​KLP boosts lending to local authorities, as years of buffer-building pay off

first_imgKommunal Landspensjonskasse (KLP), Norway’s main provider of municipal pensions, reported a 3.7% investment loss in the first quarter of this year – a period when the country’s domestic stock market tumbled by 24% – saying its buffers had equipped it for the COVID-19 pandemic’s effect on financial markets.The NOK765bn (€68.9bn) Oslo-based institution also said it had expanded its capacity to lend to the local authorities and enterprises which owned it during the quarter.In its interim report, KLP posted a value-adjusted return on customers’ funds of -3.7% for January to March, and book returns – the return distributed to insurance customers each year – of 0.6%.Sverre Thornes, KLP’s chief executive officer, said: “The world’s financial markets remain challenging, but we have been building up buffer capital over many years to be equipped for these types of market disruptions.” Despite the big falls in the financial markets that were now happening, he said KLP was still very solid and well positioned to meet further disturbances over time, without causing clients worry.“The strategy is firmly aimed at delivering a good and predictable return over time,” Thornes said.KLP said its unit KLP Bank wanted to help the pension provider’s members “at a very challenging time”, so had made two significant cuts in floating mortgage rates, as well as allowing clients who were struggling to postpone repayment instalments.Municipalities and public enterprises found it harder to get loans during March’s financial turmoil, the pension fund said.“KLP, therefore, increased lending capacity to its owners by NOK5bn, and has granted NOK3.5bn in loans to municipalities and public enterprises since the middle of March,” it said. Before this increase, the amount earmarked for such lending was NOK1.5bn, the pension fund said.KLP reported that its within its NOK570.6bn common portfolio, equities fell by 15.6% in the quarter.However, that investment loss is shallower than the fall suffered by the Oslo Børs Benchmark Index, which lost 24.1% of its value in the quarter, according to information from the exchange.Among its other asset classes, KLP said short-term bonds lost 1.1%; long-term/hold-to-maturity bonds made a positive return of 1%, and property generated a 0.9% return.Total group assets grew slightly to NOK765bn from NOK763bn at the end of 2019.KLP’s capital adequacy under Solvency II – not including the transitional regulatory measures – declined to 234% from 342% at the same point last year, according to the Q1 report.Looking for IPE’s latest magazine? Read the digital edition here.last_img read more

Ferguson denied Ronaldo Man U captaincy — Neville

first_imgRelatedPosts Ighalo: My best moment as ‘Red Devil’ EPL: Crystal Palace stun sloppy Man U EPL: Red Devils attack Palace Gary Neville claimed Sir Alex Ferguson was reluctant to name Cristiano Ronaldo as captain of Manchester United over fears it would damage the squad’s morale.Neville was appointed United captain when Roy Keane left Old Trafford in November 2005, only to grow disenchanted in the role as a result of injury problems.The former right-back subsequently approached Ferguson and suggested handing over the armband to one of the club’s biggest names, such as Ronaldo.But Neville said the Scot instantly shut down the idea, insisting it could upset the apple cart in the dressing room.“I got injured a year after taking the captaincy and that became really difficult for me,” he told Sky Sports.“It felt as though I wasn’t contributing like a captain should be for my last four years.“I actually went to see Sir Alex in pre-season about the third year I was captain.“We had an amazing team: Ronaldo, [Wayne] Rooney, [Carlos] Tevez, [Ryan] Giggs, [Paul] Scholes, [Michael] Carrick, [Rio] Ferdinand, [Nemanja] Vidic, [Patrice] Evra, [Edwin] van der Sar… there were some great personalities and players in that group.“I went over to Sir Alex walking onto the training pitch and said: ‘I don’t feel worthy of keeping the captaincy anymore. This team is to a level I can’t compete at.’“He said: ‘You’ll keep that f-ing armband, son.’ The reason he gave me: ‘You and Giggs will rotate it. If I give it to Ronaldo, Rooney will kick off. If I give it to Rooney, Ronaldo will kick off. If I give it to Vidic, Ferdinand won’t be happy.’“So literally I think me and Giggsy kept it for three or four years beyond that just purely because of the fact of the camaraderie in the dressing room.“We were the policemen if you like, the older statesmen.“Sir Alex wanted to make sure the team came first.“Even though I felt unworthy as a captain at that stage.”Neville and Giggs led United to two Premier League titles as captains, as well as Champions League and League Cup successes.They also claimed the 2008 Club World Cup having become European champions in the 2007/08 campaign.Tags: CaptaincyCristiano RonaldoManchester UnitedSir Alex Fergusonlast_img read more

Munster close in on home semi-final

first_img Within fifteen minutes of the restart, a try by Damien Varley followed by a penalty try gave Munster the bonus point they desired. Munster added further tries through Duncan Williams, Tommy O’Donnell, and a second penalty try. Hanrahan converted the first three of the half to give him sixteen points, and a perfect place kicking record, while Conor Murray stuck over the final pair. A Munster team showing 11 changes from the side that lost to Toulon in last week’s Heineken Cup semi-final found themselves immediately on the back foot. In the ninth minute Edinburgh’s pressure was rewarded with an unconverted try from stand-off Bezuidenhout. It followed good build-up from full-back Jack Cuthbert and centre Matt Scott. Stung by this, Munster produced 10 points in three minutes. Benefiting from a couple of slipped home tackles, the Irishmen reached the Edinburgh posts where Hanrahan stuck over a penalty. From the restart Munster swept back upfield led by centre Johne Murphy, who had been awarded a new contract in midweek, and a slick move ended with Conway scoring. Hanrahan converted and put his side into a 10-5 lead with a quarter of an hour gone. Edinburgh hit back with pressure on the visitors’ line that finished with prop Nel getting over from short range, and this time Greig Laidlaw converted to put Edinburgh 12-10 ahead. The Irish side had to come from behind after tries from Carl Bezuidenhout and Willem Nel but they finally clicked into gear and scored seven tries in total to keep themselves in third place, one point behind Glasgow. By half-time Munster held a decisive lead thanks to tries from winger Andrew Conway and Denis Hurley, with stand-off JJ Hanrahan converting both and kicking two penalties. Munster took a giant step towards a home semi-final in the RaboDirect Pro12 play-offs with a comprehensive 55-12 win at Edinburgh. Press Association Munster took a single-point lead with a penalty from Hanrahan and, in a momentum changing moment, Laidlaw was unable to match it two minutes later. Munster upped the pressure in the closing moments of the half. Twice they were turned over by the Edinburgh defence, but in the 40th minute Hurley was sent through a gap and his touchdown behind the posts was converted by Hanrahan, to send his side in leading 20-12. Munster began the second half with the sniff of the try bonus point in their nostrils. In the 49th minute the third try arrived when the pack mauled over with the score awarded to substitute hooker Varley, a replacement for Duncan Casey who suffered a shoulder injury after 30 minutes. Munster resumed their quest immediately, and when referee Marius Mitrea lost patience with Edinburgh’s offending on their line he awarded a penalty try converted by Hanrahan. Munster were in total control for the remainder of the game scoring three more tries and taking their points total beyond the half-century. Williams rounded off another fluent passing move with 15 minutes remaining and the Munster scrum forced a penalty score for the second time in the game, with lock Grant Gilchrist sin-binned and Murray converting. O’Donnell then rounded off the win in injury time. Edinburgh still have a part to play in sorting out the play-off positions as next week they visit current leaders Leinster. last_img read more

Hammers ‘are keen on Fletcher’

first_img Fletcher, who has made 342 appearances for the Red Devils, has only six months left on his contract at Old Trafford and is struggling to establish himself under new boss Louis van Gaal. Tony Pulis has admitted West Brom are in talks to sign the 30-year-old Scot and Allardyce hopes Fletcher will make a final decision soon. “You can get a work permit if there is an exceptional talent and it can be proven. “For me, exceptional talent is what it’s all about. “We’ve gone so far down the road now it’s very difficult to change the number of foreign players here but to make it even easier is a no-no for me.” West Ham visit League One high-fliers Bristol City in the FA Cup fourth round on Sunday, hoping to take another step forward in the tournament after beating Everton in round three via a dramatic penalty shoot-out. “We’ve got to continue where we left off against Everton,” Allardyce said. “We showed a huge amount of determination and ability to get through after extra time. “We were only a minute away from winning at Everton and we should have been more comfortable at home but we got through in the end. “We know it would be a real waste of all our time and energy getting through that round if we then didn’t beat Bristol City. “This game is very important to our season, we’ve been very successful in the league so we want now to be successful in the cup.” “We’ve had no permission to speak to Darren Fletcher,” Allardyce said. “He’s got quite a few clubs interested in him so when he makes his mind up everyone will know. “I don’t know what the timeline is. If any of the other packages offered to him are accepted then we would accept that. “Or if they hadn’t made their mind up or were negotiating somewhere else that would be it. We can’t wait forever. “I always think at this stage of the window, if you do get something nailed on you have to take it because you might end up with nothing if you don’t.” Allardyce also rejected suggestions made by Arsenal manager Arsene Wenger on Thursday that English clubs would attract greater talent if the work permit rule was scrapped. The rules state a player must have featured in 75 per cent of his country’s international matches over the last two years to be considered an outstanding talent that would benefit the league. “I think the rules are fine at the moment,” Allardyce added. Press Association Sam Allardyce has confirmed West Ham are one of the clubs chasing Darren Fletcher but claims the Hammers are yet to speak to the Manchester United midfielder.last_img read more

MMA’s Lady Mariners Drop Season’s First Three Softball Games to Fisher College

first_img House fire in Winter Harbor – October 27, 2014 Hancock County Court News Nov. 3 thorugh Dec. 11 – January 22, 2015 CASTINE — For the Lady Mariners of Maine Maritime Academy, the spring softball season has gotten off to a tough start.The Lady Mariners came up short in each of the three games played at the University of Maine Dome in a weekend series against Fisher College. On Friday, MMA sophomore Mallery Stanley made her collegiate debut in the pitcher’s circle and allowed two hits by the Falcons in a 6-5 Fisher victory. But Stanley struggled with her control, walking 14 batters and giving up a three-run homer to Fisher’s Jackie Streeter in the second inning, which put the Falcons in front 5-2. In Saturday’s doubleheader, the Falcons again eked out a one-run victory, winning the first game 10-9 before rolling to a 13-4 win in the second game. This is placeholder textThis is placeholder textThe Lady Mariners will be back in action on Saturday when they face the University of Maine – Presque Isle in a doubleheader starting at 10 a.m. at the UMaine Dome. MMA’s lacrosse team will open its season Saturday at Castine, hosting Green Mountain College at 1 p.m. For complete story, pick up a copy of The Ellsworth American. State budget vs. job creation – January 22, 2015 Latest Postscenter_img Latest posts by admin (see all) admin Biolast_img read more

Beat writers offer mixed predictions on outcome of Syracuse-Louisville

first_img Facebook Twitter Google+ Published on February 18, 2015 at 5:45 pm Phil D’Abbraccio (20-5): Louisville 69, Syracuse 62Not in the CardsChris Jones’ suspension gives Syracuse’s backcourt a bit of a break, but SU doesn’t have the depth to offset Louisville’s frontcourt. Montrezl Harrell squares off with a Rakeem Christmas who is coming off his worst showing of the year. The Orange continues to battle through this thick slate of games, but also continues to lose them.Jesse Dougherty (20-5): Syracuse 58, Louisville 52Shuffled Deck It’s hard to say that Syracuse can joust with the No. 12 team in the country at this point of the season, but the announced suspension of the point guard Chris Jones changes a lot of things for Louisville. Jones is the team’s best ball-handler and, along with high-volume scorer Terry Rozier, is one of two guards that see significant minutes for the Cardinals. Without him, Rick Pitino has to reach into an incredibly thin bench and Louisville’s lack of depth — have you heard that term this season, Orange fans? — is the visitors’ down-the-stretch downfall on Wednesday night.Jacob Klinger (21-4): Louisville 63, Syracuse 57Cardinals inCardinals in, as in in the tournament that Syracuse would likely miss out on even if it weren’t for the postseason ban. So yeah, the Cardinals will be without their best ball-handler, who averages 13.6 points and 3.7 assists in 30.8 minutes per game. And that hurts them. But Louisville is still a press-till-death team that will give Syracuse’s backcourt its toughest test of the season. So for the first time in a long time, it’s foul trouble for the Orange’s guards that puts SU in trouble. And remember, Jim Boeheim said he doesn’t expect points from his bench just a couple days ago. Syracuse can’t win with five. Commentslast_img read more

Syracuse football depth chart: Week 1 vs. Colgate

first_img Published on August 29, 2016 at 10:48 am Contact Matt: mcschnei@syr.edu | @matt_schneidman Related Stories THE SPREAD: From Texas to Syracuse, Dino Babers brings the Baylor-style offenseSyracuse football roster updates: Trey Dunkelberger back to TE, Scoop Bradshaw to WR and moreSyracuse football training camp blog: Devin Butler switches numbers, Kenneth Ruff catches passes again and moreSyracuse football quarterback Zack Mahoney earns scholarshipJamal Custis working on filling out frame and potential in 2016 Comments Facebook Twitter Google+ Syracuse released its Week 1 depth chart Monday morning, four days before the Orange opens the regular season against Colgate at 7 p.m. in the Carrier Dome.Here are some of the most significant notes on the first pecking order released by SU since April 21.— True freshman Kendall Coleman is starting at defensive end opposite redshirt sophomore Chris Slayton. Coleman is the only true freshman on the first team and Slayton, at 296 pounds, moves from defensive tackle to defensive end where he’s listed above nicked-up redshirt freshman Jake Pickard.— Maryland grad transfer Amba Etta-Tawo is starting at wide receiver opposite incumbent starter Steve Ishmael. Etta-Tawo is listed in front of redshirt senior Alvin Cornelius.— Sophomore Cody Conway will start at left tackle after beating out Michael Lasker for the spot in training camp. Lasker is actually listed as the backup right tackle, while redshirt junior Jon Burton is behind Conway.AdvertisementThis is placeholder text— Sophomore Dontae Strickland, who played the hybrid in Tim Lester’s offense last season, is listed as the first-string running back ahead of Jordan Fredericks. Fredericks finished the season as the starter last year and has worked to drop his weight closer to 200 pounds, but Strickland gets the nod against Colgate.Other notes— Junior Jonathan Thomas will start at strong-side linebacker ahead of Ted Taylor.— Ervin Philips will return kicks and Brisly Estime will return punts.— Redshirt freshman Sterling Hofrichter takes over for Riley Dixon as Syracuse’s punterlast_img read more

Irish rugby team prepare for second test

first_imgThe Ireland rugby squad will return to training today in Johannesburg as they prepare for Saturday’s second Test against South Africa.The Ireland coaching staff will deliver a media update after the session, where they’re expected to indicate whether or not to lodge an appeal against CJ Stander’s one-week ban.The flanker was handed the ban yesterday after his red card duirng last weekend’s opening Test.last_img

Andre Villas-Boas: Bale sale the root of Tottenham sacking

first_imgThe nightmare played out in front of Tottenham Hotspur chairman Daniel Levy at White Hart Lane on Sunday was simply too grim for manager Andre Villas-Boas to survive – and so it proved as he was sacked only 16 games into the Premier League season.Spurs are only six points behind the vibrant Liverpool side that dismantled them piece by piece in that 5-0 defeat and five points adrift of the Champions League places that represented the minimum requirement for Villas-Boas this season.But it was the scale of the gap in style and quality between Spurs and Liverpool, with the recent 6-0 loss at Manchester City no doubt still fresh in Levy’s mind, that was the final straw for this demanding chairman.Timeline: AVB at Spurs4 March 2012: Relieved of his duties as manager of Chelsea.3 July: Appointed manager of Tottenham on a three-year contract, replacing Harry Redknapp.18 August: Loses first game in charge, the opening fixture of the season, 2-1 away at Newcastle.16 September: Gets first win of the season, beating Reading 3-129 September: Becomes the first Tottenham manager to win at Old Trafford in over 23 years with a 3-2 win over Manchester United21 February 2013: Spurs reach the last 16 of the Europa League following a 1-1 draw away to Lyon after winning the first leg 2-119 May: Tottenham failed to qualify for the Champions League after Arsenal finished one point ahead of their rivals to take fourth place29 August: Tottenham qualify for the Europa League after an aggregate 8-0 win over Dinamo Tibilsi28 November: After a mixed start to the season Tottenham conceded three goals in either half to lose away to Manchester City15 December: Despite being unbeaten in the previous five games a 5-0 home loss to Liverpool would be Andre Villas Boas final game in charge16 December: Andre Villas Boas is sacked by Tottenham HotspurAnd to trace the roots of Villas-Boas’s demise requires a journey back to the summer and the sale of Gareth Bale to Real Madrid in an £85.3m move.Villas-Boas lost his match winner, the game-changer – but many observers, myself included, wondered if the coach, Levy and highly-regarded technical director Franco Baldini had pulled off the seemingly impossible trick of parting with your best player while at the same time raising optimism and expectations. Yes Bale had gone, but Villas-Boas had been handed every penny to supposedly shape a more rounded squad, less reliant on the deeds of one undoubtedly world-class player.Instead, in a season of disappointment and mishap, the feelgood factor of the summer has been replaced by questions surrounding the quality of the raft of players brought in with the Bale money, and an increasing sense of the inevitable culminating in Monday’s parting of the ways.Villas-Boas will be desperately wounded by the decision, even more so as he was on a mission to prove he was a victim of circumstance in his previous Premier League existence at Chelsea, when player power was used as a mitigating factor as owner Roman Abramovich cut his reign short after nine months in March 2012.Many regarded Villas-Boas as fortunate to be handed such a high-profile appointment so soon after the Chelsea experience, but Levy felt there was an outstanding young manager waiting to get out despite the failure of Stamford Bridge.Now, for the man labelled “The Special One Mark II” after being mentored by Jose Mourinho in his early career, it seems there will be no more Premier League opportunities of the sort he was afforded at Spurs and Chelsea. As with his Chelsea exit, there will be plenty of sympathy for Villas-Boas after such an unceremonious departure. It may be used as the latest example of the game’s short-termism that he was clearing his desk despite a Premier League position that hardly counted as a catastrophe.The big problem for Villas-Boas, and presumably the key factor in Levy’s deliberations, was two such heavy and high-profile beatings by City and Liverpool, two clubs he would have expected Spurs to be rivalling this season. The loss of confidence was complete and Levy acted.There was a hint of irony that Villas-Boas’s departure was announced just as the last 16 draw for the Champions League was starting. This is where Levy expects Spurs to be and he clearly feels the Portuguese is not the man to take them there.The clouds started to gather over Villas-Boas following that beating at Manchester City, a performance he admitted left him feeling “ashamed” and led to other frustrations about those summer signings and a sterile playing style bubbling to the surface among Spurs supporters.Levy was perhaps able to write that off in part as something City could do to anyone – see Arsenal’s 6-3 loss at The Etihad on Saturday – but the hapless shambles against Liverpool was never going to be excused. The cracks had appeared and there were echoes of those closing days at Chelsea when Villas-Boas adopted a siege mentality and reacted very publicly to the scrutiny he was being placed under by the media.Villas-Boas unhappy with negative atmosphereBut the key factor has been the failure of those brought in to act as replacements for Bale to even come close to replicating the excitement and defining moments produced by the man who scored 26 goals last season.And those who, after his failure at Chelsea, still harboured doubts about Villas-Boas may have evidence to prove that Bale’s presence last season was merely providing a spectacular cover for the shortcomings that undermined him in west London. Levy ensured Villas-Boas was handed the money as Bale went out – but there is little on offer so far to suggest the majority of it was spent wisely.Erik Lamela has barely been seen since his club record £30m move from Roma while Roberto Soldado came for £26m from Valencia but has looked short of what is required in the Premier League, despite scoring 26 goals for Valencia in La Liga last year.He is essentially a penalty box player and those who saw him flourish in Spain suggest he is ill-suited to the methods Villas-Boas has adopted, using a single striker. It has also led to Jermain Defoe, their most reliable goalscorer after Bale, being marginalised.Belgian Nacer Chadli has also been poor although there has been enough to believe that Christian Eriksen and Paulinho will be sound investments.The appointment of Baldini, a close confidante of former England coach Fabio Capello, as technical director suggests he will have been instrumental in these deals – but will he actually be charged with any of the responsibility for their failure? The Italian must surely take his share of the blame if Levy has deemed the summer spending a failure.And what of Levy himself? Harry Redknapp was sacked after Spurs finished fourth in the table in 2012, only to be deprived of a Champions League place by Chelsea winning the competition.He felt Redknapp could do no more at Spurs. There was an undoubted element of gamble in his appointment of Villas-Boas after Chelsea – and the decision to part so swiftly this season means the gamble has failed.Play media I want titles at Spurs – AVB joins TottenhamVillas-Boas has not helped himself, however, by publicly criticising the “negativity” of Spurs supporters after the home win against Hull City in October. A manager has to be in the strongest of positions to break what is almost an unwritten rule – and it is the sort of comment that sticks in the memory of fans when things go wrong.He was also questioned for allowing goalkeeper Hugo Lloris to continue in the goalless draw at Everton in November after he sustained a head injury in a collisionwith Romelu Lukaku. A week later he was forced to leave Lloris out of the home defeat against Newcastle United after he underwent an “impact test” that raised concerns among medical staff.All these peripheral matters could have been reduced to side issues had results measured up – but Levy decided to pull the plug after watching Liverpool expose Spurs in all departments on Sunday.Plenty will feel Villas-Boas deserved longer with the season still at such an early stage. The reality is that time, as Villas-Boas will know only too well after his time at Chelsea, is not a commodity that waits for a manager who has had £100m to spend and with expectations high.last_img read more

WAFA coach John Killa away on compassionate leave

first_imgWAFA have confirmed their Dutch coach John Killa is away to the Netherlands on a one week compassionate leave.Reports broke in the early hours of the morning that the Dutchman had left his post but the club took to social media to quickly refuute all claims.A statement on the club website claim the Dutchman is on a one-week compassionate leave.It read: “The Academy wish to announce that First Team coach John Killa is away on a one-week compassionate leave.“The Dutchman has returned to his hometown to deal with a pressing family issue.“He will be in town on Tuesday to handle the midweek clash against Hearts of Oak at the Accra Sports Stadium in the Ghana Premier League.” Killa guided the academy side to qualify to the top-flight last two seasons ago.Killa was shortlisted for the best coach of the season award on his debut campaign last term which was eventually won by Bashir Hayford.  –Follow Joy Sports on Twitter: @JoySportsGH. Our hashtag is #JoySportslast_img read more