Fixed income drives 18% return at Dutch pension fund for printers

first_imgPGB, the €19.3bn pension fund for the Dutch printing industry, has said a 30.7% return on its government bond holdings was the main contributor to its 18.3% overall return for 2014. As part of its preliminary figures, the scheme also reported a 20% annual return on its portfolio of alternative fixed income investments.Equity, infrastructure and property generated 15.9%, 13.6% and 5.6%, while credit delivered 7.4%, PGB said.It added that inflation-linked bonds (-1.2%) was the only loss-making asset class. PGB’s matching portfolio consists of 32% euro-denominated government bonds and 17.5% credit.The industry-wide scheme announced that it would gradually increase its current allocation to equity (30%) and alternatives (20%) to 55% combined this year.It said the decision was based on a survey into the risk-preparedness of its participants, as well as an asset-liability management study, which concluded that its investment mix could be improved.Rob Heerkens, a board member of the pension fund, said: “The ALM made clear that the new mix could achieve purchasing power for our participants of at least 90% by 2030.”He said that, given the scheme’s financial position and the rules of the new financial assessment framework (FTK), the indexation options would not be sufficient to keep up with inflation over the next 15 years.PGB also said it would gradually reduce the interest hedge on its liabilities from 50% to 45% over 2015.“We assume that larger interest movements, in particular during economic recovery in the mid term, are most likely to go up, as there is more upward margin,” Heerkens said. “The interest risk is becoming more and more asymmetric.” PGB closed the year 2014 with a funding ratio of 104.8%, which was, according to its board, insufficient for granting any indexation.Last year, PGB’s total number of participants and pensioners rose by 16,655 to 250,000.last_img read more


German LNG Terminal Shortlists Four for EPC Tender

first_imgGerman LNG Terminal has selected four EPC (Engineering, Procurement and Construction) contenders for its LNG terminal project in Brunsbuettel, Northern Germany, with whom it will now continue the competitive tender process.The process of finding a contractor for site preparation, construction of a waterfront with new jetty, LNG storage and all process equipment and supporting infrastructure for an LNG terminal started in June this year.As disclosed by German LNG Terminal, the four downselected entities are the Spanish team composed of Cobra Instalaciones y Servicios and Sener Ingeniería y Sistemas, the South Korean duo of Hyundai Engineering and Korea Gas Corporation, the international group composed of Sacyr Fluor, Entrepose Contracting and VINCI Construction Grands Projets, and the Spanish-German duo of Tecnicas Reunidas and Heitkamp HIKB GmbH.The EPC tender is closing on December 5, and German LNG Terminal expects to award the contract before the end of April 2020.The EPC scope contains a jetty with two berths for LNG carriers ranging from 1,000 up to 265,000 cbm, both with LNG unloading and loading capabilities, LNG storage tanks, LNG vaporization and distribution facilities for a total capacity up to 8 bcm per annum.German LNG Terminal is a joint venture of Dutch companies Vopak and Gasunie as well as German company Oiltanking, part of Marquard & Bahls AG..The terminal will combine a number of services such as unloading and loading of LNG ships, temporary storage of LNG, regasification and send out into the German natural gas network and LNG distribution by trucks.last_img read more


Death investigation ongoing after Wednesday night shooting

first_imgColumbus, IN—Law enforcement officers from Columbus and Bartholomew County are currently investigating the death of a man who found in a Columbus parking lot on Wednesday night.  At approximately 11:15 pm, CPD officers responded to the parking lot at Tool Dynamics, located at 835 South Marr Road, in regards to a person injured and bleeding.  The officers arrived a short time later and located an adult male who was deceased with what appeared to be a gunshot wound.Officers later located the deceased man’s vehicle, a silver-colored 1998 Honda Civic, in a parking lot in the 2700 block of State Street.  Investigators are requesting that anyone who resides or owns a business in this area that has video or security cameras should contact the Columbus Police Department at 812-376-2600. Tips and information in regards to this case can be submitted to law enforcement anonymously.The victim in Wednesday night’s shooting has been identified as Leonardo Rodriguez-Flores, 37, of Columbus.  The investigation into his death is ongoing.  This incident is currently being investigated by the Bartholomew County Death Investigation Team.  An autopsy is scheduled for tomorrow.last_img read more


Hughes has confidence in Butland

first_img Press Association Stoke boss Mark Hughes is convinced goalkeeper Jack Butland has what it takes to reach the top despite shipping him off on loan to Sky Bet Championship strugglers Barnsley. “We picked ourselves up and performed well at Tranmere too. We are improving and the lads are playing in a confident manner. We will get better though, there is no doubt about that. “This is a big fixture for us. We have had a very difficult start to the season, so to have the points that we have on the board already is pleasing. Three more on Sunday would ensure a very good start for us.” Hughes has a doubt over Matthew Etherington who suffered whiplash in a traffic incident on Friday morning, but he is confident the midfielder will recover in time to line up on Sunday. Butland has failed to figure at the Britannia Stadium this season and Hughes believes the 20-year-old’s development will be better served by a three-month spell of guaranteed first-team action. Hughes said: “It was always our intention to get Jack Butland out on loan. “It was vitally important to get him out to allow him to continue his development. He is an outstanding young talent and someone we have incredibly high hopes for. “We will keep a close eye on him and he will come here on certain days to maintain the work he has been doing with us. “It is a good move for him and he will learn a lot from it. He has the potential to be the next England keeper.” Asmir Begovic will keep his place in goal for Sunday’s Barclays Premier League clash with Norwich with Hughes giving short shrift to Spanish media reports that he is wanted by Atletico Madrid and Napoli. Hughes added: “It doesn’t surprise me to see Asmir Begovic’s name linked with other clubs because he is an outstanding goalkeeper. I don’t know how much of it is just speculation though.” Hughes was delighted with the way his side bounced back from last week’s disappointing defeat at Arsenal with a midweek Capital One Cup win at Tranmere. And he believes victory over the struggling Canaries will constitute a fine start to the season for his side who were widely tipped to struggle this season following the departure of Tony Pulis. Hughes added: “We played very well against Arsenal. To go there and perform to the level we did was very encouraging for us. last_img read more


Pochettino: We must learn from loss

first_img Following an impressive start to his reign at White Hart Lane, ex-Southampton boss Pochettino saw Spurs beaten 3-0 at home to a rampant Liverpool. It continues Liverpool’s impressive run against Tottenham, with Brendan Rodgers’ side dishing out 4-0 and 5-0 thrashings in the league last year. “My ambition is to try to strive to be on top (of the league),” he said. “This is the process and we need to provide our players and our supporters and believe always – this is our objective. “I’m very happy with the squad. We know that last season Tottenham made a big investment in players and spent a lot of money, this season was always to believe in those players and add balance to the squad and show that we are a very good squad.” Mauricio Pochettino is hoping that Tottenham’s defeat to Liverpool before the international break can serve as a lesson for the next time his club come up against one of the Barclays Premier League elite. In fact, Spurs only managed to take one point against last season’s top four sides, with Manchester City and Chelsea also recording big wins at their expense. But Pochettino, who oversaw victories over West Ham and QPR in his opening two league games, wants his players to take the positives from their latest defeat – with a tricky trip to Sunderland coming on Saturday. “We need to learn and we need to improve,” he said. “We need to build a strong team, a confident team and a solid team. In the 90 minutes, 3-0 is impossible to put forward an excuse, but when you analyse the game we get a lot of situations to improve on. “In the future this is a good game to learn from for us when we need to compete with a big team and we need to improve our game. The fans watch and see that we need to improve and the changes from the past two months. “You always need time and you need passion. You also need results and I think we are heading in the right way.” The transfer window for Tottenham saw five new faces arrive in north London, with Federico Fazio and Benjamin Stambouli later additions following moves for Eric Dier and Swansea pair Ben Davies and Michel Vorm earlier in the summer. The club missed out on high-profile target Danny Welbeck, who moved to rivals Arsenal, but Pochettino is happy with his squad and was prepared for the tighter purse strings when he took over. Press Associationlast_img read more


Governor appoints eastern Iowa lawyer to Supreme Court

first_imgDES MOINES — Governor Kim Reynolds has appointed a Cedar Rapids lawyer to an opening on the Iowa Supreme Court.Reynolds introduced Dana Oxley late Tuesday afternoon at an event in the governor’s formal office.“She is an incredible, inspiring story,” Reynolds said. “She’s smart. She’s articulate. She’s hard-working. She brings a breadth of experience to the courts.”Reynolds and Oxley both paid tribute to the late Chief Justice Mark Cady, who died of a heart attack in November.“No one can replace Chief Justice Cady, but I will strive to emulate the kind spirit and the servant attitude he brought to the role of an Iowa Supreme Court justice,” Oxley said.Oxley thanked her law partners and the federal judge who was her mentor.Dana Oxley with Governor Reynolds.“To my future colleagues on the Supreme Court, I look forward to working together as we wrestle with the important legal issues that come before the court in an effort to provide justice and clarity to the citizens of Iowa,” Oxley said.Oxley is a graduate of Greenfield High School who became a CPA. The governor says Oxley worked as a credit union examiner for the State of Iowa.“Eventually she decided to go to law school at the University of Iowa,” Reynolds said. “…She graduated third in her class and served as an editor of a law journal and she became a mother twice over.”The governor noted Oxley had a baby girl during her first year in law school and right before her third-year exams, she had a baby boy.This is the third justice Reynolds has named to the court. Reynolds interviewed Oxley and two other nominees last week.“I look for someone who is thoughtful and loves the law, someone who is a good writer, someone with a strong work ethic, someone who understands the proper role of the courts and, again, someone who understands the rule of law,” Reynolds said.Oxley is the fourth woman in state history to be appointed to the court. She joins Justice Linda Christensen on the court and it will be the first time two women serve on the court at the same time.“We need more women in the courts, yes, but I don’t make my decisions base on gender,” Reynolds said. “They earned those selections.”Reynolds will appoint a fourth justice to the Iowa Supreme Court this spring. Acting Chief Justice David Wiggins has announced he will retire in March.last_img read more