PMT and PME, the large industry-wide pension funds for Dutch metal workers, are assessing the possible effects of Brexit on their counterparties in the UK for cash transactions and derivatives transactions such as interest swaps.They are also considering whether to start entering contracts with additional players elsewhere in the European Union.On its website, the €63bn PMT said it was continuously monitoring developments in interest rates, currency movements and the strategic weightings within its investment portfolio. In the run-up to last week’s Brexit referendum, in which the UK voted to exit the EU, the scheme acknowledged it had decided against taking hedging measures, “as the available options would have come at too great an expense had the UK decided to remain”. Both PMT and PME, the €42bn scheme for the electro-technical engineering sector, said they had fully hedged downward risk on the pound, and that they had covered 50% of the interest risk on their liabilities.Meanwhile, SPF, the €3bn pension fund for physiotherapists, said it recently reduced its equity allocation in favour of “safe” government bonds, while the €21.5bn industry-wide scheme PGB said its funding had fallen by 3.5 percentage points in the immediate aftermath of the referendum.It conceded it would be facing a pensions rights cut in 2017 if its financial position failed to improve before year-end.The €7.6bn KLM pension fund for ground staff confirmed it also lost “a couple of percentage points” in funding following the referendum.It noted on its website that the Brexit decision had increased instability and that it expected more financial-market volatility.The Algemeen Pensioenfonds KLM, however, said it saw no reason to adjust its investment portfolio for the time being.This view was echoed by Vliegend Personeel, its €7.9bn sister scheme for cockpit staff, which underlined its “long-term and defensive strategy”.TPN, the €420m Dutch pension fund of energy company Total, pointed out that the initially large movements on the financial markets had not continued, but that political uncertainty remained.It ruled out taking short-term measures but said it would “certainly assess” whether long-term adjustments were needed.
EL SEGUNDO >> Kobe Bryant and his aging body haven’t practiced much this season for the Lakers, but he practiced Thursday and talked about as much trash as one can talk. He dropped one expletive after another on the reserves as the starters and second unit went toe-to-toe in a five-on-five scrimmage.Reporters were let into the gym at the Lakers’ practice facility with about five minutes left in those proceedings. At one point, Bryant was guarding Jeremy Lin and dared him to take a shot. Lin did and missed. Bryant turned and walked away, letting Lin have it.“This (expletive) don’t got (expletive),” Bryant said to all listening.As Bryant left the floor a couple of minutes later when practice was over, he shouted to general manager Mitch Kupchak: “These (expletives) aren’t doing (expletive) for me.” Newsroom GuidelinesNews TipsContact UsReport an Error The defending NBA champion Spurs (16-6) have won 11 of their last 13 and are 8-1 at home.Bryant, Young smilingBryant wasn’t mad at the reserves Thursday.“I was just being myself,” Bryant said. “I don’t get a chance to get out there and play (in practice) too much because of my body and stuff. … I was just challenging them to see what happens. I’ve always believed in throwing them in the pool and seeing if they can sink or swim.”Bryant was asked if he believes what he did was beneficial.“I don’t know if it helps them,” he said. “Obviously, it raises the intensity level. It was a tough practice for them.”Bryant called the “bantering” and “trash-talking” between himself and Young “fun.”“Nick probably regrets getting me started,” Bryant said, smiling.Young said that because of his thumb injury earlier in the season and Bryant not practicing much, it’s been “almost nine weeks since we’ve had a chance to jaw-jack a little bit, so it brings out the best in practice.”Young admitted that Bryant got the best of him during the scrimmage.“You know, I can’t say who it was,” he said, smiling. “Nah, but he won.”Young loved it.“I hadn’t seen Kobe practice like that in a while,” he said.Young spoke to Lin and rookie Jordan Clarkson after practice. Basically, he said he told them to stand up for themselves.“I was telling them, ‘You have to have some ‘cojones’ in this league. It doesn’t matter who’s on the floor. Just play the game, don’t get any less confident and talk trash right back to him,’” Young said.Scott on LinLin and power forward Carlos Boozer were removed from the starting lineup two games ago. Boozer has responded well with 12 points on 6-of 12-shooting in a loss to New Orleans on Sunday and 15 points on 6-of-13 shooting Tuesday in a win over Sacramento.Lin has suffered. He had just three points on 1-of-5 shooting against New Orleans and three points on 1-of-5 shooting against Sacramento.“He has to be aggressive, but you’ve gotta be smart,” Scott said, when asked what Lin needs to do to thrive. “As a point guard, he has to understand the situations, he has to understand the guys he’s playing with, who needs a shot, when they need a shot, who’s hot and things like that. But still have an aggressive mind-set.“I think right now that’s the one or two things that he’s struggling with.”Read more on the Inside the Lakers blog. Earlier, Bryant and Nick Young went after each other, with Young telling Bryant, “No one in the world can guard me one-on-one.”Bryant told reporters afterward: “I said, ‘Thank God I’m not from this world,’”Lakers coach Byron Scott loved every second.“I’m really smiling because we had a good day at practice,” said Scott, whose Lakers (6-16) begin a three-game road trip Friday night at San Antonio (6:30 p.m., ESPN).“Very intense. Any time 24 (Bryant) practices, it’s going to be an intense practice,” Scott said. “And I think he brings out the best in the guys. And it’s a good way to start the trip.”