IPE Views: Sometimes you can’t risk not re-risking

first_imgA significant interest rate fall. This may adversely increase the liabilities of schemes insufficiently hedged against interest rate risk.A substantial fall in equity markets. Likely to increase deficits of schemes with large equity exposures and minimal downside protection.Increase in market expectation of future inflation. A sharp increase may materially increase the value of scheme liabilities.Reaching a consensus to re-risk is a difficult journey, one beset with many awkward decisions. For instance, the trustee board may feel uncomfortable about buying in to a falling equity market and metaphorically ‘catching a falling knife’. Furthermore, the adverse market conditions that triggered re-risking may negatively impact the financial position of the sponsor and possibly the strength of the sponsor covenant.However, once an agreement to re-risk has been reached, trustees need to consider the practicalities of implementation carefully. This includes determining an appropriate level to which the scheme should be re-risked. For example, should the scheme be re-risked back to the allocation at the start of the journey plan, beyond this level or just back to the previous point of de-risking?Trustees also need to consider whether re-risking should be an automatic process delegated to their chosen adviser, or if they would prefer trustees, company representatives and advisers to review the position when a re-risking trigger is breached.With de-risking, there is usually a pre-defined agreement that, once funding level triggers have been breached, the asset allocation will be adjusted with a view to lowering the inherent level of risk being undertaken in the portfolio. By contrast, when a re-risking trigger has been breached, the process requires far more discussion and engagement from a wider range of stakeholders, not least the company sponsor. SEI’s Cyprian Njamma highlights some of the pitfalls for trustees during the re-risking process.Journey planning for a pension scheme involves balancing the risk taken in the pension scheme in accordance with the need to take risk. As a result, higher funding-level positions are usually accompanied by de-risking of the scheme’s portfolio to bank gains and protect the future funding level.In practice, this involves regular monitoring of the funding level, and where significant outperformance occurs relative to its expected path, the portfolio is ‘de-risked’ by reallocating a portion of growth assets such as equities to liability-matching assets – i.e. bonds and other liability-sensitive instruments. Funding-level outperformance usually leads to a lower deficit position and typically lower repair contributions required from the sponsor. For these reasons, de-risking has a feel-good factor to it.In contrast, re-risking naturally has anything but a feel-good factor to it. Why? Because it is only necessary to consider re-risking after an adverse market event has already hurt the funding level position of the scheme. Re-risking may be required where the funding level performs below journey plan expectations, and other options such as higher contributions and/or lengthening the journey plan have already been considered. Quite simply, to get back onto the ‘journey path’, higher returns would be required, which invariably entails assuming higher risk. As pension schemes have been made all too aware over the past decade, scenarios can arise that necessitate re-risking, and these include: Execution is keyBoth re-risking and de-risking are amongst the practical techniques trustees can employ to help manage funding volatility in line with the need to take risk along a recovery plan. And although re-risking may conceptually sit uncomfortably with trustees, occasions may arise that warrant its use. As such, it is advisable to incorporate re-risking along with the full range of de-risking and insurance-based de-risking options into a fully bespoke journey plan for pension schemes.Naturally, both re-risking and de-risking require regular monitoring of the funding level together with an ability to react to fast moving market changes. This is hugely challenging for many trustees who are constrained by a lack of resources, be that of their own time or expertise. Market conditions can change rapidly, requiring strategic changes in a far timelier manner than is possible through a quarterly decision-making process.Outsourced solutions such as fiduciary management –otherwise known as ‘implemented consulting’ or ‘delegated consulting’ – can help address these problems by effectively acting as an in-house manager and plugging any resource and knowledge gaps. This includes taking responsibility for continuously monitoring the funding level and de-risking or re-risking along the journey plan as opportunities arise. The beauty of this arrangement is that trustees retain strategic control of the scheme but have the comfort of knowing that day-to-day investment responsibilities are being undertaken on their behalf within clearly defined parameters.Cyprian Njamma is an asset and liability analyst at SEIThis article reflects the views of the individual author and not necessarily those of SEIlast_img read more

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McDermott Breaks Ground of New Facility in Saudi Arabia

first_imgMcDermott has broke ground on its new fabrication facility within the King Salman International Complex for Maritime Industries and Services in Ras Al-Khair, Saudi Arabia. The overall site, which is being developed by Saudi Aramco, is expected to be the largest maritime industries complex in the Kingdom and the Middle East region in terms of production, capacity and scale.Within the development, McDermott is building a facility spanning 1.2 million square meters that will include offices, pre-fabrication shops, blasting and painting shops and large assembly shops capable of fabricating platforms and modules for both offshore and onshore projects for Saudi Aramco and other customers in the region.The facility will incorporate up to 80,000 square meters of covered shops to house the latest automation technology and will also include a 580-meter reinforced bulkhead providing marine access.“The King Salman International Complex for Maritime Industries and Services would offer opportunities for strategic industries to operate and flourish in the Kingdom and enable localizing the maritime industry,” said Ahmad A. Al-Sa’adi, Saudi Aramco senior vice president of Technical Services.“The Saudi Aramco team has been working tirelessly for a number of years to create the infrastructure from which McDermott and the other anchor tenants within the Complex are able to establish their facilities,” said Mohammad Al Assaf, Saudi Aramco vice president of New Business Development.“With McDermott breaking ground, we move a step closer to the Complex acting as a hub for job creation and supply chain development in accordance with Saudi Vision 2030 objectives.”“The SAFIRA fabrication yard enhances our long history and close relationship with Saudi Aramco, our largest customer, and demonstrates our commitment to the Saudi Vision 2030,” said David Dickson, McDermott president and chief executive officer.“This project will see a new world-class McDermott yard with innovative equipment, technology and processes. As the first EPC Contractor to establish a full-scale fabrication facility in Saudi Arabia, we will build on generations of knowledge and experience within McDermott to create something extraordinary. But this project is also about people, and we will continue building our in-Kingdom engineering and procurement offices as well as sourcing and developing local talent on all levels in the company,” said Linh Austin, McDermott senior vice president, Middle East and North Africa .In March 2019 , Saudi Aramco signed a land lease agreement with McDermott Arabia Company, a subsidiary of McDermott International, to grant McDermott a lease to establish this fabrication facility.last_img read more

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Australian Open: Fired-up Federer in ominous touch at Melbourne

first_imgRuthless Swiss master Roger Federer Wednesday said he had “plenty left in the tank” as he kept intact his 20-year record of reaching at least the third round of the Australian Open after crushing Serb Filip Krajinovic.Advertisement The six-time champion first played at Melbourne Park in 2000 and has gone on to make the semi-finals or better on 14 occasions, with no exits before round three. He faces a tougher assignment next against Australian John Millman, who beat him in four tough sets at the 2018 US Open.“He’s fit like a fiddle. I’ve lost to him in the past… he’s from this country so naturally also it’s going to be different intensity. I think this is going to be a good test for me.”– Steely look –Federer raced through his opening service game against Krajinovic then broke straightaway when the Serb fired a backhand long.The Swiss was in immaculate touch early and moving well, exhibiting his full repertoire with some deft drop shots and quality groundstrokes.It was a lightning start and he broke again then held for 5-0 before the Serb finally got on the scoreboard, only to see Federer serve out the first set in just 20 minutes.With a steely look in his eyes, he broke again to take a 1-0 lead in the second set.But Krajinovic, who made two finals last year, regrouped and managed to work a break point at 2-3, but couldn’t convert. He got another opportunity at 3-4 and this time didn’t waste it.Clearly irked, Federer broke straight back with the Serb taking his frustrations out on his racquet, smashing it into the ground.Third seed Roger Federer was in ominous touch as he raced into the Australian Open third roundRead Also: Serena fends off stubborn Zidansek to reach Aussie Open third roundA double fault from the demoralised Krajinovic handed Federer a break to go 1-0 ahead in the third set and there was no way back against a man operating in a different sphere.Despite his age Federer remains a competitive force and won four singles titles last year.But he failed to add another Grand Slam title with his closest call coming in the Wimbledon final, where he lost a five-set epic to Djokovic.FacebookTwitterWhatsAppEmail分享 Promoted ContentWhich Country Is The Most Romantic In The World?The Most Exciting Cities In The World To VisitThe 90s Was A Fantastic Decade For Fans Of Action Movies6 Incredibly Strange Facts About Hurricanes2020 Tattoo Trends: Here’s What You’ll See This Year7 Mind-Boggling Facts About Black HolesThe Absolute 10 Greatest Shows In HBO HistoryWhat Happens To Your Brain When You Play Too Much Video Games?6 TV Characters Whose Departures Have Made The Shows BetterCouples Who Celebrated Their Union In A Unique, Unforgettable Way9 Facts You Should Know Before Getting A TattooYou’ve Only Seen Such Colorful Hairdos In A Handful Of Animecenter_img Loading… The 38-year-old third seed dominated the 41st-ranked Krajinovic 6-1, 6-4, 6-1 on Rod Laver Arena, stretching his record over him to 4-0.Federer, who is bidding for a seventh title to match Novak Djokovic’s record, and his first since 2018, came into the tournament without playing a warm-up event but has nevertheless looked ominous.“Very happy, been a great start to the season,” he said as he moved a step closer to a 21st Grand Slam title. “I feel really relaxed on court. I’ve trained hard and you always hope it pays off.”Asked if he felt sorry for Krajinovic, he replied: “I do feel a bit sorry, but you’ve got to take advantage of it.”Over his two matches so far Federer has dropped just 13 games, and admitted he preferred easy early encounters rather than tough battles to preserve energy.“I prefer this much more than overcooked. As easy as it looks, there’s always the effort, trying to extend the lead,” he said.“Of course, it’s not quite the same stress level if you’re down a set or a break or two sets, whatever it may be. I prefer it this way because you have always extra left in the tank if you need it.”last_img read more

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EPL stars make the most of the winter break with lavish vacations

first_img Loading… Promoted Content7 African Actresses With Thick Skin Who Got Famous In HollywoodWhich Country Is The Most Romantic In The World?Is This The Most Delicious Food In The World?6 Interesting Ways To Make Money With A DroneThis Guy Photoshopped Himself Into Celeb Pics And It’s Hysterical10 Largest Cities In The WorldInsane 3D Spraying Skills Turn In Incredible Street Art18 Cities With Neverending Tourist-Flow6 Natural History Museums That Are Really, Really Good10 Stargazing Locations To ‘Connect With Nature’What Happens To Your Brain When You Play Too Much Video Games?Top 10 Most Romantic Nations In The World Chelsea winger Callum Hudson-Odoi is resting up in Dubai, United Arab Emirates Meanwhile, a host of top players are enjoying topping up their tans in the Middle-East. Chelsea attacker Callum Hudson-Odoi is also in Dubai, as is England team-mate James Maddison. Tammy Abraham (right) on holiday with team-mate Fikayo Tomori (left) and singer Davido Blues striker Tammy Abraham posted a photo on his Instagram with team-mate Fikayo Tomori and singer Davido in Dubai too. Manchester United defender Diogo Dalot is doing some Dubai sightseeing during his break Read Also:Man United include Ighalo, two others in Europa League squad Manchester United defender Diogo Dalot is another player in the UAE city, as is Arsenal midfielder Lucas Torreira. Players from Wolves, Leicester City, Southampton, Burnley, Norwich, Liverpool, Aston Villa, Tottenham, Arsenal, Newcastle, Chelsea and Manchester United all have this week off in the first ever mid-season break in the Premier League, while players from the eight remaining clubs will have seven days off next week. FacebookTwitterWhatsAppEmail分享 center_img The Premier League’s biggest stars are enjoying the new mid-season winter break as they jet off to some luxurious holiday destinations. With 12 out of the 20 top-flight clubs having a week off, the players have taken full advantage by topping up their tans in locations such as Dubai and the Maldives. Pierre-Emerick Aubameyang on a private plane jetting off to Abu Dhabi for the winter break Liverpool’s first-team squad have even left the country despite their FA Cup fourth round replay on Tuesday against Shrewsbury, with Jurgen Klopp opting to rest his senior players at the same time as other Prem stars such as Pierre-Emerick Aubameyang, Marcus Rashford and Fred. Arsenal forward Aubameyang posted a photo on his Instagram of him on a private jet, and his stories since have shown him and his family enjoying the sun in a Dubai mansion. The Gunners have a training camp in the UAE later this week, though the Arsenal skipper has opted to head out to Dubai early with his family. Rashford also went to the Super Bowl on Sunday, pictured here with rapper Jay-Z Rashford, who is set to be on the sidelines until April, was at Super Bowl XIV in Miami on Sunday and is continuing to relax in Florida this week. His team-mate at Manchester United, Brazilian midfielder Fred, is in the Maldives and was videoed by his wife Monique Salum on a water-slide.last_img read more

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Eather ‘Ed’ Edward Pigmon

first_imgEather ‘Ed’ Edward Pigmon Jr., age 68 of Greensurg, Indiana passed away on Sunday, October 14, 2018 at the Heritage House in Greensburg.The son of Eather Sr. & Pauline (nee: Collins) Pigmon was born on March 14, 1950 in Batesville, Indiana.The Batesville High School graduate worked as a mechanic for Don Meyer Ford in Greensburg for many years.Ed as most knew him, loved the outdoors especially fishing.  He liked working on cars too.  He enjoyed being involved in Boy Scouts and sports.  Ed spent some time coaching and being a referee as well.  Most of all he loved his grandchildren, they meant the world to him.He is survived by his sons and daughters-in-law, Scott & Kim Pigmon and Arthur & Beth Pigmon both of Westport, IN; grandchildren Kiana & Kara Pigmon and Jim Pigmon; along with his brothers Tim and Harry Pigmon.In addition to his parents, he was preceded in death by his sister Desta Pigmon and brother Vernon Dale Pigmon.Visitation will be 11am – 1pm on Thursday, October 18, 2018 followed by 1pm funeral services all at Meyers Funeral Home in Batesville.  Burial Rossburg Cemetery in New Point, IN.  Rev. Shawn Crissman officiating.  Online condolences www.meyersfuneralhomes.com.last_img read more

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Xavi wants ‘dream team’ of coaching assistants at Barcelona

first_imgFormer Barcelona captain, Xavi has reiterated his desire to one day become head coach at Camp Nou and stated that he would like to draft in the likes of former team-mates Carles Puyol and Jordi Cruyff to assist him in his duties. The Catalan club had been in touch with the former midfielder – who is currently in the dugout of Qatari side Al Sadd – before appointing Quique Setien, but Xavi made it clear that the opportunity had come too quickly. Internal issues also played a part in the 40-year-old’s decision, with major questions continuing to be asked of president Josep Maria Bartomeu’s running of the club – particularly regarding the Blaugrana’s recent poor transfer business. It is widely believed that Xavi’s day will come, however, and the World Cup winner already appears to have plans in mind for who will make up his backroom staff. “I am delighted to continue gaining coaching experience and challenging myself, but of course it would be a privilege for me to train Barca one day,” he said in an interview with El Pais. “I’d want a dream team, with Jordi Cruyff, Carles Puyol and some current players. “I would like to make a team with important people who know the club, people who I trust and will be loyal to me.”Advertisement For now, however, Barca will have to make do with Setien, a man for whom Xavi admits to having great respect for due to his style of coaching, but admits that the exciting “Cruyffismo” style counts for little if the club doesn’t win games. “In January I told them that it was not the right time and since then they have not contacted me,” he said. “As a ‘cule’ I wish them the best. I respect Quique Setien a lot, he has a style very similar to what Barca needs, which is ‘Cruyffismo’, but another thing is the results that accompany…” The prevailing opinion on Barca at present is that they are overly reliant on Lionel Messi, a player who may well have hung up his boots by the time his old team-mate steps into the Camp Nou dugout, but Xavi still feels the Argentine can lead the club to another Champions League title. read also:Qatar FA fines Xavi, players over Coronavirus rules breach “Messi needs Barca and Barca needs Messi,” he added. “They have to make him happy because with him they will win more titles. I maintain a great friendship with him, I respect him a lot. “He’s a competitive animal, he always wants to win and for ten years he has been the best footballer in the world. Hopefully, we can meet again on a professional level. Having the best player in history on your team means you always have an ace to win.” FacebookTwitterWhatsAppEmail分享 Promoted Content7 Worst Things To Do To Your PhoneThis Guy Photoshopped Himself Into Celeb Pics And It’s Hysterical5 Of The World’s Most Unique Theme ParksWhich Country Is The Most Romantic In The World?5 Of The World’s Most Unique Theme ParksBirds Enjoy Living In A Gallery Space Created For Them10 Risky Jobs Some Women Do2020 Tattoo Trends: Here’s What You’ll See This YearCelebs Who Are Turning 50 This Year15 Celebs You Probably Didn’t Expect To Be CheerleadersInsane 3D Spraying Skills Turn In Incredible Street ArtWho Is The Most Powerful Woman On Earth?center_img Loading… last_img read more

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Champions League: Brilliant Bayern humiliate hapless Barca

first_imgGerman champions Bayern Munich utterly humiliated Barcelona with a stunning 8-2 victory on Friday that sent them through into the semi-finals of the Champions League in an extraordinarily emphatic manner.Thomas Mueller scored twice for a rampant Bayern, who led 4-1 after 31 astonishing minutes, as Lionel Messi and his teammates were condemned to a thrashing that felt like the end of an era for the illustrious Catalan club. Both teams have been crowned European champions five times.But while Bayern look to have a real chance of adding a sixth title next week, Barca are clearly facing major reconstruction work and it remains to be seen how many of those involved in this debacle will survive at the club.The scoreline recalled Germany’s 7-1 win over Brazil in the 2014 World Cup, a game where Bayern coach Hansi Flick was on the bench as the national team’s assistant coach.It began with Bayern grabbing a fourth minute lead when Mueller collected Ivan Perisic’s cross from the left and played a clever one-two with Robert Lewandowski before drilling home.But within three minutes Barca had struck back – Clement Lenglet’s super long ball found Jordi Alba in space and David Alaba’s attempt to deal with his searching cross ended up flying past his own keeper Manuel Neuer. Neuer then had to be quick off his line to foil a goal-bound Luis Suarez but was almost caught out by a cross-shot from Messi from the right, which drifted through the area and struck the post.But just as Barca seemed to have established themselves, the Germans regained their lead in the 21st minute — Serge Gnabry fed Perisic on the left and the Croatian glanced up to see his options before drilling past Marc-Andre ter Stegen.Bayern then added the third as Barca’s defence was opened up again with ease.Thiago Alcantara was given plenty of space in midfield to find Leon Goretzka, whose superb ball picked out Gnabry, who had got behind Lenglet and then made no mistake with the finish.Flick’s side were running riot and it got worse for Barca when a low cross from Joshua Kimmich was turned in at the near post by Mueller — another goal of ruthless simplicity making it 4-1 at the break. The Spaniards desperately needed to find a way to shift the momentum after the break and Suarez, one of the few Barca players to emerge with any credit from the encounter, provided a route back into the game with a fine strike, in the 57th minute.Jordi Alba found Suarez on the edge of the box and the Uruguayan jinked passed Jerome Boateng before blasting home.But Bayern were in no mood to turn down the heat and six minutes later they restored their three goal advantage, thanks to some outstanding work from their Canadian teenager, Alphonso Davies.The left back dribbled in from the flank, danced past Nelson Semedo to get to the byline and then pulled the ball back to fellow full back Kimmich to slot home and make it 5-2.RelatedPosts Bayern Munich fans undergo Super Cup coronavirus tests Suarez agrees Atletico terms Vidal lands in Milan to complete move from Barca to Inter Somehow Bayern had managed to score five goals without their prolific striker Robert Lewandowski, who had scored in his previous seven Champions League matches – however, eight minutes from the end, the Pole put that right.Substitute Philippe Coutinho, who is on loan at the German club from Barca, floated over a cross from the left which Lewandowski firmly headed home at the back post.To add insult to the already painful injury, Coutinho then scored two more before the end, as Barcelona fell apart in unimaginable fashion to the brilliance of the Bavarians.Bayern, who last won Europe’s biggest prize in 2013, will meet either Manchester City or Olympique Lyonnais, who play on Saturday, in the last four.Tags: Bayern MunichLionel MessiLuis SuarezRobert LewandoskiUEFA Champions Leaguelast_img read more

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High hopes for Adelaide run

first_img Press Association Aidan O’Brien believes Adelaide is the right type of horse for Saturday’s Cox Plate at Moonee Valley. O’Brien has not had any runners in Australia since a rather controversial Melbourne Cup in 2008, when his three representatives were well down the field and the stewards called him back to the racecourse after he had already left. Since then the Ballydoyle handler has been looking for what he believes is the perfect specimen with which to tackle Australia’s major races. center_img He told www.theage.com.au: “The horses that you have, play your hand. “Every year you don’t have the same horses – (a Cox Plate runner) needs to have the right profile. “It is hard to get a horse that we think could fit the right profile. “Tom (Magnier, of Coolmore Australia) saw this horse at an early stage and he just thought he could be a horse to do that. “Tom has been big influence. It is one your biggest races. Obviously we have always been aware of it and I have been guided by Tom and what he thought. “It is a long way to go and you have to have a horse that you believe could be very competitive. This horse has continued to develop.” Adelaide won the Secretariat Stakes at Arlington before finishing third to Ectot in the Prix Niel at Longchamp last time out. “The mile-and-a-quarter on a tight track didn’t seemed to be a problem for him (at Arlington). The only thing about him is when he goes he is a little bit idle. We might not want to get there (to the front) too early with him, but I suppose on a tight track that is not an easy thing to do,” said O’Brien. last_img read more

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10th death reported in ICE custody this year

first_imgHumanitarians and doctors are requesting better healthcare options for those in ICE custody after a 10th person has died in the matter of 6 months.Officials are reporting that the latest death occurred at a holding facility in Texas.42-year-old Ramiro Hernandez Ibarra was awaiting deportation to Mexico when he became ill and died of complications due to septic shock after being transported to the hospital.The agency did not elaborate on the circumstances surrounding his death, however, with the death toll surpassing the 8 reported deaths in 2019, humanitarians are calling for the release of nearly 23,000 who do not have criminal records or convictions.Carlos- Franco-Paredes who is a professor at the University of Colorado School of Medicine’s Infectious diseases division echoed this sentiment in an open letter about the ICE holding facilities and the coronavirus.Franco-Paredes wrote that if the coronavirus were to get into the facilities it could be lethal to both employees and detainees due to the lack of healthcare and their high density populations.“For an immigration detention center that holds 1500 detainees, we can estimate that 500-650 may acquire the infection,” Franco-Paredes ” of these, 100 to 150 individuals may develop severe disease potentially requiring admission to an intensive care until. Of these, 10-15 individuals may die from respiratory failure,” he continued.last_img read more

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The Latest: Louisville pauses swimming after positive tests

first_imgThe Latest: Louisville pauses swimming after positive tests July 20, 2020 Associated Press Share This StoryFacebookTwitteremailPrintLinkedinRedditThe Latest on the effects of the coronavirus pandemic on sports around the world:___The University of Louisville says it suspended men’s and women’s voluntary swimming activities for two weeks on Saturday after three members of the program tested positive for COVID-19. The ISU has not made a decision yet on the senior series that features the top skaters, including current world champion Nathan Chen and two-time Olympic champion Yuzuru Hanyu.Potential international junior events could be held if “the pandemic developments and situation change and allow for the safe organization” of them. The ISU said it would provide financial assistance for such events, with preference given to venues that were a part of the canceled series.The ISU Council will meet online on Aug. 3 to further evaluate events for the 2020-21 season.___More AP sports: https://apnews.com/apf-sports and https://twitter.com/AP_Sports The result comes from 100 tests performed Friday on Oklahoma athletes and staff members. The women’s basketball player was the only person with a positive test in a group that included 14 men’s basketball players and 15 women’s basketball players.Oklahoma re-opens its facilities to members of the men’s and women’s basketball teams on Monday.___The International Skating Union has canceled the Junior Figure Skating Grand Prix for the upcoming season.Citing increased travel and entry restrictions, the international governing body for the sport said Monday it could not sanction the series. The ISU also said the potential extensive sanitary and medical care measures, including possible quarantine, “would put an unsustainable burden on the organizers.” A university news release issued Monday did not specify whether those impacted are student-athletes or staffers. It says all three have been quarantined, with procedures and protocols being followed.Fifteen athletes returned to campus late last month under a phased training approach.___One University of Oklahoma women’s basketball player has tested positive for COVID-19, and a second player has been deemed a close contact.Oklahoma made the announcement in a news release on Monday. Both players are in quarantine off campus.last_img read more

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