The Danish central bank, Danmarks Nationalbank, says it was Danish pension funds, life insurers and domestic investment funds that put the lion’s share of upward pressure on the krone in January and February rather than foreign speculators.Lars Rohde, director of the Danmarks Nationalbank, said: “A little more than one-third of the inflows can be attributed to foreign net purchases of Danish kroner.”Rohde was speaking at yesterday’s press conference presenting the bank’s quarterly report.He said the currency inflows from foreign parties in January and February were undoubtedly a reaction to the decision by the Swiss central bank to allow the Swiss franc to float against the euro. The European Central Bank’s (ECB) move to begin a wide-scale quantitative easing programme was also a factor behind the krone-buying, he said.Rohde said the Danish central bank did not share the speculators’ view that the Danish currency would follow the Swiss franc’s example and leave its peg, saying the bank would continue its current policy of defending the krone-euro peg.“But two-thirds of the inflows came from Danish investors of different types who bought kroner in the form of futures and hedged in that way different kinds of euro assets,” he said.Data from the central bank indicated that, in January, pension funds and life insurance companies had given rise to the bulk of krone inflows from domestic parties, while in February the domestic portion had come mainly from business and investment fund parties.Rohde said it was this combination of Danish pension funds and insurers and business and investment funds that had forced the central bank to intervene in the currency markets to defend the krone peg in the first two months of the year, to the tune of DKK295bn (€40bn).Meanwhile, individual Danish pension funds have had little to say officially on the subject of whether they have begun hedging their euro assets against kroner.There is arguably subtle pressure on the domestic institutions not to add to the central bank’s woes in having to keep the Danish currency unit tied to the euro.The Danish central bank recently confirmed it introduced a new requirement in February for pension funds to report their currency positions to the central bank on a weekly basis. Karsten Biltoft, director of administration at the central bank, said: “We have asked for the information to get better understanding of market developments.”However, the information is not being made public, he said.A source within the Danish pensions sector commented that the central bankers had been clever in managing the upwards pressure on the Danish currency and particularly so in introducing the new weekly reporting requirement. Most people would think twice before changing their currency positions, knowing this information would have to be disclosed to the central bank, the source said.He said the subject of whether Danish institutional investors were hedging their euro assets against a fall in the common currency against the Danish krone was a sensitive one.
Both sides tested each other in the opening minutes in a tussle to get early points on the board.After gathering up some momentum, the Jets found the try line in the 12th minute through fullback Carlin Anderson, who flew over to score on the wing.Anderson added the extras for his own try to put the home side out for an early 6-0 lead.The Hunters put the pressure right back on the Jets from the kick off with a good set of six that brought them within striking range to score.A penalty to the Hunters 10 metres out gave them first points after Noel Zeming lined up the ball and struck it through the posts.But the Jets continued to build pressure and this turned into more points in the 26th minute when quick hands to spread the ball out to winger and fellow Papua New Guinean Richard Pandia to cross over for a first for the game.Anderson converted right from the sideline to make it 12-2.
‘Stop romanticizing Pinoy resilience’ IOC says boxing still risks being removed from 2020 Olympics James had eight rebounds, narrowly missing his second straight triple-double. He connected on 19 of 28 attempts, while Love shot 11 for 21.DeMar DeRozan scored 24 points and Kyle Lowry had 21 for the Raptors. Toronto won a team-record 59 games and finished as the top-seeded team in the Eastern Conference this season, but was easily shoved one step closer to a third straight postseason exit at the hands of James and the Cavs.FEATURED STORIESSPORTSGinebra beats Meralco again to capture PBA Governors’ Cup titleSPORTSAfter winning title, time for LA Tenorio to give back to Batangas folkSPORTSTim Cone, Ginebra set their sights on elusive All-Filipino crownJonas Valanciunas had 16 points and 12 rebounds and Fred VanVleet scored 14 points, but the Raptors lost back-to-back home games for the first time all season.Toronto matched Houston by going 34-7 at home in the regular season, and went 3-0 at home against Washington in round one. The Raptors had not lost consecutive home games since dropping Games 3 and 4 of the second round to Cleveland last May. The Raptors connected on 13 of 18 attempts in the second quarter, overcoming 12 points by James.Toronto coach Dwane Casey was called for a technical foul for arguing after Lowry was called for a foul on a driving James late in the second. Love made the technical free throw but James missed both of his attempts.James was on target in Cleveland’s game-changing third quarter, connecting on seven of 10 attempts and scoring 15 points. Love added nine as the Cavs took a 98-87 lead to the fourth.TIP-INSCavaliers: The 24 combined points by James and Love in the third matched Toronto’s total for the quarter. … The Cavaliers are 18-1 in playoff series when they win Game 1.Raptors: Lowry made his first six shot attempts. … Serge Ibaka shot 0 for 5 and scored just two points in 12 minutes. He has nine total points in the series so far. … Toronto made 11 turnovers and has 25 in the series, compared to nine by the Cavs. … Lowry led Toronto with eight assists.UP NEXTGame 3 is Saturday night at 8:30 p.m. Sports Related Videospowered by AdSparcRead Next Scientists seek rare species survivors amid Australia flames Truck driver killed in Davao del Sur road accident Carpio hits red carpet treatment for China Coast Guard PLAY LIST 02:14Carpio hits red carpet treatment for China Coast Guard02:56NCRPO pledges to donate P3.5 million to victims of Taal eruption00:56Heavy rain brings some relief in Australia02:37Calm moments allow Taal folks some respite03:23Negosyo sa Tagaytay City, bagsak sa pag-aalboroto ng Bulkang Taal01:13Christian Standhardinger wins PBA Best Player award Volcano watch: Island fissures steaming, lake water receding P16.5-M worth of aid provided for Taal Volcano eruption victims — NDRRMC Green group flags ‘overkill’ use of plastic banderitas in Manila Sto. Niño feast The series shifts to Ohio for Game 3 on Saturday night. Toronto has gone 0-5 at Cleveland over the past two postseasons, losing by an average margin of 24.2 points per game.The Cavaliers are 21-3 at home against Eastern Conference opponents in the playoffs over the past four years.The Raptors, who let a 10-point lead slip away in a 113-112 overtime loss in Game 1, were up 54-45 midway through the second quarter but saw their lead dwindle to 63-61 at halftime.Cleveland took control as Smith scored six points in an 18-5 spurt to begin the third quarter. The Cavs outscored the Raptors 37-24 in the third to take an 11-point edge into the fourth, and Toronto didn’t challenge again.Lowry made all four of his field goal attempts in the first and scored 10 points as Toronto led 29-26. Love scored 10 points for Cleveland in the first, while James had just four points and two shots in the opening quarter.ADVERTISEMENT Jo Koy draws ire for cutting through Cebu City traffic with ‘wang-wang’ Cleveland Cavaliers forward LeBron James (23) shoots against the Toronto Raptors during the second half of Game 2 of an NBA basketball playoffs second-round series Thursday, May 3, 2018, in Toronto. (Frank Gunn/The Canadian Press via AP)TORONTO — LeBron James had 43 points and 14 assists, Kevin Love added 31 points and 11 rebounds, and the Cleveland Cavaliers beat the Toronto Raptors 128-110 on Thursday night to take a 2-0 lead in their second-round playoff series.J.R. Smith scored 15 points, Jeff Green had 14 and George Hill 13 as the Cavaliers posted their eighth consecutive postseason victory over the Raptors and halted Toronto’s four-game winning streak in Game 2s. The Raptors entered 6-1 all-time when playing Game 2 at home.ADVERTISEMENT In fight vs corruption, Duterte now points to Ayala, MVP companies as ‘big fish’ MOST READ LATEST STORIES View comments Lights inside SMX hall flicker as Duterte rants vs Ayala, Pangilinan anew Don’t miss out on the latest news and information.
DHB repairs…works unlikely to be completed this yearQuotations for the fabrication of panels for the Demerara Harbour Bridge are currently in process but it is highly unlikely that the works will be completed by the end of 2018.This is according to the General Manager of the Demerara Harbour Bridge Corporation (DHBC), Rawlston Adams, who told Guyana Times during an interview that the body is awaiting word from the contractor as it relates to the quotations.“The contractor who we’re having discussions with to get us some quotations is yet to provide that information. We’re trying to get that information so that we can begin to plan our works. It’s not only fabricating the panels, it’s also galvanising the panels and so we need some quotation for galvanising,” Adams said.While only some of the panels need attention, the broken ones which were repaired in the past would have to be replaced. While Adams is unsure of the period of time which will be taken for the quotation to be submitted, he noted that plans will be drafted as soon as this is done.“Galvanisng is not done locally so it has to be done overseas. It has to be shipped, returned, so unless we have those timelines available to us, we cannot start. We wouldn’t be doing that for all the panels, just the ones that are damaged. There are a few that are broken that needs replacement. We’ve done some repairs to them and we decided that we’ll have to replace them in the near future.”This is the only major work which will be undertaken by the Corporation along with other small maintenance works. There are other areas of the bridge which require rehabilitative works. However, the main focus of the company is to have the panels replaced.Earlier this year, the announcement was made by the DHBC to close all marine and vehicular traffic for about five days to change the panels. At that time, Adams was positive that the works would be completed by the ending of this year.In addition to this project, the DHBC was also working on the rehabilitation of six large pontoons and 15 regular ones along with the fabrication of 40 buoys, 20,000 feet of galvanised anchor chain and 30,000 feet of wire ropes and the rehabilitation of the traffic office for this year. This was expected to cost approximately $267 million.