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Borrowers must brace for refinance woes

first_imgPredicted rate rises and pressure from APRA could spell disaster for borrowers looking to refinance out of interest-only loans.Economists have said a clamp down by the Australian Prudential Regulation Authority (APRA) on interest-only loans will cause problems for borrowers needing to refinance.A survey of 33 experts and economists by comparison website Finder.com.au revealed all believe the cash rate will remain on hold when the Reserve Bank release their interest rate call tomorrow.But 80 per cent of the respondents predicted future rate rises, which Finder.com.au said will have a dramatic effect on interest-only borrowers.“As APRA is aiming to keep all new interest-only loans below 30 per cent of total new residential mortgages, most panellists (57 per cent) surveyed on this topic believe borrowers switching from interest-only to principal and interest, or those whose fixed interest-only terms are nearing expiring, may have a hard time refinancing.”Graham Cooke, insights analyst, at finder.com.au, said interest-only borrowers will be hardest hit, because a switch to principal and interest brings an additional rise in repayments.“With the next rate move likely to be in a positive direction, and with many lenders already lifting product rates, interest-only mortgage holders will be the most directly affected,” he said.More from newsMould, age, not enough to stop 17 bidders fighting for this home4 hours agoBuyers ‘crazy’ not to take govt freebies, says 28-yr-old investor4 hours agoMr Cooke said, for example, for a $800,000 interest-only loan with four per cent interest, repayments will be $2667 versus $3819 for those borrowers also paying down the principal. However, increasing the interest rate from four per cent to six per cent would up the interest-only loan repayments by $1333 per month, yet the principal and interest repayments would rise by only $997.Meighan Hetherington, principal of Brisbane based buyers’ agent Property Pursuit, said APRA’s measures are aimed at slowing Sydney and Melbourne markets.“The way that APRA is putting pressure on the banks to change the way they do some of their lending … is an Australia-wide solution to what is really a two-city problem,” she said.“Our view is that Brisbane is a very steady, very consistent market that doesn’t need this level of regulation applied to lending to slow down or stop any great run on the market.Ms Hetherington said there will also be unwanted fallout for markets outside capital cities too.“They’re using a cricket bat to swat a fly.“A lot of the regional markets that aren’t performing are being heavily impacted, and those are the markets that I think will see some unexpected outcomes that aren’t going to be positive,” Ms Hetherington said.last_img read more

AP1 criticises government plans to consolidate buffer-fund system

first_imgAP1 has warned that reforms to the Swedish buffer fund system could lead to the “undesirable standardisation” of investment strategy and lower returns over the longer term. Managing director Johan Magnusson, speaking as the SEK296bn (€296bn) fund announced first-half returns of 5.1%, highlighted the need to focus on a real return – targeted at 4% over a decade. “That target we have overshot, delivering real return of 5.3% measured over the past 10 years,” he said. Magnusson took aim at government plans to reform the buffer fund system, which, under current proposals, would see AP6 merge with AP2 and the closure of a second, as yet undecided fund. The cross-party agreement announced over the summer also suggested the launch of a National Pension Fund Board, with a principal in charge of buffer fund assets and allowed to set the level of risk taken within the system by setting risk budgets. The managing director warned the steps would lead to a greater focus on short-term investing and “undesirable standardisation” between the three remaining AP funds – echoing comments from AP3 managing director Kerstin Hessius that the reforms would make the system inflexible.Mats Langensjö, chairman of the 2012 Buffer Fund Inquiry, has previously warned that the government’s reforms would see the funds deploy a passive, index-tracking portfolio over time.Mats Andersson, Magnusson’s counterpart at AP4, has said the reforms could “destroy” the system, while AP2 managing director Eva Halvarsson has said the changes were “costly and risky”.Magnusson also highlighted that AP1 had undertaken its first infrastructure investment in 2015 – acquiring a stake in a local electricity distribution network – arguing that the asset class was strategically important to his fund’s portfolio. The reform proposals would also see responsibility for all unlisted assets transferred to AP2, with the funds asked to set up a joint investment committee to represent the other buffer funds’ interests.AP1’s infrastructure portfolio returned 3.4% over the course of the first half of 2015, matching returns from developed market equities but underperforming its overall equity return of 6.7%. AP1 is currently the smallest of the four main buffer funds and the only one not yet to have exceeded SEK300bn in assets.However, it has achieved a higher real return over the past decade than AP3, which managed 4.8%, compared with 5.8% by AP2 and 6.1% by AP4, currently the largest fund, with SEK310bn in assets.last_img read more

Norit pension fund to join agricultural sector scheme to avoid cuts

first_imgIn addition, BPL’s coverage ratio (102.3% at the end of February) was significantly higher than Norit’s, which stood at 97.1%.The board of the Norit scheme made clear that, were the pension fund to remain independent, benefit cuts would be likely in 2020.The pension fund, with 300 active participants, almost 300 deferred members and 400 pensioners, had already applied a cut of 10% to pension payments five years ago.Joining BPL would require bridging the funding gap, which could be achieved either by another rights cut or through an additional contribution from the employer, US-based Cabot, which bought Norit in 2012.Joining PGB would have required an extra payment of €9m from the sponsor to fill a funding difference of 8%. The company was not prepared to pay this, according to the pension fund.It said that the employer hadn’t provided clarity yet whether it was willing to pay the required additional contribution this time.The board argued the one-off payment would be compensated in part by lower administration costs and lower premiums.The administration of the pension fund of Norit – a specialist producer of “activated carbon” – is carried out by Mercer. NN Investment Partners is its asset manager. The €100m Dutch pension fund for specialist chemicals firm Norit wants to liquidate and join BPL, the €17.1bn sector scheme for agriculture.According to the board – chaired by Frans Prins, the former director of the €8.8bn pension fund PWRI – this would be the best option for all of its 1,000 participants.An earlier effort to join the €23.3bn multi-sector scheme PGB failed because of the high costs involved.The Norit pension fund said the BPL arrangements were better because of its lower franchise – the part of an employee’s salary exempt from pensions accrual – and higher annual accrual rate.last_img read more

Schroders flags tipping point for action on climate change

first_imgManifesting itself in public demonstrations such as the Fridays-For-Future strikes by school children and Extinction Rebellion protests in various European cities in April, the change could also come to be reflected in the political arena, Hassler suggested.“In game theory, the solution to the prisoner’s dilemma framework changes when time and repetition are considered,” he said. “As costs and benefits change, collaboration becomes the optimal solution for rational actors.“The sight of school children and older generations on the streets, demanding action, may prove the start of a snap back from the world’s political apparatus.”Hassler’s colleague Simon Webber, a lead portfolio manager at Schroders, last week noted that the projected costs of unsubsidised wind and solar power were lower than the average wholesale power price across the European continent.“In recent years it has been a very powerful and well-used argument for entrenched industry and various politicians to argue that tackling climate change is socially regressive,” he said.“Yet instead of being a liberal-inspired tax on the poor (who spend a greater portion of their income on heating and energy), renewable energy is now making electrical power and electric mobility more affordable, a fact that is likely to be increasingly recognised by politicians across the political spectrum.”The importance of this shift was being underestimated by financial markets, said Hassler. Investors reiterate needs, demandsThe Schroders employees’ observations come as leaders of the world’s 20 largest economies prepare to gather in Japan on Friday for a two-day summit. Osaka, Japan hosts G20 leaders for a two-day summit this monthIn anticipation of the meeting, a major group of investors this week issued an urgent call to action, emphasising the need for G20 governments to step up their ambition on climate change and enact strong policies by 2020 to achieve the goals of the Paris Agreement.A record number of investors – 477, with $34trn (€29trn) in assets under management – put their name to the statement, in which they ask government leaders to achieve the Paris Agreement’s goals, accelerate private-sector investment into the low-carbon transition, and commit to improving climate-related financial reporting.“As an investor in global markets, we are exposed to the increasing risks and opportunities that climate change presents to our portfolios, especially in Asia where the physical impacts of extreme weather events will be the harshest and of the greatest cost,” said Seiji Kawazoe, senior stewardship officer at Sumitomo Mitsui Trust Asset Management.“To enable us to effectively invest in the necessary transition to net-zero carbon economies around the world, we have signed this statement to urge governments to take the actions needed to set us on the course to limiting global warming to 1.5°C [above pre-industrial levels].”In the UK the lower house of parliament earlier this week passed legislation introducing a target for net-zero greenhouse gas emissions by 2050, which if met would effectively mean the UK ending its contribution to global emissions by that date. The UK’s current target is to reduce greenhouse gas emissions by 80% by 2050, compared with 1990 levels. Renewed calls from hundreds of major investors for governments to act to cap further global warming may this time be followed by political action, analysis has suggested.According to Marc Hassler, sustainable investment analyst at Schroders, “a tipping point may be approaching” whereby governments no longer postpone actions to address climate change. This was because of changes in the cost-benefit equation for addressing climate risks, which had made collective action a more attractive option.“The costs of taking action have fallen and the benefits of addressing climate risks have become clearer,” said Hassler. “That has prompted an increasing proportion of the global population to forego self-interest and choose collaboration”.last_img read more

The Carbon Trust Chooses Windar LiDARs for New Project

first_imgThe Carbon Trust has selected Windar Photonics to supply LiDARs for a new project launched as part of the Offshore Wind Accelerator (OWA) programme.Windar will supply eight WindEYE sensors to be installed on offshore turbines as part of The Carbon Trust’s EUR 2.3 million wind farm control trials (WFCT), designed to demonstrate how effective implementation of control strategies can reduce the cost of offshore wind.The project, supported by EnBW, E.ON, innogy, Statoil and Vattenfall, will investigate the impact of focusing on strategies that aim to improve energy generation across an entire wind farm, rather than individual turbines and help to lower the levelised cost of energy (LCoE).“I am delighted that Windar has been selected to supply WindEYE™ sensors to such a significant project backed by major industry players. We are confident the project will focus industry attention on the multiple benefits of our WindEYE™ systems, from increasing wind energy yield, reducing turbine fatigue, lowering operational and maintenance costs and ultimately reducing the levelised cost of energy for energy producers,” Jørgen Korsgaard Jensen, Chief Executive Officer at Windar, said.The WFCT intends to demonstrate a lower LCoE by increasing the total wind energy yield and reducing fatigue, therefore saving O&M costs, while also increasing the availability and lifetime of existing and future assets, as well as by implementing wind farm control strategies, including turbine nacelle mounted LiDARs, Windar said.James Sinfield, Manager at The Carbon Trust, said: “The project has the potential to have a significant impact on cost reduction with a win-win on improving annual energy production and at the same time reducing operational and maintenance costs.”The programme is expected to be undertaken in 2018 with full results expected during 2019.OWA, The Carbon Trust’s collaborative R&D programme with nine offshore wind developers, was set up in 2008. Over the past nine years, the programme has delivered nearly 150 projects, ranging from feasibility studies to multi-million pound, full-scale technology demonstrations. The projects undertaken by the OWA programme are selected to impact the LCoE by improving performance in offshore wind farm design, construction and operation.last_img read more

Wenger sticking with Gunners

first_imgArsenal boss Arsene Wenger expects another “game of musical chairs” as top clubs around Europe swap managers this summer – but has again stressed he is not planning to go anywhere just yet. Following the decision of Sir Alex Ferguson to retire, Wenger will next season become the longest serving manager in the Barclays Premier League. While Manchester United have named David Moyes as Ferguson’s successor, just who else will be going head to head with the Frenchman at Chelsea and Manchester City remains to be seen. Wenger, who took charge at Highbury in 1996, had himself been linked with a move to Paris St Germain, where the future of Carlo Ancelotti has yet to be clarified. However, the Gunners manager is looking forward to testing himself against the game’s best tacticians once again by aiming to deliver Arsenal’s first silverware in the best part of a decade. Writing in his blog for the French Eurosport website, www.eurosport.fr, Wenger said: “The rumours about my future? It does not bother me, it is part of the interest of the footballing public. You have to live with it and try to educate people. “I answered this question several times by saying that I have always respected my contract and I will continue to do so. There will undoubtedly be a rotation of coaches, with a game of musical chairs. “It concerns a lot of people but it is a rotation with respect to big-name coaches, so no matter where they go, there will always be great coaches everywhere.” Arsenal kept themselves in the driving seat to secure another shot at Champions League qualification when they beat Wigan 4-1 at the Emirates Stadium on Tuesday night, a result which confirmed the FA Cup winners’ relegation. The Gunners head to Newcastle on Sunday one point ahead of north London rivals Tottenham and two behind Europa League winners Chelsea, whom they could yet overtake or indeed ultimately face in a play-off for third depending on the respective results at Stamford Bridge and St James’ Park. Should Arsenal go on to secure the chance of a 16th consecutive season in the Champions League, it would strengthen the club’s hand in summer transfer negotiations. Wenger is reported to have a healthy reserve of more than £100million which will be bolstered by the expected departures of surplus players. Wenger is understood to have targeted offensive additions this summer, with the likes of Fiorentina’s Stevan Jovetic, Real Madrid frontman Gonzalo Higuain and even England forward Wayne Rooney all said to be on the Arsenal manager’s radar. center_img Press Associationlast_img read more

Hockey News Hockey World Cup 2018: Netherlands shatter India’s dream, register 2-1 win in quarterfinal

first_img For all the Latest Sports News News, Hockey News News, Download News Nation Android and iOS Mobile Apps. Bhubaneswar: India let history slip out of its hands with a heartbreaking quarterfinal defeat against the Netherlands in the men’s hockey World Cup, a result which left the young players of the team crying on the pitch. A well-oiled Indian unit had raised the hopes of making the semifinals for the first time since 1975 but the Dutch side broke a million hearts by coming from behind to knock out the hosts 2-1 in the last-eight clash. Young players such as Dilpreet Singh left the pitch with tears in their eyes. India took the lead in the 12th minute through Akashdeep Singh before Thierry Brinkman drew parity for Netherlands five seconds before the end of the first quarter. After a hard-fought third quarter, Netherlands scored the winner in the 50th minute when Mink van der Weerden converted a penalty corner.The defeat ended India’s long cherished dream of lifting the trophy only for the second time after its lone triumph in 1975 at Kuala Lumpur.  It was a momentous occasion for India to rewrite history books after 43 years as they had never qualified for the semi-finals of the World Cup after 1975.  The Netherlands played like true warriors and didn’t give an inch to the Indians after the change of ends. The Dutch had the first shot at the goal in the 11th minute but Jeroen Hertzberger reverse hit went just wide of the Indian goal.  India’s first real scoring opportunity came in the 12th minute when they were awarded a penalty corner and the hosts did not let go the chance as Akashdeep scored from a rebound after Harmanpreet Singh’s initial flick was saved by German goalkeeper Pirmin Blaak.  Read More | Pro Kabaddi League 2018: Telugu Titans beat Patna Pirates 41-36Kothajit Singh produced a stellar performance for India at the back as he denied the Dutch on a number of occasions with timely interceptions.  But at the stroke of the first quarter, Netherlands drew level when Brinkman got the faintest of deflection to beat Indian custodian PR Sreejesh from a long ball from outside the cirle.  Read More | PV Sindhu makes winning start in season-ending World Tour FinalsFive minutes from the first half, India came tantalisingly close from restoring their lead by Nilkanata shot wide from a rebound after Akashdeep’s deflection was kept away by Blaak in front of the German goal.  Four minutes into the second half, Akshdeep had a golden chance to restore India’s lead but his reverse hit from a long ball of Harmanpreet Singh sailed over the Dutch goal.  Soon Netherlands secured two back-to-back penalty corners but the Indians defended stoutly to thwart the danger.  In the 48th minute, Simranjeet Singh’s fine stick work in the right flank went in vain as Akashdeep failed to reach his pass with only the Dutch goalie to beat.  The Dutch came out with a plan in the fourth quarter and didn’t give India any leeway into their citadel. The Indians found it difficult to build up attacks as the Dutch concentrated on tight men marking.  Ten minutes from the final hooter Netherlands secured their fourth penalty corner and Van der Weerden found the back of the net past Indian goalkeeper PR Sreejesh, who had an ordinary tournament as per his standard.  Desperate for the equaliser, the Indians threw up numbers upfront and it bore fruit when Chinglensana Singh earned their second penalty corner but Dutch goalkeeper Blaak made double save to deny Harmanpreet. In search of a match-saving goal, India withdraw goalkeeper Sreejesh for an extra player but the move didn’t pay any dividend.  Two minutes from time, Netherlands secured another penalty corner but the Indian defence, without a goalkeeper, did well to keep Netherlands at bay.  The hosts failed to get the equaliser as the packed stadium backed the Men in Blue till the very last second only to return home disappointed. Netherlands will take on two-time defending champion Australia while Belgium will take on England on Saturday. last_img read more

BOWLED OVER: Syracuse stuns Missouri with late touchdown, clinches bowl eligibility for 2nd time in 3 years

first_imgCOLUMBIA, Mo. — He learned from his father, the man whose blood now flows through Nathaniel Hackett’s veins. As a young kid in the coaching box, he observed a man oozing poise in situations that were poisonous.Lose your cool and you’ll lose your quarterback. Once he’s gone, so too is the game.Those moments growing up beside Paul Hackett, a man who spent 19 years in the National Football League, nurtured his protégé’s inner “Zen.” He absorbed the calm and now exudes the cool, which flows seamlessly to his quarterback.“I knew that that was the force that drove the two-minute offense,” said Hackett, Syracuse’s offensive coordinator. “So for some reason when that happens, I almost go into like a Zen. I don’t hear anything, I don’t see anything, I am just looking right at that field. All I’m doing is trying to be one with Ryan Nassib.”And together they orchestrated the most improbable of drives on Faurot Field on Saturday, putting together an 81-yard trek to bowl eligibility that stunned a crowd of 63,045. From Hackett to Nassib the plays flowed beautifully, and from Nassib to Alec Lemon the ball flew repeatedly, until Lemon crossed the goal line with 20 seconds remaining for the game-winning touchdown in a 31-27 victory over Missouri.AdvertisementThis is placeholder textIt transformed Zen into euphoria and calm into crazy, as Syracuse (6-5, 4-2 Big East) earned its first win over a Southeastern Conference opponent in more than a decade.“Holy wow,” Hackett said. “That was unbelievable. That was awesome.”Especially considering the game appeared all but lost only minutes earlier when the self-killing ways of the Orange seemed to have resurfaced.With the game knotted at 24-24, Nassib fired a pass over the middle to tight end Beckett Wales that ricocheted off his hands and up into the air. Randy Ponder intercepted it with 4:24 remaining, giving Missouri possession at midfield with an opportunity win the game on a short field.A field goal handed the Tigers the lead, but it also set the scene for Nassib’s latest bit of heroics. With 1:43 on the clock, Nassib and Co. began a drive that will one day be viewed as legendary at their own 19-yard line.Eighty-one yards away was bowl eligibility, a season-defining win and a reversal of last year’s collapse that haunted the program during a nine-month, bowl-less offseason.“When we’ve got time on the clock the way Ryan is playing and the connection with Alec Lemon and the rest of the receivers, we’ve got a chance at the end,” Syracuse head coach Doug Marrone said. “I like our offense. I like what we’re doing.”Using the two-minute section of his play card, Hackett dialed up what he described as Nassib’s favorite plays. And Nassib continuously turned to his favorite receiver — Lemon.Back-to-back completions to Lemon moved the ball across midfield and into Missouri territory as the clock ticked past the one-minute mark. The drive stalled following three consecutive misfires by Nassib, setting up a fourth-and-10 play that will haunt the Tigers should they fall short of a bowl game with a loss next week.Lemon, who finished with a career-high 244 yards, broke inside from the left of the formation, and Nassib rifled a pass to him despite the pair of Missouri defenders in coverage. But Lemon surged forward, sliding down to make a catch over the middle and keep the drive alive.On the next play he lined up to the right of the formation in the back of a trio of wide receivers. He would run a wheel route, arching out toward the sideline before taking off up field. He was the safety valve, the quick option for Nassib in case Missouri blitzed.The Tigers brought everyone.“It was like a sign from God,” Nassib said. “That’s exactly the play we wanted against that defense.”As seven of the 11 Missouri defenders hurled themselves at Nassib, Lemon leaked to the right uncovered with yards of green turf between him and the nearest Tiger. He plucked Nassib’s pass out of the air and raced down the sideline, diving just inside the right pylon for the game-winning score. He had caught every pass on the drive.The result was a frenzy along the Syracuse sideline, as the realization of a bowl game sank in and the weight of last season’s epic collapse subsided.The celebration on the field was matched by elation above, where Hackett’s Zen became zany.“I freaked out,” Hackett said. “My shirt was over my head, and I didn’t know what to do.“Holy cow.” Comments Published on November 17, 2012 at 8:46 pm Contact Michael: mjcohe02@syr.edu | @Michael_Cohen13 Facebook Twitter Google+last_img read more

What we learned from Syracuse’s 27-24 loss at Florida State

first_img Facebook Twitter Google+ Published on November 4, 2017 at 7:32 pm Contact Tomer: tdlanger@syr.edu | @tomer_langer UPDATED: Nov. 5, 2017 at 12:43 p.m.TALLAHASSE, Fla. — Syracuse (4-5, 2-3 Atlantic Coast) lost its fourth-straight road game of the season and second game in a row overall as it dropped Saturday’s contest, 27-24, to Florida State (3-5, 3-4) at Doak S. Campbell Stadium.The Orange was coming off a bye week and wide receiver Ervin Philips said the team felt very prepared given the extra time it had to study its opponent. Still, the Orange never overcame FSU’s running attack and a gimpy Eric Dungey.Here’s what we learned from the matchup.True to formAdvertisementThis is placeholder textSyracuse has never shied away from going for it on fourth down since Dino Babers became head coach two years ago. Coming into the game, their 25 attempts were tied for the most in the nation, and they ranked 24th in conversion percentage (64).Down by one score near the end of the first half, the Orange gained control at the FSU 11-yard line after a muffed punt. Three plays later, Syracuse faced a fourth-and-3 with one minute remaining. Babers elected to go for it instead of kicking a field goal in that spot as Dungey’s pass fell incomplete. The Orange lost by three points. Babers explained his thinking in that spot postgame.“We want to score touchdowns,” Babers said. “You go down 21-17, they (Florida State) are going to feel mighty good about that. You go in 21-21, it’s a different game.”“If we were tied at the halftime, the odds are greatly going into our favor that we are going to win that game in the second half based off of the things we have done on the second half as a football team,” he continued. “We went for the touchdown. We went for the win.”Getting tricky with itEric Dungey’s rushing touchdown in the fourth quarter made it a three-point game with 2:54 to go. Syracuse had all three timeouts left at that point.Still, walk-on kicker Alex Grossman came on for the kickoff instead of Cole Murphy following that score. Grossman went for an onside kick. The ball dribbled low for several yards before flying up in the air. It had the distance and the hang time, but FSU recovered the ball.“Your one thought is you kick it deep and you hold them for three plays and you have them punt it back to you somewhere in the minus-35, the minus-40 and you start your drive from there,” Babers said. “We know the percentages are low, even if we don’t get the onside kick. If we stop them in three plays we are still going to have the opportunity to kick for a tie.”“I thought we looked at all of the options and it worked out okay.”Staying positiveCole Murphy missed two field goals in the game. One was tipped at the line but wasn’t very close at all. The other sailed left as Syracuse’s chances of winning the game slipped away.Murphy has had a stellar year, missing just four kicks all year and nailing 17 of them. Still, the misses today contributed to SU’s loss.Babers said his postgame speech was centered on Murphy and multiple players, including Philips and linebacker Parris Bennett, said they spoke with him postgame and encouraged him to keep his head up. Bennett said that he had faith in Murphy to make the last kick and still believes in him.“If someone asked me if I was going to take that before the season started,” Babers said, referring to Murphy having just four misses on the year, “(then) heck yeah, I’m going to take it. Now, the thing that you can’t take is that you don’t know where those four misses are going to be.”“He’s got four misses and a whole bunch of hits,” Babers continued. “I’m good with Cole. I think he’s done a great job.”This post has been updated with appropriate style. Commentslast_img read more

Arsenal look to top Champions League group

first_imgManager Pep Guardiola says he’s not too down about that result as the performance wasn’t all bad.Celtic manager Brendan Rodgers knows no matter what happens tonight at Manchester City his team can’t progress to either the next stage of the Champions league or Europa league.But the Celtic boss says his players can take something out of their experience. It remains uncertain if Arsenal will field a full strength side for tonight’s Champions League clash with Basel in Switzerland.The Gunners are already through to the last 16 but know a win tonight could see them top the group provided Paris Saint Germain lose or draw with Ludogorets. Manchester City host Celtic knowing they will finish second in their group regardless of their result.City are 4th in the Premier league 4 points behind leaders Chelsea following their 3-1 defeat to the Blues on Saturday.last_img read more