first_imgJust over a year ago, Prophets of Rage–a politically-charged supergroup comprised of Tom Morello, Tim Commerford, and Brad Wilk of Rage Against The Machine, Chuck D and DJ Lord of Public Enemy, and B-Real of Cypress Hill–burst into existence with an angry bang. The outfit, described by Morello in 2016 as “an elite task force of revolutionary musicians determined to confront this mountain of election year bullshit,” came together for a string of summer amphitheater shows following their widely buzzed-about maiden shows in LA and Brooklyn featuring a mix of material by RATM, Public Enemy, and Cypress Hill. The band also promised that they would be recording original music.The promise was fulfilled last month with the Michael Moore-directed “Unfuck the World,” the first single from the upcoming self-titled debut LP Prophets of Rage–due out September 15. Last week, the super group released the second single, “Living on the 110.” Today, the band has released the official music video for “Living on the 110,” which features some of the wealthiest and most impoverished places in Los Angeles and New York City. Watch it below:Additionally, the band announced four surprise shows at Boston’s Paradise Rock Club on 9/7, Asbury Park’s Stone Pony on 9/9, Philadelphia’s TLA on 9/10 , and New York City’s Apollo Theatre on 9/12. Prophets Of Rage will unleash their fury at special limited club gigs to mark the upcoming release of the debut album, out September 15.More information about their tour schedule can be found here.last_img read more

first_imgAsset managers hold the key to ensuring pension schemes get value for money from the market, according to Chris Hitchen, chief executive at RPMI, although other panellists at the PLSA investment conference in Edinburgh said all agents – including trustees – had a role to play.The headline theme for the panel was the Financial Conduct Authority’s asset management market study, which the FCA launched in November last year, and whether the market was working for pension schemes.Tracey McDermott, interim chief executive at the FCA, said asset management was “one of the UK’s success stories”.But she said there was “no room for complacency” and that, as new regulations drove more consumers to engage with asset managers, it was of “enormous consequence that they receive maximum bang for their buck”. The market study is “a serious and wide-ranging exercise”, she said.The FCA’s next steps include a survey of institutional investors to get a picture of how purchasers of asset management services view the market, and “a comprehensive programme” of international comparison work, McDermott told delegates.Her overview set the scene for a panel discussion during which market participants passed around to different players the responsibility for ensuring that end investors get value for money.RPMI’s Hitchen said transparency was helpful but that it was not enough.He said asset managers were “the part of the investment chain that we are looking to to really help us get the best deal”, not least because they have the most resources out of investment consultants and end investors.“Fund managers are where the resources are, where the pools of assets are,” he said.“And most trustees in the room are probably looking to their asset managers to be their guardians in the market.”He highlighted problems in the asset management industry such as closet indexing and “a lot of competition using alpha”, but he also pointed to investors’ “atomised portfolios” as a shortcoming – “we’re all massively over-diversified”.Pension schemes can take steps themselves, too, noted Hitchen, pointing to Railpen’s having simplified its external manager arrangements and hired a full-time member of staff to monitor fees.The latter was a decision taken after a “forensic look” at its fees revealed the scheme was paying four times more than it thought it was.BlackRock’s Stephens accepted that asset managers were part of the solution, but he emphasised the need to differentiate between costs and value for money, and also passed responsibility to other market participants, including trustees.Trustees make some of the most important decisions that will affect costs and value for money, he said, with asset allocation by far the most important thing to get right.“Are trustees spending as much time on asset-allocation decisions as they are on manager selection?” he asked.“How thoroughly, how consistently, how frequently are trustees evaluating their advisers and the advice they are given? How easy do we providers make it for our clients to assess us?”Three conditions need to be met for there to be effective competition, which is good for trustees, he said.First, there needs to be choice, and second, those choices need to be differentiated.Third, “and the one I think is less often spoken about, is the willingness of clients to choose, to make change”.Inertia, said Stephens, was “one of the things that has got us into the situation we’re in”.That situation, according to Stephens, is one where “the average hedge ratio is 40%, where most pension schemes are able to liquidate huge swathes of their portfolio within a week or a month, thereby ignoring attractive illiquidity premia, where adviser appointments seem if not permanent then extremely long term, and where clients extend advisory mandates into asset management mandates without open tender.”A consultant’s view came from Robert Brown, chairman of the global investment committee at Willis Towers Watson, who said progress was needed in several areas, not just on costs, and that it was “incumbent” on every bit of the chain to pursue improvement.With returns low and risks high, investors “have to pull every lever available to them” to increase returns, he said.As to the structure of the industry, “the decision chain is full of agents”, all of whom are subject to potential conflicts of interest, and this needs to be managed, he added.Costs, meanwhile, are increasingly accepted as being too high despite the market’s being competitive, noted Brown, with this down to structural factors such as information being asymmetric and buyers of asset management services being quite fragmented, and therefore weak buyers.Aggregation, as has happened in Australia, could be a way of dealing with the latter problem, he said.Innovation, another area to consider, has brought some good and some bad changes, said Brown, although the associated rise in complexity of investment products has typically meant higher fee levels.Finally, according to Brown, the “relentless” increase in competition for resources, returns and talent, not to mention complexity, has driven the need for greater governance and more management resources to deal with this.“Now, more than ever, we need to make progress in all of these areas,” he said.last_img read more

first_imgStill recovering from the 2010 earthquake that killed more than 250,000 people, Haiti has recorded 20 earthquakes during the first four months of this year. Director of the Bureau of Mines and Energy (BME), Claude Prepetit, told reporters that the BME’s Technical Unit of Seismology (UTS) recorded about 20 earthquakes with magnitudes between 3.1 and 4.6 with the majority occurring at depths between 10 and 25 kilometers (km).The UTS said that following the magnitude 7.2 earthquake that hit western Mexico, in February, it recorded at least six earthquakes west of Gonâve Island.Prepetit said that earthquakes are caused by the convergence of the Caribbean plate and the North American plate and Haiti is concerned by two major seismic faults alongside other minor faults.He said while earthquakes are not predictable, the authorities here have taken measures to minimize damage.In January 2010, the 7.0 earthquake caused widespread destruction to buildings. The authorities said they had also recorded 52 aftershocks measuring 4.5 or greater 123 days after the catastrophic quake.last_img read more

first_imgThe vice President of the Ghana Golf Association (GGA),Mike Aggrey, has said preparations for the second Ghana Golf Awards (GGA) has reached an advanced level and he was confident the second edition of the event will be a unique one.He said the GGA and the organisers; Primeval Media have worked hard in the past weeks to get high profile personalities like Sir Sam Jonah, Okyehene Osgayefo Amoatia Ofori Panin II, Life Patron of the GGA, to grace the occasion.“For me the Golf Awards has come to stay and we appreciate the work done by Primeval Media Ghana Limited for putting this together.“This is just the second edition and we have seen the euphoria around it. It is amazing and I’m entreating corporate institutions to come on board and support this brilliant idea from Primeval and the Ghana Golf Association.He paid glowing tribute to Primeval Media for their excellent job in putting together the second edition of the Ghana Golf Awards.The 2nd edition of the Golf Awards which is slated on the 27th of December will be held at the Events Haven, Trade Fair La, Accra. Jeff Asare, Communications Director of Primeval Media, said his outfit has put in the necessary measures to make the event a successful one.He said the event has so far received corporate support from uniBank Ghana Limited, Latex Foam, Coca-Cola, Jandel, LG, MY Ceasar, Guinness Ghana Limited, Cal Bank, Special Ice, Airtel Ghana Limited, Azar Paints.He added that, Asempa Fm, Happy Fm, Starr Fm, Ghana web, Adom Fm, Hot Fm, Hot Fm, Oman Fm are the media partners.The GGA will seek to confer honours on 20 individuals and institutions.Meanwhile, the list of nominees for this year’s Ghana Golf Awards will be released on December 24.last_img read more