Marks & Spencer seals £1.4bn buy-in deals with Aviva, Phoenix Life

first_img“The cost of longevity risk removal – whether through buy-ins or longevity swaps – is at its lowest for 10 years,” Pink added.Aviva took on £925m of liabilities, the insurer’s biggest single pension de-risking deal to date. Phoenix Life, a specialist consolidator of life funds, took on £470m in its first external de-risking transaction after it insured liabilities from its own defined benefit pension scheme in 2014. UK high street retailer Marks & Spencer (M&S) has insured £1.4bn (€1.6bn) of its pension liabilities through buy-in transactions with Aviva and Phoenix Life.The insurance policies cover around a third of the £10bn Marks & Spencer Pension Scheme’s pensioner liabilities, according to LCP, one of the advisers on the deals.Myles Pink, partner at LCP, said that the recent slowing of longevity improvements had produced “favourable pricing opportunities for well-prepared pension schemes”.The transactions were agreed using so-called ‘umbrella’ agreements, which set a framework to streamline future de-risking moves. LCP said the M&S scheme was “well-positioned to take advantage of future attractive pricing opportunities either through further buy-ins or longevity swaps”. Simon Lee, Marks & Spencer pension CIO, speaks at the PLSA Investment Conference earlier this yearSimon Lee, CIO of the M&S Pension Scheme, said: “We are delighted to have secured these insurance policies for a significant portion of the benefits payable to our members.“We were able to do so at attractive pricing and on favourable terms through significant competitive tension and a process led by LCP and Linklaters and supported by the scheme actuary and investment advisers, Willis Towers Watson, that has now positioned the M&S Pension Scheme to execute efficiently with these and other insurers in the future.”Graham Oakley, trustee chairman of the scheme, added: “The scheme’s strong funding position has allowed the trustee to follow a strategy of reducing risk by aligning investments more closely with the pension benefits we will need to pay to members.“This bulk purchase annuity is a significant step in reducing longevity risk being managed by the trustee, providing additional security for all members’ benefits.”De-risking consultants have been predicting a surge in activity in buy-ins, buyouts and longevity swaps this year. In January, LCP said it expected a 50% increase in volumes of UK liabilities being insured, with annual volumes hitting £15bn.The M&S deal is the biggest buy-in or buyout so far this year. This month has already seen Toshiba offload its £170m UK DB scheme to Rothesay Life in a full buyout, while Kingfisher insured £200m of liabilities with Pension Insurance Corporation (PIC) in April.National Grid completed a larger de-risking transaction recently, albeit in the form of a longevity swap in a £2bn deal with Zurich.PIC reinsured £900m of liabilities in a longevity swap deal with Prudential Insurance Company of America earlier this month. This followed Prudential’s agreement with Scottish Widows in February to take on $1.2bn (€1bn) worth of longevity risk.Michelle Wright, partner at LCP, said the M&S transaction would signify “the start of the busy 2018 that has been predicted”.“Within this increasingly busier market, M&S is now a ‘go-to’ scheme for insurers to offer future de-risking opportunities at attractive pricing,” she added.last_img read more

Adjustment of the Elbe Fairway Essential for Hamburg

first_imgDespite the qualified planning approval granted in 2012 and the February 2017 decision of the Federal Administrative Court, the Port of Hamburg is still waiting for work to begin on the dredging of the Elbe River.“Adjustment of the fairway is essential for Hamburg and should at last be put into effect. Higher draft and improved opportunities for passing on the Elbe will offer increased safety and flexibility for traffic control on the Elbe, also producing tremendous advantages for merchant shipping,” said Ingo Egloff, Joint CEO of Port of Hamburg Marketing at the quarterly press conference.The Elbe is Germany’s most significant waterway. A crucial stretch is the 130 kilometers between Hamburg and the mouth of the North Sea near Cuxhaven. The river has been deepened eight times since 1818.Dredging the Elbe River 38-mile navigation channel to the North Sea will enable Europe’s third-largest container hub to handle the ships with a maximum draft of 14.5 meters – entering the port at high tide – and vessels up to 13.5 meters regardless of the tide.According to Ingo Egloff, mega-containerships will be able to bring/take away an additional 1,600 and more containers (TEU) per call to/from Hamburg.For CEO of Port of Hamburg Marketing, it is not acceptable that vital infrastructure projects like the adjustment of the fairway on the Lower and Outer Elbe should be blocked by objections from environmental pressure groups and others.“It is becoming increasingly difficult for us to explain to the port’s international customers how we are still having to wait for implementation of fairway dredging despite the qualified planning approval granted in 2012 and the February 2017 decision of the Federal Administrative Court,” added Egloff.“The fact that the bodies objecting also seemingly continue to pursue the aim of a final rejection of the dredging of the fairway also deserves criticism. In doing so, they wholly ignore the damage to the national economy caused by a blockade that has already lasted years and the additional adverse economic effects on the further development of the port and the jobs involved,” commented Egloff.The Port of Hamburg is Germany’s largest universal port, underpinning more than 155,000 jobs in the Hamburg Metropolitan Region. The port is also an important location for industry, of great significance for the entire German national economy, with annual gross value added of 21.8 billion euros.last_img read more

Gazprom completes pipeline system for TurkStream project

first_imgThe entire pipeline system for Gazprom’s TurkStream project in the Black Sea has been completed following successful connections between TurkStream offshore section and landfalls.LorelayTurkStream is a project for a gas pipeline stretching across the Black Sea from Russia to Turkey and further to Turkey’s border with neighboring countries.The final weld that connects the offshore and the nearshore sections of TurkStream was completed, marking the finalization of the entire pipeline system in the Black Sea.The procedure, known technically as “Above Water Tie-In,” involved retrieving the nearshore pipeline and offshore pipeline from the seabed, lifting them above water and welding them together.The total weight that had to be lifted for the operation was approximately 409 tons. After a thorough inspection of the weld, the pipe was carefully lowered to the seabed at a depth of 32 meters. This operation was carried out on both lines in Russian waters in January and February this year, and near the Turkish coast in March.The pipelaying in deep waters was carried out by Pioneering Spirit, the world’s biggest construction vessel, while the shallow-water pipelaying was conducted by Lorelay.With the completion of the Above Water Tie-In Procedure, a physical connection between the landfall facility near the Russian city of Anapa and the Receiving Terminal near Kiyikoy in Turkish Thrace is realized.Russkaya Compressor Station, which will provide the necessary pressure for the gas to traverse through the Black Sea, and the Anapa landfall facility of the TurkStream pipeline system are already complete and on stand-by.With the completion of the Receiving Terminal in Kiyikoy later this year, TurkStream will be ready to start operations. Natural gas flow through TurkStream is planned to start by the end of 2019.The first line of the gas pipeline is intended for the Turkish consumers, while the second line is designated for the Southern and South-Eastern Europe. Each line will have the throughput capacity of 15.75 billion cubic meters of gas per year. South Stream Transport B.V. has been carrying out project activities with regard to the offshore gas pipeline.last_img read more

Lady Cats Win 3-Way Golf Meet

first_imgThe Lady Wildcats played their last home meet tonight against the Greensburg Pirates and South Dearborn Knights. They were able to stay undefeated and improve their record to10-0. FC 160, Greensburg 173, South Dearborn 236.Senior, Dana Branstetter, was low medallist for the meet with an even par score of 35.“I was happy to get the win tonight! Greensburg is a tough team and my team was able to go out and put together another great score. It was also our senior night, and I was happy we were able to keep the undefeated season going for Dana and Kendyl. The two seniors were able to post the two lowest scores of the night!” Wildcats Coach Marisa Mears.The team will be back in action when they travel to Liberty CC tomorrow to take on Union County and Connersville.Wildcats Scoring. Dana Branstetter – 35, Kendyl Brack – 39, Abby Orschell – 46, Maggie Brack – 40, Gracie Graf – 53, Aslan Hill – 51, Jade Allen – 54, Camryn Brewer – 53, Erin Hesselbrock – 56, Sam Ebrens – 61.last_img read more

Theo Walcott urges Arsenal to move on quickly after Champions League setback

first_img The England forward’s energetic performance as a second-half substitute, scoring a well-taken late goal on the break, was perhaps the only positive on a night of frustration in Croatia. Walcott, though, is confident that having such another big game coming so quickly can only be a positive. “We need to move on now,” he said. “We have got a big, important game at the weekend, but everyone will be very disappointed. “However, we can’t blow one result and say ‘it’s the end of the season’ – we have still got a long Champions League run (ahead). “We have had setbacks before and have managed to bounce back from them. “We have been in this tournament for 18 years now so we’ve had a lot of experience and we know how to deal with setbacks. “We should be able to come back stronger. “The manager will make sure that it’s put to bed in the changing room and that it will stay there. We need to reflect on this game and move on quickly.” Captain Mikel Arteta, recalled in a defensive midfield role, believes Arsenal cannot use squad rotation as an excuse for failing to beat a team which had not won in the Champions League since 1999 and never progressed from the group stages. “We had a strong team out there to win the game and we created enough chances to at least not lose, even with 10 men, ” the Spaniard said. “The boss has to manage the squad with the number of games we have in the next couple of weeks.” Arteta, who was out for a long spell with injury last season, missing the FA Cup final victory over Aston Villa at Wembley, accepts Arsenal will need to produce a swift response against a Chelsea side boosted by their impressive 4-0 midweek European victory over Maccabi Tel Aviv. “It doesn’t help, before a big game,” he said. “We have to react quickly. We’re quite good at that. We’ve done it in the past. Sometimes when you have disappointment in the body it’s good because you find a good reaction. “Tomorrow is a new day, a time to be positive and take good things into the next game because we can beat Chelsea.” Goalkeeper David Ospina came into the side as Petr Cech was rested to the bench. The Czech, though, is expected to be back between the posts for Saturday’s match against the club he left in the summer. Wenger said: “Ospina is a very, very good goalkeeper and he has shown that again (in Zagreb). “Cech has not played a full season (for Chelsea last year), so I am trying to give him some rest mentally because for goalkeepers it is the same as outfield players.” Theo Walcott has challenged Arsenal to put their nightmare Champions League trip to Dinamo Zagreb behind them by returning to form against Chelsea at Stamford Bridge on Saturday. The Gunners had striker Olivier Giroud sent off as they crashed to a disappointing 2-1 defeat at the Maksimir Stadium. Manager Arsene Wenger had made six changes to the starting XI, which included leaving Walcott on the bench. Press Associationlast_img read more

Few surprises in Northern Ireland squad

first_img “Anything is concevable in football, but one thing you have to look at as a manager is it is dangerous if you look too far ahead in football and my focus at the moment is on preparing the squad for the Euros,” O’Neill said to BBC Northern Ireland when asked if he had thought about remaining in charge after Euro 2016. “I have had discussions with the IFA and they have all been very positive – hopefully between now and the early part of the new year those discussions will remain positive and I am the manager going forward. “I have also said I have been in the job four years, which is a long time, there were difficult days in the early campaign and times when I thought maybe it was not the right job for me, but obviously where we are now in terms of qualification, I think this squad will probably change over the next campaign. “We have a very difficult World Cup group with Germany and the Czech Republic being in there but that is a massive challenge and one I would not be scared to take on.” O’Neill added: “A number of younger players are going to have to step up and come into the squad after the Euros, but for now the time is to let us enjoy where we are, let’s look forward to the tournament and go there to give a great account of ourselves.” O’Neill guided Northern Ireland into the Euro 2016 finals following a successful qualifying campaign at the top of Group F, securing a place at a major championships for the first time in 30 years. Manchester United defender Paddy McNair suffered an abdominal injury in the last competitive match against Finland, so remains out. Press Association Leading scorer Kyle Lafferty retains his place despite continuing to find club chances at Norwich limited. There was, though, no recall for striker Martin Paterson, who has just returned to English football with Blackpool after an injury-ruined spell in Major League Soccer with Orlando City, while defender Aaron Hughes, now playing in Australia with Melbourne, misses the chance to close up on 100 caps. With a relatively small squad selected, defender Ryan McLaughlin, on loan at Aberdeen from Liverpool, has not been called up to join from the under-21s. Northern Ireland squad to face Latvia: R Carroll (Notts County), M McGovern (Hamilton), A Mannus (St Johnstone); Baird (Derby), G McAuley (West Brom), J Evans (West Brom), C Cathcart (Watford), S Ferguson (Millwall), L Hodson (MK Dons), C McLaughlin (Fleetwood); , S Davis (Southampton), C Brunt (West Brom), C Evans (Blackburn), O Norwood (Reading), P McCourt (Luton), S Dallas (Leeds); K Lafferty (Norwich), N McGinn (Aberdeen), J Ward (Nottm Forest), J Magennis (Kilmarnock), B McKay (Dundee Utd), W Grigg (Wigan), L Boyce (Ross County). O’Neill’s contract expires following the European Championships. The 46-year-old was appointed in December 2011, having guided Dublin-based League of Ireland club Shamrock Rovers to the group stages of the Europa League. The one-time Newcastle, Dundee and Wigan midfielder had been linked with another of his former clubs Hibernian before making the step into international management. While O’Neill makes no secret of his desire to one day return to club coaching, he also refused to rule out staying in his current role. Northern Ireland manager Michael O’Neill produced few surprises when naming his squad for the friendly against Latvia at Windsor Park on November 13. last_img read more

Shuttler Lakshya Sen claims Second Straight Super 100 Title

first_imgSaarLorLux: Shuttler Lakshya Sen on Sunday won the SaarLorLux Open Super100 title with a sensational come from behind win over China’s Weng Hong Yang. It was Lakshya’s second consecutive Super 100 title and third straight tournament win overall.The 18-year-old was trailing 17-21, 13-16 before clinching seven straight points to take the match into the third game. The match lasted 58 minutes with the third game-ending 21-16 in his favour.Lakshya was in the 51st position in world rankings at the start of the match and the win will push him inside the top 50.He had earlier beaten Kiran George in an all-India semifinal on Saturday. It was the fifth time that the pair met in the international circuit. IANSAlso Read: Lakshya Sen Fights Hard For Title WinAlso Watch: Assam Martial Arts shines at World Martial Arts Games 2019 in Londonlast_img read more

Other Sports Pro Wrestling League: MP Yodha beat Delhi Sultans to register first win

first_img For all the Latest Sports News News, Other Sports News, Download News Nation Android and iOS Mobile Apps. New Delhi: Skipper Pooja Dhanda lived up to the expectations as she defeated Romanian Katherina Zhydachivska of Delhi Sultans 6-0 to register the first win for MP Yodha in a Pro Wrestling League (PWL) season 4 match at the Tau Devi Lal Indoor Stadium here on Tuesday. Yodha’s were trailing 2-3 when Pooja came to the mat and her win pushed the tie to the decider, according to the last received reports.In the decider, Rio Olympic Games participating wrestler Sandeep Tomar of MP Yodha beat Delhi Sultan’s national championships bronze medalist Pankaj to win the decider 9-7.The bout between former and current national champions Deepak and Praveen in the 86kg category was an engrossing one but Deepak won the bout by winning the last point even though the scores were levelled at 7-7. In the 53-kg category, U-23 World Championship silver medalist Ritu Phogat of MP Yodha lost 3-5 to Delhi Sultan’s Pinki.   Also Read | BCCI CEO speaks to Hardik Pandya, KL Rahul The 2017-18 World Military Championships gold medalist Khetik Tsabalov put Delhi Sultans ahead winning the third bout easily against Vasil Mikhailov 17-2.Delhi Sultans’ Anastasia Shustova beat Andrea Olaya in less than a minute pinning the MP Yodha wrestler down twice to win 6-0 in the 76kg category. MP Yodha’s world championships gold medalist Azerbijan’s Haji Aliyev brought his team back into the tie after beating Delhi Sultan’s Andrey Kviatkovski 9-2.Earlier, Delhi Sultans won the toss and blocked the 62kg female category preventing Rio Olympic bronze medalist Sakshi Malik from taking the mat against Elise Monolova.MP Yodha in return blocked the 125kg category restricting Akash Antil and Satender Malik from taking the mat.#PWL4: @MPYodha vs @DelhiSultans: @MPYodha’s #SandeepTomar rides his team to 4-3 victory against @DelhiSultans after thrashing #Pankaj in the seventh bout 9-7#ProWrestlingLeague #MatLePanga#ProWrestlingLeague4 @NewsX @Inkhabar @wrestling pic.twitter.com/9buHOkRdzR— Pro Wrestling League (@Official_PWL) January 15, 2019last_img read more

FIFA Plan New Cash Injection for Women’s Game

first_imgFifa is hoping to renegotiate contracts already signed for the next women’s World Cup in 2023 as it looks to increase the amount of money going to players, according to reports.“FIFA plan to renegotiate contracts for the women’s World Cup in order to offer much greater bonuses to players,” a source said ahead of a Fifa Council meeting in Shanghai tomorrow.Women’s football will feature heavily on the agenda at the meeting as world football’s governing body plans to increase the number of competing teams at the World Cup to 32, up from 24 at this year’s tournament in France. Gianni Infantino, the FIFA president, has already promised to double the prize fund for the next tournament having initially raised overall contributions from $15 million to $50 million in time for this year’s competition.Tomorrow, FIFA are also expected to rubberstamp plans already announced by Infantino to double funding for the women’s game to $1 billion over the next four years.The money will come from the organisation’s vast cash reserves of more than $2.7 billion. “We don’t need all this money in the Swiss banks, they have enough money,” said Infantino in July.In addition, Fifa are also exploring the possibility of creating a women’s World League – along the lines of UEFA’s Nations League – as well as a Club World Cup for women.A decision on the creation of these tournaments will be made in March next year.Tomorrow’s meeting will also see FIFA appoint a host for the 2021 men’s Club World Cup, which will feature 24 teams for the first time.Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegramlast_img read more

First Floating Taco Bar Opens in the Caribbean

first_imgNews is spreading quickly about the Caribbean’s first floating taco bar, which opened last month in the waters of the U.S. Virgin Islands, 200 feet off St. John’s Hansen Bay Beach. The new business, called Lime Out VI, is creating quite a stir, and has already been featured on POPSUGAR, Caribbean Journal, Coastal Living, Travel and Leisure, Yahoo, and Lonely Planet, to name just a few.According to reports, everything about the bar is eco-friendly: It’s solar-powered, serves food in biodegradable containers, has solely recyclable cups, and will not serve straws. They’ll deliver food to nearby boats, customers who swim up to their bar (because, yes, there is also a swim-up bar for those who decide they don’t need a boating vehicle to get there), and kayakers in the area.Chelsea Baranowski, co-owner of Lime Out VI, told the paper her husband and their fellow owners, “all grew up together in St. John’s Coral Bay and have always wanted to open a business in the area.” The menu features super local cuisine and right now has 11 types of tacos, including fresh-catch ceviche, surf and turf, rum ribs, shrimp, and green curry chicken tacos.Lime Out’s cocktail menu is reportedly just as enticing, as it revolves around St. John flavors: Each drink is made with local fresh-squeezed juice and a specialty island liquor.last_img read more