The €16bn pension fund of electronics giant Philips has decided to increase its investment risk in order to achieve its target of full indexation. Last year, it returned 0.9% and saw its funding ratio rise from 104% to 108% as a result, according to its 2013 annual report.The Philips scheme operates a liability-matching portfolio – meant to finance 64% of its liabilities, as well as 2% inflation – and a return portfolio for its remaining liabilities, longevity risk and additional inflation.Following the new investment policy, the board wanted to reduce the scheme’s holdings in euro-denominated government bonds within the matching portfolio to 62.5%, triple investments in global government bonds and introduce a similarly sized credit allocation. It also wanted to increase its direct investments in Dutch mortgages by 1% to 7.5%.Within its return portfolio, the scheme intended to decrease its equity and property exposure slightly in favour of commodities, high-yield bonds and emerging market government bonds.The board said it decided to shift emerging market equity and developed market government bonds to a passive style, while keeping credit and mortgages under active management.“The advantages of active management don’t outweigh the disadvantages,” it concluded following an internal survey.The pension fund incurred a 4.3% loss on its matching portfolio but noted that the result still meant a 1% outperformance, mainly thanks to government bonds from Italy, Finland and the Netherlands, in addition to its mortgage investments.It indicated that the result of its matching portfolio included a 0.7% loss on its interest and inflation hedge.The return portfolio generated a 14.3% return, with equity (18.1%) and property (16.4%) the best performing asset classes.High-yield credit delivered 4%.However, the Philips Pensioenfonds lost 13.6% on emerging market bonds.It attributed the outcome to the choice of countries in combination with local currency mandates.It also reported a 13.1% loss on commodities.According to the scheme, the 1.6% outperformance of its return portfolio was due largely to active management of emerging market equities, property and global tactical asset allocation (GTAA).It also made clear that it further reduced its direct property holdings – for example, by selling Symphony office tower in Amsterdam – while increasing its portfolio of indirect non-listed property to €248m, almost 50% of its target.The pension fund reported a 4.4% investment result over the first quarter of 2014, with its matching and return portfolios producing 5.8% and 1.2%, respectively.During this period, its coverage rose from 108% to 113%.However, 3 percentage points of this was due to a one-off contribution of €600m from the employer, following the scheme’s switch to collective defined contribution arrangements with an average-salary target.
The British Steel Pension Scheme (BSPS) must not be granted special treatment to ensure the stability of the scheme, as this could undermine the integrity of the UK’s regulatory system for pensions, the Pensions and Lifetime Savings Association (PLSA) has warned.Responding to a UK government consultation on ways to reduce the deficit of BSPS, the association warned against “bespoke” and “piecemeal” regulatory changes.The PLSA also questioned the impact on the Pension Protection Fund (PPF) were the number of schemes remaining outside the lifeboat fund, but without a sponsoring employer, to increase.Joanne Segars, the PLSA’s chief executive, said the government’s pushing ahead with changes for BSPS, “without also considering amendments for all schemes”, would be “inconceivable”. She added: “While securing the best outcome for members of the British Steel pension scheme is of paramount importance in this instance, it must be balanced against securing the best outcome for all defined benefit pension scheme members.”She warned that the legal changes could have unintended consequences for the integrity of the UK regulatory system.And while she acknowledged that the situation facing BSPS due to Tata Steel’s intention to sell or close its UK business, she argued that the ability to sever ties with a sponsor should not become the default approach.“We urge the government to commit to a long-term review of the current legislative system affecting defined benefit schemes to ensure their sustainability, and [we] call upon the government to work with our Defined Benefit Taskforce and the wider pensions industry to achieve this,” she said. The PLSA launched the taskforce, chaired by Ashok Gupta, in March. In early June the taskforce launched a consultation – a call for evidence – on challenges facing defined benefit (DB) pension provision in the UK. Gupta, a former non-executive director at the Pensions Regulator, is a principal at Towers Perrin and a member of the Financial Reporting Council’s codes and standards committee.Concerns have been raised across the industry over the proposal for BSPS to continue as a standalone entity without Tata Steel, or the entity potentially buying its UK business, as a sponsor.Clive Fortes, a partner at consultancy Hymans Robertson, was among those questioning the approach.“The effect of this proposal is that the BSPS members will continue to receive benefits in excess of those that would be payable under the PPF, with all other scheme sponsors underwriting the non-trivial risk that the BSPS will need to be rescued by the PPF at some stage in future,” he said. Fortes also noted that the scenario outlined would see the benefits of BSPS outperformance enjoyed only by its members, yet a failure of its investment strategy would directly impact all those paying the PPF levy.The PPF raised this concern as well, suggesting BSPS should be barred from entering the lifeboat fund if the link to its sponsor were broken.
Kurz, 33, has emerged unscathed fromthe scandal, even gaining voters from the FPO as its support has slipped toroughly a fifth of the electorate from just over a quarter in the last vote in2017. On the left, there has been some shift in support from the SocialDemocrats to the resurgent Greens. The election on Sunday follows thecollapse in May of Kurz’s coalition with far-right Freedom Party (FPO) after avideo sting scandal that forced FPO vice chancellor Heinz-Christian Strache tostep down. VIENNA – Austrians vote in a snapparliamentary election that conservative leader Sebastian Kurz looks set to winbut he will still need a coalition partner to secure a majority. An election poster depicting the head of Peoples Party and former chancellor Sebastian Kurz is seen, as he attends the final election rally ahead of the parliamentary election in Vienna, Austria on Sept. 27. REUTERS/LEONHARD FOEGER Kurz said he will talk to all partiesafter the election if he wins.(Reuters)
Nick MeyerTo borrow from the intro to Wide World of Sports, Nick Meyer’s season has ranged from the agony of two wrecked race cars to the thrill of qualifying for the Super Nationals Modified main event.In just his 16th night in the car he bought midway through the year, Meyer ran second to veteran RickyNick MeyerStephan in Wednesday’s first qualifying feature at Boone Speedway.“We met and exceeded all our goals and it was only he first day of qualifying,” said the Whittemore driver, now hoping to raise the bar again for the big show on Saturday. “I never expected to qualify into the ‘A’ feature, especially on the first night.”“The way this car sets up, it does what we always tried to get the SportMod to do,” he added. “I feel more confident driving this car than I ever did driving a SportMod.”Meyer cut a swath through his Northern SportMod competition but two wrecks over the course of just four days forced him to decide between buying another SportMod or making the jump to the Modified.He opted to take the step up, purchasing a 2012 Victory Chassis with the idea of getting in seat time the rest of 2017. Meyer never expected that some of that seat time would come in the championship feature at Super Nationals.“I learned to be more patient early on,” said Meyer, previously a qualifier for Hobby Stock and Northern SportMod championship events at Super Nationals. “I don’t have any butterflies now but I’m sure they’ll come.”*Ricky Stephan won big again at Boone Speedway, topping Chris Abelson 2-0 in a best of three game of Rochambeau Thursday afternoon in the fan zone.Along with a wealth of contingency awards, Stephan won the pole start in Saturday’s main event.The rest of rock, paper, scissors results for the front eight spots on the inside row put Nick Meyer third, Nick Roberts fourth, Darin Duffy fifth, Randy McDaniel sixth, Drew Christianson seventh and Cayden Carter eighth.*
Statewide—The Indiana State Department of Health has reported that 581 additional Hoosiers have been diagnosed with COVID-19 today. A total of 29,274 Indiana residents have tested positive for the coronavirus. To date, 195,738 tests have been reported to ISDH at a 15% positive rate and 38 new deaths were reported for a total of 1,716Hoosiers have died to date.Locally, no new cases or deaths were reported for two straight days. Decatur County has a total of 220 positive cases and 31 deaths, Franklin County has 106 positive cases and 7 deaths, and Ripley County has 108 positive cases and 6 deaths according to numbers reported to the Indiana State Department of Health.
Authorities are currently investigating the death of a person who was found floating in a lake in Lake Worth.The body was located around 10:15 am Monday at 4200 S. Congress Ave, right next to Palm Beach State College.Palm Beach County Fire Rescue was originally called to the scene and determined that the person was deceased.Not much is known about the incident at this time, including the person identity, however, the case has been turned over to law enforcement for further investigation.This is a developing story.
The state’s one-day death toll high is a likely sign of a rise in coronavirus deaths in the days ahead, according to Dr. Jay Wolfson, Professor of Public Health, Medicine and Pharmacy at the University of South Florida. “It’s going to get worse,” he said.Dr. Wolfson adds that the rise in deaths typically comes last, weeks after the initial spike in cases occurs. “It’s a cascade,” Wolfson said, “and we are just in the early phases of that cascade.”The state’s Department of Health on Thursday reported 232,718 confirmed cases and 4,009 deaths.In a news conference in Jacksonville on Thursday, Gov. Ron DeSantis said Florida and the rest of the Sun Belt region seems to be experiencing a “natural peak” in new cases.He added that most new cases are in younger populations, who are more likely to avoid serious illness and death. As Florida crossed the 4,000-death threshold for the coronavirus pandemic and logged the most deaths in a 24-hour period on Thursday, the state became the focus of criticism from the nation’s top infectious disease expert.Dr. Anthony Fauci, who heads the National Institute of Allergy and Infectious Diseases, called out Florida for bypassing guidelines and opening too soon.“Certainly Florida jumped over a couple of checkpoints,” he said in an interview with FiveThirtyEight.Fauci also told the Wall Street Journal that states that are experiencing spikes in cases and deaths, including Florida, should again consider lockdowns.“I think any state that is having a serious problem, that state should seriously look at shutting down,” he said.#COVID19 is an emerging, rapidly evolving situation. Learn about the basics like symptoms & what to do if you are sick; and see the latest info from @CDCgov on #NIH’s page: https://t.co/9aGQF3GG9p #coronavirus— NIH (@NIH) March 17, 2020
There are a lot of differences between last season’s USC men’s basketball squad and this year’s team, which opens its regular season on Saturday.Back for more · In his second year with USC, coach Kevin O’Neill will guide a Trojan team that is once again eligible to play in the postseason. – Tim Tran | Daily Trojan Sure, players have come and gone since last March, but likely the biggest change is the mindset of the team, which knows that it is eligible for postseason competition after last year’s self-imposed sanctions kept them out.“Now we have a chance to play for something,” junior forward Nikola Vucevic said. “Last year, we were not really playing for anything, so it was not that fun to play. This year, we are a good team, and I think we can make the NCAA tournament. It will be a fun season when you can go on to compete against the best.”When USC announced sanctions on Jan. 3 as a result of NCAA rules violations related to former Trojans guard O.J. Mayo, the team was on an eight-game winning streak, which included winning the Diamond Head Classic in Honolulu, upsetting then-No. 9 Tennessee by 22 points and sweeping the two Arizona schools to open Pac-10 competition.After the sanctions were announced, USC lost its next two games, and five of its next seven.“I remember having to tell these guys on a Sunday morning that we were not going to play in the postseason,” USC coach Kevin O’Neill said. “For me, it was traumatic to have to tell them that, let alone for them to hear it. The empty feeling of knowing that you could not play in the conference tournament and that your season was done was really difficult for our players to deal with, and for me to deal with.”Despite the sanctions, the Trojans played well at times last season. Highlights included beating UCLA twice by a combined 25 points, as well as twice defeating Washington, which ended up making the round of 16 in the NCAA tournament. However, the Trojans struggled down the stretch, losing their final five games.“We have an opportunity [this season],” O’Neill said. “I am proud of the job that the guys did last year, and hopefully it sets the tone for what we are going to do this year.”The first game of the season is against UC Irvine. It would be easy to overlook the Anteaters (0-1), which lost in an exhibition game to Concordia, a National Association of Intercollegiate Athletics school, after trailing by as many as 22 points in the second half. The Anteaters also lost by 14 points at No. 13 Illinois on Monday.Despite the final score, UC Irvine was impressive against Illinois. After trailing 42-18 at halftime, the Anteaters bested Illinois in scoring in the second half by 10 points behind guard Darren Moore’s 15 second-half points.Forward Eric Wise returns for the Anteaters after averaging 16.4 points, 6.4 rebounds and three assists per game last season, leading the team in all three categories. He has been named All-Big West second team in both of his collegiate seasons. He recorded the seventh double-double of his career against Illinois, posting 11 points and 12 rebounds.Tip-off against the Anteaters is scheduled for 1 p.m. on Saturday at the Galen Center.
SUBSCRIBE TO US Written By LIVE TV Russia are all set to go head to head against Japan in the FIVB Volleyball Men’s World Cup 2019 in Hiroshima, Japan. Russia are placed on the fourth position with 11 points. They have so far registered 3 wins, 2 losses in six games. On the other hand, Japan are in the sixth position with six points. They have recorded 2 wins, 2 losses in their six games. Japan have shuffled players in every match and it would be better if there are few Japan players in the dream11 team.Also Read | WATCH: Serge Gnabry Tries Goalkeeping For Germany During TrainingDream11: previous clashes and key playersJapan lost the last game against the USA in (0-3) point. Yuki Ishikawa is the best scorer for Japan, winning 29 attacks, 3 blocks and 2 serves overall in this tournament. Yuji Nishida is another strong attacker, scoring 28 spikes with 15 shots in 55 attempts. Meanwhile, Russia recorded 1-3 loss against Poland. Podlesnykh is the best attacker for Russia with 43 spikes, 33 shots, 88 attempts. Also, their another key player is a blocker as well as a server – Ivan Iakovlev with 18 blocks, 31 rebounds,55 attempts.Also Read | Dream11 Brazil Vs Senegal: Team News, Predicted Playing 11 And MoreDream11: RUS vs JPN – squadRussia Men: Yaroslav Podlesnykh, Ilia Vlasov, Dmitry Kovalev, Artem Volvich, Sergey Grankin c, Anton Karpukhov, Dmitry Volkov, Anton Semyshev, Ivan Iakovlev, Fedor Voronkov, Igor Philippov, Dmitriy Muserskiy, Dmitry Shcherbinin, Evgenii Andreev, Maxim Mikhaylov, Egor Kliuka, Ilyas Kurkaev, Roman Martynyuk, Andrey Surmachevskiy, Igor Kobzar, Pavel Kruglov, Valentin Golubev, Kirill Ursov, Pavel Pankov, Denis ZemchenokJapan squad: Kunihiro Shimizu, Hideomi Fukatsu, Naonobu Fujii, Issei Otake, Tatsuya Fukuzawa, Akihiro Yamauchi, Takashi Dekita, Masahiro Yanagida c, Satoshi Tsuiki, Taichiro Koga, Yuji Nishida, Masahiro Sekita, Naoya Takano, Yuki Ishikawa, Haku Ri, Kentaro Takahashi, Tsubasa Hisahara, Masashi Kuriyama, Hiroaki Asano, Taishi Onodera, Akihiro Fukatsu, Tomohiro Yamamoto, Yuki Higuchi, Yamato Fushimi, Yudai AraiAlso Read | Dream11 MUM Vs KAR: Prediction, Player Analysis And Squad UpdatesDream11 RUS vs JPNLibero: Tomohiro YamamotoSetter: Sergey GrankinBlocker: Ivan IakovlevAttacker: Yuki Ishikawa and Yaroslav PodlesnykhUniversal: Yuji NishidaAlso Read | Ole Gunnar Solskjaer: Four Managers That Can Take Over At Man United COMMENT First Published: 10th October, 2019 14:32 IST WATCH US LIVE Akhil Nambiar Last Updated: 10th October, 2019 14:32 IST Dream11: Russia Vs Japan Team News, Key Players And Prediction Russia are all set to go head to head against Japan in the FIVB Volleyball Men’s World Cup 2019 at Hiroshima. Here is the dream11 prediction for this clash. FOLLOW US