PenSam hit by deeper-than-expected 2013 loss

first_imgThis is why the 2013 result fell short of expectations expressed in an interim report published at the half-year stage, the fund said.It said last year’s exercise, whereby many customers in the old PMF-Pension switched to the non-guaranteed Fleksion product, delivered a DKK132.2m blow to profits.PMF-Pension – the labour-market pension fund for childcare assistants, which PenSam took over from Sampension in 2006 – was merged into PenSam in 2012.Customers with old-style PMF-Pension plans, which included guarantees, were given the option last year to accept a bonus for changing their plans to Fleksion.PenSam said 38% of the 30,000 customers asked did opt to switch.PenSam Liv’s overall investment return for 2013 was 3.2%, and the Fleksion pension product generated a 7.7% return, the fund said.Helen Kobæk, PenSam’s managing director, said PenSam Liv had produced good investment returns in all asset classes.Equities returned 27%, while private equity and infrastructure generated a return of 8-9%, she said.Last year’s investment return was the result of the more active investment strategy put in place in 2010, which aimed to balance assets actively and manage risk effectively, PenSam said.Developments on the financial markets in the wake of the financial crisis had thrown up good investment opportunities, it said.As part of this, PenSam said it made active investments in construction projects in the Copenhagen harbour, in addition to buying up a mortgage bond portfolio from the state liquidator Finansiel Stabilitet. Contibutions for the year were broadly unchanged from the year before at DKK5bn.Assets under management rose to DKK84.5bn at the end of 2013 from DKK77.6bn a year before. Denmark’s PenSam reported an unexpectedly large loss for 2013 after it paid bonuses to customers switching to non-guaranteed pension plans.PenSam Liv – the part of the PenSam group that runs its core labour-market pension schemes – made a loss of DKK85m (€11m) in 2013 before tax, down from 2012’s profit of DKK186m.In its annual report, PenSam said: “The year’s result is not satisfactory but should be seen in the light of the product changeover that was carried out and developments on the financial markets.”The return on capital in the second half of the year failed to offset the effect on results of the product changeover, it said.last_img read more

Syracuse men’s basketball gameday: What to know about the Cornell matchup

first_imgThe 2017-18 Syracuse men’s basketball season tips off Friday at 7 p.m. inside the Carrier Dome. The Orange, which easily won both of its exhibition games, hosts Cornell. Jimmy Boeheim, the son of SU head coach Jim Boeheim, will suit up for the Big Red in the first game of his college career. Here are answers to your gameday questions and pregame reading.How can you watch the game? The game will air on the ACC Network Extra.Who will win? Syracuse has not lost to Cornell since the 1960s, and our beat writers don’t think that streak will end. At least not this year, as all three are calling a double-digit SU win. How has Syracuse looked this year? It’s still early, but SU won easily Monday night in its second exhibition game. Graduate Transfer guard Geno Thorpe debuted and Boeheim said he is getting what he would like out of his frontcourt. AdvertisementThis is placeholder textSeason outlook. All three beat writers see sophomore guard Tyus Battle as the team MVP, but they don’t agree on who or what the X-factor will be. Here are our season predictions for SU, which has not played in the NCAA Tournament two of the past three seasons. Who won’t be playing? Elijah Hughes, who in May transferred from East Carolina to SU. Due to NCAA transfer rules, he must sit out this season, though one beat writer makes the case for why college basketball players deserve the freedom to play right away. Gear up for the season with our annual Basketball Guide. We profiled Battle, Syracuse’s most important player this season. He needs to develop into the alpha SU needs. Near him in the backcourt will be Thorpe, who is SU’s oldest player (23 years old) playing for his third college in his final year of college basketball. Starting point guard, junior Frank Howard, is hoping to place past disappointment behind him. Four new faces. The Orange welcomes four freshmen to this year’s squad. Bourama Sidibe looks to develop into the forward Syracuse’s frontcourt needs. Oshae Brissett, the only freshman starter so far, reluctantly left home for a shot at making it big. Howard Washington attended three high schools en route to Syracuse, and Marek Dolezaj battles an adjustment from European leagues to the NCAA. Comments Facebook Twitter Google+ Published on November 10, 2017 at 12:24 pm Contact Matthew: mguti100@syr.edu | @MatthewGut21last_img read more

Eagles Depart St Petersburg after Exit from World Cup

first_imgMikel remains bitter over referee’s refusal to give a second penaltyDuro Ikhazuagbe in St PetersburgAfter exiting the ongoing FIFA World Cup here in Russia on Tuesday night with the 2-1 loss to Argentina, some members of the Super Eagles are expected to touch down in Nigeria today.Eagles who narrowly lost the Group D second ticket to the Lionel Messi inspired South American nation, left Moscow for Lagos yesterday morning via Dubai on an Emirates flight. Nigeria Football Federation’s (NFF) Second Vice President, Shehu Dikko, accompanied the players on the flight to Nigeria in company with some other top sports officials.However, it was not all the 23 players who were in Russia for the Mundial that are going to arrive in Nigeria today. Most of the Europe-based players, NFF sources here confirmed left for their respective cities to join their families on vacations before heading to pre-season training camps. “The NFF will meet with the coaches of the team later next week to discuss the programme for the Africa of Nations Cup qualifiers starting next month.Meanwhile, Captain of the team, John Mikel Obi, remains very said over the decision of Turkish referee, Cuneyt Cakir not to award Nigeria a deserved second penalty. ”I don’t understand how that wasn’t a penalty, for me it was a clear handball, clear penalty,” Mikel said at the post-match press conference on Tuesday night.”If you watched the Portugal match, that wasn’t even close to this, this was even worse, this was open, clear case of a penalty. The ball hit Marcos Rojo’s hand,” stressed the former Chelsea midfielder.Mikel said that the fact that Nigeria had been awarded a penalty earlier in the game did not over rule another one if it was a deserved one.”A penalty is a penalty, if you give the first one, you can still give a penalty, we have seen it again in the dressing room, it was a clear penalty, so there wasn’t any way the referee couldn’t give the penalty.”He (referee) looked at the VAR and told me the ball hit the player’s hand,” concludes the Tianji Teda player in the Chinese Super League.  REACTIONS TO OUSTER…*GERNOT ROHRWe have a very young team that still lacks experience. We will come back stronger in four years. (On VAR)I don’t know why the centre referee didn’t give Nigeria penalty for the ball handled in the box by Argentine Marcos Rojo. It was not different from the same handball that earned Portugal a penalty against Iran.(On use of Bryan Idowu)When you have  players like Lionel (Messi),  Sergio (Aguero),  Higuain, Dybala etc, you need players who can withstand the pressure without necessarily getting booked. We had two penalties in our first two matches  and tried to avoid having set pieces against us. Previous goals against Nigeria came from purely set pieces. We didn’t want any foul in our goal area. (On Continuity)I hope I can still continue to be around. I have a fantastic team here that can be better with time. *JOHN MIKEL OBI Young team. We did well but was unable to achieve what we wanted. In four years the team will be better and ready for the world. I’ve never been part of such a fun squad with such great and sociable players before. Ever since the coach joined us, we’ve had a great time. The players listen to him and want to improve, and that’s important for Nigerian football.*WILLIAM TROOST EKONG Hard to describe in words how that felt. It was an emotional rollercoaster. We gave everything against Argentina last night. I’m grateful and proud to have represented Nigeria and all Nigerians at this World Cup. But most of all I am humbled and thank God for bringing me this far *LEON BALOGUN We showed the world that Nigeria has talented players. We showed that we are a footballing nation, and if the team stays together I hope that we can give an even better account of ourselves in four years’ time. *VICTOR MOSES A Sad, disappointing evening. Tough defeat ODION IGHALO It’s a sad day for me, the boys and the country because we went out in a bad manner and we deserved more in the game. Nobody criticised me, it’s a teamwork. We are 23 players fighting for a single thing. Even if I am criticised, I’ll take it in good faith.Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegramlast_img read more

LA Dodgers, Rancho Cucamonga Quakes renew player development contract

first_imgBy all accounts, it’s been a good relationship and both sides want it to continue for at least two more years.The Quakes and Dodgers announced Thursday an extension of their player development contract for two more years, through 2018. It had been set to expire at the end of the 2016 season. PDCs are set to expire after even-numbered seasons and can be renewed for either two or four years.Dodgers Director of Player Development Gabe Kapler said it was an easy decision to renew with the Quakes.“First, the fans are sensational,” Kapler said. “We want a good atmosphere for developing players and we have that here. Second, Grant (Riddle, Quakes vice president/general manager) and Brent (Miles, Quakes president) have been great to work with.” The Dodgers announced last week they had agreed to two-year extensions with Triple-A Oklahoma City, Double-A Tulsa, and low Single-A Great Lakes. Kapler didn’t give a reason as to why a Quakes agreement took another week to announce, but said there were no delays.“We just took a look to see what time would be best to make this announcement,” Kapler said.Kapler said that rookie-level Ogden is the only current affiliate that has not yet been renewed.The Quakes, who moved from San Bernardino for the 1993 season, spent eight seasons as a San Diego Padres affiliate and 10 seasons as an Angels affiliate before becoming a Dodgers affiliate beginning in the 2011 season.In the first five years affiliated with the Dodgers, the Quakes made the playoffs three times, and won the second California League title in their history last season. If the 2016 season ended today, the Quakes would be in the playoffs again. Newsroom GuidelinesNews TipsContact UsReport an Errorlast_img read more

Tim Payne, 59, Winfield: May 20, 1954 – Sept. 7, 2013

first_imgTim PayneTim D. Payne, of Winfield, died Saturday, September 7, 2013 at the William Newton Memorial Hospital in Winfield at the age of 59.Timothy was born the son of Chester D. and Billie Lee (Roth) Payne on Thursday, May 20, 1954 in Wellington. His parents preceded him in death.On July 20, 1980, Tim and Pam Cooke were united in marriage in Coffeyville. Together they celebrated 33 years of marriage.He graduated from Wellington High School with the Class of 1972. Following high school, Tim became a proud member of the United States Navy. He later went on to earn his Masters Degree and was a Special Education Teacher. Tim worked in several communities such as Winfield, Pratt, and Arkansas City and retired after 25 years of service.Survivors include his wife, Pam Payne of Winfield, brothers: Mike Payne and his wife Janice of Temple, Texas, Pat Payne of Wichita, Jeff Payne and his wife Sheila of Overbrook, sisters: Lana Glaysher and her husband Doug of Bentonville, Arkansas and Dee Graves and her husband Dick of Winfield along with several nieces and nephews.Memorial services for Tim will be held at 3:30 p.m., Thursday, September 12, 2013 at the Prairie Lawn Cemetery, Wellington. Military honors will be provided.Memorials have been established in his loving memory with Cowley County Humane Society, 7648 222nd Road, Winfield 67156. Contributions can be mailed or left with the funeral home.To share a memory or leave condolences, please visit www.dayfuneralhome.info.Arrangements are by Day Funeral Home & Crematory, Wellingtonlast_img read more