High Octane

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Finland’s VER returns 7.4%, names managing director

first_imgLow interest rates will pose major challenges for Finland’s State Pension Fund (VER), which achieved quarterly returns of 7.4% despite its sizeable fixed income portfolio returning only 1.8%.The €18.7bn scheme, used to pre-fund state pension liabilities, saw performance boosted by the 16.7% returns from equities, which it credited to the European Central Bank’s more aggressive monetary policy and a weakening euro over first three months of the year.Acting managing director Maarit Säynevirta said the equity return was “excellent”.“Both in equities and fixed-income instruments, the positive market developments were boosted by the reflationary monetary policies adopted by the central banks,” she said. “In the future, the low general interest rates will pose major challenges in terms of investment returns.”Nevertheless, VER said returns on fixed income holdings, which account for half its assets, were higher than expected, at 1.8%.“In absolute terms, the best returns were earned on emerging market debt, which benefited from the sustained flow of investments to riskier asset classes,” the fund said.Alternatives, and its portfolio of ‘other’ investments including absolute return funds, fared less well, returning 0.8% and 0.9%, respectively.The board of VER also announced that Timo Viherkenttä had been named managing director, taking over responsibilities from Säynevirta in June.Viherkenttä, a lawyer by training, spent eight years at local authority pension provider Keva as deputy chief executive, but left in 2010.Prior to this, he spent four years as budget director at the Ministry of Finance, and more recently returned to the ministry, where he was permanent under-secretary responsible for tax policy.He has also served as chairman of the board of directors at the Finnish National Gallery, has taught law at the University of Helsinki and is a member of the Supreme Administrative Court.The position of managing director became vacant after Timo Löyttyniemi moved to Brussels after being named vice-chair of the new Single Resolution Board for euro-zone banks.Säynevirta will return to her current role as head of alternatives.last_img read more

Risk management high on Portuguese pension funds’ radar – WTW

first_imgThe occupational pension funds’ third quarter returns were strengthened by the performance in the equity and euro-denominated bond markets, according to the consultancy.Schemes generated a median return of 1.0% over the period, up from 0.2% for the second quarter.The average 12-month return to the end of September was 2.6%, compared with a 2.7% return for the 12 months to June 2017.Annualised returns for the three years to 30 September rose to 3.3% from 3.0% at end-June, but fell to 5.1% from 5.6% for the five-year period to end-September.Marques said: “Both equities and euro-denominated bonds had good returns over the quarter.“Most pension funds in Portugal have very high allocations to euro-denominated bonds, which had returns slightly below 1.0%. This return was slightly enhanced by the very positive returns on equities which form a small part of Portuguese funds’ allocation.”Marques continued: “Over the 12 months to end-September, equities had an excellent run globally, and even more so in the eurozone – for example, the MSCI EMU Index returned 22%.”In contrast, he said, euro-denominated bonds had suffered negative returns as bond yields rose.But he added: “Most pension funds in Portugal hold short-term bonds which are not very sensitive to changes in yields, so this has not materially reduced overall portfolio returns.”Performance figures were submitted by so-called ‘closed’ funds, which are generally pension plans for a single employer or group of companies, and make up the vast bulk of occupational plans in Portugal. The figures incorporated more than 100 pension funds, including the five biggest pension fund managers in the country.At end-September, Portuguese pension fund portfolios were still heavily dominated by debt, which made up 53.5% of portfolios (including direct and indirect holdings), according to estimates from the Portuguese Association of Investment Funds, Pension Funds and Asset Management (APFIPP). The estimates cover 88% of the Portuguese pension fund market at end-September 2017.Equities made up 23.2%, and real estate 13.6%, of portfolios at that date. Montepio and CEFC China Energy tie-upAssociação Mutualista Montepio, the largest savings and pension fund manager in Portugal, has agreed to sell a majority share in its insurance subsidiary Montepio Seguros to CEFC China Energy, by way of a capital increase.CEFC China Energy is a Shanghai-based privately-owned corporation whose core activities are energy and financial services. One of its long-term aims is to establish an international investment bank and an investment group.Last September, Montepio and CEFC signed a strategic cooperation agreement to establish collaboration in the financial sector, intended to expand to oil and gas, new energy, and infrastructure construction. Portuguese pension funds are paying close attention to their risk management strategies, increasingly either reviewing or considering reviewing them, according to Willis Towers Watson (WTW).José Marques, senior investment consultant at the consultancy, said the funds wanted to ensure they could effectively monitor their investments relative to their liabilities.“In the pension fund world, it is important to measure performance relative to liabilities, and not simply asset performance,” he said.“Similarly, we are seeing some funds increasing the duration of their fixed income assets in order to match liabilities, and hence reduce the risk of falls in interest rates.”last_img read more

West End cottage sells before second open home

first_img A DECEASED estate in tightly held West End has sold for above seller expectations, well before the scheduled auction. The three-bedroom cottage at 18 Beattie St sold for $850,000 on March 15. It was on the market for the first time in 38 years and was due to be auctioned on March 30.Selling agent Luke O’Kelly, of Ray White West End, said more than 20 groups inspected the property and he received three offers after the first open home. Mr O’Kelly said the strong interest was due to location.“The house itself is a very simple, almost 100 year old cottage but Beattie St is quite a great little street and it is walking distance to West End Primary School, as well as being in the Brisbane High catchment,” he said. “Finding a house below $1 million in West End is also quite tough.” More from newsParks and wildlife the new lust-haves post coronavirus13 hours agoNoosa’s best beachfront penthouse is about to hit the market13 hours ago The home at 18 Beattie St, West End. Picture: Supplied. Inside the home at 18 Beattie St, West End. Picture: Supplied. Mr O’Kelly said the new owner nabbed the property with an unconditional offer, above what the seller was looking for, with the cooling off period waived. “The Mt Isa buyer was looking to purchase now and then move in when he and his family return to Brisbane in the future,” he said. Mr O’Kelly said the West End housing market was tightly held and in huge demand.“Only 46 houses sold in West End in 2018, 50 in 2017, 48 in 2016,” he said. “The long tenure of residents is due to Brisbane State School demand. “Also a lot of the property is held by older Greeks, Italians and Vietnamese, who bought 30 to 50 years ago and by their nature do not move like the current generation of buyers, who move every seven years or so.”last_img read more

Gay ‘marriage’ not a right, prohibiting gay adoption not ‘discrimination’

first_imgLifeSite News 16 March 2012The European Court of Human Rights has ruled that the prohibition of adoption to non-married couples is not discriminatory, because it applies to both heterosexual and homosexual couples equally. It has also ruled that homosexual “marriage” is not a right under the European Convention on Human Rights. The decision effectively confirms the liceity under the same Convention of French law, which does not award the status of “marriage” to homosexual couples, and does not permit non-married couples to adopt children.The ruling was announced yesterday in a suit by a French lesbian couple, Valérie Gas and Nathalie Dubois, who have been in a Pact of Civil Solidarity (PACS) since 2002.  A PACS is a loose contractual arrangement made available to both heterosexual and homosexual couples in France, in contrast with stronger “civil union” arrangements and homosexual “marriages” available in some other countries. Dubois conceived a child by artificial insemination through an anonymous donor in 2000, and the couple have been raising the child together. Gas has sought to adopt the child by recourse to various courts, and was ultimately turned down by the country’s highest court of appeal, the Court of Cassation. The European Court of Human Rights has confirmed the French court’s decisions.The Court also ruled that that there is no “indirect discrimination founded (…) on the impossibility of marriage,” because article 12 of the European Convention on Human Rights “does not impose on the governments of the state parties the obligation to open marriage to a homosexual couple,” adding that governments “enjoy a certain leeway in determining the exact nature” of legal recognitions of homosexual unions.The ruling continues the mixed record of the Court on social issues. It has previously ruled that abortion is not a “human right,” and has accepted Italy’s practice of displaying crucifixes in public buildings. However, it has also ruled that suicide is a “human right,” and has attempted to force homosexual inheritance rights on Poland and homosexual parades on Moscow. It has also ruled that Ireland’s constitution permits abortion, an idea rejected by the Irish government.http://www.lifesitenews.com/news/gay-marriage-not-a-right-prohibiting-gay-adoption-not-discrimination-europelast_img read more

C’bean Pentecostal Churches against gay marriage

first_img Share Share Share FaithLifestyleNewsRegional C’bean Pentecostal Churches against gay marriage by: Caribbean Media Corporation – July 20, 2015 Tweetcenter_img Sharing is caring! 66 Views   no discussions ST JOHN’S, Antigua (CMC) – The Pentecostal Assemblies of the West Indies (PAWI) has criticised the recent decision by the US Supreme Court to legalise same-sex marriages saying it endangers the belief of the church and violate the law of God.“Our organisation promotes the family unit as a fundamental institution, where a mother and father nurture children, instil faith, and inculcate moral strengths and spiritual values. Thus, legalisation of same sex marriage will destabilise the family unit and result in harmful consequences for the society at large,” the PAWI, which represents Pentecostal churches in the region, said in a statement.PAWI said its opposition to same-sex marriage is in no way shows resentment or hatred for individuals who are in support of gay marriage and homosexuality, “as this will be in stark contradiction to the very word of God which we uphold as the supreme authority governing our lives.“Rather, we continue to affirm our belief in love and respect for all humanity,” it said, adding that same-sex marriage is against God’s divine plan for marriage and its purpose for procreation.An opinion poll published in the United States over the weekend, notes that Americans are still sharply divided on the issue of same-sex marriage nearly a month after the Supreme Court’s ruling.The poll also found a near-even split over whether local officials with religious objections should be required to issue marriage licenses to same-sex couples, with 47 per cent saying that should be the case and 49 per cent say they should be exempt.last_img read more

Public Works Minister defends delay in the Pointe Mitchel/Soufriere Sea Defence Wall Project

first_img Share Share Share In photo: Hon. Rayburn Blackmoore addressing media reporters.Minister responsible for Public Works, Energy and Ports, Honourable Rayburn Blackmoore has defended the Government’s position relating to the ongoing road works on the Pointe Mitchel/Soufriere Sea Defence and Road Rehabilitation Project.Two weeks ago, the Minister announced that the deadline for completion of the project had been extended to two additional months.Mr Blackmoore explained that while the delay in the completion of the project was not deliberate, the engineers cannot compromise quality with efficiency and speed.During a site visit on July 15th, Mr Blackmoore said, ‘we had some rain during the past month, and this have set the engineers back, we also have the issue of traffic; since this is the only Road leading to the city from the Soufriere/Scotts Head area, so the engineers have to be prudent in the phases of work that is being done. But what would you prefer -to have a road and wall made in little time and it is no good? We can’t compromise quality with speed and efficiency at all’.In photo: section of the Pointe Michel Sea Defence Project.Upon completion the sea defence wall is expected to span some 750 meters, complimented with two-way traffic and sidewalks for pedestrians.The Government is hoping not only that the project will help to protect the fragile coastal infrastructures but that it would contribute to the economic development and improvements in livelihoods of the residents of the affected communities.Although the project is two months behind, Honourable Rayburn Blackmoore assures the Dominican public that the Point Mitchell sea defense wall and road works project will stay on course.The project currently employs 77 local workers; a project Mr. Blackmoore says adds great value to the local economy.The $22.3 million project is being contracted by Co Williams and Company Ltd.Dominica Vibes News 76 Views   no discussionscenter_img Tweet LocalNews Public Works Minister defends delay in the Pointe Mitchel/Soufriere Sea Defence Wall Project by: – July 25, 2011 Sharing is caring!last_img read more

Team of the decade: Guardiola explains why Man City toppled Liverpool

first_img Promoted Content7 Worst Things To Do To Your Phone7 Ways To Understand Your Girlfriend BetterA Soviet Shot Put Thrower’s Record Hasn’t Been Beaten To This Day6 Extreme Facts About HurricanesThe World’s 7 Most Spectacular Railway StationsCan Playing Too Many Video Games Hurt Your Body?Ever Thought Of Sleeping Next To Celebs? This Guy Will Show You13 kids at weddings who just don’t give a hootThe Highest Paid Football Players In The WorldSome Impressive And Almost Shocking Robots That Exist6 Incredibly Strange Facts About HurricanesThe New Lara Croft Will Really Surprise You Read Also: Real Madrid contact Liverpool star over winter transfer plans “We’ve struggled a bit this season, but it’s still been incredible. We’ve been fighting with huge elephants here in England, but they’ve done amazing. “The big clubs are always looking forward, always analysing what they can do better. Hopefully in the next decade this club can be here for more time.” FacebookTwitterWhatsAppEmail分享 Loading… Pep Guardiola has branded Manchester City as the team of the decade. And he has reason to make the claim, with City statistically the most successful club of the past 10 years in the Premier League. Guardiola has helped City to a host of their 13 trophies this decade.j has helped City to a host of their 13 trophies this decade But the 2020s will start with Guardiola under pressure, with the league title on its way to Liverpool at the end of the season. Liverpool have a 14 point lead over City and Guardiola has conceded that the title race is over. But Guardiola remains adamant that City have been the best side of the past 10 years – and claims those saying 2019 has turned into a disaster are talking rubbish. Guardiola believes City have set the standards others have to follow and said: “This team, in the last decade, was the best. “Congratulations to them for that. What’s happened here over 10 seasons, since the people from Abu Dhabi took charge, they did it incredibly well.”Advertisement City have won 13 trophies since 2010 compared to Liverpool’s three, including four last year and a historic domestic treble. Chelsea have won nine, neighbours Manchester United five while Arsenal have claimed just three pieces of silverware in the same amount of time. “Now the people say it (2019) was a disaster, but we won four titles and it was incredible,” said Guardiola.last_img read more

Deery Series heads to Independence for pre-holiday show

first_imgINDEPENDENCE, Iowa (June 25) – Still looking for a repeat winner this season, the Deery Broth­ers Summer Series heads to Independence for a pre-holiday show next Tuesday, July 1.IMCA Late Models contend for $3,000 to win and a minimum of $300 to start. Pit gates and the grandstand at Indee both open at 5 p.m. Hot laps are at 6:45 p.m. with racing to follow. Spectator admission is $15 for adults, $12 for seniors and students and free for kids 11 and under when accompanying a paid adult. Pit passes are $30. The first six tour events of 2014 have produced as many different winners, the most recent of them Jeff Aikey last night at Marshalltown Speedway.Point leader Justin Kay, Andy Eckrich, Colby Springsteen, Terry Neal and Ray Guss Jr. have also raced their way to victory lane.Twenty-six previous Deery events have been held at Independence. Kay earned his first series career victory there last July to end the record-tying string of four straight wins by eventual cham­pion Brian Harris.Hometown pilot Curt Martin leads all drivers with six career Independence Deery wins. Aikey has won there on four occasions.Karl Chevrolet Northern SportMods run for $500 to win plus IMCA Speedway Motors Weekly Rac­ing National and Allstar Performance State points at Independence. IMCA Sunoco Hobby Stocks chase a $300 top check and earn national, Big Daddy Race Cars Northern Region and state points.More information is available by calling 319 361-3795 or 319 334-9287 on race day. The track website is www.independencemotorspeedway.com.Deery Brothers Summer Series top 20 point standings – 1. Justin Kay, Wheatland, 282; 2. Andy Eckrich, Oxford, 277; 3. Jeff Aikey, Cedar Falls, 260; 4. Joel Callahan, Dubuque, 248; 5. Jason Rauen, Farley, 244; 6. Ryan Dolan, Lisbon, 243; 7. Tyler Bruening, Decorah, 240; 8. Ray Guss Jr., Milan, Ill., 223; 9. Matt Ryan, Davenport, 215; 10. Darrel DeFrance, Marshalltown, 213; 11. Scott Fitzpatrick, Long Grove, 206; 12. Brian Harris, Davenport, 203; 13. Tommy Elston, Keokuk, 165; 14. Jeremy Grady, Story City, 140; 15. Terry Neal, Ely, 134; 16. Colby Springsteen, Wapello, 129; 17. John Emerson, Waterloo, 127; 18. Ronald Klein, Sherrill, and Spencer Diercks, Davenport, both 126; 20. Nate Beuseling, Silvis, Ill., 118.last_img read more

Le Tiss: No need to panic

first_img Press Association Matthew Le Tissier has laughed off suggestions that Southampton will go into meltdown following Mauricio Pochettino’s exit for Tottenham – a move he believes the former Argentina international may well end up regretting. Luke Shaw, Adam Lallana and Dejan Lovren are just some of the players attracting serious interest, but fans’ favourite Le Tissier rejected the notion that this is a sink-or-swim summer on the south coast. “This football club has sold a lot of good talent and people have written us off before,” he told Press Association Sport. “We keep producing players and if you lose a couple, we’ve got players that can come through and take their places. “If we do lose a couple, we’ll have a lot of money there to go out and spend, so I think, for me, if you appoint a decent manager who is going to use the money wisely, then I don’t see any reason why we can’t have a similar season to last season. “We’ve been doing it for years, back to Alan Shearer’s time. I remember people back then saying ‘you’ve sold Shearer, you’re going to get relegated’. I don’t go with the whole meltdown, panic thing.” So far no outstanding candidates have come to the fore in terms of succeeding Pochettino, who also took his backroom staff with him to Spurs. Le Tissier mentioned Sean Dyche, Eddie Howe and Steve McClaren as potential British appointments, although he suspects Southampton will again plump for a foreign manager. “We have to put our faith in the people that choose the managers. The people that make those decisions have more knowledge of that kind of thing than we have got as fans,” said Le Tissier at an event with Vauxhall, the England team sponsor. “We have to put our trust in them and hopefully they make the right decision.” Murat Yakin and Ronald Koeman are the current bookmakers’ favourites to take the St Mary’s hotseat, while former Swansea manager Michael Laudrup is said to be in the running. Press Association Sport understands Sunderland will resist any moves for Gus Poyet. while a number of other candidates have been given short prices by the bookies. Saints chairman Ralph Krueger has pledged to find a “high-calibre manager” to fill the void left by Pochettino, whose departure Le Tissier believes could return to haunt the new Spurs head coach. “I probably wouldn’t have made the same move, to be honest,” he said. “I think in his position, his stock is very high. I maybe would have waited for a different club. “The managers in the last few years at Spurs have not been given a fair crack of the whip and the pressure is on there. “If he is not in the top four by Christmas, he will be under pressure. “It is not a club that I would have said was the best one he could have maybe done for his career prospects.” Months of speculation finally came to an end on Tuesday when it was announced that Pochettino had swapped St Mary’s for White Hart Lane, penning a five-year contract to become Tim Sherwood’s successor. The departure leaves Southampton facing a tough rebuilding job this summer, exacerbated by the vultures circling overhead. last_img read more