The market in minutes

first_imgWould you like to read more?Register for free to finish this article.Sign up now for the following benefits:Four FREE articles of your choice per monthBreaking news, comment and analysis from industry experts as it happensChoose from our portfolio of email newsletters To access this article REGISTER NOWWould you like print copies, app and digital replica access too? SUBSCRIBE for as little as £5 per week.last_img

Dutch metal schemes show concern over MN’s new admin system

first_imgDNB said MN’s new IT upgrade “didn’t yet instill confidence”In 2014, MN had started an ambitious €70m plan for operational improvement, called MN 3.0. Three years later, it became clear that MN had written off €15m on the project as it had largely failed to deliver.At the time, both metal schemes said they were satisfied with the provider’s decision.PMT and PME have more than 2.2 million participants, pensioners and deferred members in total, affiliated with 35,400 employers.MN also services the €4bn industry-wide pension fund for the merchant navy (Koopvaardij).In a response, an MN spokesman said the introduction of the new mid-office had been delayed due to an “additional complexity of linking new and existing systems”, and that the provider expected to deliver the upgrade no later than early next year.He said that MN would start developing the back office upgrade this year, and highlighted that it was a multi-phased project that would take up several years to complete.He added that the project would be assessed for the impact of the new pensions agreement while it was being carried out.MN declined to provide details about the project’s budget.ReturnsSeparately, PMT said it returned 18.4% on investments in 2019, largely thanks to the 16.1% yield on its large fixed income holdings of 61.5% of its assets and a 24% profit on its equity portfolio of 29.4%.However, it noted that the effect of declining interest rates on its liabilities was damaging, as its funding level had dropped by 4.7 percentage points to 97.6% at year-end.It said its investment returns reflected an underperformance of 2.8 percentage points. Its investment policy targets additional returns of 1.5 percentage points relative to its liabilities.The surplus yield – 1.4% on average since 2014 – is primarily destined for indexation, but has been used for improving the scheme’s financial buffers during the past years, PMT explained.It said its inflation compensation in arrears had increased to more than 20% for active participants.As for PME, it posted an annual return of 18.3%. Its 47% matching portfolio generated 15.3%, with long-duration government bonds and investment grade emerging market debt delivering more than 10% and 5.9%, respectively.It said it had decided on a new strategic investment policy for the period 2020-2025, aimed at decreasing its fixed income holdings from 50% to 40% in favour of high yield and real estate investments, which are to be increased to 15% and 10%, respectively.It will also gradually raise the interest hedge of its liabilities from 40% to 60%.The pension fund added that it had started building a portfolio for short-duration government bonds and credit, meant for “quick and cheap” availability of liquidity for collateral as well as temporarily absorbing surplus liquidy.PME also said it will increase its allocation to real assets from 1.3% to 5%, in part through investments in clean energy. It already has stakes in forestry and infrastructure.The metal scheme closed the year with a funding level of 96.9%, falling further to 95% at the end of March.Both metal schemes could avoid rights cuts this year, following social affairs’ minister Wouter Koolmees’ decision to grant pension funds with a coverage ratio of more than 90% a temporary exemption from a mandatory pensions reduction in 2020.Looking for IPE’s latest magazine? Read the digital edition here. However, PMT noted that, despite a successful test in October, no new functionality had become operational yet.The €80.3bn pension fund for the metal-working and mechanical engineering industry, said it was thoroughly monitoring the progress as well as the quality of the upgrade.It added that it had intensified its contacts with the provider about the delivery of the final products, risk management as well “MN’s ability to actually carry out the upgrade”.Last year, PMT paid MN €43m for pensions management.According to the metal scheme, supervisor De Nederlandsche Bank (DNB) had also announced that it would step up its supervision of the upgrade process.The €52bn PME, in turn, said it was “seriously worried” about MN’s ability to deliver, adding that it deemed affiliated risks as “high”.The scheme for metal and electro-technical engineering said DNB had concluded that the IT upgrade “was still short of expectations, and didn’t yet instil confidence in a controlled and sound pensions administration”. PMT and PME, the Dutch pension funds for the metal sector, said they were worried about the development and timely delivery of a new system for pensions administration by MN, their joint provider and asset manager.In their respective annual reports for 2019, the schemes indicated they weren’t entirely convinced whether MN would be able to successfully complete the project, a slimmed down version of a much grander scheme that failed to deliver three years ago.Since then, MN has started developing a fundamental upgrade aimed at an agile and modern system for tailor-made services for both pension fund participants and employers.The first part – a “mid office”, with systems for basic administration – was scheduled to be launched this summer. It is to be followed by a new back office in the coming years.last_img read more

LNG-powered AIDAperla arrives in Barcelona

first_imgImage courtesy of AIDA CruisesCarnival Corporation, AIDA Cruises’ parent company, said the second LNG-powered ferry, the AIDAperla arrived in Barcelona. The vessel, delivered by Mitsubishi Heavy Industries (MHI) in April, will be christened in Palma de Mallorca at the end of this month.AIDAperla will dock 31 times in the port of Barcelona where it will be supplied with liquefied natural gas (LNG).AIDAprima, the company’s first vessel in the LNG-powered series has already been provided with LNG in all five ports of her Northern Europe cruises since May 2016. AIDAperla will be the second cruise ship that will be able to produce onboard power from LNG while docked.However, the requirement for this is the availability of LNG in the respective port, and AIDA Cruises is also discussing this issue with other Mediterranean ports.Carnival Group is investing a total of around €30 million ($33.5 million) in a cruise terminal in Barcelona, which has an area of some 12,500 m² and is specifically geared to the operation of the next generation of ships that are entirely powered with LNG. The first ship of this generation, AIDAnova, will be commissioned in fall 2018.last_img read more

iCsys, Olis Robotics to Distribute Machine-Learning ROV Controller

first_imgOlis Robotics has entered into an agreement with iCsys, part of the Envirex Group, for sales, distribution and support of Olis Robotics machine-learning ROV controllers.“We’re excited to continue to see rapid adoption of our technology which provides a major evolutionary leap beyond the 1990’s manual control electronics underpinning current ROV’s.” stated Olis Robotics CEO Don Pickering, “The technology we put into play makes operations safer, provides new levels of clarity and control for operators, and can save hundreds of thousands of dollars per mission by eliminating the need for multiple robots.”The Olis Master Controller (OMC) is based on iCsys’ hardware design and is equipped with key software features of the Olis Robotics CoreOS software platform.The CoreOS software platform is robot agnostic with the ability to switch control between multiple, different robots and can incorporate future machine perception and machine learning capabilities being developed by Olis.“Our team extensively tested this technology via multiple sea trials in raw North Sea environments. Through data collected by our test pilots, we know the innovative software and hardware products significantly improves ROV pilot efficiency with manipulation tasks,” iCsys spokesperson Vidar Haus stated. “We’re pleased to see interested ROV operator customers already filling a significant pipeline to harness the value and cost-savings of the new OMC.”Olis Robotics launched sales of the OMC in the third quarter of 2019. Additional capabilities through the Digital Workspace application for the CoreOS is projected to be released in the first quarter of 2020. The new application enables enhanced 3D machine perception to produce a live 3D work environment and supports further machine-learning capability integration.last_img read more

St Kitts Life Expectancy on the Rise

first_img Tweet Share (SKN Observer) Minister of State with responsibility for Health, Senator the Honourable Wendy Phipps, said that life expectancy within the Federation of St. Kitts and Nevis has gone up.She was making her presentation in the National Assembly on Tuesday, Dec. 17.Senator Phipps said that in 2012, life expectancy for males would have been 68.8 years, but had increased to an average of 74 years. For females in 2012, it was 74 years, but has now increased to an average of 78 years, making the average life expectancy today across genders 76 years.“St. Kitts and Nevis over the last 40, 50 years or more would have had massive improvements in conditions of living and the socio-economic general situation,” she said, a stark contrast to that of the 1950s, where “the life expectancy in this country was pegged at 50 years of age.” Share Sharecenter_img LifestyleNewsRegional St Kitts Life Expectancy on the Rise by: – December 27, 2019 84 Views   no discussions Sharing is caring!last_img read more

Man Utd ahead of Chelsea in race to grab Dembele

first_img FacebookTwitterWhatsAppEmail分享 United boss Ole Gunnar Solskjaer has sent scouts to watch Demeble in action at least three times in the last six months and the forward is said to prefer a move to United ahead of Chelsea. read also:Messi prefers Barcelona to sell Dembele instead of Coutinho The report claims Dembele has intimated to United that they are his preferred choice this summer and Ed Woodward is ready to press ahead with the transfer. Manchester United are ahead of Chelsea in the race to Lyon’s Moussa Dembele and they are confident of signing the striker for £60m. Ousmane Dembele  The Daily Star says United have been tracking the France U21 international for 12 months and view him as the long-term replacement for Romelu Lukaku. The former Celtic forward, 23, has scored 22 goals in all competitions this season before football was suspended due to the Covid-19 crisis.Advertisement Loading… Promoted Content10 Inventions That Make Our Lives Much EasierThe 18 Most Visited Cities In The World5 Of The World’s Most Unique Theme Parks7 Ways To Understand Your Girlfriend BetterNothing Compares To Stargazing Places Around The WorldThe Best Cars Of All TimeYou’ve Only Seen Such Colorful Hairdos In A Handful Of AnimeTop 7 Best Car Manufacturers Of All TimeWho’s The Best Car Manufacturer Of All Time?7 Black Hole Facts That Will Change Your View Of The UniverseHe Didn’t Agree With His Character Becoming Gay And Quit A RoleA Soviet Shot Put Thrower’s Record Hasn’t Been Beaten To This Daylast_img read more

Premier League clubs jostle for Barcelona’s Coutinho

first_imgFive Premier League clubs are battling to sign out-of-favour playmaker Philippe Coutinho from Barcelona this summer.Advertisement Loading… Chelsea, Manchester United, Leicester City Arsenal and Newcastle United are all said to be in the hunt for the Brazilian, as outlined by the front page of Thursday’s edition of El Mundo Deportivo.Bayern Munich – where Coutinho is on a season-long loan arrangement from Barcelona – have an option to buy the Brazil international for €120m at the end of the campaign but multiple reports suggest this will not be exercised.On Wednesday a report in ABC said Arsenal boss Mikel Arteta views Coutinho as a ‘fundamental pillar to his project’ at the club and will insist upon his signing this summer.It came on the same day that El Mundo Deportivo claimed that Newcastle have already spoken to Coutinho regarding a deal as they have made their interest official.It is even claimed that Newcastle, who are hopeful of a Saudi-backed takeover being completed in the coming weeks, want Mauricio Pochettino – who managed Coutinho at Espanyol – to replace the club’s current boss Steve Bruce.Read Also: Messi expresses heartbreak over Copa America postponementBarcelona are said to be keen on selling the former Liverpool star this year to raise vital funds, while the player is said to have little interest in returning to Inter or joining Paris Saint-Germain and instead is keen on a move to England.The Brazilian scored 21 goals in 76 outings for Barcelona after moving in a club record €160m fee from Liverpool in January 2018 but he has consistently flattered to deceive since.FacebookTwitterWhatsAppEmail分享 center_img Promoted ContentWho Is The Most Powerful Woman On Earth?Archaeologists Still Have No Explanation For These DiscoveriesEveryone Was Stunned To See How Little Anakin Looks Today10 Risky Jobs Some Women Do7 Things That Actually Ruin Your Phone2020 Tattoo Trends: Here’s What You’ll See This YearBirds Enjoy Living In A Gallery Space Created For ThemWhich Country Is The Most Romantic In The World?Why Do So Many Digital Assistants Have Feminine Names & Voices?The Very Last Bitcoin Will Be Mined Around 2140. Read More9 Facts You Should Know Before Getting A Tattoo11 Most Immersive Game To Play On Your Table Toplast_img read more

Eagles Arrive Austria for Final Warm up against Czech

first_imgOn Wednesday, the Eagles will travel the short distance back to Vienna, where they take on the Czech Republic at the Rudolf Tonn Stadium in the three-time African champions’ final pre-World Cup friendly.Apart from the 23 players, Technical Adviser Rohr has for company in camp, assistant coaches Salisu Yusuf, Jean-Luc Royer, Imama Amapakabo, Alloy Agu, Enrico Pionetti and Bernard Gines. There are also Dayo Enebi Achor (Team Administrator), Ibrahim Gyaran (Team Doctor), Hassan Suleiman (Physiotherapist), Pascal Patrick (Team Coordinator) and Toyin Ibitoye (Media Officer) It would be recalled that the Embassy of Austria in Nigeria last week denied the lead physiotherapist Nnaemeka Anozie and Equipment Manager, Chidi Ngoka entry visas into that country, thereby depleting the backroom staff.However, the Nigeria Football Federation has approached the Embassy of Austria in London with fresh applications for Ngoka and Anozie, and there is hope they could join the team in a couple of days.Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegram  Nigeria’s 2018 FIFA World Cup squad arrived and settled down at the Avita Resort in Bad Tatzmannsdorf, Austria yesterday evening, as Coach Gernot Rohr and the Nigeria Football Federation (NFF) intensified the final phase of preparation for the team on all fronts. Earlier yesterday, Rohr dropped defender Ola Aina and midfielder Mikel Agu from the 25 men in camp, to make a final list of 23 players 24 hours ahead of FIFA’s given deadline. An all-executive-seat chartered jet flew the Super Eagles delegation, led by the NFF 2nd Vice President/Chairman of Strategy Committee, Mallam Shehu Dikko, to the Austrian capital (Vienna), and the group then proceeded by road to Bad Tatzmannsdorf.last_img read more

Turris breaks out of slump

first_imgJEFF SCHORFHEIDE/Herald photoThe proverbial monkey is finally off Kyle Turris’ back.With a goal three minutes into the third period of Saturdaynight’s matchup against St. Cloud State, Turris broke a streak of nine gameswithout scoring a goal. If that slump doesn’t seem too daunting, consider howTurris started the season.Coming to Wisconsin with the most preseason hype of anyplayer in recent memory — he was the No. 3 overall pick by Phoenix in the NHL EntryDraft — Turris didn’t disappoint early in the year. Through the team’s firstfour games, the freshman from British Columbia netted five goals, tallied sevenassists and at one point led the nation in scoring.But then the WCHA season started, and the freshman phenom’storrid pace cooled down. He managed to record just four assists through ninegames and had five games in which he didn’t score a single point.So it came as no surprise to see Turris get a bit moreexcited Saturday than after any of his previous goals.”It feels really good,” Turris said of his goal. “It wasjust a matter of time.”Turris jumped around between a few different lineupsSaturday, starting the night off on the top line with Ben Street and PodgeTurnbull, but he skated with Michael Davies and Aaron Bendickson when he scoredin the third. The movement between lines allowed Turris to fire off agame-high seven shots on goal, including three in the final period.”I was getting lots of shots, I was hitting posts,” Turrissaid. “I was getting lots of great passes from [Street] and Bendickson andPodge and Davies.”Finally, one of those shots went in. Bendickson and DavisDrewiske were credited with the assist as Turris beat St. Cloud State netminderJase Weslosky to tie the game up at 3-3. Josh Engel would later add his secondgoal of the game to give Wisconsin a 4-3 win.”I think it was lucky,” Turris said. “It kind of wentthrough his arm. I just tried to throw everything on net, tonight especially.”After the goal, the entire Wisconsin bench jumped up incelebration, all knowing the pressure Turris had relieved with his goal.”I think all you need to do is look at the bench after hescored,” head coach Mike Eaves said. “His teammates were still pounding him onhis shoulder pads.”Eaves said Turris’ teammates empathized with the freshman,as they have all been through ups and downs in their careers.”That’s a nice weight to be lifted off his shoulders,” Eavessaid. “His teammates feel for him, because they know that he’s a gifted playerand they … have all gone through similar kinds of slumps like that. For anoffensive guy, it’s a struggle.””Kyle is a great player,” said forward Josh Engel, whorecorded two goals in Saturday’s win. “He’s going to be one of those greatplayers in the NHL, too.”Perhaps another reason for the Badgers’ celebration afterthe goal was what it meant for them as a team. When Turris has found the netthis season, Wisconsin is 4-1. When Turris is held without a goal, UW is just3-5-1.”They were really happy for him,” Eaves said. “They know,too, that if Kyle’s being productive, we have a better chance of beingsuccessful on the ice.”Turris’ score came at a crucial time in Saturday’s game.After jumping ahead to an early 1-0 lead, UW eventually fell behind 3-2 headinginto the final period. For a team that had recorded just one sweep prior to theseries, Eaves knew the third period would be the biggest of the weekend.”This is our sixth period. This is the period when you growas a player,” Eaves said. “If you want to become a champion player or achampionship-caliber team, this is the period where you have to show yourworth.”With his goal to tie the game, Turris certainly showed hisworth and reminded fans why he was so highly touted coming into the season. Andfor Turris, he hopes the goal is a sign of things to come.”I just got lucky on one, so hopefully they’ll start cominga bit easier,” Turris said.last_img read more

After Giancarlo Stanton clobbers baseball, Dodgers clobber Marlins 11-1

first_imgThe Dodgers’ rotation has been in a state of flux all season. Hyun-Jin Ryu and Brandon Beachy haven’t appeared in a game as they recover from shoulder and elbow injuries, respectively. Neither is expected back before June at this point. When Brandon McCarthy underwent season-ending elbow surgery on April 30, the arms shortage intensified.Rookie right-hander Carlos Frias slotted into one starting job. He can further solidify that job at 4:50 p.m. Wednesday, when the Dodgers try to sweep the three-game series. It would be the Dodgers’ fourth series sweep of 2015; they swept four home series all last year.Now Bolsinger, whom the Dodgers acquired from the Arizona Diamondbacks for cash last November, seems to have the other job locked up. The right-hander was officially recalled from Triple-A Oklahoma City on Tuesday afternoon. Unlike the last time he was recalled from the minors, Bolsinger probably doesn’t have a return flight booked.“We’re still sitting with one less player and one extra bullpen guy, so we still have things to do, but yeah,” Mattingly said. “We know that we’re running out of off days, that time of year when every five days somebody’s going to have to post up. We’re pretty much getting there.”Said Bolsinger, “It gives you a little confidence when they start believing in you, the team and the guys, so I’m happy. Things are going well right now. I’m locked in right now. We’ll see where it goes from there.”Yasmani Grandal has caught both of Bolsinger’s major-league starts this season. The catcher said Bolsinger’s slider control was better this time around, even to the surprise of the Marlins.“I think the fact that he came up and went back down and nobody really saw him in between, and then he came back up, kind of helped because the scouting report is not around,” Grandal said. “They had no clue he was throwing a slider right now. That’s what Michael Morse said — ‘Does he throw a slider?’ I’m like, ‘Yeah.’ They’re like, ‘Oh, they were telling me in there it was a curveball.’”Bolsinger retired nine outs via ground balls, eight in the air and three via strikeout. Stanton’s home run was the only blemish on Bolsinger’s record. The rest of the game was all Dodgers.Their 21 hits were a season high. Two cleared the fence — Howie Kendrick’s fourth home run of the season in the third inning and Andre Ethier’s fifth home run of the season in the fourth.Ethier tied a career high with five hits in five at-bats. Kendrick had four hits and Alex Guerrero and Scott Van Slyke had three each.Haren (4-2) was charged with 11 hits and six runs in 4 1/3 innings in his first game against his former team. The Dodgers dealt Haren to Miami in December, part of a three-team trade that brought Kendrick to the Dodgers from the Angels. • Video: See Vin Scully’s call on Stanton’s home runSo while it seems anyone can win a game for the Dodgers these days, manager Don Mattingly promised he will not give the ball to any old bum off the streets of Oklahoma City. Bolsinger (1-0) was not chosen for Tuesday’s start because the Marlins were a good matchup for the 27-year-old right-hander, although ultimately they were. He allowed five hits and only one run in 5 2/3 innings — an identical line to his only other start for the Dodgers, back in April.Mattingly indicated that Bolsinger was chosen because he has a chance to be the Dodgers’ fifth starter for a while.“We’re past the point where we can pick a lefty for this spot knowing that we’re going to switch the next day, pick a righty for this team because we know we’re going to switch the next day,” Mattingly said. “We’re past the switching-the-next-day point. He’s the guy at this point getting the opportunity to try to stay around.” It almost doesn’t matter who pitches for the Dodgers at home anymore. When you can pay the opposing starter his entire salary and still win 11-1, as the Dodgers did to Dan Haren and the Miami Marlins on Tuesday, the game does not seem fair.This time, Mike Bolsinger was tasked with winning a game at Dodger Stadium. Few tasks in baseball have looked easier in 2015; the Dodgers have won 15 of their first 17 games at home. Bolsinger was even generous enough to spot Miami the longest home run hit by anyone this season, a 483-foot blast off the bat of Giancarlo Stanton in the first inning. That wasn’t nearly enough.• Photos: Dodgers score 11 runs on 23 hits to beat Marlinscenter_img Newsroom GuidelinesNews TipsContact UsReport an Errorlast_img read more