How can France become a leader in innovation The Chips Diplomacy Support Initiative (CHIPDIPLO) is an 18-month project led by the Institut Montaigne and co-funded by the European Commission It aims to strengthen Europe's semiconductor strategy in the face of geopolitical tensions Its objectives are to anticipate industrial risks coordinate member states' policies and develop international partnerships industrialists and researchers to analyze the challenges and provide recommendations to the EU CHIPDIPLO supports the EU Chips Act and promotes Europe's attractiveness for innovation and investment This report analyzes the future of the EU's Clean Industrial Deal and the place of European industry in a post-carbon world it compares decarbonization strategies and puts forward recommendations for strengthening European competitiveness While it has the largest oil reserves in the world and was one of the most prosperous countries in Latin America back in the 1970s it is now in partial default on its debt and all the indicators have turned to red How do we explain such an economic disaster What are the short and long term perspectives for this country Is its situation comparable to that experienced by Greece following the 2008 crisis Research Associate at the CERI and specialist on this region In just four years, Venezuela’s GDP has been declining more than that of the United States during the Great Depression (35% versus 28%). The external debt estimation is now at $150 billion, and the country only has $9.7 billion in reserve (including 8 billion in repayment planned for 2018) This financial distress is explained by the conjunction of a poorly controlled oil diplomacy and falling oil prices and PdVSA's default of payment announced by the rating agencies could put even further the country's assets in its hands The intervention of rating agencies in this crisis has only amplified a gradual process towards the banishment from the international community While Greece and Venezuela have faced deep debt crises their origins and consequences significantly differ Greece has entered a spiral of indebtedness due to an initial falsification of public accounts intended to favor the country's entry into the euro Subsequent borrowings on the European financial markets thus added to a massive public debt - also fuelled by the underground economy and tax evasion - which led to the payment default announced since 2010 the crisis comes from the combination of State mismanagement of the oil rent and an exogenous factor the weakening of the State and successive austerity plans did not fundamentally call into question the rule of law and democratic principles Maduro's presidency in Venezuela is trapped in an authoritarian spiral as suggested by the numerous arbitrary arrests (especially of political opponents) the violent repression of demonstrations that have caused more than 120 deaths since March 2017 and accusations of repeated violations of human rights. Diabetes Canada401 - 1 Wesley Ave., Winnipeg MB R3C 4C6Web: http://www.diabetes.ca CONTACT US | local_floristSEND FLOWERS Our support in your time of need does not end after the funeral services Enter your email below to receive a grief support message from us each day for a year Home>Prof Kevin Parthenay: “The Romanticism of Latin America” In his class “International Relations in Latin America” Kevin Parthenay invites students on the Poitiers campus to take up a new perspective of this continent that Prof. #48 Kevin Parthenay "The Romanticism of Latin America" from Sciences Po on Vimeo Kevin Parthenay is a Lecturer of political science at the University of Tours and an adjunct researcher at the OPALC/Sciences Po He is a member of the IRJI at the University of Tours his research focuses on the sociology of comparative regionalism (he has published A Political Sociology of Regionalisms analysis of Latin American foreign policy and democracy in Central America Since 2019 he has collaborated with the CERI to coordinate an international research project on human resources in regional organisations he teaches courses on International Relations in Latin America and French Foreign Policy in Latin America on the Poitiers campus In 2020 his book on political crises in Latin America (2009-2019) is being published by Armand Colin Prof. is the web video series that shows you Sciences Po from the inside. Each episode brings you into the heart of the classroom, to meet the professor, discover their discipline, and hear from their students. The secret to a successful class can be an unexpected intersection between different perspectives. To see all episodes of the series, visit our Youtube channel Subscribe to News from Sciences Po 27, rue Saint Guillaume - 75337 Paris Cedex 07 Phone: +33 (0)1 45 49 50 50 | +33 (0)1 42 22 31 26 One is a traditional fixed income investment practice that looks at all fixed income asset classes from government bonds to illiquid loans The second investment engine is a risk management platform also known as our liability-driven investment platform where we develop solutions to match liabilities We often use the risk management platform to design solutions and the fixed income platform to implement those solutions It is important to bear in mind that not all insurers manage assets themselves There are many players who do not believe asset management is part of their core business and they prefer to leave that to professionals like us For the insurers that do have an asset management practice we usually have broader capabilities than they have so we can help them to invest in asset classes they do not cover particularly in the core fixed income and derivatives markets in hedging foreign exchange or interest rate risk and the documentation in place to deal with all the main counterparties Simon Richards: Our starting point when structuring an investment solution for an insurer is to assess the type of liability we are matching the assets against We also think about the liquidity requirements for meeting those liabilities and then the sensitivity of the liabilities to factors These are starting points for producing an appropriate fixed income portfolio We then need to think about the regulatory implications of different sorts of assets and the insurer's desired risk profile and capital budget as we move down the credit curve and are longer in duration Heneg Parthenay: If we look back 15 years ago the majority of the fixed income assets held by insurers were government bonds But over the last decade with low interest rates we have seen a departure from government bonds and an increase in allocation to corporate bonds starting first with investment grade corporate bonds and then moving a proportion of assets into high yield bonds Heneg Parthenay: More and more of our insurance clients are moving away from market benchmarks That means moving from a classic market index and instead using an insurer's liabilities as a benchmark An insurer will use their own liabilities as a benchmark because at the end of the day you want the parameters of the assets to be consistent with the parameters of the liabilities The insurer will also define their risk appetite in terms of either capital consumption or maximum risk for example concentration by issuer or sector we usually manage it on a buy and maintain basis The objectives of the approach are to maintain the credit quality of the portfolio and avoid defaults Such an approach also allows transaction costs to be kept at a reasonable level while maintaining the characteristics of the portfolio aligned with the characteristics of the liabilities Simon Richards: One of the often-overlooked ways we can add value is in the initial take-on we are not receiving cash to build a portfolio There is an existing portfolio that is managed by someone else and we are taking on those assets and transitioning them to the assets we believe our client should hold Our approach is then to identify assets that need to be sold more quickly and those that can be retained in the short-term looking for a more opportune time to sell Where we have added a lot of value for clients more recently is expanding the range of assets they can hold but focussing on overall risk and capital requirements rather than being focused on only local markets we have been able to look at bonds in euros and US dollars hedged back to sterling to improve diversification and access more efficient yields Subscribe to Insurance Asset Risk to benefit from: This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies. Find out more here Franklin Templeton has appointed Heneg Parthenay (pictured above) as head of insurance EMEA Parthenay will lead the development of Franklin Templeton’s business with insurers across various markets in Europe He will work closely with the company’s specialist investment managers and local distribution teams to develop investment strategies designed to meet insurers’ needs “Heneg brings over 22 years of insurance and asset management expertise that will be instrumental in developing our offering in the rapidly growing insurance market,” Williams said “I am delighted to welcome Heneg on board and look forward to working with him to address the evolving needs of insurers and build Franklin Templeton’s footprint in the EMEA insurance market.” Heneg holds a master’s degree in banking finance and insurance and a master’s degree in risk management from Paris Dauphine University He also has a master’s degree in actuarial science from Conservatoire National des Arts et Metiers and is a fellow of the French Institute of Actuaries “Insurance clients have very distinct objectives and parameters,” Hooten said “Heneg brings insurance capital management and regulatory experience that will allow us to leverage fully the breadth of expertise of Franklin Templeton Investment Solutions I look forward to working with Heneg to enhance and expand our solutions offering dedicated to EMEA insurers.” the process is reinforcing an outdated prioritization of sovereign state interests at the expense of global public health (Anderson The initial drafts of the pandemic treaty articulated a cosmopolitan ethic acknowledging the intrinsic moral value of all individuals irrespective of nationality and establishing obligations towards the global collective welfare (Anderson These drafts underscored principles such as universal health coverage (UHC) the “One Health” approach (which integrates human and genuinely cooperative model for pandemic preparedness subsequent revisions of the treaty have diluted these commitments The provisions for UHC and One Health were significantly weakened; community engagement and inclusiveness were omitted; and human rights protections were consolidated and stripped of specificity state sovereignty was elevated to the treaty’s foundational principle This shift represents more than a mere technical drafting adjustment; it exemplifies what scholars refer to as ethical amnesia (Anderson and Crump 2025) : the gradual abandonment of principled commitments to justice and solidarity when political expediency dictates otherwise world leaders employed the rhetoric of global cooperation pledging that the failures of vaccine nationalism and fragmented crisis responses would not recur so too did the willingness to embed binding ethical obligations into new institutional frameworks vaccine nationalism not only failed to protect domestic populations in the long term but also hindered global recovery serving as an empirical critique of short-term self-interest (Phelan et al Even within seemingly successful national responses, the absence of a genuinely global perspective was apparent. New Zealand’s early pandemic measures, widely lauded for their effectiveness were characterized as a form of national exceptionalism—a victory over the virus—rather than as part of a collective global effort such “health nationalism” ultimately exacerbates global inequalities and diminishes the political will to share resources and knowledge across borders the weakening of explicit human rights commitments in the pandemic treaty is profoundly concerning Pandemics invariably exacerbate existing social inequities and persons with disabilities disproportionately suffer during health crises These vulnerabilities are not incidental; they result from systemic marginalization enforceable protections for the rights of these groups future pandemic responses risk perpetuating and amplifying existing injustices provides little assurance that states will be held accountable for human rights violations committed under the guise of public health emergencies Reducing cosmopolitan commitments is strategically unsound As I have previously argued (Regilme 2020a; Regilme and Parthenay 2024; Regilme 2023; 2020b;Regilme 2024) institutions that neglect to prioritize human dignity and global solidarity ultimately compromise the political stability they aim to safeguard Inequitable responses to pandemics exacerbate resentment and diminish trust in international institutions In an era characterized by increasing authoritarianism and populist backlash this erosion of trust poses a direct threat to international peace and security transcends being a mere technocratic document; it serves as a litmus test for the international community’s readiness to reconceptualize sovereignty in the 21st century Genuine sovereignty in an interconnected world necessitates a commitment to cooperation and actions that safeguard humanity collectively When threats are global—such as climate change and technological risks—the traditional model of isolated national responses becomes obsolete and counterproductive the treaty must reinstate binding commitments to equitable access to vaccines Solidarity must be operationalized rather than merely invoked rhetorically Mechanisms like the WHO’s COVAX initiative have demonstrated that international pooling and allocation can be effective if adequately supported and depoliticized automatic redistribution mechanisms that activate during global health emergencies the treaty must institutionalize transparent and equitable global surveillance and information-sharing systems with inherent protections for individual privacy and human rights could facilitate more rapid and equitable responses The pandemic treaty should mandate open data-sharing across nations supported by clear enforcement mechanisms to deter data withholding or manipulation the treaty must embed human rights protections throughout every phase of pandemic governance—from early preparedness and surveillance to emergency response and recovery Protecting vulnerable groups should not be an afterthought; it must be a guiding principle individuals with disabilities encountered disproportionate barriers to healthcare access and economic support Proactively addressing these gaps would enhance societal resilience overall rendering pandemic responses more just and effective Some critics argue that binding global commitments are politically unrealistic that national governments will never cede significant autonomy in matters of public health Sovereignty today is less about resisting external influence and more about managing interdependence wisely If states cling to sovereignty as an excuse for inaction or inequity they will only find themselves more vulnerable The ongoing WHO negotiations represent a rare and fleeting cosmopolitan moment—a chance to reimagine global health governance based on solidarity and the recognition of our shared human vulnerability To squander this opportunity would be a profound failure of political imagination and moral courage Whether it becomes another preventable global catastrophe or a demonstration of true international cooperation will depend on the choices being made today embedding solidarity into binding obligations and reclaiming the cosmopolitan ethic that the pandemic briefly made visible are not utopian aspirations Anderson, Emma M R, Elizabeth Fenton, and John A Crump. 2025. “Pandemic Treaty Textual Analysis: Ethics and Public Health Implications.” Journal of Public Health, fdaf040. https://doi.org/10.1093/pubmed/fdaf040 Davies, Sara E, and Clare Wenham. 2020. “Why the COVID-19 Response Needs International Relations.” International Affairs 96 (5): 1227–51. https://doi.org/10.1093/ia/iiaa135 FitzGerald, Maggie. 2024. “Care, Politics, and the Political: The Case of the COVID-19 Global Pandemic.” International Feminist Journal of Politics 26 (3): 588–608. https://doi.org/10.1080/14616742.2023.2269947 Han, Yuna, Katharine M. Millar, and Martin J. Bayly. 2021. “COVID-19 as a Mass Death Event.” Ethics & International Affairs 35 (1): 5–17. https://doi.org/10.1017/s0892679421000022 Phelan, Alexandra L, Mark Eccleston-Turner, Michelle Rourke, Allan Maleche, and Chenguang Wang. 2020. “Legal Agreements: Barriers and Enablers to Global Equitable COVID-19 Vaccine Access.” The Lancet 396 (10254): 800–802. https://doi.org/10.1016/s0140-6736(20)31873-0 Regilme, Salvador. 2024. “International Relations in Public Health: The Pentagon’s Anti-Vax Campaign during COVID-19 Pandemic.” Journal of Public Health, July, fdae139. https://doi.org/10.1093/pubmed/fdae139 Regilme, Salvador Santino. 2020a. “COVID-19: Human Dignity under Siege amidst Multiple Crises.” E-International Relations. June 12, 2020. https://www.e-ir.info/pdf/85067 ———. 2020b. “Opinion – COVID-19: Human Dignity Under Siege Amidst Multiple Crises.” E-International Relations. June 12, 2020. https://www.e-ir.info/2020/06/12/opinion-covid-19-human-dignity-under-siege-amidst-multiple-crises/ ———. 2023. “Crisis Politics of Dehumanisation during COVID-19: A Framework for Mapping the Social Processes through Which Dehumanisation Undermines Human Dignity.” The British Journal of Politics and International Relations 25 (3): 555–73. https://doi.org/10.1177/13691481231178247 Regilme, Salvador Santino, and Kevinb Parthenay. 2024. “COVID-19 Pandemic and Competitive Authoritarian Regimes: Human Rights and Democracy in the Philippines and Nicaragua.” Political Geography 115 (November 2024). https://doi.org/10.1016/j.polgeo.2024.103212 Soulé, Folashadé. 2022. “Addressing Vaccine Inequity: African Agency and Access to COVID-19 Vaccines.” China International Strategy Review 4 (1): 156–65. https://doi.org/10.1007/s42533-022-00105-2 Surianta, Andree, and Björn Dressel. 2025. “A New Era of Vaccine Diplomacy: Navigating the US-China Rivalry in Southeast Asia, 2020–2022.” Geopolitics ahead-of-print (ahead-of-print): 1–28. https://doi.org/10.1080/14650045.2025.2485206 Zhang, Dechun, and Ahmed Bux Jamali. 2022. “China’s ‘Weaponized’ Vaccine: Intertwining Between International and Domestic Politics.” East Asia 39 (3): 279–96. https://doi.org/10.1007/s12140-021-09382-x Salvador Santino Regilme is an Associate Professor and Chair of the International Relations Program at the Institute for History Faculty of Humanities at Leiden University Copyright © — E-International Relations Research professor - Center for International Studies - El Colegio de México on International Relations The stances of Latin American governments toward Palestine vary widely Since the outbreak of the current Gaza war three relatively distinct positions have been prominent: 1) strong support for Israel and its right to self-defense; 2) insistence that the Israeli occupation and the violation of Palestinian rights must end and 3) a search for equidistance from all sides Which of these positions each country has adopted can be explained by a mix of domestic and external factors The top political leadership has played a pivotal role in this regard with Latin American countries’ constitutions usually giving broad prerogatives to heads of state Their preferences and worldviews are crucial to explaining diplomatic approaches and public stances towards the war Colombian President Gustavo Petro referred to the liberation struggle of Jewish people against Nazi rule in his framing of Palestinian reality and resistance today Being a former member of a guerrilla movement undoubtedly contributed to this analogical reasoning Salvadoran President Nayib Bukele – notably of Palestinian descent – established a parallel between the horrifically violent Salvatrucha gangs and Hamas whose members he describes as “wild beasts” and “animals.” In this case his analogy serves the political purpose of attempting to obtain international legitimacy for his profoundly autocratic regime it is President Andrés Manuel López Obrador’s deep lack of interest in international issues which helps explain his country’s initial reaction What can also be observed is that Latin American governments’ stances toward the Gaza war are not associated with their general positioning on the political spectrum We do not find homogeneous positions among rather progressive governments (Brazil and until recently Argentina) nor homogeneous positions among rather conservative governments (Ecuador The Latin American Left has always been a plural force and it is not only left-wing leaders who have worked towards rapprochement with the Middle East and Palestine right-wing Chilean President Sebastián Piñera (2010-2014) made the first visit by a Chilean head of state to the Palestinian Territories in 2010 His Peruvian counterpart Alan García (2006-201) did the same the Latin American Left has generally tried to avoid the extreme politicization of its ties as demonstrated by the good relations with Israel it has normally sought to keep seems to be Colombia with left-wing President Latin American public opinion is also far from being the dominant factor in Latin American foreign policy decision-making regarding Palestine There is consistent Orientalist framing and patterns in the media narratives prominent in several Latin American countries as well as many national opinion leaders who endowed with privileged platforms on printed and electronic media play a decisive role in framing and structuring the coverage of the war and even in setting the terms of its debate also seek to influence the debate and policies Their impact must be accounted for in relation to trends at the political and social levels – which is reflected by the varying degrees of condemnation against Israeli military operations in Gaza which has the largest Jewish community in Latin America left-wing President Alberto Fernández – who was just recently succeeded in office by Javier Milei on December 10 – was one of the first Latin American presidents to show his support for Israel with the largest Palestinian diaspora in Latin America President Gabriel Boric and his Minister of Foreign Affairs Alberto van Klaveren have repeatedly denounced Israel’s indiscriminate violence against civilians Latin American Evangelical groups are also a political factor consistently and stridently lobbying for increased ties with Israel such as in Guatemala and Brazil in recent years Their influence on government positions vis-à-vis Israel varies depending on the type of government and the strength of state institutions Kevin Parthenay (Université de Tours) and I have studied how recent increased diplomatic engagement with Israel by Guatemala and El Salvador has been associated with democratic regression and the extreme centralization of decision-making one must also consider the predominance of the United States It is a determining factor explaining the stances of several Latin American governments in the present and past wars in Gaza whether that be calling for the occupation to end insisting on Israel’s right to self-defense A Latin American country’s varied dependence on the US in the economic and migration realms can often explain the differential treatment it gives to Hamas Heneg Parthenay has been appointed to the new position of head of insurance at UK investment manager Insight Investment Parthenay was chief operating officer and head of insurance at BNY Mellon Investment Management EMEA from October 2013 Both companies are part of the BNY Mellon Group Prior to this he was strategy and mergers & acquisitions director at Aviva Investors "We are very pleased to welcome Heneg to our team," said Anker have encouraged insurers to look at the wider fixed income universe Heneg will draw on Insight's broad range of fixed income capabilities to give insurers access to our specialist expertise in areas such as illiquid credit "Heneg will also work closely with Insight's liability driven investment team which combines actuarial expertise with a comprehensive insurance reporting solution This team has been providing valuable support to insurance clients as they approach the Solvency II implementation deadline in 2016." Global growth forecast down from 2.9% at start of the year to 2.7% I Care and Winrock International to develop index to provide understanding of which companies are leaders in cutting GHG emissions At our recent Investing in Real Assets Conference we brought together David Otudeko of the ABI and Michael Henderson of Legal & General to discuss the future of Solvency UK Deal complements stake in Vantage Data Centres The concept of this event is to encourage exchanges without prejudice between people seeking professional opportunities and companies looking for talent. On the day, candidates who have previously completed a personality test wear a sticker corresponding to their profile: "adventurer," "inspirer," "consul," "entrepreneur," "entertainer," etc. They then meet with company representatives - who remain anonymous on that day - displaying the profiles they are looking for. These blind recruitment sessions particularly enable individuals distant from employment to have the same chances as other candidates. To participate in these meetings, job seekers, those in career transition, or wishing to give a new direction to their career, have only two steps to complete beforehand: take an online personality test lasting a few minutes to discover their profile, then register on the official event site where they can choose the closest recruitment session to them. Many regional companies are participating in the event, including Safran and LISI Aerospace, to name just a few. The positions offered are open to both women and men, beginners and more experienced individuals. The types of contracts offered are permanent, temporary, and interim positions. Join us from 10:00 AM to 12:00 PM and 2:00 PM to 4:00 PM on Tuesday, March 25, 2025, at one of the following �ppen events, also available on oppen.fr: V and B Parthenay165-167, avenue Aristide Briand79200 Parthenay60 positions are available in the fields of industry, aeronautics, agri-food, and construction. V and B Rochefort95, rue des Pêcheurs d’Islande17300 Rochefort50 positions are available in the fields of industry, services, aeronautics, personal services, and naval industry. V and B Châteaubernard55 -57, avenue d’Angoulême16100 Châteaubernard40 positions are available in the fields of industry, aeronautics, agri-food, construction, and metallurgy. V and B Amiens-les-HallesPlace Maurice VastLes Halles du Beffroi Shopping Center80000 Amiens50 positions are available in the fields of industry, construction, transport, aeronautics industry, and industry. V and B Auxerre3, rue Colonel Rozanoff89000 Auxerre50 positions are available in the fields of industry, transport and logistics, agri-food, services, and aeronautics. Copyright © 2003-2025 AEROCONTACT - All rights reserved Global Lead Partner EN • EnglishDE • DeutschES • EspañolFR • FrançaisZH • 繁Welcome {"@context":"http://schema.org/","@type":"WebPage","name":"Public program | Chapelle des Petits-Augustins – Beaux-Arts de Paris","url":"https://www.artbasel.com/paris/public-program/chapelle-petits-augustins-beaux-arts-paris","image":"https://res.cloudinary.com/dqzqcuqf9/image/upload/v1546932493/ab-og-image.png"} lives and works between Sussac and Zürich The 17th-century opulence of the Chapelle des Petits-Augustins is a striking backdrop for Jean-Charles de Quillacq’s sculptures cigarette butts and automotive coolant share the space with the museum's permanent works and several organic forms lying on polystyrene supports that retain traces of their manufacture Jean-Charles de Quillacq's research focuses on the body and its representations chemical reconstitutions of the artist's own sweat these representations act as metaphors for the unstable and ambiguous nature of capitalism Miu Miu is the Public Program Official Partner Click here to listen to our audioguide and learn more about Jean-Charles de Quillacq's project. Medievalists.net Holy Warriors: The Romanesque Rider and the Fight Against Islam edited by Thomas Patrick Murphy (Ohio State University Press which flourished in the sculptural decoration of Romanesque churches as a quintessential manifestation of the Renaissance of the twelfth century Both Christopher Brooke and Erwin Panofsky considered the large-scale figures to be faithful copies of the celebrated ancient statue of Marcus Aurelius Since the Middle Ages believed that this monumental bronze represented Constantine scholarly tradition has assumed that the Romanesque carvings likewise portrayed the first Christian emperor Emile Male even hypothesized that commemorative trinkets of the equestrian statue for the representation of mounted figures on church fagades is the best preserved and most celebrated among these carvings Male’s theory accords well with the widespread view of Romanesque as an art that drew its intellectual instruction primarily from the Church in Rome and its artistic inspiration from local civic monuments that had survived from the period of Roman colonization But why elevate Constantine to such a position of prominence on the outside of ecclesiastical buildings There is no evidence of a cult of Constantine in either France or Spain at the time and no tradition of the Roman convert as benefactor of the churches on which he appears if the rider image was inspired by a statue in Rome why didn’t the type proliferate in territories adjacent to Italy A few riders do appear on sculptures in southern France but these are small and belong to narrative episodes on capitals such as the figure trampled underfoot and the accompanying woman characteristics as well of the Aquitainian cavaliers Neither the western French riders nor the Provengal equestrians bear significant formal relation to the monumental Antique bronze been bequeathed by Antiquity to the Middle Ages familiar from public monuments such as the one in Rome persisted in early Christian Imperial sculptures and on official coins; it also inspired representations of Christ’s entry into Jerusalem animated depiction of an aggressive cavalier found originally on pagan funerary slabs and subsequently on Imperial Roman coins became associated with the military saints Kingsley Porter suggested that this diverse group of Eastern warrior saints influenced the invention of the lively Western cavaliers Alternatives to the Constantinian explanation of the twelfth-century equestrians do emphasize the active quality of many of the Romanesque riders The Spanish have held that the horseman is Saint James as he legendarily appeared in a dream to Charlemagne urging the Frank to fight the Moors and liberate the Saint’s basilica in Galicia observing the similarity between the representations of armed riders on the seals of the lords of Parthenay and the riders that grace the tympana of two churches in that town suggested that these particular equestrian carvings had something to do with local nobility; perhaps they commemorated a victory by an eleventh-century member of their line over a local heresy The French archeologist Paul Deschamps observed that the “Constantinian” subject on a capital of French workmanship from Syria might allude to the twelfth-century fight against Islam Abstract explanations have also been offered The riders have been related to mounted personifications oiSuperbia sometimes shown wearing the trappings of a soldier The identification of that awful Vice with cavaliers has been interpreted as a warning to members of the powerful fighting class not to abuse their power and commit the sin of Pride the triumphant riders have been viewed as the embodiment of Virtue and they have been interpreted as the dual powers in medieval society Click here to read/download this article (PDF file) We've created a Patreon for Medievalists.net as we want to transition to a more community-funded model We aim to be the leading content provider about all things medieval podcast and Youtube page offers news and resources about the Middle Ages We hope that are our audience wants to support us so that we can further develop our podcast and remove the advertising on our platforms This will also allow our fans to get more involved in what content we do produce This website is using a security service to protect itself from online attacks The action you just performed triggered the security solution There are several actions that could trigger this block including submitting a certain word or phrase You can email the site owner to let them know you were blocked Please include what you were doing when this page came up and the Cloudflare Ray ID found at the bottom of this page Solvency II will impact how insurers manage their assets but the effects will depend on their size and the business mix Christopher Cundy and Hardeep Dhillon report from InsuranceERM's Insurance Asset Risk conference The introduction of Solvency II is bringing many fresh challenges to European re/insurers delegates at the Insurance Asset Risk conference heard The rules are much more complex than originally envisaged and asset liability management (ALM) has become incredibly technical investment solutions director for asset management firm Standard Life Investments More than 100 representatives from re/insurers asset managers and service providers attended "Risk-based regulation is here to stay and being good at ALM is going to be a key differentiator," he said Executing a sound investment strategy under Solvency II requires certain skills and capabilities that not every insurance company has in-house if insurers wish to take advantage of the matching adjustment (MA) in Solvency II – a special measure for insurers who buy and hold assets to reduce their exposure to volatility in credit spreads – then specific assets have to be sourced "Designing a matching adjustment portfolio is not trivial and it can make a huge difference to a balance sheet," Porteous said The MA is particularly useful for insurers with annuities and Porteous cited an example where a firm's annuity liabilities represented 3% the total liabilities on its balance sheet but with the MA it could get a 20% increase in excess capital Applying to the regulator to use the MA will also be onerous and together this could be an incentive to outsource asset management head of investment and ALM at insurer Friends Life said he struggled with the view that Solvency II would be a driver for outsourcing especially among firms that had been running internal models for some time the attractiveness of assets do not change radically with Solvency II and firms are only likely to outsource when they do not have the skills or scale to source the assets through in-house teams Solvency II could provide incentives to bring asset management in-house technical director for required capital assumption methodology at insurer Aviva Acquiring the right management information is a bigger challenge for an external manager as they will not be fully integrated into the risk reporting system and they are unlikely to have as much understanding of the business as in-house teams "Designing a matching adjustment portfolio is not trivial and it can make a huge difference to a balance sheet." Bruce Porteous insurers should pick the best asset manager for the asset class concerned irrespective of whether the manager is internal or external But he and other panellists acknowledged that hiring specialists in the more obscure asset classes was challenging and they noted a talent shortage in sectors such as infrastructure where many insurers are scrambling to form teams employing an asset manager is not always a short cut it can take 12-18 months for asset managers to source infrastructure projects a UK mutual insurer with both life and general insurance divisions and which outsources its asset management said that Solvency II would mean insurers working more closely with their asset managers With economic capital becoming a predominant metric asset managers would need to understand the implications of investment decisions on the capital model Solvency II expects asset managers to follow the 'use test' This would not change LV='s decision to outsource its asset management but closer cooperation would be needed as "we cannot hand over internal model in the mandate." Tait also suggested Solvency II would change how MA portfolios would be managed There are restrictions on how assets in MA portfolios can be swapped and insurers may end up with a much more passive approach to MA portfolios – particularly if insurers are required to match the cash-flow profile of replacement assets managing director for ALM structuring at investment bank Nomura said firms face many conundrums with the introduction of Solvency II specifically on the elements of the long-term guarantees (LTG) package that was recently added to the legislation to help stabilise capital requirements Disputes are likely to arise around the use of the volatility balancer as the UK regulator is understood to be against its use while French and German regulators are more accepting This may make it difficult for UK firms with mainland European operations to compete with firms that are based in those countries He said one positive of Solvency II is that it is encouraging firms to think about the three dimensions of bond returns: the duration insurers would need to hedge as close as they can to the risk-free rate – a difficult task because the elements that go into calculating the risk-free rate are so volatile Taking on credit risk is only good for firms if they can convince the regulator that the asset should qualify for the MA Solvency II is pushing people to take liquidity risk – for example through private placements instead of public bonds Remaining a long-term investor under a regime that does not really encourage it is obviously challenging He suggested insurers could lobby for the rules to be changed further; firms could also hold more buffer capital but that may make products too expensive; hedging strategies can be used to effectively provide contingent capital; or assets should be diversified into those that perform well in a crisis said the biggest impacts from Solvency II come from having to define risk appetite across all functions and cope with the volatility in solvency capital requirements The three basic factors contributing to the solvency capital requirement (SCR) are the liabilities The first two are harder to change than the asset mix and this means that insurers are being pushed to invest in less risky assets The SCR will be much more volatile under Solvency II so more of the asset mix will be dedicated to liquid and less volatile assets the chief risk officer (CRO) has taken on a greater role The firm has had a strong ALM and modelling function for many years and a good dialogue between the asset and the liability side But the CRO has become the third player – partly because Solvency II requires decisions to be tracked Asset managers should take responsibility for asset data reporting – although insurance firms play a key part in this process This was the consensus from panellists at the Insurance Asset Risk conference chief investment officer at investment manager AllianceBernstein said it was the asset manager's job and his firm was already handing over raw data to its client base that it had purchased "We manage assets for clients and they are entitled to understand what they are invested in," he said He added that data vendors should take a flexible view and allow asset managers to pass data on to clients and not charge both the asset manager and insurance client noted that insurers will ultimately be held responsible for the quality and accuracy of data would view the asset manager as the source of data and have a shared responsibility product manager at investment research firm Morningstar saying that insurance companies need to define exactly which data elements they expect from the asset manager and take an active role in clarifying any ambiguous definitions She added that data providers should develop business models that do not double-charge the industry head of UK industry solutions at Deutsche Asset & Wealth Management stating that it was the client's responsibility rather than the asset manager He believed there were a number of solutions to deal with the data problem "We manage assets for clients and they are entitled to understand what they are invested in." Erik Vynckier clients that use multiple managers would find it impossible for one asset manager to consolidate data from its peer group Other clients prefer to aggregate the data and undertake the validation work and simply ask asset managers for minor enhancements to the data Some clients would expect their custodian to do the work for them a point that one delegate believed could be a major development for the industry Price also noted that the third-party service providers are looking to extract line-by-line data across funds aggregate this and export them to the insurers director at risk analytics provider UBS Delta said clients have different expectations about when asset managers need to deliver data by Simic said that some insurers are asking for data very quickly - less than five days after month-end - because they have so much internal processing to do But data is typically being transmitted 10-15 days after month-end atmospheric châteaux and villages feature among our tipsters’ discoveries all linked by delightful wine and places to stay Winning tip: Skiing in Le Mont-Dore, Massif CentralWe took a Eurostar then a train from Paris Gare de Bercy via Clermont Ferrand to Le Mont-Dore a spa town at the source of the Dordogne river in the Massif Central It’s certainly hidden France: we met no other Brits there earlier this month (February) There were only two runs open in this gem of a ski resort so we walked through woods to an impressive waterfall – La Grande Cascade – along a path leading to the top of the ridge for a sunny picnic We forwent watching the Six Nations in our lovely Airbnb flat to drink hot rum at a jolly buvette in the square and saw France beat England on its TV Photograph: Château de Pennautier FacebookJust outside Carcassonne lies the much less-known village of Pennautier with narrow and winding streets in its tightly knit old town At this gorgeous 17th-century palace where Louis XIII once stayed you can explore the beautiful grounds and even host events Just over the river from the chateau and old town is a lovely traditional boulodrome (boules pitch) and a restaurant selling a wonderful selection of wines from the surrounding vineyards picnics and entertaining the children with the owner’s farm animals.Mary Wrenn Every week we ask our readers for recommendations from their travels. A selection of tips will be featured online and may appear in print. To enter the latest competition visit the readers' tips homepage Thank you for your feedback.Noyers-sur-Serein, near Auxerre, Yonne Photograph: Antonel/Getty ImagesNoyers is two hours from Paris and the perfect break from the urge to race south its gorgeous 16th-century timbered buildings are a step back in history the sight of craftspeople and artists working away in their studios From the main square you peer through the open windows of shop fronts and catch a glimpse of artisans toiling at the back There are so few places left like this in the world – where you see real crafts people creating their goods and their love and pride in what they are doing is so evident In the summer there are also live classical concerts in the streets often of international high-quality musicians.Brendan Docherty St Jacques Bridge and fortified gate over the River Thouet in Parthenay Photograph: Carole Lloyd/AlamyI play for a French chess team and not long ago visited Parthenay near Poitiers for a tournament Having some time between rounds I went for a wander The town appears to be typical French modern: big supermarket But then I walked further and discovered that there was a complete walled medieval village in the centre I was totally astonished by the citadel area views over battlements and the River Thouet My UK neighbours recently visited on my advice and came back thanking us profusely saying there was so much they didn’t know what to photograph reopens 1 March) in the pretty one-bakery one-bar town of Harcourt With a dramatic and well preserved medieval castle on huge grounds dating back to 1150 no amount of children’s running around can dent the peace The outstanding tree collection and use of natural materials makes it a wonderful and welcoming day out for all ages which sports a magnificent 18th-century Louis XV-style chateau a park and a fabulous 16th-century manor house backing on to shimmering lakes The stunning water garden contains several unusual sculptures inspired by 18th-century farthingale skirts Looking for a holiday with a difference? Browse Guardian Holidays to see a range of fantastic trips This website is using a security service to protect itself from online attacks. The action you just performed triggered the security solution. There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. You can email the site owner to let them know you were blocked. Please include what you were doing when this page came up and the Cloudflare Ray ID found at the bottom of this page. Time flies so quickly when you are enjoying the good life It's already twelve years since Denise Langford and her husband arrived and settled in Amailloux Every year she had been holidaying in France with him and children mainly camping visiting nearly every region fostering a desire to move and live here one day « I was brought up bilingual which has proved to be very useful since coming to live here permanently » met her husband and once qualified moved to the Midlands working for the health service for the next forty years Her caring instinct carried on in the Deux-Sèvres when she joined CSDS (Cancer Support Deux-Sèvres) an association for the english speaking community suffering with cancer « This has helped me have a greater understanding of the french health system as well as becoming aquainted with health workers in the area I was elected as a member of my local council which has further helped me integrate and make new friends This has given me a greater understanding of what goes on in my local community and french rural life with its traditions of the past ».She has a great interest in the visual arts and has painted all her life « After gaining a degree in Fine Art and studying in Russia I became involved in community arts and arts for health I have joined two art groupes in Parthenay and love painting with local artists My work is influenced by the beautiful countryside the stone houses with their red tiled roofs festivals and markets in the summer selling their local produce and specialities of the region such as the Tourteau fromager and the great goat cheeses Like my two colleagues I look forward to contributing to the english speaking corner as I love listening to people with their ideals