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Oil hits five-month highs as US producers cut output ahead of hurricane

first_imgUS producers cut crude output ahead of Hurricane Laura at a rate approaching the level of 2005’s Hurricane Katrina and also halted most oil refining along the Texas/Louisiana coast.Laura is expected to strengthen into a major hurricane with 115 mile per hour (185 kph) winds before it strikes the coast near the Texas-Louisiana border early Thursday, according to the US National Hurricane Center.On Tuesday, producers had evacuated 310 offshore facilities and shut 1.56 million barrels per day (bpd) of crude output, 84 percent of Gulf of Mexico’s offshore production, near the 90 percent outage that Katrina brought 15 years ago.“Today’s strength was again almost entirely attributable to storm concerns,” said Jim Ritterbusch, president of Ritterbusch and Associates in Galena, Illinois, noting the storm factor would likely overshadow the weekly storage report from the US Energy Information Administration (EIA). Analysts forecast US crude stockpiles fell for a fifth week in a row last week, according to a Reuters poll conducted ahead of reports from the American Petroleum Institute (API) at 4:30 p.m. (2030 GMT) on Tuesday and the government on Wednesday.“Overall, hurricanes may be limiting supply this week … but the market will soon again focus on the biggest hurricane of them all, COVID-19,” said Bjornar Tonhaugen, head of oil markets at Rystad Energy.Europe is seeing a rise in coronavirus cases, including re-infection. Two re-infections were reported in Europe and one in Hong Kong.Elsewhere, US and Chinese trade officials reaffirmed their commitment to a Phase 1 trade deal.Topics : Crude oil prices rose to a five-month high on Tuesday as US producers shut most offshore output in the Gulf of Mexico ahead of Hurricane Laura even as rising coronavirus cases in Asia and Europe capped gains.Brent futures LCOc1 rose 73 cents, or 1.6 percent, to settle at US$45.86 a barrel, while US West Texas Intermediate (WTI) crude CLc1 rose 73 cents, or 1.7 percent, to settle at $43.35.That was the highest closes for both benchmarks since March 5, the day before Saudi Arabia and Russia failed to agree on a new plan to cut output and about a week before the World Health Organization declared COVID-19 a pandemic.last_img read more

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Dutch pension fund considers replacing government bonds with swaps

first_imgDEPF, the €1.7bn pension fund of coffee producer Douwe Egberts, is considering replacing its government bond holdings with interest swaps to “create space” for better-returning investments.Director Elvin van den Hoek said DEFP would look into the possible strategy change if the pension fund decided to ramp up the investment portfolio’s risk profile, something it is currently considering.Long-term government bonds in a matching portfolio make up 29% of DEPF’s total assets.“The returns on long government bonds is very low at the moment,” Van den Hoek said. “If we could replace them for swaps, we would create space for better-performing investments, which would improve the potential for indexation.”Last year, the pension fund introduced a 4.9% allocation to residential mortgages at the expense of its government bond holdings, according to its 2014 annual report. DEPF reported an investment return of 18.8%, attributing the 0.6% underperformance to fund managers’ “disappointing” execution – both for the matching portfolio and alternative investments.Alternatives returned 7.5%, while equities returned 14.3%.The pension fund’s combined holdings in government bonds, mortgages and interest derivatives returned 25.2%.Over the course of 2014, the Douwe Egberts scheme reduced its interest hedge from 50% to 45% of its liabilities, whilst keeping the level of its strategic cover at 50%.It also kept the strategic currency hedge of the US and Hong Kong dollars, the British pound and the Japanese yen at 66.7%, after losing 1.4% due to the weakening of the euro against other currencies.However, it added that it would look into the possibility of introducing a dynamic currency hedge. The pension fund granted active participants a 2% indexation, while deferred participants and pensioners received an inflation compensation of 0.3%. DEPF said it could reduce the contribution from 26% to 21% due to cost-cutting on pension arrangements.It said it was able to limit transaction costs to 0.08% in 2014 by re-balancing its portfolio annually rather than on a monthly basis, in addition to allocating government-bond returns to its liquidity policy instead of re-investing the proceeds.The pension fund reported administration costs per participant of €150.At April-end, DEPF’s official ‘policy’ funding was 112.5%.The scheme has 2,225 active participants, 3,695 deferred members and 4,320 pensioners.last_img read more

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New poll shows Kiwis divided over whether to decriminalise cannabis

first_imgSupport for the law change was higher among Maori (71 per cent), Green Party supporters (68 per cent), and those living in households with an annual household income of over $70,000, and up to $100,000 (59 per cent). Those aged 55 and over and National Party supporters (49 per cent) were more likely to oppose the cannabis legislation.https://www.tvnz.co.nz/one-news/new-zealand/new-poll-shows-kiwis-divided-over-whether-decriminalise-cannabis TVNZ One News 17 July 2017Family First Comment: NZers finally saying nope to dope www.saynopetodope.org.nzThe latest 1 NEWS Colmar Brunton poll shows New Zealanders appear to be almost equally divided over decriminalising cannabis.The Drug Foundation has put forward a proposal to treat cannabis as a health issue, with its cultivation and sale regulated.A group of 1007 voters were asked: “It has been suggested that the sale of cannabis should be legalised. Its cultivation and sale would be regulated. Do you support or oppose this idea?” Just under half (47 per cent) support the legalisation of the sale of cannabis, assuming its sale and cultivation is regulated. However, two in five (41 per cent) oppose it and the remaining 12 per percent are unsure.last_img read more

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Sheyenne celebrates its 45th this Sunday

first_imgBy Tom BergLISBON, N.D. – Sunday is a night of celebration at Sheyenne Speedway! The 1/4-mile dirt track in Lisbon, N.D., will celebrate its 45th anniversary this Sunday night, July 1.Racing begins at 6 p.m. and will be the biggest show of the year with six classes running. The Powdercoat Specialists IMCA Modifieds are back for a second time this season.The night also includes a fireworks show after the racing for fans to enjoy in addition to the action on the track. Special, custom 45th anniversary trophies will be presented to all six feature win­ners. There also will be memories shared as part of the rich history of the 45 years of racing in Lisbon.“I couldn’t think of a better way to start the Fourth of July Week. Six full race classes will be on display that will not disappoint.” Race Director Hunter Carter said. “Plus, a fireworks display for everyone to enjoy and celebrate the 45th anniversary together …You are not going to want to miss this.”The IMCA Modifieds were a hit during their first appearance on June 10. A strong 21-car field signed in with Dave Shipley of Argusville, a former super stock track champion at Sheyenne, tak­ing the feature win over Tyler Peterson of Hickson.“It’s awesome to be able to race down in Lisbon, I grew up there as a kid watching Corky Thomas race my dad’s super stock there,” Peterson said. “I only raced there a handful of times with my B-mod but had good success the few times I did. I’m looking forward to coming back down on Sun­day and see if we can’t do one spot better then the last time.”Ageless veteran John Corell of Jamestown was third, followed by Tim Perkins of Bismarck and Jarrett Carter of Lisbon.“I’m really looking forward to getting back to Sheyenne Speedway this weekend,” Carter said. “If you missed the first week you are going to want to put this on your calendar. Both the car count and racing were great and I would expect the same again.”IMCA Modified rookie Jesse Skalicky, who leads the points at Red River Valley Speedway and finished eighth during the first Modified show at Sheyenne, is also looking forward to coming back.“It was cool coming back to Lisbon in a Modified this time,” Skalicky said. “Any time a track adds your class it’s fun to support it. It’s a great facility and we will definitely be back.”last_img read more

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Bash Ali begs Sports Minister over Guinness book fight

first_imgRelatedPosts Nigeria dying under Buhari’s jackboot, by Tunde Odesola Edo poll: APC supporters commend Buhari for providing level playing field Buhari holds closed-door meeting with Ghana’s President Former boxing champion, Bash Ali, has sent a passionate appeal to the Minister of Youth And Sports, Sunday Dare, to approve his age-long fight. The ageless boxer, who was denied approval by the legal department of the ministry, made the appeal in another letter to Dare. Ali wrote: “I recall vividly that on 4th of November, 2019, we had a meeting in the Ministry for the purpose of accomplishing my dream Guinness World Boxing Project and the key decision in the said meeting was that in as much as President Muhammadu Buhari has directed you to host the historic event, we should first settle out of court the pending case with the Ministry in the Court of Appeal. “As soon as I returned from the meeting, I instructed my lawyers to write to the Ministry expressing my sincere intention to have the matter withdrawn from court. We have written to you our offer of settlement. So far, so good, we have not received any response from the Ministry regarding the said offer after six weeks of submitting same.” The boxer, otherwise known as Ajagungbade, also revealed that the fight has received the blessing of former President Olusegun Obasanjo, late President Musa Yar’ Adua, former President Goodluck Ebele Jonathan and that of President Muhammadu Buhari. Ali, however, accused mischief makers for the misinformation flying around in respect of the fight. He said: “It is the work of mischief makers who want to sow hatred between me and Honourable Minister. I therefore sincerely apologise for any such misinformation. “I humbly appeal to you to quickly approve the out of court settlement to enable us move ahead so that we can achieve this age long dream which i sincerely know will bring glory, honour, financial growth and better opportunities to my fatherland.”Tags: Bash AliGuinness World Boxing NightMuhammadu BuhariSunday Darelast_img read more

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City boss rejects ‘campaign’ claims

first_img Chelsea boss Mourinho recently said some people were trying to influence referees’ decisions against his side via the media. Mourinho was this week fined £25,000 for his comments by the Football Association and Pellegrini, whose City side face Chelsea in a top-of-the-table clash on Saturday, does not believe such a campaign exists. The Chilean said: “I hope that in the Premier League they don’t have a campaign against anyone. I hope all is fair and the referee makes mistakes for all the teams exactly the same, that the FA make the fixtures in a fair way. “I think it is the best league in the world and I don’t think it has any strange things because (otherwise) you are not competing. “After that, if you won the title, it (would) not (be) an important title, because all is arranged.” Pellegrini was speaking at a press conference to preview City’s eagerly-anticipated trip to Stamford Bridge. The build-up to the game, which defending champions City go into trailing their title rivals by five points, has been dominated by controversy surrounding Chelsea striker Diego Costa. Costa will miss the game after being banned for three matches by the FA following a stamp on Liverpool’s Emre Can in the Capital One Cup semi-final in midweek. Pellegrini believes the ban will give Costa, who is renowned for his on-field aggression, an opportunity to change his ways. The former Malaga boss said: “He is a great player, a very important player. “He has his character, it is not an easy character, but I hope for him that (with) this punishment – and I am not trying to take advantage for the game tomorrow – it will be a good thing for him to change in the future because he doesn’t need to do it in that way because he is a very good player, a top player.” Pellegrini’s remarks did not receive an immediate response from Mourinho because the Portuguese did not hold his regular press conference on the eve of the match. That gave Pellegrini an opportunity to land some verbal blows on Mourinho but, as is usually the case, he was not interested in stoking their rivalry. “I don’t talk about Mourinho,” said Pellegrini, who often expresses indifference when asked about Chelsea’s former Real Madrid boss. Further questions were asked but Pellegrini, who has beaten Mourinho just twice in 12 games in either England or Spain, offered little that could create headlines. Earlier this season Mourinho mispronounced Pellegrini’s name as ‘Pellegrino’, but there was little response when the matter was brought up. He said: “I’m not going to help you with those things because they are not important for me. I don’t want to carry on in that way.” Asked why he did not comment on Mourinho, Pellegrini said: “This profession is so difficult for a manager – we have different styles. The way I do it is the best way for me, but it’s not the only way to do it. “Maybe you think you can take advantage but for me I don’t think it’s the normal way or the fair way.” Asked about Mourinho’s occasional offer to shake hands with opposing managers before full-time, Pellegrini said: “I won’t talk about what Mourinho might do. I will shake hands with him before the game. And after? Yes, probably.” But Pellegrini did admit he was wrong to compare Chelsea to Stoke earlier in the season after their 1-1 draw with the Londoners at the Etihad Stadium in September. Pellegrini expressed frustration by saying Chelsea were like a “small team trying to defend” and were “exactly the same team we played against Stoke”. Stoke had actually won at Eastlands after employing effective defensive tactics but Pellegrini now feels he was wrong to say what he did. He said: “It was a mistake to compare with Stoke. The style of every club it depends on how the manager wants to do it. Chelsea can play in the way they want and we are going to continue playing in the style I think is the best for this team.” Manchester City manager Manuel Pellegrini has dismissed Jose Mourinho’s claims there is “campaign” against Chelsea. Press Associationlast_img read more

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Gayle fires Rangpur Riders with another half-century

first_imgDHAKA, Bangladesh, (CMC) – West Indies superstar Chris Gayle notched his second half-century in as many days to fire Rangpur Riders to a narrow three-run victory over Kieron Pollard’s Dhaka Dynamites but Dwayne Smith’s fifty proved in vain as Rajshahi Kings lost again in the Bangladesh Premier League here Tuesday.The left-handed Gayle, who only arrived last weekend, pummeled 51 from 28 balls in a Man-of-the-Match performance as Riders, sent in by the league leaders, were dismissed for 142 with a ball to spare at the Shere Bangla National Stadium.Gayle dominated a 36-run opening stand with New Zealander Brendon McCullum (6) and a further 35 for the second wicket with Mohammad Mithun (22), to keep the innings going.The Jamaican had belted five fours and four sixes when he perished trying to find another boundary, holing out to deep mid-wicket off off-spinner Mosaddek Hossain in the eighth over.West Indies off-spinner Sunil Narine finished wicket-less from four overs which cost 29 runs and then suffered a one-ball ‘duck’ when he fell to the second ball of the Dynamites reply, edging pacer Mashrafe Mortaza behind with two runs on the board.His opening partner and fellow West Indies and Trinidad and Tobago teammate, Evin Lewis, struck three sixes in 28 off 25 balls, adding 44 for the third wicket with Jahurul Islam (29).Dynamites then lost wickets at key stages but entered the final over requiring 10 runs for victory, with Pollard at the crease.The Windies all-rounder was kept scoreless from the first two deliveries before depositing the third ball from pacer Thisasa Perera over the ropes at long on, leaving Dynamites with just four runs to get from three balls.However, Pollard was kept scoreless off the fourth ball and yorked by the fifth, and last man Abu Hider was bowled by a full toss off the last ball, to give Riders a nervy win.In the preceding game, the former Barbados and West Indies opener Smith top-scored with a superb 62 off 36 balls as Kings rallied to a competitive 166 for eight off 20 overs, after being sent in by Khulna Titans.The right-hander struck seven fours four sixes and helped rescue the innings in a 76-run, fourth wicket stand with Mushfiqur Rahim after Kings found themselves in disarray at 21 for three in the third over.Mushfiqur lashed 55 off 33 deliveries down the order but captain Darren Sammy managed just three.In reply, West Indies players Chadwick Walton (4) and Carlos Brathwaite (12) both failed but captain Mahmudullah hit 56 and Ariful Haque, an unbeaten 43, to see their side home with four balls to spare.Chrislast_img read more

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Lakers win classic over Canastota, move to 2-0

first_img Tags: footballJ-Eskaneateles Sometime late in October or early in November, the Skaneateles football team might have to face Canastota with a lot at stake, perhaps even a Section III Class C championship.If so, the Lakers have a good idea what to expect – a major challenge, similar to the one the Raiders provided Friday night at Hyatt Stadium, Skaneateles needing every bit of its skill and grit to pull out a 40-34 victory.While the Lakers were winning big at defending sectional champion Holland Patent in its Sept. 6 opener, Canastota was doing the same, routing perennial power General Brown. So the game had high expectations – and exceeded them, in terms of excitement, big plays and plenty of momentum shifts.Just 2:31 into the game, the Lakers scored, a 10-play drive capped by James Musso’s touchdown pass to Nick Wamp.  Canastota countered with Drew Marshall dashing 74 yards to set up his own one-yard scoring plunge.The Raiders took a 14-7 lead in the last minute of the first quarter, Marshall scoring again after Ryan Fox intercepted Musso deep in Skaneateles territory. It stayed that way until a Lakers drive in the second period finished with Wamp taking a direct snap and going seven yards to the end zone. More blows were traded before halftime, Canastota striking with Nick Weber scoring from 33 yards out, Skaneateles moving to the Raiders’ seven where, with one second left in the half, Musso threw to Wamp, who made a leaping catch in the corner of the end zone.The 20-20 score at the break left everyone exhilarated and exhausted, but more drama was to follow.Weber’s second TD, on a 17-yard run in the third quarter, gave Canastota its third lead at 26-20, but a missed conversion meant that, when Wamp scored for the third time, the extra point inched the Lakers in front.Early in the final period, a three-yard TD pass from Musso to Wamp extended the Skaneateles margin to 34-26, but again the Raiders rallied, Devin Youker scoring on a 16-yard run with 8:16 left and Marshall running in for two points to secure the game’s fourth tie.Quickly, the Lakers drove to the Raiders’ 15, where Musso found Nesbitt in the end zone for his fifth TD pass of the night and 11th of the season with 5:54 to play.Attempting one more comeback, Canastota drove to midfield, where Marshall ran right and threw – right to Lakers linebacker Colin Cox for a clutch interception.The Lakers were able to run out the remaining three minutes on the clock and improve to 2-0, Wamp finishing the night with 13 rushes for 104 yards and catching nine passes for 85 yards. Musso completed 15 of 37 passes for 153 yards in windy conditions.On the other end of the spectrum in Class C West, Jordan-Elbridge sits at 0-2 in the wake of Friday night’s 20-8 defeat to Herkimer at John Howes Stadium.All of it went wrong for the Eagles late in the first quarter, when the Magicians recorded a defensive safety and then returned the ensuing free kick for a touchdown, grabbing an 8-0 edge.J-E’s defense was vastly improved from its season-opening defeat to Lowville, and that, combined with Alex Pond’s 61-yard TD pass to Erik Ryan and a two-point run from Trent Thomas, made the game close, 14-8, at halftime.However, Herkimer’s defense took over in the second half, thwarting all of the Eagles’ attempts to catch up, and Jordan Lanaux put the game away when he scored on a 37-yard run in the fourth quarter. Share this:FacebookTwitterLinkedInRedditComment on this Story last_img read more

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Scotty G Fishing Tournament raises funds for Alpena cancer patients

first_imgAddThis Sharing ButtonsShare to FacebookFacebookShare to TwitterTwitterShare to MoreAddThisRon Brady, co-founder of Susan’s Wish fund and organizer of the annual Scotty G Fishing Tournament hands the proceeds of tournament to Ann Diamond, director, MidMichigan Health Foundation to assist cancer patients in their journey. ALPENA, Mich. – Cancer patients at MidMichigan Medical Center – Alpena will once again benefit from the hard work and generosity of a group of individuals who hosted the 13th annual Scotty G Fishing Tournament. This year, more than 200 fishermen participated in this special event.Ron Brady recently presented Ann Diamond, development director, MidMichigan Health Foundation, with the proceeds from this year’s tournament. A check for $4,250 was given for the Susan’s Wish Fund. Susan’s Wish is a fund that was created by Brady, Penny Barton and Stephanie Dettloff in memory of Susan Yachcik who passed away in 2012 at age 42 from ovarian cancer. The fund assists with ancillary patient expenses at the Alpena Cancer Center, including hotel stays, gas cards, meal vouchers, and even prescription assistance.The fishing tournament was established in 2008 in memory of Brady’s cousin Jeffrey Scott Gierszewski, who passed away in January 2008 in a tragic snowmobile accident on Beaver Lake. Proceeds from the early tournaments raised funds to purchase an ice rescue boat and equipment for the Green Township Fire Department. After that, Brady thought directing proceeds to help assist other cancer patients at the Cancer Center would be a good way to keep his friend Susan’s memory alive.“I organize the tournament and, after 12 years, everyone just comes out and does their part,” said Brady, whose volunteer team is instrumental in securing sponsorships, weighing fish, selling tickets, and organizing a 50/50 raffle. “Susan’s mom, Penny Barton works at the event the entire day. We also have the support of True North Radio Network. We couldn’t do what we do without them and the entire team.”Diamond expressed the gratitude of the MidMichigan Health Foundation, “We sincerely thank Ron and his volunteers for their hard work and dedication to support the Susan’s Wish Fund. This money is so important in assisting with the many expenses related to cancer treatment, offering our patients much needed support in very trying times.”For more information about the fund, contact Diamond at (989) 356-7738 or ann.diamond@midmichigan.org. .AddThis Sharing ButtonsShare to FacebookFacebookShare to TwitterTwitterShare to MoreAddThisContinue ReadingPrevious Attorney General Nessel warns of Apple tech scam Next Nominee in question for the November electionlast_img read more

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Shohei Ohtani injury update: Angels ‘thinking’ AL ROY could return in May

first_img MLB hot stove: Manny Machado might not have gotten $250M White Sox offer, report says In games Ohtani was in the lineup in 2018, the Angels scored 4.71 runs per game. In outings when he was on the bench, they scored 3.98. The Angels went 52-52 when he was in the lineup and 28-30 in all others.Ohtani is not expected to pitch again until the 2020 season. He went 4-2 with a 3.31 ERA with 63 strikeouts in 51 2/3 innings pitched. Brad Ausmus, on Ohtani’s return: “I’m not going to put a date on it, but we’re thinking sometime in May.” #Angels— Jeff Fletcher (@JeffFletcherOCR) February 12, 2019Ohtani stole lots of headlines last season because his fastball can run up to 102 mph, but he more than held his own at the plate posting a .285/.361/.564 slash line with 22 home runs and 61 RBIs in 326 at-bats. Related News “I’m not going to put a date on it, but we’re thinking sometime in May,” Angels manager Brad Ausmus told reporters Tuesday, via the Orange County Register. The Angels are staying optimistic about Shohei Ohtani’s return date.While the American League Rookie of the Year will not pitch in 2019 after undergoing Tommy John surgery in October, Los Angeles is hoping he could return to the batting lineup a couple of months into the season.last_img read more