ING pension fund shifts strategy to ramp up inflation hedge

first_imgCredit and hedge-fund holdings took the brunt of the return portfolio’s downscaling; in August, the scheme offloaded its remaining 3.6% hedge-fund allocation.The pension fund, which closed to new entrants in 2013, said matching and return portfolios of 75% and 25%, respectively, would produce sufficient returns to meet its target of inflation-proof pensions.The annual report also indicates that the pension fund postponed the creation of separate schemes for staff of ING Bank and asset manager/insurer NN Group.In 2013, ING, its parent company, was divided into the two new companies, whose staff have since accrued new pension rights in separate collective defined contribution schemes.The ‘old’ Pensioenfonds ING still offers defined benefit arrangements.The ING scheme, which returned 32.4% in 2014, reported a 1.2% return last year.It attributed the performance chiefly to the 10% gain on its return portfolio, noting that developed-market equities – and low-volatility equities in Europe in particular – had produced the best results.Private-equity holdings returned 20.4%, on the back of “a large number of IPOs as a result of high valuations”, while real estate returned 18.3%, with non-listed holdings returning 19.1%.As a result of rising interest rates last year, the scheme incurred a 1.7% loss on its matching portfolio of government bonds, credit and swaps.Credit holdings produced a more or less neutral result, “as the direct return was offset by the depreciation of loans caused by rising interest rates”.It reported administration costs of €265 per participant and said it spent 0.35% and 0.03%, respectively, on asset management and transactions. ING’s €25bn pension fund – one of the better-performing pension funds in the Netherlands, boasting a coverage ratio of nearly 140% – is planning to ramp up its inflation-risk hedge to protect the pensions of its 71,500 participants.According to its 2015 annual report, over the next four years, it plans to increase its inflation cover from 8.5% of real liabilities to 25%.As part of the strategy shift, it will also increase its matching portfolio allocation from 70% to 75%, at the expense of its return holdings.Last year, the pension fund reduced the interest hedge of swaps, bonds and loans from 92.5% to 85% and re-invested the proceeds in German, French, Belgian and US inflation-linked bonds.last_img read more

Petrofac wins extension for work on Iraq’s crude oil export project

first_imgThe previous time this deal was extended was for two years back in December 2017. The contract extension was worth $160 million. Petrofac as been employed as the operations and maintenance service provider on the project for the last seven-and-a-half years. The company said on Thursday that the extension was won by its Engineering & Production Services (EPS) division. Oilfield services provider Petrofac has secured a further six-month contract extension with Basra Oil Company (BOC) for its long-standing Iraq Crude Oil Export Expansion Project (ICOEEP). The facility, which is one of the largest export terminals in the Gulf and handles around 50 per cent of Iraq’s crude oil exports, is located 60 kilometres offshore the Al Fao Peninsula in Southern Iraq. Ihsan Ismaael, director general of BOC, added: “Petrofac continues to be a true partner to BOC, ensuring uninterrupted and record exports. We appreciate their commitment, particularly during this recent period, and congratulate them for hitting new export highs”. Mani Rajapathy, managing director of EPS East, said: “During this current challenging period for operations, we have continued to work well together, improving the daily export beyond two million barrels”. It comprises a central metering and manifold platform and four single point moorings which facilitate oil export onto awaiting crude carrier tankers. Petrofac is also responsible for almost 300 kilometres of subsea pipelines, 1,800 metres of subsea and floating hose infrastructure, and a marine spread comprising 14 vessels.last_img read more

Singapore election campaign begins

first_img“I have chosen not to stand for political office because I believe Singapore does not need another Lee,” Lee Hsien Yang said in a statement on Facebook. “I do not seek power, prestige or financial rewards of political office. I hope to be a catalyst for change.” (AP) Lee Hsien Yang, who brought his family feud into politics by joining an opposition party, said the governing People’s Action Party had “lost its way” from when his father, Lee Kuan Yew, was prime minister. Hitting out at his brother, he said empirical evidence showed that dynastic politics causes bad government and that Singapore’s leadership had failed the people. SINGAPORE – Singapore Prime Minister Lee Hsien Loong’s estranged brother is not running in next month’s general election but said Tuesday he hopes to be a “catalyst for change” as campaigning began.center_img People’s Action Party Secretary-General and Singaporean Prime Minister Lee Hsien Loong, center, arrives at a nomination center with his team to submit their nomination papers ahead of the general election in Singapore on June 30, 2020. APlast_img read more

4th Annual Milan Basketball Mattress Sale

first_imgOn Sunday, November 15th, 2015, the High School Boys & Girls Basketball Teams here at Milan High School will be hosting its 4th Annual Mattress Sale Fundraiser!2015 Milan Indians Basketball Mattress Sale Fundraiser 2015There will be many to choose from in all sizes: Twin, Full, Queen, King and special sizes.These are all quality name brand mattresses (see attachment for more details). There will be savings to the community of 30-60% off retail. Prices will range from $249 to $2299.If you need one for you, your child, or even a spare bedroom, please come and support the Basketball Teams.Courtesy of Indians Coach Josh Blankinship.last_img read more

Roth flies fastest in Eagle SportMod main

first_imgTrent Roth topped the Saturday main event for Karl Chevrolet Northern SportMods at Eagle Raceway. (Photo by Joe Orth)By Greg SoukupEAGLE, Neb. (May 13) – Ninth starting Trent Roth gained the lead with three laps to go and won the Hoos­ier Tire IMCA Northern SportMod feature Saturday at Eagle Raceway.Shane Hiatt repeated as the Kaplan University IMCA Modified winner and Trevor Grossenbacher made the most of a lap four restart to get the lead and motor to the IMCA RaceSaver Sprint Car win.Dave Carter passed for the lead following an early restart and stayed in front every lapped scored to take the Valentino’s IMCA Hobby Stock checkers.Spencer Pavey III took the Mountain Dew Kick Start IMCA Sport Compact victory.last_img read more

Villa-Boas identifies Suarez threat

first_img Tottenham stretched their unbeaten run to five matches in all competitions on Thursday when they beat Anzhi Makhachkala 4-1 in the Europa League. Memories of the 6-0 drubbing at Manchester City have more or less faded, but Tottenham still have a lot of work to do if they are to gain Champions League qualification. They will face one of their trickiest hurdles this weekend when Suarez comes to White Hart Lane having scored 15 goals this term. With Daniel Sturridge and Steven Gerrard both out through injury, the onus will fall on Suarez to provide the goals for the Reds again this weekend, and Villas-Boas hopes he can keep the former Ajax striker quiet. “He’s a player going through a wonderful individual moment,” the Tottenham manager said. “He’s full of the confidence. We have to be aware of his strengths. “He’s a player that individually can solve the game. “So we have to be aware not only of the people that feed him but the actual individual moments of brilliance that we saw this season, that have been so decisive for Liverpool. “He’s a key player for them and very difficult to stop.” Tottenham’s own first-choice striker Roberto Soldado also goes in to the match full of confidence after scoring a hat-trick in midweek. Press Association The Spaniard tucked away a tidy header and then produced a top-class finish before scoring his fourth penalty for Spurs. Soldado oozed confidence after scoring his first and he swaggered his way through the rest of the match, demanding the ball and bouncing off defenders just like he did on a regular basis for Valencia. Confidence is coursing through the veins of most of the Tottenham players at the moment following their recent unbeaten run. Villas-Boas’ position came under scrutiny a few weeks ago, but now he is glad that things are on the up. “We have had a good recovery and a good response from the team from that setback,” Villas-Boas said. “If we manage to get a win against Liverpool we’re completely back on track with the top teams. “It’s a big, big game for us – we won’t be that far off, even if we don’t win that game.” With Arsenal taking on Manchester City on Saturday, this weekend is a good chance for Spurs to climb into the top four from their current position of sixth. If all goes to plan, Spurs could end the weekend joint third. The Londoners beat Liverpool 4-0 at White Hart Lane last season, but they fell to a damaging 3-2 defeat at Anfield in the reverse fixture. Liverpool have improved immeasurably since, thanks to Suarez’s strike rate. Midfielder Gylfi Sigurdsson knows, therefore, that Sunday’s game will be a good barometer for judging Spurs’ top-four chances. “Where we finish this season is more important, but Sunday will be a big test for us,” the Iceland international said. “It’s a very good game for us to win and get three points and push us up the table.” Spurs will give late fitness tests to Danny Rose and Christian Eriksen before deciding whether to include them in the squad. The duo returned to action following long-term toe and ankle injury layoffs in midweek, but Villas-Boas is aware that either player could suffer a relapse if they play in what is expected to be a tough and physical encounter. The other selection dilemma Villas-Boas has is up front. Soldado is full of confidence following his hat-trick, but Jermain Defoe has started the last two league games and looked good at Sunderland. With Jan Vertonghen sidelined because of an ankle injury, Etienne Capoue looks set to continue out of position at centre-half. Andre Villas-Boas knows Tottenham’s top-four chances will take a big blow this weekend if they fail to shackle Liverpool striker Luis Suarez.last_img read more

Syracuse draws difficult South Region, potential rematch with Ohio State

first_img Facebook Twitter Google+ Two years ago, Ohio State stood in the way of a trip to the Final Four for Syracuse. There were other hurdles — an untimely Fab Melo suspension, a tricky first-round game and a nail-biter against Wisconsin — but the Buckeyes were ultimately the one the Orange couldn’t cross.When the 2014 NCAA Tournament bracket was revealed on Sunday and SU’s path to Dallas for a second straight Final Four was set in stone, there was OSU again, standing in No. 3-seed Syracuse’s way.Some things need to fall in place for it to happen — the Orange has to beat No. 14-seed Western Michigan on Thursday in Buffalo and No. 6-seed Ohio State needs to do the same to No. 11-seed Dayton. If they do, there will be a rematch of the 2012 Elite Eight game on Saturday. Along with Western Michigan and Ohio State, No. 1-seed Florida, No. 2-seed Kansas, No. 4-seed UCLA and No. 5-seed Virginia Commonwealth are also teams the Orange could face in the region. “I don’t think that would help us, thinking about getting revenge on Ohio State, but us taking each game at a time,” SU forward C.J. Fair said. “We look at the bigger picture, trying to make another Final Four run. They’re in the way of that. We’ve just got to take them down, as well.”AdvertisementThis is placeholder textFair is one of three contributing players for Syracuse that played a role when the Orange fell to Ohio State. Rakeem Christmas was a freshman starter that year and senior center Baye Moussa Keita was a role player.The Buckeyes still have two of the starters from that Elite Eight game — senior guards Aaron Craft and Lenzelle Smith Jr. — and Shannon Scott, Sam Thompson and center Amir Williams all made an appearance in the contest.Like SU, this year’s OSU team is a bit offensively challenged, but strong on the defense end. Neither Syracuse nor Ohio State rank in the top 200 in terms of points per game this season, but are both top-12 defensive squads.But before the Orange even thinks about the Buckeyes, it has to worry about Western Michigan.The Broncos finished second in the Mid-American Conference during the regular season and upset top-seed Toledo to clinch an automatic berth.Western Michigan played three games against common opponents to SU, beating Cornell and splitting two games against Eastern Michigan. In their loss to the Eagles in January, the Broncos scored just 37 points.“We haven’t seen the tape yet,” SU head coach Jim Boeheim said on Sunday. “They’re a really good team in a good conference and they won the tournament.”Boeheim said the Orange would go over film on Monday and stay in Syracuse until Tuesday before practicing in Buffalo on Wednesday.The final team in SU’s sub-region is Dayton, which finished sixth in the Atlantic 10, but still made the NCAA Tournament as an at-large team. They have wins against Tournament teams Gonzaga, George Washington, Massachusetts and Saint Louis, and competed in the EA Sports Maui Invitational in November, but didn’t meet up with the Orange.Dayton is the team that SU is least likely to play in Buffalo, but Syracuse can’t focus on any of the potential matchups, anyway. That attention lies squarely on WMU.“I think that can mess up teams, trying to look ahead,” Fair said, “and then you’re not focused on the team in front of you.” Comments Published on March 17, 2014 at 12:22 am Contact David: dbwilson@syr.edu | @DBWilson2last_img read more

NPFL Mid-season Transfer Window Opens

first_imgThe clubs in the NPFL have at least two weeks to sign up players on a permanent or loan basis until June 3, which is two days before the commencement of the second round.However, the League Management Company (LMC), which oversees the day-to-day activities in the NPFL, has demanded that for any registered player with a club to be approved for the second round, the clubs must provide attestation letters, as stated in the league’s rule book.“Kindly be advised that pursuant to Rules B9.61 and B9.63 of the Framework and Rules of the NPFL, the Second Transfer Window of the 2015/16 NPFL season opens at 8.00am on Monday, May 23 and closes at 5.00pm on Friday, June 3, 2016.“Therefore, within this period, any club may apply for the new registration of a player or to have the registration of a player transferred to it or for a temporary transfer. Pursuant to Rules B9.45.2 and Rules B9.45.4.4, every club is expected to submit the attestation by each of its currently registered players as a pre-condition for registration. This is to ensure that there are no overdue payments owed the players,” the LMC wrote to clubs.The LMC stated that the move to demand for attestation is “to prevent and minimise the incident of indebtedness to players which become manifest towards the end of every season.”There is also the financial performance guarantee, which is one of the conditions for NPFL clubs to show their financial capacity to meet their obligations to their playing and coaching personnel.Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegram The Nigeria Professional Football League (NPFL) mid-season transfer window has taken effect on Monday, a day after first round matches were concluded.Though there are outstanding matches involving Nigerian champions Enyimba, Enugu Rangers, El-Kanemi Warriors, Abia Warriors, Wikki Tourists and Warri Wolves, the second transfer window will go on as scheduled on the league calendar.The LMC had abolished what used to be a mini-transfer window of some sorts after nine rounds of matches in the top-flight to a standard pre-season transfer window and then a mid-season transfer window.last_img read more

Matthäus ‘sneaks’ into the pulse of Madrid by Upamecano

first_imgThe former Bayern midfielder campaigned for his former team in bidding for Madrid. “I would like to see him at Bayern”he admitted. He also aligned himself with the strategy that the Munich entity is using to convince Upamecano to accept his offer and dismiss Madrid. Bayern is playing the trick of offering the French the ownership, something that would not be guaranteed at the Bernabéu where the center pair is consolidated with Ramos (precisely the idol of Upamecano) and Varane. “Upamecano needs the improvement that the parties give”Matthäus analyzed. “If he leaves Leipzig, the club or coach where he goes has to give him the confidence that he will play regularly.”As this newspaper reported, Upamecano has no intention of speeding up a decision about its future amid the pandemic. Already he has told Leipzig that he does not want to renew (ends his contract there in 2021) and he’s pushing for it to be sold now. He looks ready to go to a big one, just what Matthäus says … In Germany they closely follow the game that Real Madrid and Bayern are playing for Dayot Upamecano (21 years old, Leipzig). As AS reported, the Bavarian giant is Madrid’s great rival by the French central defender that Zidane likes. A pulse that has entered a legend of the people of Munich, Lottar Matthäus. The German icon puts its seal of approval on Upamecano. “I see him playing in a big one”Matthäus said in a podcast of Sky Germany. last_img read more