Scotland proposes pooling £42bn of public pension assets

first_imgThe advisory board to Scotland’s £42bn (€48bn) Local Government Pension Scheme (SLGPS) has proposed pooling its 11 local authority funds to boost economies of scale and cut costs.As part of a consultation process on the future of the SLGPS, the scheme’s advisory board is seeking views on four options, ranging from retaining its current structure to merging into one fund.According to the consultation document, the main aim was to determine whether the sustainability of the overall scheme – and members’ interests – can be improved “by reducing the investment management costs of the system”.However, the paper warned that this could be “with the trade-off of potentially diminishing local governance and oversight” Jonathan Sharma, joint secretary to the SLGPS advisory board, said the potential changes had “always been on the agenda”.“Looking at the wider landscape, obviously there’s been movement elsewhere in England and Wales, in addition to what’s been happening around pension schemes internationally,” he said. “What we’re focused on now is more about how they could invest in a more effective way.”The proposal reflects moves in England and Wales to consolidate the assets of 89 LGPS funds into eight separate pools. In Scotland, at present, the Falkirk and Lothian pension funds already work together to invest in infrastructure – with plans to collaborate further across additional asset classes.Unison, one of the UK’s largest unions, said its own research backed the benefits of scale. However, in a statement, the union warned that “the reality of pooling of assets on the scale of the Scottish LGPS is not without significant challenges and costs”.Unison added: “It should be obvious that this is not a straightforward or easy decision. It is also complex, with few hard numbers to support any option because other economic factors impact on any evaluation.”The SLGPS has more than 406,000 members, including from the police, and the education and voluntary sectors. Out of the 11 funds, Strathclyde is currently the largest with more than £20bn in assets and 210,000 membersThe advisory board is expected to report its findings to the Scottish government’s cabinet secretary for finance and constitution, Derek Mackay, by April next year. A spokesperson for the Scottish government said they were interested to gain views from all perspectives. “We are keen to see pension funds play a part in increased investment in infrastructure and support for stable and sustainable growth,” the spokesperson said.last_img read more

Nantasket Seawall Project Starts in January

first_imgThe Nantasket Beach Hurricane and Storm Damage Reduction project in Hull, Mass., will be completed under the terms of a $2.7 million contract recently issued by the U.S. Army Corps of Engineers, New England District.Work will be accomplished by George R. Cairns & Sons, Inc. of Windham, New Hampshire.Construction is scheduled to start in January 2018 and extend over a 5-month period.“The project consists of installing an approximately 2,200-linear-foot stone toe revetment along the seawall at Nantasket Beach Reservation on Hull Shore Drive in Hull,” said Project Manager Michael Riccio, of the Corps’ New England District, Planning Division in Concord, Mass.The seawall was constructed in 1915 and has experienced failure due to undermining at the northern and southern bookend sections. Those sections have since been repaired and their footings fortified with stone revetments, leaving just the middle section project area unprotected.According to the Corps, this project will fortify the middle section in order to create a single and complete revetment along the entire Nantasket Beach Seawall. The revetment work will include: shoreline excavation of approximately 27,000 cubic yards of existing beach material (expected to be re-used on site); placement of approximately 4,000 square yards of geotextile fabric; placement of approximately 1,600 cubic yards of gravel and crushed stone; placement of approximately 4,000 cubic yards of 350-pound stone; placement of approximately 10,000 cubic yards of 2-3 ton armor stone; placement of approximately 30, 6-foot by 3-foot by 2-foot granite slabs (access steps); and backfilling of the revetment with the excavated beach material.Staging areas will be located on Nantasket Beach Reservation, which is owned by the Massachusetts Department of Conservation and Recreation, the project sponsor. The repair project will be managed by the Army Corps under the supervision of USACE’s’ Quality Assurance Representative to assure compliance with contract requirements.[mappress mapid=”24690″]last_img read more

Francis Narh and Derek Mensah join Club Africain

first_imgTema Youth duo Francis Narh and Derek Mensah have completed their move to Tunisian side Club Africain.The two players signed the dotted lines on Thursday on a three-year deal after passing a mandatory medical.The two players become the latest player to leave the club with Joseph Attamah Larweh next to join Turkish side SamYouth are resigned to losing many of their key players following their relegation to the country’s second-tier league.Elsewhere Midfielder Moses Odjer is closing in on a move to Ghanaian giants Kotoko while defender Jeremah Arkoful has joined Danish side Randers FC.The duo will join compatriot Seidu Salifu, who has signed a four-year deal for the side.last_img read more

10 months agoArsenal to launch January bid for Boca Juniors winger Pavon

first_imgArsenal to launch January bid for Boca Juniors winger Pavonby Paul Vegas10 months agoSend to a friendShare the loveArsenal are ready to launch a bid for Boca Juniors winger Christian Pavon.The Sun says the Gunners have the 22-year-old Argentine in their sights for the New Year and contact has already been made with his club.However, Boca have quoted a sky-high fee for Pavon, who has been dogged by hamstring trouble which handicapped him in the Copa Libertadores final.Emirates boss Unai Emery is a big fan and wants Pavon to give his attack even more edge.He can play in the Arsenal system and is faster than most players in the Spaniard’s squad.Boca are braced for a bid close to their asking price for Pavon and have fended off other Premier League clubs as they try to get their money. TagsTransfersAbout the authorPaul VegasShare the loveHave your saylast_img read more

B’luru techie votes after wife gives birth to child

first_imgBangalore: The early morning birth of his second child and immediate medical concerns of his family did not deter Sandeep Mishra, a Bangalore-based techie, from casting his vote for the Lok Sabha polls in the state on Thursday. Mishra (37), whose wife gave birth to their second son at about 5:45 am at a private hospital, rushed to his polling booth in Horamavu road (Bangalore North constituency) as soon as it opened at 7 am. “I had ensured that I carried my voter ID card when I rushed to the hospital with my wife and family at about 3 am after she developed labour pain. Also Read – India gets first tranche of Swiss bank a/c details”I quickly drove to my polling centre, about 3 km from the hospital, as soon as saw my newborn son,” Mishra said. The software professional said he was among the first voters at the booth and he cast his vote at about 7:15 am. “It is my responsibility to ensure that I vote and also look after my family and hence by voting early I will now be able to take care of the new member in the family and my wife easily,” Mishra said. He added his wife, Sudha, regretted that she would not be able to cast her vote after the birth of their child but she “fully supported” him in ensuring that he exercised his franchise.last_img read more

Singapore reports 1st case of rare monkeypox virus

first_imgSingapore: Singapore has reported its first ever case of monkeypox, brought in by a Nigerian man thought to have contracted the rare virus by eating bushmeat at a wedding. Symptoms in humans of monkeypox — which is endemic in parts of Central and Western Africa — include lesions, fever, muscle ache and chills. Transmission is usually via close contact with infected animals such as rodents and monkeys and is limited between people. It is not normally fatal but has been in rare cases. Also Read – Saudi Crown Prince Salman ‘snubbed’ Pak PM Imran, recalled his private jet from US: ReportThe man who brought in the virus arrived in Singapore on April 28, the city-state’s health ministry (MOH) said in a statement late Thursday. The 38-year-old developed symptoms two days later and is currently isolated at an infectious disease centre in a stable condition, the ministry said. Another 23 individuals who had been in close contact with the man have also been quarantined and will be monitored for 21 days. “While risk of spread is low, MOH is taking precautions,” the ministry said. Also Read – Iraq military admits ‘excessive force’ used in deadly protestsOutside Africa, human moneypox infections had only been previously reported in the United States, Britain and Israel, according to the US Centers For Disease Control and Prevention. Singapore, a tiny but affluent city-state dependent on external trade and tourism, has toughened measures against infectious diseases after it was hit hard by the 2003 SARS virus outbreak. The disease killed 33 people in Singapore, inflicted major losses on the economy and hit the number of international visitors.last_img read more

Moratti sheds more light on Mourinhos gesture

first_imgMassimo Moratti claims Jose Mourinho’s gesture against Juventus was for a good reason as he finds all his feeling and experience in Italy.Mourinho made headlines for storming on to the pitch and cupping his ear to the crowd after Juve’s 2-1 defeat to Manchester United on Wednesday, but Moratti felt the former Inter boss had a good reason for his actions.“Mourinho’s gesture overshadowed Manchester United’s win, which came in a game that was important for him and the team,” the ex-Nerazzurri owner according to Football Italia.“It’s part of his character. When he returns to Italy he finds all his feeling and experience, which leads him to react as if he was still here, while also thinking about the club he was at [Inter] and those who antagonised him.Jose Mourinho, Lionel MessiMourinho: “Lionel Messi made me a better coach” Andrew Smyth – September 14, 2019 Jose Mourinho believes the experience of going up against Barcelona superstar Lionel Messi at Real Madrid made him a greater coach.“That puts him in a position to make certain gestures at certain times, which create situations of discussion that, in football, are fun and interesting to watch.“It shouldn’t offend anyone. Am I surprised when he says ‘my Inter’? No. It’s precisely for this reason that he reacts the way he does.“Inter in the Champions League? They have character and depth. Zhang as President? He’s a good lad and he’ll do very well.”last_img read more

Exequiel Palacios to be Real Madrids first January signing

first_imgReal Madrid reportedly will shortly announce the signing of young River Plate star Exequiel PalaciosThe 20-year-old midfielder will become Real’s first signing of the January transfer window, despite there being another six weeks before it opens.Palacios is regarded as one of the brightest young prospects in South America and had reportedly captured the interest of several European giants.Barcelona, Paris Saint-Germain and Inter Milan were all believed to have expressed an interest.In August, Palacios revealed in an interview that he had turned down Serie A side Torino last year.But River Plate president Rodolfo D’Onofrio revealed that he had met with Real officials in regards to a deal for Palacios last week.David Villa, FC BarcelonaTop 10 players who played for both Barcelona and Valencia Boro Tanchev – September 14, 2019 Time to talk about the best players who represented both Barcelona and Valencia, prior to their La Liga encounter at Camp Nou this evening.Now Marca reports Real director Emilio Butragueno has pulled off the deal after a minor delay due to River Plate’s reluctance to sell.The transfer is set to be announced after the Copa Libertadores final between River Plate and Boca Juniors.Los Blancos will reportedly compensate River Plate with over €20m for Palacios, who will sign a contract until June 2024 upon his arrival at Madrid in January.Since debuting in 2015, the Argentine has provided four goals and five assists in 38 games for River Plate.Palacios even made his first two appearances for the Argentina senior team in September.last_img read more

Foden believes City can win a historic quadruple

first_imgThe footballer scored twice to help Manchester City qualify for the FA Cup Quarterfinals after beating Newport County.Manchester City defeated Newport County at home 4-1 tonight in the FA Cup Fifth Round.And midfielder Phil Foden scored twice tonight to lead his team to the Quarterfinals.The Citizens are also playing in the top of the English Premier League, in the UEFA Champions League and in the Football League Cup Final.And Foden believes his team can get a historic quadruple.“Everything is going well at the moment and we can definitely win every competition but it is going to be difficult,” Foden told BBC Sport.“It’s a big squad and everyone wants to show the boss they can start.”PEP 💬 “It was a really tough game.”They scored a late goal which is typical of these kinds of games but @PhilFoden scored a great goal.”Big congratulations to him. Big compliment to the guys today.”#ncafcvcity 🔵 #mancity— Manchester City (@ManCity) February 16, 2019“He rotates the squad a lot and he gives people a chance,” he continued.Harry Maguire, Manchester UnitedLiverpool legend Nicol slams Harry Maguire’s Man United form Andrew Smyth – September 14, 2019 Steve Nicol believes Harry Maguire has made some “horrendous mistakes” recently, and has failed to find his best form since joining Manchester United.No team has won four big tournaments in the same season, with Manchester United being the only team close to this feat after they won three titles in the same season.The 18-year-old midfielder is happy with City after debuting in 2017.He started his football career with the Citizens in 2009, as he joined the youth system.The English player has been called to the U16, U17, U18, U19, and U21 England national team squads.He is working hard to get called into the senior Three Lions squad.Manchester City will now visit German Bundesliga team Schalke in the UEFA Champions League Round of 16.Then the team will play against Chelsea in the Football League Cup Final.And then will play three English Premier League matches against West Ham United, Bournemouth, and Watford, before the leg two of the Champions League series against Schalke.👏 Onto the next round. Great #FACup tie.🔵 #mancity— Manchester City (@ManCity) February 16, 2019last_img read more