CityPoint boosts Wates NAV

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UK roundup: Leaf UK, PIC, LPFA, Adveq, Next Wave

first_imgJay Shah, PIC’s co-head of business origination, said, the pension scheme, as part of its de-risking strategy, had been moving away from equities and into a more matched portfolio for some time.“More widely, rising bond yields and equity markets are providing a more conducive economic backdrop for schemes wishing to buy out,” he said.Deficits are narrowing and sponsoring companies taking the opportunity to close out DB plans, Shah said.LCP was the lead specialist adviser to the trustees, and Osborne Clarke provided legal advice and project management.PwC provided strategic advice to the principal employer.In other news, the London Pensions Fund Authority (LPFA) and private equity firm Adveq said they had joined forces to invest in e-commerce company Secured Mail.Adveq said the two partners completed the co-investment alongside private-equity group Next Wave Partners.No information on the value of the investment was available.Adveq said Secured Mail had grown rapidly since Next Wave had first invested in the company in 2011, with sales growing by 65%.Alex Gracian, CIO at the LPFA, said: “Part of the investments strategy at the LPFA is to source cost-effective co-investment opportunities that will add value to the fund.”The fund had been able to achieve this by working with Adveq, he said.The LPFA is also very pleased to be supporting the UK SME sector through the investment, Gracian said. The Leaf UK Pension Scheme has entered into a £35m (€41.7m) buyout with Pension Insurance Corporation (PIC), covering the benefits for more than 700 members.The main employer for the defined benefit (DB) pension scheme is Expalkan Closed Scheme, which is a unit of Dutch company Corbion.Geoff Matthews, chairman of Leaf Pension Trustees, said: “We embarked on our de-risking journey several years ago, guiding the scheme’s assets to align more closely with its liabilities and this has culminated in a buyout.”He said the trustees had been impressed with PIC’s proactive approach and its focus on policyholder care.last_img read more

Joseph Mariathasan: India is on the verge of success

first_imgPraveen Jagwani, CEO of Indian fund management group UTI International, says the country remains somewhat in limbo: it is on the verge of success but not quite there yet. India’s medium-term growth prospects remain intact but the short term could be volatile.Jagwani is a big fan of the changes instituted by prime minister Narendra Modi. The goods and services tax (GST), which came into effect in July last year, has created 55m new corporate taxpayers, while demonetisation, criticised in many quarters, has led to 10m new individual taxpayers, with a third of the new cohort already paying tax. As a result, tax revenues are swelling.However, India faces an unforeseen challenge in the rise of the oil price to above $80 (€69) a barrel. One of the first things Modi did when he came to power was to abolish government subsidies for the oil price. He was lucky in that this happened during a period of rapidly falling oil prices. Now he faces the challenge of prices rising during an election year – he has to hold national elections before May next year.Like all emerging markets, India has suffered from the strength of the dollar, with the rupee devaluing 6% so far this year. India’s strong FX reserves give the country security, but foreign investors have been pulling out assets.Yet the long-term prospects for India look good: India’s latest GDP growth rate, at just over 7%, beats that of China. Moreover, Jagwani says, more significant has been the growth of the manufacturing sector. India has been a laggard in that respect – while its services sectors have excelled, manufacturing has lagged and capacity utilisation in the industrial sector fell to 63% in 2014, having been as high as 90% in the past, even during the financial crisis.Manufacturing is important because of the sheer number of jobs that it creates. Capacity utilisation increased to 75% according to the last quarter’s figures, which Jagwani argues means the country’s attempts to rebuild manufacturing are succeeding.Modi launched the “Make in India” initiative in 2014 with the explicit objective of encouraging more manufacturing investment for job creation. In the car sector, capacity utilisation has hit 100% and further capacity is being built. Capacity utilisation in the cement sector has also hit 90%, which Jagwani sees as a predictor of high activity in infrastructure in the coming years.Jagwani attributes the improvements to two factors: firstly a few years of good monsoons, which enabled wealth to be created and distributed in the lowest 40% of Indian society; and secondly the increased prevalence of banking facilities. This has ensured that the lowest segments of the population can have access to government assistance – in the past, much of this was pilfered by middlemen to an extraordinarily high degree. Economic prospects for India look good for investors, but the volatility of assets within India is a turn-off: equity markets have fallen this year (down 7% year-to-date in dollar terms), having roared forward after the Modi election.Investors who are willing to look beyond broad exposures to emerging market indices, face the challenge of how best to ensure exposure to the India story. India’s investment opportunities go far beyond just equities. Government bonds currently yield 7.9% for 10-year maturities, and with inflation at 4.3% real yields are high and uncorrelated with markets elsewhere.Property, private equity and infrastructure also offer routes to the Indian growth story, although without the liquidity offered by equity and bond markets. Perhaps India novices should look to invest through a multi-asset approach to dampen the volatility. China has received enormous amounts of attention recently, particularly with MSCI starting to include China A shares in its global emerging market indices from 1 June.It could be argued, however, that the whole idea of emerging markets as a separate asset class is past its sell-by date. Lumping together fast-growing Asian countries such as Korea and Taiwan with Latin American strugglers such as Argentina has no real intellectual framework supporting the concept.Meanwhile China, likely to become the largest economy in the world within the next generation, arguably should be classed as a separate investment destination in its own right.China is not alone in this regard. India, the other Asian giant, may at some stage come to be regarded by investors in the same vein – but not just yet. India’s better demographics versus China mean it will continue adding to its working age population well beyond 2030, by which time China is expected to be experiencing a declining workforce.last_img read more

The West Philippine Sea Reclamation: Palace Relies on China’s Good Faith

first_imgMalacañang Palace said today that the Philippines would have to rely on good faith that China would not use its largest dredging vessel to build on disputed islands in the West Philippine Sea, the Philippine News Agency (PNA) reports. In a Palace briefing, Presidential Spokesperson Harry Roque said that the Philippines President Rodrigo Duterte recognizes the principle of good faith in international relations.“China has told the President they do not intend to reclaim Scarborough and we leave it at that. We need to rely on good faith because otherwise there would be no predictability in international relations,” he said.Last March, Duterte announced that China gave its word not to build on the disputed Scarborough Shoal (Panatag Shoal) in the West Philippine Sea.The President said that the assurance was made out of deference to the warming relationship between the Philippines and China.These latest comments were issued amid concerns that China may use its newly-launched cutter suction dredger Tiankun (Tian Kun Hao), dubbed by its designer as a ‘magic island-maker’, to create artificial islands in the South China Sea.The giant dredger, which measures 140 meters long and 28 meters wide, is reported to be capable of dredging up to 6,000 cubic meters an hour and can dig as deep as 35 meters under the sea floor.It is the most powerful vessel of its type in Asia.last_img read more

Van Dijk: No risk of Liverpool becoming complacent

first_imgLiverpool defender, Virgil van Dijk, admits 2019 was an important breakthrough year for the players, but insists they are not allowing themselves to look ahead to what could prove to be an even more memorable 2020. Promoted ContentBirds Enjoy Living In A Gallery Space Created For Them5 Of The World’s Most Unique Theme Parks7 Ways To Understand Your Girlfriend Better14 Hilarious Comics Made By Women You Need To Follow Right Now8 Ways Drones Will Automate Our FutureThe Best Cars Of All TimeThe Very Last Bitcoin Will Be Mined Around 2140. Read More10 Phones That Can Work For Weeks Without RechargingThe 10 Best Secondary Education Systems In The World7 Facts About Black Holes That Will Blow Your Mind10 Risky Jobs Some Women DoGreat Entertainer Became A Milestone In The History Of Censorship The Reds closed out a 12 months in which they won the Champions League, the European Super Cup and the Club World Cup with a hard-fought 1-0 win over Wolves which re-established their 13-point lead at the top of the Premier League table. They also have a match in hand – to be played against West Ham at the end of next month – over second-placed Leicester and Manchester City in third, and look nailed on to end a 30-year wait for the title in May. “Yeah, 100 per cent. The year, we feel very positive about it,” said Van Dijk. “If you are able to play for trophies when you are in finals then you want to win them. So we have been doing that since the Champions League, so it is a nice habit.Advertisement “I think the most important thing was the Champions League. That is something incredible, and we all enjoyed that – but we all enjoyed the ride we had in the Premier League last year [finishing one point behind City]. “We came very close. Unfortunately City were just a little bit better, but that spurred us on to try even harder this year. And so we have been winning games, grinding games out and playing good football at times. Read Also:Virgil van Dijk wins Football Supporters’ Player award “We enjoy the hard work too, so that is very good. Hopefully we can just keep going, doing that and just be hungry for that as well. FacebookTwitterWhatsAppEmail分享 Loading… last_img read more

3 ‘pushers’ fall in buy-bust

first_imgBACOLOD City – Three suspected drugpeddlers were nabbed in a sting operation in Barangay 6-A, Victorias City,Negros Occidental.Seven sachets of suspected shabu weighing about two grams valued at aroundP20,000 were seized from Jerson Miranda, 29; Maricar Dolendo, 37; and BelenCastro, 42, police said.An undercover officer initially bought from the suspects illegal drugs for P400around 7:30 p.m. on April 20, the police added. They were detained in the Victorias Citypolice station’s lockup facility.Charges for violation of Republic Act 9165, or the Comprehensive DangerousDrugs Act of 2002 will be filed against them./PNlast_img read more

Marie Catherine Wolter

first_imgMarie Catherine Wolter, 84, passed away on Friday, April 17, 2020 at St. Francis Hospital in Indianapolis.Born, June 10, 1935 in Greensburg, she was the daughter of Lawrence and Bernadine (Artmeier) Blankman.She was married to Leo F. Wolter on August 31, 1955 at St. Mary’s Church.Marie was a member of St. Mary’s Church, where she served on several committees.  She also volunteered at St. Mary’s at the adoration chapel and spent many years helping serve funeral meals. She was a 65-year member of the St. Lawrence Auxiliary. She spent many hours working on several committees and held many offices including president. She was a member of Daughters of Isabella. Leo and Marie both served on the board of Farm Bureau, Inc. of Washington Township. In addition, she served numerous times as the Women’s Leader.  She also was the Pet and Hobby leader and coordinated the annual Pet & Hobby parade.She loved sports and cheering for her favorite teams; Purdue, Indiana Pacers, and the Indianapolis Colts. She was an excellent cook and enjoyed gardening. She loved farming and promoting agriculture. She was devoted to her family and was a loving wife, mother, grandmother, great grandmother, and great-great grandmother.She is survived by two sons; Norm (Nancy) Wolter, Greensburg, Mark (Sandi) Wolter, Greensburg, three daughters; Linda (Brian) Meek, Naperville, IL, Nancy (Chris) Moore, Chicago, IL, Karen Mirick, Greensburg, one daughter-in-law; Karen Wolter, Shelbyville, siblings; Marjorie (John) Bedel, Hamburg, Martha Blankman, Greensburg, Arthur (Maria) Blankman, Batesville, 13 grandchildren, several great grandchildren, and several great-great grandchildren.She was preceded in death by her parents, husband Leo of 58 years, one son; Gary Wolter, and sister; Rosie Green.Due to the recent public health safety mandate of limited gatherings, a private graveside service will be held for the immediate family at St. Mary’s Catholic Cemetery.  A Memorial Mass and Celebration of Life will take place at a later date.  Memorial contributions can be made in Marie’s honor to St. Mary’s Church through Porter-Oliger-Pearson Funeral Home.Online condolences can be made to the family at www.popfuneralhome.comlast_img read more

Mel keen to mentor Berahino

first_img Berahino, who is the Baggies’ top-scorer this season with eight goals in all competitions, has been involved in a couple of controversies of late. The 20-year-old was filmed inhaling nitrous oxide from a balloon in a parked car and then slumping down in his seat after West Brom’s 3-0 defeat to Manchester United on March 8, with the video subsequently being brought to light last weekend by the Sunday Mirror. While inhaling the substance – otherwise known as ‘laughing gas’ – is not illegal, it can pose serious health risks, and Berahino has apologised for his actions. The England Under-21 international was also part of a bust-up that followed his club’s 3-3 draw with Cardiff on March 29, an incident which saw him being hit by team-mate James Morrison. And, speaking at his press conference ahead of Monday’s Barclays Premier League trip to Manchester City, Mel said of Berahino: “The most important thing for me is that he is a young player. “He has a lot to learn and he wants to learn. “In the future I think he is going to be a really great player both for West Brom and for the English national side. “He still has time to make errors and it is up to us as coaches to show him the right path. “I’m trying to be his sporting mentor. “I try to give him advice about what he should do on the pitch. “I try to tell him what he needs to do in order to remain a top-level footballer for a long period of time. “But personally I respect all of the players and they need to learn to be able to make their own decisions.” The Spaniard added: “I really think that he does have a very bright, promising future and he can go on to be a great player. “But what he needs to understand is that no-one achieves anything without making sacrifices. “I think that of course football has some good things and bad things. “Players become very popular at a young age and they end up being constantly in the newspapers and on the television. “Saido is one of these young players and he can go on to be a great player. It is part of the head coach’s responsibility (to ensure) that he goes on to do this.” West Brom head coach Pepe Mel is trying to be a “sporting mentor” for Albion striker Saido Berahino. Press Associationlast_img read more

Glad to convert my maiden ton into double: Mayank Agarwal

first_imgVisakhapatnam: Featuring in just his fifth Test match, Mayank Agarwal on Thursday became the fourth Indian batsman to convert his maiden century into a double hundred and the Karnataka opener is elated over his performance. Mayank Agarwal was involved in a crucial 317-run opening stand with debutant opener Rohit Sharma and he reckoned if they keep on replicating such feats, it would be tough for any competition.Speaking after the match, a delighted Mayank said: “I am extremely happy. It is a feeling I can’t describe. Glad that I could make my maiden hundred into a double. I am happy with the way I played, I am batting well and if we can keep batting together like this upfront, it will be great for the team. If Rohit and me can keep contributing to make 450-500 every time, it will be very tough for the opposition. I would be lying to say that you only have to think about your own game.””At times you feel that you are playing well and I can take a chance, but that’s not how it works. You have to be patient. We had a great partnership to lay the foundation and get to 300 runs,” he added. IANSAlso Read: Not Sure If Mayank Agarwal Is The Right Choice: Mohammad KaifAlso Watch: Durga Puja 2019: Two storeyed Durga Temple inaugurated at Kharupetia in Darranglast_img read more

AP source: Cam Newton has signed a one-year deal with the New England Patriots worth up to $7.5 million

first_img June 28, 2020 Share This StoryFacebookTwitteremailPrintLinkedinRedditFOXBOROUGH, Mass. (AP) — AP source: Cam Newton has signed a one-year deal with the New England Patriots worth up to $7.5 million. Associated Press center_img AP source: Cam Newton has signed a one-year deal with the New England Patriots worth up to $7.5 millionlast_img