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Local government pension funds ‘confident’ over MiFID II outcome

first_imgThe LGPS has been lobbying the FCA for exemptions from the rule, while the Pensions and Lifetime Savings Association in January rejected the regulator’s initial proposal for a workaround, describing it as “costly, complex, and difficult to apply”.However, Phillips said the advisory board was now “very confident” that the FCA would address the concerns in a satisfactory way.“I think what we thought was going to be a huge issue will actually be far less of one,” he said.In February last year, the European Commission delayed the implementation of MiFID II until 2018.Investment return collapses to just 0.1%The overall investment return of the 89 LGPS funds in England and Wales was just 0.1% in 2016, according to its latest annual report, published yesterday. This compared to 12.1% in 2015.The scheme’s advisory board said the decline in performance was “reflective of the difficult market conditions”. It highlighted the FTSE All Share Total Return index’s loss of 3.9% over the period.Despite this, the scheme’s funding position improved over the course of 2016. Assets stood at £217bn (€253bn) at the end of the year, unchanged compared to 12 months earlier, but liabilities fell to leave a deficit of £37bn, £10bn less than in 2015. The UK’s financial regulator is expected to take into account public pension funds’ concerns when finalising the implementation of the Markets in Financial Instruments Directive (MiFID II), according to the chair of the local government pension scheme’s (LGPS) advisory board.LGPS officials were concerned that the wording of the original directive would have meant the pensions funds would be reclassified as retail investors, leading to a potential fire sale of assets they were no longer permitted to hold.Roger Phillips, who is also a member of the committee overseeing the Worcestershire County Council Pension Fund, said he was confident that the Financial Conduct Authority (FCA) would provide a positive conclusion to the long-running debate about the status of LGPS funds.The Europe-wide rule was designed to protect local authorities’ treasury investments, which are largely held in cash or other highly liquid, low-risk assets. However, UK local authorities also have direct responsibility for the management of pension fund assets – MiFID II rules did not account for this.last_img read more

GoodBulk Takes Delivery of First CVI Bulker

first_imgBermuda-incorporated owner and operator of dry bulk vessels GoodBulk has taken delivery of Aquarange, a 2011-built Capesize vessel. The 179,842 dwt bulker, previously known as RS Iron Range, was purchased by GoodBulk from CarVal Investors (CVI), an investment arm of Cargill, on October 26.As explained, the ship is one of seven Capesize bulk carriers acquired from funds managed by CVI and was financed with a combination of cash on hand, availability under existing credit facilities, and the issuance of new common shares.The vessel will be employed in the spot market via the Capesize Revenue Sharing Agreement (Capesize RSA) managed by C Transport Maritime SAM (CTM), GoodBulk said.Including Aquarange, GoodBulk currently has an on the water fleet of ten Capesize, one Panamax and two Supramax vessels operating in the spot market, with an additional six Capesize vessels to bedelivered between the fourth quarter of 2017 and the first quarter of 2018.The company has an option to acquire an additional six Capesize vessels from funds managed by CVI.last_img read more

City Council Caucus Set For March 31

first_imgRipley County Republican Chair Ginger Bradford has announced the caucus to elect a District 3 City Council Member in Batesville.Bob Narwold accepted a position with the Batesville Buildings Department in March forcing him to vacate his seat on council due to state law.The caucus will be held at the Sherman House on Monday, March 31 at 7:00 p.m.The location of District 3 caused some confusion for election officials last week. Since the district is in both Ripley and Franklin County, the caucus location was believed to be based on which county had the larger voter population in the district.State election officials clarified the situation, saying that is not the case.“It is a situation where all of Batesville votes on the each council seat,” Bradford said. “When I explained it to them at the state, and they realized their not running in district, but for a district, the whole city votes.”Voter population in each county of the district was not a determining factor for the caucus location.Four precinct committeemen will vote for a new council member next Monday. The committee is composed of John Moton, Don Dickey, Mike Weiler and Dogger Dickey, Bradford said.“Dogger Dickey will be representing Franklin County,” Bradford added.Batesville resident Jim Fritsch is the only citizen to file for the city council seat.last_img read more

Light snow comes as surprise Wednesday

first_imgBATESVILLE, Ind. – Drivers will want to use caution commuting this morning as roads may be slick after a dusting of snow.Temperatures will warm up as the day progresses into the 40’s but will drop to a nighttime low of 27 degrees.Rain is in the forecast Thursday through Saturday with temperatures reaching the mid 40’s.last_img

Aston Villa avoid relegation, draw West Ham

first_imgRelatedPosts Runarsson joins Arsenal on four-year deal Derby County want Jordon Ibe EPL: Gunners gun for West Ham scalp Aston Villa have ensured their Premier League survival by draw 1-1 with West Ham on the final day of the season.Villa had only earned promotion back to the Premier League last season following a three-year absence with victory over Derby County in the lucrative Championship play-off final at Wembley. Dean Smith’s side struggled back in the top-flight despite a £130 million summer transfer outlay amid injuries sustained by key players such as John McGinn, club-record signing Wesley and Tom Heaton, and had looked likely to make an instant return to the second tier.However, key recent home wins over Crystal Palace and Arsenal sandwiched between a hard-fought draw at Everton – in which they were denied another victory only in the 87th minute – breathed new life into their previously flagging survival bid.That run of seven points from three matches – featuring some crucial goals from Egyptian forward Trezeguet – meant Villa exited the bottom three for the first time since February and entered the final day of the season with their fate in their own hands.Tags: Aston VillaDerby CountyWest Ham Unitedlast_img read more

Program introduces children of military to college life

first_imgFor the past five years, USC’s Pre-College Summer Scholarship for Military High School Students has helped these students get a headstart in their academic careers. The college admissions process is a stressful one, but it becomes more complicated for children of military families.  Daly said she was grateful to the program for introducing her to her peers, with whom she has since formed long-lasting relationships.  The program allows 30 high school students with parents in the military to receive a full scholarship to attend a four week summer program in areas such as architecture, business and entrepreneurship, engineering, global studies, journalism, pre-health and science, pre-law, performing arts and writing and critical thinking.  “Being an RA who was a part of the program help[s] me connect with the students better,” said Lord, a senior majoring in sociology. “I was able to help them with the USC admissions process, homework [and other concerns.]” Vice Provost for Academic Operations Mark Todd said he hopes to ensure college accessibility for children of the military through the program.  “I can attribute my acceptance into the theater program [at USC] to the military program,” Daly said. “I already knew the professors auditioning me, and they knew my body of work.” “The other unintended joy was how much I loved my colleagues … because I have found a ragtag team of wonderful people who are so supportive,” Daly said. “[There’s] this whole community of people that I would never have met if not for this program.” “I want to learn more about politics and the world,” Riveria said. “It’s been really good so far.” Photo courtesy of Provost’s Office Riveria hopes to pursue a career in international relations — in the summer program, students examine war complexities and beginnings. Her program uses reenactments of international issues and case studies to teach negotiation exercises and find ways to peacefully solve problems.center_img Photo courtesy of Provost’s Office “I wanted to have the college experience — to be able to visit USC and solidify what I want for my life,” Riveria said.  Riveria said one of the most memorable aspects of the program was her trip to the Museum of Tolerance, which focuses on prejudice, racism and genocides.  “I’ve matured in so many ways,” Daly said. “I’ve become much more independent with much more drive … [USC] made me become a better leader and responsible adult.”  Angie Riveria, a rising high school senior from Winchester, Calif. and current student in the program, said her Marine father convinced her to sign up.  Daly said the program allowed her to develop her passions and become a stronger version of herself. Upon entering the University, she delved deeper into music, joining the a cappella group USC Sirens in large part due to her involvement in the program, she said.  Christine Lord, an RA who was also a participant in the program, said she hopes current students in the program are able to discover and cultivate their passions just as she did.  Audrey Daly, a recent USC graduate, returned to the program as a residential assistant. Before being admitted to USC, she participated in the summer program’s musical theater track and took classes at the School of Dramatic Arts. “USC has a long-standing history of supporting U.S. service members, veterans and their families,” Todd said. “The Provost’s Pre-College Scholarship provides an opportunity for high school-aged children of veterans and active duty-service women and men to see that first-rate higher-education institutions like USC are a real possibility.”last_img read more

Football: Pittsburgh Steelers select T.J. Watt with No. 30 overall pick

first_imgThe Pittsburgh Steelers selected former Wisconsin linebacker T.J. Watt with the No. 30 overall pick in the 2017 NFL Draft.In surprising fashion, T.J. Watt, younger brother of current NFL players Derek and J.J. Watt, came off the board before Badger teammate and offensive tackle Ryan Ramczyk.Milwaukee Journal-Sentinel Wisconsin football beat writer reported the eventual news before the selection was even made via Twitter. Football: Ramczyk, Watt headline Badgers 2017 NFL Draft classWith the 2017 NFL Draft fast approaching April 28, ESPN’s foremost NFL draft analyst, Mel Kiper Jr., chimed in on Read…Wisconsin OT Ryan Ramczyk, a Divison III transfer from University of Wisconsin-Stevens Point and one-year starter for the Badgers, still waits to hear his name called. But based on many expert projections, he shouldn’t be waiting for much longer.In his final mock draft, ESPN NFL Draft Analyst Mel Kiper Jr. projected the Denver Broncos to take Ramczyk with the No. 20 overall pick. Watch Ramczyk’s highlight real here.Including Watt, Wisconsin has seen six Badgers taken in the first round since 2011.Football: Ramczyk, Cichy, Watt named to Sports Illustrated’s Midseason All-America TeamThe University of Wisconsin football team’s Ryan Ramczyk, Jack Cichy and T.J. Watt earn national recognition Tuesday after being named Read…last_img read more

Women’s hockey: Badgers drop to No. 2 in Big Ten after two ties with Buckeyes

first_imgOver the weekend, the No. 1 ranked Wisconsin Badgers (28-4-2, 18-4-2 WCHA) took on the No. 10 Ohio State Buckeyes (18-12-2, 12-10-2) at home, in two evenly-matched and intense games. Both games ended in a tie and resorted to a shootout to cap off the teams’ regular seasons as they enter the WCHA playoffs.The Badgers came off a strong weekend where they defeated Minnesota Duluth in both games, looking to build on seven straight wins. They played Ohio State earlier in the season where they split the two games in Columbus, Ohio. Their matchup last time proved to be an exciting series to watch and this past weekend did not disappoint.In their first game Friday, the Badgers jumped out to an early lead with a goal from Abby Roque who took advantage of a power play opportunity.Women’s hockey: Badgers dominate Duluth to regain No. 1 ranking in the nationThis past weekend, the No. 2 University of Wisconsin Women’s hockey team (28-4-0, 18-4 WCHA) traveled up to Duluth, Minnesota Read…Penalties seemed to be the story of the game, with the Badgers picking up three penalties and the Buckeyes accruing four.With a scoreless second period, the Buckeyes tied it up in the third period, sending the game into overtime. With another scoreless period in overtime, the game ended in a tie but still went into a shootout to see who would gain an extra point in the WCHA standings. Ohio State was able to win the shootout, which showed the strength and dominance of both teams’ goalies.The matchup Saturday proved to be just as exciting, as once again the game was sent into overtime.Women’s hockey: Offensive firepower leads Badgers past Minnesota StateAfter suffering a loss in their opening game of last week’s series against Bemidji State, the University of Wisconsin women’s Read…This time, it was Ohio State who took an early advantage, scoring two goals on the Badgers to go up 2–0 after two periods of play.Despite being down, the Badgers played an incredible third period, scoring two unanswered goals in the final five minutes of regular play. The goals by Sophie Shirley and Emily Clark respectively sent the game into overtime, where it once again went scoreless resulting in a tie.Ohio State again won the shootout, gaining another extra point in the WCHA standings.The series against Ohio State marked the end of the regular season as the Badgers head into the WCHA playoffs. The ties against Ohio State knocked the Badgers out of first place in the standings, making the Minnesota Gophers the No. 1 seed.With the Badgers being the No. 2 seed, they will play the No. 7 St. Cloud State in a best of three-game series at home to see who advances to the next round. The first game will be played on Friday with the puck dropping at 4 p.m. Tune into 100.9 FM to hear the game live or follow it on Twitter @BadgerWHockey.last_img read more

Novak Djokovic claims Wimbledon crown

first_imgRoger Federer surrendered two set points to concede the first set 7-6, but responded well to take the second which also went to a tie-break.Djokovic won the third 6-4, before breaking early in the fourth and final set which he won 6-3.last_img

NOAA’s Dr. Nancy Foster Scholars learning how to communicate scientific research at orientation week

first_imgAddThis Sharing ButtonsShare to FacebookFacebookShare to TwitterTwitterShare to MoreAddThisAlpena — 13 of the brightest minds in the nation have gathered at the Thunder Bay National Marine Sanctuary to learn about a skill outside of the scientific realm, communication.Each year, the Dr. Nancy Foster Scholars assemble at a different sanctuary throughout the nation for orientation. The group learns different tips and practices for speaking in front of crowds to work on their communication skills when presenting their dense research. Sarah Kienle is a fourth year scholar from the University of California Santa Cruz. She has been working on mastering her communication to help people understand her current research.“Not using a lot jargon so instead of saying ‘pinnipeds’ which is what I study, saying seals, sea lions, and walruses,” said Kienle. “[I’m] just trying to take some of the vocabulary that we use for scientific papers and scientific talks and actually boiling it down.”Three to four scholars are chosen each year, depending on if their research topic aligns with sanctuary issues and topics. Topics can range from ocean acidification to maritime archaeology. It boils down to what the sanctuary is protecting.  These students are working toward a masters degree or a doctorate. Over 200 people apply for one of these coveted spots. Orientation week helps the students learn how a sanctuary team works and how it functions all around.“We have a resource protection issue that we have to manage in national marine sanctuaries, so what is that research doing that is then informing the managers to make decisions on how to help protect that resource,” said NOAA Division Chief For Education and Outreach Kate Thompson.This week, a few of the scholars will present their topics of research at a Thunder Bay National Marine Sanctuary advisory board meeting. Four other scholars will present their topics on Thursday night at 7:00pm for the community.The week of education in communication is more than just giving speeches. Students will continue to learn how to share social media and blog posts on their topics. They will attempt to condense their work for television, radio, and newspaper interviews. The crew will also take the stage at Thunder Bay Theatre to learn acting techniques in order to conquer fears of public speaking. The knowledge assembled over the next two to four years will help the scholars make a difference in local communities, decision makers, sanctuary executives, and many more for years to come.“When I see [them] at the end of four years completely grow and come out of that scared, introverted shell and bloom into the person that can stand up there and confidently talk about their science in a way that people get, I get the goosebumps,” said Thompson.The Dr. Nancy Foster Scholarships honors the memory of Nancy Foster, a pioneer for the examination of underwater ecosystems and diversity in the workplace. Foster worked for NOAA for 23 years before passing away in 2000.Learn more about the scholarship by visiting the website Sharing ButtonsShare to FacebookFacebookShare to TwitterTwitterShare to MoreAddThis Tags: Communication, Dr. Nancy Foster Scholars, Education and Outreach, friends of thunder bay national marine sanctuary, Kate Thompson, Nancy Foster, NOAA, research, Sarah Kienle, Science, Speech, Thunder Bay TheatreContinue ReadingPrevious What’s Trending for August 14Next Former superintendent of Farwell, Rogers City Schools locked-uplast_img read more