Lithuanian schemes generate positive returns despite ‘erratic’ markets

first_imgDespite what BoL termed this year’s “erratic” markets, however, 11 of the 21 funds – all the conservative ones, two low-risk and three medium-risk structures – managed to produce positive returns.Audrius Šilgalis, chief specialist of BoL’s financial services and market analysis division, noted on the Bank’s website: “Good pension fund performance for the second quarter, even after the Brexit referendum, which shocked financial markets, offset the influence of negative trends that prevailed at the beginning of the year.”Second-pillar assets grew by 9.9% to €2,246m and membership by 4.2% to 1.19m.The asset growth was boosted by this year’s increase in the additional members’ and state budget contribution rates from 1% to 2%.These accounted, respectively, for 22.6% and 24.6% of the €128.3m asset increase since the end of 2015.Returns for the substantially smaller third pillar showed a similar pattern to that of the second, with the average plunging from 6.06% as of the end of June 2015 to minus 1.22% by the end of the following March, then recovering to minus 0.02% three months later.The conservative funds averaged 2.3%, with all three in positive territory.While the four medium-risk funds averaged minus 0.72% and the five high-risk plans minus 0.83%, one fund in each category managed to buck the trend.The number of members increased year on year by 10.3% to 48,951, while assets grew by 23.4% to €66.1m because of higher contributions from participants. The six-month year-to-date nominal returns for the voluntary second-pillar pension system averaged minus 0.10%, according to the Bank of Lithuania (BoL), the country’s pension regulator.This marked a significant deterioration compared with the 4.7% generated 12 months earlier but was an improvement on the first quarter’s return of minus 0.18%.The best results as of the end of June were generated by the six conservative bond funds, at 0.77%, followed by the four low-risk funds with 25-30% equity investment (minus 0.01%), the seven medium-risk funds with equity limits of 50-70% (minus 0.02%), and the four high-risk funds, with up to 100% invested in equities (minus 1.32%).This is a reversal of last year’s trend when high equity levels generated the best results.last_img read more

Cricket News Pat Cummins’ grit frustrates Virat Kohli’s victory push, drags Boxing Day Test to final day

first_img For all the Latest Sports News News, Cricket News News, Download News Nation Android and iOS Mobile Apps. New Delhi: Pat Cummins can bowl. Pat Cummins can also bat. In fact, he can do it all in an Australia team that is lacking experience. So much so, that Megan Schutt, an Australia women’s cricketer, called him to be the next Australian Prime Minister. Cummins’s brilliant haul of 6/27, combined with his gritty fifty ensured Australia not only frustrated Virat Kohli’s push for a 2-1 series lead but also dragged the Boxing Day Test into the final day, where some rain is forecast. The result could be headed one way, but Cummins’ splendid all-round effort helped Australia reach 258/8, still needing 141 runs for an unlikely win on Sunday.Cummins’ sensational one-man army show offers Australia’s top-order batsmen and the bowlers the blueprint to dig deep and bring out the best in the business. After accounting for Hanuma Vihari (13), Cheteshwar Pujara (0), Virat Kohli (0) and Ajinkya Rahane (1) in a sensational four-over burst on day 3, Cummins took his maiden five-wicket haul in Australia and his third overall when he cleaned up the dangerous Mayank Agarwal for 42 with a full ball that stayed low and nipped back in further off the seam. Rishabh Pant struck a couple of lusty blows but when Cummins got his sixth by accounting for Ravindra Jadeja with a bouncer, he had career-best figures. When Pant (33) fell to a short ball from Josh Hazlewood, Kohli immediately declared and set Australia a target of 399 on a pitch which was becoming even more difficult to bat on.Read More | Fans evicted from major stand in Melbourne over racist chantsAustralia top order flounders againIf there has been one major problem area for Australia ever since the bans on Steve Smith and David Warner for the ball-tampering scandal, it has been consistent contributions from the top order. On a pitch which had variable bounce and facing up to a rampaging Jasprit Bumrah, they stood vulnerable yet again.Read More | Bumrah credits Rohit Sharma for slower ball to get rid of Shaun MarshIt was Bumrah, who took his career-best haul of 6/33 in the first innings who struck first. Aaron Finch (3), clearly struggling, guided a short ball to Virat Kohli at slip. Marcus Harris (13) showed inadequate technique to combat Ravindra Jadeja’s spin and gave Mayank Agarwal a sharp catch at short leg. Much was expected from Usman Khawaja, the only batsman in the side who had the potential to bat for long periods against both spin and pace. Many expected a repeat of his Dubai heroics in which he batted for long hours to give Australia a win. The left-hander struck some good shots and looked confident but when he fell to Jadeja for 33, it seemed the top-order would implode again.Read More | India vs Australia, highlights: Cummins frustrates Kohli’s sideShaun Marsh, another experienced player from whom plenty was expected, played some attacking shots and looked in great touch to get a big score. However, he was trapped LBW for 44 for the second time by Bumrah and even the review could not save him. When Mitchell Marsh (10) drove Jadeja straight to cover and Travis Head (34) dragged a full delivery from Ishant Sharma back onto the stumps, the end seemed near. Tim Paine edging Jadeja for 26 added one more nail in the coffin. However, the hosts still had one factor which has bailed them out of trouble on more than one occasion in this series.Read More | Virat Kohli’s India achieve rare distinction in double declarationThe tail wags… againCummins, fresh from a great performance with the ball, displayed his batting prowess as well by tackling both pace and spin brilliantly. He found an able ally in Mitchell Starc as they frustrated India’s push for a victory. After Starc (18) threw his wicket away by missing Mohammed Shami’s full delivery, Nathan Lyon gave him great company. The pair repelled the Indian attack for more than one and a half hours as prospects of a final day finish grew.Read More | Cummins gives Australia plenty to smile with 6/27 in MelbourneKohli took the extra half an hour and also the second new ball. None of the factors could distract Cummins as he registered his second half-century. When play ended, there was mixed reactions. Indian fans were slightly nervous about the prospects of rain tomorrow. However, the Australians prayed for rain to come while some prayed for a minor miracle.Cummins’ display in what was otherwise a shoddy display from Australia’s batsmen might not help the hosts going 1-2 down. However, it has given them enough momentum to push for a win in Sydney and level the series yet again. last_img read more