Swiss BVK reassures members on foreign-currency trading operations

first_imgThe CHF27bn (€22.5bn) pension fund for the Swiss canton of Zurich (BVK) has assured its members it is “protected against possible price manipulations” as five major global banks are fined for alleged foreign currency market manipulation.For more than two years now, Swiss, UK and US authorities have been investigating cases of alleged manipulation of foreign exchange markets, while the BVK introduced several mechanisms to prevent such distortions in its own portfolio.In a statement, the pension fund said it was using “competition” as “penicillin to heal intransparent pricing” in foreign currency trading.Via a multi-banking platform, each transaction for the BVK is sent to 12 different banks, giving them 120 seconds to respond with a price for the requested service – hedging the US dollar against the Swiss franc, for example. The banks’ competitiveness is checked on a regular basis, and sometimes banks are replaced by others, it said.Further, the BVK said it was trading during the more liquid market hours between 10am and 12am rather than at the often used 4pm GMT, if possible.This means the fund does not have fixed hedging times at which market manipulations most often occur.It also means it has accepted slight price diversions, but these are “compensated over time”.The pension fund also stressed that it would “closely monitor further developments and current proceedings” and vowed to “enforce its own claims” should wrongdoing be detected.The BVK was one of the Swiss Pensionskassen to reclaim commissions providers might have accepted when investing for the pension fund.last_img read more

How UK local authorities have managed the pandemic

first_imgUK local authority pension funds are anticipating a cashflow crunch in the near future, according to surveys conducted by the Pensions and Lifetime Savings Association (PLSA).The trade body polled attendees of a Local Government Pension Scheme (LGPS) webinar yesterday, and found that 37% thought cash flow could become “a bit difficult” later this year. A further 4% expected a “significant problem”.The findings added to a survey of private and public sector defined benefit (DB) schemes conducted by the PLSA during March and April. The association found that 38% of LGPS funds were concerned about funding in the wake of the COVID-19 pandemic.While LGPS funds are public sector, many of them cater for private sector employers. During yesterday’s webinar, Lorraine Bennett, senior pensions adviser at the Local Government Association (LGA), said some employers – such as leisure centres, charities and education groups – were particularly vulnerable to financial difficulties. The PLSA’s research also found that LGPS funds wanted more guidance from the Pensions Regulator (TPR), particularly regarding flexibility around reporting deadlines and employer contributions as funds and employers had been affected by operational as well as financial difficulties.Bennett said the LGA had been lobbying the government to bring forward planned new flexibilities for employers to allow them to spread out the payment of certain pension costs. Currently, employer contributions can be deferred but have to be paid within the financial year.Tiffany Tsang, the PLSA’s policy lead for DB funds and the LGPS, said: “The main message [on cash flow] at the moment is that there is no problem. For the immediate to near term, cash flow is not an issue.“But, as we all intuit, the full impact of the virus on LGPS employers is not yet known. This is definitely an area that will be keeping a close eye on in the coming months.”Nick Gannon, TPR’s policy lead for the LGPS, emphasised that the regulator could not change the rules for schemes as these were set by government.However, he indicated that TPR would be “much more pragmatic about situations where things haven’t gone right”.“You still have to be sure that you’re maintaining contributions, and that you’re getting annual benefit statements out, things like that,” Gannon said. “But we’ll accept that it is an awful lot different, and potentially a lot more complicated than it has been in previous years.”Shorter term, local authority funds have coped well with the operational challenges posed by the pandemic.The vast majority – 93% – of webinar viewers representing funds across England, Wales and Scotland said their teams were working with at least 90% capacity. The remainder reported working with between 75% and 89% capacity.In addition, 84% said they were confident of paying pensions with no disruption, and 16% said they were “somewhat confident”.Tsang said schemes had been well prepared in terms of business continuity – largely as a result of recent work on this by TPR.The LGA’s Bennett also reassured scheme managers that the recent market volatility would not change any of the assumptions underlying the LGPS’s most recent triennial valuation.The data for this was largely based on the system’s status as of 31 March 2019, so the expected contribution schedule set to take effect this year would not change, she said.To read the digital edition of IPE’s latest magazine click here.last_img read more

UK books Qatari LNG cargo

first_imgImage courtesy of Al MayedaUK’s South Hook liquefied natural gas terminal is expected to receive a cargo of LNG next week from Qatar. Shipping data from the Milford Haven Port Authority shows that the Q-Max Al Mayeda is scheduled to dock at the import terminal in the Milford Haven waterway on July 20.The AIS data provided by Vesselsvalue shows the vessel is currently sailing in the Mediterranean.Natural gas flows from the South Hook LNG terminal to the UK’s national grid on Friday was around 5.06 mcm per day, according to the data from the National Grid. LNG World News Stafflast_img

Nadal into US Open semis after big fight from Schwartzman

first_imgRelatedPosts Djokovic clinches fifth Italian Open title Nadal stunned by Schwartzman in Italian Open quarter-finals, Djokovic survives Koepfer Live stream Premier League, La Liga, Serie A on Showmax Pro this weekend Rafa Nadal defeated Diego Schwartzman 6-4 7-5 6-2 on Wednesday to reach the last four of the US Open at Flushing Meadows. Schwartzman may have been the smallest player in 25 years to reach the US Open quarterfinals but gave Nadal a big fight and forced the Spaniard to grind out a win. With Roger Federer and 2018 champion Novak Djokovic having already made exits, Nadal’s path to a fourth US Open trophy has been cleared of familiar hurdles. But Schwartzman reminded Nadal that danger can lurk everywhere, even from an opponent he had beaten in all seven previous meetings and only lost two sets. “I had some mistakes of course but I am super happy the way I accepted the challenge,” said Nadal, who needed almost three hours to see off Schwartzman. “I just keep going point-by-point and here I am in the semi-finals and that is super important for me. It means everything.” Schwartzman, who often trains with Nadal, had the second seed’s full respect after brushing past sixth seed Alexander Zverev in the previous round. That caution was well placed as Schwartzman made the 18-time Grand Slam winner work for every point, with the Argentine fighting back from two breaks down in the opening two sets. “He is one of the best players in the world and when he is playing well he is able to win against anybody,” said Nadal. “Tonight was for me, a tough match and I am very happy for the victory.” Nadal had come out firing on all cylinders showing the 5’7″ (1.70m) tall Argentine no mercy as he raced to a 4-0 lead. But Schwartzman dug in and threw everything he had back at the three time US Open champion to send a shock through Arthur Ashe Stadium when he swept the next four games to level the set. The Spaniard, who has also never shied away from a fight, held serve and then broke his opponent for a 1-0 lead. Normal service looked to have resumed in the second set as Nadal, bathed sweat, constructed a 5-1 advantage but again the 20th seed refused to surrender and stormed through the next four games. The 33-year-old Spaniard, however, again broke Schwartzman for a 2-0 advantage. Neither player was able to gain an edge in the third set until Nadal broke to go up 4-2, then delivered the knockout punch as he held serve and closed out the match with another break. “Like a lion in the middle, in the jungle,” said Schwartzman when asked to describe facing Nadal. “He’s a fighter. “He knows how to play the important moments every single time. I played (him) eight times, and every important moment he played better than me.” Nadal now faces big-hitting Italian Matteo Berrettini, who ground out a 3-6 6-3 6-2 3-6 7-6(5) over France’s Gael Monfils, in the semi-finals. Reuters/NAN.Tags: Diego SchwartzmanRafa NadalRoger FedererUS Openlast_img read more

Van Gaal: Villa draw could cost us

first_img It left van Gaal’s side third in the Barclays Premier League, seven points behind leaders Chelsea, and the boss felt draws at places like Villa Park would rule his side out of the title race. “Yes, that’s what I mean,” he said. “We dropped two points. We were the better team and that’s frustrating when you’re the better team and you don’t win these kind of games. When you want to be a part of the title race you have to win these games. “I have seen Manchester City in the first half against Crystal Palace and they could have been behind in the first five or 10 minutes. They struggled until half time but at the end it is 3-0, that’s the difference. “We weren’t so aggressive in the first half as we are usually. We kept the ball much better but didn’t create so much because we were not looking for the forwards. “It was not good enough to catch the victory here. “We were not creative enough in the second half but we had more aggression so that was the plus. “We have a draw and that’s why I’m a little frustrated because you could have won the game in my opinion. We didn’t do it but we were responsible for that.” Radamel Falcao cancelled out Christian Benteke’s opener but United’s six-game winning run ended with a 1-1 draw. Gabby Agbonlahor was harshly sent off for Villa with 25 minutes left but the visitors could not break down their organised hosts. Louis van Gaal admits Manchester United’s draw at Aston Villa could end up costing them the title. Falcao scored just his second goal for United, heading in Ashley Young’s second-half cross, and van Gaal was pleased with his impact. “It was a beautiful goal, I liked him today. I am very happy for him and I am always happy when Manchester United score,” he said. “I have to compare players every week, there’s always a question for every player, not only for Falcao.” Villa held firm despite Agbonlahor’s red card and boss Paul Lambert was left baffled why he was dismissed by referee Lee Mason after what looked like just collision with Young. “If that’s a red card you might as well pack up because it won’t be a game of football. I spoke to Brad Guzan after the game and he said Ashley Young admitted he felled Gabby, so work that one out,” said Lambert who will look at appealing. “That’s not a red card, I will stick up for him all day long. It’s a tackle where two lads have gone in for the ball. “He is not going to spring up and say ‘don’t send him off’, it would be a first in world football. Man Utd want to win the game and we want to.” But Lambert was full of praise for his side, missing the suspended Kieran Richardson and Alan Hutton with Ashley Westwood injured and United loanee Tom Cleverley ineligible, after the point left them 12th. He said: “I thought we were excellent considering everything has gone against us this week, injuries suspensions and ineligibility. Look at our bench, it was a kindergarten. The performance was absolutely terrific. “Christian scored a world class goal and gives you something to hold onto.” Press Associationlast_img read more

Teen critically injured; adult male dead in Belle Glade shooting

first_imgThe Palm Beach County Sheriff’s Department is currently investigating a shooting that left one man dead and a 14-year-old boy in critical condition.The incident was reported along Runyon Village on Thursday night.Authorities say they arrived on the scene to find the adult male dead inside of a home, and the teen suffering from gunshot wounds across the street.The teen was rushed to an area hospital where he is said to be in critical condition.Authorities say they do not have a suspect or a motive behind the shooting.If you have any information about this incident, you are asked to call Crime Stoppers at 800-458-TIPS.Tips leading to an arrest will be eligible for an award.last_img

High school baseball roundup

first_imgThe Searsport Vikings hammered 15 hits in five innings as they romped to a 19-1 victory over the winless Deer Isle-Stonington Mariners on Wednesday, May 14, in Searsport.Pat Duddy drove in the lone run for the Mariners with a double.Bucksport 15, Sumner 0Tyler Maguire drove in four runs with three singles as the Golden Bucks cruised to a five-inning 15-0 win over the Sumner Tigers on Wednesday, May 14, in Bucksport.Josh Gray doubled and singled twice to drive in two runs and Jack Cyr drove in a pair of runs with a single and double for the Bucks.Cameron Warren and Jacob Shorey each singled for the Tigers.Orono 20, Sumner 0The Orono Red Riots crushed the Tigers 20-0 on Thursday in Sullivan as pitchers Jackson Coutts and Jacob Earl combined on a five-inning no-hitter.GSA 2, Washington Academy 1Righthander Kelsey Allen bested Washington Academy ace Gage Feeney in a pitchers’ duel on Friday in East Machias as the Eagles nipped the host Raiders 2-1.Allen scattered nine hits and didn’t walk a batter and got support on offense from Anthony Bianco, Cooper Smallidge, Tyler Webber and Dakota Chipman, who each singled.Feeney allowed just the four hits and struck out nine batters in going the distance on the mound for the Raiders.GSA 4, Orono 1Garrison Looke pitched four innings of one-hit, shutout relief as the Eagles downed the Orono Red Riots 4-1 on Monday in Orono.Wesley Herrick pitched the first three innings for GSA.Anthony Bianco drove in a run for the Eagles with a single.For more pictures from the Ellsworth/John Bapst game, click here.Find in-depth coverage of local news in The Ellsworth American. Subscribe digitally or in print. Hugh BowdenExecutive EditorHugh writes editorials, covers Hancock County sports and helps out where needed in The American’s editorial department. When he’s not on the sidelines, he enjoys playing jazz and tennis. hbowden@ellsworthamerican.com Steve of the Ellsworth Eagles bears the throw to second on a successful steal against the John Bapst Crusaders.ELLSWORTH — After a week-long layoff, the Ellsworth Eagles returned to action on Tuesday with a 6-3 win over the John Bapst Crusaders.The win left the 3-5 Eagles just a point out of post-season playoff contention in the Eastern Maine Class C standings, with a makeup doubleheader scheduled yesterday (Wednesday) in Caribou.Also in Class B, the 6-4 Mount Desert Island Trojans remained in fifth place following Tuesday’s 2-0 win over the Hermon Hawks, and were slated to face the George Stevens Academy Eagles yesterday (Wednesday) at Blue Hill.The 9-1 Bucksport Golden Bucks continued to roll, holding on to the top spot in the Eastern Maine Class C standings this week with a lopsided win over the Sumner Tigers.This is placeholder textThis is placeholder textGSA’s Eagles climbed to third place in Class C, improving their record to 7-3 with wins over second-ranked Washington Academy.Also in Class C, the 2-9 Sumner Tigers are ranked 12th, justg a point out of playoff contention after Tuesday’s loss to Searsport.And in Class D, the winless Deer Isle-Stonington Mariners are at the bottom of the standings.Ellsworth 6, John Bapst 3A six-hit, five-run fourth inning lifted the Eagles to a 6-3 win over the John Bapst Crusaders on Tuesday in Ellsworth.Righthander Conor Maguire went the distance on the mound for Ellsworth, scattering eight hits and striking out nine batters.Maguire also had three singles and drove in a run, Nick Bagley doubled and singled twice, Steve Mahon had a two-run single, Sid St. Peter doubled and Hunter Cote had a run-scoring single for the Eagles in the win.MDI 2, Hermon 0Tom Paola pitched a no-hitter as the Trojans downed the Hermon Hawks 2-0 in Orono on Tuesday.A fourth-inning triple by Riley Swanson drove in both runs for the Trojans, and Steve Hanscom and Jack Sasner both singled for MDI.Searsport 4, Sumner 2At Sullivan on Tuesday, the Searsport Vikings downed the Sumner Tigers 4-2.In earlier action:Searsport 19, DI-Stonington 1 Latest posts by Hugh Bowden (see all) Bio Is this the kind of government we deserve? – July 10, 2017 Like he did in the ’60s, Noel Paul Stookey sings out in troubling times – December 27, 2017 Latest Posts GSA surges in 4th to win Northern Maine title – February 26, 2017last_img read more

Update on the latest sports

first_img June 13, 2020 Update on the latest sports Associated Press Share This StoryFacebookTwitteremailPrintLinkedinRedditVIRUS OUTBREAK-SPORTSTV money gives NFL leg up if fans can’t fill team’s coffersUNDATED (AP) — Timing favored the NFL over other major pro sports leagues in trying to figure out how to keep the coronavirus pandemic from wrecking the 2020 season. US Olympic leaders eye change on protests amid wary athletesDENVER (AP) — U.S. Olympic leaders are open to changing a longstanding rule restricting protests at the Olympics. But the U.S. Olympic and Paralympic Committee is also facing backlash from some of its own athletes who feel they’ve been kept out of the loop.The USOPC is forming an athletes’ group to look into racial issues that have been exposed across the country in the aftermath of George Floyd’s killing in Minneapolis. But the committee made the move before consulting with the group that is supposed to represent athletes on the U.S. team. That upset some athletes.Both the athletes and the USOPC are working out their differences. And both agree that attacking the problem of racism and social injustice is more important than internal squabbling. In other developments related to the COVID-19 pandemic:— Major League Baseball has told its players the league wants to know by the end of the day Sunday whether players will accept its latest offer. MLB offered players 80% of their prorated salaries and a 72-game schedule beginning July 14 in an effort to start the pandemic-delayed season, according to details of the proposal obtained by The Associated Press. Teams cut their proposed schedule each time they make an offer due to the calendar, unwilling to delay the World Series past October.— New Zealand has become one of the first nations in the world to welcome hordes of fans back into a packed sports stadium thanks to the nation’s remarkable success in eliminating the coronavirus. As countries around the world try to reopen after lockdowns, Saturday’s match marked a milestone of sorts. After instituting a strict lockdown, New Zealand has had no new cases of the virus for more than three weeks and all those who contracted it have now recovered. Earlier this week, the country removed just about every virus restriction, although the border remains closed.— Pakistan cricket’s celebrated allrounder Shahid Afridi has tested positive for COVID-19. Afridi tweeted Saturday that he had “been feeling unwell since Thursday” and his body “had been aching badly.” He announced that “unfortunately I’m COVID positive” and asked for prayers for a speedy recovery. Afridi quit international cricket in 2017 and has since played in Twenty20 leagues around the world. USOPC-PROTEST PROBLEMS America’s most popular sport has another big advantage if the games are played: TV money.While NFL owners could lose billions collectively with limited capacities in stadiums or no fans at all, the league is well-positioned financially because of lucrative media contracts approaching $10 billion in a full 2020 season.Fitch Ratings recently affirmed its “A-plus” credit mark for the NFL and its properties in part because of the league’s media deals. Fitch says the NFL estimates each team’s media revenue at $250 million per season. The number gets bigger later in the contract, and each deal is set to expire in the next two years.So it’s safe to say more than half of the league’s $15 billion in annual revenue comes from the TV deals shared equally among all 32 teams — unlike Major League Baseball, the NBA and NHL.MLB’s attempts to get the baseball season started are being held up in part by a disagreement over how to compensate players in the likelihood that owners will have no fan-related revenue.last_img read more

Untimely errors cost Syracuse in weekend losses to St. John’s, Connecticut

first_img Published on November 4, 2012 at 11:24 pm Contact Jacob: jspramuk@syr.edu Facebook Twitter Google+ Untimely mental errors have cost Syracuse close matches all season. The Orange continued to give away easy points last weekend.Syracuse (10-18, 2-11 Big East) lost a sloppy four-set (25-23, 20-25, 24-26, 19-25) match to St. John’s (19-10, 6-7) on Friday night in the Women’s Building. The Orange’s struggles continued Sunday afternoon in the program’s first match in the Carrier Dome. A sparse crowd of 310 saw Connecticut (17-11, 8-5) sweep Syracuse (22-25, 15-25, 23-25).Syracuse shifted the matches in its opponents’ favor with unforced errors.“It’s very simple; they did much less mistakes than we did,” Syracuse head coach Leonid Yelin said after Sunday’s loss.The Orange fought to take a 20-19 lead in the first set of Sunday’s match against Connecticut when Nicolette Serratore hit a weak serve into the back of teammate Monika Salkute’s head. Connecticut took the lead on the ensuing point after Silvi Uattara drilled a ball past the right sideline. The Huskies won the set as Mattison Quayle’s hit bounced off Melina Violas’ outstretched arms and rolled to the floor.AdvertisementThis is placeholder text“As soon as we get a lead we get comfortable and we start to relax,” Serratore said. “We don’t stay on top of things. We’re not thinking about every single little thing we have to do anymore because we are so relaxed, and other teams take advantage of that.”The errors on Sunday started with serve-receive. Some of them led directly to points for the Huskies. In the second set, Gosia Wlaszczuk’s dig went over the net, setting Quayle up for an easy kill. Wlaszczuk and Serratore both missed dig attempts to give the Huskies aces.The Orange made 19 attacking errors in the match, while the Huskies only made 14. Connecticut hit at a higher rate than Syracuse in each of the three sets. Hitting inconsistency cost the Orange.“Basically, their balls were hitting the floor and ours weren’t,” middle blocker Samantha Hinz said.Syracuse didn’t help its cause on the serve. The Orange made six serving errors throughout the match. Most came in moments when Syracuse was attempting to pull ahead in close sets. The inconsistencies gave Connecticut crucial points and took away most of the momentum the Orange was able to gain.Syracuse had similar problems in Friday’s match against St. John’s. Although the Orange managed to win the first set in that match, the same story played out in three consecutive set losses.The Orange hit at only a 0.077 rate in the second set with seven attacking errors. Syracuse made 22 hitting errors and five receiving errors in the match.The inconsistency and unforced errors have racked up for the Orange this season. Syracuse’s lackluster record is a reflection on the trends that have cost it contested sets. Yelin hopes to see his players improve mentally as the team moves from the Big East to the more competitive Atlantic Coast Conference next season.“I don’t want to have any excuses; our level of play is not high,” Yelin said. “We’re going next year to a much tougher conference and the mental level has to be way better.” Commentslast_img read more

Men’s Hockey: Badgers swept by Minnesota in final border battle of regular season

first_imgAs soon as the puck dropped in front of an almost entirely sold-out crowd at the Kohl Center Friday night, the Badgers (10-15-1, 5-12-1-1 Big Ten) came out hot. They managed to score two goals relatively early in the game and earned a 2–1 lead through the first seven minutes of the second period. Juniors Ty Pelton-Bryce and Tarek Baker each tallied a goal, with juniors Linus Weissbach and Sean Dhooghe on the assist. After ending the first period tied at one and playing the majority of the second period tied at two, the Badgers always had the edge on the University of Minnesota Golden Gophers (12-10-4, 7-5-4-3) in total shots — finishing the game with a 31–27 advantage. Men’s Hockey: New year calls for fresh startEntering the 2019-20 University of Wisconsin men’s hockey season, a lot of optimism surrounded the team. A collection of veteran Read…Towards the end of the second period, Minnesota took advantage of a couple Badger missteps — scoring two more goals — and headed into the second intermission up 4–2. These two goals were just the start of the Minnesota attack, as they continued to score without any life from the Badgers offense. Minnesota scored the final five goals in the match, winning the game by a final score of 6–2.Daniel Lebedeff had 18 saves in net for the Badgers before being benched and replaced by Jack Berry after the Gophers went up 4–2. After this first game, the Gophers were rolling. Having won three games in a row and going 5-1 in their last six games, they carried great momentum into Saturday’s matchup. Not looking to slow down, the Gophers headed into Saturday night’s game on fire.Recording his eighth career multi-point game with a first period goal and an assist to teammate Ty Emberson, Cole Caufield was the main contributor to the Badgers offense. The rest of the squad struggled throughout the contest to match his offensive production.Men’s Hockey: Sitting down with star freshman Alex TurcotteThe University of Wisconsin men’s ice hockey team (7-10-1, 2-7-1-1 Big Ten) is having a rough go at the dish Read…Caufield’s game-tying goal in the first period served as the only spark for the Badgers in Saturday’s game, as they did not score again until late in the third period. At that point, they were already down three goals and stood little chance of mounting a meaningful comeback. Lebedeff remained on the bench for the second game of the series. Berry started in net for the Badgers and saved 21 shots, yielding an 84% save rate.Next, the Badgers will face another Big Ten rival on the road. The University of Michigan Wolverines (11-12-3, 6-8-2-1) await the Badgers in what should be another chance for them to come back after losing three straight games and six of their last eight.Men’s Hockey: Inconsistencies continue to plague Wisconsin against MinnesotaThe No. 19 University of Wisconsin men’s hockey team (6-7-1, 1-4-1-1 Big Ten) struggled immensely against the University of Minnesota Read…It is one of their last chances to try and turn around what began as a highly promising season. Puck drop is at 5 p.m. Friday night and 6:30 p.m. Saturday night. Friday’s game will also be televised on the Big Ten Network.last_img read more