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Varma rebounds from first-half loss as market settles after Brexit

first_imgUnlisted equities generated a 15.4% return in the nine-month period, up from 9% in the same period last year, and private equity produced 8.1%, just under the 9% reported for the comparable year-earlier period.The pensions provider said it made good returns from fixed income investments thanks to falling interest-rate levels and lighter credit-risk pricing, with the asset class returning 4.2%, up from a 0.2% loss.Real estate, meanwhile, ended September with a year-to-date loss of 0.4%, down from the 2.3% positive return in the year-earlier period.Property investments were hit by write-downs made in response to renovations and changes in the market situation.Varma’s total assets grew to €42.8bn at the end of September from €40.8bn 12 months before.Its solvency capital increased to €10.1bn from €9.5bn, and the solvency ratio stood at 31% at the end of the reporting period, up slightly from 30.6% at the same point in 2015.Murto warned that low interest rates would be particularly challenging if they continued for long.He said investment returns had been at a good level since the financial crisis, although the investment environment had been “highly exceptional” in this period, notably in terms of interest rates. “It is especially important to note that zero interest rates have not yet had a negative effect on pension investors’ returns,” he said.“If the interest-rate level remains at zero for a long time, however, achieving good returns on accrued pension assets will be a major challenge.” Varma, the €42.8bn Finnish pensions insurance company, saw its investment returns bounce back in the third quarter, bringing the year-to-date return to 3.1% by the end of September after posting a loss of 0.3% at the half-year stage.Risto Murto, Varma’s chief executive, said: “By the end of September, Varma’s investment returns had made a clear recovery from the post-Brexit market shock.”The 3.1% return compares with the 1.1% return produced for the same period last year.Unlisted equity investments and private equity funds generated the highest returns in the period between January and September, Varma said, adding that, in a zero-interest environment, fixed income investments had also produced very good returns.last_img read more

Women of Troy prepare for mountain trip

first_imgThis weekend, the Women of Troy travel to the Rockies to play both Colorado and Utah. The team has been keeping morale high during practice, despite two hard losses last week against then No. 9 UCLA and No. 7 Washington. During the Washington game, both junior opposite hitter Brittany Abercrombie and junior outside hitter Niki Withers put up the majority of the kills. The No. 23 Trojans had to modify their game, since senior libero Taylor Whittingham was unable to play. However, head coach Mick Haley is not too worried about the team, as he believes that they are continuously improving. “Morale has been pretty good,” Haley said. “We kind of understand what we need to improve on. We know the season is one of those things where we need to get better.” Since the team is so young, the girls have been making it their top priority to work on communication. Whether it is between the setters and the hitters to find just the right setup for a good kill, or simply deciding in the moment whose ball it is, communication is essential. Haley likes to play within his system, but it is very difficult for that system to be successful if the girls are not talking to each other. Improved communication will also help with their serve receive, something the team has been working to sharpen all season. “If we could try to control the rhythm of our system a little bit better, the communication will help us with that,” Haley said. This Friday, the Trojans, who are 8-5 this season, play No. 20 Colorado. Since the team has been preparing for both Colorado and Utah, they have been working on Colorado one day, and Utah the next. Thursday, when they travel out to Colorado, they will shift their focus to the Buffaloes. Haley said that the game against Colorado could go either way because of how competitive the two teams are. “We always play a lot of sets out there, we always seem to get in a five set match with those guys,” Haley said. “You never know what is going to happen, but it is always a spirited battle and, certainly, there will be nothing easy in that match.”The team will also play the No. 25 Utes this weekend, who have an 11-2 record. Haley said that the Trojans are starting to have better fluidity during practice that hasn’t shown on the court yet. This week the team has been working hard, and Haley believes this will translate into more success on the court.“The way we’re working at this and the attitude of all the players makes me think we can’t help but get better,” Haley said. Friday’s game against the Buffs will be televised on Pac-12 Networks at 7 p.m. PST. For Saturday’s 6 p.m. tilt against the Utes, the game can be watched via live stream through Pac12.com.last_img read more

Set of car keys found on Donegal bus

first_imgA set of car keys have been found on a Donegal bus on Wednesday morning.The keys were found on a Donegal Scenie Travel Bus.If you know who owns them, you can get in touch on 0860874444  Set of car keys found on Donegal bus was last modified: July 3rd, 2019 by Shaun KeenanShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window)last_img read more

Deal to boost Africa’s power

first_imgThree African countries are planning tobuild a new 400-megawatt power line toboost trade in electricity and ensuresecurity of supply across the continent.(Image: Graeme Williams,MediaClubSouthAfrica.com. For more freephotos visit the image library)  Zambia, Tanzania and Kenya are planning to build a new 400 megawatt power line to boost trade in electricity between them, and ensure security of supply across the continent.Officials from the three countries are currently securing funding for the project, which is due to start in 2011.Teddy Kasonso of the Zambian energy ministry confirmed that Zambia’s counterparts in Kenya and Tanzania have been authorised to sign the agreement and letters of introduction to formally present the project to potential lenders and donors.The power line will run from a sub-station in central Zambia, through Kasama in the northern part of the country, to Mbeya and then Arusha in Tanzania en route to Nairobi.The project, expected to cost R6.4-billion (US$860-million), will boost trade in electricity between the Southern African Power Pool and the East African Power Pool, which incorporates Ethiopia and Sudan.Kasonso said technical, economic, and financial studies have been completed and each of the countries would be equal partners in the project.The project management unit, incorporating staff drawn from all three countries, will be established in Lusaka later this year.Africa’s energy crisisOver the last few years many African countries – such as South Africa, Zambia, Uganda and Ghana – have experienced sweeping power blackouts, also known as “load shedding”.A combination of factors – including rapid economic and population growth, conflict, poor planning and drought – have been blamed for the shortages.In the past South Africa, with its large stocks of coal, enjoyed cheap and reliable electricity supply, and was able to export power to its neighbours, like Zimbabwe and Mozambique. But this has changed over the last three years.Government’s decision in 2001 to prevent the country’s electricity utility, Eskom, from building any new power stations meant that Eskom had to run its existing plant too hard, so the rate of breakdowns rose.This was compounded by a difficult relationship between the utility and the state, and leadership problems within Eskom. By the end of 2007 the country was experiencing a crippling shortage of power and by early 2008 widespread blackouts plunged the country into chaos.In January 2008 Eskom temporarily suspended its power supply to Mozambique and Zimbabwe to address the acute domestic shortages.Eskom and government have responded to the crisis by announcing a massive programme to expand power-generation capacity.These plans include spending a projected R343-billion (US$46-billion) over the next five years to fund new power stations, with the first one to start operating in 2013. Eskom has also started work on two new coal-fired power stations to meet rising demand.Zambia, by contrast, still has poor power-supply infrastructure. Only 17% of urban households have access to electricity, while in the rural areas it’s as little as 3%. Kasonso believes the new venture with Kenya and Tanzania will help provide more power for the people of Zambia.In Uganda and parts of West Africa recent droughts have depleted rivers, meaning less of a force of flowing water to generate hydroelectricity in those countries’ dams. This has led to further shortages and power outages.Ghana has resorted to using massive gas generators to produce emergency power following widespread load shedding, which has had a serious impact on the economy.The new project is expected to help avert the crisis by also encouraging investment in new hydropower schemes in Zambia. This will generate surplus power that could be exported to other African countries, like Ghana and Uganda.last_img read more

PBA: Pogoy is Rookie of the Year, Ross the Most Improved player

first_imgBrace for potentially devastating typhoon approaching PH – NDRRMC San Miguel star guard Chris Ross was named the Most Improved Player of the season.The star guard won the Finals MVP in the All-Filipino Cup and bagged the Best Player plum in the Commissioner’s Cup to lead the Beermen to two titles this year.FEATURED STORIESSPORTSWATCH: Drones light up sky in final leg of SEA Games torch runSPORTSSEA Games: Philippines picks up 1st win in men’s water poloSPORTSMalditas save PH from shutoutMeanwhile, Ginebra’s Japeth Aguilar, San Miguel’s June Mar Fajardo and Ross, Rain or Shine’s Gabe Norwood, Jalalon completed the all-defensive team.The Samboy Lim sportsmanship award went to Norwood. Kammuri turning to super typhoon less likely but possible — Pagasa Read Next Don’t miss out on the latest news and information. QC cops nab robbery gang leader, cohort Typhoon Kammuri accelerates, gains strength en route to PH Japan ex-PM Nakasone who boosted ties with US dies at 101 CPP denies ‘Ka Diego’ arrest caused ‘mass panic’ among S. Tagalog NPA Stronger peso trims PH debt value to P7.9 trillion LATEST STORIES Kin of Misamis Oriental hero cop to get death benefits, award — PNP ‘Excited’ Terrence Romeo out to cherish first PBA finals appearance PLAY LIST 01:30’Excited’ Terrence Romeo out to cherish first PBA finals appearance00:50Trending Articles00:50Trending Articles01:37Protesters burn down Iran consulate in Najaf01:47Panelo casts doubts on Robredo’s drug war ‘discoveries’01:29Police teams find crossbows, bows in HK university01:35Panelo suggests discounted SEA Games tickets for students02:49Robredo: True leaders perform well despite having ‘uninspiring’ boss02:42PH underwater hockey team aims to make waves in SEA Games MOST READ Letran ousts Arellano, books 4th place playoff vs San Sebastian Photo by Tristan Tamayo/INQUIRER.netTNT’s Roger Ray Pogoy was recognized as the top rookie of the 2017 PBA Season during the Leo Awards on Friday at Smart Araneta Coliseum.Pogoy edged Phoenix’ Matthew Wright, Kia’s Reden Celda, Ginebra’s Kevin Ferrer and Star’s Jio Jalalon the Rookie of the Year award.ADVERTISEMENT View commentslast_img read more

Jacobs easily outpoints Arias in return to ring

first_imgAlejandro cherishes time with Jarin: ‘He’s like a father figure to us’ Japan ex-PM Nakasone who boosted ties with US dies at 101 “I want to stay active, we have major plans,” the 30-year-old Jacobs said. “We are going to invade Canada so they can see my face, and I will call them out later.”Arias, 18-1 of Milwaukee, annoyed Jacobs at times with his style, but Jacobs never was in anything but control.Most of that aggression came late as Jacobs searched for the shot that would stop Arias. That punch never came, but it didn’t matter.Wearing trunks with the name of his young son, Nate, sewn on the belt, Jacobs entered the ring with a grin, and kept smiling throughout introductions. He was grimacing at points during the fight, but only because of the way Arias was carrying himself.When Arias attempted to hug Jacobs after the 12th round, Jacobs refused.ADVERTISEMENT Stronger peso trims PH debt value to P7.9 trillion FILE – In this Wednesday, Sept. 27, 2017, file photo, boxer Daniel “Danny” Jacobs attends the premiere of HBO’s “Curb Your Enthusiasm” at the SVA Theatre on, in New York. Jacobs is heading back into the ring, determined to build off a defeat that, in many ways, was a victory. Jacobs will fight Luis Arias on Nov. 11 at the former Nassau Coliseum, now called NYCB Live, his first bout under a promotional agreement with Ed Hearn that he hopes will lead him back to a title. (Photo by Charles Sykes/Invision/AP, File)UNIONDALE, N.Y. — It wasn’t the impressive showing he sought. Still, Danny Jacobs was happy to be back in the ring, and to be an easy winner over an outmatched Luis Arias.Jacobs dominated on Saturday night in a middleweight bout as lopsided as a fight can get.ADVERTISEMENT Don’t miss out on the latest news and information. View comments LATEST STORIES Brace for potentially devastating typhoon approaching PH – NDRRMC MOST READ QC cops nab robbery gang leader, cohort Read Next “We are in there to hurt each other, but it took me a couple minutes to get it out of my system,” Jacobs said.On the HBO undercard before 6,921 at Nassau Coliseum — the former home of the NHL’s Islanders — Long Island welterweight Cletus Seldin battered Mexico’s Roberto Ortiz for most of three rounds before a deep cut on Ortiz’s right eye and cheek caused a stoppage. Seldin, a Long Islander who has a loud following at the arena, knocked down Ortiz twice in the opening round, using powerful right hands.Seldin is 21-0 with 17 knockouts as he climbs the welterweight division. Ortiz fell to 35-2-2 and complained that Seldin’s elbow opened the cut further in the third round.Seldin, naturally, disagreed.“You could see how rough and tough and old school the fight was,” Seldin said.Another local fighter, Jarell Miller of Brooklyn, had little trouble with Poland’s Mariusz Wach in a heavyweight bout stopped in the ninth round by the ring doctor. Wach was taking a beating from the undefeated Miller (20-0-1, 18 knockouts), who consistently got inside to land right uppercuts.Miller was far ahead on the scorecards and could be in line for a title fight next year with either Deontay Wilder or Anthony Joshua. He’ll need to show more movement and speed than he did Saturday night for that to be a prosperous venture. In his return to the ring since an outstanding performance in a loss to champion Gennady Golovkin in March, Jacobs easily swept the judges’ cards, though he often was frustrated by the holding tactics and unorthodox style of Arias. Seeking a knockout in the final rounds, Jacobs punished Arias in the 10th, 11th and 12th, and earned a knockdown that looked more like a slip in the 11th.“I wanted to impress the fans and put on a good show,” Jacobs said. “I hurt him early and once I knew I could hurt him, I got a little more aggressive.”FEATURED STORIESSPORTSWATCH: Drones light up sky in final leg of SEA Games torch runSPORTSSEA Games: Philippines picks up 1st win in men’s water poloSPORTSMalditas save PH from shutoutJacobs, a former world champion and one of New York’s most popular fighters, is 33-2 with 29 KOs. He is hopeful of another shot at a title in 2018, though Golovkin will be busy with a rematch with Canelo Alvarez after their draw in September.Jacobs, who overcame bone cancer earlier in his career and is nicknamed “Miracle Man,” held the WBA belt for two years. He remained a force in the division even after his close defeat to Triple G. Next up could be either David Lemieux of Canada or Billy Joe Saunders of England. Kammuri turning to super typhoon less likely but possible — Pagasa John Lloyd Cruz a dashing guest at Vhong Navarro’s wedding CPP denies ‘Ka Diego’ arrest caused ‘mass panic’ among S. Tagalog NPA Onyok Velasco see bright future for PH boxing in Olympics PLAY LIST 00:45Onyok Velasco see bright future for PH boxing in Olympics05:25PH boxing team determined to deliver gold medals for PH00:50Trending Articles01:37Protesters burn down Iran consulate in Najaf01:47Panelo casts doubts on Robredo’s drug war ‘discoveries’01:29Police teams find crossbows, bows in HK university01:35Panelo suggests discounted SEA Games tickets for students02:49Robredo: True leaders perform well despite having ‘uninspiring’ boss02:42PH underwater hockey team aims to make waves in SEA Games Typhoon Kammuri accelerates, gains strength en route to PHlast_img read more

Hotshots ready to defy the odds

first_imgDon’t miss out on the latest news and information. “Nobody believes we could. And that’s understandable, they are, after all, a powerhouse team,” Chito Victolero said when asked about being at the cusp of dethroning the Beermen in the PBA Philippine Cup Finals’ Game 6 clash set at 6:30 p.m.“And we’re the underdogs. We’ve been that since the quarterfinals, the semifinals. We’re maybe the only ones who believe,” he added. “Though whenever we believe, good things happen to us. That’s why it’s our battle cry.”FEATURED STORIESSPORTSPrivate companies step in to help SEA Games hostingSPORTSPalace wants Cayetano’s PHISGOC Foundation probed over corruption chargesSPORTSSingapore latest to raise issue on SEA Games food, logisticsMagnolia struggled to get sober from its championship hangover, which cost them three games early in the Philippine Cup. They managed to only win one game halfway through the eliminations, putting them in a precarious situation for a playoff spot.The Hotshots, though, won five of their last six to barely making it to the middle pack for the playoffs. From there, they went on to face crowd darling Barangay Ginebra in the quarterfinals and the second-seeded Rain or Shine in the semifinals. Private companies step in to help SEA Games hosting “We (may) have arrested our rebounding woes, but we’re not able to execute in the last few possessions especially when their big men were in foul trouble,” he added. “I guess the break is not on our side. There was a lot of drama, too, earlier.”But being under the harsh spotlight of drama a scenario all too familiar for Austria and his wards. San Miguel, after all, is the only team to ever come back from a 0-3 hole to win the title.“Were just unfortunate that we’re unable to score in the last three possessions,” Austria said. “I just hope in the next game we’ll come out with a lot more energy. It’s do-or-die for us.”The clash is set to feature two contrasting play styles with Magnolia trying to whip out its stingy defense anew, and San Miguel looking to overwhelm through scoring once more.Victolero, who has long harped about giving themselves a chance at beating the “mighty” Beermen, will have more than an opportunity as they now wield another weapon: a psychological edge off a 3-2 lead.But the Magnolia mentor is not trying to put much premium on that.“This will be extra hard,” he said of closing out San Miguel. “We know San Miguel. They don’t go down easily. You saw it earlier, we were up 13 in the last six minutes. They tied it.”“We just have to do this all over again—keeping the score low—to give ourselves a chance in the end.” DA eyes importing ‘galunggong’ anew Ian Sangalang hopes Avengers won’t ruin possible Sunday endgame Hontiveros presses for security audit of national power grid LATEST STORIES Philippine Arena Interchange inaugurated But they say everything is clearer in hindsight. Victolero couldn’t agree more as he believes that along with their title run last year has helped the Hotshots grow into the worthy challenger they are now against the Beermen.“We battled in a lot of situations like these before. They (Hotshots) now know how to win,” he said.Magnolia looks to wrest the role of the the team etches its name deeper into PBA lore when it tries to foil San Miguel’s bid for an unprecedented “five-peat” in the all-Filipino conference.Meanwhile, the Beermen, if its any consolation, know where exactly they fell short in narrow 88-86 Game 5 loss on Friday night.“I think it was evident that our shot selection was poor,” coach Leo Austria said. “It’s hard to win when you’re only making 29.8 percent of your field goals.”ADVERTISEMENT ‘Excited’ Terrence Romeo out to cherish first PBA finals appearance PLAY LIST 01:30’Excited’ Terrence Romeo out to cherish first PBA finals appearance01:29Robredo to gov’t, after accepting anti drug post: Are you ready for me?00:50Trending Articles02:42PH underwater hockey team aims to make waves in SEA Games01:44Philippines marks anniversary of massacre with calls for justice01:19Fire erupts in Barangay Tatalon in Quezon City01:07Trump talks impeachment while meeting NCAA athletes02:49World-class track facilities installed at NCC for SEA Games02:11Trump awards medals to Jon Voight, Alison Krauss Panelo: Duterte ‘angry’ with SEA Games hosting hassles SEA Games hosting troubles anger Duterte Sports Related Videospowered by AdSparcRead Next Photo by Tristan Tamayo/INQUIRER.netMANILA, Philippines—Never tell Chito Victolero and his charges the odds.Magnolia has defied narratives over and over again in the PBA Philippine Cup and they look to bend another once more when they shoot to knock the crown off the San Miguel Beer Sunday night at Smart Araneta Coliseum in Cubao.ADVERTISEMENT Ethel Booba twits Mocha over 2 toilets in one cubicle at SEA Games venue Cayetano: Senate, Drilon to be blamed for SEA Games mess MOST READ View commentslast_img read more