The UK’s defined benefit (DB) £16.3bn (€19.7bn) lifeboat fund is set to increase its exposure to the growing energy market, tendering a £500m private equity mandate.The Pension Protection Fund (PPF) said it is looking for a manager to handle £400m-500m in allocations to the US oil and gas sector while also investing in renewable energy.The US has in recent years seen significant growth in the field of hydraulic fracturing, or fracking, a method whereby natural gas is extracted from lower layers of sediment after it it flooded with a blend of water and chemicals. Asked if the mandate could include exposure to fracking, a spokeswoman for the PPF would only say it would look at “all options” presented by fund managers. The investment will form part of the fund’s alternatives allocations, which has a strategic allocation of 22.5% after the fund overhauled its investment structure earlier this year.At the end of March, the PPF had £444m, or 2.7%, in private equity, with a strategic allocation of 4% to the asset class.It said it wanted to appoint two or three managers as part of a framework agreement investing in energy or related companies, mainly in North America and OECD countries.The agreement is expected to last around four years with the possibility to extend this by a further four years.Interested fund managers must have a targeted fund size of over $400m (€308m) with close to 80% of the fund allocated to traditional energy investments, or closely related holdings.The move by the PPF comes after it delivered a marginal negative return over the last financial year after its liability-driven investments (LDI) dragged down returns.It suffered a negative 0.7% return on overall investments which rose to 3.4% after stripping out the fund’s LDI book.Earlier this year the fund overhauled its investment structure changing from holding 30% in risk assets to a more dynamic approach.It will now allocate 58% to LDI strategies, 22.5% to alternatives and 12.5% to hybrid assets that both provide risk exposure and match liability payments with inflation expectations.It transferred some of its property holdings into the hybrid portfolio, thus decreasing what assets came under its alternatives banner.The fund’s move into private equity holdings in the energy sector come after it also made moves to enter the direct lending space, and threw its weight behind smart beta.In January this year, it announced it would begin lending around £150m to UK corporates as it searched for two managers to manage the mandate.It also changed the strategic benchmark for its equity managers from a market-capitalisation approach to a smart beta minimum volatility method.
The Indian state of West Bengal has reportedly engaged the team from the University of Edinburgh to conduct a survey on the feasibility of tidal energy projects in the Bay of Bengal.The meeting, held on January 18, 2018, facilitated the discussion between West Bengal’s Minister of Power Sovandeb Chattopadhyay and A.R. Wallace from the University of Edinburgh’s Institute for Energy Systems on the possibilities of using tidal power for electricity generation in this eastern Indian state.It was arranged that the team from the University of Edinburgh will conduct a survey on the feasibility of tidal energy projects in West Bengal, after which the findings will be summarized in a report for West Bengal’s energy department, according to the Indian news publisher Millennium Post.“They will conduct the survey in the Sunderbans to find out whether tidal energy can be developed at a cheaper rate and can be implemented for commercial purposes. If it is found to be successful, small units with a capacity of 50kW may be set up to produce tidal energy,” Chattopadhyay was quoted as saying by Millennium Post.The Sundarbans are a network of marine streams, mud shores and mangrove forests located in the eastern India in the Bay of Bengal.
Press Association Tony Pulis played down West Brom’s win over his former side Stoke – but insisted the Baggies should have scored more. Brown Ideye’s header – his seventh goal of the season – earned the hosts a deserved 1-0 win over the poor visitors. Ideye was denied a second by an offside call and referee Michael Oliver ignored huge claims for a penalty when Geoff Cameron felled Craig Dawson. He said: “Ben had come off with a knee problem, he felt his knee go from under him and we’ll have to get him checked, we need him fit. “Browny has also taken a knock. He has been good for us. We have only got two strikers Saido (Berahino) and Brown, we have got all these results with just two strikers. They look a good pair.” The Potters had been aiming for a fourth straight win, after rising to eighth in the table, but while Jonathan Walters forced a smart save from Myhill they failed to fire. It was just their third defeat in the last 12 league games but boss Mark Hughes admitted he told some home truths at half-time. He said: “It’s fair to say I wasn’t best pleased. We got a little bit of a reaction but we didn’t maintain it. We lacked quality in the final third. “We didn’t play particularly well, we started slowly. “We didn’t ask any questions against a West Brom side who were quite comfortable defending what we were able to produce. We had a slight reaction, possibly to my words, but didn’t maintain it. “That’s a disappointment for us because we have been playing well and I didn’t see the performance coming. We know we’re better than that. “Unfortunately on the day we haven’t been able to produce what we have produced in recent weeks.” It was also West Brom’s first home win over the Potters since 2003 and moved them 11 points clear of the Barclays Premier League drop zone. But Pulis insisted the Baggies should have been home and dry long before the final whistle. “The disappointing thing is we had to wait until the 95th minute to take a sigh of relief, it should have been over before that,” said Pulis, who also beat Stoke 1-0 as Crystal Palace boss last season. “The penalty in the second half, Michael will look at that and be very disappointed, it was as blatant a penalty as I have seen for a long time. “With the offside goal I thought the keeper had touched it, as soon as he does Brown – from what they tell me – is onside again. “It’s three points, I had a great 10 years at Stoke, a wonderful journey, I left it in a very sound financial and good position. We did wonderful things there from a club which was 14th or 15th in the Championship. “To take it to where it went was wonderful and it will be years I will always remember but today was about West Brom getting the three points.” But Ben Foster was forced off in the second half, being replaced by Boaz Myhill, and Pulis also has worries over goalscorer Ideye.
MADRID, Spain (Reuters) – Real Madrid coach Zinedine Zidane said he was delighted to be able to call on the “best player in the world” in Cristiano Ronaldo, as his side gear up to defend their Club World Cup title.Ronaldo won his fifth Ballon d‘Or, for world player-of-the-year, last week, to draw level with his rival and Barcelona forward Lionel Messi.The debate about who is the greater player is a perennial feature of soccer punditry, but Zidane is convinced he has the world’s best at his disposal.“I have the best in the world and he is showing it in this shirt,” Zidane told a news conference in Abu Dhabi yesterday. “I am delighted to have him, for me he is the best.”Madrid face United Arab Emirates league champions Al Jazira on their home soil in the semi-final today, with the final on Saturday.Although Madrid’s next La Liga match is a crucial Clasico clash against Barcelona at the Santiago Bernabeu on December 23, Zidane said his squad is fully focused on the inter-continental tournament.”We will do everything we can to win this competition,“ he said. ”It will not be easy; first we have to get to the final. We’re only thinking about winning the Club World Cup.”There are no easy games. We have a semi-final against, a team that people say is easy, but we don’t think that it will be – quite the opposite.“Look at last year against Kashima (Antlers). Against Real Madrid everybody wants to have a great game and for that we will go out focused.”Madrid won the competition for the first time in 2014 and again last year, when they beat Japanese side Kashima Antlers 4-2 after extra time.The Spanish champions can become the first side to successfully defend the trophy since the tournament began in 2000 and can pull level with arch-rivals and record winners Barcelona on three victories.
Click on the video above to enjoy some of the action from last Saturday’s brilliant Northfit Corporate Fitness Challenge.A whole host of local businesses competed in both the morning and afternoon sessions of the event, in what turned out to be an incredibly enjoyable event for all participants. The event encouraged business to get active again by participating in a whole host of fun and ‘wacky events’.The main theme of the event was to promote fitness and well-being in a working environment.On the day businesses competed with each other on a head-to-head basis.While it was competitive, there was an element of fun to all challenges and despite a small bit of cheating from a few teams, it was all played out in the right spirit. Packie Mailey from Northfit told Donegal Daily that he was absolutely delighted with how the event went.Packie said, “It was a great day, we couldn’t have envisaged it would’ve been as successful as it was, but we’re absolutely delighted with the reaction we received.“Everybody who participated in the event, really enjoyed themselves, and that was our main priority when we launched the event.“I want to thank all businesses who participated and those who helped sponsor the event.“We’re hoping to run another one, sometime next month and we’ll be announcing details on that shortly. DDTV: NORTHFIT CORPORATE CHALLENGE AN OVERWHELMING SUCCESS! was last modified: October 10th, 2014 by Mark ForkerShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window) Tags:BusinessDDTVFeaturesnewsNorthfit Corporate Challenge