The risk factor

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Ilmarinen boosts Chinese exposure, returns nearly 7%

first_imgTimo Ritakallio, the pension provider’s new chief executive, noted that the shortfall would need to be addressed by investment returns in future, rather than increased contributions.While Ilmarinen’s long-term investment strategy foresees a reduction in fixed income in favour of both infrastructure and real estate, the fund nevertheless saw its bond and money market holdings increase to nearly 40% of assets, up by 1.1 percentage point year on year.The asset class returned 2.4% overall, with money market instrument returns at zero for the second year running.Notably, the provider saw its corporate credit portfolio decline by one-sixth over the course of 2014, citing less interest by companies to take on loans funded by pension providers due to Finland’s struggling economy.Having issued nearly €100m in new loans in 2013, the amount fell to €55.5m last year, while the overall loan portfolio shrank in size from close to €1.8bn to €1.5bn, a 17.6% drop.Ilmarinen also continued to reduce its exposure to domestic equity, with Finnish shares only accounting for 30.2% of all listed shares, a 3.4 percentage point drop.Its exposure to Japanese and emerging market stocks also reduced.However, its holdings in Chinese equity increased markedly compared with 2013, exceeding 5% of the overall equity portfolio, while exposure to European equities increased, approaching 40% of equity holdings.The rebalancing saw equities fall from being the best-returning overall asset class, gaining 10.9% last year compared with 20.9% in 2013.The return nevertheless compared favourably with the 4.9% growth of its property portfolio and the 6.8% gains from absolute return funds, which account for 40% of Ilmarinen’s €1.3bn portfolio of ‘other’ investments. The holdings, which also include commodities, returned 17.7%.Ritakallio, who was announced as president and chief executive last year, said the provider’s diversified investment strategy had “proven to be extremely successful”.Ilmarinen previously announced that FIM Group chief executive Mikko Mursula would succeed Ritakallio as CIO.Read about how Ilmarinen is using its absolute return portfolio to replicate hedge fund strategies in-house Ilmarinen boosted its exposure to China and reduced holdings in emerging markets and Japan last year, returning close to 7% over the course 2014.The increased exposure to China follows AP2’s intention to double the size of its equity mandate, after its existing portfolio returned 59% last year. The €34.2bn Finnish pensions mutual also said an increase in pensioners, stemming from baby-boomers working lives’ coming to an end, had seen it become cashflow negative.It reported a shortfall of €180m, despite contributions of €4.4bn last year.last_img read more

Chinese companies & govt helping to put up schools in Zimbabwe

first_imgChina is one of Zimbabwe’s biggest supporters in the field of education, a realization that the sector is crucial for nurturing and developing future leaders.Not only is the support through government-to-government grants but also through Chinese companies that are helping put up schools.last_img

‘Brooklyn Castle’: Boy Fights Attention Deficit Disorder (ADD) With Game of Chess

first_imgHealthLifestyle ‘Brooklyn Castle’: Boy Fights Attention Deficit Disorder (ADD) With Game of Chess by: – November 26, 2012 Tweet Share Sharing is caring! 14 Views   no discussionscenter_img Patrick Johnston, 11 when “Brooklyn Castle” was filmed, learned concentration and perseverance from the game of chess. (Courtesy Elizabeth Spiegel)Patrick Johnston is surrounded by a legion of champions at Intermediate School 318 in Brooklyn, N.Y., where the after-school chess club players have won 26 titles, more than any other junior high in the country.At 11, he struggles with attention deficit disorder and is the lowest-rated player on the team. But he has ambition. He practices his skills seven days a week, hoping to reach the modest goal of ranking at a middle level.“I just want to win,” the bespectacled kid with the intense eyebrows says. For Patrick and his teammates, it’s more than a game as their trophies and banners fill the hallways of I.S. 318 in the Williamsburg section of Brooklyn. Chess requires patience, long-term planning and the knowledge that every move has a consequence.“Chess is fantastic for kids in a world where you can’t concentrate for more than 10 minutes,” fulltime chess teacher Elizabeth Spiegel, the “brains of the operation,” says. ” It makes it a valuable tool.”Spiegel’s team — a multiracial collection of kids for whom chess is both a passion and a way out of poverty — are the central characters in “Brooklyn Castle,” a documentary that is now showing in 14 cities and is a hopeful contender for the Oscar short-list this week.The film follows Patrick and four other players, starting three years ago, through their triumphs and losses against the backdrop of budget cuts at I.S. 318, a public school where more than 70 percent of the families live below the federal poverty level.Unlike many disadvantaged schools, where chess players would be a “pariah,” “the geeks are the athletes” at I.S. 318, principal Fred Rubino, who died in April and to whom the film is dedicated, said in the film.He and assistant principal John Galvin were the driving force at the school, fiercely protective of the after-school programs that pay for children to have opportunities their parents could never afford.Since 1997, the chess club has grown from 10 to 80 players in the sixth, seventh and eighth grades. And until their travel funds took a hit, the team criss-crossed the country by plane and train, winning one competition after another.In her first solo film, director Katie Dellamaggiore said she didn’t set out to crusade for teachers and after-school programs.“I didn’t have an interest in chess at all, and I wasn’t looking for a story about public education,” she told, a 34-year-old Brooklyn native, had read about a talented chess player at a local high school, but was steered instead to I.S. 318, where younger players were aspiring winners.With young, exuberant players, “It was so much richer in material,” she said. She began interviewing in 2008, but the narrative took an unexpected turn when the economy tanked and, as a filmmaker’s side bonus, the school was required to make $1 million in budget cuts.Parents, teachers and students rallied to raise funds. “You have to put a human face on what might be seen as a line in a budget,” Dellamaggiore said.Justus Williams had a natural gift for chess and had already rated in the highest range at age 11. He was selected to join the U.S. Chess Federation’s All-American Team, but the pressure to live up to expectation nearly paralyzed him.Rochelle Ballantyne, 13, and the highest-ranked player on the middle-school team, wanted to prove she could be the first African-American female master in the history of chess. But the demands of high school were derailing her dreams.Pobo Efekoro, a physically towering 12-year-old whom the director calls “a charismatic force of nature,” becomes a mentor to other team members. And, as a bonus theme, he runs for class president as “Pobama,” on a campaign to restore funds for student programs.Alexis Paredes, 12, is the second-best player. He wants to parlay his success and get into one of New York City’s elite high schools so he can become a doctor or lawyer and support his immigrant parents. But the entrance test is daunting.Patrick is not one of the chess superstars, but his determination to win, in spite of his ADD, impressed Dellamaggiore.“It surprised me; he talked so candidly about it,” she said. “I really like how Patrick was so self-aware of what his setbacks were and he spoke openly with his mom about it at the kitchen table.“As filmmakers we realized that the conversation about ADD can get messy and judgmental,” said Dellamaggiore. “We wanted to be really honest about one kid’s experience and what we were observing. It’s not something to be ashamed of or embarrassed about.”By SUSAN DONALDSON JAMES ABC News Share Sharelast_img read more

Goepper Chooses Date From Online Competition

first_imgOlympic medal winnter Nick Goepper held an online competition to date him.Dearborn County Olympian Nick Goepper has chosen his “dream date.”Goepper pored through thousands of entries from female fans before choosing 21-year-old Annie Rogers of  northeast Ohio.The slopestyle bronze medalist from Lawrenceburg invited women to submit entries through Twitter with  “#iwanttodatenick.”There’s no word what the plans are for Goepper’s date with Rogers, who’s a senior zoology major at Kent State University.last_img read more

Prescription drop-off at the Ripley County Fair

first_imgOsgood, IN—Margaret Mary Health, the Ripley County Sheriff’s Department and the Ripley County Drug Awareness Coalition with a collection box for unused or expired prescription drugs tomorrow at the Ripley County 4-H Fair entrance gate from 4:00-6:00 pm. Join in keeping the community safe by keeping prescription medications out of the wrong hands while conveniently dropping off your unused or expired medications for safe disposal at the fair.last_img

Arsene Wenger wants all his Arsenal players to be leaders

first_imgArsene Wenger has called on his whole side to lead Arsenal to success this season. The Gunners lost at West Brom last weekend and missed the chance to move to the top of the Barclays Premier League but can keep up with the front-runners with victory at Norwich on Sunday. Reigning champions Chelsea have struggled in the defence of their crown and languish 12 points behind Arsenal in the table, with former striker Didier Drogba earlier this week suggesting a lack of leadership among the players is one of the reasons for their poor start. Wenger acknowledged that it is crucial to have leaders on the pitch and, with the likes of Per Mertesacker, Santi Cazorla and Alexis Sanchez he has a number of influential players but he wants everyone in his squad to play their part. “It is important,” he said when asked about leaders in his dressing room. “You want all 11 players to be leaders and to take initiative, communicate and transmit to other players what they see on the pitch. You want them to motivate the other players and be constructive and positive. That’s what it’s about in the leadership action.” Wenger has Aaron Ramsey available at Carrow Road while Alex Oxlade-Chamberlain could also be involved after both recovered from hamstring injuries. While that still leaves fellow attacking talents like Theo Walcott and Jack Wilshere sidelined, the Arsenal boss is looking at his frontmen to set the example on the pitch. When asked who makes his side tick, Wenger replied: “Basically it’s always the players who play in the final third and give the assists. “So you look at the players who give our assists and you will see who does it. I think the best assist player at the moment is Ozil, but we have many providers. “We have Alexis, Ramsey, Cazorla – they are all people who can create chances. You could see Joel Campbell the other night has given a great assist to Alexis. I think all our players have technical ability to do that.” Arsenal will fly to Norfolk high in confidence after a 3-0 win over Dinamo Zagreb on Tuesday night which keeps their Champions League qualification hopes alive. That followed the unexpected loss at the Hawthorns last weekend but Wenger believes that result was more of an accident that a sign of things to come as Arsenal look to maintain a title push. “In the last 38 games when we scored first, and we were 1-0 up, we won 37 times,” he added. “In the last 25 games before West Brom, when we scored first we won 25 times. You have to consider that mathematically as an accident. “I believe that we gave everything and that can happen. Football is as well fantastic because it’s not always predictable. West Brom were well-organised and played well on the day.” Press Associationlast_img read more

Gareth Bale boosts Wales Nations League promotion hopes

first_imgLONDON: Real Madrid star Gareth Bale is back in the Wales squad for a crucial Nations League group clash with Denmark after missing last month’s international matches.The 29-year-old winger — who was unavailable for the friendly against Spain and the Nations League win over Ireland because of muscle fatigue — is fit after playing in the last four of Real’s matches.Bale features among the 26-man squad selected by Ryan Giggs for the home match with the Danes on November 16 with the hosts sitting atop the group on four points, two ahead of their opponents.Victory would see the Welsh promoted from League B to League A.Arsenal midfielder Aaron Ramsey and Chelsea youngster Ethan Ampadu are also back after missing the Ireland game last month.Defender James Lawrence, who plays for Belgian giants Anderlecht, has been called up for the first time.The 26-year-old joined the Belgian outfit from Slovakian team AS Trencín, where he played 117 matches.Former clubs as a youth player include Arsenal, Queens Park Rangers, Ajax and Sparta Rotterdam.Wales will also play a friendly with Albania on November 20 in Elbasan. IANS Also Read: Sports Newslast_img read more

Nigeria v Serbia: Battle of Eagles in London’s Hive

first_imgDuro IkhazuagbeAfter the inspiring start of Nigeria in the warm up series to the World Cup 2018 in Russia by claiming a 1-0 victory against Poland in Wroclaw last Friday, the Super Eagles will file out against Serbia this evening at The Hive, Canons Park in London for another trial game. The match is scheduled to begin at 8pm.Although the victory against Poland was heart warming to both the players and Nigerian ball fans, the match threw up some of the grey areas that need to really work on. Team Handler, Gernot Rohr, has said it loud and clear to all who care to listen: This team is still work in progress! The Franco-German gaffer is not deluding himself that with the defeat of the sixth ranked team in the world, his wards have arrived at the global stage. Instead, Rohr has thrown in more hours of work to correct the many flaws noticed in the clash with Poland.“We’ve seen a lot of good things and some things we must work on before the World Cup in Russia,” Rohr observed in his post match review of the game.“Friendly matches provide a great opportunity to see everything about your team.“It is not really the same as a World Cup game. Our preparation is still a work in progress to be ready. We know winning friendly matches could give us false hope but we want to keep working hard,” stressed the Eagles coach ahead of tonight’s clash with Serbia.From the rear, the lad between the sticks for Nigeria at Stadion Miejski, Francis Uzoho, have another chance tonight to prove he’s good enough to pick the Nigerian Number 1 jersey. He was all bundle of fright in his first few minutes on the pitch against Poland. Though he later gained confidence as the game progressed, he has not proved yet he has the capacity to organise his backline in the heat of action.Eagles right and left backs need more attention. Shehu Abdullahi and Bryann Idowu still need to up their games to gain the confidence of Nigerians. The ‘Oyinbo’ wall in the central defence appears impenetrable but in situation where Leon Balogun or Williams Troost Ekong is injured (as we have it today with a likely absence of Balogun due to a knock), Rohr needs to experiment more for a perfect stand in.The problem appears more in the midfield with the absence of skipper John Mikel Obi. Torino player, Joel Obi who is just warming himself back to the team is yet to hit that form that endeared him to ball fans mainly due to his absence from the team due to injuries. There were lapses not common with him against Poland. Mikel Agu, and injured Oghenekaro Etebo are in the wing. One player who stands out of the pack, in that middle, is Wilfred Ndidi. He didn’t disappoint even if he needs to be cautioned on the why ‘too much hardness’ can lead to early exit.Junior Ajayi, Gabriel Okechukwu and a host of some of the players who didn’t get the chance to exhibit their skills against Poland have the Serbian game a clear opportunity to stake for places in the Russia bound final list of 23 Eagles!Up front, Odion Ighalo, Kelechi Iheanacho as well as Alex Iwobi showed good foot-works even though the Leicester City forward appears lost for the greater part of the game.As for Victor Moses, the Serbs are there for his picking! Which rule says Eagles cannot have both Moses and Ahmed Musa on at same time? Moses can effectively operate from the left with Musa doing his thing from the right wing.Serbia on the other hand will be disappointed this evening if they fail to get a result like they did in the tense friendly they lost against Morocco last Friday.The Serbians who had only lost once in their previous ten games before the fall to Morocco, will need to see a vast improvement before June as they have one of the tougher groups, consisting of Costa Rica, Switzerland and most worryingly, Brazil.Serbia Head Coach Mladen Krstajic may look to experiment after his side fell to Morocco last week, with the option to include Cardiff City midfielder Marko Grujic a possibility to add more attacking capabilities into the midfield. Manchester United’s Nemanja Matic and Dusan Tadic, the Southampton forward remain the biggest names for Rohr and his wards to worry about. Adem Ljajic is also to watch out for due to his splitting passes with Luka Milivojević (Crystal Palace), and Aleksandar Mitrović (Fulham) are the other Britain-based stars in the Serbia squad for the match against Nigeria.(Today)Spain vs ArgentinaNigeria vs SerbiaEngland vs ItalyGermany vs BrazilRussia vs FranceDenmark vs ChileEgypt vs GreeceBelgium vs S’ArabiaShare this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegramlast_img read more

Freshman goalkeeper Bono looks to bounce back after suffering 1st loss of Syracuse career

first_img Published on September 2, 2012 at 10:37 pm Contact Nick: | @nicktoneytweets Ian McIntyre nervously clapped as the ball was launched beyond the left sideline.Alex Bono tried to outrace a Niagara forward instead of clearing the ball on his first touch. When the ball was taken away from him, the SU freshman goalkeeper left the Syracuse net wide open and vulnerable for a counterattack.“It happens,” said McIntyre. “That’s the occupational hazard of playing the position, and he’ll bounce back.”On that open-net play, Bono avoided surrendering an easy goal. But he was tripped up on many more, looking more like a first-year starter and less like the highly-touted prospect Syracuse (2-1) landed to anchor the program. He’ll need to recover quickly from his first mistake-filled game when the Orange plays Colgate (1-1-1) at SU Soccer Stadium on Monday at 7 p.m.Bono, the 46th-rated overall prospect in last year’s graduating class by ESPN Rise, headlined the No. 14 recruiting class in the nation, according to College Soccer News. Only Georgetown (No. 6) and South Florida (No. 11) put together better recruiting classes in the Big East.AdvertisementThis is placeholder textMcIntyre said Bono could become the best goalkeeper in program history. He posted two shutouts in SU’s first two wins, but he showed his youth in a 2-1 loss to Niagara Friday.Bono was exposed against the Bearcats, making a few crucial mistakes early.In the seventh minute, Niagara’s Callum Willmott redirected a cross to the box with a header on goal. Willmott was the only opposing player in the box, but Bono couldn’t get a read on the header in time to stop the game’s first goal.Other mistakes – like the open-goal scramble – were much more avoidable.“There were definitely some things in my game tonight that I’d like to clean up,” Bono said after the game. “I’ve got to play better.”His most egregious error came one minute into the second half.Bono charged a shot and gained possession, but he rushed his next decision. As he got rid of the ball, it was tipped and trapped by Willmott, who shot past a bewildered Bono for his second goal of the game.“The keeper got rid of it, and the ball just came to me,” Wilmott said after the game. “It was easy to get that goal.”Bono can’t give up easy goals against a better Colgate team.The Raiders had 13 shots in a losing effort against Villanova on Saturday. If they match that number, it would make for the busiest day in goal in Bono’s young career. Only Albany sent more shots at Bono with 12 of the Great Danes’ 22 shots missing the target altogether.Still, McIntyre expects Bono to be up to the task Monday.“There’s not many freshman goalkeepers that can have such a big impact on a game,” said McIntyre. “He’s a resilient guy. He’ll bounce back and win us some games.” Comments Facebook Twitter Google+last_img read more