Category: mrfyzhon

United Utilities scheme allocates to private debt after ‘positive’ valuation

first_imgThe £2bn (€2.5bn) United Utilities Pension Scheme has allocated 7.5% to private debt after the fund’s triennial valuation revealed the scheme’s improved probability of reaching full funding by 2020.Sponsored by the FTSE 100 water supplier, United Utilities, the defined benefit (DB) plan had as much as 60% in growth assets in 2011 before trimming back in a bid to reduce investment risk.Aided by an internal inflation hedging mechanism, the scheme now holds 80% of its assets in a liability matching portfolios, which it told IPE would be diversified even further give the expected positive funding news.However, the fund said despite also looking at real estate and infrastructure assets, it chose a pooled fund which allocates to real estate and infrastructure debt, alongside private loans. Steven Robson, head of pensions at United Utilities, told IPE the £150m allocation to the debt vehicle was funded by cutting exposure to synthetic equities, corporate bonds and other alternatives.“We see infrastructure and real estate debt as a better option to holding real assets because the debt fund is backed by collateral and felt it was better than the actual asset classes,” Robson said.“It’s the ‘looking for slightly better returns for a similar level of risk’ argument.“We haven’t gone to try and shoot the lights out, but a more certain return and aiming to capture the illiquidity premium.”Robson also said given the fund’s performance from its reduced investment risk and 90% interest rate hedging, it had begun to reduce its reliance on an inflation hedging mechanism.After its 2010 valuation, the scheme agreed an arrangement with its sponsors by which it increased its exposure to inflation risk in return for company contributions to fluctuate based on real inflation levels.It set the fund’s inflation liability projections at an annual increase of 2.75%, well below the market rate of 3.8%.This reduced the fund’s projected liabilities, which allowed the team to take advantage of lower required investment returns by decreasing investment risk and increasing interest rate hedging.In return for the reduced risk in the fund, the sponsor agreed to make cash payments into the scheme to match real liability increases from inflation.Water suppliers in the UK see their revenue increased by inflation each year as part of the agreement reached at privatisation, meaning United Utilities’ revenue would increase by the same proportion as scheme contributions.However, Robson said the scheme was now increasing its inflation expectation to 3%, still below long-term expectations, but reduces the fund’s reliance on the company covenant.In addition, Robson said given the performance of interest rate hedging, and reduced investment risk, the fund was now more likely to be fully funded on a technical basis by 2020.“But that is not the true end game, Robson said. “The end game is fully-funded on a self sufficiency basis, and we are looking at putting a second trigger in place to see how we can get there by a slightly later date.”“Nothing is off the table,” he added.last_img read more

Genco Cuts Quarterly Loss

first_imgUS-based dry bulk shipping company Genco Shipping and Trading managed to narrow its quarterly net loss to USD 15.6 million from USD 54.5 million recorded in the same period of 2016. “We have taken steps during the quarter to strengthen our chartering team to further enhance our commercial prospects focusing on both major and minor bulks, improve the age profile of our fleet and maintain a low breakeven level,” John C. Wobensmith, Genco’s Chief Executive Officer, commented.“As supply and demand fundamentals continue to come into balance, we believe Genco is well positioned to take advantage of a market recovery due to our improved platform and significant operating leverage,” Wobensmith added.The company’s revenues rose to USD 38.2 million for the three months ended March 31, 2017, from USD 20.9 million seen in the same quarter last year. The increase was primarily due to higher spot market rates achieved by the majority of the vessels in Genco’s fleet, partially offset by the operation of fewer ships during 1Q 2017 as compared to 1Q 2016.The average daily time charter equivalent (TCE) rate obtained by the company’s fleet was USD 6,498 per day for the three-month period this year as compared to USD 2,629 for the quarter March 31, 2016.During the quarter, Genco sold four bulkers including Genco Wisdom, Genco Carrier, Genco Reliance and Genco Success for a total of USD 12.7 million.In addition, the company expects to sell Genco Prosperity, the last of the ten vessels planned for sale, for USD 2.9 million. The ship will be delivered to its buyer by May 20, 2017, with net proceeds to be recorded as cash on the balance sheet, according to Genco.As of May 8, Genco’s fleet consists of 13 Capesize, six Panamax, four Ultramax, 21 Supramax, two Handymax and 15 Handysize vessels with a total capacity of around 4.7 million dwt.In addition to acquisitions the company may undertake in future periods, Genco said it is likely to incur additional capital expenditures due to special surveys and drydockings for its fleet. Six of its vessels were drydocked during the first quarter of 2017 and Genco expects nine of its vessels to be drydocked during the remainder of this year.last_img read more

Hooker Harness awards go to IMCA special events drivers

first_imgFREEPORT, Ill. – Special events competitors in each IMCA division earn product certificates from Hooker Harness again in 2018.The Freeport, Ill., custom seatbelt and shoulder harness manufacturer gives $50 certificates to top five finishers at all events in the Deery Brothers Summer Series for Late Models, and at designated specials for IMCA Modifieds, IMCA RaceSaver Sprint Cars, IMCA Sunoco Stock Cars, IMCA Sunoco Hobby Stocks, Karl Chevrolet Northern SportMods, Smiley’s Racing Prod­ucts Southern SportMods and Mach-1 Sport Compacts.Certificates will be mailed from the IMCA home office within a week after official results from desig­nated specials are received.All Hooker seat belts and harnesses are manufactured to individual customer specifications, so they are not manufactured until actually ordered. Any necessary alterations are made at no addi­tional cost.Hooker Harness is in its fourth year as an IMCA sponsor. Information about the company’s com­plete product line is available at the website, on Facebook or by calling 815 233-5479.“With an aerospace and aviation background, you know the Hooker brand of harnesses are manufactured to the highest safety standards and with the preservation of the driver in mind,” IMCA Marketing Director Kevin Yoder said. “They make a great system for IMCA racers and provide the comfort and confidence all IMCA racers are looking for.”last_img read more

Arsenal win Asia Trophy

first_img Walcott’s pace took him clear of Everton defender Seamus Coleman in the 22nd minute and the Arsenal striker was able to toe-poke home the game’s opening goal. Cech pulled off a fine save to push Steven Naismith’s first-half effort on to the crossbar, but Cazorla cut inside on the edge of the penalty area to drill home a low shot and double Arsenal’s lead in the 58th minute before Ozil slotted home a third four minutes later. Barkley’s emphatic finish made it 3-1 in the 75th minute, but it did little to paper over what had been a disappointing Everton display. Arsenal had sealed their place in the final by beating a Singapore Select XI 4-0, while Everton won through against Stoke after a penalty shootout. Arsenal stepped up their pre-season campaign with an impressive 3-1 win over Everton in the Asia Trophy final in Singapore. Arsene Wenger handed a debut to new signing Petr Cech and saw goals from Theo Walcott, Santi Cazorla and Mesut Ozil secure his side victory in front of a crowd of 53,000 at the National Stadium. Everton midfielder Ross Barkley scored a late consolation, but the result was never in doubt. center_img Press Associationlast_img read more

Syracuse men’s basketball to reportedly host Colgate in 2016-17 season opener

first_img Published on May 19, 2016 at 11:03 am Contact Matt: | @matt_schneidman Syracuse will open its 2016-17 campaign against Colgate on Nov. 11 in the Carrier Dome, CBS Sports’ Jon Rothstein reported Thursday morning.The Orange has defeated the Raiders 50 consecutive times, which is the longest active winning streak for one Division I team against another. Last year Syracuse ran away with a 78-51 win to give then-interim head coach Mike Hopkins his first victory at the helm.Here are the eight games on SU’s 2016-17 schedule with dates that have been reported:Nov. 11 – vs. ColgateNov. 15 – vs. Holy CrossNov. 18 – vs. MonmouthNov. 22 – vs. South Carolina StateNov. 26 – vs. South Carolina (at Barclays Center)Dec. 5 – vs. Connecticut (at Madison Square Garden)Dec. 17 – vs. GeorgetownDec. 21 – vs. St. John’sSyracuse currently has eight scholarship players on its roster for next year after Malachi Richardson’s early departure, including seniors Dajuan Coleman, Tyler Roberson and John Gillon, sophomores Tyler Lydon, Frank Howard and Paschal Chukwu and freshmen Tyus Battle and Matthew Moyer.AdvertisementThis is placeholder text Comments Facebook Twitter Google+center_img Related Stories Syracuse basketball reportedly to play Connecticut at Madison Square Garden on Dec. 5Syracuse basketball will reportedly host Georgetown on Dec. 17Syracuse basketball to host St. John’s on Dec. 21last_img read more

Syracuse men’s soccer shuts out Hartford, 2-0

first_img Published on October 18, 2016 at 9:21 pm Contact Matthew: | @MatthewGut21 Facebook Twitter Google+ WEST HARTFORD, Conn. — The solution to Syracuse’s dull offense lay in a trio of newcomers that, as of last Friday, had not contributed more than a couple of assists to the Orange’s scoring.Sergio Camargo, who hadn’t scored all year until Friday’s game-winner, struck first. Then, Tuesday night, two freshmen jumpstarted a recently struggling offense.Sharp passes and a new look revived Syracuse. First-career goals by John-Austin Ricks and Mo Adams provided the spark in No. 6 Syracuse’s (10-3-2, 3-2-1 Atlantic Coast) 2-0 victory over Hartford (5-7-3, 1-1-2) on Yousuf Al-Marzook Field at Alumni Stadium. It was an offensive resurgence for Syracuse, which scored multiple goals for the first time since Sept. 20.“We had a very disappointed locker room a couple weeks ago in Albany,” Syracuse head coach Ian McIntyre said, referencing SU’s upset loss 14 days ago. “They’ve kept that one bottled away and it was important it didn’t happen again.”In an effort to freshen the offense, Syracuse traveled to Hartford a day earlier than it normally would. The last time SU traveled on the day of a midweek game — the Albany loss on Oct. 4 — it came out flat. When SU arrived Monday, it focused on generating shots and low passes to prepare for Alumni Stadium’s bouncy turf.AdvertisementThis is placeholder textBefore the game, McIntyre asked players to shoot early. He asked them to attack spaces. And he asked them to penetrate the defense via short passes. The Orange listened, tallying 10 corner kicks in the first half alone.Syracuse’s incessant attack resulted from a variety of methods, many of which came centered around speed and precision. Oyvind Alseth mapped out his options all night. Jonathan Hagman and Chris Nanco pushed the tempo early. Players opted for short deliveries, two-to-three at a time, rather than long balls in the air.Finally, in the 42nd minute, an unassisted Ricks header fluttered into the left side of the net. The goal, off of SU’s 10th and last corner of the night, gave the Orange a 1-0 halftime lead.“It’s what we needed,” Ricks said. “It gave us that front foot going into the second half.”In games the Orange notches two or more goals, it’s 8-0. In games the Orange has scored in the first half, it’s 7-1. Both happened on the heels of a much-needed victory over then-No. 15 Virginia Tech last Friday, when SU snapped a four-game winless streak.Minutes out of the break, Adams uncorked a liner from more than 30 yards out. The score, as did so many other SU quality shots, came as a result of diagonal passes form the wing. Adams’ first-ever Syracuse goal was a bullet into the top left corner, muting a packed Alumni Stadium.“The boys were telling me it’s got to come very soon,” Adams said with a smile. “You can’t go the whole season without scoring. Some of the boys were saying tonight might be the night. Thankfully, it was.”One of the Hawks’ only threats came early in the first half on a give-and-go near the 18-yard box. Back-to-back nifty passes created an open space for Kelechi Akujobi to the right of the goal. But Louis Cross came chasing down from 15 yards away to stop the Hartford defender and clear it out to midfield.Hartford mustered only one shot all night against Syracuse’s stifling defense.“Before the game coach was saying we’re a brick wall,” Ricks said. “That’s exactly what we were trying to be. And we did that.”Syracuse has two games left — at No. 8 Clemson in less than 72 hours for a rematch of last year’s national semifinal and home against No. 2 Wake Forest the following week — to try to fully repair the damage that was its midseason slide.Minutes after the game, Syracuse players joked with Adams about his first career goal. They waved shirts in the air, giggling partly at the dominating performance they had just put on, and partly at their freshman defender’s breakthrough.“Finally Mo scores a goal,” a player called out.The quip was followed by more laughs, a few hugs and assurance that Syracuse is back on track. Commentslast_img read more

Bad luck continues to plague UW

first_imgThe Badgers were riding high entering into their two-game series at North Dakota. Wisconsin had gone 11 games unbeaten in conference play and had pulled within striking distance of first place in the WCHA.However, the night belonged to North Dakota, who put in four goals in the first two periods to take an insurmountable lead against the Badgers. The lone Wisconsin goal came in the third period off the stick of junior center Mark Zengerle.The frustration of the Badgers oozed out on and off the ice. The team combined for 16 penalties, nine of which resulted from a fight with less than a minute to play. The frustration continued off the rink after the game during interviews.“We just didn’t come out to play right from the start,” captain John Ramage said.In a press conference Monday, it was evident head coach Mike Eaves still had a bitter taste in his mouth from the game.“I found myself being distraught yesterday watching the video,” Eaves said.Eaves continues to say the cards just were not in Wisconsin’s favor in the game. North Dakota’s second goal, a power play goal, slid past three Wisconsin defenders to the back post before being put in by North Dakota Defender Joe Gleason, prompting Eaves to call it “an almost miracle pass.”Despite North Dakota being ranked eighth in the nation, there was still a strong expectation the streaking Badgers could come away with more points in the series.“I was disappointed because I think our expectations have grown,” Eaves said. “Which is a good thing and we just need to get back to winning.”These expectations and standards are a positive for the Badger hockey team. It breeds confidence, something the team will need in the final stretch of the season. Wisconsin plays the top three teams in the WCHA in its four remaining conference series. If the Badgers can follow their coach’s advice and get back to winning, the team has a good chance to gain momentum going into the WCHA tournament.Power Play WoesOnce again the Badgers face issues with their power play squad after being shut out with the man-advantage four times in Saturday’s game against North Dakota. The power play has been a weak point for the Badgers this season, and once again Eaves was forced to discuss the shortcomings of the power play unit. For the most part, Eaves focused on the psychological issues that seem to affect the Badgers power play unit.“I think they are at the point where [the media] is talking about it, [the coaches] are talking about it, so it’s at the forefront of their mind,” Eaves said. He believes the key to fixing Wisconsin’s power play woes is to “step back and relax and just play a little bit.”However despite this advice, Eaves also acknowledged the fact senior Derek Lee and sophomore Jake McCabe both play key roles in the power play. Without them healthy, the Wisconsin power play will continue to struggle.Dealing with InjuriesBoth Lee and McCabe are questionable for this week’s series against Bemidji State. Lee has been dealing with lingering headaches while McCabe is battling an ankle injury.Eaves described both players’ statuses as “sketchy” for this week.McCabe’s status is unknown until X-rays can help further evaluate his condition. If the Badgers lose McCabe, they are losing their second-best power play scorer and one of the Badgers best defensemen.“Derek Lee is somewhat better,” Eaves said. “We are trying to decide if it is the neck muscles that are causing these lingering headaches or if it is the brain. He has been able to go to school and do all his cognitive stuff, so we are looking at it just being the neck.”His condition is being evaluated early this week through a series of tests to determine if he will be able to play this weekend. If Lee is unable to go, the Badgers will be without their leader in assists.The sooner McCabe and Lee are able to heal from their injuries, the sooner Wisconsin will be in a better position on the power play, and on the ice in general.last_img read more

Defeat at Real Betis leaves Valencia manager Gary Neville on the brink

first_imgGary Neville’s future as Valencia manager hung in the balance after his side were beaten 1-0 by fellow strugglers Real Betis, suffering a fourth league defeat in nine matches.Ruben Castro scored the only goal of the game on 49 minutes by pouncing on more slack defending from Valencia, who had Jose Luis Gaya sent off with five minutes remaining and then had a headed goal from Shkrodan Mustafi ruled out in stoppage time.Neville’s side are now just four points above the relegation zone, only five points better off than when he took the reins of the team two months ago.Betis had been suffering a similar results crisis before the game, failing to win a league game since November, but they join Valencia on 25 points thanks to their first victory under interim coach Juan Merino.Neville made four changes to the team humbled 7-0 by Barcelona and opted for a 4-2-3-1 shape with Alvaro Negredo as the lone striker, while 22-year-old Wilfried Zahibo lined up in a holding midfield role alongside Dani Parejo.Valencia were far more organised as a result, but struggled to create much. Their only attempts in the first half were poorly executed effort from Mustafi, who attempted to flick the ball towards the goal with his heel following a free-kick, and a distance effort from Parejo which went well wide. The visitors did concede plenty of fouls, though, picking up four bookings before the break. They were also fortunate to make it into the break level, as Betis finished the first half strongly.Norwich reject Ricky Van Wolfswinkel had the best chance of the half, getting through into the area but shooting straight into the arms of Mat Ryan.Valencia had their first proper chance early in the second half, with Negredo released on the left hand side of the area and pulling his shot wide of the far post.Then Betis attacked and made no mistake. Castro began the move in the final third and a flick by Charly Musonda helped it on to Van Wolfswinkel, whose low cross bypassed Aymen Abdennour and Castro swooped to tap in. Valencia almost equalised immediately. Andre Gomes drove the team forward and slipped a pass to Denis Cheryshev, who cut it back to Negredo by the penalty spot, but Juan Manuel Vargas slid in to block the shot on the goalline.Betis had further chances to stretch their lead, Alfred N’Diaye headed over the bar and then Vargas had a free-kick deflected wide. They looked to have finally got a second when substitute Jorge Molina leaped to head a free-kick into the far corner, but the goal was chalked off for a foul.After breathing a sigh of relief at a disallowed goal, Valencia were then cursing their own bad luck as Mustafi was harshly ruled offside as he headed in from a free-kick. They could still have equalised in stoppage time even though they were a man down when Rodrigo was put through, but his shot was saved by Antonio Adan, leaving Neville on the brink.–Follow Joy Sports on Twitter: @JoyFMSports. Our hashtag is #JoySportslast_img read more

Fantasy Football WR Sleepers: Several young wide receivers poised for breakouts

first_imgMichael Pittman Jr., Colts Pittman Jr enjoyed an outstanding senior season at USC, totaling 101 catches for 1,275 yards and 11 TDs. That suggests he could make an impact in PPR leagues a rookie. He will take some pressure off T.Y. Hilton, and a chance to work with a veteran quarterback in Philip Rivers does not hurt. Pittman Jr will be cheaper than the other rookie receivers on this list, too.  Breshad Perriman, Jets Perriman is the classic hit-or-miss deep threat receiver who can make (or break) your week. He has 95 catches on 195 targets through a four-year career with three different teams. The allure remains a career average of 16.4 yards per catch, as well as a monster showing over the final three weeks last year while in Tampa (17 catches, 349 yards, four TDs). He won’t have gunslinger Jameis Winston forcing it to him this year, but perhaps he finds a rhythm with Sam Darnold in the Jets’ offense.  Hunter Renfrow, Raiders Renfrow was a cult hero during his college days at Clemson for his knack for the big catch, and he started to find his role with the Raiders late last season. He had back-to-back 100-yard games with a pair of TDs in Weeks 15 and 16, and owners tend to remember those players who come through in the fantasy playoffs. Renfrow will earn an increased role in the offense in 2020 and has a chance to be a real PPR stalwart. The potential for a breakout season is there for these 11 receivers, all of whom have the potential to greatly outperform their average draft positions:  2020 Fantasy Sleepers:Quarterback | Running back | Tight endFantasy Football WR SleepersJustin Jefferson, Vikings  Jefferson put up absurd numbers at slot receiver for LSU last season with 111 catches, 1,540 yards, and 18 TDs. He fills a void in Minnesota left by Stefon Diggs, and even though it’s unlikely he performs at Diggs’ level right away, he has the potential to emerge as a reliable target for Kirk Cousins later in the season.  Diontae Johnson, Steelers  Johnson was inconsistent early last season, but he turned it on in Pittsburgh’s final four games with 23 catches on 31 targets for 257 yards and a pair of TDs. He will be featured more in the offense, and the return of Ben Roethlisberger should translate into far more production.  Darius Slayton, Giants Slayton emerged as a waiver-wire gem last season after averaging 15.4 yards per reception, and he finished in a six-way tie among receivers for eighth in the league with eight TDs. Slayton did all that despite hauling in 48 catches on 84 targets. Daniel Jones does a good job of spreading the wealth in New York, and even full seasons from Golden Tate (five games missed last year), Sterling Shepard (6), and Evan Engram (8) shouldn’t kill Slayton’s value. He’s a value pick in standard leagues.  Mecole Hardman, Chiefs Hardman needed just 26 catches to total 538 yards – a 20.7 yards per catch clip that makes him one of the more-exciting fantasy plays on any given week. Hardman’s six TD catches covered 287 yards, an amazing average of 47.8 yards on scoring plays. That blend of home-run speed fits perfectly in Kansas City’s offense and should lead to more production in 2020.  Jalen Reagor, Eagles  The Eagles grabbed Reagor in the first round, and there’s some appeal based on his ability in the return game. Reagor averaged 15.2 yards per catch at TCU with an inconsistent quarterback situation. Philadelphia will make use of his talent. Given the Eagles’ lack of healthy, reliable WR options, Reagor could have value right away and should have extra value in PPR leagues.  N’Keal Harry, Patriots Injuries limited Harry to just seven games as a rookie, and he was a bit player in the New England’s offense as a result. The 6-4 former first-round pick can make New England’s new starting quarterback comfortable with his size, especially if it’s Cam Newton under center. He will need to improve his catch percentage to be more consistent, but the buy-low appeal is there on a team that lacks playmakers. Preston Williams, Dolphins Williams totaled 32 catches for 428 yards and three TDs as a rookie before a torn ACL ended his season. He was a consistent PPR receiver up to that point, and that role will be important when Tua Tagovailoa takes over at quarterback for the Dolphins. The 6-5 Williams is on track to be ready by Week 1, and he’ll will start the season as a WR4 or WR5 on fantasy rosters. The upside is there to move up the ladder.   Allen Lazard, Packers Another 6-5 big-play threat, injuries pressed Lazard into service last season, and he took advantage of the opportunity with Aaron Rodgers. Devin Funchess, Green Bay’s biggest offseason signing at receiver, opted out in August, so Lazard is in position for major playing time again this season. Lazard had seven games with at least 40 yards receiving last season, but he’ll need to score more TDs opposite Davante Adams to have real value.   How many times has your fantasy football matchup come down to picking that last wide receiver or flex? Those decisions can make the difference, so finding the right sleeper WR lower in the pre-draft rankings — be it a boom-or-bust big-play guy or a low-ceiling, PPR possession type — can go a long way. The talent at the wide receiver position is spread out more than ever. A total of 24 receivers had more than 1,000 yards in 2019, but only two, Detroit’s Kenny Golladay and the Rams’ Cooper Kupp, scored 10 TDs or more. Production comes in a variety of ways and from a variety of players, including rookies, second-year standouts, and potential third-year breakouts.last_img read more

Stocks Drop After Twin Dose of Bad News

first_imgPoor job numbers this morning in addition to yesterday’s report of the worst manufacturing numbers in a decade have renewed fears a recession is coming. The Dow Jones Industrial Average is down more than 400 points in early trading today on Wall Street.A double dose of bad market indicators to start the week is being blamed for all three major indexes being down more than one-and-a-half percent.last_img