Traders work on the floor of the New York Stock Exchange.Source: NYSE – Advertisement – Those moves came as traders piled into beaten-down value names at the expense of high-flying growth stocks amid positive vaccine news. The iShares Russell 1000 Value exchange-traded fund (IWD) rallied 5.7% last week while its growth counterpart, the iShares Russell 1000 Growth ETF (IWF) slid 1.2%.Pfizer and BioNTech said last week that their coronavirus vaccine candidate was more than 90% effective preventing Covid-19 participants in a late-stage trial. The news sparked hope for an economic recovery, thus making value stocks such as United Airlines and Carnival Corp more attractive. United and Carnival rallied 12.4% and 15.9%, respectively, last week.“The announcement of an effective Covid-19 vaccine by Pfizer/BioNTech last week was so important that we almost forget that there has just been a US presidential election,” TS Lombard analysts Steven Blitz and Andrea Andrea Cicione wrote in a note.- Advertisement – U.S. stock futures rose on Sunday night as traders assessed a sharp market rotation that led to a mixed weekly performance last week.Dow Jones Industrial Average futures were up by 202 points, or 0.7%. S&P 500 futures traded 0.7% higher and Nasdaq 100 futures advanced 0.9%.The S&P 500 posted a record closing high on Friday and notched a one-week gain of 2.2%. The Dow rallied more than 4% last week and briefly hit an intraday record last week. The Nasdaq Composite lagged, however, sliding 0.6%.- Advertisement – “The vaccine turns what could have been a prolonged crisis into something closer to a natural disaster (large shock, swift recovery),” they said. “Without an effective vaccine, current EPS consensus expectations (pointing to a return to trend by the end of next year) would be on the optimistic side. But with one, they may actually come to pass.”To be sure, the number of coronavirus cases are still rising, thus threatening the prospects of a swift economic recovery.More than 11 million Covid-19 infections have been confirmed in the U.S., according to data from Johns Hopkins University. Data from the COVID Tracking Project also showed that a record of more than 68,500 people in the U.S. are hospitalized with the coronavirus.Dan Russo, chief market strategist at Chaikin Analytics, thinks the market can weather this latest spike in coronavirus cases, however.“it seems that investors are more focused on vaccine news and are willing to look past the near-term spike in cases,” he said in a post. “If this becomes a cause for concern for investors, it will become apparent on the charts and risk management will take over.”Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world. – Advertisement –
KLM’s scheme for cabin crew is overhauling its board structureThe €3.2bn KLM pension fund for cabin staff (Cabinepersoneel) is to switch from a board of equal representation to a two-tier board as of 1 July.The new board will comprise three external executive members and six non-executive trustees representing workers, pensioners and the sponsor, under by an independent chair.In the new board model, the non-executive members will operate as a supervisory board, supported by an external audit committee.Currently, the pension fund has a single 10-person board.On its website, KLM Cabinepersoneel explained that finding new board members had become increasingly difficult legal requirements for trustees had become stricter.It believed a two-tier board would solve this problem while maintaining communications with and accountability to the scheme’s membership.The new board will remain accountable to the pension fund’s accountability body.The pension fund indicated that board costs would rise slightly, but would be offset in part by better decision-making and lower implementation costs.The KLM pension fund is not the first scheme opting for the two-tier board, which became a legal option in 2014. The Dutch schemes of Philips (€18.5bn), IBM (€4.5bn), Ahold Delhaize (€4.6bn) and ABN Amro (€26.5bn) have already adopted the model, as have the industry-wide schemes PME (€47bn), Schoonmaak (€5bn) and SBZ (€5.4bn).In January, the €1.3bn pension fund of shipping firm Nedlloyd announced a plan to adopt the two-tier model. As a consequence, 555 pensioners received €12 too much every month, and ABP had asked them to reimburse these benefits. Pieter Omtzigt, MP for Christian Democrats party in NetherlandsIt decided to refrain from reclaiming from pensioners whose overpayments were less than €12 a month, and promised to fully compensate more than 600 other pensioners who were underpaid.Koolmees did not comment on criteria for reclaiming pension payments “as this is the schemes’ responsibility”.He suggested that pension funds should lay down their policy for the issue “with guarantees for content and process”.KLM’s cabin staff scheme opts for two-tier board Pension funds have a legal duty to reclaim pension benefits that have been paid out by mistake, according to Dutch social affairs minister Wouter Koolmees.Answering questions posed by MP Pieter Omtzigt, he said that pension funds should also focus on the outcomes for members in order to avoid “unnecessary legal discourse”.Omtzigt – MP for the Christian Democrats (CDA) – wanted to know participants’ rights if they had received benefits without being aware that they were too high.His questions were triggered by the €407bn civil service scheme ABP, which tried to claw back benefits it had paid based on information obtained from social security bank SVB, which turned out to be incorrect.
Published on January 30, 2016 at 3:24 pm Contact Charlie: [email protected] | @charliedisturco Facebook Twitter Google+ Anna Shkudun and Valeria Salazar watched as a return whistled through the gap between the two. Both dropped their heads back in disgust and let out a little moan, as Syracuse let the doubles point slip through their fingers.“Honestly we played terrible. We were up 5-3 and my feeling was we were rushing a little bit and we had too many mistakes. They didn’t win, we just lost this game,” Shkudun said on the doubles loss.However, that would be the only point that Syracuse (2-0) would allow, as they regrouped and came out strong in the singles matches. A quick sweep resulted in a 6-1 victory over Liberty University (1-3).Shkudun, though losing in the doubles match, came back with a fierce and focused mind. Upset at the loss, the senior came out of the gates strong in her singles match against Liberty’s Belen Rivera.“I was quite disappointed after the doubles match. But after, I was like, I have to win the singles,”Shkudun said. “I have to concentrate.”AdvertisementThis is placeholder textAn early 5-0 lead after she swept her opponent in the first set made it seem like Shkudun would walk away with a dominant win. Then, when the game seemed all but over, Shkudun’s hit a return that landed in the alley, just missing the line.Rivera stuck her finger up to signal the ball had gone out. Shkudun thought otherwise and walked near the center of net to question her opponent.“That’s out? That was in,” she said, looking toward the side of the court, hoping that a line judge or coach would be there to say something. But no one was there, and she let the call slide.“I was like ‘why is she cheating me?’, I was pretty sure the ball was in the court, and the score was pretty easy. Like 6-0, 5-0, why are you cheating? I’m pretty sure she saw the ball was in,” Shkudun said. “I was just focusing on the next ball.”Then, just a few plays later, another return landed by the line. Her opponent again, raised that same finger, signaling the ball landed in the alley. Shkudun, obviously distressed, questioned the call and looked over to assistant coach Len Lopoo.“It’s difficult to come back from a loss,” Lopoo said. “You really have just a couple of minutes and you have to get your mind set in the right place, and that’s exactly what she did.”Shkudun dialed back in and finished the game with a 6-0, 6-1 win. She overpowered her opponent and credited her serve as a huge reason for the victory.“I felt that I could do whatever I want (today),” Shkudun said. “My serve was really good. I felt much more confident on the baseline than yesterday (against Columbia) with this girl. She gave me a lot of opportunities to finish.” Comments