Increasing scale allows Unilever scheme to slash asset management costs

first_imgThe pension fund attributed the cuts chiefly to an increase in assets, which stood at €4.5bn at the start of 2014.Progress’s board said the scheme’s increased scale had enabled it to invest more efficiently and negotiate better terms with asset managers.The pension fund reported a return of almost 16% for 2014, outperforming its benchmark by 1.3 percentage points.The scheme largely credited its 42% equity allocation – returning 15.4% and outperforming the standard portfolio by 0.8 percentage points – for the performance.Fixed income investments and property returned 11.7% and 18.9%, respectively, while private equity returned 28.2%.However, the pension fund lost 34.8% on its commodities portfolio, an underperformance of 0.7 percentage points.According to its annual report, Progress applied a dynamic, anti-cyclical investment policy aiming to generate returns during times of low funding, and take profits and protect assets in times of high funding. It attributed 7.6% of its 2014 return to a combined interest/inflation hedge through swaps.Kragten said the scheme’s dynamic hedge increased after real funding improved.As of the end of 2014, Progress had covered 53% of its interest risk and 52% of its inflation risk.Since last year, the scheme has applied an 80% hedge of the five main currencies, including the Australian dollar, and fully covered the currency risks on its holdings of commodities and government bonds.However, following the appreciation of the US dollar and the Swiss franc relative to the euro, it failed to benefit fully from its currency hedge, the scheme said. The official ‘policy funding’ – the average coverage over the 12 months previous – stood at 139% as at the end of the first quarter, equating to a real funding of 103%.In other news, the €5.3bn industry-wide scheme PNO Media reported a first-quarter return of 8.4% but warned that an increase in liabilities over the period, following the strong decline in interest rates, had offset the result.As a consequence, the scheme’s actual funding fell to 94.2%, while its policy funding stood at 102.2% at March-end.The media scheme reported quarterly returns on equity, property and private equity of 16%, 3.6% and 6.7%, respectively.US dollar-denominated emerging market debt generated 14.5%, while government bonds and Dutch residential mortgages delivered 12.4% and 1.5%, respectively.PNO Media lost 2.7% on its currency hedge. Progress, the €5.7bn Dutch pension fund of food and cosmetics giant Unilever, has cut administration costs per participant by €23 to €128, according to its 2014 annual report.Rob Kragten, the pension fund’s director, said the reduction had become possible after Progress created “approximately €500,000 in savings”.The pension fund also managed to cut total asset-management costs, including transactions, by 11 basis points to 0.48% of assets under management.Transaction costs fell by 50% to 0.06%.last_img read more

Eight Feeders in the Making for CNCo

first_imgThe China Navigation Company Pte. Ltd (CNCo), a wholly-owned ship owning and operating arm of the Swire Group, is set to expand its feeder fleet with eight newbuilds in the next two years.The ships are being built at the China State Shipbuilding Corporation’s Wenchong shipyard, starting delivery in 2019 and continuing into 2020.The initial four 2,400 TEU vessels were ordered from Huangpu Wenchong Shipbuilding in 2017 to replace tonnage that will be phased out between 2019 and 2020. The company subsequently declared options attached to this order for four more 2,750 TEU vessels which will be delivered in 2020.“China’s growth as a major player in the shipbuilding industry has truly been remarkable. The partnerships we have established with key Chinese shipbuilders is testimony of this growth,” James Woodrow, Managing Director of CNCo, said at the opening of the company headquarters in Shanghai, China, on November 5.“We will continue to assess modern and fuel-efficient designs to provide an industry-leading product to our customers in China far into the future.”“With our Shanghai office now being a full-fledged operating subsidiary as well as our other offices in Qingdao, Beijing and Guangzhou, we are even more confident of delivering innovative and sustainable shipping solutions that will meet the needs of our customers,” Randy Selvaratnam, country manager, added.Headquartered in Singapore, CNCo owns and manages more than 130 vessels through its three core divisions – Swire Shipping, Swire Bulk and Swire Bulk Logistics. Out of these, 37 ships have been built in China.The company offers four separate services from China covering the South Pacific Islands, New Zealand, and North Australia trades.last_img read more

New Fisheries Complex in Portsmouth to boost economic activity in the north

first_img Share Sharing is caring! Share Prime Minister Roosevelt Skerrit says the construction of a US $6.8 million dollar fisheries complex for Portsmouth will significantly enhance the lives of the people of the north.The Government of the Dominica officially opened the Portsmouth Fisheries Centre- the 3rd fisheries complex constructed by the Government of Japan through the Japan International Cooperation Agency (JICA).  He further stated that the facility will also help in uplifting the community.“Notwithstanding the countries many challenges including that of having to respond to natural disasters, Japan has delivered on this project and we say thank you to the government and people…” he said.The Prime Minister says government is hoping that the new Fisheries complex will also boost economic activity in Portsmouth.Meantime Parliamentary Representative for Portsmouth and Tourism Minister Ian Douglas says the fisheries complex will also highlight the fishing tradition of the people there.He says many people in the north depend on fishing for their livelihood.According to Douglas, it is the start of the unfolding of a new era in Portsmouth.“That long awaited development is unfolding before our very eyes…I see a lot of potential in this facility. It will enhance our yachting in industry…it will enhance our entire harbor in general,” he said.And Japanese Ambassador to Dominica Tatsuaki Iwata says the fishing facility is a commitment from the Japanese government to help enhance Dominica.Photo credit: Vibes News Sharecenter_img Tweet 36 Views   no discussions LocalNews New Fisheries Complex in Portsmouth to boost economic activity in the north by: – June 3, 2011last_img read more

Aug. 23 is deadline for Super Nationals pit stall reservations

first_imgMore information is available from pit parking coordinator Belinda Davis at 515 689-3027 and the website, or by contacting IMCA at 319 472-2201 or emailing  Modified, Stock Car, Hobby Stock and Northern SportMod drivers must be pre-entered before they make pit stall reservations. BOONE, Iowa – Pit stall reservations for the 37th annual IMCA Speedway Motors Super Nationals fueled by Casey’s must be made by noon on Friday, Aug. 23. Pit stalls at Boone Speedway are $100 and must be reserved online. In the event a driver does not show up as scheduled, their pit stall will be issued to another driver. center_img A waiting list will be started for overflow and drivers who cannot be accommodated will receive refunds. Pit stall reservations are not required for Late Models and Sport Compacts, which are both one-day programs.  Entry forms and pit stall reservation forms are posted on both IMCA and Boone Speedway web­sites, using the Super Nationals pulldown.last_img read more

We can handle pressure – Defoe

first_img Press Association Everton briefly applied the pressure before Defoe, playing wide right of a three-man forward line, bundled home substitute Adam Johnson’s cross with his thigh with the ball also touching his hand as it went in. “You need a bit of luck, and yeah and I think you get that luck when you work so hard as a team,” added the former England international, who joined from Major League Soccer side Toronto in January. Advocaat is pleased with the way his three-pronged strikeforce has performed in the last couple of weeks, having beaten Southampton the previous weekend, and despite Defoe being given an unfamiliar wide role the head coach said he does not insist the striker rigidly sticks to the position. “It is not his favourite position but we are in a position where we have to do everything for the club to stay up,” said the Dutchman, who has earned 10 points from the six matches he has been in charge. “If he scores as well it gives him a boost but he has the freedom as well to come away from that position.” After defeat at Aston Villa the previous week, Everton’s season is drifting aimlessly with a top-10 finish looking almost beyond them. “It becomes very difficult,” admitted manager Roberto Martinez. “I always felt the two home games left were very important but we are facing West Ham next week and are in a direct fight for those positions. “I think it is important we don’t lose the focus of looking for the top 10.” A 2-0 win at Everton meant the Black Cats recorded back-to-back victories for the first time this season and it could not have come at a more crucial time. The result lifted Dick Advocaat’s side two points clear of the relegation zone but wins for West Brom, Aston Villa and Leicester and a point for Newcastle mean the quest for survival is far from over. “It was a must-win game to be honest, we knew we had to win,” said Defoe, who made sure of three points with an 85th-minute effort after Danny Graham’s fortuitous first goal for the club 28 months after joining. “We still have an important game next week (at home to Leicester) but it is back-to-back wins and we are delighted to have done it. “I think it has added a bit more pressure on the sides around us now. “There was a lot of pressure on us to get a result and we handled that and that is credit to everyone at the club. “We were solid, organised and patient as this is a difficult place to come. It was never going to be easy, so to win here 2-0 was credit to the players. “It was impressive to get the result – it doesn’t matter how you do it. There was a lot of pressure in a must-win game and we can go home happy.” Everton dominated possession but despite creating opportunities in each half, their best chances did not come until they were behind when Seamus Coleman volleyed wide and James McCarthy fired a low, angled drive against the post. By then Graham had ended his long wait for his maiden Black Cats goal, although it was not intentional as, with his back to goal, he appeared to be trying to get out of the way of Jordi Gomez’s shot when it took a deflection off his shin and looped over Tim Howard. Sunderland striker Jermain Defoe believes the players have proved they can handle the pressure of a relegation battle. last_img read more

Tennis News Alexander Zverev suffers meltdown, loses to Milos Raonic in Australian Open 2019 fourth round

first_img Melbourne: Milos Raonic kept his cool to reach the quarter-finals as young Alexander Zverev went into meltdown and crashed out of the Australian Open. The fourth seed erupted in frustration and fury during the second set of a 6-1, 6-1, 7-6 (7/5) drubbing by the Canadian 16th seed, hammering his racquet into the ground eight times to leave it a mangled mess. “I just tried to stay composed, “said Raonic.  “It worked extremely well for me today. I played incredibly good, did a lot of things extremely well.” Zverev was tipped as a future Grand Slam champion after a breakthrough 2018 that saw him win the ATP Tour Finals, beating Novak Djokovic and Roger Federer in the process.               Instead it was a familiar tale of woe as his much vaunted-talent deserted him again before he could reach the sharp end of a major. The 21-year-old’s miserable record in Slams was extended to just one quarter-final, at the French Open last year, in 15 appearances. All seemed well when the world number four broke former world number three Raonic’s formidable serve in the opening game of the match. “I was glad I turned around that start quickly,” said Raonic.   highlights “I gave myself a lot of curse words after the first game.” But he then lost the next nine in an error-strewn display. Zverev committed eight double faults and 16 unforced errors against only eight winners as the first two sets evaporated in 63 minutes. When he dropped his serve to go 4-1 behind in the second set his seething anger was taken out on his unfortunate racquet, earning a code violation from umpire Carlos Ramos. Zverev left the court for a bathroom break at the end of the set to let off steam and was at least competitive when he returned.He stopped the flood of mistakes in the third set and took it to a tiebreak, saving two match points along the way. But it was too little, too late as Zverev’s abject record in Slams continued. Instead Raonic, who lost to Andy Murray in the last four in Melbourne in 2016, moves on to face Borna Coric or Lucas Pouille in the quarter-finals. Zverev had won the 2018 year-ending ATP challengeZverev defeated Novak Djokovic and Roger FedererZverev has reached only one quarter-final in Grand Slams For all the Latest Sports News News, Tennis News News, Download News Nation Android and iOS Mobile Apps.last_img read more

Victor Moses: Still Conte’s Trusted Tool

first_imgAfter several loan stints and when it was almost obvious he would never star for Chelsea in a competitive game again, the arrival of Antonio Conte as the Blues Manager changed the whole narratives for Victor Moses. The Italian saw what no previous Chelsea manager saw in the Nigerian and for two years Conte was at the Bridge, Moses was a regular figure. All that changed with the arrival of Maurizio Sarri as the AFCON gold medalist was once again sent on loan to Turkey. Conte in his Inter Milan’s revival still sees Moses as an important tool in reuniting with his old reliable Former Super Eagles winger Victor Moses has joined Inter Milan on loan with an option of a permanent move. The 29-year-old Moses has undergone a medical with the club and will join them for the rest of the season.Moses’ reconciliation with Antonio Conte is now completed with the utility player in Italy to securing a loan move to Inter Milan. Victor Moses Videos of Moses in Milan surfaced on social media on Tuesday morning as he underwent a medical with the high-flying Serie A side.He joined on loan for the rest of the season with a view to making the deal permanent for £8.5 million in the summer.He had initially arrived in the city on Monday night, having cut short his 18-month loan spell at Turkish side Fenerbahce.Moses is currently deemed surplus to requirements at Chelsea and had spent the past 12 months plying his trade with Fenerbahce.However, he is set to be reunited with Conte at Inter after playing a key role in the Italian’s 2016-17 Premier League title triumphs while in charge of Chelsea.In his press conference on Monday, Chelsea head coach Frank Lampard said: “On Victor Moses; he’s obviously coming back from his loan with a view to going elsewhere, and those talks are ongoing as well.”The 29-year-old is set to become the fourth Premier League player to move to the Serie A club this season, following Ashley Young, Romelu Lukaku and Alexis Sanchez’s transfers from Manchester United.The Nigeria international whose deal at Stamford Bridge is due to expire in June 2020, arrived at Chelsea in 2012 from Wigan Athletic and since then has enjoyed loan spells at Liverpool, Stoke City and West Ham.“Coaches come with different styles and formation and if a player could not fit into a particular formation does not mean he’s not good. The fact that Victor Moses did not fit into Mourinho’s style does not mean he’s not a good player. Now that a coach whose formation Moses fits into is now in charge, he is getting enough playing time,” Mutiu Adepoju said in an interview with THISDAY then.In a telephone chat with THISDAY, former Nigerian international Paul Okoku said Moses “is reaping the hard work and effort” at improving his game while on loan.“It was not that Conte just woke up and decided on Moses. He had come to trust him during their time at Chelsea. Conte definitely had watched him play during his loan spell and knew he suits his style of play. Moreover, Moses too had put in so much effort to improve his game and that is what he is enjoying,” Okoku said.“I played as a wing-back a lot during my career, particularly when I was younger in the mid-to-late 1990s when that system was least popular in the Premier League. I used to enjoy it because, like Moses, it suited my game. Like him, I was more of an attacker than a defender and wing-backs have the freedom to get forward when they want.“You have to be disciplined defensively and decide when to join the attack or hold back, but you have the freedom of the touchline and the ability to impose yourself on the game far more than you can as a normal winger. By timing your runs, you can come from deep with a head of steam and burst into great positions – the sort of thing that Moses does when he used his power and pace to great effect,” Conte said.Moses has spent the past year on loan at Fenerbahce after falling out of favour at ChelseaHe featured 34 times in the league that term, scoring three times.Overall the pair worked together at Stamford Bridge for two seasons before Conte was sacked just two months after the end of the 2017-18 campaign. The last season saw them win the FA Cup too.Conte will be hoping the arrival of Moses can aid Inter’s title challenge as they look to usurp Juventus as champions of Italy. Juve (51 points) currently sit four points clear of second-placed Inter (47 points) after 20 matches apiece.Moses was born in Lagos to a pastor. When he was 11, his parents were among thousands killed by rioters. A week later with his travel being paid for by relatives, he came to Britain as an asylum seeker. He attended Stanley Technical High School, now known as the Harris Academy, in South Norwood. Scouted playing football in the local Tandridge League for Cosmos 90 FC Crystal Palace approached him, with the club’s Selhurst Park stadium just streets away from his school.Moses first came to prominence at 14 after scoring 50 goals for Palace’s under-14s side. Playing for three years at both Whitgift and Palace, Moses scored over 100 goals as well as helping Whitgift win many School Cups, including a National Cup where he scored all five goals in the final against Healing School of Grimsby at the Walkers Stadium, Leicester.Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegramlast_img read more

Badgers earn 1st season sweep of Hoosiers with 66-58 victory

first_imgJunior forward Tara Steinbauer led the Badgers with 19 points Sunday as UW downed IU 66-58.[/media-credit]In 35 years of competition, the Wisconsin women’s basketball team had never swept Indiana in a season series. Sunday night, that streak was snapped.Needing a quality win after losing three of their last five, the Badgers (18-7, 8-6) defeated the Hoosiers (13-12, 6-8) by a 66-58 margin Sunday at the Kohl Center.Against a Hoosier lineup that features two of the Big Ten’s top 15 scorers in senior guard Jamie Braun and junior guard Jori Davis, the Badgers jumped out to a quick start, holding an early 18-8 lead with 12:52 remaining in the first half.After extending the lead to 13 with 9:21 left in the half, Indiana rebounded to cut the lead to six points at halftime.“I’m very proud of our basketball team on this late Sunday evening game,” Wisconsin head coach Lisa Stone said. “I thought our players really dug down defensively, that’s who we are. Inside of four minutes to end the game, we talked in the timeout about making sure that we believe in our principles and getting it done.”In a tightly contested second half, free throw shooting made the difference for the Badgers. Holding a 2-point lead with 1:36 to play, Wisconsin converted 11-of-14 shots from the line to ice the game. Before Sunday night, free throws had largely been the bane of UW’s recent poor second halves.After two consecutive games of failing to attempt ten or more foul shots, Wisconsin got to the line 28 times Sunday, hitting 21 to finish 75 percent on the night. Meanwhile, Indiana went 10-for-21 from the charity stripe, for only 47.6 percent.With senior guard Rae Lin D’Alie playing in her school-record 125th straight game, Wisconsin rediscovered the energy and intensity that fueled a four-game January win streak.When Indiana tied the game at 50 with 3:30 remaining, it was D’Alie, previously scoreless in the second half, who hit a crucial 3-pointer to put the Badgers ahead 53-50.After both teams exchanged scoreless possessions, D’Alie continued her clutch play with a steal and fastbreak layup on the other end to extend the lead to 55-50 with 2:13 on the clock.“When I went back in there [in the second half], I was really calm and relaxed… I don’t really even know how big they were,” D’Alie said of her two big plays.For Indiana, only Braun was able to crack the Wisconsin defense. The senior guard led all scorers with 20 points, 14 of which came in the second half. Meanwhile, Davis, the conference’s fourth-leading scorer, was held to one point on 0-for-5 shooting from the field.“Jamie Braun… had a tremendous game, she’s a very, very fine player, but I thought we made her work as hard as she could for her 20 points,” Stone said. “Jori Davis is a very, very good player and she was held to one point. That was tremendous defense; Teah [Gant] had the start on her, but it was our entire team.”On the offensive side, Wisconsin was led by junior forward Tara Steinbauer, who contributed 19 points, including 9-of-10 shooting from the free throw line. D’Alie and junior guard Alyssa Karel also played significant roles on the offense, scoring 14 and 13 points, respectively.“I think it’s a big win for us,” Steinbauer said. “It gives us the momentum going into Thursday’s game against Ohio State that we needed. I thought (Assistant) Coach Bennett made a really great point in the locker room today; it’s not about the end result, it’s about playing for each other.“So that’s one of the things we definitely looked to sort of hang our hats on at the end of the day.”For Stone, getting her team to play as Steinbauer described greatly aided in the Badgers finishing the game strong.“I think our players really responded in the second half,” Stone said. “At halftime, we made a few adjustments, but you hear what these players are saying; they’re in this for each other, they really are.“I see it every day… they’ll do whatever they can for each other, whether it’s making an extra pass or making dinner, they truly are a family and it’s a joy to coach them.”In the second half, Wisconsin forced four steals and 12 turnovers, exhibiting the stingy nature that Stone has seen in her team all season.“We have tremendous toughness,” Stone said. “And we call that the X-factor, that’s what that is. You’re diving on the floor, you’re tipping it away… you’re getting those hustle plays…those are the little details that we need to throw us over the top.”last_img read more

Water polo opens season with two blowouts

first_imgWomen’s water polo opened its season with big wins against UC San Diego at home on Friday and away at Whittier on Saturday. The Trojans came away with a 2-0 record to kick off their 2016 campaign to the championships, winning 17-4 against UC San Diego and 28-2 against Whittier.The Women of Troy hosted UC San Diego Friday and opened up with a 4-0 lead with goals from junior driver Stephania Haralibidis, sophomore utility Hayley McKelvey, junior driver Nikki Stansfield and sophomore utility Annika Jensen. The Tritons answered back with a power play goal. Sophomore goalie Victoria Chamorro and the Trojan defense left UC San Diego scoreless for the next 10-plus minutes of play. Chamorro and the defense kept the Tritons at bay, the Trojan offense added on five more goals bringing their lead 9-1 at the half.Freshman goalie Amanda Longan made her debut in the cage in the second half for the Trojans racking up four saves by the end of the half. USC’s offense continued to fight hard tallying up 8 more goals for a final score of 17-4. Top scorer junior two-meter Brigitta Games totaled four goals from the two-meter position. Stephania Haralibidis and junior two-meter Avery Peterson also scored three goals each earning hat tricks.The Trojans carried their momentum from Friday’s win to Whittier on Saturday. USC dominated Whittier, leading 8-2 by the end of the first quarter. The Trojan defense left the Poets scoreless for the remainder of the game. The offense also packed a punch with six Trojans tallying 3 or more goals while another three Trojans made their first goals of their careers. Stat leader of the evening was Peterson who totaled a career-high 6 goals against Whittier.Longan started in the cage for the Women of Troy batting down four saves for the Trojans. Longan and the Trojan defense held the Poets to just 2 goals into the half. Senior Alegra Hueso took over the cage in the second half allowing no goals and tallying five saves to help the defense stop the Poets.The Trojan offense continued their scoring frenzy leading 16-2 by the end of the first half with 4 goals from Peterson as well as a career-first goal for freshman driver Mackenzie Flath. The offensive momentum carried into the third quarter for the Women of Troy with junior driver Ioanna Haralibidis adding 3 more goals to the scoreboard as well as another two from Games.Jensen helped the Trojans finish strong in the fourth quarter with a career-first hat trick bringing her total to 3 goals. Freshman driver Courtney Fahey also made a splash tallying 2 back-to-back goals to kick off her career. By the end of the fourth, Peterson would add 2 more goals bringing her total to 6 for the evening and the final score to 28-2.After a successful pre-season weekend, the Trojans will be hosting the Brazilian National Team for a scrimmage Feb. 10 at 5 p.m. at the Uytengsu Aquatic Center before hitting the road for the Triton Invitational on Feb. 13-14.last_img read more

Beat writers unanimously pick Syracuse to beat Seattle

first_imgAfter picking up its first win of the season on Wednesday against Colgate, Syracuse (1-1, 0-1 Atlantic Coast) continues its nonconference slate against Seattle (2-2). The Redhawks enter Saturday’s game in the Carrier Dome with two non-Division I wins and two losses to Washington State and Eastern Washington. This is the first game in the NIT Season Tip-Off series, and as of Friday night, Syracuse is favored by 15.5 points and the over/under is set at 129, per Pinnacle.Here are our beat writers’ predictions for Saturday’s 7 p.m. game in the Carrier Dome:Nick Alvarez (2-0)‘Seattle’Syracuse 74, Seattle 48 After two-straight early deficits, Syracuse should steamroll Seattle from tip on Saturday night. Elijah Hughes is slowly finding his groove, swishing a 3 while falling backward against Colgate, and can have his early-season showcase. In its last game, Seattle allowed 25 to Eastern Washington’s Jacob Davison. Elsewhere, Bourama Sidibe is coming off the best half of his career and will lead a center-rotation officially down to two players In my opinion, the most interesting thing to watch will be Joe Girard III’s development now that he’s officially SU’s starting guard.Michael McCleary (2-0)They have the Space Needle, I guessSyracuse 83, Seattle 51AdvertisementThis is placeholder textThis game won’t be close. Nothing against the city of Seattle, of course. It is, after all, ranked the No. 3 big city to live in. Really cool place. But this isn’t about that, and Syracuse — in a home game — should have an easy time with this one. The Redhawks were blown out by Washington State. Syracuse perhaps presents an even bigger challenge than them, and SU’s proficiency from beyond the arc can make this game well out of reach. And quickly, too.Josh Schafer (2-0)Sounding offSyracuse 81 Seattle 53This the fourth-easiest game left on Syracuse’s schedule per Kenpom and it’s easy to see why. With a 30-point loss to Washington State and some of the worst shooting stats in the country (Seattle is currently ranked 351st out of 353 teams in 3-point field goal percentage), there’s little room to expect and upset. The Redhawks just aren’t close to competing with an ACC team and this game will be better to watch Syracuse’s offense continue to search for rhythm, SU head coach Jim Boeheim said after the win over Colgate the team still needs to look better on offense and that will start on Saturday against a sub-par defense. Comments Facebook Twitter Google+ Published on November 15, 2019 at 8:45 pmlast_img read more