“It is alleged that the currency hedge has caused a substantial loss to the Scheme, quantified at £47,500,000, for the period August 2008 to October 2012,” the filing by the consultancy said.The manager is still employed to oversee part of the scheme’s emerging market strategy, according to an interview with Stefan Dunatov, CIO of Coal Trustees, in the November issue of IPE.Discussing the fund’s view of currency risk, he said at the time: “Our belief is that if you buy into the general thesis, then you will want to own the asset and the underlying currency exposure that comes with it.“You either have to believe that the underlying currency exposure will help your long-term total returns as exchange rates converge as consumption grows and these economies become more services-oriented than goods-oriented, or you have to accept that it’s very difficult to forecast currency returns.”Towers Watson was created in 2010 in a merger between Watson Wyatt and Towers Perrin.A spokesman for the consultancy said: “Towers Watson disputes the allegations brought by the British Coal Staff Superannuation Scheme and intends to defend the matter vigorously.”The Coal trustee body could not be reached for comment. The British Coal Staff Superannuation Scheme has lodged a legal complaint against Towers Watson, alleging precursor Watson Wyatt provided “negligent” investment advice.The scheme’s trustee body, which manages £20bn (€25bn) in assets for both the sector-wide funds for the former nationalised industry, brought a professional negligence claim against the consultancy in September 2014, according to filings with the US Securities and Exchange Commission.The claim, initiating a resolution procedure that precedes a court hearing, alleges Watson Wyatt provided “negligent” investment consulting advice relating to a currency hedge.The hedge was put in place due to the industry-wide scheme’s £250m commitment to a BlueBay Asset Management emerging market debt fund.
Logo of the Organization of American States. Image via: topnews.inPANAMA CITY, Panama — The use of applied science, technology and innovation to improve competitiveness and achieve prosperity in the countries of the region will be one of the main focal points of the third meeting of ministers and high authorities of science and technology from the Americas, to be held on Thursday and Friday in Panama City, with the support of the Organization of American States (OAS).The meeting has as its objective to make progress in science and technology in the region, by defining a series of goals to be fulfilled by the year 2025. Among them are: to develop in the Americas a culture of innovation based on technology that fosters integration, entrepreneurship and creative thinking; to increase, by at least 50 percent, the number of men and women that graduate from programs in science, technology, engineering and technical education. Furthermore, to substantially improve the study programs in different disciplines; to ensure that all member states of the OAS have access to infrastructure services of internationally renowned quality; and to strengthen inter-American cooperation in the sector to achieve a more effective and fast-paced technological development in the region.These goals are the four pillars of the “20/25 Vision,” a proposal prepared by the Government of Panama, host of the meeting, and the OAS Office of Science, Technology and Innovation. The ministers and high authorities also are expected to approve the “Draft Plan of Action of Panama,” which facilitates the creation of working groups to achieve progress on the agreed-upon tasks, as well as to establish clear initiatives and cooperation mechanisms that ensure the fulfillment of the already mentioned objectives.Among the participants who have already confirmed their attendance are ministers and high authorities from Argentina, Barbados, Canada, Colombia, Costa Rica, Dominican Republic, Ecuador, Guatemala, Honduras, Mexico, Nicaragua, Panama, Paraguay, Saint Kitts and Nevis, the United States, and Trinidad and Tobago.Titled, “Translational Science, Technology and Innovation: Knowledge for Competitiveness and Prosperity,” the meeting also will be an opportunity to discuss the progress achieved since the last ministerial meeting in Mexico City in 2008, and to formulate recommendations to the heads of state and government for the Sixth Summit of the Americas, to be held in April 2012 in Cartagena de Indias, Colombia, under the banner of “Connecting the Americas: Partners for Prosperity.”The document titled “Towards a Vision 20/25 in Science, Technology and Innovation for the Americas: Hemispheric Cooperation for Competitiveness and Prosperity in a Knowledge Economy,” is a response to a recommendation from the Inter-American Committee on Science and Technology (COMCYT), which during its VI regular meeting in September 2010 recognized the importance of focusing on the application of these resources as fundamental factors to promote innovation, competitiveness, growth and prosperity. Since the first ministerial meeting on science and technology in Lima in 2004, the COMCYT has constituted a forum for political dialogue and follow-up to the mandates adopted at these gatherings.The Office of Science, Technology and Innovation of the OAS is part of the Department of Economic Development, Trade and Tourism in the Executive Secretariat for Integral Development, and its mission is to support member states in formulating national development policies and strategies to promote science, technology, engineering, and innovation with the goal of improving competitiveness in the private sector and generating sources of decent work, reducing poverty, and strengthening democratic governance.Caribbean News Now NewsRegional Meeting of ministers of science and technology to be convened in Panama by OAS by: – November 15, 2011 Sharing is caring! Share Share Share Tweet 9 Views no discussions
When the IMCA Sunoco Hobby Stock checkers flew Friday at Stuart Speedway, Jack Phillips celebrated his first feature win in a quarter-century. (Photo by Jim Zimmerline)By Cyndie LambSTUART, Iowa (Aug. 17) – There were some emotions in victory lane to be sure, following Jack Phillips’ IMCA Sunoco Hobby Stock win Friday at Stuart Speedway.Phillips held off all challengers in taking the checkers and his post-race speech was emotional as he announced this was his first win in 25 years.John Watson was second and Jeremy Purdy third.Clint Luellen led the IMCA Modifieds to the checkers and Brandon Pruitt was best in the IMCA Sunoco Stock Car feature.Austin Luellen topped the Karl Chevrolet Northern SportMod feature and Hunter Patrick paced the Mach-1 Sport Compacts.