Nordea Life & Pension sees 20% lift in first-half returns

first_imgProfits from Nordea’s life and pensions operations increased by 20% in the first half of this year to €84m on the back of higher profits generated by both unit-link and traditional with-profits products, the Nordic and Baltic banking group said.In its interim report, Nordea also posted a 16% increase in gross written premiums to €3.9bn in the six months to the end of June, from €3.4bn in the same period the previous year.Commenting on the business growth, Nordea said: “A solid sales momentum of market return products in the Nordea Bank channel continues to be the main driver behind the strong sales.”The Nordea branches had been responsible for two-thirds of the total sales produced during the second quarter of 2014, it said. The rise in operating profit was attributable to a profit increase from market return products – driven by strong growth in assets under management (AUM) – combined with a higher profit contribution coming from traditional with-profits products, according to the report.These traditional products had, in turn, seen their profits increase as a result of strengthened financial buffers, Nordea said.The balance between unit-link assets and traditional with-profits assets shifted past the halfway mark, with unit-link accounting for 51% of AUM in the life and pensions division at the end of June, up from 45% at the same point last year, according to the report.In terms of contributions, the company said, market return and risk products accounted for 90% of total gross written premiums in the second quarter, up 3 percentage points from the end of the previous quarter, and up from 86% in the second quarter 2013.Meanwhile, at Nordea Liv & Pension, the Danish pensions operation, the return on traditional with-profits products before PAL pensions tax was 7% in the first half, up from the 0.4% loss suffered in the same period the year before.Unit-link returns came in at between 4.4% and 8.5%, the Danish business said, without giving year-earlier figures.In absolute terms, the return on unit-link products was DKK2.3bn (€308m) in the first half.Overall, the business’s profit on assets and liabilities was 3.7% in the six-month period, up from 1.7% in the same period last year.Pre-tax profit was DKK387m, up from DKK297m.last_img read more

Shell wraps up sale of its downstream business in Argentina

first_imgShell CAPSA, a unit of the Hague-based LNG giant Shell, has completed the sale of its downstream business in Argentina to Raízen for $916 million in cash.The sale includes the Buenos Aires Refinery, around 665 retail stations, liquefied petroleum gas (LPG), marine fuels, aviation fuels, bitumen, chemicals and lubricants businesses, as well as supply and distribution activities in the country.In addition, the companies acquired by Raízen will continue the relationships with Shell through various commercial agreements, Shell said in a  statement on Monday.Completion of the sale follows an agreement announced in April 2018.Raízen, a joint venture set up in 2011 between Shell and Cosan, is a leading biofuels producer and fuels distributor in Brazil, where it already manages around 6,400 Shell service stations.This sale offers the opportunity to consolidate a regional partnership between Shell and Cosan, and allows Shell to continue to benefit from Argentina’s growing downstream market, the company said.Shell added that the sale is consistent with the company’s strategy to simplify its portfolio through a $30 billion divestment programme.It does not include Shell’s upstream interests in the Vaca Muerta shale formation.last_img read more

No decision to invest in Four Seasons Hotel says PM Skerrit

first_img Tweet LocalNews No decision to invest in Four Seasons Hotel says PM Skerrit by: – January 17, 2012 Share Share Sharecenter_img 16 Views   no discussions Sharing is caring! Prime Minister Skerrit: “We have not invested any money and no decision has been taken to invest money into this project at all.”Prime Minister Roosevelt Skerrit has indicated that neither the Dominica Social Security nor the Ministry of Finance has taken a decision to invest in the Four Season Hotel Project in Barbados. Last week Friday the Minister of Finance and Economic Affairs of Barbados, Christopher Sinckler announced that “the National Insurance Schemes of Dominica and St. Vincent and the Grenadines, would be minority investors in the project” while addressing the Barbados Association of Insurance and Financial Advisors conference.In an exclusive interview with Dominica Vibes News on Tuesday, Prime Minister Skerrit clarified that the Dominica Social Security received a request from the developers but no decision or investment has been made.“Just to say very, very clearly that no decision has been taken to invest any money into the Four Seasons Project at this time. Nobody in the administration of the DSS has taken a decision to invest any money into the Four Seasons Project in Barbados. The Minister responsible for Social Security who is the final authority on any investment of the Social Security’s money has not taken a decision.As a matter of fact, this request has not passed the technical office at the DSS; it is still with the Technical Office at the DSS.The Prime Minister further clarified that the Investment Committee at the Dominica Social Security has not made a decision to advise him.“The Investment Committee or the Board has not taken a decision on the request made by the developers on the Four Seasons and therefore no advice can be sent to me until that process is finalized. This is where we are with regards to this project; it has not come to me, we have not invested any money and no decision has been taken to invest money into this project at all.”He also explained that Minister Sinckler may have relied on information from the developers of the project in naming Dominica as one of the investors of the project.“For anyone to say that the DSS has taken a decision to invest in the Four Seasons Hotel is not speaking from a factual standpoint In all fairness to the Minister, I suspect that he would have gotten that advice from the developers of the project because it is not a Government of Barbados project as far as I understand it. The Government of Barbados recognizing the importance of the project to the economy of Barbados, has taken a decision to invest money into the project and to become about a 40 or 49% shareholder in the project and the developers have been seeking to get other interested investors to participate in that project,” Prime Minister Skerrit said.According to Prime Minister Skerrit, “As far as I understand it no National Insurance Schemes or the DSS has in fact taken a decision to invest in this project so the two named countries that is St. Vincent and Dominica as far as I understand it coming out from St. Vincent, no decision has been taken from St. Vincent’s standpoint”.Dominica Vibes Newslast_img read more

Allen leads every lap for first IMCA win at Crystal’s Optima Modified Challenge

first_imgFirst-time IMCA Modified feature winner Chance Allen earned $1,052 and a spot on the Fast Shafts All-Star Invitational ballot along with the Saturday checkers at Crystal Motor Speedway. (Photo by Christine Hale)CRYSTAL, Mich. (June 10) – Chance Allen made the most of his opportunities in scoring his career-first IMCA Modified feature win Saturday at Crystal Motor Speedway.Allen drew the pole and led all 20 laps, holding off Gary VanderMark and earning $1,052, along with a berth on the Fast Shafts All-Star Invitational ballot, for the Optima Batteries Modified Challenge victory.“It was a good night of racing. I definitely had to be at the top of my game,” said Allen. “The bottom was definitely the place to be. I had to hug the tires and Gary was right behind me.”Cautions came out on lap two and again after midway. VanderMark was faster in the turns but Allen hung on to win by a car length.Nick Stormzand, Jerry Hunt and 10th starting Myron DeYoung were next across the stripe.Feature results – 1. Chance Allen; 2. Gary VanderMark; 3. Nick Stormzand; 4. Jerry Hunt; 5. Myron DeYoung; 6. John DeYoung Jr.; 7. Chad Wernette; 8. Brenten DeYoung; 9. A.J. Ward; 10. Austin Wonch; 11. Casey Tasker; 12. Brady Hollenbeck; 13. Vern Buskirk; 14. Fred Enos; 15. Brian Roark; 16. Ken Zeigler; 17. Joey Fowler; 18. Scott Glidden; 19. Rusty Zeigler; 20. Chad May.last_img read more

La Liga: Leaders FC Barcelona stumble to draw at Real Sociedad

first_imgRelatedPosts Bale completes Tottenham return from Real Madrid Tottenham sign £25m Sergio Reguilon Live stream Premier League, La Liga, Serie A on Showmax Pro this weekend Barcelona were held to a 2-2 draw at Real Sociedad in an entertaining game on Saturday. This could see the leaders knocked off the top of La Liga by Real Madrid by the end of the weekend ahead of Wednesday’s “Clasico”. Mikel Oyarzabal gave the home side the lead in the 12th minute from the penalty spot after Sergio Busquets was penalised somewhat harshly for tugging the shirt of Diego Llorente while they battled for an aerial ball. Antoine Griezmann levelled for Barca in the 38th minute, scoring against the club where he began his career by nonchalantly scooping the ball over Alex Remiro after being played in by Luis Suarez. Suarez put the Catalans ahead in the 49th minute, passing a lay-off from Lionel Messi into an empty net. Sociedad levelled shortly after the hour mark, as Swedish youngster Alexander Isak pounced on a loose ball and smashed it home from close range. Barca still lead the standings with 35 points from 16 games but Real Madrid, on 34, can take their place at the top if they win at Valencia on Sunday. Real Sociedad are fourth on 28. Reuters/NAN.Tags: Barcelona FCLa LigaReal MadridReal Sociedadlast_img read more

McIlroy heads to Augusta on a high

first_img Press Association “It was a good way to end the week, obviously,” McIlroy said on the PGA Tour website. “I wanted to shoot something in the 60s at least today to give me some positive vibes going into Augusta. I played really well, played really solid from tee-to-green again. “I holed the putts that I felt I should hole and just kept the ball in play all day. Every time I hit it pretty close, within 10 feet, I holed the putt. It was great to see a few putts like that drop. It’s a nice bit of confidence going into next week.” Saturday’s 74 had left McIlroy down in 37th place, and although he did enough to climb back into a tie for seventh, his attention had already switched to the Masters. “I’m happy with how this week went, even though I didn’t quite do what I wanted to do in terms of getting in contention,” he said. “But I sort of made up for it today. I couldn’t be in a better mood getting on the plane and heading over (to Augusta) tonight.” Phil Mickelson also came through unscathed, declaring himself fit after a recent pulled muscle. However, the three-time Masters winner, who finished in a tie for 12th, admitted his confidence is not where it might be given recent results. “I’m a little nervous heading into next week,” he said. “I haven’t had the results, I haven’t been in contention, I haven’t won this year, so I’m certainly nervous about my chances, but it’s my favourite week of the year.” Jones stole the show at the end of the day with a stunning shot to nick victory from Kuchar, who had two bogeys in the final three holes of his round to drop into a play-off after Jones put the pressure on with a round of 66. Rory McIlroy will go into the Masters with renewed confidence after an outstanding final round at the Shell Houston Open.center_img The Northern Irishman had dropped out of contention with a 74 on Saturday, but with the pressure off he played some of his best golf on Sunday with a bogey-free 65 before setting off for Augusta later in the day. Matt Jones won the tournament and a ticket to Augusta with a stunning 42-yard chip-in during a play-off against overnight leader Matt Kuchar, but only after McIlroy lit up the course with a round which matched the best of the weekend. last_img read more

Welbeck on target in victory

first_img Welbeck fired over in response but Arsenal were given little time to settle by a vibrant Villa side. Alan Hutton nodded over on 17 minutes as Villa continued to carve out the best chances – and they should have taken the lead five minutes later. Chambers was booked for bringing down Gabby Agbonlahor and Clark met Tom Cleverley’s delivery at the far post, only to be denied by a point-blank save from Szczesny. But the Gunners stunned Villa with three quickfire goals to win the game. The hosts had been edging the contest but collapsed suddenly, starting when Welbeck teed up Ozil to run through and coolly roll past Brad Guzan for his first goal of the season on 32 minutes. Then the World Cup winner repaid the favour when he crossed from the left and Welbeck smashed in from four yards. Villa were shell-shocked and they were bypassed again on 36 minutes when Kieran Gibbs’ cross was turned in by the sliding Cissokho. Aaron Ramsey then shot wide with Villa dazed. While the half-time scoreline was harsh on the hosts, the Gunners had taken control and Guzan claimed Welbeck’s effort soon after the break. Clark had a chance to haul Villa back into the game on 57 minutes but was thwarted by Oxlade-Chamberlain – after Ramsey needlessly conceded a corner. Villa’s threat had waned though and Arsenal were in cruise control as they eased to victory. The hosts would have gone top of the Barclays Premier League with a win b ut despite a bright start they were carved apart as they slipped to their first defeat of the season, in front of watching chairman Randy Lerner – his first home game for almost two years. Ashley Westwood pulled out of the Villa squad during the warm-up with a virus and was replaced by Carlos Sanchez, with Joe Cole added to the bench. Ciaran Clark also replaced Nathan Baker from the 1-0 win at Liverpool to partner Philippe Senderos. Ron Vlaar failed to shrug off a calf injury which kept him out of the Anfield victory, with Jores Okore included on the bench. Arsenal made three changes from their 2-0 Champions League defeat to Borussia Dortmund as Alex Oxlade-Chamberlain, Santi Cazorla and Calum Chambers came in. Out went Jack Wilshere, Hector Bellerin and Alexis Sanchez – despite the Chilean initially being named on the team sheet. And Villa took advantage of Arsenal’s overall indecisiveness as they made a strong start. Fabian Delph forced Wojciech Szczesny into a low save after just two minutes following the goalkeeper’s poor clearance. A brilliant first-half spell from the visitors saw Mesut Ozil open the scoring before Welbeck struck and Aly Cissokho’s own goal made it 3-0. The goals came in three minutes and 15 seconds to end Villa’s promising early threat. Danny Welbeck opened his Arsenal account as the Gunners blew Aston Villa away with an astonishing triple blast. Press Associationlast_img read more

Michael Cohen Begins Three Year Stint in Federal Prison

first_imgPresident Trump’s former personal attorney Michael Cohen arrived at federal prison Monday morning suggesting that he has more secrets to spill. Breaking: Trump’s former lawyer, Michael Cohen, reports to prison for 3-year sentence, suggesting once again he has more secrets to spill— The Washington Post (@washingtonpost) May 6, 2019 Eventually he will be transferred to the minimum security camp trading in his suit for prison garb and just the bare essentials.Cohen reported today to a federal correctional facility in Otisville, New York.He’ll be serving a three-year sentence for tax evasion, lying to Congress and campaign finance crimes.last_img read more

Labuschagne achieves career-best No. 4  spot in year-end Test rankings

first_imgA CAREER-BEST fourth position for Marnus Labuschagne and a move up to No.10 for Quinton de Kock were the headlines of the year-end ICC rankings for men’s batting in Test cricket.India captain Virat Kohli stayed on top of the list – for 274 days in 2019 – with second-placed Steven Smith, who was the No.1 batsman for 91 days earlier in the year, behind him.Labuschagne’s scores of 63 and 19 in Australia’s 247-run win against New Zealand in Melbourne pushed him up by one slot from No.5. He began the year ranked 110th, with only two Tests against his name, but was prolific in his 11 outings in the format since, making 1 104 runs in 17 innings at an average of 64.94.Wicketkeeper-batsman de Kock, meanwhile, advanced eight places to get in the top-ten, following his Player-of-the-Match contribution, with scores of 95 and 34, in South Africa’s 107-run victory in the series-opener against England in Centurion.Australia fast bowler Pat Cummins retained his spot atop the bowler’s rankings in Tests following his first-innings five-wicket haul in Melbourne. He has occupied the top position for 322 days this year, while South Africa pacer Kagiso Rabada, who was No.1 for 44 days after starting 2019 in top position, finished the year at No..Replacing Rabada in the second spot was New Zealand quick Neil Wagner, who climbed one position on the back of his seven-wicket match haul in Melbourne.The retiring Vernon Philander advanced three positions up to No.5 to complete the top five on the bowlers’ rankings alongside the fourth-placed Jason Holder, who continued to lead the all-rounders’ rankings in Tests.Save for the fifth-placed R. Ashwin, who climbed up one spot, the top five all-rounders in Tests – Ravindra Jadeja, Ben Stokes and Philander the others – retained their spots.As far as team rankings for the World Test Championship (WTC) go, Australia consolidated their position in second place of the points table.They added 40 points from their win in Melbourne to take their tally to 256 points from nine games. Top-placed India are 104 points clear of Australia while South Africa collected 30 points after their first win in the WTC and trail New Zealand and England, who occupied the fifth and sixth positions with 60 and 56 points respectively. (ESPN Cricinfo)last_img read more

Last time they played: Syracuse vs. Pittsburgh

first_img Facebook Twitter Google+ Comments It was a game that reflected most of the storylines from the 2009 season. Delone Carter played well for Syracuse, the passing game struggled and the defense wore down by the end of the game. The result, a 37-10 road loss to No. 14 Pittsburgh, left the team unsatisfied. ‘That’s fine, but it really doesn’t matter to me unless I win,’ Carter said after the game, according to an article published by The Daily Orange on Nov. 9, 2009. ‘All the yards and all that, it really doesn’t mean anything to me unless I get ‘W.” But in reality, he had been the only one who really did execute. Carter’s 143 yards rushing would prove to be his second highest total of the 2009 season and one of his four 100-yard games. Add in his one reception for 22 yards, he accounted for 58 percent of his team’s total yards. Though Carter was carrying the load, including a career-best 58-yard run, the rest of the offense was anemic. Quarterbacks Greg Paulus and Ryan Nassib combined to complete just 50 percent of their passes. They threw for a total of 141 yards, zero touchdowns and three interceptions.AdvertisementThis is placeholder text ‘They do a good job with their pass rush,’ Paulus said. ‘Defensively, they made some good plays in the secondary. Whether that’s knocking the ball away to get an interception, they do a good job of pressuring and being fundamentally sound.’ Looking back, this would be only the second game all season in which fans would get to see Nassib, the quarterback of the future, for an extended period of time. And he did nothing to impress. He attempted a season-high 16 passes, but completed just five for a total of 21 yards. SU traveled with just 55 scholarship players, which made it nearly impossible to beat one of the Big East’s bests. ‘Obviously, we don’t have a lot of depth on our football team,’ head coach Doug Marrone said. ‘But again, that’s a problem we have now, and I don’t see this as a problem at all for the future of this program.’ Syracuse played without wide receiver Mike Williams, who was leading the team in every receiving category. The Orange was also without running back Antwon Bailey, defensive end Torrey Ball and guard Andrew Tiller, who were suspended. Tight end Cody Catalina and Max Suter sustained injuries in the first half and couldn’t return. ‘We had some injuries occur,’ Marrone said. ‘Those injuries forced us to come out of some of our packages, which limited us somewhat on offense and defense.’ And that is when the Panthers capitalized: the second half. Twenty-four of the team’s 37 points came after halftime, due in large part to three players having at least 55 yards rushing. Freshman Dion Lewis led the way with 110 yards and a touchdown by himself. In all, Pittsburgh gouged a defense that was giving up fewer than 90 rushing yards per game for 247 yards on the ground. ‘I think we did a good job of keeping our feet on the ground, knowing the importance of this conference game putting us 5-0, coming out and not taking nothing for granted,’ Pittsburgh head coach Dave Wannstedt said. ‘We got it going in the second half.’ — Compiled by Asst. Copy Editor Michael Cohencenter_img Published on October 14, 2010 at 12:00 pm Contact Michael: | @Michael_Cohen13last_img read more