Bond returns narrow deficits at UK DB pension funds

first_imgDeficits at UK defined benefit pension (DB) schemes narrowed further last month as higher bond returns shaved 1.8% off liabilities, according to the Pension Protection Fund (PPF).The aggregate deficit of the 6,150 schemes in the rescue fund’s PPF 7800 index fell to £59.7bn (€71.4bn) at the end of November from £75.6bn a month before, the fund estimated.At the end of November 2012, the total deficit of the schemes had been £230.5bn.On a section 179 basis, the schemes’ funding ratio rose to 95% from 93.8%, and was up from the 82.2% recorded in November 2012. Equity markets and Gilt yields were the main drivers of funding levels, the PPF said.During the month of November, the DB pension scheme assets fell by 0.6% mainly as a result of falling UK equity markets and Gilt prices.Liabilities, on the other hand, fell by 1.8% over same period.This decline reflected higher nominal and index-linked Gilt yields, the PPF said.It said movements in the PPF 7800 index illustrated the change in its exposure to the deficits in its universe of eligible schemes as a result of financial market movements.It pointed out that the index did not take account of schemes’ use of derivatives to hedge market changes.Looking at only those schemes in deficit, the aggregate shortfall was estimated to have fallen to £128.4bn at the end of November this year from £140.1bn a month before, and from £259.6bn at the end of November 2012.The total surpluses of schemes in surplus rose to £68.7bn at the end of November from £64.5bn at the end of October, and from £29.1bn at the end of November 2012.The number of schemes in deficit fell to 3,952 at the end of November from 4,063 a month earlier, and from 4,944 at the end of November 2012.Meanwhile, consultants Barnett Waddingham said pension schemes were worried about whether they would be able to iron out mistakes in Experian data before the company replaced Dunn & Bradstreet (D&B) as the PPF’s rating provider next year.In a survey, the consultancy found 90% of respondents either worried or were very concerned about the likelihood of companies successfully correcting errors or omissions in time for the change in April 2014.The firm said its 2014 PPF Levy survey focused on the increase in the benefits cap for longer-serving members, as well as the D&B failure scores.Nick Griggs, head of corporate consulting, said: “Our latest PPF survey findings highlight the real concerns trustees, employers and advisers have about the upcoming shift from D&B to Experian’s credit rating service.”There will be winners and losers from the change, he said.Companies have to act now to tackle any holes in their Experian data to make sure they are accurately rated and avoid an unjustified hike in their PPF levy, Griggs said.Nearly half – 48% – of respondents support the increase in the benefits cap, while 28% do not, according to the study.Some 49% of trustees and employers responding disagree or strongly disagree when asked if their company’s D&B score accurately reflects its risk of insolvency in the next 12 months.Barnett Waddingham said many respondents thought the current model used by D&B was too rigid, with 64% saying they would be happy for Experian to use more judgement in adjusting the failure score, as long as the process was transparent.last_img read more

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West Coast Water Project underway

first_img Share Sharing is caring! Tweet Share Sharecenter_img 75 Views   no discussions The construction phase of the West Coast European Union funded water project will commence today.The first phase of the project; the institutional Review of the Dominica Water & Sewerage Company (DOWASCO) carried out by a firm in Denmark was completed in January 2008.Customer and Human Resource Manager at DOWASCO Gwennie Dickson says the second phase involved the consultancy for the feasibility study, design, preparation of tender documents and works supervision during the construction phase was completed in 2010 by consultant HYDROPLAN of Germany.“The West Coast Water Project seeks to consolidate nine individual water systems on the west coast of Dominica, from Salisbury to Capuchin, into an integrated network with two reliable sources, namely the Picard River and the Coulibistrie River. At present most of the existing water systems are inadequate and inefficient with high maintenance costs. Some water sources have insufficient dry season flows to meet present and future demands. Among the present problems are frequent leakage due to aging pipe networks and high turbidity after heavy rainfall due to lack of filtration facilities.” She said the project will vastly improve the quality of water service to the entire west coast and expand the coverage to areas not presently served.Dominica Vibes News LocalNews West Coast Water Project underway by: – October 20, 2011last_img read more

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More misery for Mourinho as Chelsea slip to another Premier League defeat

first_imgJose Mourinho was left facing more hard questions after champions Chelsea lost their fourth Barclays Premier League game of the season 3-1 at home to Southampton. Sergio Aguero made it a better day for Manchester City with five goals in 20 minutes helping his side come from behind to thrash Newcastle 6-1 and return to the summit. Aleksandar Mitrovic had given the winless Magpies a shock lead at the Etihad Stadium but Aguero burst to life either side of half-time with a nine-minute hat-trick. He bagged another pair before being substituted in the 66th minute, while the in-form Kevin De Bruyne was also on target as Newcastle went bottom. Sunderland edged above their rivals with a 2-2 draw at home to West Ham – but a first win of the season was let slip. Steven Fletcher and Jeremain Lens put the Black Cats two up in 22 minutes, the latter with a lovely chipped finish. But Carl Jenkinson pulled one back in first-half injury-time, Lens was sent off for a second yellow card and Dimitri Payet levelled on the hour. Crystal Palace moved third in the table after a 2-0 home win in the early kick-off against West Brom. It was 0-0 until the 68th minute, when Yannick Bolasie netted, and Yohan Cabaye’s late penalty sealed it. After eight matches the Blues lie in lowly 16th place, with goals from Steven Davis, Sadio Mane and Graziano Pelle rendering Willian’s 10th-minute opener moot. Captain John Terry was restored to the Chelsea starting XI but the defensive problems which have dogged Mourinho’s men this term were present once again as Mane, Pelle and Dusan Tadic enjoyed themselves at Stamford Bridge. By then the Baggies had already lost Jonny Evans and James Morrison to injury. Leicester, beaten by Arsenal last time out, returned to winning ways with a 2-1 success at Norwich. Jamie Vardy won and converted a debatable penalty in the 28th minute, taking his tally to seven in eight appearances this season, before Jeffrey Schlupp doubled the lead. Dieumerci Mbokani’s first goal for the Canaries reduced the arrears but there was no equaliser. A solitary strike from Marko Arnautovic saw Stoke take the points at Aston Villa, who remain in the bottom three after failing to find a way past Jack Butland. Arnautovic, who had earlier been denied by a marginal offside decision, beat Brad Guzan 10 minutes into the second half to hand the Potters a first away win since the same fixture in February. Glenn Murray opened his Bournemouth account in the 1-1 draw against Watford at Dean Court, but missed a penalty to win it late on. The Hornets were gifted their equaliser when goalkeeper Artur Boruc misplaced his kick and striker Odion Ighalo took advantage. Press Associationlast_img read more

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Rep. Elijah Cummings Dead At 68

first_imgCummings underwent surgery to repair his aortic valve in May 2017 and was absent from Capitol Hill for two months. In July 2017, he developed a surgery-related infection but returned to work.The congressman had been suffering from “longstanding health challenges.” Cummings made headlines over the summer when he came under attack from President Trump. The President labeled Cummings’ Baltimore district a rat-infested mess where no human would want to live and questioned why the congressman wasn’t doing more to find out what happens to the billions of dollars of financial aid going to his city. Cummings attended Howard University and later went on to graduate from the University of Maryland School of Law. He practiced law for nearly two decades before his election to the House. He also held no less than a dozen honorary doctoral degrees from universities around the nation. He leaves behind a wife, Maya Rockeymoore Cummings, and three children. The man heading up the impeachment inquiry in to President Trump in the House Oversight Committee, Congressman Elijah Cummings has passed away.The Maryland Democrat was 68 years old.A tweet from his office says he died this morning at approximately 2:45 Eastern time at Johns Hopkins Hospital in Baltimore. Congressman Elijah E. Cummings died early Thursday at Johns Hopkins Hospital due to complications from longstanding health challenges. Cummings became the powerful chairman of a U.S. House committee that investigated President Donald Trump. https://t.co/zNe9kVmGxx— The Associated Press (@AP) October 17, 2019last_img read more

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GSCL Inc. Republic Cup 4… Success stun Regal Allstars to claim open title

first_img… Savage, Mike’s Wellman share Masters crownSUCCESS produced a stunning performance to clinch the Open title over Regal Allstars in the Georgetown Softball Cricket League Inc. Republic Cup 4 final on Sunday.Playing at the Everest Cricket Club ground, Regal Allstars were bowled out for a paltry 67 in 10 overs.Richard Latif who hit one four and two sixes was the only batsman to offer any resistance, with a fighting 28.Puran John and Stephan Felix picked up four wickets each for the eventual winners.Success in reply reached 68 without loss, with three overs to spare.Surujpaul Deosarran top-scored, with 23, while Dindyal Lakhan made 19. Extras contributed 27 to the winning total.Meanwhile, Mike’s Wellman and Savage Masters shared the Masters title, after they played to a tie in the final.Batting first in the Masters final, Savage Masters posted 154-4 in 12 overs.Ricky Deonarain fashioned a brilliant 53. He clobbered seven sixes in his robust innings.Unnis Yusuf and Patrick Khan supported with 39 and 20 respectively.In the run chase, Nandram Samlall and Greg DeFranca added 37 for the first wicket, but the dismissal of Samlall (18), saw Mike’s Wellman reduced to 74-4.Lloyd Rooplall and Wayne Jones then steadied the chase nicely, with a stand of 48. Rooplall smashed one four and five sixes before he departed for 40.Following his demise, Mike’s Wellman lost a few more wickets, but Jones kept them in the hunt, with ten runs required in the final over.Jones and Hardat Heeranandan scored nine runs from the first five balls, but Heeranandan lost his concentration, and was bowled off the final ball of the innings, Mike’s Wellman finished on 154-8.Jones, who hit two fours and a similar number of sixes, remained unbeaten on 36.Zameer Hassan (2-3) and Navindra Pooran (2-29) were the successful bowlers in a losing cause.Earlier in the day, Success beat Farm by 65 runs, and Regal Allstars overcame Farm by 38 runs.Mike’s Wellman beat Ariel Masters by six wickets in their semifinal match, while Savage got the better of Regal Masters by seven wickets in the other semi-final game.In the other game played, Ariel Masters beat Success Masters by 39 runs.last_img read more

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Coleman sparks Syracuse to win, Orange sweeps Canada

first_img Published on August 24, 2013 at 9:50 pm Contact Trevor: tbhass@syr.edu | @TrevorHass DaJuan Coleman scored 26 points in 26 minutes, propelling Syracuse to a 73-50 win over the University of Ottawa at Montpetit Hall in Ottawa on Saturday.Coleman shot 10-for-13 from the field and 6-for-10 from the free-throw line, adding seven rebounds and dominating the undersized Gee-Gees in the paint. The win put the finishing touches on a successful four-game road trip as the Orange knocked off all of the Canadian schools it faced.After eking by Carleton 69-65 in overtime Friday, SU had an easier time against Ottawa. The Orange used an 18-0 run in the second half to pull away from the pesky Gee-Gees. Though Ottawa hit just 26.4 percent of its shots in the first half, Syracuse only held a 34-28 lead at the break.Ottawa hit four 3-pointers in the first half but then entered a nasty dry spell, scoring just one bucket in 11 minutes while the Orange pulled away.Rakeem Christmas chipped in 12 points and 11 rebounds. He didn’t record a double-double all of last season.AdvertisementThis is placeholder textC.J. Fair sat out for Syracuse with a bruised lower left leg, an injury suffered against McGill University on Wednesday that caused him to miss the following game against Bishop’s University. Fair played against Carleton University on Friday, scoring 11 points and adding eight rebounds before re-aggravating the leg injury in a scramble for a loose ball. He missed the final 11 minutes on Friday. Comments Facebook Twitter Google+last_img read more

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Football: No. 10 Badgers look to reclaim Heartland Trophy from Iowa

first_imgThe proximity of fans to the sidelines at Kinnick Stadium, the home of the University of Iowa Hawkeyes, makes it one of the toughest places in the country for visiting teams to perform.This Saturday, the University of Wisconsin football team will have to endure the crowd, donned in black and gold, hovering over them for the third time in four years when the No. 10 Badgers (4-2, 0-2 Big Ten) head to Iowa City to take on the Hawkeyes (5-2, 2-0) in a matchup between the only two schools that have won the Big Ten West title.Football: Ramczyk, Cichy, Watt named to Sports Illustrated’s Midseason All-America TeamThe University of Wisconsin football team’s Ryan Ramczyk, Jack Cichy and T.J. Watt earn national recognition Tuesday after being named Read…Senior cornerback Sojourn Shelton said he’s heard things on the Kinnick stands that he would rather not repeat in front of the media.“It’s really close,” Shelton said. “You can hear guys saying anything and everything — some crazy things being said from those fans. But it’s fun.”UW head coach Paul Chryst agreed with Shelton in the sense that the environment can lead to some pretty funny comments from spectators.“Each stadium’s got its own little nuances,” Chryst said. “They are right on top of you. That’s what makes going down there a fun place to play, but a hard place to play.”Senior running back Corey Clement has made two trips to Iowa during his career at Wisconsin, so he’s experienced what it’s like to play there.“You just really gotta stay locked in,” Clement said. “I remember when I was there with Melvin [Gordon III] and James [White], those guys were just getting hammered with comments. They just stayed focused, locked in, just really took focus on what they were there for.”Since the Heartland Trophy debuted in 2004, the teams have split their last 10 meetings, with the road team winning the last five meetings.  After losing it at home in a 10-6 heartbreaker a year ago, Saturday’s mission is clear: bring it back to Madison.According to junior redshirt wideout Jazz Peavy, the pride of being the tougher team is on the line every time the Iowa-Wisconsin rivalry kicks off.“There’s always the comparison of how they’re a tough, physical team just like we are,” Peavy said. “It’s just one of those things we take to heart and have a lot of pride in, and we want to make sure we’re known as the toughest and most physical team.”Redshirt freshman quarterback Alex Hornibrook didn’t play in last season’s game, walking past an empty trophy case for a year’s time is motivation at its finest, he said.Football notes: Cichy, Hornibrook reflect on game-changing plays, missed opportunities in Ohio State gameOut of the 148 plays from Saturday night’s thriller against Ohio State, one play in particular sticks out to University Read…“Going a whole year with an empty trophy case, seeing it in the locker room every day, kind of makes you angry a little bit,” Hornibrook said. “Especially that time after the game when it wasn’t sitting there in the locker room.”Iowa senior quarterback C.J. Beathard, who has thrown for 11 touchdowns and four interceptions this season, leads a Hawkeyes attack that ranks fifth in offensive efficiency in the Big Ten, but also ranks 13th in total offense. Beathard has already been sacked 18 times through six games and the Badgers average 2.8 sacks per game.The UW defense is currently allowing 15.2 points per game, and is likely to improve senior outside linebacker Vince Biegel returning to play after missing the last two games recovering from right foot surgery.Football: Biegel to miss 2-4 weeks after surgery to repair fractured bone in footFifth-year senior linebacker Vince Biegel is expected to miss 2-4 weeks after having minor surgery Thursday night to mend a Read…Saturday should be quite the matchup, in spite of a battle between a pair of two-loss teams this early in the season.Bumbaca’s Prediction: Wisconsin 27, Iowa 13A slow start, marked by losses to North Dakota State University and Northwestern University, put many people off about Iowa, a team that went undefeated during the regular season only a year ago. But the Hawkeyes are just starting to play their best football — and what better time with a rival coming to town?Iowa versus Wisconsin is among my favorite days of the year. There’s a lot of grit out there. Fullback dives at the goal line. Sacks. Hostile environments. Fans blacking out before 9:30 a.m. Give me all of it.This Iowa defense is not as good as it has been in past years. I think Wisconsin, led by Clement finding momentum against Ohio State University, put together a nice couple of drives. The Badger defense, well, they’ll be the Badger defense. UW fans cheer to their first win in almost a month.Cheat Sheet: Iowa vs. No. 10 WisconsinWhen: Saturday, Oct. 22, 11 a.m. CTWhere: Iowa City, Iowa, Kinnick StadiumTV: ESPN (Steve Levy, Brian Griese, Todd McShay)Radio: Badger Sports Network, Sirius81/XM81 (Matt Lepay, Mike Lucas, Patrick Herb)Series Record: Wisconsin leads 44-43-2last_img read more

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Men’s basketball: 8-seed Wisconsin readies for Virginia Tech team under familiar foe

first_imgEight minutes.That’s all it could take to dash the University of Wisconsin men’s basketball season. That’s all the time needed to prevent the eighth-seeded Badgers, playing in the East Region of the 2017 NCAA tournament, from reaching their sixth Sweet 16 in seven seasons or third Final Four in four years.Or from reaching the second round at all.After all, it was an eight-minute scoreless stretch, spanning 10 possessions, that doomed UW in their Big Ten Tournament final loss to Michigan Sunday. Time and again this season, senior forward Nigel Hayes has lamented at the fact Wisconsin (25-9, 12-6 Big Ten) can play formidable basketball for a period of time, and then go AWOL.“We needed to have a better start to the second half,” UW head coach Greg Gard said at a news conference Monday. “Specifically offensively. That’s where we got ourselves in a hole we couldn’t get out of.”Men’s basketball: Free throw woes an added problem come tournament timeFree throw shooting has been anything but free for the University of Wisconsin men’s basketball team this season. The two Read…Now, the consequences of falling into such a hole are drastic: It could cause the end of Hayes’ and the team’s three other seniors’ season earlier than anticipated, beginning with UW’s first-round matchup with No. 9 Virginia Tech (22-10, 10-8 ACC) Thursday.It’s a quick turnaround for UW, which arrived in Buffalo Tuesday, but the late tip will give them that much more time to rest. Virginia Tech poses a challenge, Gard said, like any other team would come tournament time.“The average-to-poor teams are on spring break,” Gard said. “Any opponent you’re gonna see, regardless of when you see them, where you see them, what seeds everybody is, it really doesn’t matter. Because the only ones that are left are the ones that have had really good years.”Many projections had the Badgers seeded higher than the eventual eight-seed dealt their way. To boot, if UW defeats Virginia Tech, top-ranked Villanova almost certainly awaits them in a second round matchup that would be played Saturday.Gard said the seeding situation is always complicated and deflected over possible dismay of the perception the committee under-ranked his team.“Playing in March is a privilege,” Gard said. “It’s not a right. It’s not something that automatically happens. You have to work your way there. Then once you get there, you gotta understand it is what is, and you better get ready to play, because any opponent doesn’t care what your feelings are about where you were seeded or where you felt you should be seeded.”But before UW can even think about pulling off an upset over the Wildcats, it must first take care of business against Virginia Tech, which won six of its final nine regular season games before advancing to the quarterfinals of the ACC tournament.Teams that can push the ball and shoot well — think Michigan — have bothered Wisconsin all season long, especially of late. Virginia Tech does both of these things well. Tech’s adjusted tempo on kenpom.com ranks just 157th, but Tech have used their transition game to beat teams like Virginia, a team whose style of play compares to UW.The Hokies’ offense features four players who average double digits, and that’s minus Chris Clarke, who suffered a torn ACL on Feb. 12 and previously contributed 11.4 points per game.Men’s basketball: Bo Ryan inducted into National Basketball Hall of FameFormer University of Wisconsin men’s basketball head coach Bo Ryan was named an inductee into the National Basketball Hall of Read…Zach LeDay is the team’s leading scorer (16.3 ppg) and rebounder (7.4 rpg). Seth Allen shoots better than 45 percent from the three and pours in 13.4 ppg, while Ahmed Hill (11.6 ppg) and Justin Robinson (10.3 ppg) also help on the scoring front.While Wisconsin boasts the ninth-best scoring defense in the country (61.4 ppg), it ranks 307th in the nation against the 3-pointer — opponents make 37.7 attempts from beyond the arc against UW. That also does not bode well in this matchup, as Virginia Tech shoots 40.3 percent from 3-point range.At the helm of the Virginia Tech program is no stranger to the Badgers or the state of Wisconsin: Buzz Williams. Now in his third year coaching the Hokies, Williams led Marquette from 2008-14 and now has the Hokies dancing for the first time in 10 years.Gard, when asked about Williams, was complimentary of his counterpart’s work ethic, noting the two have a similar story in rising through the coaching ranks, but downplayed the advantages of scouting his teams for years.“It’ll be more about how we play, versus any type of matchup,” Gard said. “They’re a little smaller in terms of across the front line, but they do different things to compensate for that.”Virginia Tech struggles on the glass, as its minus-2.1 rebounding margin ranks 267th in the nation. Meanwhile, the Badgers’ plus-6.3 rebounding margin is 21st.Women’s basketball: Rebuilding effort continues as Tsipis enters first offseason with teamThe University of Wisconsin women’s basketball team suffered through another losing season, making it their fifth straight losing season and Read…Of course, this UW team has mounds of experience playing playoff basketball, especially compared to the Hokies. Hayes leads all current active players with 131 points over the last three tournaments. Bronson Koenig’s 115 points ranks fifth. The Badgers will also get sophomore reserve Khalil Iverson back. He has rejoined the team after missing the final two games of the tournament to return home to Ohio because of a death in the family.Game Information, Tip-TimeWho: No. 8 Wisconsin vs. No. 9 Virginia TechWhat: East Region first roundWhen: Thursday, March 16 at 8:40 p.m. CTWhere: Buffalo, New York, KeyBank Center (19,200)TV: CBS (Verne Lunquist, Jim Spanarkel, Allie LaForce)National Radio: Westwood One (Scott Graham, Donny Marshall)Local Radio: Badger Sports Radio Network (Matt Lepay, Mike Lucas)All-time series: Wisconsin defeated Virginia Tech 74-72 during the team’s only meeting, which came on Dec. 1, 2008.last_img read more

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Afrobsket 2013: Ivory Coast drawn against Egypt, Senegal and Algeria.

first_imgThe draw for the 27th edition of the Afrobasket was made Saturday in Abidjan.Côte d’Ivoire, the host country will play in Group A alongside Egypt, Senegal and Algeria. The opening match of the competition therefore is pitting the Elephants to Algeria.The drawGroup A: Ivory Coast – Egypt – Senegal – AlgeriaGroup B: Tunisia-Rwanda-Burkina Faso-MoroccoGroup C: Angola – Central Africa – Mozambique-Cape Verde Group D: Nigeria – Cameroon – Congo – MaliThe 27th edition will be held from 17 to 28 August involving 16 nations.last_img

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Tom Strand joins Avram, Gyan to blast Ghana’s pathetic pitches

first_imgMedeama Sporting Club coach Tom Strand has raised serious concerns about the quality of pitches used in the First Capital Plus premier league.Strand, who has been in the country for the past two seasons, says the development is a big factor in why the Ghanaian top flight isn’t regarded as sterling.“There is no structure in the game because of the poor nature of the pitches we have in the country,” the Swede said before his team played Bechem on Wednesday.“If you watch other leagues on the continent, their pitches look much better than what we have here in Ghana. This is not good and it will not benefit Ghana’s development on football.”Medeama, who won 2-0 in Tarkwa, saw them rise to seventh on the log.Last month Black Stars coach Avram Grant raised a similar concern ahead of his team’s AFCON 2017 qualifier against Mauritius in Accra. And so did captain Asamoah Gyan. CLICK HERE TO READ GYAN’S ACCRA STADIUM COMPLAINTRecently, Joy Sports has also had cause to do a feature on the Accra Sports Stadium, in particular. In a word, the facility has been shambolically maintained and it needs urgent attention.CLICK HERE TO READ: Joy Sports looks at the Accra Stadium’s poor stateCLICK TO READ: Matchday 23 game-by-game review –Follow Benedict on Twitter: @KwesiBenedict. Get more updates on Facebook/Twitter with the #JoySports hashtaglast_img read more

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