ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr by: Henry MeierNothing to do with credit unions but yesterday Tom Brady was suspended four games for having his footballs deflated prior to the AFC championship game.Let me get this straight: He won the game and won the Super Bowl. His punishment is to spend four extra weeks on the couch at home watching the games with his super model wife Gisele Bundchen rather than being scowled out by Bill Belichick as he gets attacked by a bunch of 300 pound defensive lineman with 4-4 speed out to cripple him? Sign me up.Target Settlement Can Go Forward Effectively saying his hands were tied, a federal judge in Minnesota refused to block a proposed settlement between Mastercard and Target from going forward. Under the agreement $19 million is being set aside for eligible banks and credit unions to settle their claims for operational costs and fraud-related losses on MasterCard-branded cards affected by the data breach. Upon accepting the offer, each issuer will release MasterCard, Target and its acquiring banks from all claims related to the data breach. continue reading »
Denmark’s supplementary labour-market pension fund ATP produced a 12% return on investments in the first half of the year, with growth driven by a buoyant domestic stock market.ATP’s chief executive Carsten Stendevad said: “The yield was especially high on shares, property and infrastructure in a half-year which was characterised by extreme interest rate fluctuations.”In its interim report for January to June 2015, the pension fund said the return on investment before tax and expenses was DKK11.5bn (€1.5bn) in absolute terms.Among the five risk classes that comprise ATP’s DKK100bn investment portfolio, three — credit, equities and inflation — saw a positive return, while interest rates and commodities ended the period with a loss. Equities generated a DKK7.0bn return, DKK5.1bn of which came from listed Danish equities, equating to a 31.1% return.“The return was achieved broadly across the portfolio, but was driven, in particular, by holdings in Genmab A/S and Novo Nordisk A/S,” ATP said in the report.Shares in biotechnology company Genmab rose 56% over the first six months of the year, while pharmaceutical firm Novo Nordisk saw its share price appreciate by over 38%. ATP’s investment portfolio only accounts for around 20% of its total assets, as the lion’s share of assets is invested in a hedging portfolio meant to underpin the yield guarantees it offers its members.ATP saw total assets shrink to DKK691bn by the end of the reporting period from DKK704bn at the end of December.However, assets had grown compared to the same point last year, when they had totalled DKK641bn.The bonus potential — the sum used in the investment portfolio — grew to DKK100.5bn at the end of June from DKK95.8bn at the end of December.The hedging portfolio made a loss after tax of DKK20.0bn in the first half of the year.The pension liabilities the portfolio is designed to protect decreased by DKK18.6bn over the same period as interest rates increased, putting the net loss arising from hedging activities that had to be absorbed at DKK1.4bn.But ATP described this difference as satisfactory since it amounted to less than a quarter of a percent of the guaranteed benefits of DKK590.2bn.The pension fund said it updated its life expectancy projection as part of the first-half accounting.“The increase in Danish life expectancy observed was higher than expected in the past year,” it said.The rise in projected lifespans for ATP’s members in 2015 was two and half months for women and three months for men, it said.This led to ATP increasing provisions for future pensions by DKK3.7bn, which equated to 0.6% of guaranteed benefits, it said.
Manchester United left it late to salvage a 2-2 draw at West Brom in the Premier League last night.The home side led twice during the match, but Daley Blind hit a late equaliser for United.It’s a result that leaves Louis Van Gaal’s team sixth in the table, with Albion moving up to 14th.
A Jamaica player tested positive for a banned substance after a World Cup qualifying match against Honduras, in the latest doping case involving the Caribbean island’s athletes.The Jamaica Football Federation says a “member of the Jamaican squad returned an adverse analytical finding on his urine sample” after the June 11 game.The federation says it was informed of the result by FIFA on Tuesday. .The player and the substance involved were not identified. Jamaica lost 2-0 and is last in a six-team CONCACAF qualifying group led by the United States.Last week, Jamaican sprinters Asafa Powell and Sherone Simpson were confirmed to have tested positive for oxilofrine, a banned stimulant, among five cases involving track and field athletes.Keywords: Jamaica Football Federation, Soccer World Cup qualifying match, banned substance