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USS enters direct inflation-swap deal with Yorkshire Water

first_imgThe multi-employer pension scheme for higher education workers in the UK said long-dated derivatives were becoming expensive for counterparties to roll over with banks when break clauses are reached.Yorkshire Water’s break allowed USS to offer an alternative, adding an inflation match in the scheme’s liability-driven investment (LDI) portfolio.Ben Levenstein, head of private debt and special situations at USS Investment Management, the scheme’s in-house asset manager, said it restructured Yorkshire Water’s inflation swap to match its own requirements.“We got to a situation where both parties were happy with the predicted stream of cash flows from the new swap put in place,” he said.USS, which has 7.4% of its assets in LDI, purchased long-dated inflation swaps from Yorkshire Water that mature in 2063.It also removed any further break clauses.Levenstein said USS began discussions with the water company a year ago, knowing it would require inflation-linked financing.Water companies in the UK are owned privately, but their revenues are regulated by the government and include annual adjustments in line with the retail prices index, the same inflation measure used by USS to increase pensions.He said the scheme was keen to continue sourcing direct inflation-swap deals with companies that require counterparties with a longer-term perspective.“We are very keen to explore new opportunities,” he said. “USS is perfectly suited to this sort of investment with inflation and duration exposure.“There have not been many of these transactions before, so we have developed the process to undertake ones like this.”USS declined to comment on the structure of the deal, including whether the swap was collateralised.Levenstein, however, said Yorkshire Water was a “strong” counterparty.The pair set up a special-purpose vehicle, Aysgarth Finance, to manage the swap’s cashflows.Earlier this year, Yorkshire Water announced it held £2bn in inflation swaps, with further breaks in 2018, 2020, 2023 and 2025 but plans in place to manage the breaks in 2018.Yorkshire Water said its inflation-linked derivatives portfolio was putting pressure on the company’s credit quality, downgraded recently by Moody’s. The £49bn (€67bn) Universities Superannuation Scheme (USS) has become a direct counterparty to a UK utility company in an inflation swap used to manage liabilities.Inflation swap derivatives are normally run through banks that act as counterparties to both sides.The cost of managing these transactions, however, has increased due to banking regulation since the financial crisis.The deal with Yorkshire Water, thought to be worth more than £130m, was arranged when the company’s previous swap deals approached a break clause – where banks and customers often renegotiate the pricing of derivatives.last_img read more

Bronwyn Woolman is Alpena’s ‘Citizen of the Year’

first_imgAddThis Sharing ButtonsShare to FacebookFacebookShare to TwitterTwitterShare to MoreAddThisAlpena, Mich—The weather outside didn’t keep folks from attending the biggest night in Alpena. Over 700 people made their way to the annual Chamber of Commerce dinner.This year’s theme: ‘Seasons of Alpena’ truly fit tonight’s occasion. The ‘Citizen of the Year’ award was a special one, as Girl Scout leader, community organizer, and church leader Bronwyn Woolman walked on stage to receive her honor.During her speech, Woolman told the crowd that she was shocked but proud to represent Alpena as a community who embraces family. She also encouraged everyone to take time out to become a volunteer.Other winners included:Business of the Year – Alpena Alcona Area Credit UnionCustomer Service of the Year – McDonald Bros. CollisionCulture Change Agent Award – Annie WilkConnecting the Classroom and Business Award – David CumminsAmbassador of the Year – Audra SmithMidMichigan Health – Health Leadership Award – Home DepotAlpena Community College Michigan Workforce Development Award – Decorative Panels International and LafargeAddThis Sharing ButtonsShare to FacebookFacebookShare to TwitterTwitterShare to MoreAddThisContinue ReadingPrevious LeFave Pharmacy offering CBD Informational ClassesNext Icy roads cause rollover on U.S. 23last_img read more

Sixers coach Brett Brown on Markelle Fultz’s absence: ‘We miss him’

first_imgFultz, 20, will be sidelined three to six weeks after being diagnosed with thoracic outlet syndrome.That means he could be out until mid-January.The Sixers are 5-2 since Fultz’s agent, Raymond Brothers, surprised the Sixers by telling them that Fultz wouldn’t play or practice until he saw a specialist about what originally was thought to be a shoulder problem.Instead of seeing one specialist, Fultz saw 10 over a stretch from last week into the start of this week, according to Philly.com. When one finally diagnosed the issue, Brothers told ESPN before he informed the team, which was en route to Toronto when the news broke.According to Philly.com, there is lingering tension over the situation:Fultz is well-liked within the Sixers organization. Publicly, the team has expressed its support for him during his ordeal. However, privately, it is skeptical about the situation and how it’s been handled by Fultz’s agent, Raymond Brothers. …Brothers said the (thoracic outlet syndrome) condition is preventing Fultz from shooting a basketball properly. Sources have long said his shooting woes were mental. It’s no secret that the team sent Fultz to several prominent doctors, but none found anything to prevent Fultz from shooting the ball.On Wednesday, however, Brown said he’s relieved that a possible root of Fultz’s on-court struggles has been pinpointed: “Personally, I’m happy that there has been some judgment, there’s been an assessment.”The 76ers are 17-9 after Wednesday’s loss to the Eastern Conference-leading Raptors snapped a four-game winning streak. Sixers coach Brett Brown doesn’t expect guard Markelle Fultz’s projected lengthy absence to affect the team’s on-court performance, but that doesn’t mean it won’t have an impact at all.”We miss him. I miss his company. I miss him being around,” Brown said Wednesday (via Philly.com).last_img read more

Time to make plans for the re-vamped West Kootenay Glacier Challenge

first_img“It was a big decision to change course and we put a lot of thought into the new route,” Dimock said, adding the new course is down in kilometers to 154 km.“We are working hard to make sure the 2015 tour is as much fun as our previous ones have been.”“This route change is just for one year and we plan to return to our original route for 2016 but this shorter version is giving us an opportunity to perhaps do a few things that aren’t possible on our longer route,” Dimock adds.“It also presents an opportunity for riders who may be a bit daunted by the longer ride to be able to participate in the MS Bike. It’s a great event for a great cause.”Proceeds from MS Bike fund vital MS research and programs & services that enable those affected by MS. To participate, all you need is a bike and a passion to end MS.Multiple sclerosis (MS), also known as disseminated sclerosis or encephalomyelitis disseminata, is an inflammatory disease in which the insulating covers of nerve cells in the brain and spinal cord are damaged. This damage disrupts the ability of parts of the nervous system to communicate, resulting in a wide range of signs and symptoms, including physical, mental, and sometimes psychiatric problemsThis tour is run by the West Kootenay Chapter of the MS Society and the money raised supports the programs and services we offer in the West Kootenay and Boundary areas to people living with MS and their caregivers,” said Dimock.“It also helps us support vital research for new treatments, and ultimately to find a cure.”The top fundraiser in the West Kootenay Glacier Challenge receives a $200 gift certificate for dinner at their favourite restaurant in Nelson compliments The Nelson Daily.For more information on the MS Bike Tour — West Kootenay Glacier Challenge go to http://mssoc.convio.net/site/TR?fr_id=3881&pg=entry or contact Leona Dimock at 1-866-352-3997 or [email protected] The route may have been changed — just for this year — but the goal remains the same for participants in the West Kootenay Glacier Challenge — help fight MS (Multiple sclerosis).Riders and donors alike are already gearing up for the annual race set for August 22-23 in Nelson and area.“Everyone who joins us, whether as a rider, a donor or a volunteer is helping to reach our goal — to end MS,” said Leona Dimock, West Kootenay Glacier Challenge Bike Tour Coordinator.Not only has Dimock been busy with organizing, but the committee has spent most of the spring re-working the course after learning crews would be paving 40 kilometers of highway through on the race course this summer.“Our Route Coordinator started communicating with Selkirk Paving back in April about the plans for resurfacing and they were very willing to work with us and accommodate our cyclists and volunteers through the construction zone, but in the end we decided for the sake of safety, as well as the quality of the experience for our riders, to change the route to avoid that area,” Dimock explained.The new route means the ride, set for Saturday August 22, begins in Nelson, travels to Salmo before returning back to Rotary Lakeside Park for the traditional Save-On-Foods Celebration Dinner.Sunday, riders leave Lakeside Park, head over the Big Orange Bridge on Highway 3A for Proctor and back to Nelson.last_img read more

Energy Industry Strikes Back

first_imgHowever, the Herald says Erin Weir, an economist with the United Steelworkers Union in Toronto questioned that statement.He cautioned that a booming oil-and-gas sector in the West creates problems like a high dollar that hurts manufacturing in Central Canada. In addition, he said people are concerned about environmental impacts such as greenhouse gas emissions.He concluded, while the oil and gas industry is an important piece of the puzzle, he believes it’s going too far to say it’s the economic engine of Canada.Advertisement By Dwight FordThe Calgary Hearld says, Alberta’s oil-and-gas industry initiated a board-based publicity campaign yesterday, to raise awareness of the economic benefits of energy and counter what it claims are often misleading and negative perceptions of the sector.The effort will consist of a website, a media campaign and “town hall” style meetings, to promote the role of oil and gas in sectors such as hospitality, retail and construction.- Advertisement -Similar campaigns will be launched in BC and Saskatchewan at a later date.In a speech to the Calgary Chamber of Commerce yesterday, David Collyer, the president of the Canadian Association of Petroleum Producers, said the campaign is really about winning at home and creating a different kind of engagement and relationship with the three western producing provinces. He and others also noted the contributions of oil-and-gas to other parts of the country, including Ontario and Quebec, describing the industry as the economic engine of Canada.Advertisementlast_img read more

Stone Named MVC Defensive Player of the Week

first_imgStone recorded a solo shutout earlier in the year by blanking South Dakota State in a 1-0 victory. Story Links DES MOINES, Iowa — Junior goalkeeper Kelsie Stone was named the Missouri Valley Conference defensive player of the week, the conference announced Monday. Full Release She ranks toward the top of the MVC in multiple goalkeeping statistical categories, including shutouts (T-1st); goals against average (2nd); saves, saves per game, and save percentage (3rd).center_img This is Stone’s first defensive player of the week award this season. She was tabbed as an All-MVC second team selection in 2018. Stone played 76 minutes of Drake’s 1-0 win over Western Illinois, carrying the majority of the workload in earning the team shutout. Stone also notched eight saves to bring her season total to an impressive 43. The Bulldogs host Omaha at 6 p.m. on Tuesday night at Cownie Soccer Complex. Print Friendly Versionlast_img read more

Spring Forage Update

first_imgShare Facebook Twitter Google + LinkedIn Pinterest By Russ QuinnDTN Staff ReporterOMAHA (DTN) — Kimberly Meier has sold about twice as much alfalfa seed this spring as she normally does.Her region of northern Illinois saw high rates of alfalfa winterkill this spring after a winter of colder-than-normal temperatures. The Ridott, Illinois, farmer and seed dealer said, because of that, she sold about 120 bags of alfalfa this spring, while a normal season would be closer to 60 bags.“We had bad winterkill in this area this year,” Meier told DTN. “And it’s whole fields — I have never seen it this widespread.”The condition of forages across the Midwest is about as diverse as the region itself. The cool, wet spring has afforded ample moisture to most areas, which should be good news when the weather finally warms up, but which has also slowed growth of many forages, potentially affecting overall yields.LOTS OF WINTERKILLAlfalfa winterkill seems to be an issue this spring throughout Wisconsin and stretching into surrounding states such as northern Illinois and eastern Minnesota.Meier said the situation started last fall with extremely wet conditions followed by warm temperatures in January. Then, that was followed by extreme cold in February. While they did have some snowfall around Christmas, most of the snow was melted in the January warmup, exposing the alfalfa plants to the cold during February.From talking to agronomists in the area, most seem to believe this is why the region has seen higher incidents of winterkill, Meier said. The fields most affected appear to be newly seeded field and older stands.Meier said alfalfa producers in her area often flirt with danger by taking a last cutting in the fall and not allowing for much regrowth before winter hits, which can weaken plants and lead to winterkill. This appears to be a growing season in which squeezing in that last cutting may have not paid, she said.“This is a tough deal, as around two-thirds of the alfalfa is gone now,” she said. “There is going to be even less forage available, as most will only get one or two cuttings with the spring-seeded alfalfa.”The University of Wisconsin published a report evaluating and managing alfalfa stands with winterkill. It can be found at: https://fyi.extension.wisc.edu/….Other areas appear to have escaped widespread alfalfa winterkill. Jared Goplen, a University of Minnesota Extension crops educator from Morris, Minnesota, said the alfalfa situation in western and central Minnesota is generally OK, for the most part.Winterkill appears to be contained to hilltops and valleys. Most fields in the area were covered in snow most of the winter, which would have protected crown roots from the cold. There may have been some ponding in fields for an extended period of time this spring, so some low spots may have been drowned out, he said.“Overall, I would say a majority of the alfalfa fields have some level of winterkill and drown-out areas, but the bulk of fields are growing well,” Goplen said.The situation is similar farther to the west in North Dakota. There wasn’t much winterkill in alfalfa there thanks to plenty of snow that insulated the crop from extremely cold temperatures, according to Marisol Berti, North Dakota State University Extension forage and cover crops specialist.What the cold spring has done is slowed alfalfa growth somewhat. Most of the crop in the state is not even 6 inches tall, which will delay first cutting, probably into mid-June or even later if it stays cold, she said.“That is about two weeks later than normal for first cut alfalfa,” Berti said. “I am sure some farmers have already run out of hay to feed cows, so this delay will affect them.”SLOW-GROWING GRASSFarther to the south and west, forages are also somewhat behind normal in growth.Seth Wilbanks, a livestock and grain farmer from Hughesville, Missouri, said his forages are delayed with the cool conditions seen this spring. He said, last year around this time, he began to cut some grass hay. However, this year with the increased amount of moisture and the shorter crop, he doesn’t think much hay will be harvested anytime soon.Fescue is a popular grass for Missouri forage producers. Normally, by late May, the crop is headed out and about knee high. This year it is considerably shorter, Wilbanks said.Despite concerns about a delayed crop, Wilbanks believes his forage crops could end up yielding close to average — and maybe even above average — thanks to the plentiful moisture. Last year, his central Missouri area suffered through a severe drought, he said.“Once it does get warmer, I think we are going to more tonnage with maybe some issues with quality,” said Wilbanks, who grows corn, soybeans and several different types of forages for his cow-calf herd.Perennial forages in Nebraska will be grazed later than normal, said Bruce Anderson, University of Nebraska-Lincoln (UNL) Extension forage specialist. Yields on cool-season grasses could be lessened some due to the cold spring.“I think these cool-season grasses could really be short this year,” Anderson said.On the plus side, warm-season grasses in the state could see great growth once the temperatures begin to rise. Soil moisture levels are high, so when the heat comes, yields should be fairly decent, he said.Some farmers in Nebraska face a challenging growing season after devastating floods tore through the state in mid-March, destroying fences and depositing large amounts of sand on pastures and hay fields.Anderson said he fielded many calls from livestock and forage producers this spring who face limited or no forage production. In many cases, farmers affected by flooding may turn to annual forages on acres not flooded, he said.The most common cool-season small grain for forage is oats, but others such as cereal rye, triticale, wheat and barley could be planted. Warm-season forages that could be planted include sudangrass, sorghum/sudangrass, forage sorghum, pearl millet and German (foxtail) millet.Other plant species, such as brassicas, can be used for summer annual forages. This would include plants such as forage radishes and turnips.After the floods in mid-April, DTN wrote an article about choosing the right forages for your operation. To read the article, visit: https://www.dtnpf.com/….Russ Quinn can be reached at [email protected] him on Twitter @RussQuinnDTN(AG/SK)© Copyright 2019 DTN/The Progressive Farmer. All rights reserved.last_img read more

Kickout Flashing: Often Overlooked and Under Appreciated

first_img This article is only available to GBA Prime Members Start Free Trial Already a member? Log in Sign up for a free trial and get instant access to this article as well as GBA’s complete library of premium articles and construction details.center_img We were building a new deck on the back of a house when we had to break for a couple days because of heavy rain. When we returned, the client asked us about a puzzling problem that two roofers had been unable to solve. Occasionally, after a day of rain, the garage floor had a puddle of water that seemed to weep out from the bottom of the back wall where the garage joined the rest of the house. I had a sense after looking in the back of the garage that the leak was at the first piece of step flashing where the garage eave joined the main house wall.I had to remove only two pieces of lap siding where the drip edge on the garage roof met the house wall to see the saturated and decaying plywood sheathing. And the damage only got worse as we removed more clapboards and housewrap further down the wall. When the 25-year-old house was built, the first piece of step flashing was installed against the wall and the housewrap was installed over it, which makes sense for every other piece of step flashing—lap the water-resistive barrier (WRB) over the wall leg of the flashing, shingle style. But the first piece of step flashing in cases where the main body of the wall continues beyond the eave of a lower roof needs to be turned away from the wall, and the WRB has to be sliced so it covers the wall leg of the step flashing and goes behind the turned out leg.We removed the siding on both the back wall of the garage and the adjoining wall of the house. The water damage was more severe and wider lower down on the wall. The insulation was saturated, the outer… last_img read more

Sweet Relief for Musicians in Need

first_img Meet O.A.R. & Receive 2 Tickets to the Concert of Your Choice. 4 Tickets to See Jeff Dunham LIVE & Recieve a Collection of Jeff Dunham Items. It has been just over 20 years since the first Sweet Relief album came out celebrating the music of founder Victoria Williams, and now Sweet Relief III: Pennies From Heaven is available for purchase.Sweet Relief III helps musicians in needThe third compilation, produced by Sheldon Gomberg, features new recordings by various artists including Ben Harper, Jackson Browne, Shelby Lynne, Victoria Williams, She & Him, Ron Sexsmith, Rickie Lee Jones and Joseph Arthur in support of Sweet Relief Musicians Fund. The fund provides financial assistance to all types of career musicians who are struggling while facing illness, disability or age-related problems.Released on Vanguard Records, each of the artists on the album chose songs with a theme of support and assistance such as “If I Needed You” (Joseph Arthur), “How Did You Find Me Here?” (KD Lang), “King of the Road” (She & Him), “Crazy Love” (Ben Harper), “Change is Gonna Come” (Victoria Williams), and “Big Spender” (Sam Phillips) plus many more.“Musicians are always among the first to give their energy and talent to help other people in times of emergency, though they are very often without health insurance themsevles, and need our support when they fall prey to illness and hardship. Sweet Relief has been helping musicians for years, and has helped some whom I am very much indebted to for enriching my life. I am very happy to take part in this CD project, and for the chance to support Sweet Relief’s very soulful work.” – Jackson Browne“Getting a chance to do something that benefits Sweet Relief combined with working with my dear friend Sheldon Comberg is an opportunity I jumped at and something I can’t wait to do again.” – Ben HarperThe compilation is available for purchase on iTunes and Amazon.com.Alongside the release, Charitybuzz is hosting an auction to help raise funds. Current auction items include: Meet Local Natives at The Greek Theatre September 13, Attend Soundcheck & the Exclusive After Show Party with the Band. Meet Gary Allan & Receive 2 Tickets to his Santa Barabra Concert on Spetember 13. Kenny Chesney Autographed Fender Acoustic Guitar,CD & Flag.Also, Upperatus and Prima Donna have partnered up in an effort to raise money for Sweet Relief Musicians Fund by selling limited-edition T-Shirts. $10 of each shirt sold goes directly to Sweet Relief and musicians in need. All shirts are inspired by the band Prima Donna and are affordable, ranging from $23-$24 each. Sweet Relief is thrilled to be a part of such an inspiring project. To purchase shirts, please go to www.upperatus.com and help support a good cause.center_img Meet Travis Tritt & Receive 2 Tickets to the 2013 Concert of Your Choice. Meet Larry the Cable Guy & Recieve 2 Tickets to the Show of Your Choice. Meet Justin Moore & Receive 2 Tickets to the 2013 Concert of Your Choice.last_img read more

Exhibit commemorating Oka crisis on display in Kanesatake

first_imgAPTN National NewsTo this day, the Mohawk uprising of 1990 is an inspiration for Indigenous resistance.It’s also inspired countless works of art.A new exhibition commemorating the 25th anniversary of the Oka crisis has gone on display in Kanesatake.APTN’s Tom Fennario has the story.last_img