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NoneThe financial year ended September 30, 2024 was a positive one for the Barbados dollar funds managed by Fortress Fund Managers (FFM), with returns of up to 12.4 per cent. This news was shared by Roger Cave, chairman and Peter Arender, CEO & chief investment officer in the leading fund manager’s 2024 Annual Reports for its three Barbados dollar funds – the Fortress Caribbean Growth Fund, the Fortress Caribbean High Interest Fund and the Fortress Caribbean Pension Fund. The reports, for the financial year ended September 30, 2024 highlighted funds’ performance and outlook. Caribbean Growth Fund gains 12.4 per cent for financial year In what was described as a “strong year”, the Fortress Caribbean Growth Fund gained 12.4 per cent and ended the period with an annual compound rate of return of 7.7 per cen since inception in 1996. The net asset value (NAV) or price per share of the Fund increased to $7.8973 from $7.0238 with net assets of $689 million compared to $605 million a year ago. “Throughout the year, global stocks posted steady, modest gains, and a rally in September added meaningfully to the year’s performance,” Cave and Arender said. They also noted that “the fund’s core allocations to the Fortress US Equity, Fortress International Equity and Fortress You Might Be Interested In Crystal Beckles-Holder, 2nd runner up in regional competition GUYANA: Body of child found after gold mine collapses Barbadians asked to help with return tickets for Haitians Emerging Market funds performed well, returning 27 per cent, 23 per cent and 21 per cent respectively over the year.” This contrasted with performance in the Caribbean. “The global index, tracking securities all over the world, was up 33 per cent while in the Caribbean, the Trinidad and Jamaica indices fell 13 per cent and five per cent respectively. The Barbados index posted a nine per cent gain, largely due to movement in shares of CIBC Caribbean on thin trading volumes.” Highlighting the fund’s positioning, the annual report noted that a third of its portfolio was invested in the Caribbean and two-thirds in the US, international and emerging markets, offering Barbados-based investors access to exceptional global diversification. “It is worth noting, however, that our ability to invest additional assets in local, regional and global equities continues to be constrained by exchange controls in Barbados and by relatively small, illiquid stock markets in the region,” Cave and Arender added. Regarding the Growth Fund’s outlook, while the year was another strong one due to its global diversification, economic crosswinds “argue more than ever for wide diversification and to look for tomorrow’s returns where valuations are most compelling, and not necessarily where yesterday’s returns were strongest.” The report noted that “the more expensive segments of the US market are vulnerable to price corrections”, but that there are still attractive valuations to be found, especially among emerging markets and developed international stocks. Fortress remains “constructive on the Fund’s high-quality, valueoriented global and Caribbean holdings.” Caribbean High-Interest Fund returns 6.7 per cent for the financial year The Fortress Caribbean High- Interest Fund also performed well, returning 6.7 per cent for the year due to “a combination of higher bond prices and healthy levels of coupon income locked in at higher rates.” The fund’s annual report noted that globally, central banks eased monetary policy and bond yields fell during the year. Corporate spreads also narrowed to reflect the perception of lower recession risk. The main index of US high-quality bonds, which included both corporates and governments, was up 12 per cent for the year. The NAV of the Accumulation shares increased to $2.2443 at September 30, 2024, up from $2.1026 last year. The distribution shares rose to $1.0729 from $1.0040. Total assets were $144 million compared to $140 million last year. The fund’s compound annual return since inception in 2002 was 3.7 per cent per year, net of all fees and expenses. The fund’s core allocation to U.S. bonds via the US$ Fortress Fixed Income Fund gained 10 per cent, and FFM’s allocation to emerging market bonds returned 19 per cent. The fund also participated in the routine issuance of Government of Barbados (GOB) treasury bills and bonds and added incrementally to medium-term GOB notes, to replace maturing GOB Series B strips and keep overall GOB exposure steady throughout the year at 13 per cent of total assets. “Some of the fund’s GOB holdings also saw better pricing during the year as final maturities naturally drew closer. Otherwise, domestic Barbados holdings performed as expected. A few new corporate issues were in progress this year but did not materialise and the opportunities for bond investment remained limited.” Regarding potential risks that could impact the High-Interest Fund going forward, Cave and Arender noted: “We think it is unlikely central banks will begin tightening policy again. Rates are still quite high, and the risk is more probably a pause that keeps rates at current levels longer than the bond market currently expects. To counter this risk the fund’s portfolio still has positions in floating rate notes whose rates will only come down as shortterm rates do.” Additional risks identified included the development and deepening of a global economic slowdown, affecting creditworthiness of corporate bonds and pushing their prices lower. In Barbados the risks remained the same: “A small market with trapped capital and dominated by the “B-” rated GOB as an issuer, does not have many opportunities for the combination of security and income that the fund requires.” Caribbean Pension Fund performs strongly for financial year The Fortress Caribbean Pension Fund had a strong financial year, with gains in all three classes of shares. The Aggressive Accumulator (AA) share returned 11.9 per cent, the Conservative Consolidator (CC) share rose by 10.8 per cent and the Capital Secure (CS) share advanced by 7.4 per cent. Since inception in 2002, the annual compound returns for the Fund’s AA, CC and CS shares have been 5.6 per cent, 5.3 per cent and 3.4 per cent per year respectively. Total net assets of the Fund increased from $402 million to $434 million during the year. “The equity allocations of the three classes of shares of the fund are primarily made up of investments in the Fortress Caribbean Growth Fund, the fixed income allocations are primarily made up of investments in the Fortress Caribbean High-Interest Fund, and the small allocations to real estate are typically made through the Eppley Caribbean Property Fund SCC (formerly Fortress Caribbean Property Fund SCC). The returns of the three shares in the Pension Fund are therefore a blend of the performance returns of these underlying holdings,” the fund’s annual report explained. The report ended with thanks to former Pension Director, René Delmas who retired and a welcome for Senior Manager, Shomari Simpson-Sealy. “Together with the team he will continue the work of building and improving the Fortress pension offering, of which this fund is a key part, and helping our thousands of clients achieve financial security. We want everyone to be able to follow in René’s footsteps to a happy retirement.” Fortress manages over Bds $800 million in assets across 12 funds with investments in regional, US, international and emerging markets. (PR)
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OTTAWA — Canada got back in the win column at the world junior hockey championship. It wasn't pretty. Oliver Bonk, Caden Price and Mathieu Cataford, into the empty net, scored as the wobbly host country picked up an unconvincing 3-0 victory over Germany on Sunday. Carter George made 25 saves to register the goaltender's second straight shutout for the Canadians, who were coming off Friday's stunning 3-2 upset loss to Latvia in a shootout. Nico Pertuch stopped 33 shots for Germany, which dropped its Group A opener at the men's under-20 tournament to the United States 10-4 before falling 3-1 to Finland. Canada entered with a 17-0 record all-time and a combined 107-26 score against Germany at the world juniors, including last year's 6-3 victory in Gothenburg, Sweden, and an 11-2 drubbing at the 2023 event in Halifax. Despite another sub-par performance, the victory sets up a New Year's Eve matchup against the U.S. for first place in the pool after the Americans fell 4-3 to the Finns in overtime earlier Sunday. Canada suffered one of the powerhouse nation's worst defeats in tournament history Friday when Latvia — outscored 41-4 in four previous meetings at the event — shocked the hockey world. And while the plucky Latvians were full marks for their victory, the Canadians were largely disjointed and surrendered the middle of the ice for long stretches despite firing 57 shots on goal. There was more of the same Sunday. Head coach Dave Cameron made a couple of changes to Canada's lineup — one out of necessity and another for tactical reasons. With star defenceman Matthew Schaefer, who could go No. 1 at the 2025 NHL draft, out of the world juniors after suffering an upper-body injury against Latvia, Vancouver Canucks prospect Sawyer Mynio drew in. Cameron also sat forward Porter Martone in favour of Carson Rehkopf. Canada opened the scoring on the power play, which also had a new look after going 1-for-7 through the first two games, when Bonk scored from his normal bumper position in the slot off an Easton Cowan feed at 9:40 of the first period. Sam Dickinson then chimed a one-timer off the post on another man advantage before George, who was in goal for Canada's 4-0 opener against the Finns, made a couple of stops on the penalty kill inside a red-clad Canadian Tire Centre. Petruch made a big stop off Tanner Howe in the second before also denying Calum Ritchie from the slot on a power play, but the Canadians again looked completely out of sorts against what was a decidedly inferior opponent on paper. Berkly Catton hit another post for Canada early in the third. Tanner Molendyk also found iron. Unable to register a 5-on-5 goal against either Latvia or Germany through more than 120 minutes of action, Price scored on a shot that caromed off the end boards and went in off Pertuch with 4:58 left in regulation to make it 2-0 before Cataford iced it into the empty net on another nervy night for the 20-time gold medallists. The U.S. beat Latvia 5-1 on Saturday, less than 24 hours after the Europeans' upset of Canada. American captain Ryan Leonard said the Latvians were impressive — even on short rest. "That team's no joke," said the Washington Capitals prospect. "You can't really treat anyone different, especially in this short of a tournament." Germany will meet Latvia on Monday in a crucial game at the bottom of the Group A standings. Canada now turns its attention to Tuesday's clash against the U.S. This report by The Canadian Press was first published Dec. 29, 2024. Joshua Clipperton, The Canadian PressCanada’s Trudeau says he had an ‘excellent conversation’ with Trump in Florida after tariffs threat
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TOMS RIVER, N.J. (AP) — A U.S. senator has called for mysterious drones spotted flying at night over sensitive areas in New Jersey and other parts of the Mid-Atlantic region to be “shot down, if necessary,” even as it remains unclear who owns the unmanned aircraft. “We should be doing some very urgent intelligence analysis and take them out of the skies, especially if they’re flying over airports or military bases,” Sen. Richard Blumenthal of Connecticut said Thursday, as concerns about the drones spread across Capitol Hill. People in the New York region are also concerned that the drones may be sharing airspace with commercial airlines, he said, demanding more transparency from the Biden administration. The White House said Thursday that a review of the reported sightings shows that many of them are actually manned aircraft being flown lawfully. White House National Security spokesman John Kirby said there were no reported sightings in any restricted airspace. He said the U.S. Coast Guard has not uncovered any foreign involvement from coastal vessels. “We have no evidence at this time that the reported drone sightings pose a national security or a public safety threat, or have a foreign nexus,” Kirby said, echoing statements from the Pentagon and New Jersey Gov. Phil Murphy. Pentagon spokesperson Sabrina Singh has said they are not U.S. military drones. In a joint statement issued Thursday afternoon, the FBI and the Department of Homeland Security said they and their federal partners, in close coordination with the New Jersey State Police, “continue to deploy personnel and technology to investigate this situation and confirm whether the reported drone flights are actually drones or are instead manned aircraft or otherwise inaccurate sightings.” The agencies said they have not corroborated any of the reported sightings with electronic detection, and that reviews of available images appear to show many of the reported drones are actually manned aircraft. “There are no reported or confirmed drone sightings in any restricted air space,” according to the statement. The drones appear to avoid detection by traditional methods such as helicopter and radio, according to a state lawmaker briefed Wednesday by the Department of Homeland Security. The number of sightings has increased in recent days, though officials say many of the objects seen may have been planes rather than drones. It’s also possible that a single drone has been reported more than once. The worry stems partly from the flying objects initially being spotted near the Picatinny Arsenal, a U.S. military research and manufacturing facility, and over President-elect Donald Trump’s golf course in Bedminster. In a post on the social media platform X, Assemblywoman Dawn Fantasia described the drones as up to 6 feet (1.8 meters) in diameter and sometimes traveling with their lights switched off. Drones are legal in New Jersey for recreational and commercial use but are subject to local and Federal Aviation Administration regulations and flight restrictions. Operators must be FAA certified. Most, but not all, of the drones spotted in New Jersey appeared to be larger than those typically used by hobbyists. Sen. Cory Booker of New Jersey said he was frustrated by the lack of transparency, saying it could help spread fear and misinformation. “We should know what’s going on over our skies,” he said Thursday. John Duesler, president of the Pennsylvania Drone Association, said witnesses may be confused about what they are seeing, especially in the dark, and noted it’s hard to know the size of the drones or how close they might be. “There are certainly big drones, such as agricultural drones, but typically they are not the type you see flying around in urban or suburban spaces,” Duesler said Thursday. Duesler said the drones — and those flying them — likely cannot evade detection. “They will leave a radio frequency footprint, they all leave a signature," he said. "We will find out what kind of drones they were, who was flying them and where they were flying them.” Fantasia, a Morris County Republican, was among several lawmakers who met with state police and Homeland Security officials to discuss the sightings from the New York City area across New Jersey and westward into parts of Pennsylvania, including over Philadelphia. It is unknown at this time whether the sightings are related. Duesler said the public wants to know what's going on. “I hope (the government agencies) will come out with more information about this to ease our fears. But this could just be the acts of rogue drone operators, it’s not an ‘invasion’ as some reports have called it,” Duesler said. “I am concerned about this it but not alarmed by it.” Associated Press reporters Mark Scolforo in Harrisburg, Pennsylvania; and reporter Darlene Superville and videojournalists Serkan Gurbuz and Nathan Ellgren in Washington, D.C., contributed to this report.SANTA CLARA — Brandon Allen prepared as if he was the 49ers’ starting quarterback all week, but the reality didn’t hit home until Friday, when Brock Purdy again missed practice. “I know he had a plan for his shoulder all week, rest it a little bit on Wednesday and we’d split reps,” Allen said of Purdy. “I think the plan Thursday was to come out and practice. I guess in warmups it just wasn’t feeling right. I found out (Friday).” Allen, a 32-year-old veteran in his ninth season, will start Sunday when the 49ers (5-5) visit the Green Bay Packers (7-3) at Lambeau Field. Purdy was ruled out with a shoulder injury sustained in a 20-17 loss to Seattle , the first time he has missed a start because of injury after 31 regular-season and six postseason starts. Here are five things to know about Allen: 1. Arkansas roots The Fayetteville, Arkansas native’s father Bobby spent more than 20 years as an Arkansas assistant coach. After a redshirt season in 2011, Allen played in 42 games with 38 starts for the Razorbacks. As a senior, Allen completed 57.4 percent of his passes for 3,440 yards, 30 touchdowns and eight interceptions as Arkansas went 8-5. His brother Austin took over as the Arkansas quarterback. In his ninth season, only Joe Ferguson (11 seasons) of the Buffalo Bills has more time in the NFL among Arkansas quarterbacks. 2. Professional route Drafted in the sixth round by the Jacksonville Jaguars, Allen spent his rookie season behind Blake Bortles and Chad Henne as a third-string quarterback and did not play. He was claimed off waivers by the Los Angeles Rams in 2017 and played behind Jared Goff and Sean Mannion before being signed by the Denver Broncos in 2019. Allen won his first start against Cleveland 24-19 in Week 9 of that season, passing for 193 yards and two touchdowns. Allen signed with Cincinnati in 2020, spent time on the practice squad and was promoted to the active roster in November. Subbing for Joe Burrow, Allen had his career-best game, passing for 371 yards and two touchdowns in a 37-31 win. Allen is 2-7 as an NFL starter with 1,611 yards passing, 10 touchdowns, six interceptions and a 78.0 passer rating. 3. Signing with the 49ers Allen became a 49er on May 8, 2023, signing as a free agent. The 49ers, who up to that point seldom kept a third quarterback on the 53-man roster, kept Allen as a No. 3 all season behind Purdy and Sam Darnold after the previous year’s injuries to Trey Lance, Jimmy Garoppolo, and finally Purdy in the NFC Championship Game. Allen did not take a snap. 4. Installed as No. 2 QB Allen signed another one-year contract with the 49ers for one year and $1.21 million (which is more than the $985,000 that Purdy makes on his rookie deal). The 49ers also signed Joshua Dobbs to a one-year, guaranteed $2.35 million contract. Allen and Dobbs competed throughout training camp, with Allen earning the nod from coach Kyle Shanahan. “You’ve got to make a decision. Usually I don’t want to have to make it,” Shanahan said. “I want it to be that obvious, let it play out. Brandon had the head start just being here. I thought he did some better things in practice.” 5. Familiarity with the system While in Denver, Allen’s offensive coordinator was Rich Scangarello, who was the quarterbacks coach under Shanahan in 2017-18. In Los Angeles, the head coach was Sean McVay and the offensive coordinator was Matt LaFleur, both of whom run variations of the Shanahan offense. In 2018, Zac Taylor was his quarterbacks coach with the Rams. Taylor, upon being hired as head coach in Cincinnati, signed Allen to back up Burrow.
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CHARLOTTE, N.C. (AP) — Front Row Motorsports, one of two teams suing NASCAR in federal court, accused the stock car series Thursday of rejecting the planned purchase of a valuable charter unless the lawsuit was dropped. Front Row made the claim in a court filing and said it involved its proposed purchase of the charter from Stewart-Haas Racing. Front Row said the series would only approve it if Front Row and 23XI Racing dropped their court case. “Specifically, NASCAR informed us that it would not approve the (charter) transfer unless we agreed to drop our current antitrust lawsuit against them,” Jerry Freeze, general manager of Front Row, said in an affidavit filed in the U.S. District Court of Western North Carolina. The two teams in September refused to sign NASCAR's “take-it-or-leave-it” final offer on a new revenue sharing agreement. All other 13 teams signed the deal. People are also reading... Front Row and 23XI balked and are now in court. 23XI co-owner Michael Jordan has said he took the fight to court on behalf of all teams competing in the top motorsports series in the United States. NASCAR has argued that the two teams simply do not like the terms of the final charter agreement and asked for the lawsuit be dismissed. Earlier this week, the suit was transferred to a different judge than the one who heard the first round of arguments and ruled against the two teams in their request for a temporary injunction to be recognized in 2025 as chartered teams as the case proceeds. The latest filing is heavily redacted as it lays out alleged retaliatory actions by NASCAR the teams say have caused irreparable harm. Both Front Row and 23XI want to expand from two full-time cars to three, and have agreements with SHR to purchase one charter each as SHR goes from four cars to one for 2025. The teams can still compete next season but would have to do so as “open” teams that don't have the same protections or financial gains that come from holding a charter. Freeze claimed in the affidavit that Front Row signed a purchase agreement with SHR in April and NASCAR President Steve Phelps told Freeze in September the deal had been approved. But when Front Row submitted the paperwork last month, NASCAR began asking for additional information. A Dec. 4 request from NASCAR was “primarily related to our ongoing lawsuit with NASCAR,” Freeze said. “NASCAR informed us on December 5, 2024, that it objected to the transfer and would not approve it, in contrast to the previous oral approval for the transfer confirmed by Phelps before we filed the lawsuit,” Freeze said. “NASCAR made it clear that the reason it was now changing course and objecting to the transfer is because NASCAR is insisting that we drop the lawsuit and antitrust claims against it as a condition of being approved.” A second affidavit from Steve Lauletta, the president of 23XI Racing, claims NASCAR accused 23XI and Front Row of manufacturing “new circumstances” in a renewed motion for an injunction and of a “coordinated effort behind the scenes.” “This is completely false,” Lauletta said. Front Row is owned by businessman Bob Jenkins, while 23XI is owned by retired NBA Hall of Famer Jordan, three-time Daytona 500 winner Denny Hamlin and longtime Jordan adviser Curtis Polk. NASCAR had been operating with 36 chartered teams and four open spots since the charter agreement began in 2016. NASCAR now says it will move forward in 2025 with 32 chartered teams and eight open spots, with offers on charters for Front Row and 23XI rescinded and the SHR charters in limbo. The teams contend they must be chartered under some of their contractual agreements with current sponsors and drivers, and competing next year as open teams will cause significant losses. “23XI exists to compete at the highest level of stock car racing, striving to become the best team it can be. But that ambition can only be pursued within NASCAR, which has monopolized the market as the sole top-tier circuit for stock car racing,” Lauletta said. "Our efforts to expand – purchasing more cars and increasing our presence on the track – are integral to achieving this goal. “It is not hypocritical to operate within the only system available while striving for excellence and contending for championships,” he continued. “It is a necessity because NASCAR’s monopoly leaves 23XI no alternative circuit, no different terms, and no other viable avenue to compete at this level.” AP auto racing: https://apnews.com/hub/auto-racing Copyright 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission. Be the first to know Get local news delivered to your inbox!