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Iberia roundup: Spanish funds make ‘significant’ recovery after March rout

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first_imgJose Marques, Willis Towers WatsonAt end-March 2020, debt formed 64% of Portuguese pension fund portfolios, including 34% held directly in government bonds, according to data from regulator ASF and from the Association of Investment Funds, Pension Funds and Asset Management.Equities made up 18% and real estate 12% of portfolios at that date.Marques told IPE: “I believe most pension funds in Portugal are recognising the difficulty of making predictions about the future, and therefore avoiding big tactical positions based on uncertain forecasts.”He added: “We have noticed a significant increase of interest from pension funds in ensuring that they have diversified portfolios that are more resilient to market falls, and not so reliant on equity returns and interest rate levels.”To read the digital edition of IPE’s latest magazine click here. The Q1 losses brought the average annualised returns for Spanish occupational funds to -0.58% for the three years to end-March 2020, and 0.03% for the five-year period to that date, said Inverco.The PIPS survey showed that median returns for Q1 2020 were -8.6%. The survey covered a large sample of pension funds, most of them occupational schemes.Bellavista told IPE: “Non-euro equity exposure, which has been growing in the past five years to represent around 50% of the equity exposure, has been the main driver of return during this V-shaped recovery, performing better than euro equity.”However, he said non-euro fixed income was the main asset contributing a positive return for the year to date, although other fixed income growth assets such as credit and high yield had also made positive returns in the past two months.And he added that within alternatives – still with low allocations in most corporate pension funds, but being built up – assets such as private equity or certain hedge fund strategies are also contributing positive returns for the year to date.In terms of asset allocation, he told IPE: “Some funds have taken quick decisions to seize the opportunity offered by widening credit spreads, and have increased allocation to credit and high yield, reducing their cash exposure.”Meanwhile, according to Inverco, non-domestic equities continued to be the largest asset class for pension funds as a whole, although the allocation fell to 20% of assets over the first quarter. The equity allocation also fell, to 32.2% of assets.Fixed income rose over the first quarter, to 46.4% of portfolios, with Spanish government bonds still the biggest segment, at 19.4% of assets.Inverco said that at the end of March, total assets under management for the Spanish occupational pensions sector stood at €33.1bn, a 4.7% decrease over the past year.Portuguese funds pull back -8.1% Q1 lossPortuguese occupational pension funds recovered most of their first-quarter losses during April and May, as both equities and credit quickly rebounded after COVID-19 shocks, according to José Marques, director of retirement at Willis Towers Watson (WTW).The market slump had led to an average return of -8.1% for Portugal’s occupational pension funds over the first quarter of 2020, according to the consultants. This compared with an average return of 1.2% for Q4 2019.The 12-month return to 31 March 2020 was similarly affected by market volatility, with a -4.4% result, compared with 8.2% for calendar 2019, when markets had performed spectacularly well.Even longer-term results were negative: -0.6% annualised for the three years to end-March 2020, and -0.4% for the five years to that date.Performance figures were submitted to WTW by around 75% of the pension funds in Portugal, the overwhelming majority of them occupational funds.Marques said that during the first quarter, government bonds from core countries such as the US, UK and Germany performed very well, as investors sought safer assets.He added: “Public debt from non-core European countries such as Portugal, Spain and Italy had poorer performances, and this affected some pension schemes in Portugal who tend to have an overweight to domestic public debt.”However, government bonds from countries not perceived as safe havens contributed to the recovery in the following two months, Marques said. Spain’s occupational pension funds have made a “significant” recovery since March, with an estimated return of 3.4%, according to Mercer’s Pension Investment Performance Service (PIPS).This brings the year-to-date performance at end-May 2020 to -5.5%, said Xavier Bellavista, principal at the consultancy.Market volatility had led to negative results for Spanish occupational pension funds in the first quarter of 2020, giving an average -4.26% return over the 12 months to 31 March 2020, according to the country’s Investment and Pension Fund Association (Inverco).This compared with a gain of 8.7% for calendar 2019.last_img read more

Head Energy to hook up two wells on Wintershall Dea’s Brage platform

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first_imgGerman oil and gas company Wintershall Dea has awarded a contract for two well hook-ups at the Brage platform offshore Norway to engineering and consulting company Head Energy.Brage platform; Image: Wintershall DeaHead Energy said in a statement on Tuesday that the engineering phase would start immediately.Head Energy’s engineering director Øyvind Reksten said: “This is a strategically important contract for us and a recognition of our skilled engineering team working with EPCIC offshore modification projects.“We look forward to continuing our good cooperation with Wintershall Dea and contribute to increased production at the Brage Platform.”Brage is Wintershall Dea’s first manned platform in Norway. Located in the northern North Sea, 125 kilometers west of Bergen, it is one of the oldest producing platforms in Norway. First discovered in 1980, the field came into production in 1993 and has been in operation for more than 25 years.The German company took over operatorship of Brage in 2013 as part of an asset swap with Equinor, then Statoil.Brage is a fully integrated platform with living quarters, auxiliary equipment module, process modules, drilling modules, well and manifold areas. The cabin capacity is 130 people.Brage has been developed as a fixed integrated production, drilling, and accommodation facility with a steel jacket. The main drainage strategy is water injection, with gas lift utilized in most wells. Oil is exported via the Oseberg transport system to the Sture terminal and the gas is exported via a pipeline to Kårstø.Offshore Energy Today StaffSpotted a typo? Have something more to add to the story? Maybe a nice photo? Contact our editorial team via email. Also, if you’re interested in showcasing your company, product, or technology on Offshore Energy Today, please contact us via our advertising form where you can also see our media kit.last_img read more

Keppel Offshore & Marine profit halved despite higher revenues

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first_imgThe company’s revenues for 1Q 2020 were S$569 million ($401.7 million), a 71 per cent increase when compared to revenues of S$332 million ($234.4 million) in the same period last year. Notably, renewables and gas-related solutions, make up over 70 per cent of the Division’s net order book of S$4 billion ($2.8 billion) as at end-March 2020. Keppel Corporation said on Wednesday that its Offshore & Marine (O&M) Division registered a net profit of S$3 million ($2.1 million) for 1Q 2020, compared to a net profit of S$6 million ($4.2 million) a year ago. Most of the company’s overseas yards, except for those in the Philippines, are also operational, albeit, with varying restrictions, the company said. Keppel said it will continue to actively pursue opportunities in gas and renewables, and also repurpose Keppel O&M’s technology for other floating infrastructure uses. Loh Chin Hua, Chief Executive Officer of Keppel Corporation, said: “Given the current highly volatile environment and low prices, oil majors are curtailing E&P spending, which will push back the nascent recovery that we had just begun to see in the O&M sector. Singapore’s offshore rig and vessel builder Keppel Offshore & Marine saw its quarterly profit halved despite a significant increase in revenues. This was mainly attributable to higher revenue recognition from ongoing projects such as Awilco’s semi-submersible rig, Golar Gimi FLNG, Borr Drilling jack-up rig, and Pasha LNG containership. This was due mainly to the share of losses from associated companies which had offset the Division’s stronger operating results. Diversification from oil projects In Singapore, Keppel O&M’s yards continue to provide essential services in ship/vessel repair and maintenance and overhaul during the circuit breaker with reduced manpower and various precautionary measures in place. Keppel O&M noted that its efforts to rightsize its operations and diversify from oil-related projects over the past few years is helping it to remain resilient amid challenging conditions posed by the COVID-19 pandemic and the collapse in oil prices. “We expect the O&M business to face very challenging conditions in the near future. We would also need to keep a close watch on customers and associates who would be affected if there is a prolonged downturn in oil prices”.last_img read more

Trinidad and Tobago launches 50th anniversary celebrations

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first_imgNewsRegional Trinidad and Tobago launches 50th anniversary celebrations by: – April 3, 2012 8 Views   no discussions PORT OF SPAIN, Trinidad, April 3, CMC – Trinidad and Tobago Monday night launched activities to mark 50 years of political independence from Britain with Prime Minister Kamla Persad Bissessar calling for a level of compromise as the country moves into the future.In her address, Prime Minister Persad Bissessar recalled the political differences that emerged during the negotiations leading to the country’s independence from Britain in 1961.“While the constitution negotiating process involved some resistance at home, in the end compromise in the interest of the greater national good triumphed,” she said, adding “compromise is not defeat nor is it surrender. In deciding the future of the people and of the country no one person or government can claim to have all the answers all the time. Compromise is a process of consultation.“What is also important in compromise is that those in power to make the final decision must possess the will to take that decision and see it through courageously,” Persad-Bissessar said as she paid tribute to her five predecessors.“Each prime minister faced their own challenges and each did what they felt was right,” she said, as she described following in the footsteps of the previous prime ministers as “standing on the shoulder of giants”.But she told the audience that the best is yet to come for the oil rich twin-island republic.“As we celebrate therefore we do so with confidence and renewed hope in the future. With the foundation we have and the dedication of all our citizens and renewed focus by all our people our nation now stands ready to lead by example.“Our nation’s best days are still to come and together we will usher those days in,” Persad-Bissessar said.A government statement said that Cabinet has approved a range of programmes and activities which will take place over the next four months through the Independence month of August and into December 2012.It said that a number of free concerts will be held at the National Performing Arts (NAPA) with performances by some of the country’s internationally known performers.Antigua Observer Share Sharecenter_img Sharing is caring! Tweet Sharelast_img read more

LeBron among US athletes outraged at black man’s death

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first_img Loading… Four Minneapolis police officers were fired Tuesday as a video showing one of them kneeling on the neck of George Floyd, a handcuffed black man who later died, sparked protests.Los Angeles Lakers playmaker James contrasted the incident with the kneeling protests of former NFL star Colin Kaepernick in 2016.Kaepernick was ostracised by the NFL for kneeling during the playing of the national anthem in a protest against police brutality and racial injustice.“This… … Is Why,” James posted on his Instagram feed with side by side photos of the white policeman kneeling on Floyd’s neck and Kaepernick kneeling on the sideline.“Do you understand NOW!!??!!??” James wrote. “Or is it still blurred to you?? #StayWoke”.Other figures from the sports world speaking out over the Minneapolis incident included Golden State Warriors coach Steve Kerr.“This is murder. Disgusting,” Kerr tweeted. “Seriously, what the hell is wrong with US????”Warriors star Stephen Curry lamented yet another death involving an unarmed African-American man at the hands of law enforcement.“I’ve seen a lot of people speak up and try to articulate how fed up and angry they are,” Curry wrote on Instagram.“All good and well but it’s the same same same reality we live in. George Floyd. George Floyd. George has a family. George didn’t deserve to die.”Retired Los Angeles Lakers legend Magic Johnson also hit out, saying Floyd had been “clearly murdered.”“How many times do we have to see black men killed on national television? This has been going on for entirely too long,” Johnson said.“We need to start seeing black people as human beings and not animals on the street.”NFL Cleveland Browns receiver Odell Beckham Jr. tweeted: “Worlds honestly sickening. It really is….. no explanation.”Dallas Cowboys linebacker DeMarcus Lawrence wondered how any African-American could feel safe after watching the video.“DONE BEING QUIET AND DONE BEING ANGRY,” Lawrence tweeted. “HOW CAN WE FEEL SAFE WHEN THOSE MEANT TO PROTECT US ARE KILLIN’ US?!!!! WHEN WILL MINORITIES BE FREE TO BE AMERICANS IN AMERICA!?”Los Angeles star LeBron James reacts during the Lakers’ blowout NBA loss to the Boston CelticsRead Also: Messi expresses heartbreak over Copa America postponementFormer US Soccer international forward Taylor Twellman posted the video on Twitter with the message: “When will it stop?! Honestly this is murder in plain daylight.”Floyd’s death drew comparisons to the 2014 death of Eric Garner, an unarmed African-American who died in New York after being placed in a chokehold by police, begging to be released and saying, “I can’t breathe.”FacebookTwitterWhatsAppEmail分享 NBA superstar LeBron James was among the US athletes taking to social media in outrage over the death of a black man in Minnesota after a white policeman kneeled on his neck for several minutes.Advertisementlast_img read more

Giles expects ‘intense’ Windies series as England wait on Archer

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first_imgLondon (AFP) – Ashley Giles expects the upcoming series against the West Indies to be as “intense” as any other, for all the restricted preparation, as England wait on Jofra Archer.As a result of the coronavirus, England are set to have just one, three-day intra-squad warm-up match at Southampton ahead of the first behind closed doors Test there starting on July 8.But former Test left-arm spinner turned England managing director Giles, while accepting the lack of any spectators would be “challenging” for players on both sides, said Tuesday: “I’m sure that when someone is trying to knock your head off at 85-90 mph, you’ll find a way to get your intensity up pretty quickly from experience.”England’s hopes of doing just that will be boosted hugely if express fast bowler Archer is in their squad.But they were without the Barbados-born quick as the squad went into a bio-secure training ‘bubble’ at Southampton on Tuesday.Although Archer has not tested positive for COVID-19, the England and Wales cricket Board said he would have to have another check-up on Wednesday with a view to joining up on Thursday after a member of his household — who are all also free of COVID-19 — felt unwell over the weekend.Meanwhile “intensity” was also the theme as the West Indies ramped up their preparations on by starting a three-day intra-squad warm-up match in Manchester on Tuesday.– ‘Quality’ –Kraigg Brathwaite, taking charge of one side while West Indies captain Jason Holder, skippered the other, top-scored with 84 as his team were dismissed for 275.Brathwaite was facing several frontline Windies’ quicks in Shannon Gabriel, Kemar Roach and Alzarri Joseph, with fellow senior batsman Shai Hope making 83.“The intensity was there from ball one,” Brathwaite told Britain’s Press Association after stumps.“Those guys we faced are quality, so it was very good practice for batters and bowlers.”Gabriel, trying to regain full fitness after left ankle surgery, took three wickets for 32 runs but his haul did not include Brathwaite.Gabriel, however, was so dismayed when Brathwaite was not given out caught behind off his bowling, he said: “Jesus Christ boy, you are dishonest!”His words echoed round the empty stands but were said with an accompanying grin and Brathwaite insisted: “It was all good fun, man…Shannon is a joyful fellow.”The England-West Indies Tests are set to mark international cricket’s return from lockdown.England then plan to play Test and Twenty20 matches against Pakistan — although a shadow has been cast over those fixtures by 10 Pakistan players having so far failed virus tests.Fifty-over world champions England are also meant to play white-ball matches against Ireland and Australia, with Giles confident their oldest rivals would arrive in September.“They’ve been one of our strongest partners for years, Australia,” he said. “It would be great to have them here.“Are we confident? Yes, quietly confident, but there’s a lot of water to pass under the bridge yet,” he added.last_img read more

B’ville baseball tops Liverpool in sectional semifinal

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first_imgBy far, the Baldwinsville baseball team’s s most important wins of the regular season turned out to be the last two, a 4-1 decision over Fayetteville-Manlius on May 24 and a 4-0 shutout of Cicero-North Syracuse a day later.Had it lost either of those games, the Bees would have surrendered the top seed in the Section III Class AA playoffs to West Genesee and had to play an extra round in the sectional tournament.Instead, B’ville first got past F-M by getting two runs in the third inning to break a long scoring drought and then adding two more runs in the sixth for much-needed insurance. Share this:FacebookTwitterLinkedInRedditComment on this Story Matt Starczewski was masterful, holding the Hornets to two hits and striking out seven. Nate Ray earned a pair of RBIs, with Bo Nicholson and Pat May also driving in runs as Nicholson had two hits and scored twice.Even with this, B’ville still needed to avenge its two previous defeats to C-NS in order to secure that top seed, and sent Chris AuClair to the mound to start.AuClair now threw his own complete-game two-hit, seven-strikeout gem, as B’ville scored in the second inning, added two runs in the third and a run in the fifth. Jason Savacool starred at the plate, belting out a pair of hits, scoring once and driving in two runs. Pat May, Lucas Robinson and Jake Marshall also scored runs.The win knocked West Genesee down to the no. 2 seed – and F-M eliminated them, 3-1, in a 10-inning quarterfinal last Tuesday at Wells College, following that up with a 5-0 shutout of no. 3 seed Cicero-North Syracuse in the semifinals.Only then did B’ville enter the playoff fray, taking the field at Auburn’s Falcon Park late Thursday night to face no. 4 seed Liverpool in the other semifinal, a game that started late due to a rain delay in the first semifinal and only ended after 11:30.None of this bothered the Bees too much as it bashed the Warriors 11-4, a far more impressive all-around effort than the two-regular season wins it had over Liverpool.Two big rallies made the difference. In the bottom of the first inning, each of the first six B’ville batters reached base, knocking out Liverpool starting pitcher Jake Wheeler and leading to four runs, three of them dashing home on Jeb Farneth’s bases-clearing triple following Nate Ray’s RBI single.Even more damaging was what happened in the bottom of the third after Liverpool cut the lead to 4-3. With two outs and nobody on, the Bees suddenly erupted for five runs.A walk to Pat Anson started it. Mike Carni doubled him home, and May followed with an RBI single before Savacool drilled a two-run double and then raced home on Ray’s single.All of this was enough run support for Marshall, who, other than the third inning, kept working out of trouble in his five-inning stint before AuClair went the rest of the way in relief.Most importantly, B’ville didn’t need to use Savacool, saving his arm for the sectional final against F-M Sunday night at Onondaga Community College, with the Hornets attempting to complete an unlikely sweep of the top three seeds with Tom Coleman on the mound. Tags: BaldwinsvilleBaseballlast_img read more

Rivalry continued: Former Big East rivals Syracuse, Pittsburgh square off for first time as ACC foes

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first_imgWhen Syracuse announced its move from the Big East to the Atlantic Coast Conference two years ago, fans first complained about the death of the Villanova and Georgetown rivalries. Then they realized Duke and North Carolina would make trips to Syracuse, and relief set in.Lost somewhere in the series of reactions, though, was excitement for the renewal of the Orange’s rivalry with Pitt. SU has more history with Pittsburgh than the Hoyas and the Wildcats. The Carrier Dome has packed 30,000-plus seven times for the Panthers.“We know their style in and out, and they know us,” said SU forward C.J. Fair.Which is why the tilt against an old Big East rival on Saturday at 4 p.m. in the Dome is the No. 2 Orange’s most anticipated ACC game yet. Syracuse (17-0, 4-0 ACC) holds a 63-39 edge in the all-time series, which dates back to the Orange’s undefeated 1913-14 season, but the No. 22 Panthers (16-1, 4-0) have dominated since Jamie Dixon took the helm in 2003. The head coach is 10-4 in his career against SU.With ACC supremacy on the line in a season in which the league feels a lot more like the Big East — five of the top 10 scoring defenses in the country reside in the ACC — Saturday will likely feel like any Pitt game of old, down to the potential 30,000-person crowd.AdvertisementThis is placeholder text“It’s going to be a tough battle,” Fair said, “and it’ll come down to whoever wants it more.”In recent years, only Louisville has had more consistent success against Syracuse than Pitt, but the meetings are always close. The Orange needed every one of James Southerland’s 3-pointers to avoid an upset against Pittsburgh in the Big East tournament last year. The Panthers pulled off the upset in a raucous Petersen Events Center against SU earlier that season.None of the past five meetings between the two has been decided by more than 10 points. Every game has been a battle.“They’re a physical team,” said Fair, who has split four games against Pittsburgh in his career. “They pound on the backboards and they don’t give you nothing easy. You’ve got to look for everything.”Until 2012, Syracuse had trouble cracking Dixon. The coach won eight of his first 10 games against the Orange and five in a row from 2007-2011. Last season, Pitt handed SU its second loss in what would be a stretch of seven losses in its last 12 games to end the regular season.“We got beat up really as badly as we’ve ever gotten beaten up,” said Syracuse head coach Jim Boeheim. “Those things are going to happen.”On Saturday, Pittsburgh could provide the Orange’s toughest home test once again. Villanova was ranked higher (No. 8), but SU cruised to victory after a slow start. That doesn’t usually happen for Pittsburgh. Since Dixon took over, only three of the 14 games against SU have been decided by more than 10 points.Considering Syracuse’s struggles to split with the Panthers — the Orange has beaten Dixon just once at Peterson Events Center, on Feb. 29, 2004 — grabbing a win Saturday is crucial to establish which former Big East team is the power in the ACC.“Pitt’s a tough on-the-road game,” said SU forward Jerami Grant after Syracuse’s 69-59 win against Boston College on Monday. “This is definitely helping us going forward.”Syracuse has won by fewer than 10 just once since Dec. 15, but with the Panthers, the schedule takes a turn. Games against struggling North Carolina and Virginia Tech teams are behind the Orange. In a new, rugged ACC, a meeting between two former Big East teams sets the tone for the league heading into the heart of conference play.“There’s going to be a lot of ups and downs in everybody’s season,” Boeheim said after SU’s win against the Tar Heels on Saturday. “We’ve got brutally tough games coming up as we go forward.” Comments Published on January 17, 2014 at 4:40 am Contact David: dbwilson@syr.edu | @DBWilson2 Facebook Twitter Google+last_img read more

Report to Camp Today or Forget Rio2016

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first_imgL-R: Former Super Eagles player and Coordinator of the Joseph Yobo Testimonial Game Committee, Waidi Akanni; Ex international, Joseph Yobo; Sports Minister, Solomon Dalung; and Legal Adviser to the Testimonial Committee, Uzor Konyeaso, during Yobo’s courtesy call on the minister in Abuja…yesterdaySIASIA’S RIOT ACT TO DREAM TEAM VIDuro IkhazuagbeDream Team VI Head Coach, Samson Siasia, has warned that any of the selected foreign-based players for the Suwon Invitational Tournament in Korea who fails to report to camp today to forget about going to Brazil for the Olympic football event in August. Speaking after Monday evening’s training session at the FIFA Goal Project pitch, Abuja, an obviously angry Siasia expressed his displeasure with most of the players who are holidaying in the country after the break in Europe.“Most of the players invited for the Suwon Tournament have arrived Nigeria but are not willing to report to camp,” observed the coach who is aiming to improve on the silver he won at the Beijing 2008 Games in China.He said that the only way he can select players for the Olympics is when they train together as a team, adding that no player will walk into his team without earning it.“It is annoying that these boys have not placed the same importance myself and other members of the technical crew have placed on the Olympics. I have information that aside one or two players who are involved in their team’s play-off games, the others have arrived the country but have just refused to report to camp.“If they don’t report to camp on time, how can I work on them to know their level of adaptability to my game plan? It’s frustrating sometimes. Except for Saturday Keigo who reported to camp on Sunday, the others have not bothered to report,” revealed the former Eagles forward.Siasia also disclosed that “if any of the invited overseas-based players thinks because he has been registered for the competition in South Korea and as such cannot be dropped,” he has a surprise for that player.The affected foreign-based players include: Amuzie Stanley, Azubuike Okechukwu, Usman Mohammed, Sodiq Popoola, Saviour Godwin, Taiwo Awoniyi and Nathan Oduwa.Meanwhile, the Dream Team will tomorrow play a friendly with a local club side as part of its build-up for the Suwon Invitational Tournament.Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegramlast_img read more

I will rebrand Ghana football – Mahama Ayariga assures

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first_imgNewly appointed Minister of Youth and Sports Mahama Ayariga has assured Ghanaians that his team is committed to rebranding Ghana again in the world as a strong team to reckon with.He said this at the first day of the two-day retreat aimed at streamlining the game of football and reflect on developments in the performance of the country in the area of competitive football and advice on how to fashion out a national response strategy. The Black Stars displayed a poor showing in the World Cup in Brazil and he said he is working things out with his team to redeem the image of Ghana at the international level that Ghana is a strong football nation.Ayariga said: “We are grateful to partner with Ghana Football Association to rebrand Ghana not just locally but at the international level. I want to assure Ghanaians that this is not going to be another mere talk but my deputy and I are committed to take on board every advice given after the deliberations and take very committed steps to implement them.” He added that, the issue of carrying money in cash to pay athletes as compared to what occurred in Brazil when the government flew three million dollars during the World Cup would come to a halt.“I gave several directives this morning and one is our participation in the Common Wealth games in Glasgow next month. I also gave out the directive that no official either from the ministry or anybody under the auspices of the Sports Ministry will be allowed to carry cash in excess of what is lawfully allowed by the Bank of Ghana or the receiving nation. He noted that the Ministry would ensure that all resources will be made available for the development of sports and for the participation of Ghana at any International competitions and the monies would be used judiciously and accountable for the good people of Ghana.He therefore tasked the chief director of the Ministry of Youth and Sports and his director of financial administration to present to him a detailed account of monies extended by the outfit at the Brazil 2014 tournament by seven days.last_img read more