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Dutch scheme PMT refrains from taking ‘expensive’ Brexit measures

first_img“Moreover, such a construction would increase the exposure to US equity, including the uncertainty posed by the upcoming presidential elections,” it said, adding that it would incur a cost of a couple of basis points as a result of the transaction.The metal scheme further made clear that it had kept its investment portfolio “as neutral as possible” by keeping the scale of its asset classes closely to the centre of pre-set bandwidths.The pension fund said it expected to benefit from its decision last year to reduce the hedge of the US dollar from 75% to 50%.It added that it expected the currency to appreciate against the euro, “as investors are likely to flee into the ‘safe haven’ of the greenback in the event of a Brexit”.Early last year, PMT reduced the dollar hedge in anticipation of a possible Grexit.The metal scheme emphasised that the possible effects of a Brexit were unclear, but it predicted pensions would be affected if coverage ratios were to fall as a consequence of turbulence on the financial markets.“The main question is what the scale of the volatility would be and for how long it would last,” it said.The €417bn asset manager APG declined to comment on whether it had adjusted its hedge of the main currencies.Spokesman Harmen Geers said APG had anticipated the possible consequences of a Brexit by ensuring it had sufficient liquidity available as collateral in the event of currency movements.He added, however, that the large Dutch pension funds, with their broad investment portfolios, could hardly be immune to the effects of a Brexit. PMT, the €63bn pension fund for the metalworking and mechanical engineering sector in the Netherlands, said it has refrained from taking short-term measures to reduce the potential negative effects of the UK’s leaving the EU.The scheme said the protective measures available would prove too costly if the UK were to decide to remain in the EU in today’s referendum. It said it had the option of moving assets from its return portfolio to its matching portfolio but that it had considered that an overweighting of its matching holdings would result in lower returns if the UK voted to remain within the EU.PMT also said that “exchanging returns” on British equities for those on US equities through future contracts could negatively impact overall returns if the UK remained.last_img read more

Kosmos hits ‘major’ gas discovery off Senegal

first_imgYakaar discovery Kosmos estimates that Yakaar-1 discovered a gross Pmean gas resource of approximately 15 trillion cubic feet (Tcf), in-line with pre-drill expectations. Preliminary analysis of gas samples conducted on the rig suggest the well encountered a gas with a condensate-to-gas ratio (CGR) in the range previously encountered at Tortue and Teranga, approximately 15-30 barrels per million standard cubic feet. An appraisal program is being planned to delineate the Yakaar discovery.After completion of operations on the Yakaar-1 well, the Atwood Achiever drillship will mobilize to the Tortue-1 well to conduct a drill stem test (DST) on the Tortue discovery, enabling the beginning of Front End Engineering Design (FEED) in the second half of 2017, Final Investment Decision (FID) in 2018 and first gas in 2021.Kosmos and BP each presently hold an effective 30% participating interest in the Cayar Offshore Profond license as a result of their respective ownership in the joint venture company, Kosmos BP Senegal Limited. As previously announced, BP has entered into an agreement to acquire an additional 30% participating interest from Timis Corporation, subject to government approval. The national oil company Société des Pétroles du Sénégal (Petrosen) holds 10%.Bernard Looney, BP Upsteam chief executive officer, commented “Yakaar-1 follows the earlier exploration success that led to the Tortue discovery and further confirms our belief that offshore Senegal and Mauritania is a world-class hydrocarbon basin. This discovery marks an important further step in building BP’s new business in Mauritania and Senegal. We look forward to results from the additional exploration wells planned for 2017.”BP said that the joint venture will be drill stem testing the Tortue discovery in mid-2017 and will now drill 3 additional exploration wells over the next 12 months offshore of Senegal and Mauritania.Acreage offshore Senegal is proving to be a prolific hydrocarbon province with several discoveries made by oil companies including the SNE discovery – the world’s largest offshore oil discovery in 2014.Offshore Energy Today Staff Atwood Achiever drillship; Image source: BPOil and gas exploration and production company Kosmos Energy on Monday announced what it claims to be a “major” gas discovery offshore Senegal.According to the company’s statement, Yakaar-1 is the first well in a series of four independent tests of the basin floor fan fairways, outboard of the proven slope channel trend opened with the Tortue-1 discovery.The company said that the well, located in the Cayar Offshore Profond block approximately 95 kilometers northwest of Dakar in nearly 2,550 meters of water, has been drilled to a total depth of approximately 4,700 meters by the Atwood Achiever drillship.The company further said that the Yakaar-1 intersected a gross hydrocarbon column of 120 meters (394 feet) in three pools within the primary Lower Cenomanian objective and encountered 45 meters (148 feet) of net pay.Well results confirm the presence of thick, stacked, reservoir sands over a very large area with very good porosity and permeability, Kosmos added.Andrew G. Inglis, chairman and chief executive officer, said: “Kosmos has a 100 percent success rate in the basin with six consecutive successful exploration and appraisal wells drilled to date, confirming that our geologic model and geophysical tools are well calibrated. Yakaar-1 discovered a major gas resource.“Together with the Teranga – 1 discovery made last year, we believe this resource will support a second cost-competitive LNG hub. The result also confirms our view of the potential scale of the petroleum system offshore Mauritania and Senegal, in particular the basin floor fan systems which have now been further de – risked, with the well demonstrating that reservoir and trap both work in these previously untested fairways.”last_img read more

Woodside takes FID on key component of Burrup Hub

first_imgWoodside CEO Peter Coleman said the Pluto-NWS Interconnector was a key component of the proposed Burrup Hub and would provide opportunities to take advantage of future excess capacity at KGP.“Our vision for the Burrup Hub will unlock the future value of infrastructure which has been supplying gas to Western Australia and the world safely and reliably for more than 30 years. The Interconnector between the Pluto LNG and NWS facilities will enable us to optimize the processing of gas from our offshore fields.“Delivering the proposed Burrup Hub will help underpin Western Australia’s economic strength for decades into the future. It will provide thousands of jobs, opportunities for local suppliers and tax and royalty revenues to Western Australia,” he said.Consultants ACIL Allen has estimated the Burrup Hub would generate an average of more than 4,000 jobs per annum in Australia over the coming decades, with more than 1,900 of those located in Karratha and Broome. It would boost Australia’s estimated gross domestic product by $414 billion between now and 2063, of which 99% would be in Western Australia.Woodside is targeting ready for the start-up of the Pluto-NWS Interconnector in the first half of 2022. DDG Operations is part of the Australian Gas Infrastructure Group, the operator of the Dampier to Bunbury Natural Gas Pipeline.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. Australian energy giant Woodside has taken a final investment decision on the pipeline component of the Pluto-North West Shelf (NWS) Interconnector and has entered into contractual arrangements with DDG Operations for the construction of the pipeline and its ongoing operation and maintenance.Burrup Hub; Source: WoodsideWoodside, with its Joint Venture participants, is progressing opportunities that will develop an integrated, regional LNG production center on the Burrup Peninsula in Western Australia.The Burrup Hub involves the proposed development of some 20 to 25 trillion cubic feet (Tcf) of gross dry gas resources from Scarborough, Browse, and Pluto, relying on liquefied natural gas (LNG) facilities – Pluto LNG and the North West Shelf Project.To realize the Burrup Hub vision, a number of activities are being advanced simultaneously: Scarborough; Pluto Train 2; Browse to NWS Project; NWS Project Extension and Pluto-NWS Interconnector.Announcing the FID on Monday, Woodside said that the Pluto-NWS Interconnector would connect Pluto LNG and the NWS Project’s Karratha Gas Plant (KGP) and was the first component of the infrastructure needed to transport gas between the two facilities.Construction and operation of the pipeline are subject to regulatory approvals by the State of Western Australia and finalization of commercial arrangements with the Pluto and NWS joint venture participants. Key component of Burrup Hublast_img read more

‘No Napoli offer for Everton’

first_img Everton’s father and agent have made no secret of interest from Napoli in recent days, but Romildo Bolzan Jr asserted the 24-year-old was still very much Gremio’s player. “There are no offers right now,” he told CalcioNapoli24. “There was a conversation between the player’s representatives and Napoli more than a month ago, but it didn’t progress.Advertisement Loading… “Generally speaking, a European club buys 100 percent of a player’s economic rights. “Therefore we must work on the basis of 100 percent and then negotiate with each party. “That means Gremio will no longer have 50%, they’ll be able to get more.” read also:Everton willing to spend big on Napoli midfielder Allan Romildo was referring to the fact Gremio do not own all of the player’s economic rights, which are shared with various third parties, although they do possess a majority stake. FacebookTwitterWhatsAppEmail分享 Gremio’s President has declared that ‘there are no offers right now’ for Brazil winger Everton Soares, who has been linked with Napoli. Promoted ContentWho Is The Most Powerful Woman On Earth?6 Extreme Facts About HurricanesPlaying Games For Hours Can Do This To Your BodyThe Very Last Bitcoin Will Be Mined Around 2140. Read MoreYou’ve Only Seen Such Colorful Hairdos In A Handful Of Anime5 Of The World’s Most Unique Theme ParksA Soviet Shot Put Thrower’s Record Hasn’t Been Beaten To This DayBest & Worst Celebrity Endorsed Games Ever Made14 Hilarious Comics Made By Women You Need To Follow Right Now5 Of The World’s Most Unique Theme Parks10 Risky Jobs Some Women DoWho Earns More Than Ronaldo?last_img read more

Vogt gains Chowchilla point lead with third victory

first_imgBy Don Martin IICHOWCHILLA, Calif. (May 3) – Defending champion Josh Vogt led all 20 laps of the IMCA Xtreme Motor Sports Modified main event for his third straight victory Sunday at Chowchilla Speed­way.The win will move him into the point lead.Troy Foulger passed early second place runner Kyle Wilson on a lap 12 restart, only to lose power three laps later. Wilson held second until a last-lap pass gained Bill Egleston the runner-up fin­ish. Wilson settled for third.Point leader Fred Ryland charged to the lead at the start of the Karl Chevrolet Northern SportMod feature and proceeded to lead all 20 laps for his third local win of the season. Keith Brown Jr. was pres­suring Ryland before breaking and spinning on lap nine. That gave Ryland’s wife Patti second, where she would finish.Joshua Gish was third.last_img read more

Hometown man wins Wilbur’s Run at Blue Hill Fair

first_imgThis is placeholder textThis is placeholder text BLUE HILL — In the town’s biggest weekend of the year, it was a Blue Hill man who crossed the finish line first.Phil LeBreton won Wilbur’s Run at the annual Blue Hill Fair on Saturday, finishing with a time of 17 minutes, 35 seconds. Below is a list of the top-10 finishers.Phil LeBreton, Blue Hill, 17 minutes, 35 secondsTate Yoder, Penobscot, 17:39Seth Young, Ellsworth, 17:41Evan Merchant, Beals, 18:13Rob Shea, Ellsworth, 18:19Ryan Lowell, Portland, 18:35Caden Mattson, Blue Hill, 19:41Buster Brown, Blue Hill, 19:55Michael Moon, Brooklin, 20:52Haley Harwood, Portland, 20:56.last_img read more

Fast bowler Sreesanth’s ban reduced to seven years

first_img… to end in September 2020(REUTERS) – Indian fast bowler Shanthakumaran Sreesanth’s ban for alleged spot-fixing has been reduced to seven years, with the sanction period coming to an end on September. 13, 2020, Board of Control for Cricket in India (BCCI) has said.The decision comes after the Supreme Court of India set aside the life ban imposed on Sreesanth by the BCCI and asked the board to reconsider the length of any fresh ban.“Bearing in mind, all these factors, I am of the view that banning Mr Sreesanth from participating in any kind of commercial Cricket or from associating with any activities of the BCCI or its affiliates, for a period of seven years with effect from 13.09.2013, i.e. the date from which, the period of ban imposed by the Disciplinary Committee had commenced, will meet the ends of justice,” the BCCI ombudsman DK Jain said in a statementSpot-fixing involves the manipulation of individual incidents within a match which may not affect the outcome of the contest.Sreesanth, along with his Rajasthan Royals teammates Ajit Chandila and Ankeet Chavan were arrested by Delhi police on suspicion of spot-fixing during the sixth edition of the IPL in May 2013.The BCCI followed the arrest of Sreesanth with their own charges against the player relating to the match against Kings XI Punjab, played on May 9.Sreesanth has maintained that all the charges against him are false. He has played 27 Tests, 53 one-day internationals and 10 Twenty20 internationals, claiming a total of 169 wickets.last_img read more

EPL: Leicester City’s Good Fortunes Cost Bookmakers Dearly

first_imgThe bookmaking industry faces its biggest loss in Premier League history with Leicester City just one win away from clinching a shock first title, major bookmaker William Hill said on Tuesday.So unexpected was their title chase that William Hill had quoted Leicester as 5, 000-1 outsiders at the start of the season. Now the loss to bookmakers stands at some 10 million pounds ($14.55 million), William Hill said in a statement.A man from Guildford, England stands to earn the highest individual payout after he wagered 75 pounds at 1 500-1 just a few weeks into the campaign, it said. He has not cashed out and so now stands to win 112 500 pounds.In total, William Hill face a final payout of a little over three million pounds if Leicester beat Manchester United at Old Trafford on Sunday.“We stand to lose a small fortune if Leicester do what everybody must now be expecting them to do. 5 000-1 is the biggest priced winner in betting history!” William Hill spokesman Joe Crilly said.Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegramlast_img read more

A NEW ERA: Syracuse holds off Kansas State to win first bowl game since 2001

first_img Published on December 29, 2010 at 12:00 pm Comments NEW YORK — Nathaniel Hackett saw something click in Marcus Sales four weeks ago in practice. Something changed, in his work ethic and preparation.And when he saw Sales standing in the end zone for the third time on the day, with 7:53 remaining, it was clear something did click. After a season in which the junior wide receiver scored just one touchdown, Sales tripled his scoring output in one game.‘It feels real good,’ Sales said. ‘Finally, I got a chance and I just made the plays when they counted.’Behind a strong rushing attack led by Delone Carter and a big-play passing attack led by Sales, the offensive play-caller Hackett and head coach Doug Marrone’s offense opened up Thursday. In a wild inaugural New Era Pinstripe Bowl in Yankee Stadium in front of 38,274, Syracuse (8-5, 4-3 Big East) was able to keep up and win a 36-34 shootout over Kansas State (7-6, 3-5 Big 12).The win gave SU its first bowl victory since the 2001 Bowl — also against Kansas State.AdvertisementThis is placeholder text‘They made a young kid from the Bronx’s dream come true,’ Marrone said of his players while accepting the Pinstripe Bowl trophy. ‘And win this trophy at Yankee Stadium!’The Orange defense bent but did not break late in the fourth quarter, which sealed the victory. With 1:13 remaining, KSU quarterback Carson Coffman tossed a 30-yard touchdown strike to Adrian Hilburn, who flashed a celebratory salute after scoring. The officials issued a personal foul for excessive celebration. Down by two, the Wildcats couldn’t convert the two-point conversion from 18 yards out.When asked about the penalty after the game, Kansas State head coach Bill Snyder paused four seconds before saying, ‘I can’t comment on that.’Though the Syracuse defense ultimately preserved the win, it was the SU’s offense that uncharacteristically brought the team to that point.Carter and the combination of quarterback Ryan Nassib and Sales carried Syracuse throughout the game. Twenty-seven carries, a career-high 198 yards and two touchdowns for the senior running back Carter in his swan song for the Orange.Five catches, 172 yards and three touchdowns all added up to a career game for the once-forgotten Sales. Nassib was happy to feed him the ball, as 172 of Nassib’s 239 passing yards and all three of his touchdowns went to Sales.Marrone singled Sales out in Wednesday’s pre-Pinstripe Bowl meeting with his team, reflecting upon the progress he saw in Sales.‘I pointed out Marcus Sales and how well he’s worked and the practices he’s had,’ Marrone said of that meeting. ‘And he came out and had a big game.’An SU offense that had only one play go more than 50 yards all year long would double that total Thursday.The first of those plays that came late in the first quarter. The Orange marched close to the 50-yard line, Hackett’s target point to open up the offense. And as Hackett looked at the KSU coverage, he knew the safety would bite.So as Antwon Bailey ran up the middle for what looked like a simple, straight-ahead running play, Hackett broke out the trickery. Bailey flung the ball back to Nassib on a flea flicker, and Nassib hung a perfect spiraling throw 52 yards to Sales to tie the game at 7-7.‘We practiced it all week,’ Sales said. ‘I knew it had a chance to come to me when the safety came down. So I just put my head down and ran, and looked for the ball when it came. And I caught it.’Behind another long Sales touchdown catch — this time from 36 yards out — SU went into the half tied at 14-14. The second half quickly turned into a shootout, with Syracuse and Kansas State trading offensive blows. Carter barreled in for two touchdowns, but the Wildcats answered with two touchdown scores of their own.The Orange found itself trailing by a point with 11 minutes left when Sales’ number was called again on the game-changing drive. First, he caught a crucial 18-yard pass to extend Syracuse’s drive on third down.And his second act came with the Orange on the KSU 44-yard line. Sales’ defender slipped, setting him wide open down the field, and Nassib found him again for the long touchdown score that gave SU the lead for good.The receiver who wasn’t on the depth chart at the beginning of SU’s season carried the team and program to its biggest victory in a decade.Flashing an uncharacteristic grin that was reminiscent of the boy from the Bronx, Marrone thought it was a fitting resemblance for where his program has come in just two short years.‘It’s about creating challenges and goals for your players,’ Marrone said. ‘And they responded.’bplogiur@syr.educenter_img Facebook Twitter Google+last_img read more

Teens plead not guilty to murder of graduate student

first_imgThe four defendants accused of the murder of USC graduate engineering student Xinran Ji have pleaded not guilty, according to the Los Angeles Times. Ji, 24, was killed after being struck with a blunt force object in the street near 29th Street and Orchard Avenue on July 24. He returned to his home on the fourth floor of City Park Apartments before succumbing to his injuries.The teenagers charged with the murder, Jonathan Del Carmen, 19; Andrew Garcia, 18; Alberto Ochoa, 17; and Alejandra Guerrero, 16, are now being held without bail until their hearing on Sept.12.The L.A. Times reports that it has not been decided whether the prosecution will seek the death penalty against Garcia and Del Carmen. The other two defendants, Ochoa and Guerrero, could face life in prison without the possibility of parole if convicted.last_img read more