Dutch Hewlett Packard scheme dumps hedge funds, scales back equities

first_imgThe Hewlett Packard scheme, which reported an annual loss of 1.3%, added that it was still seeking a new manager for its credit mandate.As it still had to decide whether the mandate would focus on European or global credit as well as on whether to be actively or passively managed, it would address the issue in a new ALM study this year, it indicated.The scheme has hedged 60% of the interest risk on liabilities, and said it would consider raising the cover to 80% if its funding – 110.2% at the end of last July – exceeded 120%, it said.It has fully hedged the currency risk of its holdings in US dollars, sterling and yen in its return portfolio.Administration costs up as supervisor demands heededThe scheme’s administration costs rose 40% to €680 per participant, which Marcel Lasonder, the pension fund’s chairman, attributed largely to the implementation of an instruction from supervisor De Nederlandsche Bank (DNB).He said the watchdog had not been satisfied with the scheme’s improvement in risk analysis and non-financial risk policy it had recommended in 2015.According to Lasonder, DNB had also concluded that the scheme’s board had not provided the pensions provider with sufficient guidance.Speaking to Dutch pensions publication Pensioen Pro, Lasonder said he could not specify the material improvements the pension fund had made, but noted that it had not received any complaints from members in the past.Lasonder said that the costs increase had also been due to the scheme responding to three participating employers’ desire for clarity about their individual assets in the pension fund as well as the coverage ratio per “compartment”.The Hewlett Packard scheme has 1,375 active participants, 6,355 deferred members and 2,325 pensioners. The €2bn Dutch pension fund of Hewlett Packard said it had divested its hedge funds holdings and had invested in Dutch residential mortgages at the expense of global bonds.In its annual report for 2018, it also said it had sold part of its stake in developed equities in favour of indirect real estate, and had replaced asset-backed securities with credit.The changes came in the wake of an asset-liability (ALM) study conducted in 2015, which had led to a matching portfolio comprising holdings in BlackRock liability-matching funds (40% of the scheme’s total portfolio), European credit (5%) and mortgages (10%).The strategic asset mix in the scheme’s return portfolio now consists of global equity (20%), emerging market equities (7.5%), indirect real estate (7.5%) as well as emerging market debt and high yield credit, with 5% each.last_img read more

Westport Winery Co-Owner Kim Roberts Releases Second Novel

first_imgFacebook0Tweet0Pin0 Submitted by Westport WineryWestport Winery’s co-owner, Kim Roberts, is releasing her second novel on Saturday, December 7. Roberts will be signing Poi Son: An Aloha Jones Mystery from 11 a.m. to 3 p.m. at the winery.In Poi Son, Lahaina harbormaster Aloha Jones, has taken a second job as a marine patrol officer. On a break to purchase lunch, hers having been pilfered by her fur sidekick, Wharf, Aloha generates a racial profiling investigation based on their actions. To avoid the conflict and to sort out the reality of having a reunion with her ex-husband Snake, she responds to her sister Sarang’s request for help in saving the family cabin near Hana from a wildfire.Since good deeds rarely go unpunished, Aloha finds herself returning to the community and circumstance that caused her to leave the island and join the Coast Guard after college. After she gets to Hana she is further embroiled in that historic conflict as her least favorite person, Mallory Deems, drowns behind the dam and Aloha is recruited to retrieve her body. Mallory’s husband, and Aloha’s former fiancé Nate Deems, is just one of the reasons Aloha is loath to reintroduce herself to her awkward past.Once on scene, Aloha discovers that Sarang, a retired Marine, is suffering from PTSD and treating herself with medical marijuana. Aloha’s concern for the situation is further complicated by a series of local characters who pull her in different directions as she learns that Mallory’s death is not a dive accident, but murder.Kim Roberts has written for The Daily Planet, Western-Farmer Stockman, Ocean Observer, Spokane Coeur d’Alene Living, Discover Diving, Log Home Living, RV Life, American Fitness and the Leavenworth Echo where she won the Washington State Newspaper Publishers Association Best General Column award. Roberts and her husband Blain formerly owned Lahaina Divers on Maui. Together they founded Westport Winery on the Washington coast where they live within their Vineyards By-the-Sea.Poi Son is available at Westport Winery and on their website.  Also available on Amazon.   The e-book is also available for Kindle readers via Amazon. Westport Winery’s wine club members receive a 10% discount when purchasing either Poi Son or Luna Sea at the winery.last_img read more

Secretary Wyman Says Need for New Library, Archives Facility is Critical

first_imgFacebook60Tweet0Pin0Submitted by Secretary of the StateThe deterioration of the circa-1962 Washington State Archives building puts priceless, irreplaceable historic documents at risk of catastrophic destruction by a fire or flood and needs to be addressed by the Legislature immediately, Secretary of State Kim Wyman said.Both the State Archives on the Capitol Campus and the Washington State Library in Tumwater outgrew their facilities years ago, which has required each to house state documents in leased locations that have become obsolete. Consolidating the State Library and Archives into a new state-owned facility built to address current and future demands is a top priority, Wyman said.“Our State Archives building lacks fire suppression for most records areas. It regularly suffers leaks from the water and sewer pipes that hang from the concrete ceilings in archival storage areas,” Wyman said. “Our Legislature has a tremendous opportunity this year to resolve this longstanding and worsening need, while simultaneously making wise use of state resources by consolidating a number of divisions into one location.”Wyman added she is confident that the Legislature recognizes the current situation as untenable, and that the planned Library-Archives Building on south campus is a sensible and foresighted solution. The Legislature appropriated $5 million for its design work and project planning in 2018. Building on that preliminary investment, her 2019 project proposal to the Legislature includes siting, architectural, and fiscal planning to account for the full logistics of the new building.Wyman’s additional legislative priorities include moving the Washington Presidential Primary from late May to early March, scheduling the state primary earlier in the year to increase turnout, and providing more robust resources to protect Washington’s survivors of crime through the Address Confidentiality Program, which serves nearly 5,000 enrolled adults and children.“With near record-setting turnout in the recent General Election, it is time Washington voters have a stronger voice in the national conversation about presidential nominees,” Wyman said. “History has shown that one way to gain that influence and improve civic engagement is by participating in the nomination process before the outcome becomes certain.”Wyman added that she’d like to see an end to unintended voter suppression in the Presidential Primary by introducing an “undeclared” ballot in which Washington citizens could vote for any candidate without having to choose a political party. Under the current system, an otherwise eligible voter unwilling to declare party preference is denied a ballot in a publicly-funded election.“These are fundamental responsibilities of government: to make judicious use of public resources and increase access for Washington citizens who want to participate in government,” Wyman said. “Prudent action in these areas will make Washingtonians safer, empower our voters, and protect our rich history. I look forward to helping the Legislature and the Governor make this session efficient and productive.”Washington’s Office of Secretary of State oversees a number of areas within state government, including managing state elections, registering corporations and charities, and governing the use of the state flag and state seal. The office also manages the State Archives and the State Library, documents extraordinary stories in Washington’s history through Legacy Washington, oversees the Combined Fund Drive for charitable giving by state employees, and administers the state’s Address Confidentiality Program to help protect survivors of crime.last_img read more

Locke kids burning up cross country trails

first_imgThe happy Locke family would not be complete if sister Robyn didn’t participate too.The younger sibling has not disappointed the rest of the family at most of the same events Peter and Julien competed at — except for Junior Nationals.“Last year my biggest race was going to Terrace for B.C. Winter Games,” said 14-year-old Robyn Locke. “I finished eighth and 12th in my category (midget girls). These were probably of my two best races of the year.”Some results for Robyn Locke has the Nelsonite 18th and 16th at Canmore to start the season, and 12th and 15th at a B.C. Cup race in Prince George.Robyn Locke plans on joining older brothers at the Westerns and [email protected] By Bruce FuhrThe Nelson Daily SportsLong time ago in a far away place, humans realized by attaching two shaped pieces of wood to their feet they could travel faster when hunting in snow-covered fields and woods. You won’t see Peter or Julien Locke breezing through the forests around the Heritage City with rifle strapped on back looking for dinner.They shop at the Co-op.However, it wouldn’t be uncommon to see the two Nelsonites leading the pack during a provincial or national cross-country race.The two Nelson skiers have quietly turned more than a few heads at the elite level and are looking for more success in the coming months.“The season is going very well,” Peter Locke told The Nelson Daily on the eve of the Western Canadians this weekend in Kelowna. “I’ve had some very good results this year, however, they were as good as I hoped for at (junior) nationals.”“My sprinting this year has been very good,” added Julien Locke. “One of my best races was the Thunder Bay sprint (January 6-9).”Not that long ago the two Locke boys, twins you know, were being towed around the Nelson Nordic Ski Trails in a sled by their parents.It wasn’t that long before the two were up on skis, competing in the Jackrabbit program, passing up on the traditional team sports like soccer and hockey.“It’s not like don’t like team sports, I just prefer individual sports like cross-country,” Peter Locke said.“Nothing against team sports at all . . . I used to swim when I was younger,” added Julien Locke. “I just never did any.”After a few years in the Nelson Nordic Ski Club system, the two decided to join the more competitive Blackjack club in Rossland.“There wasn’t much happing in Nelson and Rossland ran a higher caliber team so we thought there was more opportunity for us,” Julien Locke explained.The Blackjack coach is none other than Dave Wood, formerly of the Canadian national team for the past 16 years. Wood wrapped up his career in 2010 helping Canadian athletes at the Vancouver/Whistler Olympics.
 The Locke boys, who home school but find time to put in 500 hours per year or eight to 24 per week of training, have already logged more miles than Greyhound this season competing on the cross country circuit.There were races in Canmore, the Alberta Cup; at Vernon’s Silver Star Resort for the Haywood NorAm; and at the home Blackjack Club for the Haywood NorAm Senior World Championship trials. The two then traveled to Thunder Bay, Ont., for the World Junior Trails.Peter Locke, at 6’3”, 175 pounds, finished 26th in the 20-kilometer continuous pursuit, 31st in the 1600m classic sprint and 19th in 15km skate.Julien Locke, at 6’1”, 180-pounds, finished 34th, eighth and 25th.“I was hoping to land one of the spots for Canada at World Juniors but I came up just a little short,” said Julien Locke.“I had a fast heat, with the eventual first, second and fourth-place guys in it and unfortunately I wasn’t able to stay with them up the hill. I did everything I could but they were all a year or two older than me and with the long course, they had the advantage.”“My best race was the Thunder Bay . . . the 15 km,” Peter Locke admitted. “So far this year we have mostly raced up in Junior Men’s category, which has been quite a change from last year as the distances have increased from 10 km to 20km. I really like the longer races and have been having a really good season so far.”The two 17-year-old skiers, Julien is part of the B.C. Team and Peter the B.C. Development squad, have been racing most of this season in Junior Men’s category against many older skiers.This weekend another major test comes in Kelowna at Westerns.The Westerns is going to be a “tour” race.  The first stage is a skate sprint. The next day is a prologue race, which will be one of the first times this type of race being been held in Canada. It’s a 3.5 km classic individual start. The race is so short, competitor need to ski at a sprint pace for the duration. The final day is the 15 km pursuit. For this race skiers are seeded according to times and bonus seconds from the first two days of racing. The start is staggered accordingly. The first person to the finish wins the overall three days of racing. The whole idea of tour races has been around for a long time in other sports but it’s quite new to cross country skiing.The field won’t be as strong as World Junior Trials, a field that included many of the top skiers in Canada, but most of the top skiers from the west will be competing.“Last year we did not attend Westerns but at Nationals I won the skate sprint and got fourth in the aggregate, just a few points out of third,” said Julien Locke, whose goal is to ski for Canada on the World Cup circuit. “So I expect westerns should be good again.”Next month in Canmore, March 12-19 promises to be the ultimate test for the two Locke boys.“I am looking forward to all of the races but I’m especially exited for the sprint,” said Julien Locke. “The classic (my favourite), the course is perfect and I am going into it as last years winner. It’s not going to be easy to hang on to the title but I am looking forward to the challenge.”Then again, if it doesn’t work out on the cross-country circuit for the two Blackjack skiers, there’s always the chance of putting those skills on boards to good use trying to find dinner.Sister Robyn keeps up with older brotherslast_img read more

DD Motoring: A journey from Glenswilly to Galway

first_imgIn the middle of the flit from one dwelling to another, Mollie climbed into the back of the van with thoughts of also joining the migration south for the winter.The eight-year-old collie has watched this annual packing on a Sunday afternoon all her short life.All onboard. Mollie trying to slip on board for the trip to Galway for in the incoming college term. Photo Brian McDaid.By now she can sense when a new college term is about to begin as students start rummaging around the shed looking for bicycle pumps or combination locks or even a complete bike for the loan of for the winter! Advertisement My old Raleigh bike is still going wellIt’s now four years older than the latest person to take alone of it for their college term in Galway.At the weekend it needed nothing other than its chain oiled and some air in the tyres and treated to two mudguards from Letterkenny bikes and it was on its way to Galway as a third-year students mode of transport for the incoming term.Purchased in 1996 from a Kerryman the late Tim Foley, who ran his business Church Street cycles from what now is known as Letterkenny Cathedral Quarter. Advertisement Years of gears. The old gears still working well on the 25-year-old bike. Photo Brian McDaid.My first new bike, an aluminium Raleigh mountain bike was going to be the answer to beat the hills in Letterkenny and also in the process try and get me a bit fitter and less fat.And at the start, it was a great achievement for me to cycle out past Conwal against the wind and get as far as Glenswilly.SantaAt Christmas, a few ‘go-faster’ accessories from Santa in America, and the bike was back on the road and the new year resolution was back on track.A proud crest from a different era on the Raleigh bike which made the trip to Galway this week. Photo Brian McDaid.Altered with new American road tyres from “Santa”, which replaced the rough mountain tyres that came with the bike, it was a lot easier on the road, but it wasn’t long until the old excuses for not going out were creeping back in and the bike soon spent more time high on the garage wall than on the high roads out the Glen. International connectionsOver the years the bike was used more by the many generations of swallows that flew all the way up from Africa to start a family in our shed in Glencar, and them newly hatched chicks spent more time on the crossbar of that Raleigh bike than the owner as they used it as a launchpad to learn to fly for the first time.Park between the cooker and the washing machine the new home for an old bike in Galway. Photo Brian McDaid.And it was the same for the human fledgelings who started on the stabilisers in and out the ramp at the shed door and progressed to “cool”, status, one of them even getting their bike resprayed in Subaru Blue in an era when they were big fans of Colin McCrea.Colour is not that important anymore as longs it goes. The old Raleigh is on its second tour of duty something that most second-hand bikes don’t survive, between crashing up onto kerbs to lying out in a Galweg in winter of wet wet wet. TakeawayIts old combination lock even bears the teeth marks of a pair of bolt cutters that were making their way through the plastic covering and the steel inside before the bicycle snatcher’s progress was disturbed.Back in the dayI was chatting to my uncle Hughie this week and bikes came up in the conversation.I was telling him about the deal I got on the mudguards for €15 each, he smiled and paused, he told me that his first new bike cost him £15 and ten shillings which he bought from Phil Doherty at his garage in Pluck.He then bought a three-speed hub and had it built into the rear wheel, which was a hard job to do and still end up with a true wheel.Hugh McDaid on the right of this photo who purchased his first bike for all of £15 and Ten shillings back in the day pictured with his brother, my father Fred and their best friend Hughie McGuigan.£15 was big money back then my uncle reminded me, It was three or four weeks wages.So this week our bike, has replaced the destination Glenswilly to that of Galway.Tyres from Thailand on our Raleigh Bike in Galway.And even though it hasn’t turned a wheel much for the owner it has more travelling history than Sir Walter Raleigh.It will make is home outside the digs along the Spanish arches in Galway, complete with Boston bonus accessories, swallow scrapes from Africa, tyres from Thailand, and a small history of one Donegal family.Happy motoring FolksDD Motoring: A journey from Glenswilly to Galway was last modified: September 12th, 2019 by Brian McDaidShare 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

Kids swap suburbs for township

first_imgBoys taking part in the exchange programme get a chance to attend a school that is very different to their own.“I went from a 10-roomed house in Rondebosch to a three-roomed house in Khayelitsha,” said Jem Wilson, one of a group of children from an elite Cape Town primary school who took part in a unique life-skills initiative.The Luleka Exchange Programme, set up over eight years ago, gives boys from Rondebosch Preparatory School in the upmarket Cape Town suburb of Rondebosch and boys from the no-fees state-run Luleka Primary School in Khayelitsha township a chance to spend a day in each others shoes.“Going to Luleka has really opened my eyes to seeing how differently people live,” Jem said.Rondebosch and Khayelitsha are very different places. The former is a residential suburb in the south of Cape Town city centre, nestling below Devil’s Peak and near the main campus of the University of Cape Town. Khayelitsha, on the other hand, is a sprawling semi-informal settlement on the wide plains of the Cape Flats, far from the affluence of the city.In past years the programme only saw boys from Luleka going to spend a day and night in Rondebosch. This year there was a proper exchange, with boys from Khayelitsha going to Rondebosch and Rondebosch boys going to Khayelitsha.The exchange, held in mid-September, kicked off with children and teachers from both schools having an evening get-together at Rondebosch Prep to break the ice. That night each of the Rondebosch kids hosted one of the Khayelitsha boys at their home. The next day the boys from Luleka Primary spent the day at Rondebosch Prep, after which they all left for Khayelitsha.The process was then repeated, with each Khayelitsha boy hosting one Rondebosch boy at their home for the night. The following day the Rondebosch pupils attended Luleka Primary School.Jordan Corfe from Rondebosch Prep was anxious about spending the night in Khayelitsha.“We hear all these horror stories about Khayelitsha, but when I started talking and walking around I soon got the feel of the place,” he said.His schoolmates also quickly learned that the township was not as bad as they had believed. “I didn’t expect that my perception of Khayelitsha was so wrong,” said Daniel Jollivet de Oliviera. “I thought that the crime would be worse than where I live, but our hosts have never been robbed before and they keep their doors open with confidence.“I was surprised at how [many] people my host knew. It seemed as if the whole family lived there, including aunties, cousins and grandparents. It is very community-based.“The Luleka exchange was an awesome experience.”Chris Verster, a teacher at Rondebosch Prep, said the programme is an extension of existing exchange initiatives at the school. “Our aim was for our boys to experience and understand a little bit of another culture,” he said. “We do a lot of interaction with other ‘of our own’ schools as well as two exchanges abroad, in England and Wales.“We hope for our boys to realise that there are other diverse cultures on our doorstep, that contribute to all of us being South African.”Thandi Matrose, a Luleka Primary School teacher, agrees that the programme helps expose children to other cultures.“We are not that different, even though we eat different food and do different things,” she said.She hopes the exchange will help break what she calls, “the cycle of inferiority, and the race barrier”. She believes that despite 15 years of democracy many black people, especially children in townships, still live with the misconception that white people are better and smarter. The exchange showed that that the children from Khayelitsha never expected to have so much in common with kids from a privileged neighborhood.“It was good to see that he showed respect to my parents,” said Luleka pupil Pabotse Lefatsa of his guest from Rondebosch. “You don’t always expect that from a white person.”Although the boys from both schools discovered they had much more in common than they expected, their experience of education was something else.“The boys from Khayelitsha were amazed by the technology at the school, especially the overhead projectors, and also by the sizes of the classrooms,” said Rondebosch pupil Michael Palframan.Describing Luleka Primary, Jett Rogerson from Rondebosch Prep said: “Their school was very different to ours. The teachers did not seem to care what the pupils did. We could walk around outside, you could throw things, and nothing happened. There was little discipline.”Andile Mamfengu from Khayelitsha said of Rondebosch Prep said: “The school was great, they have good discipline and the classes are also smaller. We have 40 kids in a class, they have only 20.”Verster said the two schools cannot really be compared. “We depend nearly entirely on parents’ school fees. Luleka is a no-fees school. The education department supply schools for basic education; we strive to maintain a school of excellence.”Nonetheless, both groups of boys agreed that the experience had taught them that their differences were mainly on the surface. Behind the privilege and the poverty they are much the same – for the most part, overcoming language and cultural barriers was as easy as grabbing a football.More than that, it broadened their view of human experience. As Rondebosch Prep pupil Michael Palframan said, “I thought this was Cape Town, but it is not. There is a whole other world out there.”last_img read more

Sports Wrap: Yuvraj eyes Test return, Kohli-Dhoni in IPL faceoff and more

first_imgYuvraj Singh wants to play Tests againYuvraj Singh is not ready to give up. Despite a period of poor form and fitness concerns, Yuvraj Singh has not given up hopes of a Test comeback. The gutsy cricketer has been through a lot over the last half-a-decade and he is now prepared to grind it through further.BCCI forgives West Indies for abandoning 2014 tourBoard of Control for Cricket in India president Shashank Manohar has decided to waive off the USD 41.97 million claim for damages imposed on the West Indies Cricket Board for abandoning their tour of India midway in 2014. West Indies will visit in India to complete the unfinished matches next year.Pune, RCB eye return to winning waysRising Pune Supergiants and Royal Challengers Bangalore will aim to return to winning ways when they meet in an Indian Premier League clash at the Maharashtra Cricket Association Stadium here on Friday. Both teams started off in promising fashion by winning their respective opening matches, but lost their way thereafter with back to back defeats. A win on Friday will be crucial in getting their campaign back on track.Pandya brothers draw inspiration from Pathan brothersThe brothers from Baroda, Hardik and Krunal Pandya, who are stealing the show with some strong performances in the Indian Premier League 2016, said the Pathan brothers — Yusuf and Irfan — who had also played for the city in Gujarat, were their inspiration.Alexis Sanchez double lifts Arsenal into third placeArsenal’s resurgent Alexis Sanchez scored twice to help ease their top-four jitters in a 2-0 victory over West Bromwich Albion in the Premier League at a less than full Emirates Stadium on Thursday. They moved above Manchester City into third place with 63 points.advertisementlast_img read more

10 months agoWest Ham to offer Carroll to Newcastle for Shelvey

first_imgTagsTransfersAbout the authorPaul VegasShare the loveHave your say West Ham to offer Carroll to Newcastle for Shelveyby Paul Vegas10 months agoSend to a friendShare the loveWest Ham striker Andy Carroll is being linked with a return to Newcastle United.The Daily Express says Carroll’s agent is in talks over a return to Newcastle.The move would see Jonjo Shelvey transfer to West Ham in a swap.The Hammers are reportedly trying to offload the striker before his contract expires in the summer while Shelvey has fallen down the pecking order under Rafa Benitez. last_img

Metis Nation can go it alone MNC president vows to push government

first_imgAshley BrandsonAPTN NewsThe Metis National Council (MNC) is encouraging the federal government to continue its work on the Indigenous rights framework agreement that was announced by Prime Minister Justin Trudeau on Valentine’s Day.“The simple answer is yes, the Metis Nation can go it alone,” President Clement Chartier told those gathered in Winnipeg. “There’s no reason why Canada cannot pass the same legislation and make it Metis nation specific.”According to the government, the framework will “provide clarity and certainty on Canada’s responsibilities toward engaging with Indigenous Peoples.”But while Crown-Indigenous Relations Minister Carolyn Bennett has been travelling the country meeting with Indigenous leaders, many First Nation chiefs and grassroots people want the government to put the framework legislation on hold.A B.C. chief told APTN News that Canada may have already decided to delay tabling legislation before the end of year.“I haven’t been told that it’s not going to proceed to try to meet the deadline for passage before the next election,” Chartier said.Tom Isaac, who was federally appointed by Bennett as the minister’s special representative on reconciliation with Metis said the framework is a unique opportunity for the Metis Nation to have their rights acknowledged by the federal government.“What’s important is, is that the framework that’s being proposed is there’s nothing that hurts, negatively impacts or limits the rights,” said Isaac. “It’s all about acknowledgement and moving forward and that’s what’s critical.”Chartier said he remains optimistic that the framework will proceed for the Metis – but is worried about the timeframe.“If it’s not tabled relatively soon it’s not going to meet the deadline prior to the next election,” he said. “At that time it becomes kind of irrelevant, if it’s going to be dealt with after the election because we would need to wait until the outcome of that election and so gets into power.“If liberals get re-elected the we would continue to press them to move forward on that legislation, if the conservatives form government, I don’t think we’d have much of an opportunity to even have that dialogue.”[email protected]@ashleybrandsonlast_img read more