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Andrews & Robertson posts 65% success rate

first_imgAndrews & Robertson raised £10,163,500 at their second 2018 auction at The Montcalm Hotel, Marble Arch, London. A diverse portfolio helped post a 65 per cent success rate from 43 lots, with an average lot size of £250,631.Lot 49, a freehold three floor terraced house in Chatham, Kent far exceeded the initial bid of £145,000. Bidding from a wide array of parties saw the house sell under the hammer for £176,500.One of the most sought-after properties was Lot 11, a freehold three floor detached house in Granard Road, arranged as two self-contained flats being sold by order of the London Borough of Wandsworth. Guided at £1,000,000, the property sold for £1,360,000.72 Avonley Road, New Cross, SE14 (pictured), a Freehold two floor end of terrace house within the Hatcham Park Conservation Area, with potential for extensions and a rear garden, was guided at £450,000 and sold for £525,000.Robin Cripp, Senior Auctioneer at Andrews & Robertson, said, “The success of our second auction this year shows the strong appetite from buyers and healthy competition from bidders.“The market is good when the price is right resulting in high bidding volumes and positive outcomes for our vendors. We’ve also seen a number of subsequent sales come through post-auction, and as demand remains strong we expect to see continued success over the course of 2018.”Andrews & Robertson Andrews & Robertson success rate auction June 1, 2018The NegotiatorWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Hong Kong remains most expensive city to rent with London in 4th place30th April 2021 Home » News » Agencies & People » Andrews & Robertson posts 65% success rate previous nextAgencies & PeopleAndrews & Robertson posts 65% success rateThe Negotiator1st June 20180323 Viewslast_img read more

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UK MoD Supports Future of Maritime Autonomous Systems

first_img Authorities View post tag: Maritime View post tag: News by topic View post tag: Autonomous The UK Ministry of Defence, through the Defence Science and Technology Laboratory and in partnership with a number of associations and industry bodies, is making funding available through four initiatives each addressing different areas of maritime autonomy. View post tag: future UK MoD Supports Future of Maritime Autonomous Systems View post tag: Navy View post tag: UK View post tag: MoDcenter_img View post tag: Systems Autonomy in Maritime Unmanned Vehicles offers the potential to transform the manner in which many activities are conducted at sea such as the clearance of sea mines and persistent wide area surveillance.Philip Smith, Affordable Maritime Presence Programme Manager at Dstl says:“The opportunities presented by Maritime Autonomous Systems are very exciting. However if we are to fully exploit these opportunities we need to invest in key areas such as “Supervised Autonomy” and “Deployment & Recovery” in order to meet future requirements and position the UK as a world leader in next generation Maritime Mission Systems. The funding we are making available through these four initiatives is a significant step towards achieving this.”The specific initiatives are:– Maritime Autonomous Systems Technology Competition: Sponsored by Solent Local Enterprise Partnership, this competition addresses Underwater Unmanned Vehicles and Unmanned Surface Vehicles for defence applications and is directed at small and medium-sized enterprises in the Solent that can create or safeguard jobs in the local defence supply chain. The total funding available is worth £1 million and awards will be made for projects of up to £75,000 in value. The competition closes in April 2015.– Autonomous Systems Underpinning Research Competition: Addressing unmanned system enablers for all environments this competition, sponsored by Dstl, is worth £1.5 million. Open from September 2014 for a year, the competition will award projects of around £250,000 to be split into 2 phases.– Adaptive Autonomous Ocean Sampling Networks Competition: A Small Business Research Initiative competition sponsored by the Natural Environment Research Council and Dstl addressing the tracking of dynamic maritime features with unmanned vehicles. With a total of £1.5 million available the competition is open from September 2014 for 18 months and will award projects of around £250,000 to be split into 2 phases.– Towards Excellence in Maritime Autonomous Systems: Recently announced by the Minister for Portsmouth, Matthew Hancock, the competition sponsored by the UK’s innovation agency, the Technology Strategy Board, and Dstl addresses Maritime Unmanned Vehicles for defence and civil applications. Open from October 2014 for 3 years the competition is worth £5 million and will award projects of between £500,000 and £1.5 million directed to collaborative, business-led, consortia.[mappress]Press Release, August 04, 2014; Image: UK MoD August 4, 2014 View post tag: Supports View post tag: europe Back to overview,Home naval-today UK MoD Supports Future of Maritime Autonomous Systems View post tag: Naval Share this articlelast_img read more

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ASSISTANT PROFESSOR OF GLACIOLOGY/ICE FLOW MODELING-CLUSTER HIRE

first_imgThe University of Wisconsin-Madison is seeking to fill one positionfor an assistant professor (tenure-track) position in glaciologyand ice flow modeling. This position is part of a campus-widecluster hiring initiative to add to the vibrant community focusedon “The Emerging Polar Regions” that would work at theintersections among earth system components (cryosphere,atmosphere/ocean, and biosphere). The cluster joins a landscape ofexisting–and historical–strengths in diverse aspects of polarresearch at UW-Madison. Units participating in the cluster hireinclude: the Departments of Atmospheric & Oceanic Sciences,Botany, Forest and Wildlife Ecology, Geography, Geosciences, andIntegrative Biology. Tenure home will be determined at the time ofhire based on the selected candidate’s qualifications andinterests. Further Information regarding this initiative can befound at:https://facstaff.provost.wisc.edu/cluster-hiring-initiative. Minimum Years and Type of Relevant Work Experience: ASSISTANT PROFESSOR(C40NN) Principal Duties: Job no: 100768-FAWork type: Faculty-Full TimeDepartment: L&S/GEOSCIENCE/GEOSCIENCELocation: MadisonCategories: Instructional, Natural Resources, EnvironmentalSciences, Research, Scientific Ph.D. required in geoscience/geophysics with specialization inglaciology and ice flow modeling or related field prior to start ofappointment. Instructions to Applicants: Appointment Type, Duration: Department(s): The successful candidate will engage in the intellectual life ofthe department through the teaching of undergraduate and graduatelevel courses in geoscience. Candidates will be expected to conductsignificant scholarly research and publish at the internationallevel. Successful candidates will be expected to contribute to aninclusive environment, bring new perspectives on mentoring andeducating students from diverse backgrounds, and pursue novelapproaches to research. Professional and university service isrequired as appropriate for career stage. Must have demonstrated potential for internationally recognizedresearch in field of specialization. Ongoing/Renewable UW-Madison is seeking a diverse set of faculty candidates who willdeepen our campus’ interdisciplinary research strength in key areasof current and future research promise, as well as facultycandidates who will approach their work in a manner that advancesour commitment to research excellence.The Department of Geosciences at the University ofWisconsin-Madison seeks applications for an assistant professor(tenure-track) faculty position in glaciology and ice flow modelingas part of a cluster hire focused on “The Emerging Polar Regions”.We seek a colleague who is innovative in using ice flow models toaddress fundamental problems in glaciology,glacier-ocean-atmosphere interactions, Arctic and Antarctic glacierprocesses, and/or other related questions pertaining to glaciers inpolar regions. We seek candidates able to work across systemboundaries and able to build research linkages to other clusterhires and to other polar researchers on campus.”The Emerging Polar Regions” is a cluster hire aimed at building aworld-class core of interdisciplinary strength in research andteaching to address issues related to polar research: (1) physicalice-flow modeling [this position; PVL 100768]; (2) polar climatemodeling [PVL 100766]; and (3) polar ecology specializing inecosystem processes and modeling [PVL 100769]. This approach willbring together three new faculty members who address critical andcoupled processes in polar regions and who link together the polarresearchers currently working at UW-Madison. The three new facultymembers will each simultaneously accentuate existing strengths oncampus while bringing their own unique expertise, therebyfacilitating the research and teaching mission of the university.Geoscience will serve as the home department for the ice-flowmodeling position.The UW Cluster Hiring Initiative is designed to fostercollaborative research, education and outreach by creating newinterdisciplinary areas of knowledge that cross the boundaries ofexisting academic departments. Further information regarding thisinitiative can be found at:https://facstaff.provost.wisc.edu/cluster-hiring-initiative/.”The Emerging Polar Regions” leverages a diverse landscape ofexisting and historical strengths in polar and global-changeresearch at UW-Madison that spans many departments, researchcenters, and units on campus including Botany, Forest and WildlifeEcology, Geography, Integrative Biology, Atmospheric and OceanicSciences, Civil and Environmental Engineering, Geoscience, theCenter for Limnology, the Cooperative Institute for MeteorologicalSatellite Studies (CIMSS), the Antarctic Meteorological ResearchCenter (AMRC), the Nelson Institute’s Center for Climatic Research(CCR) and Center for Sustainability and the Global Environment(SAGE), and Wisconsin Ecology.The Department of Geoscience comprises highly rated graduate andundergraduate programs, and several state-of-the-art analyticalfacilities across the fields of glacial geology, glaciology,geophysics, hydrogeology, geochronology, sedimentary geology,structural geology, tectonics, isotope geochemistry, petrology,mineralogy, geomorphology, paleoclimate, paleobiology, andbiogeochemistry (http://geoscience.wisc.edu). We are particularlyinterested in candidates who can contribute to an inclusiveenvironment, bring new perspectives on mentoring and educatingstudents from diverse backgrounds, and propel novel approaches toresearch. We aim to add new faculty who value collegiality andcollaboration in both research and teaching. Job Number: Faculty AUGUST 17, 2020 Degree and Area of Specialization: Full Time: 100% Diversity is a source of strength, creativity, and innovation forUW-Madison. We value the contributions of each person and respectthe profound ways their identity, culture, background, experience,status, abilities, and opinion enrich the university community. Wecommit ourselves to the pursuit of excellence in teaching,research, outreach, and diversity as inextricably linkedgoals.The University of Wisconsin-Madison fulfills its public mission bycreating a welcoming and inclusive community for people from everybackground – people who as students, faculty, and staff serveWisconsin and the world.For more information on diversity and inclusion on campus, pleasevisit: Diversity andInclusioncenter_img Salary: Institutional Statement on Diversity: Employment Class: Work Type: Contact: Additional Information: A483200-COL OF LETTERS & SCIENCE/GEOSCIENCE/GEOSCIENCE Lucas [email protected] Access (WTRS): 7-1-1 (out-of-state: TTY: 800.947.3529, STS:800.833.7637) and above Phone number (See RELAY_SERVICE for furtherinformation. ) The University of Wisconsin-Madison is engaged in a Title and TotalCompensation (TTC) project to redesign job titles and compensationstructures. As a result of the TTC project, official job titles oncurrent job postings may change in Spring 2020. Job duties andresponsibilities will remain the same. For more information pleasevisit: https://hr.wisc.edu/title-and-total-compensation-study/.Employment will require a criminal background check. It will alsorequire you and your references to answer questions regardingsexual violence and sexual harassment.The University of Wisconsin System will not reveal the identitiesof applicants who request confidentiality in writing, except thatthe identity of the successful candidate will be released. See Wis.Stat. sec. 19.36(7).The Annual Security and FireSafety Report contains current campus safety and disciplinarypolicies, crime statistics for the previous 3 calendar years, andon-campus student housing fire safety policies and fire statisticsfor the previous 3 calendar years. UW-Madison will provide a papercopy upon request; please contact the University of Wisconsin PoliceDepartment . Official Title: Applicants should submit a single PDF that includes: cover letter,curriculum vitae, the names and contact information of threereferences, and three statements discussing 1) research interestsand directions, 2) teaching interest and philosophy, and 3)contributions to diversity and inclusion, respectively. Referencesof finalists will be contacted and asked to provide a letter ofrecommendation. These materials must be submitted online at:http://jobs.wisc.edu (search for PVL 100768). The appointment maybegin as early as August 17, 2020. The deadline for ensuring fullconsideration is November 22, 2019, however the position willremain open and applications may be considered until the positionis filled. For further information or questions, please contactProfessors Lucas Zoet ([email protected]) or Shaun Marcott([email protected]), chairs of the search committee.The University of Wisconsin-Madison is an equal opportunity,affirmative action employer, and is committed to providingemployment opportunities to all qualified applicants without regardto race, color, religion, age, sex, sexual orientation, genderidentity, national origin, disability or protected veteran status.A criminal background check will be required prior toemployment. Anticipated Begin Date: NegotiableACADEMIC (9 months) 100768-FA The University of Wisconsin is an Equal Opportunity andAffirmative Action Employer. We promote excellence throughdiversity and encourage all qualified individuals to apply.If you need to request an accommodation because of a disability,you can find information about how to make a request at thefollowing website: https://oed.wisc.edu/disability-accommodation-information-for-applicants/ Position Summary: Applications Open: Oct 10 2019 Central Daylight TimeApplications Close:last_img read more

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Meet Tony-Nominated Skylight Star Matthew Beard!

first_imgMatthew Beard photographed by Caitlin McNaney for Broadway.com View Comments Show Closed This production ended its run on June 21, 2015 Related Showscenter_img Age: 26Hometown: Sheffield, EnglandCurrent Role: A Tony-nominated Broadway debut as 18-year-old Edward Sergeant, who begins and ends David Hare’s Skylight sharing scenes with Carey Mulligan as the ex-lover of his character’s grieving dad (Bill Nighy).Stage & Screen Cred: Beard made his stage debut in the London and Broadway revivals of Skylight. On screen, he played the youngest code-breaker in the Oscar-nominated film The Imitation Game and has appeared with Mulligan in two movies, When Did You Last See Your Father? in 2007 and An Education in 2009.“The best thing about being a Tony nominee is that it’s not just me: It’s Carey and Bill and Stephen [Daldry], our director; Bob Crowley, who did the set; and Natasha [Katz], who did the lighting. When the whole team gets recognized, it’s extra special. But for me, it was a total surprise.”“I knew from the first time I worked with Carey Mulligan [on the film When Did You Last See Your Father?] that she had this mystical element of charisma. Even when she was just sitting in the green room with a cup of tea, you wanted to watch her and talk to her. I have no idea what that quality is, but I’d like some of it!”“I got my first TV job when I was four. My mom looked at me and thought, ‘How do I deal with all this energy?’ and put me in a drama club for an hour a week. A casting director came looking for kids to be in TV dramas shot in Yorkshire, and I just kept doing it.”“Where I’m from, nobody is an actor and I always thought I would eventually get a proper job. I did stop for three years to study English [at the University of York]. It felt like my last opportunity to figure out exactly what I wanted to do. Inevitably, I found myself pulled back into acting.”“There’s a pulse to New York that I really key into. I’m living in the East Village, and when I come offstage and can’t sleep, I like walking by the various cafes and bars that are open 24 hours. It feels like the city whizzes by your window, and all you have to do is step out your front door to join the wave.”“Having gone through awards stuff [with The Imitation Game] the whole experience is wonderful and strange, because it has nothing to do with your actual job. You put on a beautiful suit that’s been lent to you and talk to people with a glass of champagne in your hand. It’s not a terrible way to spend a night!” Skylightlast_img read more

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Maritime Patrols between Honduras and Guatemala Continue Successfully

first_imgBy Iris Amador/Diálogo August 31, 2017 In accordance with established plans that are updated twice a year, the Honduran and Guatemalan armed forces are meeting the stipulated timelines for their joint maritime patrol program goals in the Caribbean and along the Motagua River sandbar that runs into the Gulf of Honduras. The border and its problems, regardless of their origin, must be a shared responsibility, both nations affirm. “For the last three years we have been doing binational patrols in this sector, whose maritime and land section is overseen by the Puerto Cortés Naval Base,” Honduran Navy Lieutenant Commander Jairo Enrique Laínez Ordoñez, the commander of the Puerto Cortés Naval Base on Honduras’s Atlantic coast, told Diálogo. The monthly patrols are the responsibility of the border units and incorporate strategies agreed by the two nations to counter threats that plague the region. “We’ve confirmed that the threats are the same. These are joint operations that sometimes include other branches of our armed forces for the purpose of neutralizing a single target,” Lt. Cmdr. Lainez added. “It’s an effective response.” Two flags united at sea Honduran and Guatemalan naval forces are seeking to combat organized crime in all its manifestations: drugs, arms, and human trafficking as well as any type of smuggling. Officials from both countries have found that by joining forces they multiply their effectiveness. “No nation can survive on its own. The exchange of information and experience bolsters our ability to tackle the scourges that harm us and that bring death, destruction, and a lack of security to our region,” Lt. Cmdr. Laínez said. “We’re meeting those objectives,” Brigadier General Pedro Antonio Reina Caro, the commander of the Guatemalan Navy’s Marine Brigade, added. “Sharing tactical intelligence to confront transnational crime has served to help us support our communities, and we can confirm that our presence at sea is a deterrent to criminal groups.” Brig. Gen. Reina Caro said that operating in a coordinated way is one factor that has forced drug traffickers to change their usual routes. “But whether it’s on the Atlantic or the Pacific, our guys are waiting for them,” he noted. “We’re making it harder for them to get through.” In a recent operation in early August, the Guatemalan Navy seized the equivalent of $135,000 in illegal merchandise originating from Honduras. “We communicated with each other. Honduras alerted us. All we had to do was wait for them to come. And they arrived around midnight. There was some crossfire near Santo Tomás de Castilla, adjacent to Puerto Barrios,” Brig. Gen. Reina Caro recounted. “Timely information allowed us to act.” “That kind of information exchange, regardless of which country carries out the seizure, is a success for all of us,” Lt. Cmdr. Laínez added. “No one wants to rest on his laurels. The important thing is to form a bloc to neutralize these threats. One nation’s success is a success for the entire region.” Coordination and agreement The commanders of these border naval units are committed to not only sharing intelligence but also to periodically reviewing their procedures, communications, and results. There has also been integration in some aspects of training. In the monthly patrols, large vessels suitable for the open sea, as well as smaller fast boats capable of entering sandbars, lakes, and lagoons, and better suited to chasing, are used. “Some people think deterrence isn’t enough but it does, in fact, maintain a climate of security for our neighbors in these areas, as well as for people who legally transit from one country to another,” Brig. Gen. Reina Caro affirmed. The Honduran and Guatemalan authorities also support each other in operations directed at environmental protection, such as the cleaning of beaches to keep large quantities of plastic from ending up in the water, and the prevention of illegal fishing. “We have an interest in protecting these natural resources,” Lt. Cmdr. Laínez said. “These patrols are done in compliance with the agreements of the Central American Armed Forces Conference in order to pool our potential and strengthen our bonds of brotherhood.” “They’re bonds of friendship that have existed for a long time,” Brig. Gen. Reina Caro added. “Historically, this is how we’ve worked. We have a shared history. We’ve supported each other. We present ourselves to the world as a single coordinated and harmonious force. We’ve accomplished a lot of things together and that’s how we’ll keep doing it moving forward,” he concluded.last_img read more

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Uruguay Dismantles Narcotrafficking Organization

first_imgBy Juan Delgado/Diálogo December 10, 2020 On October 22, the Uruguayan National Police, with the support of the Uruguayan Air Force (FAU, in Spanish), dismantled a criminal group engaging in narcotrafficking  that planned to smuggle cocaine from Bolivia by air, Uruguay’s Ministry of the Interior said in a statement. Nine people, seven Uruguayans, a Bolivian, and a Brazilian national, were captured under Operation Gallego. Authorities also seized nearly half a ton of cocaine.“We have the enormous satisfaction to report that we dealt a new and important blow to narcotrafficking,” Uruguayan Minister of the Interior Jorge Larrañaga said during a press conference.For his part, Uruguayan National Police Chief Diego Fernández considered the operation a milestone. “We understand that this volume of 459 kilograms and 969 grams of cocaine is very important; it is a signal for the country and for those abroad that we are seriously fighting against narcotrafficking,” he said.The operation began in July, when intelligence from the Ministry of the Interior’s General Directorate for the Control of Illicit Drug Trafficking identified a Uruguayan national who was in charge of the logistics to receive a cocaine shipment, and was in contact with foreigners for that purpose, the Uruguayan newspaper La Diaria reported. Once law enforcement agencies confirmed the narco-plane’s landing site, some 60 police officers carried out a surveillance operation, taking turns day and night to observe how the criminals were preparing a field in the Salto area, in northwestern Uruguay, so that the aircraft could land.When the plane landed, police units detained the people who were unloading the cocaine and seized the drugs, but they were unable to intercept the aircraft before it took off, the Uruguayan newspaper El Observador reported. A FAU helicopter followed the aircraft until it crossed the border into Brazil, and authorities notified the Brazilian forces so they could track the aircraft in their country, the Uruguayan newspaper El País reported. Agents captured other criminals in 12 raids carried out in the departments of Montevideo, Flores, and Tacuarembó, El Observador reported.In an interview with the Uruguayan newspaper La República, Uruguayan Air Force General Luis De León, FAU commander, said that each semester the FAU detects an average of 15,000 irregular flights, about 55 of which are “really irregular, they are [manned by] people that did not intend to be detected.”“Today the enemy that we have, narcotrafficking, has many resources,” Gen. De León said. “[…] We are auxiliaries of the judiciary. So we have an enormous activity.”last_img read more

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Student loan debt: America’s next big crisis

first_imgThe Federal Reserve Bank of New York released its latest Report on Household Debt and Credit Developments, and the news isn’t good for student-borrowers.As of the second calendar quarter ending June 30, seriously delinquent student loans (which the FRBNY describes as those whose payments are 90 or more days past due), increased to 11.5% of the $1.19 trillion dollars’ worth of education loans, versus 11.1% in the first quarter.Before you dismiss four-tenths of one percent as decimal dust, consider this: Although student loans make up only 10% of all consumer debt, the amount of seriously past due student loan payments total nearly one-third of all seriously past-due debt payments. What’s more, of the total $1.19 trillion in outstanding education-related loans, only about half that amount is actually in repayment at this time (the balance is deferred because the borrowers are still in school).So instead of 11.5% being seriously delinquent, it’s actually twice that amount: 23%. continue reading » 91SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img read more

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Mikel Arteta identifies three new Arsenal signings after Thomas Partey deal

first_imgMikel Arteta identifies three new Arsenal signings after Thomas Partey deal Mikel Arteta remains keen to strengthen his squad (Picture: Getty)Arsenal boss Mikel Arteta was happy with his side’s transfer business this summer but remains keen to strengthen with the addition of at least two players in January.The Gunners signed promising Brazilian centre-back Gabriel, Chelsea winger Willian and Atletico Madrid midfielder Thomas Partey in the summer transfer window.The club spent £67.5million but recouped £20m through the sale of Emi Martinez to Aston Villa, while they also tied Pierre-Emerick Aubameyang down to a new long-term deal.With such strong financial limitations on Arteta this summer, the Spaniard still has areas of his squad which he wants to strengthen in the short-term.AdvertisementAdvertisementADVERTISEMENTAccording to Football.London, Arteta wants to sign a back-up centre forward and a flexible forward that could play across the front. Metro Sport ReporterThursday 8 Oct 2020 11:24 pmShare this article via facebookShare this article via twitterShare this article via messengerShare this with Share this article via emailShare this article via flipboardCopy link8.6kShares Odsonne Edouard is valued at around £30m by Celtic (Picture: Getty)Celtic striker Odsonne Edouard has caught the eye of clubs across Europe but the Bhoys’ £30m price tag has put suitors off in a pandemic-affected transfer market.The Frenchman is open to leaving Parkhead but the Bhoys drive a hard bargain, as Arsenal discovered in their negotiations for Kieran Tierney in 2019. It’s likely that Arteta would have to sell again in January if he wants to make additional signings, otherwise the Spaniard will have to wait until the end of the season before the club bolster his budget again.MORE: Manchester United star Eric Bailly suffers injury on international duty with Ivory Coast Tottenham have scouted Patson Daka (Picture: Getty)Arteta was open to selling Alexandre Lacazette last summer, wary that the Frenchman could fetch a decent figure in the market compared to much of the Arsenal squad.Eddie Nketiah has provided good competition for Lacazette but Arteta wants another back-up. Advertisement Dominik Szoboszlai is a leading target for Arsenal (Picture: Getty)Red Bull Salzburg Dominik Szoboszlai has been watched by the club for over a year and though he predominantly plays on the left flank he can play centrally, which appeals to Arsenal. While scouting the Hungarian, Arsenal discovered striker Patson Daka.The Zambian replaced Erling Haaland at the Austrian club and he’s caught the eye by scoring 38 goals and providing 16 assists in 52 appearances for the club. Comment Advertisementlast_img read more

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Printing industry fund PGB returns insufficient for indexation

first_imgThe scheme’s matching portfolio – consisting 50% of its assets, invested in high grade euro-denominated government bonds and credit – generated 5.1%, the pension fund said.It added that government paper had already yielded 20.3% during the first nine months, thanks to declining interest rates.PGB’s 30% equity portfolio produced a quarterly result of 4.4%, while its 20% alternatives holdings returned 3%. With a return of 8.3%, emerging market credit delivered the best result.Property, infrastructure and inflation-linked bonds returned 1.3%, 4.3% and 0.2% respectively, PGB reported.During the past three months, the pension fund saw its funding decrease by 1.8 percentage points to 104.8%.In this period, its assets rose by €600m as a result from returns on investments and €900m due to schemes joining PGB, which has branched out to pension plans from the sectors process industry, paper, rubber and financial services.Following the addition of 8 new contracts, PGB’s total number of participants and pensioners increased by 4,000 to 108,223 during the last quarter, the pension fund said. PGB will not be able to provide its members with indexation under the new financial assessment framework (FTK), as returns on its equity and government bond holdings are not sufficently boosting its coverage ratio, the €17.8bn fund has said. In a note on its third quarter results, it said that the interest rate on Dutch government bonds with a 10-year duration had slumped to 1.1% at September-end, while expected returns on equity were no more than 6%.The pension fund for the printing industry reported a net quarterly result of 3.8%, taking its year-to-date performance to 12.9%.However, it said that the combined effect of its currency risk hedge and the 50% hedge of interest rate risk had lowered quarterly returns by 0.7 percentage points.last_img read more

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Consultancies expect Dutch schemes to endure ‘wave of drastic measures’

first_imgWichert Hoekert at Willis Towers WatsonHoekert said underfunded pension funds sometimes applied a combination of accrual reduction and premium increase, but that no scheme had only raised its contribution.According to the consultant, many pension funds had set a premium level based on expected returns – and often for a five-year period – when the new financial assessment framework (nFTK) was introduced in 2015.“As a consequence, decisions about changes must be made next year. And the current low interest rates must improve significantly to prevent drastic measures,” said Hoekert. “Moreover, pension funds must also start factoring in lower assumptions for future returns.”Heemskerk predicted that the funding of schemes that have postponed a necessary contribution increase or accrual reduction would drop further next year if interest rates and returns fail to improve.He also highlighted the fact that the decreased discount rate for liabilities will be introduced in 2021.Heemskerk estimated that, at the current interest rate level, this would reduce pension funds’ coverage ratio by five percentage points on average. “Schemes with a young participant population could lose up to seven percentage points,” In the wake of the pensions agreement in June, social affairs’ minister Wouter Koolmees called on pension funds to refrain from raising contributions or reducing accrual next year, in order to create stability during the process of pensions reform.Wichert Hoekert, senior consultant retirement solutions at Willis Towers Watson, however, believes pension funds should actually start taking measures to increase their ‘premium coverage ratio’ to 100% in 2022, as agreed in the pensions accord.The premium funding ratio indicates to what extent the paid in contributions in a given year are sufficient to finance new pension claims. At some large sector schemes the premium coverage is no more than 60%. Marc Heemskerk at MercerHe expects pension funds will most likely reduce accrual as current premiums of up to 20% of the salary were almost at their maximum level.He said the degree of future recovery measures would depend on the premium coverage ratio of a pension fund.Hoekert added that the accrual reduction would increase a pension fund’s indexation potential, as it improved the scheme’s financial position, but said this would never fully compensate the negative effect.“The participants won’t be able to recoup the lost accrual, as pension funds can only start granting indexation when their funding is at least 110%.”Referring to four of the largest Dutch schemes’ decision to keep both contributions and accrual at virtually the same level, Heemskerk said that, as a consequence, their funding would further drop by up to two percentage points.He concluded that, for underfunded schemes, this would lead to additional cuts of a similar scale in 2021, adding that older pensioners in particular would miss out on later recovery.“The target of current annual pensions accrual can only be achieved through sufficient returns, let alone surplus returns for indexation,” the actuary said.He echoed the conclusion of Jaap van Dam, PGGM’s chief investment strategist, who – at IPE’s recent Pension Awards in Copenhagen – contended that pension funds’ biggest risk is the lack of long-term returns.The Dutch Pensions Federation said it expected that more pension funds would decide to decrease their annual accrual rate.“Employes and trade unions don’t see any margin for a contribution rise, whereas pension funds’ financial position requires them to take one of these measures,” said Gert Kloosterboer, the spokesman for the industry organisation.He said it was difficult to estimate the extent of any measures as this would depende on a pension fund’s financial position.center_img The emerging trend of Dutch pension schemes reducing their annual pensions accrual for 2020 to improve their financial position is likely to bring a wave of much more drastic measures in the year ahead, pension consultants have predicted.Several consultancies have noted that only a limited number of pension funds had started taking measures to improve their funding, which has been hit hard by the current low interest rates environment.If interest rates remain at the current low level, the minimum required contribution could rise by up to 40%, Willis Towers Watson foresees.Marc Heemskerk, actuarial consultant at Mercer, warned that underfunded pension funds clinging on to a too high accrual, risked larger rights cuts in the future.last_img read more

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