UK pension funding levels continue to slide as deficits hit £460bn

first_imgFunding across the UK defined benefit sector fell to new record lows in August, despite the Pension Protection Fund (PPF) 7800 index revisiting its own estimate of assets held by nearly 6,000 schemes.The lifeboat fund’s monthly estimate calculated an aggregate deficit of £459.4bn (€538bn) at the end of last month, equivalent to a system-wide funding level of 76.1% and down by more than 3 percentage points month on month.It also estimated liabilities across the 5,945 DB funds stood at £1.9trn, up by more than £100bn since July and an increase of £430bn year on year.Andy Tunningley, head of strategic clients at BlackRock, noted that funding ratios had dropped for the fourth consecutive month. “To compound matters,” he added, “the goalposts have shifted even further away, as the costs of insuring pension liabilities – already elevated for non-pensioner liabilities – are likely to have risen further given compressed corporate-bond spreads.”The increase would have been starker had a new estimate of pension assets by the PPF not seen a 2%, or £31.2bn, upward revision of total assets under management.“The return from growth assets in August was no match for ballooning liability values,” Tunningley said.“The key driver of increasing liabilities continues to be Gilt yields, which fell materially as the Bank of England cut interest rates and announced a package of new quantitative easing.”Boris Mikhailov, investment strategist for global investment solutions at Aviva Investors, agreed.“As a result, most pension schemes’ assets lacked pace and did not increase in value by as much as their liabilities,” he said.“This is due to their under-hedged position in rates, which continue to drive deficits up as yields fall.”last_img read more

I never thought I would get a double hundred in 2013: Rohit Sharma

first_imgMUMBAI: Star India opener Rohit Sharma has said he never thought he would get a double hundred during the 2013 Bengaluru ODI against Australia.It was Rohit’s first double hundred soon after he started opening the batting in the Champions Trophy. India’s current limited overs vice-captain Rohit is the only player to have scored three double centuries in ODIs. “I never thought I would score a double hundred. I just wanted to bat well. It was a nice and flat pitch,” Rohit told senior India off-spinner R. Ashwin during an Instagram Live chat. Rohit scored 209 off 158 balls, his innings laced with 12 fours and a whopping 16 sixes. India won the seventh ODI of the series by 57 runs. Rohit also revealed it was former India batsman Yuvraj Singh who told him to make the most of the opportunity as an opener and go for a big one. “I remember Yuvi (Yuvraj Singh) telling me, this is a great opportunity for you. You have just started to open the batting. He told me this is a good opportunity for you to make a big score. I was getting 40s, 50s, 60s. That was a good talk we had before the game,” the 33-year old said. “When I went back inside, someone was telling me, if you would have batted for another over or so you would have broken (Virender) Sehwag’s record,” said Rohit, who went to score 264 against Sri Lanka at Eden Gardens in 2014 which remains the highest individual score. “The expectation in the dressing room is really high. There were three or four guys who wanted me to score 10 or 15 more runs, Yuvi (Yuvraj Singh) was one of them and maybe Shikhar Dhawan too,” recalled Rohit. IANS Also Read: Saliva ban needs an alternative to keep game balanced, says Gautam Gambhirlast_img read more

Donovan Mitchell, Jazz send Cavs to 8th straight loss

first_imgCarpio hits red carpet treatment for China Coast Guard PLAY LIST 02:14Carpio hits red carpet treatment for China Coast Guard02:56NCRPO pledges to donate P3.5 million to victims of Taal eruption00:56Heavy rain brings some relief in Australia02:37Calm moments allow Taal folks some respite03:23Negosyo sa Tagaytay City, bagsak sa pag-aalboroto ng Bulkang Taal01:13Christian Standhardinger wins PBA Best Player award ‘Mia’: Rom-com with a cause a career-boosting showcase for Coleen Garcia Japeth Aguilar embraces role, gets rewarded with Finals MVP plum Sports Related Videospowered by AdSparcRead Next Gretchen Barretto’s daughter Dominique graduates magna cum laude from California college Cavaliers: Host New Orleans on Saturday. Heat go over .500, top Wizards No.13 lucky for Orlando Bloom LATEST STORIES After winning title, time for LA Tenorio to give back to Batangas folk Utah Jazz’s Donovan Mitchell (45) drives past Cleveland Cavaliers’ Jordan Clarkson (8) in the first half of an NBA basketball game, Friday, Jan. 4, 2019, in Cleveland. (AP Photo/Tony Dejak)CLEVELAND — Donovan Mitchell scored 18 points and the Utah Jazz dominated the second half, sending the Cleveland Cavaliers to their eighth straight loss with a 117-91 victory on Friday night.Cleveland (8-31) has the worst record in the NBA, with four of the losses in the streak coming by 20 or more points.ADVERTISEMENT The Jazz trailed by one at halftime, but outscored the Cavaliers 69-42 in the second half and built a 34-point late in the game. Utah placed eight players in double figures.Jae Crowder, acquired from Cleveland last season, scored 16 points. Ricky Rubio, who was listed at questionable with a sore left foot, added 15 while Rudy Gobert had 12 points and seven rebounds.FEATURED STORIESSPORTSGinebra beats Meralco again to capture PBA Governors’ Cup titleSPORTSJapeth Aguilar wins 1st PBA Finals MVP award for GinebraSPORTSGolden State Warriors sign Lee to multiyear contract, bring back ChrissAlec Burks scored 17 points and rookie Collin Sexton had 13 for the Cavaliers.Cleveland led 64-61 midway through the third quarter, but Mitchell’s 3-pointer tied the game and began a 20-7 run to end the period. Don’t miss out on the latest news and information. Lights inside SMX hall flicker as Duterte rants vs Ayala, Pangilinan anew TIP-INSJazz: Mitchell didn’t score until late in the second quarter on a drive to the basket. … Utah, making the second stop on its four-game road trip, won’t return home until Jan. 9 against Orlando.Cavaliers: Sexton, taken with the No. 8 pick in the draft, turned 20 years old Friday. … G Patrick McCaw was given a turnover when his pass sailed close to teammate Jalen Jones, who was walking to the scorers table to check into the game.TRADE PARTNERSThe teams made two deals in 2018. Korver, who played on two NBA Finals in Cleveland, was dealt to Utah for Burks. The deal followed a trade in February that saw Hood join the Cavaliers for Crowder.Korver, who played parts of three seasons with Cleveland, got a big ovation when his picture was shown on the scoreboard during a timeout. Hood had 12 points Friday night.ANOTHER INJURYMatthew Dellavedova missed the game with a sprained left foot. The backup guard, acquired from Milwaukee on Dec. 7, has provided a spark off the bench for the struggling team. Dellavedova is averaging 9.3 points and shooting 49 percent in 11 games.UP NEXTJazz: Visit Detroit on Saturday. Phivolcs: Slim probability of Taal Volcano caldera eruption Kyle Korver, acquired from Cleveland in November, was fouled shooting a 3-pointer and made all three shots. Crowder hit a 3-pointer and Utah led 81-71 going to the fourth quarter.Utah’s blitz continued in the fourth on an assortment of 3-pointers and layups that sent fans heading to the exits early.The Cavaliers opened the second quarter with a 14-2 run, sparked by 3-pointers from Rodney Hood, Alec Burks and Channing Frye, and led 45-36. Mitchell scored nine points in the final four minutes, including a 30-foot jumper and Utah trailed 49-48 at halftime.The Cavaliers have struggled all season. Tyronn Lue was fired as coach after four games and Cleveland began the season 0-6. All-Star forward Kevin Love had left foot surgery on Nov. 2, playing in only four games. Love has been cleared to begin some basketball activities, but no timetable has been given for his return.The win was Utah’s first in Cleveland since a 109-100 victory on March 5, 2012.ADVERTISEMENT MOST READ Nadine Lustre’s phone stolen in Brazil Ginebra beats Meralco again to capture PBA Governors’ Cup title View commentslast_img read more

250,470 hectares of old-growth forest preserved in Dawson Creek

first_imgThe Dawson Creek timber supply area is roughly between the Peace River and Kakwa Provincial Park, and Pine Le Moray Provincial Park and the Alberta border.Old-growth forests are those that are more than 120 to 140 years old. The forests create habitat for thousands of plant and animal species while allowing for the cultivation of non-timber forest products such as mushrooms and medicinal plants. The new areas bring the total number of old-growth management areas in British Columbia to about 7,800, totaling almost 675,000 hectares. More than a quarter of a million hectares in the Dawson Creek timber supply area will be managed to conserve old-growth forest.Minister of Forests and Range and Minister Responsible for the Integrated Land Management Bureau Pat Bell made the announcement on Friday.The 250,470 hectares are in 240 separate areas in the timber supply area, with the largest being about 10,000 hectares in size. – Advertisement -Old growth-management areas are mapped pieces of forest that forest companies are required to identify while preparing forest stewardship plans, and are managed to coincide with the forest’s natural lifecycle. As the lifecycles of the trees in the area ends, they may be harvested by the licensee. The licensee offers a replacement old-growth management area, which the Province recognizes as having similar qualities. The 250,470 hectares are the first in the Dawson Creek timber supply area to be defined as old-growth management areas. It also replaces a practice that required licensees to manage a percentage of their land base for old-growth biodiversity. But, it did not map those sections of land.Advertisementlast_img read more

Campus repairs begin after fire

first_img AD Quality Auto 360p 720p 1080p Top articles1/5READ MOREGift Box shows no rust in San Antonio Stakes win at Santa Anita160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set! SAN GABRIEL – A demolition crew will begin removing debris at Emperor Elementary School today, and school officials plan to have four portable classrooms on campus Monday following suspected arson earlier this week. David Jaynes, Temple City Unified School District business manager, said he was authorized Friday at an emergency school board meeting to spend up to $1 million to demolish four classrooms damaged in the blaze and acquire temporary housing for 77 displaced first- and second-grade students. The four portables were acquired Friday from the Covina-Valley Unified School District, Jaynes said, and he was working Friday afternoon to find a trucker to bring them to Emperor on Monday. District officials are moving swiftly to recover from the Wednesday night fire that destroyed one classroom and heavily damaged three others. Joan Hillard, Temple City Unified’s superintendent, estimated the damage at $1 million. The school has more than 600 K-6 students. Sgt. Craig Anderson with the Los Angeles County sheriff’s Arson Explosives Unit was at the school Friday inspecting the ruins and taking photographs. “The investigation is continuing and we haven’t found a cause,” he said. “We believe it was arson-related and incendiary in nature.” Jaimi Harrison, the school’s community liaison, said a storage room that housed school supplies was destroyed. Jerri Williamson, the school secretary, said the school lacks a place to store donated supplies that are now pouring in, and is trying to secure a 40-foot-long storage container. “We took some items out of one room that were very stained, very soot-filled and smelly, and moved them into the cafeteria to sort them,” she said. The smoky smell was so strong that students had lunch outside on the front lawn, something they do occasionally, Harrison said. And the community has shown strong support for the school, she said. Wal-Mart has established an emergency fund for situations like the Emperor fire, and Harrison said if they qualify, the school wants to install air purifiers in classrooms near the fire, where the odor of smoke is strongest. Williamson said families and community members have so far donated $3,000. Officials at Longden Elementary School sent a truckload of first- and second-grade materials, while Oak Avenue Intermediate School officials sent a list of available furniture. (626) 578-6300, Ext. 4475last_img read more