Morning Briefing – Monday, November 4

The Copenhagen Post’s daily round-up of the front pages and other major Danish news stories

Nov 4, 2013

Tainted cyclist apologises
Making the media rounds before the release of his tell-all autobiography this week, Michael Rasmussen, a former professional cyclist, apologised last night to fans who felt “cheated” by his use of performance enhancing drugs. “There are a lot of people in the sport who shouldn’t feel cheated, but to the people watching from home, I’d like to say I’m sorry,” Rasmussen said. Rasmussen confessed in January to using EPO and long list of other drugs from 1998 to 2008. In his book, ‘Gul feber’ (Yellow Fever) he names other riders who also used performance enhancing drugs and coaches who were aware riders were doped. The allegations have been met with denial, but Rasmussen said their responses were natural. “For some people, this is their lives. They won’t be able to tell the truth as long as they are part of the sport.” – DR Nyheder

Demographics posing electoral challenge
Copenhagen’s Socialdemokraterne party is unlikely to lose its 75-year lock on power in the capital on November 19, but in the years to come it might find that the city’s increasing affluence will erode its voter base. Ironically, the party’s own success making the city a more attractive place to live as seen a rise in well-off residents, and they are likely to vote for parties on the centre-right. If the trend continues, in two election cycles – eight years from now – the left and right will find themselves in a dead heat, predicted Martin Glarvig, the head of Geomatic, a consultancy. According to Glarvig, the trend echoes developments seen in other countries. – Berlingske

LOCAL ELECTION 13: Read more election stories

The rising cost of living longer
Rapidly rising life expectency could force people with lifelong pensions to either work until they are older or to receive lower pension payments. Pension firms currently expect that many of their clients will live into their 90s. For new investors, this means setting aside more money than current clients. Pension funds have guaranteed they will meet the terms of their agreements with current clients with lifelong pensions, but they are also armed with a clause saying that if clients’ lifespans become significantly longer, they can lower payment amounts. Such was the case in 2011, when pension firm Industriens Pension slashed payments 20 percent. – Jyllands-Posten

When ATP speaks …
The nation’s largest institutional investor is warning that the stock market is due for a correction and has begun to sell off shares as a way to spread its risk. ATP, a pension fund managing 600 billion kroner, currently holds 21 percent of its investment as stock and has earned a 10 percent return on investment so far this year. Carsten Stendevad, the fund’s managing director, said rising share prices, based on easy lending from central banks in Denmark and other countries, had exaggerated the gains. “That makes us a little nervous,” he said. – Børsen

Editorial Excerpt | Haste makes waste
Greenland should become independent if that is what Greenlanders want. It’s apparent to everyone that Copenhagen has done the right thing by supporting this process for as long as it has. But, haste makes waste. A rushed [process to approve uranium mining], that has not fully involved the Greenlandic people and which has not obtained broad political backing, will only make Greenland’s economy even more vulnerable and increase its reliance on Copenhagen. – Politiken

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