The European Central Bank’s (ECB) decision to reduce deposit rates and extend its quantitative easing programme is likely to have a limited impact on the average Dutch pension fund’s coverage ratio, consultancies have said.In the wake of the ECB’s announcement, the 30-year swap rate – Dutch schemes’ most important criterion for discounting liabilities – increased from 1.48% to approximately 1.6%.At the same time, however, equity markets fell, with the AEX and the Stoxx 50 losing 1.6% and 1.8%, respectively.Dennis van Ek, an actuary at Mercer, said: “The short-term effects on pension funds’ coverage are positive because of the rate increase, but they are negative following dropping equity markets.” He said Dutch pension funds with small interest-risk hedges and limited equity holdings could expect a modest funding improvement.Schemes with extensive interest hedges and relatively large stock portfolios, however, are likely to have the “opposite perspective”, he said.On balance, Mercer believes the rate increase’s impact on Dutch pension funds’ coverage ratios will slightly exceed that of falling equity markets.Neither did Geert-Jan Troost, an investment consultant at Towers Watson, expect Dutch schemes’ coverage ratios to be affected significantly.But Troost noted that those pension funds recently reducing their interest hedges – permitted by regulator DNB as a one-off opportunity to increase their risk profiles – were now at an advantage.Corine van Egmond, ALM consultant at Aon Hewitt, highlighted that the effect of the ECB’s measures would depend on where pension funds’ stock holdings were concentrated.“The funding of a scheme with a relatively large stake in the US will be less affected, as equity markets over there have been relatively stable,” she said.“On the other hand, the rate increase will have a negative impact on euro-denominated government bonds, which will affect the funding of schemes with an extensive fixed income portfolio.”Mercer concluded that the ECB aimed to keep interest rates low for at least the next year.“Pension funds should, therefore, not expect their funding to improve as a consequence of rising interest rates,” Van Ek said.
TEAM SCORESBatesville Bulldogs 105, Greensburg 47 BULLDOG WINNERSMenWilliam Johnson — 200 Free (2:09.40)Ethan Brewer — 200 IM (2:35.54); 100 Fly (1:01.47)Mason Enneking — 100 Free (1:02.99)Benjamin Moster — 100 Breast (1:10.30) NOTABLESSonja Gaulin (100 Free), and Maria Lopez (500 Free) had second place finishes for the women’s team.Benjamin Moster (50 Free), Vonley Hund (100 Back), William Johnson (100 Fly), Ciaran Tyrer (200 Free), Derek VanSickle (200 IM), Sean Callahan (100 Breast) all had second place finishes for the men’s team.The Bulldog men won all 3 relays. The Batesville high school men’s and women’s swimming program competed against the Greensburg Pirates on Tuesday evening. Greensburg 138, Batesville Lady Bulldogs 38 UP NEXTThe Batesville Bulldogs swim team will be visiting Milan for a triangular meet against the Indians and Oldenburg Twisters on Dec. 19 at the Milan Elementary School in Milan.Courtesy of Bulldogs Coach Greg McMullen.
Holland coach Louis van Gaal emerged as the early front-runner to succeed Moyes, whose 10-month reign came to an end on Tuesday when he was fired following a meeting with vice-chairman Ed Woodward at Carrington. Press Association Sport understands the United board first discussed the possibility of getting rid of Moyes on Sunday night following the team’s 11th defeat of the season at Everton. On Monday the board, which includes Ferguson and Sir Bobby Charlton, decided Moyes should be sacked and he was summoned to the AON Training Complex the following morning to be dismissed. Although Ferguson was responsible for appointing Moyes, he will play a part in choosing his compatriot’s successor, although this time he will not be the sole man responsible. United are looking to appoint an experienced manager who has a history of signing top-class players and managing them. For that reason, the club are known to be interested in Van Gaal, who has won titles in Spain and Germany. The 62-year-old also won the Champions League with Ajax in 1995. The Dutchman has made it clear he wants to move to England when his contract expires at the end of the World Cup. Another potential candidate, according to reports, is Carlo Ancelotti, whose position at Real Madrid could be in jeopardy if the Italian fails to win either the Spanish league or the Champions League. The United board will back their new manager in the transfer market, with the £150million kitty promised to Moyes still available. Ryan Giggs will take care of the team “until a permanent appointment can be made,” United said. Press Association Sport understands Giggs will not be considered as a full-time replacement, but they hope United’s most-decorated player will become part of the new manager’s backroom staff. For the final four games of the season, Giggs will be assisted by Nicky Butt, Phil Neville and Chris Woods – the latter two keeping their jobs despite being brought in by Moyes. Steve Round and Jimmy Lumsden were also brought in by the Scot but they have been fired. One United source said the board started worrying about Moyes’ capabilities during the 2-0 defeat to Olympiacos. “The players didn’t look up for it,” the source said. Once more “lacklustre” performances followed, the source added, Moyes had to go. Fans and shareholders widely backed Moyes’ dismissal, although former captain Roy Keane said the players should take a large portion of the blame. “Some of the players should be ashamed of themselves,” Keane told ITV1. On Tuesday evening the club’s share price on the New York Stock Exchange climbed sharply to its highest point since Ferguson’s retirement last May. Moyes is locked in discussions with his former employers about a severance package, with some estimates stating such negotiations could take up to two weeks. The Scot left United seventh in the Barclays Premier League, some 23 points behind leaders Liverpool. Sir Alex Ferguson will be asked for his view on who should replace David Moyes as manager of Manchester United. Ferguson, a director at the Old Trafford club who hand-picked the former Everton boss as his successor last year, will be able to express his opinion along with every member of the Manchester United board. And whoever takes over from the Scot will be given significant funds to rebuild the squad, sources said. Press Association
Ghana coach Maxwell Konadu has warned his Black Satellites team that this Sunday’s clash against Morocco will be the toughest test so far.The men’s U-20 team host their North African opponents in the first leg of the final-round qualifier for the 2013 African Youth Championship at the Tamale Stadium.Konadu, who hopes his side can push for a good first leg win to improve their chances of reaching next year’s finals has cautioned his team against looking beyond Sunday’s match.“This will be our toughest task so far,” Konadu said ahead of the game.“We need to be relaxed but be filled with the determination needed to win such a game. We must get a good home result.”The Ghana coach fully expects his side to claim a win in Tamale and continue their great work towards qualifying as the aggregate winner over both legs will qualify for next year’s Championship in Algeria. “I’m confident we’ll keep up the good work on Sunday. We have to impose ourselves on the game against Morocco, create chances and not be in a rush but finish off well,” he explained.Seven teams will make it from the qualifiers and join hosts, Algeria, in the finals next year.
0Shares0000Arsene Wenger in Liberia. PHOTO/BBCLONDON, United Kingdom, Aug 23 – Crowds of excited Arsenal fans have welcomed Arsène Wenger as he arrived in Liberia ahead of an awards ceremony where he will be given the country’s highest honour.The former Arsenal manager was Liberian President George Weah’s first European football coach and brought him to Monaco in 1988. President Weah went on to become the only African to win Fifa World Player of the Year.He was greeted at the international airport in Harbel, 52km (32 miles) from Liberia’s capital Monrovia, by the country’s minister of youth and sports, Zoegar Wilson. Photo/BBCWenger will be inducted into the country’s Order of Distinction on 24 August and be given the title of Knight Grand Commander of the Humane Order of African Redemption.He was greeted at the international airport in Harbel, 52km (32 miles) from Liberia’s capital Monrovia, by the country’s minister of youth and sports, Zoegar Wilson.Wenger told the media that he had come to the country to visit George and was not aware of any honour.Liberia residents welcoming Wenger. Photo/BBCHe previously expressed his admiration for Mr Weah in an interview with the BBC.“I remember when I saw him the first time at Monaco, coming in a bit lost, not knowing anybody, not being rated by anybody as a player and becoming the best player in the world in 1995 and today becoming the president of his country,” Wenger said.“The life of this guy is a real film. It is unbelievable. It can make a fantastic film.”Not everyone has been as excited about his arrival.Arsene Wenger set to be honoured by Liberian President George Weah. Photo/BBCSome Liberians say that the honour should not have been given to an individual for what they had done for the president personally, according to the BBC’s Jonathan Paye-Layleh in Monrovia.On a Liberian morning radio show, called 50-50, some of the listeners who called in said Mr Weah should have honoured the Liberian coaches who trained him before he caught the eye of the international community.Liberia’s Information Minister Eugene Nagbe told the BBC the award was not only about Weah’s personal connection with Wenger, but was a way to recognize that the Frenchman had “contributed to sports in Africa and has given many Africans opportunities”.Wenger coached 16 African players at Arsenal, including Ivory Coast’s Kolo Toure, Cameroon defender Lauren and Nigerian Nwankwo Kanu.-BY BBC-0Shares0000(Visited 2 times, 1 visits today)