Vowing reform, Kenyan emerges as one of early WTO frontrunners

first_imgThe WTO has never been led by a woman or an African.”The rulebook needs to be upgraded because of the concerns that are being expressed about the rules not being fit for purpose,” she said, adding that resuming the top appeals court would be a priority and that she hoped this would be on the agenda of the next major WTO meeting in 2021.The United States has paralyzed the Appellate Body by blocking new judges.In an apparent nod to Washington, she referred to concerns about the body’s “overreach”. Asked if that meant she sympathized with the US position, she said: “Those concerns that have been raised, they would not have been raised if they did not have solid reason to raise them.”The US mission did not immediately respond to a request for comment.Mohamed’s supporters say she combines deep WTO knowledge with a drive to overhaul its 25-year-old rules. “The difference between me and them is I have worked this system,” she said.However, she must win over those African countries who have expressed support for Okonjo-Iweala.Over the past week, countries have been hosting Geneva cocktail parties to showcase candidates.The WTO eliminates them in batches, starting with those unlikely to win consensus from 164 members. Kenya’s candidate to the World Trade Organization’s (WTO) top post said on Monday she is seeking Washington’s backing and expressed some sympathy with its criticism of the global body as she emerges as one of two reform-minded African female frontrunners.Amina Mohamed told Reuters a closed-door vetting session last week went “really well” as she outlined her platform to steer the body out of crises from global trade tensions and rising protectionism to a COVID-induced dive in business.Delegates say Mohamed, a 58-year-old minister and former WTO chair, is one of the favorites alongside Nigeria’s Ngozi Okonjo-Iweala to replace Brazil’s Roberto Azevedo as director general, although weeks of campaigning lie ahead.center_img Topics :last_img read more

Arsenal finally choose Steve Morrow’s replacement in backroom reshuffle

first_imgArsenal finally choose Steve Morrow’s replacement in backroom reshuffle Advertisement Steve Morrow (R) left his role at Arsenal back in November (Picture: Getty)Arsenal have chosen Academy Operations Manager Lee Herron to oversee their brand new ‘Talent ID’ department, in another backroom staff reshuffle.Herron has been working closely with Academy Manager Per Mertesacker since joining from Reading in 2018, and will now head up his own operation, according to Training Ground Guru.The former Royals academy man spent 17 years with the club, before moving to the north London side.He will be joined by Steve Brown, the Head of Coaching at MK Dons, who is taking on the role of Lead Talent ID Co-ordinator.ADVERTISEMENT Mike StavrouThursday 6 Feb 2020 11:07 amShare this article via facebookShare this article via twitterShare this article via messengerShare this with Share this article via emailShare this article via flipboardCopy link1.2kShares Arsenal’s senior Academy management team, Director Per Mertesacker, Luke Hobbs, Lee Herron and Marcel Lucassen (Getty Images)These personnel changes fill the void left by the sacking of former head of youth scouting, Steve Morrow, and seven other scouts last November.AdvertisementAdvertisementFormer Arsenal defender Morrow, who was at the club for over 11 years, was let go following a restructure led by Technical Director Edu, and Mertesacker.The new Talent ID department will ‘identify and recruit a reliable pipeline of exceptional Arsenal DNA talent for the Academy and, ultimately, the first team’.Ages range from pre-Academy (U9s) through to the U23s, with a particular focus on the U16s. More appointments to the new department are expected to be made in the coming weeks and months.More: Arsenal FCArsenal flop Denis Suarez delivers verdict on Thomas Partey and Lucas Torreira movesThomas Partey debut? Ian Wright picks his Arsenal starting XI vs Manchester CityArsene Wenger explains why Mikel Arteta is ‘lucky’ to be managing ArsenalLee Herron finds himself with big boots to fill, with Morrow’s work resulting in a sparkling academy set-up, seeing the likes of Bukayo Saka, Ainsley Maitland-Niles, Joe Willock and Reiss Nelson all heavily feature for the first-team this season.Other promising youngsters coming through the academy include Tyreece John-Jules (on loan at Lincoln City), midfielder Miguel Azeez and 17-year-old Catalin Cirjan.MORE: Barcelona confirm transfer interest in Arsenal captain Pierre-Emerick AubameyangMORE: Lille will demand £30m for Arsenal transfer target Gabriel Magalhaes Comment Advertisementlast_img read more

Shell pension fund reduces risk profile after coverage ratio turns corner

first_imgThe €22.5bn pension fund of Shell Netherlands (SSPF) has reduced its risk profile after its funding improved from 119% to 131% last year, on the back of an investment return of 8.1%. Over the second half, the scheme cut its equity allocation to 33.5%, while increasing its fixed income allocation by 7.5% to 47.5%, according to its 2013 annual report.The improved financial position allowed the Shell scheme to grant full indexation of 1.5%.However, it said it was still unable to grant the indexation target of 2.2% it missed in 2012. SSPF attributed the strongly improved funding in part to rising long-term interest rates – up from 2.4% to 2.74% – the criterion for discounting liabilities.However, the rising rates came at the expense of 1.1% of its return, due to the scheme’s 20% hedge of the interest risk on its liabilities.Rising interest rates also contributed to a 2.1% loss on its fixed income holdings, it said, adding that the negative result had been exacerbated by the depreciation of local currency on emerging market bonds.SSPF does not hedge this risk due to high costs, as well as the fact returns on government paper in local currency is in part driven by currency effects, it said.Equities, with a return of 19.6% – an outperformance of 1.8 percentage points – produced the best result, with European small caps performing particularly well.Private equity returned 9.6% over the period.SSPF’s hedge fund investments returned 4.7%, falling 2.8 percentage points short of the peer group benchmark.The scheme attributed the result to its market-neutral strategy – a low correlation with the returns of equities, for example – as well as the negative performance of the funds of funds in its portfolio.Indirect property returned 13.4%, almost double its benchmark.The Shell scheme also indicated that it had lowered its fixed income benchmark, including a reduction of its allocation to euro-denominated government bonds.In addition, it fully divested from financial institutions in the EMU area, citing the nationalisation of banks, such as in Cyprus, which had lead to a debt write-off for senior unsecured creditors.The SSPF board also said it would allocate assets to finance government-backed export credit, and that it would keep pension contributions at 45% of combined salaries in 2014.The scheme has 11,325 active participants, 19,645 pensioners and 6,320 deferred members.last_img read more

Strathclyde tenders £250m EM debt mandate as part of strategy shift

first_imgThe five-year contract is only open to managers with at least a five-year track record managing EM debt, with the possibility the mandate could run a total of 10 years.Strathclyde hopes to attract eight suitable asset managers by the time consultancy Hymans Robertson closes the tender on 28 August.The tender comes as the fund shifts towards short and long-term enhanced-yield strategies.The overhaul, agreed last year, will see enhanced-yield strategies prioritised over equity exposure, the fund has previously said.The EM debt mandate will form part of the fund’s short-term enhanced-yield strategy, to account for a total of 15% of scheme assets. The Strathclyde Pension Fund is tendering a £250m (€292m) emerging market debt mandate, finalising an overhaul of its investment strategy.The £16bn Scottish local authority scheme said the actively managed debt mandate would invest in a range of debt, local and hard currencies, across issuances by sovereigns and corporates.The fund did not settle on a return target for the mandate, which it said could be held in a segregated account or invested in an existing pooled vehicle.But it noted that returns would need to be generated from the manager’s asset allocation choices but also the duration of any debt instruments and advantageous currency positions.last_img read more

People moves: Ortec creates ‘climate solutions’ team

first_imgUltimately Richtman will lead the team that provides “centralised leadership and strategy related to environmental, social and governance (ESG) issues for the entire CalPERS investment office”, according to the $348bn (€282bn) scheme. She will manage the integration of ESG factors into investment decision-making across the fund, and will oversee collaboration efforts with external partners, including other investors, related to corporate engagement efforts. Richtman has been with the CalPERS investment office since 2012, and has been responsible for managing a portfolio of more than $7bn of domestic infrastructure and real estate assets. Before joining CalPERS she was a director for business development at Enel Green Power North America.Society of Pension Professionals – Paul McGlone has been elected as the UK association’s next president. He will start a two-year term on 1 June. McGlone succeeds Hugh Nolan, director at actuarial and consulting firm Spence & Partners. McGlone is a qualified actuary and partner at Aon Hewitt. Aviva Investors – Steven Blackie has been appointed head of global product strategy for the £352bn UK asset manager. He joins from Mercer, where he was most recently UK chief investment officer. Before working as an investment consultant he was an equity fund manager. Louise Kay, global head of client solutions at Aviva Investors, said: “I’m delighted to welcome Steven to Aviva Investors. As we expand our distribution efforts globally, it is imperative that client needs continue to drive our product strategy. Steven’s expertise in understanding and advising clients with complex needs, as well as considerable team management experience, make him ideally qualified to lead the product strategy team.”Mercer – Tomi Nummela has left the Principles of Responsible Investment (PRI) to join the consultancy’s UK responsible investment team. At Mercer he will be working with clients throughout Europe on ESG integration.The consultancy has also added to its responsible investment teams in the USA and Australia, hiring Max Messervy from Ceres, a sustainability advocacy organisation, for the US team and Timothy Stamp from KPMG Banarra, KPMG’s human rights and social impact group, for the Australian team.  Universal-Investment – Marcus Kuntz has been appointed head of international sales at the German Master KVG, tasked with bringing in international asset manager clients from the whole of Europe, in particular for Universal’s Luxembourg fund platform. He will set up a new team for this in Luxembourg and Frankfurt. The international sales team will place a strong focus on clients and fund partners in the alternative and real assets, Universal said. Kuntz was previously at State Street where he was most recently head of asset manager solutions for continental Europe and head of sales for Switzerland.Jupiter – Steven Gardner has been hired as UK institutional relationship director. He joined the company this week from Franklin Templeton Investments, where he was most recently a director in the UK institutional team. Before that he was at Baring Asset Management. Barnett Waddingham – The consultancy and actuarial firm has a new head of defined contribution investment, Sonia Kataora. She has been with Barnett Waddingham since 2009 and became an associate in 2016. GAM – The Swiss asset manager has hired Rachel Wheeler as its group general counsel. She will join GAM later this year and become a member of the group management board, pending regulatory approval. Wheeler leaves Aviva Investors where she was general counsel since 2014. Before that she worked in different senior positions in the legal teams of financial institutions such as USS Investment Management, BNY Mellon, and Gartmore Investment Management. Russell Investments – Maarten Roeleveld has been hired as director for business development in Benelux. He joined the asset manager on 3 April from Northern Trust, where he worked for 10 years. At Russell Investments he will have a focus on multi-asset investment solutions. BNY Mellon – Elizabeth Grier has joined the multi-boutique investment manager as director and sales executive for hedge funds, exchange-traded funds and structured products. She joins BNY Mellon from JP Morgan. Ortec Finance, CalPERS, SPP, Aviva Investors, Mercer, Universal-Investment, Jupiter, Barnett Waddingham, GAM, Russell Investments, BNY MellonOrtec Finance – The consultancy and technology provider has launched a “strategic climate solutions” team, saying climate change “is increasingly recognised as a key systemic risk that investors need to address as part of their fiduciary duty and broader responsibilities as responsible investors”.The new team will be led by Willemijn Verdegaal and Lisa Eichler, who each have more than 10 years of experience advising on climate-related risks and opportunities, including for leading Dutch pension funds, the Dutch government, the European Commission and the United Nations Framework Convention on Climate Change.CalPERS – The California Public Employees’ Retirement System has created a new position – managing investment director of the sustainable investment programme – and appointed Beth Richtman to the role. She will transition into the new position over the next month.last_img read more

​Mandate roundup: £1bn LGPS fund preparing low-carbon switch

first_imgA £1bn (€1.1bn) London borough pension fund is preparing to switch roughly £125m from a UK equity mandate to a passive global low-carbon equity fund.The Hammersmith & Fulham Pension Fund – part of the UK’s Local Government Pension Scheme – plans to sell out of an allocation to Majedie’s UK equity fund, moving the entire investment to a low-carbon tracker fund run by Legal & General Investment Management (LGIM), according to council documents.At a meeting scheduled for next week, the Hammersmith & Fulham fund’s management committee will consider options for transferring the assets. It has estimated that using a transition manager would cost roughly £0.8m, while selling out to cash would cost £1.4m.The UK equity mandate is accessed through the London CIV, the pooling vehicle launched by London’s 33 local authorities in 2015. The Majedie fund had £467m from three borough pension funds as of 31 December 2018. Venice, capital of the Veneto region of ItalyItalian pension fund Solidarietà Veneto has published a tender for two mandates with a total value of €328m.The fund is seeking one investment manager to manage around €200m of assets within its income investment line, and a manager for about €128m of assets in the pension fund’s dynamic investment line.Solidarietà Veneto, which covers staff of companies based in the Veneto region, said the deadline for submissions is set for midday on 20 September.Fiduciary manager signs up six new clientsUK-based fiduciary manager Cardano signed up six new clients in 2018, adding £1.5bn of assets to its total AUM.The clients include communications firm KCOM’s £233m pension scheme, gas company Calor’s £405m fund and the £306m pension scheme of energy firm Drax.The mandates were assessed by independent third-party evaluators including KPMG, EY and Barnett Waddingham, in competitive tenders in line with new UK rules for fiduciary managers.Cardano now managers more than £11bn on behalf of UK defined benefit schemes, as of 31 August 2019. As of 31 March, Hammersmith & Fulham had £125m allocated to the Majedie UK equity fund and £374m invested in the LGIM low-carbon fund, according to the pension fund’s annual report.Veneto fund seeks managers for €328mlast_img read more

Aker BP strikes oil in Liatårnet well offshore Norway

first_imgNorwegian E&P player Aker BP has made an oil find in the Liatårnet well located in the North of Alvheim and Krafla-Askja (NOAKA) area offshore Norway.Deepsea Stavanger rig; Source: BPAker BP said on Friday that it was completing the Liatårnet exploration well which holds a gross resource estimate of 80-200 mmboe.According to the company, further data acquisition and analysis will be undertaken to determine the drainage strategy and recovery factor for the discovery, located in license 442 in the North Sea.Evy Glørstad-Clark, SVP of exploration at Aker BP, said: “The exploration success at Liatårnet is an encouraging result of a long-term strategy to unlock the exploration potential in the NOAKA area and provide the basis for an area development. The discovery represents a significant addition to the NOAKA resource base.”Aker BP is the operator and holds 90.26 percent interest in license 442 with its partner LOTOS holding the remaining 9.74 percent.In late June, the Petroleum Safety Authority (PSA) gave Aker BP a consent to use the Deepsea Stavanger rig for the drilling of the Liatårnet well, designated 25/2-20.The Norwegian Petroleum Directorate granted a drilling permit for this well on Monday, June 17.As for the NOAKA area it consists of the Frigg Gamma Delta, Langfjellet, Liatårnet, Frøy, Fulla, Frigg, Rind, and Krafla-Askja discoveries.Including the preliminary volume estimates from the recent Liatårnet discovery, the gross resources in the area are estimated to be in the order of 700 mmboe.Aker BP and the other partners have performed detailed studies of different development solutions for the NOAKA area. The development should capture all discovered resources in the area and facilitate future tie-ins of discoveries.These studies have resulted in two alternative development solutions with one involving two unmanned production platforms supported from an existing host in the area while the other solution involves a new hub platform in the central part of the area which would entail processing and living quarters with Aker BP favoring the second concept.Aker BP said in its 2Q financial report that it was planning to drill a new exploration well in the third quarter on the Nipa prospect in license PL 986 which has a pre-drill unrisked volume estimate of 35-115 mmboe.Spotted a typo? Have something more to add to the story? Maybe a nice photo? Contact our editorial team via email. Also, if you’re interested in showcasing your company, product or technology on Offshore Energy Today please contact us via our advertising form where you can also see our media kit.last_img read more

Western Union alleged robbers denied bail

first_imgLocalNews Western Union alleged robbers denied bail by: – February 6, 2012 Share Share Share 26 Views   one commentcenter_img Tweet Sharing is caring! Court gavel. Photo credit: lazytechguys.comTwo male adults who have been charged in connection with a robbery incident which occurred on the premises of the Money Transfer Agency, Western Union in Roseau last week Thursday have been denied bail until the 13th of February, 2012. Police Public Relations Officer Sergeant Matthew reported on February 2nd that two disguised male robbed the Money Transfer Agency’s office between 7:30 and 8:05am on Thursday 2nd February with guns and an undisclosed sum of money had been stolen.Kelvin Alexander and Omisie Odigie of Grand Bay were jointly charged for aggravated burglary in the amount of EC$218, 695.91 from Western Union and assault with the intent to rob Paula George on Monday at the Magistrate’s Court but were not allowed to plead as these are indictable offenses.The two men were also charged with other separate offenses; Odigie pleaded not guilty to a separate charge of possession of Cannabis while Alexander pleaded not guilty to a separate charge of possession of 2 rounds of 12 gauge ammunition. Police Prosecutor Inspector Claude Weekes objected to bail on the grounds that the investigating officers needed time to recover the money which the accused allegedly robbed and the firearms which were allegedly used to commit the robbery as it is believed the accused will impede the ongoing investigations if released. He further alluded to the severity of the punishment should the accused men be found guilty of these offenses.Weekes explained that the offenses are very serious ones which include very dangerous and lethal weapons therefore every attempt must be made to ensure that these weapons are recovered.He further stated that one of the accused men, Odigie is already on bail for an indictable offense and that should be noted by the Court.However, Attorney at Law Wayne Norde told the Court he was not minded to make an application for bail but wished to “point out two things” in response to Inspector Weekes objection.According to Norde the accused are innocent until proven guilty therefore Inspector Weekes should not mention the punishment and that “most, if not all of the money has already been recovered” by the police.He also noted that he does not believe that Inspector Weekes would intentionally mislead the Court but that he wanted to inform the Court that most of the money had been recovered.Norde told the Court, “it is my intention to make an application for bail next week; I hope that a week is sufficient time for the police to conclude their investigation. I will strengthen my plea in mitigation for next week”.Chief Magistrate Evelina Baptiste responded to Norde’s claim that the prosecutor as an officer of the Court should not include the severity of the punishment in objecting to bail by stating that the severity of the offense has a role to play in the punishment therefore it can be mentioned by the prosecutor.Magistrate Baptiste informed the accused that their bail has been denied on grounds that they may interfere with ongoing investigations and that the Court is concerned about the severity of the penalty in these matters as they are considered flight risks.She also informed them that they are remanded in custody until the 13th of February, 2012.The preliminary investigation is scheduled for 26th July, 2012 and that they were warned to appear on that date.Dominica Vibes Newslast_img read more

High School Baseball State Tournament Pairings Revealed

first_imgA field of 384 teams will begin play later this month as the pairings for the 51st Annual IHSAA Baseball State Tournament Series were announced this evening in Indianapolis.Area Baseball Sectional Pairings.Class 1A-Sectional 60 @ Shawe Memorial.Game 1: Rising Sun vs. Shawe Memorial.Game 2: Oldenburg Academy vs. Hauser.Game 3: Winner of Game 1 vs. Winner of Game 2.Game 4: South Decatur vs. Jac‐Cen‐Del.Championship: Winner of Game 3 vs. Winner of Game 4.Class 2A-Sectional 45 @ Austin.Game 1: North Decatur vs. Austin.Game 2: South Ripley vs. Southwestern (Hanover).Game 3: Winner of Game 1 vs. Winner of Game 2.Game 4: Switzerland County vs. Milan.Championship: Winner of Game 3 vs. Winner of Game 4.Class 3A-Sectional 29 @ South Dearborn.Game 1: Rushville Consolidated vs. Franklin County.Game 2: Greensburg vs. Lawrenceburg.Game 3: Connersville vs. Batesville.Game 4: South Dearborn vs. Madison Consolidated.Game 5: Winner of Game 1 vs. Winner of Game 2.Game 6: Winner of Game 3 vs. Winner of Game 4.Championship: Winner of Game 5 vs. Winner of Game 6.Class 4A-Sectional 14 @ Bloomington North.Game 1: East Central vs. Columbus North.Game 2: Columbus East vs. Shelbyville.Game 3: Winner of Game 1 vs. Winner of Game 2.Game 4: Bloomington South vs. Bloomington North.Championship: Winner of Game 3 vs. Winner of Game 4.Sectional competition begins Wednesday, May 24, and continues through Monday, May 29 (Memorial Day), with the 64 champions advancing to a four!team regional on Saturday, June 3. Two semifinal games will be played early that day at each site with the two winners returning for a championship game that evening. The 16 regional winners will be assigned to four semi!state sites and play a single game on Saturday, June 10, with the winners moving into their respective state championship game.2017 IHSAA Baseball DrawThis year’s four state championship games, scheduled for Friday, June 16 and Saturday, June 17, will be played at Victory Field in Indianapolis, home of the Triple!A franchise Indianapolis Indians.last_img read more

Atalanta shoulder Serie A hopes in Champions League

first_img Promoted Content9 Actors Who Stay Famous For That One Movie They Did 10 Years AgoYou’ve Only Seen Such Colorful Hairdos In A Handful Of AnimeA Hurricane Can Be As Powerful As 10 Atomic BombsBest & Worst Celebrity Endorsed Games Ever MadeBest Car Manufacturers In The WorldEver Thought Of Sleeping Next To Celebs? This Guy Will Show You14 Hilarious Comics Made By Women You Need To Follow Right Now7 Netflix Shows Cancelled Because They Don’t Get The RatingsTop Tastiest Foods From All Over The World5 Of The World’s Most Unique Theme Parks6 TV Shows That Got Better After A Major Character Had Left6 Interesting Ways To Make Money With A Drone Atalanta take on Paris Saint-Germain in the Champions League quarter-finals on Wednesday night with the tournament debutants the surprise standard bearers for Italian football in Lisbon. Serie A champions Juventus and Napoli were felled in the last 16, leaving Atalanta to carry the nation’s hopes of a first major European trophy since Inter Milan’s 2010 triumph. PSG will not have superstar Kylian Mbappe available, but Atalanta look set to be without top scorer Josip Ilicic, who found the net 21 times in all competitions, including five in the Champions League.Advertisement Illcic was overwhelmed by personal and psychological difficulties and has been sidelined for the team’s final games of the season.But Atalanta’s strength has been the number of players who have contributed to their all-competitions tally of 118 goals.Colombians Duvan Zapata and Luis Muriel have scored 19 each in total, with Mario Pasalic netting 11, mercurial Papu Gomez eight and Ruslan Malinovskyi nine.And the unpredictable nature of the season has given ‘La Dea’ (The Goddess) reason to dream despite the club having won just one major trophy, the 1963 Italian Cup, in its 112-year history.“Atalanta belongs to the city and you feel part of this,” said captain Gomez.“We know we’re a team from a city of about 100,000 people and not the big team of a capital. But we know where we are going and what we want.“We’ve learned along the way, from the first match in the Champions League, when we conceded four against Dinamo Zagreb.“We raised the level and now they’re asking us for the Champions League. Achieving this goal is priceless.”Atalanta’s transformation into Italian title contenders, with two third-place finishes in as many seasons, has been overseen by the club’s billionaire owner Antonio Percassi, who played as a defender for the club.The 67-year-old took over as president in 2010 and working with his two sons he has lifted the club to new heights.“It was not easy, but the last three years have gone beyond the most optimistic forecasts,” said Percassi.“It’s our story, that of the entire ‘Atalantina’ family.”Gasperini’s European campaign started disastrously, losing their first three group games and conceding 11 goals, but they bounced back to qualify for the knockout stages. Loading… center_img Read Also: Barcelona star set to be benched in crunch Bayern clashGasperini meanwhile will hope to follow Hector Cuper’s Valencia, who two decades ago were surprise Champions League finalists, in the year of their third place league finish.Valencia lost to Real Madrid, but won La Liga the following season.FacebookTwitterWhatsAppEmail分享 “We miss Ilicic very much,” said coach Gian Piero Gasperini. “It was his season. Until February, he was the most decisive player in our forward line.” The 32-year-old Slovenian was on form until the coronavirus engulfed Italy and in particular the team’s home city Bergamo, where at one point the army was called in to take away coffins because local morgues could not cope with the number of virus deaths.last_img read more