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Schilders, the €6bn sector pension fund for painters and decorators in the Netherlands, saw its funding drop by 5.6 percentage points after it reduced the interest hedge on its liabilities from 75% to 25% in July last year.After interest rates – the criterion for calculating liabilities – slid from 1.6% to less than 1%, the scheme’s coverage ratio fell from 104.1% to 94.2% over the first six months of 2016, according to its 2015 annual report.Had the pension fund stuck with its initial hedging policy, its funding would have been 99.8% at present, it told IPE sister publication Pensioen Pro.Schilders said it based its decision to cut the interest hedge on the assumption that interest rates were extremely and artificially low. At the time, it estimated that the negative impact of further rate cuts on its funding would be much less than the positive effect of rate increases.Cathrin van der Werf, the scheme’s chair, said that, with the “deliberate” decision to reduce the interest cover, the pension fund had accepted the risk of rising interest rates.She said the board’s policy had enjoyed the support of the scheme’s participants, who accepted the higher risk of rights cuts if the chances of indexation were improved.She added that the pension fund still believed the reduced hedge offered greater potential for indexation over the long term.“The European Central Bank can’t continue forever with its policy of quantitative easing as an important cause of the current low interest rates,” Van der Werf said.She added that the pension fund intended to increase the interest hedge when rates set to rise again.With its decision to reduce the interest cover, the pension fund said it had taken advantage of the one-off opportunity offered by regulator De Nederlandsche Bank for sufficiently funded pension funds to raise their risk profiles.Schilders also increased its credit allocation by 10 percentage points, reduced its full hedge of US dollar risk to 70% and divested its small commodities portfolio.As a result of these adjustments, its required funding increased from 121% to 125.4%.The pension fund has 113,000 participants and pensioners.
Fara Holdco Limited, the owner of the Bibby Offshore group of companies, has decided to merge Bibby with Rever Offshore AS.Rever’s subsidiaries include Cecon Contracting AS, a subsea and offshore contractor with emphasis on smaller and medium size projects, as well as two vessel companies which own the Cecon Excellence and Cecon Sovereign.The vessels are not yet completed with the Cecon Excellence expected to be delivered in Q1 2019 while the Cecon Sovereign is expected to be delivered in Q1 2020.Bibby said last week that the combination of Bibby and Cecon Contracting would create a larger and more robust offshore installation delivery business both in the North Sea and internationally, currently focused on the Atlantic and Mediterranean regions.According to Bibby, the combined company will continue to evaluate growth opportunities in its core diving and subsea umbilicals, risers, and flowlines (SURF) markets.Executive chairman of Fara, Riulf Rustad, said: “This transaction builds upon the excellent track records of both Bibby Offshore and Cecon Contracting and brings them neatly together into a strong and focused group.“The individual geographical strengths and subsea intervention skills of each business now allows the combined platform to offer a much wider range products and solutions to their customers.”Howard Woodcock, chief executive of Bibby Offshore, added: “Combining Bibby Offshore’s traditional diving and North Sea strengths with the SURF, international and engineering talents of CECON creates an operationally and financially strong business capable of delivering even greater value to clients. This merger is a very exciting opportunity for us and represents a genuine win-win situation from which we can continue to build and grow a highly competitive and high quality business.”The two companies have already agreed on the transaction which is expected to close soon.Jo Braadlie, managing director of Cecon Contracting, said: “We are welcoming this new development, and look forward to exploring and developing a synergy providing added value, while at the same time enabling both parties to support each other with the view to taking on more and larger work scopes in a broader market.”
Labour has suffered its worst defeatsince 1935, losing seats across northern England, the Midlands and Wales inareas which backed Brexit in the 2016 referendum. Johnson will go to Buckingham Palaceto ask the Queen’s permission to form a government.(BBC) “I will make it my mission to worknight and day, flat out to prove that you were right in voting for me thistime, and to earn your support in the future,” Johnson said on Friday. The Conservative Party’s Commonsmajority is its largest since Margaret Thatcher won a third term in 1987. Boris Johnson promises to work “night and day” to repay the trust of voters after an “historic” general election win. The Brexit Party – which triumphed inthe summer’s European Parliament elections – failed to win any Westminsterseats. LONDON – Boris Johnson has promised towork “night and day” to repay the trust of voters after he led theConservatives to an “historic” general election win.
East Central AquaTrojans hosted their bitter rivals, the Greensburg Pirates, on Tuesday for an early season EIAC showdown. East Central won both events. Girls won 99-81, while the boys won their first meet of the season 120-59.Individual winners include: Alexis deLong-200 Free, 50 Free; Jackson Ketcham-200 Free, 100 Free; Jacob Weber-200 IM, 100 Butterfly; Alex Ketcham-50 Free; Aly Bailey-1 meter diving; Noah Arnold-1 meter diving; Grace Crane-100 Butterfly, 500 Free; Ethen Witte-500 Free; Olivia Nixon-100 Backstroke; Klay Shipman-100 Backstroke.EC won 5 of the 6 relays. The girls record stands at 3-0 and the boys are 1-0.EC will travel to Lawrenceburg to take on the Tigers and the Twisters from Oldenburg Academy on Thursday. GO AQUATROJANS!!!Courtesy of AquaTrojans Coach Brandon Loveless.
Press Association “He’ll go for the Irish National. I spoke to Middleham this morning and we’ll confirm it again tomorrow, but the plan looks (to be) to run him there,” Pipe told At The Races. The David Pipe-trained 10-year-old, who is owned by Middleham Park Racing, has been a tremendous servant to connections, winning at both the Cheltenham Festival and Royal Ascot. He fell in last year’s John Smith’s Grand National at Aintree and has been out of luck in his three starts since landing the Rehearsal Chase at Newcastle in December. Junior has been given the go-ahead to attempt to defy top weight in the Ladbrokes Irish Grand National at Fairyhouse on Monday.
For all the Latest Sports News News, ICC World Cup News, Download News Nation Android and iOS Mobile Apps. New Delhi: The two-time champions India suffered first hiccup in their 2019 World Cup journey when the host-England thrashed them by 31 runs at Edgbaston in Birmingham. Standing on the steep side of the road, India needs to push themselves to get back on track as they play against pumped Bangladesh on July 2. The result of the last encounter will have huge implications on the race for the top four as Bangladesh, too desperately eyes for crucial two points to keep their hopes of qualifying for the knockouts alive.For India, the scenario seems to be quite simple. As of now, the team is comfortably sitting at the second spot and a win against the Bangla Tigers will help men-in-blue to seal the semi-final spot in 2019 World Cup. However, with team playing two game in space of three days, the mental fatigue cannot be underestimated which may add feather in Bangladesh’s preparations.The men-in-green, on the other hand, are coming after a break of seven days as they last played against Afghanistan where they were able to put up a comprehensive performance.Team CombinationIndiaIt is highly unlikely that the Indian team will tinker with their opening combination. KL Rahul has looked good at the top, even when he failed to get going against England. Rohit Sharma, on the other hand, has been India’s most successful batsman in this World Cup and has already smashed three World Cup centuries. Virat Kohli will bat at number three and will certainly be followed by Rishabh Pant, who replaced Vijay Shankar in the last game.MS Dhoni, scoring at a good strike-rate is also a positive sign for India. However, the only change India can make in the batting order is to bring Dinesh Karthik in place of Kedar Jadhav, who hasn’t looked good in the tournament thus far. The bowling has also come good for the team with Jasprit Bumrah and Mohammad Shami being able to pick wickets at the start. India’s wrist spinners ‘Kul-Cha’ Kuldeep Yadav and Yuzvendra Chahal have been more than just effective in the middle overs.Probable XI: KL Rahul, Rohit Sharma, Virat Kohli (c), Rishabh Pant, MS Dhoni (wk), Dinesh Karthik, Hardik Pandya, Kuldeep Yadav, Mohammad Shami, Yuzvendra Chachal, Jasprit Bumrah. BangladeshTamim Iqbal got a couple of decent knocks under his belt and that should keep him in good stead. Soumya Sarkar needs to be a bit more consistent. All of Mahmudullah, Shakib Al Hasan and Mushfiqur Rahim are averaging above 50 with the bat and they’ll need to be on top of their game. Mashrafe’s form with the ball may not be that great, but he still remains an inspirational figure.Mahmudullah has shown the damage he can inflict, keeping a calm head. Mosaddek Hossain looked good in the last game against Afghanistanand has also put forth his prowess lower down the order. Rubel Hossain will share the bowling department along with Mashrafe Rortaza and Mustafizur Rahman.Probable XI: Tamim Iqbal, Soumya Sarkar, Shakib Al Hasan, Mushfiqur Rahim (wk), Liton Das, Mahmudullah, Mosaddek Hossain, Mehidy Hasan Miraz, Mashrafe Mortaza (C), Rubel Hossain, Mustafizur Rahman.Who will win? Bangladesh has impressed everyone with their spirited performances throughout the World Cup. But the Indian team appears to be too strong, so they are the favourites going into this match.Weather and PitchThe forecast at Edgbaston in Birmingham is clear and the temperature is likely to touch 23-degree Celsius. The pitch is expected to be batting friendly; however, the batsmen can experience some lateral movement of the wicket at the start of their innings.Stadium and TimingsThe encounter will take place at Edgbaston in Birmingham at 15:00 pm IST local.
The Slovenian has a few ideas on how to make European football’s governing body more transparent.In on-field action, Manchester City and Borussia Monchengladbach play their re-arranged Champions League Group C game at the Etihad this evening. Leicester make their Champions League debut away to Club Bruges. While Group G’s other encounter sees Porto entertain FC Copenhagen. New UEFA president Aleksander Ceferin says his priority will be to deal with controversial changes to the Champions League.The top four ranked countries in Europe – currently Spain, Germany, England and Italy – will soon be guaranteed four teams in the group stages – which hasn’t universally gone down well.Ceferin was elected president ahead of Dutchman Michael van Praag.
By Chinedu EzeTwo early goals in quick succession in the first half and a late consolatory goal in the second half confirmed the Directorate of Human Resources (DHR) champions of the Federal Airports Authority of Nigeria (FAAN) Inter-Directorate Unity Cup at the weekend.The final between the defending champions of the tournament, Dunoma FC and the DHR saw the new For emerging new champions, DHR took away the N1.2 million prize money at stake to the delight of cheering fans in the final match played at the Murtala Muhammed Airport School sports ground.The DHR scored its brace through Jimmy Joel with the DHR controlling the whole of the first half.Â After substitution in the second half, Dunoma FC picked up the tempo and scored the consolation goal through substitute Cyril Ezeama.Director, Commercial and Business Development (DCBD), Alhaji Sadiku Rafindadi who represented the Managing Director of FAAN, Saleh Dunoma, said before kick off thatas the name of the competition implies, â€œthe Unity Cup is meant to bring FAAN staff together as a family through sports and also help project physical fitness in the agency.â€Rafindadi also said that football was the obvious choice because the nation as a whole is passionate about the game. He admits FAAN also has plans to include basketball in future events.Also speaking at the event, ex Super Eagles midfielder, Mutiu Adepoju dubbed â€˜The Head Masterâ€™ in his active days in football, commended FAAN for its contribution to the development of the game, stating that the competition was an avenue to scout talents and support them to greatness.According to him, the level of the competition was high and showcased a lot of raw talents that could be harnessed and brought to the fore to represent the nation.At the end of the match, awards were presented to outstanding players of the competition by the representative of the managing director and the Guest of honour, ex-Nigerian international, Mutiu Adepoju as well as General Manager, Corporate Communication, Mrs Henrietta Yakubu.Muhammed Abdullahi was the Most Valuable Player (MVP) while Sunday Elijah of DHR won Best goalkeeper award. The Directorate of Commercial and Business Development won the Fair Play award of the tournament. Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegram
SAN FRANCISCO — Clayton Kershaw got a visit from his manager in the middle of the eighth inning Sunday, which might be the last conversation he wants to have with Don Mattingly.Their talk was short. Kershaw stayed in the game and Mattingly headed back to the dugout.A few words later, Buster Posey was standing in the batter’s box. Kershaw ripped off three sliders to the former National League MVP — all strikes, the last two swings and misses. Suddenly Kershaw was looking like an MVP himself, as much as a pitcher can. The at-bat ended the Giants’ best threat to turn the tables on the Dodgers, who extended their lead in the National League West to three games with a 4-2 win and 13 games left in the season. Kershaw allowed two runs in eight innings. His 19 wins lead the National League, and his 19-3 record tied a Los Angeles Dodgers record set by Orel Hershiser in 1985.Kenley Jansen picked up his 41st save with a 1-2-3 ninth inning.Matt Kemp turned on a slider from Yusmeiro Petit for his 20th home run of the season in the sixth inning. The two-run blast proved to be the winning margin. The Dodgers scored two runs in the second inning, on an RBI single by Juan Uribe and a sacrifice fly by A.J. Ellis. Only one run was earned by virtue of two throwing errors by the Giants.Posey got San Francisco on the board with an RBI single in the third inning. Pinch-hitter Matt Duffy’s RBI single in the seventh inning accounted for the final run. Newsroom GuidelinesNews TipsContact UsReport an Error