Grosvenor revamps geography

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IASS lowers return targets as new draft funding agreement announced

first_imgThe underfunded Irish Airlines Superannuation Scheme (IASS) aims to return 4.5% per annum over the next 25 years to address its deficit, according to the latest draft funding agreement.In a note to the Irish Stock Exchange, the fund’s main sponsor – national flag carrier Aer Lingus – said that while the draft had yet to be submitted to the Pensions Board, it nonetheless expected the proposed scheme restructuring to be completed by the end of the year.Under the terms of the latest proposal, the IASS general employees scheme would cut current pensions in payment in accordance with the revised priority order – resulting in 90% of benefits to €60,000 a year and 80% for all benefits above.Active and deferred members would see their accrued benefits cut by 20%, while all three would no longer be entitled to indexation increases. According to the statement, the IASS trustee would also implement a liability-driven investment strategy, as previously announced.However, the new draft lowered the required annual return by 0.5 percentage points, to 4.5% a year over the 25 years of the funding proposal.Aer Lingus said it stood by its previous proposal to fund a new defined contribution arrangement with €110m to compensate the scheme’s active members but added that it would “reassess the matter” once it had examined the draft proposal in detail.In a statement, it said: “The draft funding proposal summarised in the recent letter from the IASS Trustee has not yet been submitted to the Pensions Board, and it remains the responsibility of the IASS Trustee to do this.“The Company therefore expects the IASS Trustee to move forward with the submission of this draft funding proposal as soon as is practicable on the basis that it represents a viable solution which would result in a better outcome for the affected parties than the forced winding up of the Scheme.“Gaining the Pensions Board’s approval for the draft funding proposal is a crucial preliminary step that must be completed before the other key steps can be taken.”The Pensions Board last year appeared to reject a draft proposal that would have seen the IASS take up to 70 years to meet the regulator’s funding standard.A 25-year period would still be significantly longer than granted to other schemes, which are expected to comply within a decade of submitting their proposals.Funding proposals were due to be submitted to the Board nearly eight months ago, at the end of June last year.last_img read more

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Activist groups campaign against Australian supers’ fossil fuel holdings

first_imgTwo activist groups are upping the ante in their campaigns to force Australia’s largest super funds to totally divest from fossil fuels and other stocks whose activities they say are contributing to climate change.The two groups, Healthy Futures and Market Forces, have been conducting online campaigns to gather support from super fund members.Market Forces, which keeps tab on super funds and their fossil fuel investment, last week focussed on UniSuper, a A$85bn (€50.3bn) scheme with 450,000 members working in the higher education and research sector.Healthy Futures has its sights on six super funds, including AustralianSuper, HESTA, First State Super, QSuper, SA Super, GESB, the West Australian public sector super fund, and TasPlan, a small Tasmanian fund.Collectively, these super funds manage close to A$450bn.Market Forces was able to mobilise 10,000 UniSuper members to sign an open letter published in the Australian Financial Review last week. The letter called on the UniSuper board to divest from all companies that are actively undermining climate change action.“Specifically we demand the fund divest from the companies that are expanding the scale of the fossil fuel sector; and/or relying on scenarios incompatible with the climate goals of the Paris Agreement to justify their future business prospects,” the letter said.“We expect this action to be taken across the entire fund by the end of the financial year ending 30 June, 2020.” The letter added that, as the default superannuation fund for Australia’s academics, scientists, researchers and university employees, UniSuper should be leading investor action on climate change.“Instead, billions of dollars of members’ retirement savings are invested in companies whose operations and plans are completely incompatible with the climate goals of the Paris Agreement,” it said.When approached by IPE, UniSuper declined to comment.In a parallel campaign co-ordinated by Healthy Futures, more than 400 doctors and other health professionals have publicly called on HESTA to sell down shares in 19 fossil fuel producers.The activist group met with HESTA executives at its certified carbon emission-free head office in Melbourne last week to stress its points.It has stepped up its campaign in the wake of Australia’s recent bushfires, which aside from huge economic and financial losses, has caused health issues for many. Market Forces was able to mobilise 10,000 UniSuper members to sign an open letterSince 2015, a group of well-known medical professionals, students and other community workers has lobbied HESTA to pull out of companies with primary businesses in fossil fuel extraction, transportation or power generation.In an open letter to HESTA, Healthy Futures said it was “unconscionable” for the fund to continue to invest in fossil fuel companies, pointing to the health effects of air pollution, coal combustion and fracking for unconventional gas.“All fossil fuels, when burned, contribute to climate change, which has been identified as the greatest global health threat of our time,” the letter said.Sonya Sawtel-Rickson, HESTA CIO, told IPE: “Our best chance at managing the long-term financial risk of climate change is by using our influence to drive companies to better understand, manage and reduce their carbon emissions.“We believe that if all we do is simply sell these companies, it is very unlikely to change their behaviour and drive long-term climate action. Using the leverage ownership is more effective than divestment at achieving climate action and the transition to a low carbon future.”“We believe that if all we do is simply sell these companies, it is very unlikely to change their behaviour and drive long-term climate action”Sonya Sawtel-Rickson, HESTA CIOSawtel-Rickson said active ownership was producing significant results. For example, by co-operating with other investors, HESTA had successfully pushed for companies like BP to set emission-reduction targets and link these to executive pay.BP last month announced that it would aim to be net carbon neutral by 2050.“Divestment would mean we have no influence to encourage climate action, and would limit our ability to protect members’ investments,” Sawtel-Rickson added.HESTA is an active member of Climate Action 100+ global investor collaboration that engages with the world’s biggest emitters. In the Australian context, mining giants such as Rio Tinto and Glencore have signalled that they have taken significant steps regarding transition planning.Other initiatives by HESTA include seeking to explicitly link the pay of top executives of oil and gas companies to their performance on reducing carbon emissions.Along with other like-minded super funds, it has discussions with companies such as Woodside and Santos, urging them to follow the lead of international energy giants BP and Shell in directly tying executive remuneration to emission reductions.last_img read more

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Repsol starts gas production from Sagari field in Peru

first_imgImage courtesy of RepsolRepsol has begun gas production from the Sagari field, located in block 57 in the Cusco region of Peru, the South American only liquefied natural gas (LNG) exporter. The start of production at Sagari will lead to a 25 percent increase in the block’s total output, Repsol said, adding that this is reinforcing the company´s gas output drive in its reserves development strategy.Starting in January 2018, it will produce 5.6 million cubic meters per day: approximately one-fourth of Peru’s total gas demand.The Sagari field was discovered in 2012. Repsol holds a 53.84 percent share and operates the field, partnered with CPNC of China with the remaining 46.16 percent stake.Block 57 is located to the east of the Andes mountain range, in one of the most prolific gas production areas of Peru. The Repsol-operated Kinteroni field is also located nearby and has been in production since 2014.last_img read more

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‘1st Annual Caleb Brown 5k’ registration open

first_imgGreensburg, In. — Residents are invited to celebrate the memory of former Special Olympic athlete Caleb Brown with a 5k on September 22. Caleb was a basketball player that died in March of 2018 suddenly following a tournament in Terre Haute. Caleb also was on the bowling team and a co-owner of Port-O-Lets Sanitation.Registration for the 1st Annual Caleb Brown Memorial 5k begins at 7 a.m. and the run/walk begins at 8 a.m.Here is the route for participants:Route for the 5K through the streets of Greensburg:-Begins at the Tree City Fall Festival stage going east to Franklin Street-Turn left at Franklin Street-At Walnut Street turn right-Turn left onto East Street-Take the small right hand jog at First Street to remain on East Street-Head to Fourth Street and make a small right hand jog to Barachel Lane-Turn left onto Broadway Street-Go Straight across into the industrial drive by KB Foods-Do a quick horseshoe turn to get back onto Broadway Street-Turn right onto Fifth Street-Go around the curve to Fourth Street-Turn right to Anderson Street and then turn left-Take Anderson Street to First Street and turn left-Turn left on Ireland Street and then right on Second Street to Broadway Street.-Turn right on Broadway to complete race just short of the Tree City Fall Festival stageThe entire route will be marked and volunteers will direct participants when needed. Register online here.last_img read more

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Nelson aces Tuesday Hobby Stock qualifier

first_imgDylan Nelson led all but the first two circuits in winning Tuesday’s qualifying feature for IMCA Hobby Stocks at the IMCA Speedway Motors Super Nationals fueled by Casey’s. (Photo by Bruce Badgley, Motorsports Photography) Lining up behind Nelson and Luinenburg on the outside row of Saturday’s Big Dance will be fellow Great Eight finishers Sal Hernandez of Columbus, Neb., Gonska, of Brainerd, Minn., John Watson of Des Moines, hard charger Malik Sampson of Worthington, Minn., and Dawson DeBoer and Blake Arends, both of Little Rock.  The Adel speedster caught Tim Gonska for the point on the third circuit and weathered a handful of restarts before taking the checkers at the end of the 25-lapper at Boone Speedway. The last 11 laps ran caution-free. Reading, Minn.’s Justin Luinenburg settled into second on lap 20 but could never mount a challenge to the leader.  Sampson made an incredible run after starting last in the field of 28. Luinenburg had started 11th, Watson 13th and Arends 22nd.  Watson qualified for the Saturday show for the ninth time, Hernandez and Sampson both for the fourth, DeBoer for the second and Nelson, Luinenburg, Gonska and Arends each for the first.  Qualifying feature results – 1. Dylan Nelson, Adel; 2. Justin Luinenburg, Reading, Minn.; 3. Sal Hernandez, Columbus, Neb.; 4. Tim Gonska, Brainerd, Minn.; 5. John Watson, Des Moines; 6. Malik Sampson, Worthington, Minn.; 7. Dawson DeBoer, Little Rock; 8. Blake Arends, Little Rock; 9. Cody Stone, Hobbs, N.M.; 10. Brady Larkins, Deshler, Neb.; 11. Dillon Richards, Beatrice, Neb.; 12. Greg Sidles, Fairmont, Minn.; 13. David Simpson, Des Moines; 14. Darin Johnson, Dickens; 15. Seth Janssen, Ogden; 16. Matt Brown, Dysart; 17. Jamie Coady, Colfax; 18. Bryan Johnson, Graettinger; 19. Brett Vanous, Quasqueton; 20. Charlie Stevens, Algona; 21. Tyson Overton, Carlisle; 22. Zach Hemmingsen, Marne; 23. Carl Ellis, Pleasantville; 24. Justin Wacha, Vinton; 25. Dustin Thompson, Villisca; 26. Jack Phillips, Mitchellville; 27. Brady Henderson, Curtis, Neb.; 28. John Rebstock, Morton, Minn. Last-chance qualifying on Wednesday adds the final six car to Saturday’s main event grid.  BOONE, Iowa (Sept. 3) – A long run at the front in his Tuesday night qualifier put Dylan Nelson on the front row for Saturday’s Hobby Stock main event at the IMCA Speedway Motors Super Nationals fueled by Casey’s.last_img read more

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Doyle withdraws from Ireland squad

first_img Press Association Manager Martin O’Neill has no immediate plans to call up a replacement as he prepares for the Group D clash in Glasgow and the friendly against the United States which follows it next Tuesday. Midfielder James McCarthy and defender Stephen Ward also sat out the session with the Everton man’s hamstring problem a concern, but Stoke counterpart Glenn Whelan was able to train just weeks after breaking a bone in his leg during last month’s 1-1 draw in Germany. Doyle, who is currently on loan at Crystal Palace from Wolves, was unable to train with his Ireland team-mates at Gannon Park in Malahide on Tuesday morning because of a groin injury, and is to return to his club for treatment. A Football Association of Ireland spokesman said: “The Football Association of Ireland today confirmed that Kevin Doyle has withdrawn from the Irish squad, and will return to his club for treatment on a groin injury.” center_img Striker Kevin Doyle has withdrawn from the Republic of Ireland squad for the Euro 2016 qualifier against Scotland at Celtic Park on Friday.last_img read more

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Two members of the Kennedy family reported missing in canoeing accident

first_imgTMZ is reporting that two members of the Kennedy family are currently missing after a canoeing accident on Chesapeake Bay in Maryland.According to the report, Robert F. Kennedy’s granddaughter Maeve Kennedy Townsend McKean, and her 8-year-old son Gideon were reported missing Thursday after attempting to get a ball out of the water.Authorities say the family was hanging out in the yard of a waterfront house when the children accidentally kicked the ball into the bay.Maeve and her son then hopped into a canoe and attempted to track down the ball, however, they were unable to paddle back to the shore.The Coast Guard says it was extremely windy on the bay Thursday with gust of up to 40 mphs in the area and that a witness says they saw the two struggling in the canoe before they disappeared.Authorities later found a canoe matching the description of the one with the missing family members overturned in the water.Helicopters and boat rescue crews have been searching the area since Thursday, however, they have been unable to locate the mother and child.The governor of Maryland says officials are continuing their search.last_img read more

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Cricket News India eye clean sweep in Twenty20s, West Indies aim to end tour on high

first_img For all the Latest Sports News News, Cricket News News, Download News Nation Android and iOS Mobile Apps. New Delhi: The Test series was totally dominated by India. In the ODIs, the West Indies showed some spark and put up a fight but Virat Kohli, on top of his game, inspired his team to a 3-1 series win. In Twenty20s, it was expected that the West Indies would be the dominators, considering that they held a 5-2 advantage over India heading into this series.However, two matches later, West Indies are on the brink of a 3-0 capitulation in what was considered their best chance to break their drought in India. Kolkata showed the one-sided nature of the contest while in Lucknow, they were blown away by a hurricane called Rohit Sharma as he plundered a record fourth century in the format.Read More |Harmanpreet Kaur reveals secret behind big hitting in World T20Now, after the five-day break due to the Diwali celebrations, the West Indies end their tour with a final Twenty20 International at the Chepauk stadium in Chennai.Kuldeep the bogeyIn both losses, Kuldeep Yadav has been the pivotal factor for the West Indies. He has picked up five wickets in two games and Denesh Ramdin has admitted that the Windies have struggled to pick Kuldeep in this series.Read More |David Warner, Steve Smith step together on field for first time“Guys haven’t been able to pick him, and basically he was been one of the threats in the middle overs and unfortunately we couldn’t push on. We played our first game at Eden Gardens, where we were expecting to do well. But we didn’t adapt as well as we should. We didn’t string any partnerships either. T20 banks on momentum and partnerships, and we couldn’t do that,” Ramdin rued.In addition to Kuldeep, Jasprit Bumrah and Bhuvneshwar Kumar have been sensational. However, for the Chennai game, India are resting both Kuldeep and Bumrah. This could give either Washington Sundar or Shahbaz Nadeem the chance. Khaleel Ahmed has been impressive with his pace and he will want to sustain the momentum ahead of the tour to Australia.The batting has had fewer worries. Rohit continues to score centuries for fun but India will be concerned about Shikhar Dhawan’s form, who has endured a lean patch in ODIs as well. In the first game, the middle order did not fire and it needed a solid effort from Krunal Pandya and Dinesh Karthik to help them get over the line.West Indies in disarrayShai Hope and Shimron Hetmyer, the two stars in the ODI series, have struggled in the Twenty20s. The absence of big names like Chris Gayle, Andre Russell and Sunil Narine is telling when it comes to the batting, having managed scores of 109 and 124 only.The bowling has impressed in patches, primarily thanks to Oshane Thomas. However, there has been no back-up from the rest of the bowlers. West Indies will be determined to end the tour on a high. This will be the second Twenty20 International in Chennai, with India having lost the first game in 2012 against New Zealand by one run. last_img read more

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Quake Champions 2018 esports schedule revealed

first_imgOver the weekend at PAX East, Bethesda Softworks, publisher of Quake Champions revealed more details about the games 2018 esports schedule and updates to the game bringing forth a new map and champion.The first tournament of the year will take place at Dreamhack Tours in May with a prize pool of $50,000 (£35,309). The event marks a first in Quake esports, with no prior qualifier – all players attending Dreamhack will have the opportunity to compete for the prize.Alongside Dreamhack Tours, QuakeCon 2018 will host the titles second major event in August; a PGL hosted event taking place in October; with the Quake Champions Invitational taking place at Dreamhack Winter in December finishing off a solid year for Quake Champions events in 2018.Tickets are available now for the first Quake event at Dreamhack Tours in May, with other events due to go on sale in due course.Bethesda also went into some detail about a number of smaller events taking place in 2018 with the Collegiate Star League beginning in June. A number of online tournaments will also take place on a weekly and monthly basis with varying prize pools via tournament hosts ESL Go4 League, Battlefly and the Quake Champions Open League.Finally, Bethesda confirmed Quake Champions will be getting a new champion – Strogg: The primary enemy from Quake II and Quake 4. While a new map – Awoken: Will see players fight in a tropical labyrinth playable in Deathmatch, Team Deathmatch, Duel, 2v2 and Instagib.Esports Insider Says: Quake is a classic, so it’s always good to see the game in the news. With the game still in early access, it has time to polish off and find its audience. It remains to be seen if Quake holds the same level of relevance that it had in the 90’s, its appearance at major events will certainly help and QuakeCon prove the game still has a crowd after all these years.last_img read more

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