He added that seed capital investments would also “complete” KLP’s investments.“We invest broadly and deeply all around the world, but up to now we have lacked investments in the starting phase of a company’s history,” he said.The pensions provider saw it as a social responsibility to contribute to new growth in Norwegian business life, Thornes said.The new fund is to manage a total of NOK500m. The European Investment Fund (EIF) has put in the largest stake of NOK155m, while SINTEF Venture has made a NOK110m investment.Other investors alongside KLP include charitable foundations Gjensidigestiftelsen and Sparebankstiftelsen.While the EIF invested in SINTEF’s previous venture fund, this latest allocation is its largest in Norway so far, the research group said.SINTEF said the new fund would promote the commercialisation of research and development results.It will invest in and develop small and medium-sized enterprises (SMEs) whose activities are based on technology originating from research at SINTEF and the Norwegian University of Science and Technology – both based in Trondheim. Kommunal Landspensjonskasse (KLP), Norway’s municipal pension fund, has taken its first step into venture capital with a NOK75m (€8m) stake in a new fund for Norwegian research businesses.KLP has also indicated that it plans to direct NOK1bn into seed capital over time.The NOK652bn pension provider has invested in the Venture V fund launched by Norwegian research group SINTEF.Sverre Thornes, KLP’s chief executive, said: “This is just a start for us. In the course of the next few years we see ourselves investing a billion kroner into seed capital funds linked to development in many places in the country.”
UK defined benefit (DB) scheme sponsors could be sitting on a £260bn (€290bn) accounting black hole, a new study from consultants XPS Group has warned. The accounting gap demonstrated what XPS referred to as the growing difference between “accounting balance sheets and future long-term targets”.Wayne Segers, head of transactions at XPS, said: “The Pensions Regulator is already expecting trustees and employers to set long-term funding targets, which will drive a greater difference between accounting and the cost of pensions.“Accounting disclosures will be an ever more important window in helping to explain this gap and good pension disclosures can help allay concerns around pension contributions and set out a clear path for managing pension risk.” In its 2017 Thematic Review, the UK audit watchdog, the Financial Reporting Council, emphasised the usefulness of DB sponsors not only presenting but also explaining alternative valuations to the accounting measure in their accounts.On other key accounting assumptions, the XPS study broadly confirmed the findings of comparable studies this year from advisers KPMG and Lane Clark Peacock LLP.In relation to discounting, XPS said UK sponsors used an average discount rate of 2.8% during 2018, across a range of 2.6% to 3.1%.The consultancy added that schemes with a rate in excess of 2.85% were likely using a non-standard approach to discounting.On life expectancy, XPS discovered that some 82% of DB schemes had updated their assumptions to take account of the recent slowdown in the rate of longevity improvement.Finally, the XPS survey supported the view that the cost of implementing last year’s equality ruling had turned out to be lower than initially feared.In October, the High Court in London ruled that employers must grant equal “guaranteed minimum pension” (GMP) payments accrued between 1990 and 1997 to both male and female workers.XPS’s analysis showed that the cost of implementing the GMP ruling for most of the schemes in its sample was less than 1% of liabilities.The XPS Group survey was based on an analysis of 150 of the firm’s clients preparing accounts under a range of different financial reporting regimes including International Financial Reporting Standards.
Despite some stiff competition, USC men’s tennis continues to build on its undefeated season and its long-standing win streak.The No. 1 Trojans (18-0) took on their sixth top-10 opponent in No. 10 Florida (9-6) and extended their win streak to 38 dual matches with a 6-1 win over the Gators Monday at Marks Tennis Stadium.Leading the way was No. 2 senior Steve Johnson, who tallied his 51st straight singles victory and USC’s first singles point with a 6-1, 6-2 win over No. 61 Bob van Overbeek.Serving it up · Despite a singles loss by sophomore Emilio Gomez, the Trojans were able to extend their winning streak to 38 matches. – Chris Roman | Daily Trojan“I’m playing some of my best tennis right now,” Johnson said. “I feel like there’s another level I can get to, mentally and physically, and that’s what I keep striving for.”After Johnson’s win, freshman Roberto Quiroz pushed the Trojans’ lead to 3-0 by ousting Billy Federhofer 6-2, 6-3.Fellow freshman Yannick Hanfmann, ranked No. 30 in singles, then clinched USC’s victory by defeating Florent Diep 7-5, 6-2. The return home helped Hanfmann bounce back from his three-set singles loss to Texas A&M’s John Lewis March 1.“It’s always different at a home match,” Hanfmann said. “We’re all fired up to play at home.”A loss from No. 41 sophomore Emilio Gomez to No. 93 Spencer Newman gave the Gators their only point for the match. Afterward, three-set wins from No. 16 senior Daniel Nguyen and No. 24 sophomore Ray Sarmiento rounded out USC’s 6-1 victory.Before singles action, USC had jumped out to an early 1-0 advantage with a sweep in doubles play.The three doubles pairs from Florida were all nationally ranked, but the Trojans swept the field, beginning with Johnson and Quiroz’s 8-1 win over the No. 8 pair Federhofer and Nassim Slilam.Gomez and Hanfmann followed with an 8-3 victory over No. 74 van Overbeek and Andrew Butz to clinch the doubles point for USC and improve their record together to 10-1.Nguyen and Sarmiento, ranked No. 21 in the nation, finished the doubles sweep by taking out No. 26 Newman and Tripper Carleton 8-2.Though the Trojans have normally featured the No. 6 doubles pair in Hanfmann and Johnson along with Gomez and Quiroz, the team has recently played other combinations to give freshmen Hanfmann and Quiroz more experience.“Steve’s our captain, and we’ll have to learn from him,” Quiroz said. “He’s such a good player. I’m trying to learn every match.”Quiroz’s new partner shares similar confidence about the pairing.“[Roberto] is a very accomplished doubles player,” Johnson said. “We’ve really gotten together and played well.”The Trojans improved to 4-2 all-time against the Gators and added one more win to their 38-match streak that dates back to last February.USC is now 4-0 in March after a 7-0 sweep against No. 50 Virginia Tech on March 9 and two road victories against No. 13 Texas and No. 20 Texas A&M last week.The Trojans will host No. 38 Boise State (13-5) next Monday at Marks Tennis Stadium in USC’s final match before conference play.
Kershaw, who had 10 pickoffs last season, picked off his second batter of the spring.“It can get you out of some jams,” he said. “It’s something I worked on for sure.”Alex Guerrero hit a solo homer off Sale in the fourth. Howie Kendrick hit a run-scoring triple in the third.Thompson impressesThe Dodgers are giving a long look at athletic outfielder Trayce Thompson, who played center field Saturday. Thompson, the brother of Klay Thompson of the Golden State Warriors and son of former Laker Mychal, “can do a lot of different things,” manager Dave Roberts said. “We want to see him as much as we possibly can, putting him in center, in left a little bit, in right a little bit.” Newsroom GuidelinesNews TipsContact UsReport an Error Chris Sale pitched 5 1/3 innings and Clayton Kershaw went nearly that far in a matchup of left-handed aces Saturday, with the Chicago White Sox beating the Dodgers 4-2 in Glendale, Arizona.Sale made his Cactus League debut after pitching in a “B” game earlier in the week. He allowed two runs and six hits, walking one and striking out three. Kershaw, pitching on his 28th birthday, gave up two runs and six hits, walking none and striking out four. Jerry Sands and Tyler Saladino hit RBI singles in the second.“At one point or another today, I felt like I used all my pitches effectively,” he said. “I gave up a few hard-hit balls, but some bloopers that found some holes, too. But overall, I felt like I’m on a decent progression for sure.” Thompson made an outstanding catch on a line drive to center by Avisail Garcia.“It was definitely nice to make that catch,” Thompson said. “There have been a couple balls that been inches away from my glove that I feel I usually make.”Though Thompson can play any outfield spot, “I feel like I’m a center fielder,” he said. “I want the ball. I’ve always had that mentality. I pride myself a lot on my defense.”Pujols producesAngels manager Mike Scioscia liked the two mammoth home runs Albert Pujols hit in the third inning against Milwaukee. But he also liked the veteran slugger’s first at-bat, a two-out, RBI single to the opposite field.“It’s great to see him hitting the ball to right field with a guy in scoring position, which is what he does when he’s on,” Scioscia said after Pujols sent the Angels past the Milwaukee Brewers 15-7 in Tempe.After his first-inning single scored the streaking Yunel Escobar, Pujols led off the third against Wily Peralta and homered onto the berm in left-center. The Angels went on to bat around, and Pujols faced Peralta again with a man on and two out.This time, on the first pitch, Pujols cleared the hedge behind the lawn area in left and capped an eight-run inning. Pujols had one spring homer entering Saturday.“He got two pitches up and just killed them,” Scioscia said.Escobar went 4 for 4, extending his consecutive hit streak to seven. The Angels’ new third baseman is batting .471 and has yet to strike out in Cactus League play.Yunesky Maya made his first start for the Angels after six relief innings. He didn’t fare as well this time, though four of the five runs against him were unearned.Maya allowed five hits and walked four after issuing no walks in any of his previous outings. The Cuban last pitched in the majors for Washington in 2013. Tejada joins CardsThe St. Louis Cardinals signed free-agent shortstop Ruben Tejada to a one-year, $1.5 million guaranteed contract. Tejada hit .261 with 23 doubles, three homers and 28 RBIs with the New York Mets last year. His season ended when the Dodgers’ Chase Utley broke Tejada’s right leg with a takeout slide in the NL Division Series.Tejada signed with the Mets in 2006 and spent parts of six big league seasons in New York. But after the Mets offered him a contract on Dec. 2, they signed free-agent shortstop Asdrubal Cabrera and acquired second baseman Neil Walker from Pittsburgh. With Wilmer Flores also on the roster, Tejada’s future with the team became uncertain and he was released on Wednesday.
Ottawa Senators forward Vladislav Namestnikov left Wednesday’s game against the Montreal Canadiens with a lower-body injury after a body check from Cale Fleury sent him crashing into the boards.The hit caught Namestnikov, 26, off-balance as he and Fleury vied for control of the puck entering the Senators’ attacking zone during the first period. The Russian forward slammed awkwardly into the lowest portion of the boards and laid on the ice for several minutes before skating off with the help of the Senators’ trainer and teammate Mark Borowiecki. Fleury with a big hit on Namestnikov, Namestnikov leaves game.missing audio soz guys pic.twitter.com/AIgHmBUBE7— GoatWorldSports (@GoatWorldSport1) November 21, 2019 The play was blown dead quickly after the hit even though the Canadiens obtained possession of the puck and started an odd-man rush up the ice, which could have been part of the league’s reaction to Matt Calvert’s injury on Nov. 16. In that case, on-ice officials did not blow the play dead even as Calvert laid in distress on the ice because the Colorado Avalanche’s opponents controlled the puck. The league’s director of officiating, Stephen Walkom, told reporters Tuesday that on-ice officials may stop play at any point if it is obvious there is a serious injury.The Senators acquired Namestnikov from the Rangers this season in an October trade. The 2011 first-round pick (by way of Tampa Bay) has 12 points in 16 games so far in Ottawa.