Sampension, PKA reap DKK1bn as central bank fights speculators

first_imgTwo Danish pension funds have revealed they made profits of DKK500m (€67m) or more on the financial markets in the first two months of this year from the effects of the wave of currency speculation on the Danish krone.Labour-market pension fund Sampension and PKA, which runs three labour-market pension funds, made quick gains of DKK500m and DKK600m, respectively, in January and February as the Danish central bank (Danish National Bank) fought off upwards pressure on the krone partly by dropping some interest rates into negative territory.The krone had attracted heavy buying from speculators after the Swiss National Bank surprised markets in January by abandoning the Swiss franc’s peg to the euro.The European Central Bank’s (ECB) announcement that it would start large-scale quantitative easing later this year also created buying pressure for krone. The Danish National Bank has since said two-thirds of the krone buying in January and February came from domestic pension funds, insurers, investment funds and companies seeking to hedge different kinds of euro assets by buying kroner in the form of futures.Kasper Ullegård, head of fixed income at Sampension, told IPE: “We had previously established a relative position where we would benefit if Danish interest rates fell more than euro rates (…) and that’s what happened when the krone came under pressure.” In the second half of 2013 and the first half of 2014, Sampension had bought Danish government bonds and sold euro-denominated, high-quality government bonds, issued by countries such as Germany, Finland and the Netherlands.It had also been buying Danish mortgage bonds and selling euro-denominated, AAA-rated covered bonds.As well as this, in the derivatives markets, it had been buying receive fixed, pay floating in krone interest rate swaps (IRS) and pay fixed, receive floating in euro interest rate swaps – matching maturity for the krone and euro swaps.“When we did all this, we had no idea that was going to happen,” said Ullegård. “We thought the Danish economy was sound, so there was no way interest rates would exceed euro rates on a prolonged basis – we would argue that the opposite should be true.”Since Denmark operates with a significant current account surplus, with capital flowing into Denmark every day, that money needs to be diverted with low comparative interest rates set by the central bank, he said.Effectively, Sampension was betting on Danish interest rates being lower than euro rates, and when that scenario became exaggeratedly the case, for a phase at least, it closed positions to take the profit.“This was more than what we hoped for,” Ullegård said.Although he believes there could yet be another wave of speculation pushing the krone, Sampension firmly believes the Danish National Bank will succeed in maintaining the peg.“It won’t break because it’s institutional – it is clearly the primary goal of Danish central bank policy,” he said.Meanwhile, Pension fund administrator PKA, which runs three labour-market pension funds, also made a large profit in the first two months of this year on the foreign exchange markets as a result of the sudden drop in krone interest rates.The company hedges its currency exposure using forex forwards, effectively selling dollars and buying Danish krone, to avoid having to pay a high capital charge due to regulatory rules.Inger Huus Pedersen, head of fixed income at PKA, told IPE: “In January, obviously some in the market thought the krone should appreciate.“When you have krone forwards, and Danish interest rates fall, you make money.”Huus Pedersen and her team reacted to the changed market conditions with a tactical move, changing the forex hedges into contracts that hedged euro, rather than the domestic currency, against dollars.The regulation allows pension funds to hedge foreign currency exposure against either kroner or partly euro.“The net result was that we earned around DKK600m on the transactions, some of it realised and some not,” she said.Huus Pedersen said PKA would not have switched its hedging from kroner to euro unless it was absolutely certain the krone would not be detached from its peg to the euro.“The law allows pension funds to hold so much euro unhedged assets, that this is an implicit confirmation of the peg to the euro,” she said.last_img read more

Are children really better off with gay parents?

first_imgTheLeadingEdge 22 July 2013  Yesterday morning the website boldly trumpeted the headline: ‘Children with gay parents ‘happier’ – research‘.I was wondering how long it was going to take the NZ media to start touting the dubious claims of the latest agenda-driven attempt to try and reduce natural biological parenting to a meaningless social phenomenon with no greater significance than what we, as a culture, subjectively attach to it.The journalism in this article is woefully deficient, and instead of actually investigating the claims, and the methodology behind them, the article simply advocates for them as if they are irrefutable scientific fact.Firstly, the man leading the charge on this research is actually in a same-sex relationship, and he and his partner are parenting twin boys. More importantly, the article openly states that this research was ideologically and politically motivated when it explains that “the study was prompted when Crouch found politicians on both sides of the debate on gay adoption and marriage believed the best way to raise a child is in a traditional family with a biological mother and a biological father.”Quite clearly this is not an unbiased blank slate start to the research, but rather it is a case of someone with a point to prove who has gone fishing for something to support his ideological commitments, and to try and give validity to his own parenting arrangement.This fact alone should be ringing alarm bells right off the bat, but it doesn’t end there. There is actually more that is problematic about this latest attempt to undermine the importance of natural parenting – and if the journalist who wrote this article had actually bothered to get online and learn more about the methodology of this new research they would have pointed out the following important facts in their article: read more

UN urges world to eat more insects

first_imgGrasshopper20.635.25 Caterpillar28.2n/a35.5 Source: Montana State University Sharing is caring! DelicaciesInsects are regularly eaten by many of the world’s population, but the thought may seem shocking to many Westerners.The report suggests that the food industry could help in “raising the status of insects” by including them in new recipes and adding them to restaurant menus.It goes on to note that in some places, certain insects are considered delicacies.For example some caterpillars in southern Africa are seen as luxuries and command high prices.Most edible insects are gathered in forests and serve niche markets, the report states.It calls for improved regulation and production for using insects as feed.“The use of insects on a large scale as a feed ingredient is technically feasible, and established companies in various parts of the world are already leading the way,” it adds.BBC News Share Food source Protein (g) Calcium (mg) Iron (mg) Tweet Food & DiningInternationalLifestylePrint UN urges world to eat more insects by: – May 13, 2013 Share Minced beef27.4n/a3.5 Share 68 Views   no discussions Over 2 billion people worldwide already supplement their diet with insectsEating more insects could help fight world hunger, according to a new UN report.The report by the UN Food and Agriculture Organization says that eating insects could help boost nutrition and reduce pollution.It notes than over 2 billion people worldwide already supplement their diet with insects.However it admits that “consumer disgust” remains a large barrier in many Western countries.Wasps, beetles and other insects are currently “underutilised” as food for people and livestock, the report says. Insect farming is “one of the many ways to address food and feed security”.“Insects are everywhere and they reproduce quickly, and they have high growth and feed conversion rates and a low environmental footprint,” according to the report. Nutritional valueThe authors point out that insects are nutritious, with high protein, fat and mineral content.They are “particularly important as a food supplement for undernourished children”.Insects are also “extremely efficient” in converting feed into edible meat. Crickets, for example, need 12 times less feed than cattle to produce the same amount of protein, according to the report.Most insects are  likely to produce fewer environmentally harmful greenhouse gases than other livestock.The ammonia emissions associated with insect-rearing are far lower than those linked to conventional livestock such as pigs, says the report.Insect nutritional value /100g Dung beetle17.230.97.7last_img read more

Verstappen to remain at Red Bull until 2023

first_img Read Also: Serena powers past Giorgi for solid start to 2020 Red Bull team principal Christian Horner said: “With the challenge of the 2021 regulation changes on the horizon continuity in as many areas as possible is key. “Max has proven what an asset he is to the team. He truly believes in the partnership we have forged with our engine supplier Honda, and we are delighted to have extended our relationship with him.” FacebookTwitterWhatsAppEmail分享 Loading… Promoted ContentThe 10 Biggest Historical Mysteries That Can’t Be SolvedEver Thought Of Sleeping Next To Celebs? This Guy Will Show YouBirds Enjoy Living In A Gallery Space Created For ThemThe Very Last Bitcoin Will Be Mined Around 2140. Read More5 Of The World’s Most Unique Theme ParksA Soviet Shot Put Thrower’s Record Hasn’t Been Beaten To This DayThis 1982 Movie Is Better Than Any Other Blockbuster Up TodayTop 10 Iconic Personalities On TV NowA Hurricane Can Be As Powerful As 10 Atomic Bombs6 Amazing Shows From The 90s That Need A Reboot Right Now12 Iconic Actors Whose Careers Were Stunted By A Single MovieTop 10 Enemies Turned Friends In TV “I want to win with @redbull and @HondaRacingF1, our goal is to fight for a World Championship together. The best is yet to come! #YesBoys.” Max Verstappen has signed a new contract with Red Bull until 2023, the Formula One team announced on Tuesday. The 22-year-old Dutchman’s deal was due to expire this year, and he had been earmarked as a potential candidate to replace Lewis Hamilton at Mercedes if the six-time world champion, also out of contract at the end of the season, moves to Ferrari. Max Verstappen has signed a new deal with Red Bull But Verstappen, an eight-time Grand Prix winner, has now committed his long-term future to Red Bull. The move follows Charles Leclerc’s signing of a five-year contract extension with Ferrari last month. Verstappen, who finished third in the drivers’ championship last season, tweeted: “Very proud and happy that @redbullracing will stay my home until 2023. We started this journey together and they have supported me from day 1.Advertisementlast_img read more

Local group offers solar home tours

first_imgBatesville, in. — Solarize Batesville/Oldenburg is offering a series of tours of area homes using solar power. The group can also offer group discounts for solar panels to interested parties.March 4—Batesville. The group will meet at Batesville Memorial Public Library, 131 N. Walnut St.March 11- Oldenburg/Hamburg area. The group will meet at Oldenburg Franciscan Center, Main St., Oldenburg.March 18—Greensburg area. The group will meet at St. Mary’s Church Hall, 1331 E Hunter Robbins Way.All Sunday tours meet at 1:00 pm at the designated site for a short presentation.    Tour buses will take the group to visit 3-4 homes in the area and learn how the solar energy system works. Tours end at the last tour site by 5:00 pm.  Tour buses will return participants back to the meeting site.Fee per participant:  $15 payable at the meeting place on day of tour. For more information please call 812-933-6514.last_img read more

Moses proposed permanent deal with Inter Milan hit a stumbling block

first_imgChelsea risk pricing Victor Moses out of a permanent deal with Inter Milan. Inter are refusing to pay a hefty fee for Moses, whose Chelsea deal expires in 2021. read also:Victor Moses excited to be back in training But the Blues are holding out for up to £8million. FacebookTwitterWhatsAppEmail分享 The London Evening Standard says Moses’ proposed permanent move to Inter Milan has hit a stumbling block. Inter coach Antonio Conte is determined to sign Moses this summer after the 29-year-old’s successful season-long loan spell in Italy.Advertisement Promoted Content5 Of The World’s Most Unique Theme Parks7 Ways To Understand Your Girlfriend Better10 Actors Who Are Happy With The Type Of Roles They Got Hired ForWho Earns More Than Ronaldo?6 Ridiculous Health Myths That Are Actually TrueWhich Country Is The Most Romantic In The World?The Most Exciting Cities In The World To Visit7 Universities In The World Where Education Costs Too Much7 Most Asntonishing Train Stations In The WorldWho Is The Most Powerful Woman On Earth?The 18 Most Visited Cities In The WorldPretty Awesome Shows That Just Got Canceled Loading… last_img read more

Wisconsin still in search of 1st conference victory

first_imgGREG DIXON/Herald photoWith two games left in the Big Ten season, time is running out for the Wisconsin men’s soccer team, as it looks to earn its first conference win in two years. On Saturday night, they will get another chance in Columbus against Ohio State.Although Wisconsin has a winning record on the season at 6-5-2, the Badgers have yet to beat a Big Ten team. While it may be tough to win against Ohio State, a team picked preseason to finish third in the Big Ten, the Buckeyes have shown some weaknesses in the conference this year. The disappointments the Buckeyes have had this season gives Wisconsin head coach Jeff Rohrman confidence the Badgers can contend with the Buckeyes.“I feel pretty good about going into Ohio State and giving them a game,” Rohrman said. “Our guys certainly have the confidence from how we played last week.”Unlike Ohio State, Wisconsin is coming into the match on a hot streak. After going through a stretch of five games when the Badgers lost four times and had no wins, they have recorded two victories in their last three games. Meanwhile, the Buckeyes are coming off back-to-back losses against unranked teams. Against Penn State last Saturday, the Buckeyes gave up three goals and against West Virginia on Wednesday were unable to record a goal.In Wisconsin’s two wins, junior Scott Lorenz has been the main factor in both games. Against UW-Milwaukee, Lorenz recorded two scores and added another goal against Marquette on Wednesday.“The guys are hungry and eager,” Rohrman said. “You have got to just keep going at it and take each game for what it is and put your best foot forward. When we do that, we play very well and focused, and we’ve put ourselves in a position to win games.”Despite coming into the matchup with more momentum than the Buckeyes, Rohrman knows his team cannot overlook a team that still has more Big Ten wins than the Badgers this year.“They’re a very hardworking group; they’ve got a very tough-minded midfield that we’re going to contend with,” Rohrman said of Ohio State. “They’re a very stingy defense. We’re going to have to be very good with our chances.”To beat the Buckeyes, Wisconsin will have to create quality chances against OSU’s two goalies this year, Bryon Neal and starter Drew Czekanski. Both goalies have goals against average under a goal per game, giving the team a chance to win every game.“They’ve certainly done their part to seize the opportunity,” Rohrman said. “They’ve had an opportunity to showcase what they can do, and they’ve done a good job so far.”While its offense averages a mediocre 1.46 goals per game, its defense is going to be the main focus for Wisconsin. If the Badgers can find a way to get the ball past Czekanski, look for the Badgers to have an excellent shot at their first win in the Big Ten this year.“We’ve played quite well,” Rohrman said. “The guys are excited to get a chance to beat Ohio State there.”last_img read more

Berg is the Word: Belichick proves his supremacy once again

first_imgThe 21st century New England Patriots, the greatest football dynasty of all time, have always been personified by two people — quarterback Tom Brady and head coach Bill Belichick. Those are the only two people who have been in place from their first Super Bowl win against the then-St. Louis Rams in 2002 straight through to Sunday’s 13-3 victory over the Los Angeles Rams that gave the franchise its sixth championship. Third, Belichick completely out-coached the young and brilliant Sean McVay. McVay’s creative offensive concepts created so much production this year that every NFL team with a job opening started hiring coaches with even a small connection to the Rams coach. Belichick, twice McVay’s age at 66, gave the youngster an education in big-game coaching, thoroughly dominating the matchup to the point that even McVay had to admit so afterward. And yet the sustainability of the Patriots’ dynasty came into serious question in the last calendar year. After losing 41-33 to the Eagles in last year’s Super Bowl, the Patriots said goodbye to many players crucial to recent championships, such as receiver Danny Amendola and left tackle Nate Solder. The Patriots struggled (by their standards) to an 11-5 record this season, losing by double digits to three non-playoff teams. Fans and media alike began to have real doubts about the old infrastructure. The Super Bowl was the jewel of Belichick’s already sterling collection of big game performances. The Rams, the league’s second-ranked scoring offense, were completely flustered all game, getting shut out in the first half and managing just a measly third quarter field goal. Quarterback Jared Goff completed just 19 of 38 passes for 229 yards and a backbreaking fourth-quarter interception when the Rams were driving to tie the game. Rams star running back Todd Gurley carried just 10 times for 35 yards and was a non-factor in the passing game. The Patriots are the Patriots because of Brady and Belichick. Each has been called the greatest of all time at his position because of the incredible accomplishments they’ve achieved together: six Super Bowl wins, 13 AFC title game appearances (including eight straight through this season) and 16 division wins in the last 18 years. Their track record is unassailable. Second, Belichick developed a strategy that simultaneously subverted expectations and used strengths the Patriots have displayed throughout the postseason. After playing more man-to-man coverage than any team during the regular season, Belichick identified Goff’s inability to make complex reads as a weakness to exploit, coming out in zone coverage and maintaining it for most of the game. At the same time, he continued to call for complex stunts and twists to confuse the Rams offensive line, scheming his defensive linemen and linebackers into free runs at Goff to the tune of four sacks and 12 quarterback hits. But if this stretch had caused anyone to revoke Belichick’s status as the greatest coach ever, he reclaimed it with a vengeance in the playoffs. Belichick is best known as a defensive mastermind, and nowhere was that more apparent than on the NFL’s biggest stage. Against the sixth- and first-ranked scoring offenses in the Chargers and Chiefs, respectively, the Patriots allowed a combined 7 first-half points, allowing New England to build large enough leads to ultimately win each game. Somehow, the Patriots shut out a historically good Chiefs offense in the first half on the road, holding quarterback and league MVP Patrick Mahomes to just 65 yards on four completions. Some of the credit has to go to linebackers coach and defensive playcaller Brian Flores, who will become the head coach of the Dolphins, but the preparation and schemes were classic Belichick. The questions persisted after New England allowed over 30 points to three of the bottom six scoring offenses in the league with losses to Jacksonville, Tenn. and Miami this season. Derision crested with Belichick’s questionable decision to put a noticeably slowed Rob Gronkowski in to defend Miami’s desperate bid for a final touchdown from 69 yards out. Miami was never going to throw the ball far enough for Gronkowski’s height to be a major factor and the lumbering tight end slipping and failing to catch Kenyan Drake on the walk-off, game-winning touchdown was the key image of what appeared to be the end of an era. Careful observers saw cracks in Belichick’s decision-making, starting with the strange choice to bench former cornerback and Super Bowl hero Malcolm Butler against the Eagles. Despite three touchdowns and 505 passing yards from Brady (a Super Bowl record), the Patriots lost because they allowed more than 40 points — only the sixth time that happened under Belichick’s leadership. Three things made Belichick’s performance so impressive: First, there aren’t many stars on the Patriot defense. Cornerback Stephon Gilmore, who snagged the crucial interception, was the only Patriot defender to make the All-Pro or Pro Bowl rosters this season. Yet New England filled every gap and defended every pass because Belichick instilled in them the discipline to follow the game plan. Aidan Berg is a sophomore writing about sports. He is also the sports editor of the Daily Trojan. His column, “Berg is the Word,” runs every other Tuesday. Belichick has never been the type to publicly address the storylines that motivate him and his team, but he definitely hears the noise. He seeks out bulletin board material, like when he pointedly described the Eagles’ pre-planned victory parade to his players before the teams played in the 2005 Super Bowl. Belichick didn’t need the motivation of proving doubters wrong to put on a virtuoso coaching performance in the biggest game, but he certainly addressed the whispers that he had lost his fastball in reaffirming his place as the greatest football coach ever.last_img read more

Local GAA Results from Tipp

first_imgIn the North U21 A Hurling championship….Nenagh Éire Óg had three points to spare over Kilruane McDonagh’s this afternoon in Toomevara…it finished 2-13 to 1-13While in the North Under 21 B, Newport Gaels ran out comfortable winners over Borrisokane by 1-17 to 7 points in Kilcolman. Elsewhere today, in Group one of the West Under 21 B hurling, Golden-Kilfeacle received a walkover from Rockwell-Rosegreen. In the County Senior Football Championship, Éire Óg Anacarty/Donohill were looking to build on their progression to the West Final, when they took on Killenaule in a Group 4 clash in New Inn this afternoon. That game finished Éire Óg Anacarty/Donohill  1-07  Killenaule  1-13Elsewhere….last_img

Four Nigerians Qualify for Tokyo 2020 Paralympic Games

first_imgSydney 2000 gold medalist, Tajudeen Agunbiade had an easy ride to the final in the men’s Class 9, where he defeated Egypt’s Hussein Hussein 3-1 to emerge as champion as well as secure his pass to Japan.Olufemi Alabi, also a Paralympian will be returning to the global sports fiesta in Japan after he had to work hard to beat South Africa’s Theo Cogill 3-2 to win the men’s Class 10 and booked his place at Tokyo 2020.2018 Commonwealth Games silver medalist, Faith Obazuaye is now in vantage position to qualify after the Nigerian star emerged champion in the women’s Class 10. To validate her eventual qualification, Obazuaye needs to attend a Factor 20 tournament in Europe within the next six months to be sure of making it to Tokyo 2020.The qualification of the four players became clear following their participation at the Jordan Open earlier this year while the inability of Obazuaye to have featured in any competition must have put her qualification on hold.Nasiru Sule who was initially aiming for fifth appearance at the Paralympic Games lost the slot to Egypt’s Abdelghafar Kamal Ayman, while Faith Obiora also lost the qualification to an Egyptian parliamentarian – Faiza Mahmoud who will become the first female African to feature in four Paralympic Games.But the most unlucky Nigerian in Egypt was Isau Ogunkunle who was aiming for his debut in Tokyo as the Ogun State-born national champion in the men’s Class 4 narrowly lost to African champion – Egypt’s Mohamed Sameh Eid Saleh. Ogunkunle had earlier in the group stage defeated the Egyptian 3-2 but in the final, the experience of the veteran came to fore as he claimed the title at 3-2 to secure a place at Tokyo 2020 as the first African para table tennis player to be featuring in five Paralympic Games.Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegram Nigeria’s participation in the table tennis event of the Tokyo 2020 Paralympic Games was confirmed yesterday at the 2019 Africa Para Table Tennis Championship holding in Alexandria, Egypt as four players secured their places in Japan.Victor Farinloye will be debuting at the games after the Nigerian sealed his place in the men’s Class 8 after emerging champion at the tournament.Also Rio 2016 Paralympian – Ahmed Koleosho returned to the games after emerging champion in the men’s Class 3.last_img read more