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iStock(LOS ANGELES) — At least 17 children and nine adults have suffered minor injuries, including eye stinging and irritation, after an aircraft dumped fuel over several schools in the Los Angeles area as it prepared for an emergency landing, according to authorities.The group was being evaluated by firefighters and paramedics after the incident Tuesday, according to the Los Angeles County Fire Department. There were no transports to the hospital, authorities said, and no evacuation orders for the area.Los Angeles ABC station KABC said the fuel dump had occurred near Cudahy and South Los Angeles elementary schools.A third school — Jordan High School — was also affected by the dump, according to the Los Angeles School Police Department.Delta Airlines said in a statement Tuesday that shortly after takeoff flight 89 from Los Angeles International Airport to Shanghai experienced an engine issue requiring the aircraft to return to the airport.“The aircraft landed safely after an emergency fuel release to reduce landing weight,” Delta Airlines said Tuesday.The fire department said the substance sickening the students and adults was confirmed to be jet fuel.The Federal Aviation Administration said that in a statement that it was aware of and looking into reports that children at a school east of the airport were being treated for fuel exposure.Copyright © 2020, ABC Audio. All rights reserved
The Financial Stability Board (FSB) has added to its list of “potential vulnerabilities” of pension funds following feedback to a consultation on proposals for policy recommendations arising from concerns over the financial stability implications of asset management.The FSB yesterday published its final policy recommendations for tackling “structural vulnerabilities” from asset management activities.Like the consultation document that preceded it, yesterday’s report includes an annex setting out the FSB’s thinking about the vulnerabilities that pension funds could pose from a financial-stability perspective.This is relevant to its work on methodologies to decide whether financial institutions other than banks and insurers – such as asset managers, pension funds and sovereign wealth funds – should be deemed of global systemic importance; this would lead to a G-SIFI designation and come with rules. Pension funds could yet also still be deemed “systemically important” financial institutions, with the FSB having in its June 2016 consultation document said it may consider financial stability risks posed by pension funds when it resumes its work on these G-SIFI assessment methodologies.The same point is made in its final policy recommendations report, but its list of “potential vulnerabilities” of pension funds has been expanded.A new risk has been added to this list, to do with the “reach for yield and portfolio balancing”.The FSB said the low-interest-rate environments could cause pension funds, particularly defined benefit (DB) plans, to “reach for yield”, in particular as the funding status of some DB schemes has deteriorated.“Furthermore, recent moves into higher-risk credit securities and credit-intensive alternative assets could result in large, unexpected losses should market conditions deteriorate,” it said.A spokesman at the FSB told IPE the addition resulted from findings from comments received on the report, such as from BlackRock, the Investment Association and the Committee on Capital Markets Regulation, as well as from internal analysis.