Maturing DB funds ‘unwilling to back start-ups, private equity’

first_imgThe UK government’s desire for more pension funds to invest in start-ups and high-growth companies could be hindered by the maturing nature of defined benefit (DB) funds, according to JP Morgan Asset Management.In chancellor Philip Hammond’s Budget report, published last week, he said the government would seek to give schemes “confidence that they can invest in assets supporting innovative firms as part of a diverse portfolio”.The report added that the Pensions Regulator (TPR) would “clarify” its guidance on long-term investing.However, Sorca Kelly-Scholte, head of JP Morgan Asset Management’s pension solutions and advisory group, questioned the capacity of DB funds to invest more in unlisted equities. TPR told to ‘clarify guidance’ for long-term investingThe Budget report, published on 22 November, stated:“The government will also support long-term investment by giving pension funds confidence that they can invest in assets supporting innovative firms as part of a diverse portfolio. Sorca Kelly-Scholte, JP Morgan Asset ManagementSchemes that are in need of cashflow would look more at income-producing assets such as real estate and infrastructure, she added.Kelly-Scholte also questioned the government’s view of pension funds as a significant pool of capital to be tapped.She cited the 2001 Myners review of the UK’s investment sector – which also highlighted a lack of private equity investment from pension schemes.“We’ve moved on a lot from there, but since then schemes have closed, been bought out or gone into runoff,” she said.Paul Sweeting, a professor and head of actuarial science at the University of Kent, agreed with Kelly-Scholte, adding that the government’s idea was “another example of pension assets being seen as the solution to the wrong problem”.“Most DB schemes today need income streams that are relatively predictable,” Sweeting wrote on Twitter. “Private equity offers capital growth that is extremely unpredictable. It just isn’t appropriate for most of today’s DB pension schemes.” Philip Hammond delivers his Budget speech to the UK parliament last week“The Pensions Regulator will clarify guidance on investments with long-term investment horizons. With over £2trn in UK pension funds, small changes in investment have the potential to transform the supply of capital to innovative firms.”In response, a TPR spokesman said: “Schemes are already able to invest in a diverse range of assets, such as venture capital, infrastructure, and investments that have a social benefit, but we expect them to take account of their own circumstances, such as the employer’s ability to underwrite any risks.“We are now considering how our guidance on prudent investment can be clarified in the context of our ongoing guidance review and in light of our statutory objectives.”center_img “Funds are maturing and they often think that private equity is not the right risk or liquidity profile for them,” Kelly-Scholte told IPE. “They don’t want to get into illiquid assets if they are going for buyout.” According to the Pension Protection Fund’s (PPF) Purple Book of UK scheme data, the average equity allocation of UK DB schemes fell from 33% to 30.3% between 2015 and 2016. Within equity portfolios, schemes’ average unquoted equity exposure was 2.6% at the end of 2016, up from 2.5% a year earlier.The proportion of DB members in open schemes fell from 24% to 19% in the same period.Although defined contribution (DC) schemes are growing, Kelly-Scholte said, providers had yet to resolve the mismatch between private equity’s illiquid nature and DC funds’ requirement for daily dealing.last_img read more

Is ‘Sex Work’ Pro-Woman?

first_imgAmerican Thinker 1 June 2018Family First Comment: Of course not. The evidence is overwhelming that it’s not“Sex work” advocates promote prostitution as a legitimate occupational choice for women.  Leftist activists equate sex work with workers’ and women’s rights.  The recent SESTA legislation (Stop Enabling Sex Traffickers Act), which strikes at the demand aspect of human-trafficking, has become a rallying point for those on the left who argue that the legislation is “controversial.”  According to the left, sex work is inherently pro-woman; it is “moral and should be legalized.”Those countries that have tried decriminalization or legalization of prostitution also provide a more realistic picture of what happens.  Any time demand exceeds supply, the result is sex-trafficking.  There are simply not enough girls who willingly choose or are blindly duped into “sex work” as a profession.  Amsterdam found that 80 percent of the prostituted girls and women were there by force.  Germany found that 60 percent were foreigners, and Spain discovered that foreigners made up 80 percent of the girls and women, with many of those identified as victims coerced by the gangs and organized crime.Everywhere decriminalization and legalization have been tried, they have failed because the women do not want or the pimps won’t allow them to perform the “safety” measures that are supposed to protect them.  They don’t register because they don’t want to be labeled.  Records indicate that they don’t show up for the regular health checks.  Most importantly, the customers – the johns – are willing to pay extra for sex without a condom and other “unsafe” practices.  One john bluntly stated the reality of “sex work.”  He said, “Men pay to get what they want; they go to prostitutes because ‘real women’ won’t put up with their demands.”As to the tax revenue income that supposedly is a prime benefit of decriminalization and/or legalization?  The pimps and prostituted women find ways to avoid paying the taxes necessary for regulation.  Germany found that legalization did not increase tax revenues.  Mafias and criminal networks don’t pay taxes.  Worse, legalization increases the number of illegal brothels.  In Australia, after legalization, the illegal brothels increased by 300 percent, pulling thousands of vulnerable women into prostitution and increasing HIV cases by 91 percent in two years!  Amsterdam closed one third of its legal brothels because organized crime moved in and illegal brothels thrived outside town, winning the competition with the legal brothels.  In the Netherlands, legalization and decriminalization are considered a “failed experiment.”Those who have actually studied anti-trafficking research or talked to survivors know what happens in the real world; “sex work” is not even close to the reality that the vast majority of prostituted women experience.  It’s time for real men to know the truth about the industry and for boys to be taught that it is never okay to “use” a woman as a sex object.  As long as proponents give the industry the pseudo-sophisticated status and stamp of legitimacy conveyed by calling it “sex work,” sexual slavery will continue to be a blight on our humanity and a heinous threat to vulnerable girls and women around the world.READ MORE: read more

Don’t Become the Next Colorado

first_imgBig Marijuana wants to go “Full Colorado” in states all across the nation. They are sugar coating the impact on kids and denying the staggering costs of legalization. Don’t let your state be the next Colorado.last_img

Britain to set up Ebola centre in Sierra Leone

first_imgHealthInternationalLifestylePrint Britain to set up Ebola centre in Sierra Leone by: – September 9, 2014 Share Sharing is caring! LONDON, United Kingdom (AFP) – Britain is to set up a medical centre to treat victims of the Ebola epidemic in Sierra Leone, the international development secretary said on Monday.The 62-bed centre near the capital Freetown is planned to be open in eight weeks’ time and will be built and operated by military engineers and medical staff.The worst-ever outbreak of the disease has killed 491 people in Sierra Leone, which is one of three countries at the centre of an epidemic that has claimed over 2,000 lives so far.“The scale of the problem requires the entire international community to do more to assist the affected countries which is why the UK is working with the Government of Sierra Leone to build a new medical treatment facility near their capital Freetown,” said international development secretary Justine Greening.“When it is up and running it will enable the UK to provide medical care for local and international health workers, as well as treatment for the wider population.”In the long term charity Save the Children may manage the centre, which will have 12 beds dedicated for local and international medical volunteers, the government said.A British nurse infected with Ebola while working in Sierra Leone recovered from the disease after he was flown out of Africa by military plane and treated in a London hospital. 107 Views   no discussionscenter_img Share Share Tweetlast_img read more

Shane Shillingford to receive further recognition from Dominica government

first_img Share Tweet 88 Views   no discussions Sharing is caring! Shillingford bowling during the final test match at Windsor Park Stadium last week. Dominica’s off spinner Shane Shillingford is expected to receive further recognition from the government for his stellar performance during the final Digicel test match between the West Indies and Australia. Shillingford made history here last week, when he became the first West Indies spin bowler to collect 10 wickets since 1966.Minister of Culture, Youth and Sports Justina Charles announced during the final day of the match on Friday last week that Shillingford was made a goodwill ambassador and will receive a diplomatic passport.However Prime Minister Roosevelt Skerrit told the Labour Party Women’s Movement fund raising activity in Macoucherie on Sunday that Shillingford will be recognized again.“For too long, Dominicans were denied an opportunity to be on the West Indies team but I say to them, hence forth, Shane Shillingford will always be on the West Indies team. He has shown them what Dominicans can do when given an opportunity. That is why government took a decision to appoint him a Goodwill Ambassador for sports. In the next two days, we will make an announcement in something that we will do for him in recognition for his great talent and his great contribution to cricket”.He also commended the village of Dublanc which is where Shillingford is “ensuring that he is a positive young person”.The Prime Minister also called on Dominica’s youth to reject violence and drugs.“Let us remain on the safe path. Do not cause your parents to cry for you at nights and day time. You have to make your parents proud and take advantage of the opportunities that labour is providing to you. Stay away from violence, stay away from drugs. This is not a way of life,” he advised.He said young people must ensure to show the world that they are responsible and can lead at anytime an opportunity arises.Dominica Vibes Newscenter_img LocalNewsSports Shane Shillingford to receive further recognition from Dominica government by: – April 30, 2012 Share Sharelast_img read more

Lacazette’s goal hands Arsenal slim win over Olympiakos

first_imgRead Also: Bukayo Saka: I’m enjoying myself at Arsenal, not concerned about contract talksThe game looked to be petering out as it entered the last 10 minutes at 0-0. But that was when Abuameyang picked the ball up down the left flank and slid it into Bukayo Saka. Suddenly, the game opened up as the 18-year-old took a touch before threading a ball across the face of goal for Lacazette to tap home his second goal in two games.Suddenly, the game opened up. The Gunners broke clear from an Olympiakos corner and had the numbers advantage up top. The ball found its way to Lacazette but his powerful shot was too close to the goalkeeper. The resulting corner came into the box and Sokratis climbed highest to power his headed chance against the crossbar.Arsenal just needed to keep the ball late on and they did just that to take a 1-0 advantage back home to London.FacebookTwitterWhatsAppEmail分享 But Arsenal started to find a groove. Alexandre Lacazette and Gabriel Martinelli broke well after winning the ball back but the Brazilian’s backheel just didn’t have enough power to find his strike partner. Promoted Content5 Of The World’s Most Unique Theme ParksIs Cristiano Ronaldo Converting His Hotels To Hospitals?7 Universities In The World Where Education Costs Too MuchThe Very Last Bitcoin Will Be Mined Around 2140. Read More7 Theories About The Death Of Our Universe7 Facts About Black Holes That Will Blow Your MindAwesome And Unusual Staircases From All Over The World7 Of The Wealthiest Universities In The WorldBirds Enjoy Living In A Gallery Space Created For ThemYou’ve Only Seen Such Colorful Hairdos In A Handful Of Anime9 Facts You Should Know Before Getting A TattooCan Playing Too Many Video Games Hurt Your Body? Loading… center_img Martinelli and Lacazette combined again just before the 20-minute mark when the Brazilian teed him up but the former Lyon man struck wide. There wasn’t much else worth shouting about in a scrappy first half dominated by late challenges and misplaced passes.The second half continued in very much the same vein as the first. There was sloppy build-up play from both sides and some toothless attacking. Olympiakos sat back a bit deeper in their own half and invited a wasteful Arsenal on. It stopped the Gunners from counter-attacking which was their main offensive weapon in the first half.David Luiz had one of the better opportunities after the break as he strode forward with the ball and opened up the space. Much to the frustration of Pierre-Emerick Aubameyang who made a good run for a pass, the Brazilian scuffed a shot well wide.It felt like the best chances in this match would come from set-pieces and that proved accurate. Ousseynou Ba got on the end of a free-kick and forced an excellent save from Leno. Fortunately, it wouldn’t have counted anyway. Alexandre Lacazette scored his second goal in two matches as the Gunners secured a 1-0 win against Olympiakos. The home side started very much on top. Arsenal couldn’t get into the match early on and were helped out when Bernd Leno made a smart save inside the opening few minutes to keep the game at 0-0.Advertisementlast_img read more

Lady Bulldogs Swimming Sectional Finals Qualifiers

first_imgCongratulations to the following BHS girls who qualified for the Sectional Swim Championship Finals on Saturday200 medley relay (Simpson, Brewer, Cox, Ertel) qualified 9th 200 free:  Gutzwiller-qualified 11th 200 IM: Storms-qualified10th 100 fly: M Poltrack qualified 10th 100 free: Daulton qualified 13th 500 free:  Gutzwiller qualified 7th, M Poltrack qualified 11th, K Poltrack qualified 14th 200 free relay qualified 5th (Daulton, Storms, Gutzwiller, Poltrack); 100 back: Daulton qualified 14th 100 breast: Storms qualified 9th, Brewer qualified 11th 400 free relay:  qualified 5th (Gutzwiller, Poltrack, Daulton, Storms).Courtesy of Bulldogs Coacj T. J. Greene.last_img read more

Krichau is first on Armed Forces Night

first_imgBy Greg SoukupEAGLE, Neb. (May 21) – R.J. Maas and Cole Krichau battled door handle to door handle all the way to the finish of Saturday’s Mountain Dew Kick Start IMCA Sport Compact feature at Eagle Raceway, with Krichau coming home first.The win was Krichau’s second this season at Eagle and came on Armed Forces Night.“I thought the track slowed down a little this week, so I decided to work my way down from the top,” he said. “I used the bottom for the win.”One hundred and thirty-nine race teams were entered.Dustin Andersen prevailed in the time-shortened Kaplan University IMCA Modified feature.Adam Gullion held off Tyler Drueke for his first IMCA EMI RaceSaver Sprint Car feature win this season at Eagle.Scott Bivens scored his first local NAPA IMCA SportMod feature win since the 2014 season.Ninth starting Damon Richards took the lead with six circuits remaining in topping the Valentino’s IMCA Hobby Stock headliner.last_img read more

Police Call Park Stabbing that Killed 3 Near London “Terror Attack”

first_imgA Reading man of that same name and age was sentenced to two months in prison last year for assaulting an emergency worker. In addition, that man was charged last year with assaulting a judge who had sentenced him.Prime Minister Boris Johnson, who met security officials, police and senior ministers on Sunday regarding the investigation, said he was “appalled and sickened” by the attack.“If there are lessons that we need to learn” or legal changes needed in order to prevent such attacks, “then we will learn those lessons and we will not hesitate to take action where necessary,” Johnson said.Overnight, heavily armed officers entered an apartment about a mile away from the stabbing site, and a loud bang was heard.The attack came a few hours after a Black Lives Matter demonstration at Forbury Gardens, although police do not believe there is a connection.Following a series of other incidents in recent month, Britain’s official terrorism threat level remains at “substantial.” That is the middle level on a five-rung scale, meaning an attack is likely. A stabbing attack that left three people dead as they sat in a British park on Saturday evening is being considered a terrorist attack, police said on Sunday.A 25-year-old man, who is believed to be the lone attacker, is in custody.Officials are not searching for any other suspects and did not raise Britain’s official terrorism threat level from “substantial.”Three other people were seriously wounded during the incident, which happened at Forbury Gardens park in Reading, a town of 200,000 people 40 miles west of London.“Motivation for this horrific act is far from certain,” said Neil Basu, Britain’s top counterterrorism police officer.Chief Constable John Campbell of Thames Valley Police said his officers were called to reports of stabbings just before 7 p.m. and found a “horrific” scene when they arrived. The suspect was apprehended within five minutes.Police have not identified the suspect, although Britain’s national news agency, Press Association, and other media outlets named him as Khairi Saadallah, a Libyan asylum-seeker who lives in Reading.I’m appalled and sickened that people should lose their lives in this way. Our thoughts are with the families and friends of the victims. Thank you to Thames Valley Police for their bravery in tackling the suspect.— Boris Johnson #StayAlert (@BorisJohnson) June 21, 2020last_img read more

GSA wraps up 2017 with Farfan and Mendes Junior skill level tournament

first_imgTHE Guyana Squash Association (GSA) wrapped up a busy 2017, with the Farfan and Mendes Junior skill level tournament, which came to a dramatic climax on Sunday at the Georgetown Club Inc. Squash Courts.The most entertaining match of the day, and possibly of the competition, was between Brenno DaSilva and Tiana Gomes, who treated spectators to a match full of two huge personalities, as well as surprising rallies.When Tiana dropped, Brenno dropped a little lower; when Brenno played a great cross court and the crowd was poised to congratulate a winning shot, Tiana skipped across the court for thrilling returns.Their contest ended with a smiling pair, a smiling audience and a smiling ref! Brenno won this match with some amazing serves, 11-8, 6-11, 11-3.With 15 newbies in this tournament, the week has shown a new wave of youngsters who have caught the squash bug; some of whom will no doubt move on to a great career in the sport.In the higher categories, Mohryan Baksh and James Mekdeci did not disappoint. This anticipated battle began at the first serve and continued to the last shot, evidence that squash in Guyana is moving forward.Baksh took the first game 11-9, keeping Mekdeci at the back of the court. Mekdeci used his hard-hitting accuracy to take the second 11-8. Baksh continued to play his game and held on to take it home 11-9, 11-9.In category B, DeAbreu stepped up in the third game against Alphonso and took the first game Alphonso has lost in the tournament, then continued in the fourth to contend for the title, but Alphonso’s shot selection and deception brought him out on top in a 3-1 win.The top spot for category A was already decided as Daniel Islam had already dismissed Anthony and Samuel earlier in the week, but the match with Fernandes as challenger stretched both players. The final game of the tournament closed off this year’s junior season to a full venue at the Georgetown Club. Skill, tactical shot selection and power were keys for both players and the well-fought final could have been either players match, but Islam dug deep and defeated Fernandes 3-2.As is customary in the Farfan and Mendes Christmas Tournament, recognition is given to those players who have notably improved and who performed outstandingly. This year Aishani Persaud and Nicholas Verwey were credited with Most Improved titles while Kirsten Gomes and Chad DeAbreu were awarded Most Outstanding players.Category ADaniel Islam beat Taylor Fernandes 9-11, 11-5, 9-11, 11-4, 11-4.Anthony Islam beat Samuel Ince-Carvalhal 11-3, 11-8, 11-6Category BMichael Alphonso beat Demetrius DeAbreu 11-1, 11-4, 8-11, 14-12Lucas Jonas beat Ethan Jonas 11-5, 10-12, 11-7, 11-9Kirsten Gomes beat Abosaide Cadogan 11-5, 11-8, 8-11, 11-9Category CMohryan Baksh beat James Mekdeci 11-9, 8-11, 11-9, 11-9Jason Gomes beat Zachary Persuad 11-5, 10-12, 20-18, 11-3Nicholas Verwey beat Louis DaSilva 11-8, 11-6, 11-9Category DChad DeAbreu beat Teija Edwards 11-3, 11-5, 11-2Category ELajuan Munroe beat Arvin Seelall 5-11, 11-7, 11-6Category FKayden Pynaendy beat Jehan Singh 11-9, 11-5Brenno DaSilva beat Tiana Gomes 11-8, 6-11, 11-3Rylee Rodrigues beat Matthew Spooner 11-3, 11-5Category GSafirah Summer beat Shriya Persuad 11-7, 11-9Rayad Boyce beat Angel Rahim 11-2, 11-3last_img read more