dragging their bodies into a ditch, where the two were discovered by their husbands, the indictment said.

Officials said Miller ditched Oldroyd’s car at the trail and drove away in the white Subaru. Miller also admitted stealing the women’s credit cards and using one to pay for gas, according to documents.

Investigators used a network of license plate scanners to track the Subaru “through southern Utah into northern Arizona and eventually into Colorado,” Roden said.

“Colorado law enforcement located the vehicle abandoned in Pagosa Springs, Colorado, and after a brief search, took the individual into custody without incident,” Utah DPS said Thursday.

One of the husbands was also able to track the car’s location using an app that monitored the vehicle’s key fob, investigators said. Just after 9 p.m. Wednesday, the key fob appeared to be in Farmington, New Mexico — about two hours southwest of where Miller would later be taken into custody, according to the indictment.

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Miller had a handgun and a large knife in his possession at the time of his arrest, according to police in Pagosa Springs.

Miller told investigators he killed the women because he needed money, according to the indictment. “Miller confessed that it ‘had to be done’ but he did not like to do it,” the document reads.

Miller, who lived in Blakesburg, Iowa, set out on a cross-country road trip about two and a half weeks ago, his brother, who spoke with The New York Times on condition of anonymity, said.

Miller’s brother said the two stayed in contact during the trip, and Miller mentioned crashing his truck after hitting an elk, according to the Times.

The brother was concerned about how Miller was traveling around after that and offered to bring him back to Iowa, which he declined, the Times reported.

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After his arrest, Miller told officials that he had been staying at a hotel in the area for a few days after he hit an elk with his truck, which he then sold to a tow truck company, according to the indictment.

On Thursday, shaken residents across Wayne County placed pink ribbons around trees and fences in their communities as they remembered the three women who were killed in apparently random attacks carried out by a stranger.

“We wanted to honor our friend and neighbor,” Mary Sorenson, who put up ribbons around Lyman, told CNN affiliate KSL.

The Wayne County School District announced it would be closed for the rest of the week and would “have counselors in place to support students when we are back in session next week.”

In a statement Thursday, Torrey Mayor Mickey Wright described the multiple homicides as a “heartbreaking moment for our small, close‑knit community.”

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“Our community is strong. In the coming days, we will support one another, check on our neighbors, and ensure that those affected by this tragedy are not alone,” Wright said. “We stand together today — in grief, in compassion, and in solidarity.”

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Iran’s fight for survival / The widening war / Trump’s nebulous goals : Sources & Methods

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Iran’s fight for survival / The widening war / Trump’s nebulous goals : Sources & Methods
The U.S.-Israeli war with Iran is spilling out across the region. What are the goals? And how does it end?Host Mary Louise Kelly talks with International Correspondent Aya Batrawy, based in Dubai, and Pentagon correspondent Tom Bowman, about the U.S.-Israeli war with Iran. Six days of war have turned the middle east upside down, and it’s still not clear how the U.S. will determine when its objectives have been accomplished.Recommended Iran reading:Blackwave by Kim GhattasAll the Shah’s Men by Stephen KinzerPrisoner by Jason RezaianPersian Mirrors by Elaine SciolinoListener spy novel recommendation: Pariah by Dan FespermanEmail the show at sourcesandmethods@npr.orgNPR+ supporters hear every episode without sponsor messages and unlock access to our complete archive. Sign up at plus.npr.org.
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Map: 4.9-Magnitude Earthquake Shakes Louisiana

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Map: 4.9-Magnitude Earthquake Shakes Louisiana

Note: Map shows the area with a shake intensity of 4 or greater, which U.S.G.S. defines as “light,” though the earthquake may be felt outside the areas shown.  All times on the map are Central time. The New York Times

A light, 4.9-magnitude earthquake struck in Louisiana on Thursday, according to the United States Geological Survey.

The temblor happened at 5:30 a.m. Central time about 6 miles west of Edgefield, La., data from the agency shows.

U.S.G.S. data earlier reported that the magnitude was 4.4.

As seismologists review available data, they may revise the earthquake’s reported magnitude. Additional information collected about the earthquake may also prompt U.S.G.S. scientists to update the shake-severity map.

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Source: United States Geological Survey | Notes: Shaking categories are based on the Modified Mercalli Intensity scale. When aftershock data is available, the corresponding maps and charts include earthquakes within 100 miles and seven days of the initial quake. All times above are Central time. Shake data is as of Thursday, March 5 at 8:40 a.m. Eastern. Aftershocks data is as of Thursday, March 5 at 10:46 a.m. Eastern.

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