UK roundup: Royal Mail pension costs, Standard Life-Aberdeen merger latest

first_imgThe company added that it would “continue to work closely with our unions on a sustainable and affordable solution for the provision of pension benefits after 31 March 2018”.The Communication Workers’ Union (CWU) proposed an equity-heavy risk-sharing scheme in March. Royal Mail rejected this plan but retained some elements of it in another proposal, which formed one of several options being considered for a replacement pension arrangement.Both the CWU and Unite unions have threatened industrial action, including strikes, in relation to the DB scheme’s closure.‘Standard Life Aberdeen’ to cut 800 roles post-mergerThe planned merger between Aberdeen Asset Management and Standard Life Investments – which would create one of the biggest asset managers in Europe – moved a step closer this week as the two companies issued official documents.The two companies said in the scheme documents for the merger that they expected to remove roughly 800 roles from their combined workforce of approximately 9,000 during the integration process.The companies said they aimed to achieve annual savings of up to £200m.The combined entity would be called Standard Life Aberdeen, the companies announced.Aggregate DB shortfall climbs in AprilThe combined deficit of UK corporate DB pension funds rose by 8.4% in April to £245.6bn, according to data from the Pension Protection Fund (PPF).This was the highest figure recorded by the PPF’s 7800 index of DB schemes since October 2016.Total liabilities rose during last month, while assets fell.Andrew Tunningley, head of UK strategic clients at BlackRock, said many schemes were “underhedged”.“UK index-linked gilt yields – crucial to determining pension liability values – are driven by a powerful force that is sometimes underappreciated: supply and demand,” Tunningley said. “The proliferation of liability-driven investing among the pension community has caused demand for linkers to grow at a much faster pace than supply.”He added: “We estimate that over the next five years demand for index-linked bonds could be around four times the projected supply available to pension schemes… In our view, this persistent imbalance could act as a powerful anchor preventing a sustained pick-up in yields. Today’s low real yield environment will prevail for some time, meaning that materially better market levels at which to hedge liabilities may not arise any time soon.” Royal Mail’s pension scheme contributions will reach £1.3bn (€1.5bn) from next year, higher than initially expected, according to its latest valuation.The company, which runs the UK’s postal network, announced the closure of the Royal Mail Pension Plan (RMPP) to future accrual earlier this year. This is due to take effect from 31 March 2018.In a statement to the stock exchange on Monday, Royal Mail said the defined benefit (DB) scheme had a surplus of £1.7bn as of 31 March 2017. However, combined employer and employee contributions to the scheme were estimated to be higher than the £1bn the company estimated when it announced the closure of RMPP. The company currently pays £400m a year into the scheme.“Accordingly, we expect that the actuarial funding surplus would be exhausted during 2018 if the plan had remained open in its current form,” Royal Mail said. “After this time, the annual cost would be more than double the current contributions, which, as we have pointed out to plan members in a number of communications, is unaffordable for the company.”    last_img read more

McBride Racing launches MintBet affiliate platform with Income Access

first_imgShare Lorenzo Pellegrino,Irish betting group McBride Racing Ltd has confirmed that Income Access (Paysafe Group) has become the lead affiliate marketing platform supplier for its new MintBet (MintBet.com) online casino and sportsbook brand.Updating the market, McBride Racing will launch a new MintBet affiliate partner programme this November, utilising Income Access tailored industry marketing software.New online betting brand MintBet was launched at the start of 2017, with McBride Racing securing Ireland and UK gambling licenses for its new property.Detailing its affiliate programme launch, MintBet marketing states that it will scale up marketing activity in 2018, as the brand seeks to expand within the ultra-competitive Irish and UK betting markets.Commenting on marketing initiatives, Thomas McBride, Head of Marketing at MintBet, said: “Income Access’ reputation in the iGaming affiliate marketing technology space is unparalleled, so they were the obvious choice of network provider for driving the launch of our new affiliate programme. The software’s sophisticated reporting functionality and large network of affiliates will provide strong support for enhanced player acquisition.”Lorenzo Pellegrino,  CEO of Income Access and Digital Wallets at Paysafe, backs MintBet’s market ambitions and initiatives, welcoming the brand to Income Access platform.“We look forward to seeing our affiliate network play an instrumental role in growing the MintBet brand via the affiliate marketing channel. Our technology solutions have a strong track record in expanding innovative sports-betting brands like MintBet into new markets, especially the UK.” StumbleUpon Related Articles Paddy Power to reopen English & Irish betting shops in Royal Ascot week June 10, 2020 Irish bookmakers demand clarity on reopening orders June 17, 2020 Submit Irish bookmakers to reopen on 29 June May 28, 2020 Sharelast_img read more

Airbus Bombardier plan for long C Series partnership despite takeout clause

first_imgMONTREAL – Airbus and Bombardier plan to remain strategic partners on the C Series program even after the European aerospace giant is able to buy out its minority partners, the chief executives of both companies said Friday.According to terms of the deal announced Monday, Airbus has the option to buy out Bombardier (TSX:BBD.B) in about seven years, and the Quebec government in 2023.Following a joint appearance with Bombardier CEO Alain Bellemare at the Montreal Board of Trade, Airbus CEO Tom Enders said that’s not the company’s plan.“We have no intention to buy out the others because we know they are great partners and if they want to stay on the journey going forward they are very welcome to that,” he told reporters.He said the priority is to close the deal next year that gives Airbus majority control, build a second assembly line in Alabama, sell more aircraft and make the program a huge success.Bellemare said the Montreal-based company also intends to remain a part of the program, but even if that should change, the agreement ensures that the program will continue to support jobs in Canada until 2041.“The best guarantee of jobs is to perform,” he said.Bellemare said Airbus’ support will assuage customers who were worried about the future of the C Series.He said the result will be many more sales that will benefit Bombardier’s Mirabel, Que., production facility even though a second assembly line will be built in Alabama.Bellemare reacted forcefully to questions about Airbus not paying any cash for the transaction.“The point is it’s not coming from dollars, it’s coming from the value that they bring to the program and that is the reason why the value of this program will more than double,” he told reporters.The aerospace executives and Premier Philippe Couillard travelled to Mirabel to speak with Bombardier employees, who gave Enders a hearty welcome.Bombardier executive chairman Pierre Beaudoin, who guided the launch of the C Series and its costly development for US$5.4 billion, said the company’s founding family isn’t in mourning over the sale of a majority stake in the program to Airbus.During a brief interview with The Canadian Press Friday in Mirabel, he said the Quebec company had found in Airbus a partner that would allow to achieve the “total success” of the program.Union representative Dave Chartrand said employees are concerned about the potential negative impact of a second production line in the U.S., but view the partnership with Airbus as the best move to secure the program’s future.“I wish Bombardier on its own could have become a third world player, could have competed with these two giants in the aerospace industry, could have sold 3,000 airplanes. But there’s a difference between your heart and your head,” he said in an interview.Earlier, Enders told business leaders that he expects Boeing won’t give up easily after launching a trade action with the U.S. government against the C Series that has resulted in 300 per cent preliminary duties on imports.“The B guys will certainly throw everything into our way they can figure so the coming months might be a little bit rough and tough but we’ve seen that before,” he said.Ultimately he said the C Series will weather the challenge and prevail, but the partnership will change the global aerospace industry.“There is no doubt we are throwing a big stone into the global aerospace industry pond and there are ripples and there will be new alliances formed as a reaction to it, new products being launched,” he said.“My philosophy is it’s much better to be proactive and throw the first stone into the pond than reacting to the initiatives of others.”Enders added that Canadians have nothing to fear from Airbus, saying the company will add to Montreal’s large aerospace cluster and provide more opportunities for local suppliers, universities and aerospace training schools.“We’re not taking anything away here,” he said, adding that he knows there are concerns by some members of the public.“If anything we will add, we will add to Canada, we will add to the success of the Canadian aerospace industry, Bombardier and suppliers and certainly we will add to the world-wide success of Airbus.”He said Airbus already has a presence in Canada, employing about 2,000 people and working with suppliers that generate about $1 billion of business.Enders said Airbus’ designation of Canada as its fifth home country opens the door to it growing its Canadian presence in the military, space and helicopter sectors of its business.Airbus’ supporters in Alabama are already lobbying in Washington to show how the partnership will create U.S. jobs.“That’s what President Trump wants. More jobs in America, so how can you be against that?”— With files from Julien Arsenault in Mirabel, Que.last_img read more

Crucial Brexit talks between May and Labour leader Corbyn end without deal

first_imgLondon: Britain’s Opposition Labour Party ended the crucial cross-party Brexit talks with Prime Minister Theresa May on Friday without striking a deal, saying negotiations have “gone as far as they can”. Labour leader Jeremy Corbyn wrote to May to declare an end to the negotiation process, blaming the “weakness and instability” of her government as a leadership contest gets underway within the ruling Conservative Party. The development came a day after Prime Minister May was forced to set a June timeline for her exit from Downing Street. Also Read – Saudi Crown Prince Salman ‘snubbed’ Pak PM Imran, recalled his private jet from US: Report”I have written to Theresa May to say that talks on finding a compromise agreement for leaving the European Union have gone as far as they can,” Corbyn tweeted. “The government’s growing weakness and instability means there cannot be confidence in its ability to deliver,” he said. Britain’s exit from the 28-member European Union had been due to take place on March 29 – but after MPs voted down the deal May had negotiated with the bloc three times, the EU gave the UK an extension until October 31. Also Read – Iraq military admits ‘excessive force’ used in deadly protests”The increasing weakness and instability of your government means there cannot be confidence in securing whatever might be agreed between us,” Corbyn wrote. “As you have been setting out your decision to stand down and Cabinet ministers are competing to succeed you, the position of the government has become ever more unstable and its authority eroded,” he noted. Stressing that his party had conducted the exercise in “good faith” and that some constructive effort had gone into finding a possible consensus, there has been growing concern within the Opposition ranks about the government’s ability to deliver on any compromise agreement. The Labour Party has been in favour of a form of a common customs arrangement with the European Union (EU) that keeps the UK aligned with its European neighbours on trade tariffs post-Brexit. Some Labour MPs have also insisted they would not back a deal with the government unless it includes another referendum. Both scenarios have caused anger among Brexit-backing Conservatives, who claim a customs union would stop the UK negotiating its own trade deals around the world and who believe another public vote is undemocratic. In his letter to the British Prime Minister, Corbyn noted: “Not infrequently, proposals by your negotiating team have been publicly contradicted by statements from other members of the Cabinet. “In recent days we have heard senior Cabinet ministers reject any form of customs union, regardless of proposals made by government negotiators.” The Labour leader is equally clear about the party’s opposition to May’s unchanged Withdrawal Agreement, which is set for a fourth House of Commons vote in the week beginning June 3.last_img read more

Moroccan Minister-Delegate for the Interior Meets US Coordinator for Counterterrorism

first_imgRabat – Moroccan delegate-minister for the interior, Cherki Drais, met this Tuesday US Ambassador at Large and Coordinator for Counterterrorism at the State Department, Tina Kaidanow, over Morocco-US cooperation in security issues.Talks covered “the excellent cooperation between Morocco and the USA in the fight against terrorism, which is a priority both for Morocco and for the USA, and the training of Moroccan executives,” said the Moroccan official following the meeting.A delegation of the state department is expected in Morocco to discuss the implementation of the training program, he added.last_img read more

Womens volleyball team treks to state up north

It’s going to be a long weekend in Michigan for Ohio State’s women’s volleyball team.  This weekend was the toughest last year, and coach Geoff Carlston anticipates many of the same challenges.  After falling short to Penn State last week at home, the Buckeyes face two top-ranked Big Ten teams this weekend.  No. 14 Michigan State’s 14-4 record matches that of the Buckeyes. However, the Spartans fell  to the unranked Iowa Hawkeyes, 3-0, while the Buckeyes swept Iowa, 3-0. The Spartans’ inability to compete with Iowa exposed a weakness the Buckeyes will attempt to take advantage of.  “Our focus is still on our side of the net because that we control,” Carlston said.The Buckeyes take more risks offensively and maintain a strong middle. Once established, this opens the offense to more aggressive play. Quick decisions and few mistakes give the Buckeyes an edge over the Spartans.With a quick turn-around, the Buckeyes face No. 5 Michigan in Ann Arbor on Saturday night. The Wolverines are also working on a quick turnaround, as they will face No. 1 Penn State Friday night.Carlston knows the quick turn-around is tough on the players, especially on the road. Their top priority is to re-group and get as much rest as possible. Without a practice between the two matches, the team will have to mentally address weaknesses and keep defensive strategies strong, Carlston said. Despite the NCAA rankings, the Buckeyes and the Wolverines may be more evenly matched than it appears. Michigan is 16-3, while the Buckeyes are 14-4. Both teams fell to Big Ten powerhouses Illinois and Wisconsin. Both teams also have a mix of young players, which they work to incorporate into the core of game play.“Our athleticism is putting us in the mix with the top teams in the conference,” Carlston said.  OSU takes on Michigan State in East Lansing, Mich., Friday at 6:30 p.m. The Bucks travel to Ann Arbor Saturday to face Michigan at 7 p.m. read more

Clippers outslug Indians salvage seasonopening split

The Columbus Clippers finished off their season-opening series against the Indianapolis Indians with another impressive offensive performance, winning 9-4.Brian Buscher led the offensive output with three hits, an intentional walk, an RBI and one run scored.Yohan Pino earned a win in his first start of the season. Pino allowed six hits through five innings with five strikeouts and one walk.“I feel good about our starting pitching,” Clippers manager Mike Sarbaugh said. “Some of the conditions the first few games had some things to do with the offensive numbers that were put up, but I think the last two nights, the ballpark played the way it’s going to play for the rest of the year. We used the bullpen more than we would’ve liked to, but we made it through so far, and we’ll come back tomorrow and get after it again.”Carlos Santana homered in the first inning to put the Clippers up 1-0. Santana’s home run was his fourth in the first four games of the season. The Indians came back with two runs in the fourth inning. Steven Pearce hit a triple to start the rally. Neil Walker and Luke Carlin both had RBI singles to give the Indians a 2-1 lead.The Clippers responded in the bottom of the fifth inning with two runs to regain the lead. Buscher started the inning with a double, and scored on a single by Damaso Espino. After Jose Constanza hit a double to send the runners to second and third base, Trevor Crowe hit a sacrifice fly to center field to score Espino.Frank Herrmann entered in relief for the Clippers in the sixth inning. Herrmann pitched two scoreless innings, allowing one hit and one walk. He displayed a very strong arm, at one point reaching 98 mph on the radar. “Herrmann came in with a 3-2 lead, any time you can come in and put up zeros it really gets us back into the dugout ready to add on to the lead, which we did in the seventh inning,” Sarbaugh said.The Clippers blew the game wide open in the bottom of the seventh inning, scoring six more runs as they batted around the order. The Indians went through three pitchers in the seventh inning, allowing six hits, a walk and an error in relief pitcher Steven Jackson.Carlton Smith pitched the eighth inning for the Clippers, allowing one hit but holding the Indians to no runs.Jess Todd pitched the ninth inning, giving up three hits and two runs, one unearned.The Clippers scored 41 runs in the four games. They entered Sunday’s game leading the International League in batting average, runs, hits, RBIs, slugging percentage and on-base percentage.“I think we have a good offensive club, and at the same time, field conditions helped us out the first couple nights,” left fielder Trevor Crowe said. “We’ve been getting good pitches to hit and hitting them well.”The Clippers showed some explosiveness with a 17-4 win over Indianapolis on Thursday night. Carlos Santana showed why he is considered a top prospect with four hits, including two home runs and four RBIs.On Friday, the Clippers and Indians broke the record of most home runs in one game at Huntington Park. The teams combined for nine home runs, nearly doubling the previous record of five. The Clippers lost the game 14-12.On Saturday, the Clippers fell to the Indians 4-3. A 3-3 tie was broken in the top of the eighth inning when Brandon Moss hit a solo home run to take the lead. The Indians held off the Clippers for the final two innings and earned the win.The Clippers continue their homestand Monday against the Louisville Bats. Louisville is off to a 3-1 start after defeating the Toledo Mud Hens on Sunday. read more

Freshmen shine on the mats for Ohio State wrestling

Freshman Kyle Snyder (second from left), redshirt-freshman Bo Jordan (middle) and redshirt-freshman Nathan Tomasello were named co-captains for the Buckeyes dispite being in their first years of collegiate competition.Credit: Patrick Kalista / Lantern reporterDespite seeing an early exit at the National Duals in Iowa City over the weekend, the Ohio State wrestling team might have discovered the future of its program.Freshman Kyle Snyder and redshirt-freshmen Bo Jordan and Nathan Tomasello are ranked No. 3, No. 5 and No. 7, respectively, in their weight classes, and have been a staple in the team’s success. All three were named co-captains along with redshirt-senior Logan Stieber, even though they are wrestling in their first competitive year at OSU.Tomasello said he is grateful for the opportunity to help lead the team toward its goals.“Getting voted as captains was very humbling, I feel we have done a good job of being supportive, helping the team improve each week and have come together to make a run at a title at the end of the year,” the redshirt-freshman said. “We’ve learned a lot and the coaches have gotten us prepared and it’s been a great experience so far.”Jordan (16-0), a redshirt-freshman, has been called upon to not only win his 165-pound matches, but to do so by getting bonus points to increase the team’s chances of winning. Jordan said he doesn’t focus on the extra points as much as the coaches do, but added he wants to do whatever he can to help the team win.“I’m not really thinking about getting the extra points, but if I go out and wrestle to the best of my ability and stay where I’m good at, I know I can throw up a lot of points and I’ll see what happens from there,” Jordan said.Throughout the season, Jordan has been known to hit a point in his matches where a whole new level of intensity is shown. He said he can feel when it’s time for that to turn on.“There’s a point in every match where my lungs feel like they are on fire, and when I start to feel tired and things are starting to get tough. I know my opponent is feeling the same thing, so I know it’s time to click and throw it into the next gear,” Jordan said.Jordan also credited Tomasello (24-4) when it comes to being motivated to go out and give it his all.“(He’s) the guy who starts the fire in everyone at the beginning of each match,” Jordan said.“I don’t think there is anyone else in the nation that I would rather have starting off our matches at 125 pounds besides Nathan Tomasello,” Jordan said. “He gets after it for seven minutes and he gets the team fired up.”As for starting out first each night, the 125 pounder said he wouldn’t want it any other way.“I want to be first on the mat every time,” Tomasello said. “I want to bring the intensity and go at it for the full seven minutes and then I get the rest of the dual to cheer on my teammates.”Snyder (24-2), a favorite to win the Big Ten Championship in two weeks, credited his co-captains and teammates for keeping him focused.“It helps when everyone is doing their part, and when you have Nate and Bo who are both freaks in the sport of wrestling, it helps in preparing for big matches,” Snyder said. “Nate always gets the ball rolling when he starts the match, and it gets our heads in the right direction, and when Bo goes out and gets bonus points, it motivates me to do the same.”Snyder said preparation has taken its course and now it’s about proving who’s the best in the sport.“This is the time in the season where you have to just go out and win matches,” he said. “It’s fun just competing and practicing to get better, but now it’s all about getting your hand raised.”OSU had everything going for it, including victories in nine straight dual meets. All of that came to an end when the No. 3 Buckeyes were upset by the No. 11 Lehigh Mountain Hawks, 21-18, on Saturday.The Buckeyes managed just four victories over the Mountain Hawks.The trio of freshmen continued to put up big numbers in their individual matches and their efforts haven’t gone unnoticed, coach Tom Ryan said.“We have four bright spots right now, and three of them are freshmen,” Ryan said. “Other guys are going to have to figure out who and what they want to be in this sport in the next two weeks.”The Buckeyes are set to host the Big Ten Championships March 7-8 at St. John Arena, and as long as they follow Stieber’s and the coaches’ lead, they should be successful, Jordan said.“Logan’s leading the way so we just have to follow him and listen to the coaches and go out and wrestle our best,” Jordan said. “We have what it takes to win it all and it’s time to go out and prove it.” read more

Jose Mourinho on Ronaldos mega move to Juventus

first_imgJose Mourinho has weighed in on Cristiano Ronaldo’s €105 million move to Serie A with Juventus, congratulating the club for the ‘complete transfer’.Mourinho, who worked with his fellow countryman Ronaldo during his time as Real Madrid boss, believes that the Italian league will benefit greatly from acquiring one of the two best players in the world.As reported by Give Me Sport, the former Chelsea boss said: “In England, the Premier League is the most competitive championship with top players. Now there are three dimensions to look at.”“Now everyone looks at Italy for Ronaldo, the Premier League because it’s the best league and Spain for Messi.”“Serie A has become one of the most important championships in the world. In football, everything can change.”Franck Ribery, FiorentinaFiorentina owner: “Ribery played better than Ronaldo!” Andrew Smyth – September 14, 2019 Fiorentina owner Rocco Commisso was left gushing over Franck Ribery’s performance against Juventus, which he rates above that of even Cristiano Ronaldo’s.Juventus have dominated the top division in Italy, winning 7 consecutive league titles on a run which has included securing the last 4 as part of a domestic double and their success looks likely to continue with the arrival of Ronaldo.Mourinho, however, continued by saying his arrival could galvanise the rest of the competition.“If it changes the perspectives of teams like Inter, Milan and Roma, if they don’t passively accept Juve with Cristiano become stronger, that they will win again and again and can also find the right motivations from this deal, it can change Serie A in terms of quality, emotions and exposure,” he added.“For this reason, I congratulate to Juventus for this coup, which involves football, marketing and merchandising. It’s the complete transfer.”last_img read more

Kepa Arrizabalaga I want to become a Chelsea legend

first_imgNew Chelsea signing Kepa Arrizabalaga intends to establish himself as a legend by winning lots of titlesThe Spain international completed a world record transfer for a goalkeeper after joining from Athletic Bilbao in a €80m deal on Wednesday.While only 23 years old, Kepa has made a name for himself in Spain for his performances at the San Mames over the years and had been strongly linked with a switch to Real Madrid in January before opting to remain at Bilbao.Kepa consulted his fellow Spaniard’s Cesar Azpilicueta, Alvaro Morata and Pedro over joining Chelsea and revealed the positive comments he received about the club.“I had excellent references from them about the club, knowing them and being able to talk to them has been a great support for me over the last few days,” he told Chelsea’s official app, The 5th Stand, via Sports Mole.Tammy Abraham, ChelseaChelsea hat-trick hero Tammy Abraham hopes for more Andrew Smyth – September 14, 2019 Tammy Abraham hopes this season will be his big breakthrough at Chelsea after firing his first hat-trick for the club in Saturday’s 5-2 win at Wolves.“And then of course there are many great players here, like N’Golo Kante, [Eden] Hazard, [Olivier] Giroud. It’s a squad full of fantastic players. We have a very exciting season ahead of us, so let’s go for it.”While he has just arrived at West London, Kepa is already aiming big.“All clubs need to fight to win titles and what all players want is to win. So what I would like is to win more titles for the club,” he said.“This is what I aspire to do. I would like to be remembered at this club when I leave years down the line as a goalkeeper that has helped the club win a lot of titles and gone down in history in that way.”Kepa’s move to Chelsea on Wednesday paved the way for Thibaut Courtois to complete his long-awaited transfer to Real Madrid.last_img read more