Publica re-running ALM study after neutral pre-Brexit position

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first_imgThe €34bn Swiss public pension fund Publica is reviewing the investment strategy for the closed pension plans it manages to determine whether it is fit for purpose in light of the UK’s voting to leave the European Union.The pension fund is a “Sammelstiftung”, an independent collective institution that manages the assets of 20 Swiss public pension schemes, seven of which are closed to new entrants.Stefan Beiner, head of asset management at Publica, told IPE there were two main dimensions to Brexit for the pension fund – a tactical one and a strategic one.At the tactical level, he said, Publica took a neutral position in the lead-up to the referendum, given the relatively highly probability – around 40% – of a leave vote. This means the pension fund did not diverge from its strategic risk “budget” – by increasing equity or gold investments, for example.“With binary events like this,” Beiner said, “either you have additional information you are really convinced by, or you take a neutral position.”State Street’s most recent ‘Investor Confidence Index’ showed that European institutional investors’ confidence increased in June ahead of the UK referendum on membership in the EU. Michael Metcalfe, senior managing director and head of global macro strategy at State Street Global Markets, said: “This helps to explain why markets have moved so wildly following the vote to Leave. Investors were not reducing risk sufficiently ahead of the vote.” The index rose by 3.5 points to 100.3 (a reading of 100 is neutral).The June reading had a cut-off of 22 June, so it did not account for the result of the referendum.As to the strategic considerations relating to Brexit, Publica’s Beiner said the pension fund regularly carried out asset-liability management (ALM) processes and that it was currently considering its investment strategy for the seven closed pension plans whose assets it manages.“We had a lengthy discussion about how to deal with a potential Brexit and defined various scenarios for interest rate curves, forward curves, etc,” he said. “We debated for a long time if we should define a Brexit scenario but decided against this because, if it came to this, we would need to recalculate everything anyway.”The pension fund is therefore now re-running its ALM study using new estimates for post-Brexit markets to see if its existing investment strategy “has to be adapted, or if it is robust”, said Beiner. As concerns the 13 open pension schemes run by Publica, Beiner said it would carry out an extraordinary ALM study for these in the event that its risk/return assumptions for individual asset classes change significantly.last_img read more

Frye identifies legislative priorities for 2019

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first_imgIndianapolis, In. — With the start of the 2019 legislative session just around the corner, I am grateful for another opportunity to serve our community. This session, legislators will work to address many topics. Personally, I am excited to start working on workforce development opportunities for public safety officers, safety protocol improvements for local schools and our state budget.As a former firefighter with the Indianapolis Fire Department for 26 years, I know the important role public safety officers play in our community. I plan to introduce legislation that would provide public safety officers with workforce ready scholarship grants so they can pursue an associate degree or bachelor’s degree from either Ivy Tech Community College or Vincennes University. These educational opportunities would help public safety officers gain and maintain valuable skills, while making public safety a more attractive career option.Throughout my years as a firefighter, I learned every minute counts in emergency situations. According to the Centers for Disease Control and Prevention, uncontrolled post-trauma bleeding is the leading cause of preventable death among trauma patients. “Stop the Bleed” is a nationwide initiative to place life-saving control kits in public venues like schools and community centers in case of emergencies. Under legislation I plan to author, “Stop the Bleed” protocols and kits would be placed in every school. All school personnel would be trained to use these kits, and they would be mounted on the wall near AEDs, or automated external defibrillators, for easy access.Our top priority this session will be crafting the state’s biennial budget. Indiana has a history of strong fiscal discipline and honestly balanced budgets. Our AAA credit rating lowers the state’s borrowing rates, making projects like roads and bridge maintenance less expensive. During this legislative session, we will work to sustainably fund education, Medicaid, health and human services, corrections, public safety and capital projects while continuing to live within our means just like Hoosiers do every day.Once session starts, you can track these bills and other legislation as they move through the process and watch live committee meetings and House proceedings by visiting iga.in.gov.Throughout the year, it is important we stay connected. I will continue to provide updates on legislation as it moves through the process, and I encourage you to sign up to receive my e-newsletters by visiting in.gov/h67. Knowing your thoughts and opinions on topics impacting the state help me make decisions on legislation that comes before me, and you can contact me at 312-234-9450 or h67@iga.in.gov.last_img read more

Crucial Game time for McConnell

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first_imgJohn McConnell accepts Play The Game will have to improve from his debut win to remain unbeaten in the Coolmore Canford Cliffs Stakes at Tipperary on Friday evening. “He’ll have to have improved plenty as there looks to be a few nice prospects from all the big yards. “We’re hop ing for some black type and we’ll see how he gets on. “We were obviously pleased he was able to win on his debut, we knew he was nice but didn’t necessarily think he was sharp enough to win first time. “You’d say he’s got a middle-distance pedigree and he’s next year’s horse, really – however he does in this we won’t over-race him. “He’ll want further in time and, while it’s a long way down the line, he could be a type for a Derby trial, you never know.” Aidan O’Brien runs Port Douglas, who was no match for Jim Bolger’s Sanus Per Aquam last time out. Bolger relies upon Glamorous Approach, who won on her debut over course and distance in July. Dermot Weld’s newcomer Burma Star, the Ger Lyons-trained Waipu Cove and Charles O’Brien’s Uninhibited complete the field. The Lawman colt made an impressive winning debut at Leopardstown in June, overcoming signs of greenness to win going away. “I’d hope he’d improve a good bit for his debut but he’ll need to,” said McConnell. center_img Press Associationlast_img read more

FIFA President Invites Rescued Cave Boys to World Cup Final

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first_imgA Thai navy SEAL died Friday when he ran out of oxygen in the cave.Rescuers had considered leaving the team in the cave until the waters receded naturally—which could take as long as four months, until the end of the rainy season—but now say that is not an option as oxygen levels in the cave have dropped.Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegram The 13 members of a Thai youth soccer team currently trapped deep inside a flooded cave have been invited by FIFA president Gianni Infantino to attend the World Cup final in Moscow next Sunday in Moscow.However yesterday, four of the boys have been rescued according to CNN report from Thailand and are presently undergoing medical treatment and will reunite with their families as soon as possible.“On behalf of the international football community, I would like to join you in expressing my deepest sympathies and support to the families of the players and coach, as well as my solidarity with the people of Thailand at this time of great concern,” Infantino wrote in a letter to the Thai Football Association.“If, as we all hope, they are reunited with their families in the coming days and their health allows them to travel, FIFA would be delighted to invite them to attend the 2018 World Cup final in Moscow as our guests,” Infantino added.The team (12 players between 11 and 16 years old, and their 25-year-old coach) has been trapped inside the cave for 13 days. They were found Monday by British divers after being trapped inside without food for nine days.Crews have since worked around the clock to pump water out of the vast cave network in hopes of lowering the water level far enough for the boys to wade out. But with more heavy rains forecasted in the coming days, rescuers are attempting to teach the boys basic scuba techniques in the event they need to dive out. The way out is a difficult dive with many narrow passages through muddy water.last_img read more

Madagascar Spank Super Eagles to Top AFCON Group B

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first_imgLowly-rated Madagascar shocked highly-rated Nigeria 2-0 after an awful performance by the Super Eagles handed the Indian Ocean islanders leadership of Group B.The result condemned the three–times champions to finishing second and a probable encounter with the Black Stars of Ghana in the Round of 16.The then group leaders started on the wrong footing as Leon Balogun failed to deal with a routine back pass. It led to the ball being snatched by Lalaina Nomenjanahary to score the first goal for the competition debutants after only 13 minutes.The Eagles, who won each of their two previous matches by the odd goal, then showed a palpable lack of mental power to respond.Samuel Kalu fluffed a great pass by Ahmed Musa in the 19th minute.Musa himself, left with the goalkeeper to beat as a pass found him in the penalty box, bungled with a poor first touch.His subsequent attempt to dribble the goalkeeper failed.In the second half, instead of working hard to get on level terms in no time, Nigeria quickly found themselves further behind.That was when substitute Wilfred Ndidi deflected a free-kick by Carolus Andrea past a wrong-footed goalkeeper Ikechukwu Ezenwa.A deep soul–searching is now imminent in the Nigeria camp after such a flat performance.They lost to a team rated lower than 100th in the world and we’re making their first-ever appearance at the Africa Cup of Nations.First touches left the Eagles’ midfielders and forwards down, as they made heavy weather of simple passes and controls.Also, creativity was totally lacking in a team that earned a ticket to Egypt with a match to spare.Skipper Mikel Obi, making his 89th appearance for the Eagles, was a shadow of himself, while Alex Iwobi was no magnificent difference when he came on.Moses Simon and Wilfred Ndidi brought no spark or innovation on board when they were introduced.Such a sound beating by a team that had never scored against Nigeria in four pervious meetings was a dampener.It will now be interesting to see how the Eagles overcome this adversity and put up a show in their Round of 16 encounter at the same venue on Saturday.Madagascar finished the group stage unbeaten and scored two lovely goals from dead-ball situations.The Super Eagles have however not been able to make hay from free-kicks in recent memory.This calls to question the continued delegation of the responsibility to one man who has refused to perfect his act.Three opportunities presented themselves from 20 yards and they were all wasted in non-challant manner.Coach Gernot Rohr, who rang five changes to the team which defeated Guinea on Wednesday, must now come up with a solution.He must bring up the formula to lift a dispirited dressing room before Saturday.(NAN)Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegramlast_img read more

IHOC : SU fails to hold early lead, falls in conference championship to rival Mercyhurst

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first_img Comments Ashley Cockell skated twice around the referee who penalized her, dismayed at the call that ended her college career. Restrained by another official, she made her reluctant entrance into the penalty box.Down by a goal with 1:19 remaining, Cockell sat with her head down as Syracuse played the conclusion of the College Hockey America championship game at a disadvantage.‘I think it was a stupid call late,’ Cockell said. ‘We were down one goal, and they’ve had my number all season so it was kind of tough.’The holding penalty thwarted any chance the Orange (14-16-6, 7-6-3 CHA) had to defeat its most rivaled opponent. The jubilation of an early 2-0 lead in the first period diminished as No. 3 Mercyhurst (29-5-0, 16-0 CHA) rallied to defeat Syracuse 5-4 in the conference championship game in front of 227 at the Tennity Ice Pavilion on Saturday.The 14th matchup between the two schools seemed like the most attainable victory for SU. Despite an overwhelming 13-3 shot margin in favor of the Lakers in the first period, the Orange was able to capitalize on both of its power-play opportunities. In fact, the power play was the primary mode of scoring opportunities for the Orange all game, as it scored four goals on eight power plays.AdvertisementThis is placeholder textStefanie Marty got Syracuse off to a surprising start when she delivered a quick shot from the point past a wall of Mercyhurst defenders and under the arm of Lakers goaltender Hillary Pattenden. Ten minutes later, SU forward Margot Scharfe cleaned up a rebound in front of the net.As Isabel Menard came barreling into the celebration, nearly knocking over her teammates, it was clear the Orange would challenge Mercyhurst’s eight-year reign as CHA champions.‘It was great for us, and what a change,’ Menard said. ‘We were really struggling to score in the first period during the year, and for us to get those two in the first period gave us some confidence.’The confidence carried into the second period. Despite two goals from Meghan Agosta — the tournament’s most valuable player — by the halfway mark of the second period, Menard was able to respond. After Cockell faked a shot on the power play, she passed to Menard, who fired the puck into the net through the perplexed Lakers defense.It was the model for success. Extend the defense with a variety of fakes and shots from all angles. The formula was working.‘My main focus was to get their (penalty kill) to run a bit,’ Cockell said. ‘Get them to stretch out and give it to the open players. When (Isabel) scored that third goal, it was a huge lifter, and we knew we had the momentum going our way again.’But Mercyhurst scored to tie the game going into the second intermission, and in the third period the floodgates opened. The Lakers used two quick goals separated by just 21 seconds to take an insurmountable two-goal lead.Syracuse goalie Kallie Billadeau earned a spot on the all-tournament team after saving 41 shots in the game. But containing Agosta, the NCAA all-time leader in goals and points, proved too daunting of a task. Agosta tallied a hat trick when she scored the Lakers’ fifth goal of the game.SU head coach Paul Flanagan hoped she could be contained, but even he knew it was a tall task.‘She’s been their franchise player, and she just makes everyone around her better,’ Flanagan said. ‘You just can’t make mistakes, and she made us pay tonight.’The Orange tried to respond like it had all game, and it moved within a goal when senior Julie Rising took a pass from Marty and scored. The Orange continued to see chances turned aside by Pattenden before Cockell was whistled for the controversial penalty when she got tangled up with a Mercyhurst player.SU was one goal away from threatening Mercyhurst’s championship supremacy, but the penalty that put the Orange a player down gave the team little hope of getting over the hump.From the penalty box, all Cockell could do was watch. She watched as her career ended and as Syracuse’s final push to beat Mercyhurst in the last minute-plus failed.‘I think that was the best game we played all year,’ Cockell said. ‘I think we had them right where we wanted in the first 40 minutes, and they just got a couple bounces their way.’adtredin@syr.edu Published on March 6, 2011 at 12:00 pmcenter_img Facebook Twitter Google+last_img read more

NFL Playoffs: Saints, Patriots in trouble while Ravens, Chiefs are cruising after Week 14

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first_imgThe Projected Percentages to make the NFL Playoffs:AFCRavens 100%Patriots 100%Chiefs 100%Bills 91.9%Texans 83.2%Steelers 68.3%Titans 52.8%Browns 2.3%Raiders 0.3%Colts 0.5%Via @SportsLine Advanced Data pic.twitter.com/nZ7EUMYL0q— SportsLine (@SportsLine) December 9, 2019 Last Updated: 10th December, 2019 16:32 IST NFL Playoffs: Saints, Patriots In Trouble While Ravens, Chiefs Are Cruising After Week 14 The NFL playoffs race is starting to heat up, with three weeks left to go. The Patriots’ loss against the Chiefs has made life difficult for the champions. SUBSCRIBE TO US COMMENT Colin DCunha With three weeks left to go in the regular season of the National Football League (NFL) this season, the NFL playoffs picture is starting to take some shape this month. The Week 14 results were interesting, to say the least. The San Francisco 49ers’ victory over the New Orleans Saints was arguably the most entertaining game of this season, whereas the Patriots’ loss against the Kansas City Chiefs was fodder for the headlines after the weekend. Here’s a look at how the NFL playoffs picture looks after Week 14.  Also Read | Patrick Mahomes’s Girlfriend Brittany Matthews Harassed During Chiefs’ Win Over PatriotsNFL playoffs picture: AFC A 42-17 win over the Buffalo Bills secured qualification for the Baltimore Ravens on Sunday. A victory over the New York Jets or a loss for the Pittsburgh Steelers will mean that the Ravens will secure the AFC North division title as early as Thursday. Courtesy of the head-to-head tiebreaker, the Ravens also have a two-game lead over the Patriots with three games left to play in the regular season. For the Patriots, a win over the Cincinnati Bengals will secure an NFL playoffs berth for the reigning Super Bowl champions. While the Patriots are yet to clinch the AFC East title, they do have a comparatively breezier run of games scheduled for the next couple of weeks. The Kansas City Chiefs, on the other hand, have secured an NFL playoffs berth with a win against the Patriots. The Chiefs have also clinched the AFC West, their fourth consecutive division title.Also Read | Odell Beckham Jr. Reportedly Issues ‘Come And Get Me’ Plea For Cleveland Browns Exit WATCH US LIVEcenter_img LIVE TV Also Read | NFL Playoffs: Patriots Stumbling, Seahawks Soaring High, Saints Through. Who Will Make It? First Published: 10th December, 2019 16:32 IST Also Read | Patriots Vs Chiefs: Tom Brady And Co Booed Off Home Field During Loss Against ChiefsNFL playoffs picture: NFCThe San Francisco 49ers clawed their way back in the 48-46 win over the Saints in Week 14 and a win over the Atlanta Falcons in Week 15 will see them clinch an NFL playoffs spot. The Packers will need to win all of their three remaining games if they are to hold on to the No. 2 seed. Given the Packers’ superior conference record, the Saints have made things difficult for themselves after a roller-coaster loss against the 49ers. The Saints will be hoping that the Seahawks win the NFC West, which would bode well for the Saints since they hold the head-to-head tiebreaker with the Seahawks. Written By FOLLOW USlast_img read more

Ordega: S’Falcons Focused on Retaining AWCON

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first_img“I am impressed with what I have seen since I arrived in camp. You can see every player fighting hard for her spot. Everyone is putting effort into whatever the coaches instruct us to do, because everyone here knows and understands the importance of the task ahead.“We are promising Nigerians that we will give our best in Cameroun to achieve this common goal of ours. And we also need every Nigerian to pray for us to succeed,” she concluded.Ordega has represented Nigeria at all levels. With the U17, she featured at the 2010 FIFA U17 Women’s World Cup in Trinidad and Tobago and with the U20 at 2012 FIFA U20 Women’s World Cup in Japan. At senior level, she played at the FIFA Women’s World Cup tournaments of 2011 and 2015.She opened her World Cup account by scoring Nigeria’s equalizing goal against Sweden in Winnipeg, Canada in June 2015. The pulsating match ended 3–3.She was also part of Nigeria’s squads at the African Women’s Championship of 2010 and 2014, winning gold at both tournaments.All invited players have now arrived at the team’s camp in Abuja, with the arrival on Tuesday of Arsenal Ladies’ ace Asisat Oshoala, captain Evelyn Nwabuoku and France –based Desire Oparanozie, as preparations hit a new gear for the championship taking place 19th November – 3rd December.Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegram US –based attacking midfielder Franscisca Ordega has declared that the main goal of the team is to retain the Women Africa Cup of Nations trophy in Cameroun.Ordega, who plays for Washington Spirit in the USA, also expressed her happiness over the level of preparedness of the team for the AWCON championship starting on Saturday, 19th November in Cameroon.The midfielder who hopes to increase her 26 international caps at the continental championship told thenff.com: “The goal for us is that we want to retain the Cup in Cameroun. Not just to participate, but to win and return the trophy back home.last_img read more

Stobart Group enhances racing support via fresh sponsorship

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first_img StumbleUpon Submit Alberto Alfieri: Leading the way for Gamingtec’s B2C growth August 25, 2020 Betfred extends World Snooker Championship deal until 2022 August 17, 2020 Share Betfred counters Oppenheimer bid in race to rescue Phumelela August 26, 2020 The Stobart Group has been announced as headline sponsor of the three-day Northumberland Plate meeting, after agreements were reached with the Arena Racing Company and Newcastle Racecourse.Titled the Stobart Group Festival of Racing, the festival is scheduled to take place June 28-30, featuring a stellar racing and entertainment line-up.David Williamson, Executive Director at Newcastle Racecourse, commented: “We are absolutely delighted to extend our partnership with Stobart Group at Newcastle Racecourse.  “We have enjoyed an excellent relationship with Stobart Group in recent years, and we are delighted to see them take overall sponsorship of the Northumberland Plate meeting, which is an institution in the region.“We’d also like to thank longstanding sponsors, Betfred, who we’re very happy to see remain involved in the meeting, through sponsorship of races including the Northumberland Vase and Chipchase Stakes. “They have been fantastic supporters of the Northumberland Plate over the years, and we’re looking forward to another three fantastic days racing and entertainment in June.”Commencing with the Stobart Aviation Raceday, the historic festival builds up to the £150,000 Stobart Rail & Civils Northumberland Plate Day culmination, the richest two-mile handicap in Europe, on Saturday 30 June, which will be broadcast live on ITV1.David Leyden Dunbar, ARC Director of Partnerships, said: “Stobart Group were instrumental in the installation of the world class Tapeta track at Newcastle, which has helped see some of the world’s best horses come to Gosforth Park since the track was opened.  “The partnership for the premier flat meeting in Newcastle’s calendar is an obvious extension of the relationship, which we are delighted to announce.”Kirk Taylor, Managing Director of Stobart Rail & Civils, added: “Stobart Group is delighted to sponsor this year’s Plate Festival at Newcastle Racecourse. Stobart was central to the development of the all-weather track at the racecourse and is a significant supporter of British racing. “Our Rail & Civils division sponsored the Northumberland Plate in 2017 so we are very much looking forward to the Group supporting the whole festival in 2018. It will be great to see everyone there for what is sure to be a fantastic three days of racing.” Related Articles Sharelast_img read more

Jusuf Nurkic made a Proposal for Continuation of the NBA Season

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first_imgLike the rest of the world, Jusuf Nurkic expects a solution to the health crisis caused by the coronavirus pandemic. The best basketball player in Bosnia and Herzegovina wants to get back to the NBA floor as soon as possible.But the world has not yet found a viable cure for the virus, and Nurkic, who resides in Portland and individually trains in anticipation of a decision to pursue the strongest league in the world, had an interesting suggestion that few now think about, Avaz news portal reports.According to US media, the Portland Trail Blazers Center is looking out into space to solve problems here on Earth and continue competing in the American NBA League.Specifically, the 25-year-old from Zivinice asked for help from – NASA (U.S. Aeronautical and Space Research and Development Agency) via Twitter!“I’m just wondering if NASA can help us get organized to pursue the NBA somewhere in space? Mars? Jupiter?”Nurkic wrote.last_img read more