Investment Association adopts wait-and-see approach to FCA report

first_imgThe Investment Association (IA) has “welcomed” an interim report on the Financial Conduct Authority’s (FCA) long-awaited study of the UK asset management industry but said it will have to wait and see whether the FCA’s proposals will ultimately benefit consumers. Chris Cummings, chief executive at the IA, welcomed “the spirit” behind the FCA’s market study and took pains to highlight his association’s ongoing efforts to improve confidence in the asset management industry.“The FCA’s analysis and recommendations come at a time when the industry is already taking significant steps to improve investor confidence,” he said.“Among new measures the IA has put forward is a detailed plan for a new model of charge and cost disclosure, which is acknowledged in the interim report and has been welcomed by all parties.” He said the IA would now take a close look at the FCA’s proposals in other areas – including the independent oversight of investment funds – to make certain the authority’s final recommendations “mean customers will be ultimately better served”.On proposals to introduce an “independence element” on fund-oversight committees, Cummings pointed out that UK savers and investors already benefited from “a significant body” of regulation that “embeds consumer protection in fund-governance mechanisms”.He said the IA would work closely with the FCA to make sure its proposed models for enhancing oversight passed the “crucial test” of actually improving customer outcomes.On the FCA’s recommendation to introduce an “all-in fee” for funds, Cummings said both organisations had been “long united” in their support for the Ongoing Charges Figure, rather than Annual Management Charge, while on proposals to improve transparency, he praised the regulator for acknowledging the work the industry had already done on costs and charges in recent years.“Overall,” Cummings said, “we welcome measures to improve customers’ outcomes, and we will consider the range of transparency measures proposed and how effective they might be at delivering on that goal.”In August, the IA published a controversial report in which it hit back against claims of high hidden fees charged by fund managers, equating their existence with that of the mythical Loch Ness monster.The IA said that, while it took allegations of hidden fees seriously, those claiming the use of such fees had yet to prove their existence conclusively.BrightonRock’s Con Keating described the IA’s report as being “offensively bad”, while the Transparency Task Force, in a rebuttal, described a lack of fee disclosure as a “festering sore”.Even NEST CIO Mark Fawcett, chair of the IA’s independent advisory board on cost disclosure, declined to endorse the report, noting that the board had not been consulted on its contents prior to publication.In September, the IA moved to “press the reset button”, with association chair Helena Morrissey conceding that the report had “inadvertently but understandably upset people”.last_img read more

Dutch Trio Reveals Offshore Wind to Hydrogen Mega Project

first_imgFinally, a smart transport network in the Netherlands and Northwest Europe is required to deliver the 800,000 tonnes of green hydrogen to mainly industry, and later possibly also to consumers, according to the consortium. In this project, Gasunie’s natural gas infrastructure – which is now mainly used for natural gas and green gas – is also used for the storage and transport of hydrogen. This depends, among other things, on permits from governments, the assignment of new wind farm locations in the North Sea, the available locations for the hydrogen facility/facilities and the final investment decisions of the parties concerned, the project partners said. The project is expected to start this year with the kick-off of a feasibility study. If the outcome is successful, the consortium hopes to produce the first hydrogen by 2027. ”We have the North Sea for the production of wind, the ports as logistical hubs, and the industrial clusters that want to make the switch to green molecules and a suitable transport network. This comes together perfectly in the northern Netherlands at the Groningen Seaports where the conversion to hydrogen takes place, with storage in Zuidwending and an ambitious province. With these partners, and hopefully even more partners soon, we are helping the market to accelerate the transition to renewable energy.” “The Netherlands has a leading position in the shift to a hydrogen economy,” Han Fennema, CEO of Gasunie, said. The NortH2 project partners aim to generate around 3GW to 4 GW of wind energy for the production of hydrogen before 2030, and possibly raise the capacity to 10GW by 2040. Green hydrogen production, initially in the Eemshaven and later possibly also offshore, is expected to be around 800,000 tonnes per year by 2040, the developers said. NortH2 has the support of the province of Groningen and is looking for partners to expand the consortium and realise this project. The realisation therefore partly depends on the contributions of various industrial and energy partners, the developers said. NortH2’s partners anticipate that the initial project phases may potentially require European and national subsidies available for the decarbonisation of energy. ”In addition, it fits well with our New Energies aspirations and our ambitions to find new ways to reduce CO2 emisions and deliver more and cleaner energy, at home, on the go and at work. In order to realise this project, we will need several new partners. Together we will have to pioneer and innovate to bring together all the available knowledge and skills that are required. The energy transition calls for guts, boldness, and action.” “This project offers opportunities throughout the entire hydrogen chain,” Marjan van Loon, President-Director of Shell Nederland. A consortium of Gasunie, Groningen Seaports, and Shell Nederland has revealed plans to launch a project to use electricity generated at large offshore wind farms in the Dutch North Sea to produce hydrogen. last_img read more

Emergency Crews On Scene Of Crash Near Osgood

first_imgEmergency responders are on the scene of a single vehicle accident west of Osgood Wednesday afternoon.Osgood Fire and Rescue 69 were called to the scene of the crash on Fairground Rd. around 12:20 p.m.Dispatchers say the vehicle involved is a small tanker truck.We will update you as we receive more details.last_img

IMCA Modifieds headline US 36 Memorial Weekend special

first_imgOSBORN, Mo. – IMCA Modifieds chase a $1,000 check and Fast Shafts All-Star Invitational bal­lot berth in their Memorial Weekend special at US 36 Raceway. Grandstand admission is $15 for adults, $12 for seniors and military, $6 for kids ages 7-12 and free for six and under. Pit passes are $35. Pit gates at Osborn open at 5 p.m. and the grandstand opens at 6 p.m. Racing follows 7:30 p.m. hot laps. A minimum of $150 will be paid to start the Friday, May 24 Modified Madness main event. Karl Kustoms Northern SportMods are also on the card, running for $500 to win and $85 to start.center_img There is no entry fee and IMCA Speedway Motors Weekly Racing National, Jet Racing Central Region, E3 Spark Plugs Missouri State and track points will be awarded. More information about Modified Madness is available by calling 816 752-3645.last_img read more

LaCrosse is King of the Ring at Oshkosh

first_imgOSHKOSH, Wis. (May 20) – The fact that Benji LaCrosse couldn’t qualify for the main event out of his heat race gave no consolation to his Xtreme Motor Sports IMCA Modified opponents Friday at Oshkosh SpeedZone Raceway.LaCrosse ran second in his “B” feature, lined up 18th on the main event grid and promptly raced to the $1,000 King of the Ring checkers. The win put him on the ballot for the Fast Shafts All-Star Invitational.Mike Wedelstadt set the opening lap pace before R.C. Whitwell took over and started to open a lead. Many eyes were on the rear of the field, however, as transfers Brian Drexler, Todd Dart, LaCrosse and Brian Mullen began working through the tight field.A lone caution appeared on lap 11 and Whitwell again pulled away from the field on the restart, opening a quarter-lap lead as the battle for second saw Marcus Yarie, Steve Schneider and La­Crosse mix it up with Kevin Baldry and Wedelstadt.Yarie was the first to break out of the group, taking second on lap 16.  LaCrosse and Schneider followed suit and the trio set out after Whitwell.As the final 10 laps were scored, Whitwell still held a several length lead but Yarie, LaCrosse and Schneider seemed to get faster. With five laps left, the trio was right behind Whitwell.Yarie used the inside line while LaCrosse settled outside and the group was three wide with two laps left. Yarie pulled into the lead on the final lap, with LaCrosse still outside and challenging.Out of the final turn, LaCrosse knew there was some bite out of the turn and was able to hit it just right to get a shot down the chute and take the win over Yarie by less than half a car length. Whitwell held off Schneider for third with Wedelstadt and Russ Reinwald rounding out the top six.The Modifieds opened their King of the Ring series with 46 entries.last_img read more

Entertaining clash between Swansea and Everton ends goalless

first_img Press Association The Toffees carried the greatest threat for much of an entertaining contest which somehow remained goalless despite the amount of clear-cut chances created. But they were probably relieved to take a point when substitute Kevin Mirallas, who had only been on the pitch for 112 seconds, received a straight red card for a dangerous tackle on Modou Barrow. Ross Barkley shone throughout but Everton could not take advantage of his excellent approach play, with Romelu Lukaku the biggest culprit in front of goal for the visitors. Swansea also had their moments to bounce back from last weekend’s shock defeat at Watford with Tim Howard saving smartly on a few occasions – but Everton might have had strong claims for a penalty when Ashley Williams appeared to trip Steven Naismith late on. Everton’s proud record of never having lost to Swansea in the league stood at 20 games but the Toffees suffered a blow before kick-off when Seamus Coleman failed to recover from a hamstring injury. Tyias Browning was handed his first Premier League start at right-back and with Brendan Galloway, who was only making his seventh top-flight appearance, on the left there was an inexperienced look about Everton’s full-backs. It was an area Swansea were no doubt keen to exploit, particularly as Jefferson Montero had returned to the left side of their attack following a thigh problem, and Browning was given an indication of the task ahead of him inside five seconds when the Ecuadorian flier went past him. Everton were desperate to protect Browning whenever they could, often ending up with three or four players around Montero, but it was the visitors who produced the first moments of real danger. Williams got in the way of a Lukaku free-kick flying towards the Swansea goal and Phil Jagielka’s headed over the resulting corner from Barkley. Swansea’s early momentum had been slowed by a head injury to Andre Ayew, the Ghanaian able to continue after treatment, but Bafetimbi Gomis went close twice in the space of 60 seconds. Everton extended their unbeaten league record against Swansea but failed to find the killer touch to take all three points at the Liberty Stadium. A frantic first half came to a stop when Barry blocked Gomis’ shot and the second period started in similar fashion when Barkley beat Ayew and Arouna Kone failed to prod home his inviting cross. More teasing approach work from Barkley almost ended with Galloway’s first Everton goal after he had turned smartly inside the area, while Lukaku failed to reward the visitors’ growing dominance by firing wildly over with only Fabianski to beat. Gylfi Sigurdsson sent a Swansea free-kick into the side netting but Everton almost took the lead when Barkley’s deflected shot fell to Lukaku and Williams covered his goalkeeper well to hack off the line. But Howard was also needed at the other end as he batted away firm drives from Montero and Gomis to ensure the Everton defence remains unbreached away from home in the league this season. TWEET OF THE MATCH “@robbiemustoe: John Stones…. very, very impressive right now. Could play in any team. Any team.” – Former Premier League veteran Robbie Mustoe stops short of naming a team, any team. PLAYER RATINGS Swansea Lukasz Fabianski: 7 (out of 10) Kyle Naughton: 6 Federico Fernandez: 7 Ashley Williams: 7 Neil Taylor: 7 Jack Cork: 8 Jonjo Shelvey: 6 Gylfi Sigurdsson: 5 Jefferson Montero: 6 Andre Ayew: 6 Bafetimbi Gomis: 6 Subs Ki Sung-yueng: 6 Eder: 6 Modou Barrow: 6 Everton Tim Howard: 7 Tyias Browning: 7 John Stones: 7 Phil Jagielka: 7 Brendan Galloway: 7 Gareth Barry: 7 James McCarthy: 6 Arouna Kone: 6 Ross Barkley: 8 Steven Naismith: 6 Romelu Lukaku: 5 Subs Gerard Deulofeu: 6 Kevin Mirallas: 3 STAR PLAYER ROSS BARKLEY: Good news for England as confidence is oozing from every pore of the Everton man. Excelling in the free role handed to him and pulled the strings again as the Toffees’ went in search of a goal. Unfortunate not to claim the assist his approach play deserved but Swansea just could not get near to him at times and now looking like a real star in the making. MOMENT OF THE MATCH Neither goalkeeper looked in the mood to be beaten but Swansea goalkeeper Lukasz Fabianski was left helpless when Barkley’s deflected shot fell kindly to Lukaku. The big Belgian got a toe to the ball to lift it over Fabianski but the Poland international was saved by his ever-alert skipper Williams, who had got back on the line to clear. Brilliant defending. VIEW FROM THE BENCH Case of the master against the apprentice as Swansea boss Garry Monk came up against his former manager Roberto Martinez at the Liberty Stadium. Monk was attempting to mastermind Swansea’s first-ever victory over Everton in league combat but he came up against opponents who were well-organised and slick on the counter-attack. Excellent tactical exercise was halved. MOAN OF THE MATCH There was plenty of decent defending on show with two of the best centre-back partnerships in the Premier League on view. But some of the finishing was careless to say the least with both Gomis and Lukaku failing to find the target when well placed. A cooler head in such circumstances may well have unlocked the defensive door and found thw way to goal. WHO’S UP NEXT Hull v Swansea (Capital One Cup, Tuesday, 22 September) Reading v Everton (Capital One Cup, Tuesday, 22 September) last_img read more

Mexico snatch draw with Portugal in Confederations Cup

first_img(REUTERS)-Mexico claimed a 2-2 draw with Portugal in their Confederations Cup opener on Sunday with a last-gasp equaliser by Hector Moreno after Cedric seemed to have won the game for the European champions with a goal five minutes from time.Portugal had an early effort controversially disallowed by the video referees but they eventually took the lead after 34 minutes through Ricardo Quaresma after a mistake by Carlos Salcedo let Cristiano Ronaldo through on goal.The Portugal captain could not control the ball to shoot but his brilliant pass between three defenders left Quaresma free to round keeper Guillermo Ochoa and tap into the empty net.Mexico equalised eight minutes later through a Javier Hernandez diving header after poor defending by the Portuguese. Raphael Guerreiro miskicked a cross into the box, allowing Carlos Vela to play the ball back in for Hernandez to score.Portugal looked to have won when Cedric fired home a deflected shot but Moreno headed home a corner in added time to give Mexico a share of the points.“I think we were superior, we created more chances and we leave the field frustrated,” Cedric said. “We were always more dangerous than them, both in our organised play and on the counter attack.”Although Mexico had more possession, Ochoa was the busier of the two keepers and the Europeans could have taken all three points had the Video Assistant Referees (VAR) not controversially disallowed Nani’s first-half goal for offside.Ronaldo smacked a long-range shot onto the bar and Nani picked up the rebound to volley home. However, the VAR disallowed the goal for an offside infringement earlier in the move.The result leaves both sides tied for second place in Group A, behind hosts Russia who top the group after beating New Zealand 2-0 on Saturday in St. Petersburg.Russia play Portugal and Mexico take on New Zealand on Wednesday.last_img read more

Chelsea advance in Champions League with 2-1 win over Lille

first_imgLONDON, England (Reuters) – Chelsea clinched their place in the knock-out stage of the Champions League with a 2-1 win over Lille yesterday, secured by first-half goals from Tammy Abraham and captain Cesar Azpilicueta.Chelsea, who needed a win to make sure of qualification, had gone five Champions League games at Stamford Bridge without a victory, their longest such run at home in the competition.They were in charge for almost the entire game against Lille who were already condemned to the bottom spot of Group H and fielded an under-strength side.After dominating the opening proceedings under a downpour, Chelsea took the lead in the 19th minute when U.S. striker Christian Pulisic darted forward to feed Willian and the Brazilian’s cut-back cross was turned in by Abraham.The Londoners doubled their lead in the 35th minute when Azpilicueta shook off his marker to score with a close-range header from a corner by Emerson.Former Chelsea striker Loic Remy pulled a goal back for Lille in the 78th minute when his shot went in off the under-side of the bar, setting up a nervous finish for the hosts. Remy wasted a chance to equalise when he shot straight at Chelsea goalkeeper Kepa Arrizabalaga in injury time.The result meant all four English teams in this season’s Champions League – Liverpool, Manchester City and Tottenham Hotspur, as well as Chelsea – have reached the last 16 of the competition.There was further good news for Chelsea as they welcomed back central defender Antonio Rudiger who had previously played only 45 minutes this season due to injuries.last_img read more

Barbados to focus on medical marijuana

first_imgBRIDGETOWN, Barbados, CMC – The Barbados government will soon develop a framework for medical cannabis, while noting that decriminalization of marijuana for recreational use will have to be decided by a referendum.“There is no doubt that we will put a framework in place for medical cannabis within the next week or so. In fact, we have more or less taken a decision, we just need some refining and training with practitioners,” Prime Minister Mia Mottley said, adding that the island could no longer afford to miss out on the emerging cannabis industry.Decriminalization won’t be taken carelesslyAddressing business leaders here on Friday, Mottley said Barbados would not be going about the decriminalization of marijuana carelessly, adding that careful research would guide her administration’s position.“Barbados cannot do that without anybody else doing it in the region,” Mottley said, noting that Bridgetown would have to be strategic and develop the country as a global leader in the research along with other global leaders in cannabis including Jamaica.Must not make the mistakes of history “We need to recognize that we must not make the mistakes of history. With respect to the cannabis, why would we seek to export when we can package and extract maximum value by having clinics as well as recuperative villages for people who want to deal with a certain aspect of pain management?“So that the whole value-added chain is delivered here, and the area in which we do it which is tourism, and that gives you a long-stay tourist,” she said.“Thirdly, you cannot have your primary market which is Canada, the international business and financial services sector moving rapidly into new areas of investment and you can’t match as a domicile, the ability to accommodate those new areas of investment because if you don’t what are they going to do? Go elsewhere,” she added.Mottley told the business leaders Friday that there would be clear strategic guidelines for Barbados on how to devise a policy that puts this country in a competitive position in the cannabis industry.An opinion poll conducted in several Caribbean countries including Barbados by the Barbados-based Caribbean Development Research Services (CADRES on the issue of the decriminalization of cannabis found that more than 45 per cent of Barbadians were in favor of decriminalization.last_img read more

‘I Thought It’s Where I Belong’ – Eagles Hero Iwobi Speaks On Switch To…

first_imgSuper Eagles forward Alex Iwobi has spoken about his decision to play for Nigeria ahead of England.The Arsenal star revealed that he felt more welcome when he was with the U23s and that made a huge impact on his final decision to choose Nigeria despite the fact that he played for England’s youth teams.He stated this during an interview with popular media outlet, The Mirror. In his words, Iwobi said: “I was growing up in England and England was the only national team I knew, so I was actually very pleased to play at national level. However, my family are all from Nigeria, I was born in Nigeria, my uncle (Jay-Jay Okocha) is a legend in Nigeria.”“I went to the Under 23’s and somehow felt more welcome, and I thought it’s where I belong, so I made the decision to switch.” he added.Alex Iwobi has started to show why Nigeria and England fought for him after netting three goals in as many games for the Super Eagles of Nigeria.In his last game for Nigeria, Iwobi produced an excellent display to lead the team to a 4-2 win over Argentina. He weighed in with two goals for the team. Relatedlast_img read more