Residential: Oceans apart

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A ray of hope

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PGB introduces dynamic equity risk management

first_imgDutch multi-sector scheme PGB has extended its dynamic investment policy with the introduction of dynamic equity risk management.In its annual report for 2018, the €26bn pension fund said the new tool was aimed at limiting downside risk during falling equity markets through selling or buying index put options.However, it said that, in order to save costs, it would only buy these options if there was a higher risk of equity prices falling, no extreme market drops had occurred recently, and if costs were acceptable.The pension fund reported an overall loss on investments of 2.3% for 2018, chiefly due to declining equity markets in the last quarter. This marked the first time it had incurred an annual investment loss since 2008. “This development highlights how volatile the market climate is and how changeable the pension prospects are,” said Ruud Degenhardt, the scheme’s chairman.PGB’s funding stood at 108% at April-end, well above the minimum required level of 104.3%.Alternatives were the scheme’s best performing asset classes, with property and private equity generating 12.9% and 17.3%, respectively. Infrastructure gained 4.8%.However, these positive results were more than offset by an overall loss of 9.6% on the scheme’s equity allocation.PGB attributed this result largely to underperforming active managers in emerging markets, as well as value-driven and momentum-driven factor funds.It added that the 7.5% loss on alternative fixed income – comprising emerging market debt – was chiefly the result of badly performing active positions, and that it had subsequently sacked the manager.The multi-sector scheme said its combined holdings of German and Dutch government bonds, interest swaps and interest futures had gained 10.4%.Bonds had performed much better than euro-denominated swap rates following Brexit developments and tensions between the EU and Italy about the latter’s budget, PGB said.The scheme’s portfolio of euro-denominated credit lost 0.2% as a consequence of rising premiums for credit risk. The pension fund’s mortgages holdings delivered 2.1% due to falling interest rates for long-duration loans.The pension fund said it had benefited from the lack of a full hedge of the dollar “as the US currency had appreciated relative to the euro”. Its cover of the dollar exposure stands at 50%.PGB also said it was prepared for a no-deal Brexit, and that its existing investments in UK-domiciled investment funds would not be affected.Supervisory board chair exitsThe annual report also revealed that Nico Meeuwisse, chairman of PGB’s supervisory board (RvT) had prematurely resigned at the start of this year, following a dispute with the pension fund’s board about a reassessment of strategy and governance.A spokesperson for PGB attributed the issue to a lack of clarity about the demarcation of responsibilities between the scheme’s board and its governing bodies, adding that new arrangements had been made since.Currently, PGB’s supervisory board comprises Alfred Slager and Orpa Bisschop.The pension fund reported administration costs of €176 per participant, and that it had incurred asset management and transaction costs of 0.32% and 0.1%, respectively, last year.PGB has 244,000 workers and 78,000 pensioners, affiliated with 2,555 employers.last_img read more

Kraken Subsea Wins Kriegers Flak Contract

first_imgVattenfall has awarded Kraken Subsea Solutions with a contract for employer’s representation for the inter-array cable installation at the Kriegers Flak offshore wind project.The French engineering and consultancy company will provide supervision services to Vattenfall during the offshore installation operations at the 605MW wind farm, which will take place from July 2019 to November 2020.Kraken will be involved in all of the installation operations for the inter-array cable package, including boulder picking and clearance, pre-trenching, pre-survey, cable pull-in, laying and burial, as well as termination and testing.JDR Cables will manufacture more than 70km of aluminium core inter-array cables and provide a range of termination accessories for the Krigers Flak project, under a contract it secured in March.In November 2016, Vattenfall won the tender to build the wind farm with the lowest ever bid of EUR 49.9 per MWh, 58% below the original cap of EUR 120 per MWh.The 605MW Kriegers Flak offshore wind farm will comprise 72 Siemens Gamesa 8MW turbines scheduled to be fully commissioned before the end of 2021.last_img read more

Outagamie win goes to Long

first_imgKids Club member Ryan Dillenberg celebrated with Josh Long after his IMCA Modified feature win at Outagamie Speedway on May 27. (Photo by Joe Slack, www.danlewisphoto.net)SEYMOUR, Wis. (May 27) – Josh Long was the Sunday IMCA Modified feature winner at Out­agamie Speedway.Joey Taycher paced the opening laps with Long, Marcus Yarie and Mike Mullen giving chase. Long muscled his way down low past Taycher on lap eight for the top spot.Yarie closed in on Long, making the pass for the lead on lap 14. The caution flew simultaneously for debris and scoring went back to the last completed lap. Up against curfew the race was check­ered with Long receiving the win. Yarie had to settle for a frustrating second, Mullen was third, Lance Arneson placed fourth and Taycher completed the top five.Jeremy Christians raced from row two to the early lead of the IMCA Sunoco Stock Car feature. Travis Van Straten followed suit into the runner-up position and worked high and low on Chris­tians.With four laps remaining, Van Straten dove low entering turn three, contact was made, sending Christians spinning. The caution flew and Van Straten was sent to the tail. Christians then held off a late-race charge from Larry Karcz Jr. to score his first win of the season.In Karl Chevrolet Northern SportMod action, Lucas Lamberies took lead on lap 10 and never looked back in scoring a dominating win. Kyle Raddant brought home second, followed by Cody Schroeder.Al Cottrell led every lap of the Mach-1Sport Compact en route to his first feature win.A total of 148 cars packed the pit area for Memorial Weekend event.last_img read more

Coronavirus: London offers to host 2020 Olympic Games

first_imgRelatedPosts No directive to constitute disciplinary committee against us — Ojudu, others ‘Army Officer’ in EFCC net for alleged multiple fraud COVID-19: NCAA to revoke erring airlines licence over non-compliance London will be ready to host the 2020 Olympics if the outbreak of the coronavirus forced the Games to be moved from Tokyo in Japan, a political figure said on Thursday. Shaun Bailey, the Conservative candidate for the position of Mayor of the British capital, said this on social media. London had last hosted the Games in 2012. The flu-like coronavirus, which has killed more than 2,000 people in China and infected over 74,000 globally, has had a major impact on the sports calendar in Asia. Already, a host of events have been cancelled and postponed. With the Tokyo Games due to begin on July 24, organisers have set up a task force to coordinate with public health authorities over the epidemic. The International Olympic Committee has said it had been advised by the World Health Organisation that there is no case for contingency plans to cancel or relocate the Games. In Japan, hundreds have been infected by the virus with two deaths confirmed on the Diamond Princess cruise ship off Yokohama port. This has sparked concerns that the world’s top sports event may not take place. Bailey said London was well placed to step in for Tokyo if needed and urged the Olympic Committee to consider the city as an alternative. “London can host the #Olympics in 2020,” he said on Twitter. “Given the ongoing disruption caused by the coronavirus outbreak, I urge the Olympic Committee to seriously consider how London could stand ready to host the Olympics should the need arise,” Bailey said in a statement. “We have the infrastructure and the experience, and if I am elected I will make sure London is ready to host the biggest sports celebration again, if we are called on in an hour of need,” Bailey said. The London mayoral election is due to take place on May 7, and Bailey is trailing in opinion polls behind incumbent Sadiq Khan. Bailey’s comments, carried by several major Japanese media outlets, became a top trending topic on Twitter in the country, with nearly 50,000 tweets on the subject. “How dare you! Don’t deprive the Olympics from Japan! In the first place, the UK didn’t take any remedies for the `Diamond Princess’ owned by your country!” Twitter user @Gelsomi47388050 said in English. The Diamond Princess is a UK-flagged vessel owned by Carnival Corp. Another user said London would be the best back-up option. “Probably the only major city that could, facilities, hotels et cetera all ready and the weather would be more conducive to both competitions/spectators than Tokyo,” @twose_brian also tweeted in English in reply to Bailey, tagging: #LondonOlympics2020. The Tokyo 2020 organising committee did not comment on Bailey’s remarks. It said in an e-mailed statement that they were taking the necessary steps over the coronavirus. “Tokyo 2020 will continue to collaborate with all relevant organisations which carefully monitor any incidence of infectious diseases and we will review any counter-measure that may be necessary with all relevant organisations,” it said. Reuters/NAN.last_img

Barca’s Pique cycled to derby match with Espanyol

first_imgRelatedPosts COVID-19: NCAA to revoke erring airlines licence over non-compliance FRSC to Schools: We’ll arrest, prosecute drivers who flout COVID-19 rules Sanwo-Olu: We’re committed to fulfilling promises to Lagosians FC Barcelona defender Gerard Pique embraced the city’s campaign to get people cycling again for the good of the environment in the coronavirus era on Wednesday.The Spanish international did so by riding his bike to his side’s derby match with Espanyol. Pique has ridden an electric bike to training on various occasions before.But he took onlookers by surprise this time as he raced down the ramp into the Camp Nou car park on a bike wearing a baseball cap, shorts and t-shirt.The match with Espanyol was a must-win game for Barca if they wish to stay in contention with La Liga leaders Real Madrid.They trailed them by four points heading into the match, which they went on to win 1-0 through a Luis Suarez second half goal.It was also an opportunity to condemn their city rivals to relegation, and they did so with the win as they cut the gap between them and Real Madrid to one point. Authorities in FC Barcelona’s local government area have stepped up their commitment to making the city safe for cycling.This was part of a bid to limit the use of public transport due to the COVID-19 pandemic.They recently pledged to create an extra 21 kilometres of cycle lanes.Reuters/NAN.Tags: CoronavirusCOVID-19FC BarcelonaGerard Piquelast_img read more

Ellsworth basketball teams earn splits in Aroostook County

first_imgELLSWORTH — The Ellsworth boys’ and girls’ basketball teams earned splits in Aroostook County over the weekend in the teams’ latest showdowns with Presque Isle and Caribou.Ellsworth began the weekend against Presque Isle on Friday, and the girls’ team nearly pulled off a season sweep of the Wildcats before ultimately falling to a 54-52 defeat. Presque Isle outscored the Eagles 22-7 in the fourth quarter to seal the win.Trinity Montigny led Ellsworth in scoring against Presque Isle with 10 points. Sierra Andrews, Samantha Carter and Kayla Duhaime scored nine points apiece for the Eagles in the loss.Late Friday evening, the Ellsworth boys used a 24-point fourth quarter to seal a 65-60 win over Presque Isle. Jackson Curtis provided a game-high 22 points for Ellsworth, which shot 18 of 24 from the free-throw line.This is placeholder textThis is placeholder textThe Ellsworth girls got back in the win column Saturday afternoon with a 53-46 victory over Caribou (2-14). Sophomore Kylie Robidoux scored a season-high 21 points for the Eagles (12-4) in the win.In the final game of the weekend, the Ellsworth boys fell 83-51 to Caribou (13-3). Jackson Curtis and Darby Barry scored 13 points each for Ellsworth (10-5) in the loss, and freshman Hunter Curtis added 12.The Ellsworth girls are scheduled to host Foxcroft (6-9) at 7 p.m. Tuesday, Jan. 29. That will be the penultimate regular season contest for the Eagles, who will close out their 18-game slate at home against Mount Desert Island at 7 p.m. Feb. 6.On the boys’ side, Ellsworth is scheduled to host Foxcroft at 7 p.m. Wednesday. The Eagles will play on the road against George Stevens Academy at 7 p.m. next Saturday, Feb. 2, before hosting MDI in the regular season finale at that time p.m. Feb. 7.last_img read more

What we learned from Syracuse’s win against Cornell

first_imgSyracuse (8-3) put together its best rebounding effort of the season in a 67-46 win over Cornell (5-5) in the Carrier Dome on Saturday. The Orange outrebounded the Big Red, 48-27, and it was enough to overcome a 7-of-21 3-point shooting performance.Tyler Roberson led the way with 15 points and 12 rebounds — eight coming on the offensive glass — while four Syracuse players scored in double figures. By the time the game ended, there were five walk-ons playing, and Adrian Autry Jr. scored the first two points of his career.The Orange stuck with its six-man rotation, while Kaleb Joseph played seven minutes as the team’s seventh player. On the other side eight players recorded at least 12 minutes for Cornell.Here are three things we learned from Syracuse’s second win under interim head coach Mike Hopkins.Kaleb Joseph won’t play, even if he plays wellAdvertisementThis is placeholder textHopkins was quick to praise his reserve point guard following the win for his three assists, two steals and no turnovers during his seven minutes. But it was still just seven minutes for Joseph, who didn’t appear in the second half of the game.In the first half, he threaded a pass to a cutting Malachi Richardson in transition, who scored an easy two points set up by Joseph. But regardless of how Joseph plays, the Orange seems content to leave Michael Gbinije at the one, and use Frank Howard there only when the team is trying to make a second-half comeback.Joseph, who entered the season with high expectations from Jim Boeheim, might be playing well enough to stay out there, there just might not be a spot for him to see significant time.Syracuse is looking for Richardson to become a better rebounder  To be fair, the Orange needs everyone to be a better rebounder. It was outrebounded by 26 against Wisconsin and 14 against St. John’s. But on Saturday, Hopkins praised Richardson for his career-high eight boards.“That’s what he has to do for us,” Hopkins said.He totaled 15 points to go with his boards, and nearly doubled the 4.3 rebounds per game season average he had prior to playing the Big Red. All of his rebounds came on the defensive side of the ball.Adrian Autry Jr. is the best of the new walk-onsA game like this does give everyone a chance to see the walk-ons. With 49 seconds left, Adrian Autry Jr., Shaun Belbey, Ky Feldman and Evan Dourdas checked in for their first time ever.Belbey’s put-back layup was called off after Autry got to the hole and was fouled on a late whistle. Autry hit both free throws and was also credited with a steal. Time expired as Belbey attempted a two with a hand in his face on a shot that rimmed out.Everyone recorded a stat in the short time they were on the court. After the game, Belbey was joking with his fellow freshman walk-ons that he could have passed up his shot because there was another open on the other end of the court.Even if they didn’t give the fans tacos, the walk-ons made it fun after the game’s result had been decided. Comments Published on December 19, 2015 at 4:51 pm Contact Sam: sblum@syr.edu | @SamBlum3 Facebook Twitter Google+ Related Stories Tyler Roberson’s 15-point, 12-rebound performance spurs Syracuse to 67-46 winTrevor Cooney snaps 0-for-11 slump from deep in strong 2nd half against Cornelllast_img read more

Erasmus faces Cheetahs from native South Africa

first_imgMunster boss Rassie Erasmus comes up against the Cheetahs from his native South Africa in rugby’s Guinness PRO-14 today.Ian Keatley starts at out-half ahead of Tyler Bleyendaal.The Cheetahs lost 42-19 at Ulster in their season opener but Erasmus is sure they’ll improve as the campaign goes on. Kick-off at Thomond Park is at a quarter-past-five.Meanwhile, Ulster look to build on that win when they take on Benetton in Treviso at five-past six.And Connacht will be hoping to bounce back from their opening day defeat to Glasgow when they host the Southern Kings at twenty-five-to-eight.The Galway hurling panel are guests of honour at the Sportsground.Last night Leinster registered a bonus-point 37-9 win over Cardiff at the RDS.Head-coach Leo Cullen says there’s still plenty more to come from his side.last_img read more