Consider 20-25% property allocation, Ortec urges pension schemes

first_imgDutch pension funds should have a much bigger property allocation than the current 9% industry average, Ortec Finance has argued.During the annual research seminar of the Association of Institutional Property Investors (IVBN) and real estate investor VBA in Amsterdam last week, Loranne van Lieshout, senior consultant and partner at Ortec Finance, said property usually scored very high in scenario analyses of asset-liability management studies (ALM) for a strategic investment mix.Drawn on ALM outcomes, a 20% or even 25% stake in property would be justified, she concluded. Real estate offered added value for the short term in particular, she said, with the benefit levelling off over the long term.Van Lieshout presented the outcome of a mini-poll of seminar participants, which suggested that liquidity and the limited availability of quality assets and locations were obstacles for larger allocations. According to regulator De Nederlandsche Bank (DNB), Dutch pension funds have invested 9% of their portfolios in real estate on average.Sector schemes usually have a bigger allocation than company pension funds, with more than 6% on average.The consultant emphasised that property had proved to be significantly less volatile than equity – 7% for property versus 20% for equity – during the past 30 years, adding that fluctiations in property value were also decreasing.She also cited the low correlation with equity, but noted that correlation increased over time, as both asset classes were driven by the same economic factors.Van Lieshout said that the correlation with inflation was also more favourable than with equity, and improved further with a longer investment horizon.However, she emphasised that real estate was not suited for day-to-day interest-rate management “as the expected cash flows as well as risk premium on property were too uncertain”.“The value of property is affected by many more factors than just interest rates,” she explained.The 16 respondents in the mini-survey had indicated that a lack of reliable historical data, insufficient transparency and concerns about concentration risk were reasons for institutional investors to not further extend their property holdings.Van Lieshout underlined the importance of diversification across assets and regions and made clear that diversification decisions must be taken in the context of the entire investment portfolio.The Ortec partner put the liquidity argument into perspective by pointing out that most pension funds could finance their liabilities with income from contributions.However, she acknowledged that liquidity was necessary as collateral for interest rate derivatives.“This is to become even more urgent as soon as the EMIR regulations for central clearing are also to apply to pension funds, as collateral must be deposited in cash rather than government bonds,” said Van Lieshout.last_img read more

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Hurricane Harvey Aftermath: Texas Ports Recovery in Photos

first_imgThe ports along Texas coast have entered the recovery mode following the Hurricane Harvey that flooded parts of Southeast Texas amid historic rainfall.The hurricane, which was subsequently downgraded to a tropical storm, shut down ports leaving commercial vessels including oil tankers and cruise ships stranded off Texas, with some of them forced to divert to other ports.The gallery below shows images from the United States Coast Guard aircrews while conducting flyovers to assess the ports of Houston, Texas City, Freeport and Galveston.These port assessments are conducted in order to identify any damaged Coast Guard regulated port facility, potential oil spills or chemical release and any navigational obstruction along the ports.Specifically, featured in the photos are also scenes from the recovery of Paragon Offshore’s grounded drillship, along with cruise ships returning to the Port of Galveston.Based on the latest update, Port of Corpus Christi is open with restrictions like Galveston, Houston, and Texas City ports while Freeport and Brownsville are open without restrictions.All four cruise ships arrived safely in Galveston this weekend, while vessels have started enter the inner harbor of the Corpus Christi port.World Maritime News Staff; Image Courtesy: United States Coast Guardlast_img read more

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20 Jaro houses on COVID-19 lockdown

first_imgThe lockdown was imposed on Sunday, June 21 and will last until the RT-PCR test results of the patient’s close contacts will be released. Loma revealed that subsequent to the announcement of RT-PCR test, the LSI was immediately brought by the Iloilo City Emergency Responders (ICER) to a quarantine facility, particularly the St. Therese MTCC Hospital. Village watchmen barangay and village councilmen were also tapped to guard the area./PN Camalig village head Nestor Loma confirmed yesterday the City Health Office (CHO) recommended sealing off the neighborhood to preempt a possible massive spread of the infection. “Gintawgan ako sang doctor namon sa Jaro district nga positive ang resulta sang RT-PCR test sang 22-anyos,” said Loma on a radio interview over Aksyon Radyo Iloilo. He came home last June 9 from Navotas in Metro Manila. This LSI, upon his return, was subjected to both rapid and real time-polymerase reaction tests (RT-PCR) at Diamond Jubilee Hall. Loma, however, could not yet determine the exact number of the LSI’s close contacts. ILOILO City – Local authorities ordered the lockdown of at least 20 houses at Barangay Camalig’s Zone 5 in Jaro district after a locally stranded individual (LSI) who recently returned there was found out to be a carrier of SARS-coV-2, the virus which causes coronavirus disease 2019 (COVID-19). On June 20, the Department of Health (DOH) in Region 6 confirmed that this LSI was found out to be infected with COVID-19, citing his confirmatory RT-PCR tests results.  “After nag-positive gin pick-up ang pasyente sang ICER para dal-on sa facility quarantine,” Loma furthered, saying he requested the CHO to enforce lockdown on the 20 houses with residents who had possible contact with the WV Patient 173. However, Loma said he received information that while under home quarantine, the WV Patient No. 174 engaged in drinking session together his relatives and neighbors. There at least 100 individuals living in the 20 houses but not all of them had exposure to the patient. This prompted the city government’s COVID-19 team to allow the LSI to undergo 14-day home strict quarantine while waiting for his RT-PCR test. While under lockdown, Loma said the affected residents are not allowed to go out of their houses for the meantime, even to buy provisions. Loma identified the LSI as a 22-year-old male and was classified as Western Visayas (WV) Patient No. 174. The barangay will supply food and water to every household as well as their other needs, he added.   His rapid test result, which came out also on that day, turned out negative.last_img read more

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Meulensteen calls for united front

first_imgRene Meulensteen has pleaded with Fulham fans to stick with his relegation-threatened side, insisting togetherness is the only way they will get out of the “mess” they are in. “No, no, no – that is why fans are called supporters and that is what we need. “I think they’ve been absolutely brilliant so far and even today you heard a little bit [of frustration] but it was not over excessive. “I think everybody can see that we have been a team that has not got the results that we wanted, therefore we have slipped into the position that we’re in and we’re trying ever so hard to get out of it. “But there is not a sort of a direct sort of solution and hopefully the new players can help us fix it.” Despite being at “rock bottom”, Meulensteen is hopeful the deadline-day additions of players like Kostas Mitroglou, John Heitinga and Lewis Holtby could help turn around Fulham’s fortunes. The bookmakers do not share that optimism, though, making the west Londoners overwhelming favourites for relegation. “We know it is going to be difficult,” Meulensteen said. “We know we have 14 games ahead of us and need to really start to get our act together sooner rather than later. “Against Sheffield United you were hoping just to breathe some confidence back into the group, with a great opportunity to get into the next round of the FA Cup. “But it is another blow and another knock you take on the chin. But, with all the optimism I have, we have to keep working hard and we need to get out of it.” While it is all doom and gloom at Craven Cottage, relegation-threatened United head into this weekend’s vital clash with Shrewsbury with renewed confidence. No player needed that boost more than Shaun Miller, whose goal in the dying seconds was his first since suffering a potentially career-threatening knee injury 14 months ago. Blades manager Nigel Clough hopes the header can act as a turning point for the 26-year-old forward, who was quick to dedicate his goal to his new baby. “It was an unbelievable feeling to get a goal in the last minute to send us through,” Miller told Blades Player. “The lads were fantastic for not only 90 minutes but the full 120, as well as the previous 90 minutes at Bramall Lane. “It was a fantastic team performance and to top it off with a goal for my little son, who was born a few weeks ago, was fantastic.” Having fought the tube strike and miserable weather to get there, Fulham fans let their frustrations known at the insipid display – highlighted when Hugo Rodallega was jeered off the field when substituted in the second half. The Colombia international appeared to take the reception personally as he sat head-in-hands on the bench – an incident Meulensteen downplayed, preferring to focus on keeping together. “The staff, players and fans are all not happy with this situation as it is,” Meulensteen said. “That is normal, that is frustration. “The most important thing is that we don’t lose the togetherness because that is the only way we’re going to get out of this mess. “If you start falling apart, then you have an even bigger problem and that is what cannot happen. “The most important message to the fans is to not add to the problems we already have, but to be part of the solution and make sure you keep sticking together, keep supporting the team and players most importantly. “As soon as the players really start to feel that [pressure], then it is an even bigger problem so this is the time when we need the fans the most. “It is always easy when everything goes hunky-dory and fans are jumping up and down because things are going well. Press Association The west Londoners languish four points adrift of safety at the bottom of the Barclays Premier League with just 14 matches remaining, including this weekend’s trip to Manchester United. It is a match they head into having reached what Meulensteen admitted was “rock bottom” after seeing his side fall to a 1-0 extra-time defeat to embattled League One side Sheffield United in Tuesday’s FA Cup fourth-round replay. last_img read more

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Fantastic Foxes off to a flyer

first_img Press Association Miguel Layun’s early opener looked set to snatch all three points for The Hornets as Romelu Lukaku and Arouna Kone missed golden chances to equalise for the home side. Ross Barkley finally fired a long-range equaliser in the 76th minute and despite substitute Odion Ighalo putting Watford back in front seven minutes from time, Kone fired a second equaliser three minutes later. But there was a harsh lesson for Eddie Howe’s Bournemouth who dominated for long periods at home to Aston Villa before visiting substitute Rudy Gestede grabbed the only goal of the game in the 72nd minute. The party mood was shattered at Goldsands Stadium when Gestede – signed for £6million from Blackburn last month – rose to head home an Ashley Westwood corner just 15 minutes after coming off the bench. A late disallowed goal from Cameron Jerome denied Norwich the chance of a point as they slipped to a 3-1 defeat to Crystal Palace at Carrow Road. Wilfried Zaha and Damien Delaney put the Eagles in charge before Nathan Redmond hauled the home side back into the game in the 66th minute. Jerome thought he had levelled matters in the 70th minute but his overhead kick was controversially ruled out for dangerous play and Palace debutant Yohan Cabaye went on to confirm the visitors’ win with a cool finish in injury time. Ranieri, who replaced Nigel Pearson in the summer, watched Jamie Vardy head an early opener before a brace from Algerian Riyad Mahrez put the buoyant Foxes out of sight before half-time. Mahrez, who signed a new deal at the club last week, missed two fine chances to complete his hat-trick before Jermain Defoe gave Sunderland a glimmer of hope by firing past Kasper Schmeichel. Marc Albrighton put the seal on Leicester’s win in the 66th minute and despite Steven Fletcher’s late consolation it marked a worrying start to the season for Dick Advocaat’s men. Louis van Gaal’s new-look Manchester United kicked off their campaign with an unconvincing 1-0 win over Tottenham in the lunchtime kick-off at Old Trafford. Kyle Walker stabbed the ball into his own net to hand the points to the home side, who gave run-outs to five debutants including goalkeeper Sergio Romero. Romero replaced regular number one David de Gea who watched from the stands after Van Gaal claimed he was not able to focus following interest from Real Madrid. Memphis Depay, arguably the most impressive of the United new boys, played a key part in the counter-attack which led to Walker’s unfortunate goal. The Spurs man prodded the ball past his own keeper Michael Vorm in the 22nd minute after Depay and Ashley Young combined to set up a shooting chance for Wayne Rooney. United had looked rusty up to that point with Christian Eriksen missing a good chance for Spurs, but Van Gaal’s men held on to win a low-key opener with relative ease. Watford fared best of the top-flight new boys after a flurry of late activity saw them earn a 2-2 draw against Everton at Goodison Park. Claudio Ranieri marked his return to the Barclays Premier League in style as Leicester built on last season’s stunning survival mission by thumping dismal Sunderland 4-2 at the King Power Stadium.last_img read more

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Local runners compete in 5th indoor track meet at UMaine

first_imgORONO — Runners from all five Hancock County indoor track teams returned to the University of Maine on Saturday for the latest Eastern Maine Indoor Track League meet.The meet was divided into two sessions. Ellsworth and Sumner competed in the first session, and Bucksport, Mount Desert Island and George Stevens Academy took part in the second.In the first session of the day, Ellsworth finished fourth on the girls’ side and fifth on the boys’ side. Freshman Margo Kenyon earned a victory in the girls’ 800-meter run for the Eagles with a time of 2 minutes, 33.08 seconds. Sumner’s boys’ and girls’ teams both earned seventh-place finishes.The MDI boys and GSA girls were the top Hancock County teams in the second session with second-place finishes. The GSA girls finished in the top three in seven different events.This is placeholder textThis is placeholder textMDI’s Ashley Anderson set a facility record in the girls’ 200-meter dash with a time of 26.22 seconds. She also won the 55-meter dash with a time of 7.47 seconds.The teams will return to UMaine for the season’s sixth meet Saturday, Jan. 27. Ellsworth and Bucksport will compete in the 10 a.m. session, and MDI, GSA and Sumner will compete in the 2:30 p.m. session.last_img read more

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Juan Mata sends Manchester United through FA Cup fourth round

first_imgLONDON: Juan Mata sent Manchester United into the FA Cup fourth round with a neat dinked finish in the 67th minute to secure a 1-0 win over Wolverhampton Wanderers in their replay at Old Trafford on Wednesday.Mata was played clean through by Anthony Martial and calmly chipped goalkeeper John Ruddy for the only goal against Wolves who knocked United out of last season’s FA Cup and had a 10th-minute effort ruled out by VAR.The first match at Molineux between the teams, both in the last 32 of the Europa League and with plenty of tired legs, had ended goalless with United failing to land a single shot on target.United’s celebrations were muted, however, by an injury to their top scorer Marcus Rashford who came on as a second-half substitute for Daniel James and played only 16 minutes before limping off injured.In the night’s other replay, Cardiff City beat fourth-tier strugglers Carlisle United 4-3 in a livelier game to set up an all-Championship (second tier) clash with Reading in the fourth round.United will next play either Premier League rivals Watford, last year’s runners-up, or third-tier Tranmere Rovers whose replay on Tuesday was postponed due to a waterlogged pitch at Prenton Park.Solskjaer’s side was let off the hook after 10 minutes when a VAR review showed the ball had bounced off Raul Jimenez’s hand before Portuguese teenager Pedro Neto scored for Wolves. Agencies Also Read: Premier League: Manchester United rout Norwich City Also Watch: Watch Bhogali Bihu preparation from Jajori in Batadrava under Nagaon Districtlast_img read more

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Adepoju, Okunowo Laud Nigeria, La Liga Partnership

first_imgOlawale Ajimotokan in AbujaEx-internationals, Mutiu Adepoju and Gbenga Okunowo have described the working relationship between Nigeria Professional Football League (NPFL) and Spanish La Liga as an exercise in the interest of Nigeria.League Management Company (LMC) President, Shehu Dikko, on Tuesday signed a five-year strategic technical agreement with La Liga President, Javier Tesba in Abuja that will pave the way for the tour of Nigeria by some of the Spanish clubs.Adepoju, who featured for Real Madrid nursery team, Castella in 1989 before heading to Racing Santander, Real Sociedad and Salamanca in a 20-year sojourn in Spain, gave a thumb up to the deal, saying that Spanish teams for decades have consistently ranked as the world’s top football brands. “I am very excited by this deal. Let me say it clearly, Spain has the best league in the world. The UEFA Champions League is a case study of two Spanish teams that have consistently berthed the semi-final and final. So what else are we talking about? Nigeria will benefit from this arrangement,” Adepoju submitted.Adepoju, who represented the Super Eagles at the 1994 FIFA World Cup, said beyond his professional stint, he gathered an immeasurable knowledge in Spain where he acquired coaching certificate in addition to knowledge in football administration.“Their philosophy will serve our interest in long time,’’ Adepoju said. “The only thing here is that we have to be patient and do things in right way and not expect immediate results. We should have a long term plan. That is what the Spanish did and you can see the result as they have won the FIFA World Cup, UEFA Champions League, FIFA Champions Cup and European Cup. I believe we can do it too because we have the talent in Nigeria.’’Okunowo, who briefly played for Barcelona in year 1999, before he went on loan to Benfica of Portugal, reasoned Nigerians will have no regret entering into the technical agreement with La Liga.The former Housing Corporation of Abeokuta midfielder noted that the promotion of the Spanish genre in the country will present Nigerians an alternative platform to the English Premier League which is more ingrained in the consciousness of the public.“I have been to Spain before and I am sure we won’t regret this partnership. Their culture is similar to ours where respect is reciprocal. We see the future and the Spanish will be happy because Nigerians mainly watch English Premiership but now they can watch Spanish teams when they come for here for pre-season. I don’t think everything should be about the Premiership,’’ Okunowo submitted.Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegramlast_img read more

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UW fans in for ‘Classic’ at Camp Randall

first_imgCamp Randall awaits 50,000-plus fans to fill the stands Saturday as the men\’s and women\’s teams play the campus\’ first outdoor game.[/media-credit]http://http://vimeo.com/9223522Herald sports editors Adam Holt and Max Henson preview the Camp Randall Hockey ClassicIt’s been an unusual week of preparation for head coach Mike Eaves and the Wisconsin men’s hockey team.The third-ranked Badgers have been practicing in Camp Randall stadium as they ready themselves for this Saturday’s highly anticipated Camp Randall Hockey Classic.Eaves knows the importance of every opportunity to get a win, and the Badgers are focused on the task at hand, even though no WCHA points are on the line. But he did admit to having a little fun throughout the week.“Yesterday we came out and let them be kids,” Eaves said. “We played a silly little game just so they could get that exuberance out and since that time it’s been all business.”UW has spent the week preparing for the Michigan Wolverines, a team that defeated the Badgers in Ann Arbor earlier this season.Michigan capitalized on a shorthanded opportunity in the second period and was able to hold off the Badgers late en route to a 3-2 non-conference victory.A defensive lapse on the power play led to the shorthanded goal against, and after a rough weekend in Duluth with the man-advantage, it’s no surprise the Badgers were emphasizing their special teams play during practice.“We have been working hard on the special teams,” Eaves said. “We want to improve in some areas so we spent some time both on the power play and on the penalty kill.”Senior tri-captain Ben Street and his fellow Badgers were disappointed with that effort in Ann Arbor and they are looking forward to redeeming themselves on Saturday.“We were a little frustrated with the way it went there earlier in the year,” Street said. “We looked back this week at [the Michigan game] and saw a couple of blown assignments on face-offs. We didn’t really play our best game. It’s definitely a little bit of retribution for us — something we want to get back on the ice and take care of.”The Badgers haven’t been outplayed too often this season, and freshman forward Craig Smith is anxious to get another shot at the Wolverines in front of a 50,000-plus crowd here in Madison.“Every time you lose to a team, you want to come back the next time and really battle,” Smith said. “It’s a big two points, it’s a big game for the fans and the bottom line is we have to come out ready to play and grab these points.”Preparing for the outdoor venue has been another challenge for the Badgers, but it’s a challenge they’ll gladly take on.The Badgers are enjoying practicing in Camp Randall so much that Eaves and his staff have had to drag the players off the ice in recent days.You can count Street as one of the many who’s overjoyed to be playing hockey outdoors.“That’s why these guys are staying out here so long — it’s fun,” Street said. The open air, you kind of get the wind going when you’re skating, it’s such a cool feeling. That’s what makes these outdoor games so much fun.”Street also participated in the 2006 outdoor game at Lambeau Field as a freshman when the Badgers took on Ohio State.But as a senior captain four years later, Street expects the 2010 version in Madison to be that much more special.“I think the fact that it’s on campus is really cool,” he said. “It makes it more ours. It’s hard to compare it to the game at Lambeau; they’re both outdoor games, but they’re so different — this one’s right on campus, which makes it so special.”The players have skated in an empty stadium throughout the week of practice, but there will be an unforgettable atmosphere surrounding them on Saturday.It’s an atmosphere Smith is anxiously waiting to experience.“It’s a pretty neat site from the ice looking up at the stadium,” Smith said. “We can’t wait to see what its going to look like Saturday.”last_img read more

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