Global central banks stepped up their crisis-fighting last week in a campaign to keep markets functioning and economies growing as the coronavirus looks increasingly likely to tip the world into its first recession since the financial crisis. Among the tools deployed: interest-rate cuts, asset purchases, currency interventions and liquidity injections.Markets reacted just as aggressively. Trading volatility spiked to levels not seen since the financial crisis as the S&P 500 Index’s historic bull run came to an end and signs of illiquidity emerged across debt markets.Even the US$17 trillion US government-bond market wasn’t immune, with the gap between prices bid and sellers’ offers widening sharply. Meanwhile, the dollar staged its biggest jump in 12 years, climbing to a three-year high, as investors piled into haven assets. With more action likely this week, here’s a rundown of what happened last week.Read also: Fed slashes rates, rips open crisis tool kit to cushion coronavirus blowThe US Federal ReserveJust over a week since cutting interest rates in an emergency move, the Fed offered markets trillions of dollars in liquidity to counter signs of dysfunction. It said it would provide temporary loans to banks in coming weeks to relieve strains as investors sold government bonds to raise cash. The Fed will also purchase a broader range of government securities than just short-term Treasury bills to make sure the liquidity reaches elements of the market which need it most.On Sunday, the central bank swept into action to save the US economy from the fallout of the coronavirus by slashing its benchmark interest rate by a full percentage point to near zero and promising to boost its bond holdings by at least $700 billion.Federal Reserve chairman Jerome Powell delivers the Fed’s semiannual monetary policy report to the Senate banking committee in Washington, DC, on Tuesday. Powell addressed issues that could effect the economy, including trade with China, Brexit, inflation and public debt.(AFP/Joshua Roberts)The Fed also announced several other actions, including letting banks borrow from the discount window for as long as 90 days and reducing reserve requirement ratios to zero percent. In addition, it united with five other central banks to ensure dollars are available around the world via swap lines.Fed Chairman Jerome Powell said that he did not think negative rates, which have been used in Europe and Japan, would be appropriate policy in the US.The Bank of JapanIt offered the market up to 2.2 trillion yen ($20.7 billion) in cash injections in three different operations on Friday, while snapping up stock funds for the sixth time this month. It also pledged to maintain liquidity and keep markets stable this month.The yen weakened versus all of its major peers on Friday as domestic stocks tumbled. Japan’s currency is still up this year against all of its G-10 counterparts except the Swiss franc.Officials convene next Wednesday and Thursday with people familiar with the matter saying they are likely to show a more aggressive stance on buying assets such as exchange-traded funds. Whether the BOJ will raise its 6 trillion yen ($58 billion) ETF-purchasing target remains unclear and could depend on the severity of market conditions at the time of the meeting, the people added.European Central BankThe ECB tried a nuanced approach. It promised to buy more bonds, and enhanced a loan program with terms that effectively amount to an interest-rate cut for banks that use it to pump money into the economy.But it didn’t cut its deposit rate further below zero, which disappointed investors, and President Christine Lagarde drew criticism for comments which sent Italian bonds into a tailspin and had to be clarified.Read also: Europe grinds to halt as ECB is criticized for too little actionEuropean stocks also buckled and the euro weakened before stimulus announced by Germany boosted risk appetite Friday. Yields on the German 30-year bond surged the most in a decade on the prospect of fiscal action.Bank of EnglandThe Bank of England started Wednesday early by unveiling stimulus including its first emergency rate cut since the financial crisis. It delivered a half-point reduction to take the key rate to 0.25 percent, introduced a new program to provide easy and cheap credit, and reduced a special capital buffer to give banks even more room to lend.It acted on the same day the UK government announced its budget, giving a sense of coordination that investors wanted. Incoming Governor Andrew Bailey made clear it has space if it needs to do more.The pound swung between gains and losses on the day, and ended the week down 5.9 percent against the dollar, the most on a closing basis since 2009.People’s Bank of ChinaThe world’s number-two economy cut the amount of cash that banks have to set aside as reserves. It offered discounts to commercial lenders’ reserve ratios of a half or 1 percentage point from their original level.Joint-stock banks will get an additional reduction of 1 percentage point, and together the cuts will release 550 billion yuan ($79 billion) of liquidity, the PBOC said.Bank of CanadaIt surprised on Friday by cutting rates by half a percentage point as its economy is hit by the virus and falling oil prices. It said it “stands ready” to act again and also announced a new facility to acquire money market instruments used by small- and medium-size businesses.That was the second rate cut in two weeks, and on Thursday it had announced it planned to volley billions of dollars into markets. Eyes are now turning to Prime Minister Justin Trudeau’s government for a fiscal effort.Read also: Indonesia deploys second stimulus amid market, rupiah routsReserve Bank of AustraliaHaving also cut interest rates this month, on Friday it injected A$8.8 billion ($5.5 billion) in its open-market operations, the most in at least seven years.Reserve Bank of IndiaKeen to keep the rupee stable, it plans to add 250 billion rupees ($3.4 billion) through short-term repurchase operations after announcing Thursday a $2 billion injection into the foreign-exchange market.BrazilIts central bank used a wide array of market interventions this week to support one of the worst performing currencies in the world. In one week, policy makers intervened using auctions of lines, swap, roll-overs and dollars in spot markets, accumulating sales of around $17 billion through separate auctions.This week will also come to effect a measure announced on Feb. 20 that freed up to 135 billion reais ($28.2 billion) in reserve requirements and other prudential measures, allowing increased liquidity to banks.Sweden’s RiksbankIt lent up to 500 billion kroner ($51 billion) to banks to maintain the supply of credit to companies. The measure “should be regarded as a form of insurance that enables Swedish companies –- particularly small and medium-sized enterprises –- to feel secure that the credit supply will not fail,” said Governor Stefan Ingves.Norges BankIt also acted outside of its normal calendar on Friday to cut its benchmark to 1 percent from 1.5 percent. It said it’s “monitoring developments closely and is prepared to make further rate cuts.”Read also: Bank Indonesia spends Rp 110t to stabilize markets as virus stokes sell-offThe Bank of KoreaIt said it’s considering a special meeting to tackle wild swings in the foreign-exchange market. The bank also said it would take steps to stem excessive foreign exchange movements.Bank of IndonesiaIts central bank bought 6 trillion rupiah ($405 million) of government bonds on Friday to prop up financial markets, adding to 8 trillion rupiah of bonds purchased Thursday.Bank Indonesia Governor Perry Warjiyo (center) accompanied by Senior Deputy Governor Destry Damayanti (left), and Deputy Governor Erwin Rijanto, gave a press statement regarding policy measures to maintain monetary and financial stability due to the impact of the corona virus in the Bank Indonesia Building, Jakarta, Monday (2) / 3/2020). Bank Indonesia prepares five steps to maintain economic stability including increasing the intensity of triple intervention so that the rupiah exchange rate moves according to market fundamentals and mechanisms, decreasing the Statutory Reserves Ratio in Foreign Conventional and Sharia Commercial Banks, and expanding the types of underlying transactions for foreign investors (Antara/Indrianto Eko Suwarso )ParaguayIts central bank made a surprise quarter point cut, reducing borrowing costs to 3.75 percent from 4 percent at a meeting that took place 10 days before the scheduled date.Bank of MexicoBanco de Mexico expanded the maximum amount that could be issued under an existing non-deliverable forward hedge program to $30 billion from $20 billion on Monday after a steep sell-off in the Mexican peso. In an effort to increase liquidity and stabilize peso volatility, Banxico acted again on Thursday, auctioning $2 billion in hedges.ColombiaColombia’s central bank said it will auction 30-day non-deliverable forwards, and won’t directly sell reserves. They say this is to provide liquidity at a time of volatility, rather than an attempt to influence the value of the peso. Topics :
Economy, Jobs That Pay, Press Release Bethlehem, PA – Today, Governor Tom Wolf visited TechVentures on his “Jobs That Pay” Tour. Ben Franklin TechVentures (BFTV) is an award-winning technology-based incubator and post-incubator facility that is owned and managed by Ben Franklin Technology Partners of Northeastern Pennsylvania (BFTP/NEP). BFTP/NEP is an initiative of the Pennsylvania Department of Community and Economic Development and creates and retains highly paid, sustainable jobs by linking companies with experts, universities, funding, and other resources to help them prosper through innovation.Since beginning operations, BFTP/NEP has helped to create more than 16,000 new jobs for Pennsylvania workers.“I’m thrilled to meet with the extremely talented staff and companies working at TechVentures, an award-winning accelerator doing great work in the Lehigh Valley,” said Governor Wolf on the tour today. “My administration remains committed to moving Pennsylvania forward by creating a business climate that supports Pennsylvanian entrepreneurs like these. It is important that we continue to support programs like TechVentures so that entrepreneurs feel safe to take risks on their business ideas and know that they are supported in their efforts to do so.”On the tour, Governor Wolf joined BFTP/NEP President and CEO R. Chadwick Paul, Jr. to visit fourcompanies: Colymer Industries, LLC, which is working to commercialize a new, proprietary, non-asphalt roofing and waterproofing material called Tarzanite; Orbweaver Sourcing, LLC, which has developed a proprietary cloud-based software platform for electronic circuit board manufacturers; US Speciality Formulations, LLC, which manufactures sterile injectable pharmaceuticals used by healthcare providers; and TB Biosciences, Inc., which is an early-stage medical diagnostics company that is developing a rapid point-of-care tuberculosis test that meets performance standards around the world.Thirty-eight early-stage firms, employing more than 170 people, are currently located in BFTV, in more than 109,000 total square feet. Since 1983, the incubator has graduated 64 successful companies that together have created more than 6,400 jobs and grossed more than $1.2 billion in annual revenue last year.DCED provides financial support to the commonwealth’s four regional Ben Franklin Technology Partners of Northeastern Pennsylvania and the rest of the Ben Franklin Technology Partners through the distribution of the Ben Franklin Technology Development Authority’s (BFTDA) annual allocation of $14.5 million. In 2015, the BFTDA approved $3.5 million for each of the four regional Ben Franklin Technology Partners to encourage investments that advance the competitiveness of commonwealth companies in the global economy.The Ben Franklin Technology Partners are designed to play a leadership role in building the state’s economy, strengthening regional economies and creating and retaining high-wage, high-skill jobs.“State support for technology innovation has become increasingly important to ensure growth in this sector as it helps to rebuild the middle class,” said Governor Wolf. “Together, we can identify new opportunities to foster entrepreneurship and innovation, making Pennsylvania a leader in technology and innovation.”Like Governor Tom Wolf on Facebook: Facebook.com/GovernorWolf January 12, 2016 SHARE Email Facebook Twitter Governor Wolf Continues “Jobs That Pay” Tour at TechVentures
More from newsMould, age, not enough to stop 17 bidders fighting for this homeless than 1 hour agoBuyers ‘crazy’ not to take govt freebies, says 28-yr-old investorless than 1 hour agoLopez said the property captured beautiful city views and was designed for low maintenance and modern living.The acclaimed chef featured on this year’s reality TV show MasterChef Australia alongside MasterChef judges Gary Mehigan, George Calombaris, and Matt Preston.Lopez is trading in his executive chef role at GOMA, South Bank to head up food and beverage operations for Emporium Hotels. He’ll be based at Southpoint’s forthcoming flagship Emporium Hotel, which is due to open mid-2018 at South Bank.Lopez said the 1930s home had served him well after living there for eight years.“We’d love to find another renovator and do the process again,” he said. Josh Lopez’s home at 49 Boundary Rd, Camp Hill.Brisbane celebrity Josh Lopez is looking for his next renovation project.Lopez has listed his three-bedroom, one-bathroom home at 49 Boundary St, Camp Hill following a stylish renovation and update throughout.Paying particular attention to the heart of the home — the kitchen — Lopez said the property captured beautiful city views and was designed for low maintenance and modern living.Lopez has worked at Gordon Ramsay’s Maze in London and staged at the world-famous Noma in Copenhagen. Chef Josh Lopez.He said the property would best suit a young professional couple or a young family.Place — Coorparoo selling agent Robyn Tait said it was the first house ever built on Boundary Rd in Camp Hill.“It’s a great opportunity for people wanting to buy a beautiful house with great views in the area without the usual $1 million plus price tag,” Ms Tait said.The property is being sold by negotiation.
The average coverage ratio of Dutch pension funds increased by 3 percentage points in February due to improving equity markets and increasing interest rates, according to consultancies.Aon Hewitt and Mercer, employing slightly different methods, both concluded that funding increased over the period (to 106% and 107%, respectively).Aon Hewitt noted that European equities returned 7% last month following the ECB’s announcement of its government-bond purchasing programme.Both consultancies estimated that Dutch schemes’ global equity allocations returned 6% over the period, while the slight increase in market rates led a marginal loss for fixed income holdings. According to Aon Hewitt, the average Dutch scheme’s investment portfolio returned 2% over the month of February.Since 1 January, Dutch coverage ratios have been calculated using the current interest rate with the application of the ultimate forward rate.In addition, pension funds also must use the 12-month average of their funding rate as a “policy coverage ratio”, which is now the criterion for indexation and rights cuts.According to Aon Hewitt, the policy coverage ratio remained stable at 109% in February.At 110%, schemes can start granting compensation for inflation.Mercer recorded a slight drop in policy funding to 109.2%, according to Edward Krijgsman, team leader for monitoring.However, Krijgsman and Frank Driessen, COO at Aon Hewitt Retirement & Financial Management, both stressed that, if the current funding failed to improve, the policy coverage would fall over the course of the year.In other news, the Amsterdam Court of Justice has sentenced a former chief executive of the Philips Pensioenfonds and a former CFO of the scheme to five-year prison sentences for property fraud.The court verdicts came following an appeal by the Public Prosecutor against initial sentences of four and three years, handed down by the Haarlem magistrates court.Another former director of the Philips pension fund saw his initial prison sentence doubled to two years for taking bribes from a former director of property investor Bouwfonds, who received a seven-year prison sentence.The court estimated that the Philips scheme and Bouwfonds had lost €150m and €100m, respectively, due to the fraud, discovered almost 10 years ago.The Public Prosecutor pointed out that the parties had been able to claim back €141m in total to date.
“The increase in the capital available for investments and intensifying competition affected the covenant policies adopted by fund managers,” it said.VER’s return on private credit funds dropped to 1.7% in 2019 from 12.4% the year before, while direct non-liquid lending produced a 4.9% return – up from 3.8% in 2018.The pension fund only has 2.1% of its overall portfolio invested in the category of “other fixed income investments”, which includes private credit funds and direct non-liquid lending.However, in general fixed income investments had performed better than expected.Timo Viherkenttä, VER’s chief executive officer, said: “The year was excellent, particularly for equity investments, but fixed income investments also proved a pleasant surprise, and VER invested quite heavily in the fixed income market in the emerging economies, which, once again, gave a splendid return.”Listed equities generated a 24.6% return, compared with -7.4% the year before, and liquid fixed income returned 5%, up from -1.9%, the pension fund reported.Central banks had played a key role during the year for market sentiment, VER said, with their assurances, action and continued expansive monetary policy serving to counteract uncertainties over the US-China trade talks and Brexit.The Financial Times yesterday reported that internationally, assets invested in private debt – largely made up of non-bank loans to unlisted companies – grew to a record $812bn (€732bn) last year, and that even industry insiders were warning “the boom in private debt is turning into a frenzy”.VER’s former leader Timo Löyttyniemi has rejoined the fund today as CEO after five years in a different job, replacing Viherkenttä who is now returning to academia. Finland’s State Pension Fund, Valtion Eläkerahasto (VER), has warned in its annual report that the increasing volume of capital now chasing private credit has affected covenant policies adopted by fund managers.The pension fund, which acts as a buffer for government staff pensions, posted a 13.8% return on investments for 2019 – up from 2018’s 3.4% loss. Listed real estate investment trusts (REITs) ending up as the most profitable asset class, producing a 28.1% return as the funds emulated the strong performance of the equity markets, VER said.Commenting on non-liquid fixed income investments, VER said in its annual report: “Non-existing or weaker loan collateral has given rise to concerns about future returns on private credit funds in the coming years.”The Helsinki-based fund said it had expected a correction in non-liquid fixed income markets for some time now, but that interest in private credit investments had continued to grow.
“Such intense seismic activity likelysignifies continuous magmatic intrusion beneath the Taal edifice, which maylead to further eruptive activity,” they added. MANILA – Despite a lull in the “surface activity”of Taal Volcano, the PhilippineInstitute of Volcanology and Seismology (Phivolcs) warned of a possible “hazardousexplosive eruption” within hours or days. It also advised residents to take thenecessary precautions against heavy and prolonged ashfall. Pilots were alsotold to avoid the airspace around the volcano since ash and ballistic fragmentsfrom the eruption column may damage aircraft./PN Phivolcs reiterated that Taal VolcanoIsland and high-risk areas within the 14-km radius from the main crater andalong the Pansipit River Valley should be totally evacuated. Sulfur dioxide measured 360 tonnes,consistent with the weak plume activity at the main crater on Friday, while 876volcanic earthquakes have already been recorded. “The Taal Volcano Network recorded eighthundred seventy-six volcanic earthquakes including six tremor events andtwenty low-frequency earthquakes,” Phivolcs experts said. In an advisory on Saturday morning, thePhivolcs said that Alert Level 4 is still in effect as the volcano’s maincrater steadily emitted steam and had infrequent weak explosions in the past 24hours. It added that these explosions“generated white to dirty white ash plumes 50 to 600 meters tall and dispersedash southwest of the Main Crater. The “lull” in activity at Taal could both point to waning activity or a “resting phase” before a fresh cycle of explosive activity, says the Philippine Institute of Volcanology and Seismology, as it urges people to stay out of the danger zone. ABS-CBN NEWS
Area Basketball Scores.Friday (1-22)Boys Scores.Franklin County 55 Batesville 42Indy Lutheran 45 Oldenburg 32North Decatur 76 Morristown 73South Decatur 57 Eastern Hancock 55Hauser 83 Waldron 57Indian Creek 62 SW Shelby 54Union County 59 Tri 44Girls Scores.Pendleton Heights 48 Connersville 29Indian Creek 68 SW Shelby 39
Ripley County Middle School Track results from Monday (4-30)Girls: Batesville 89 Jac-Cen-Del 49 South Ripley. 33 Milan 14For Batesville. Shot Put-1 Sarah Ripperger (27’3.5”)High Jump-1 Carley Pride (4’5”) 3 Ava Hanson (4’5”)Long Jump-1 Madelyn Pohlman (13’11”) 3 Kate Walke (12”2.5”)100M Hurdles-3 Kate Walke (17.3) 5 Cora Deputy (20.4)100M-1 Madelyn Pohlman (13.0) 3 Lily Meyer (13.7)200M-1 Ava Hanson (29.0) 2 Lily Meyer (29.4)400M-1 Carley Pride (1:02) 2 Ava Hanson (1:06.2)800M-1 Katie Olsen (2:34) 2 Lily Pinckley (2:37)1600M-1 Lily Pinckley (5:39) Jada Day (6:03)400M Relay-1 BMS Elena Kuisel, Nadine Davis, Angela Diaz, Madelyn Pohlman (55.4)1600M Relay-1 BMS Madelyn Pohlman, Sarah Ripperger, Ava Hanson, Carley Pride (4:38)Boys: Batesville 83 Milan 56 Jac-Cen-Del 25 South Ripley 20For Batesville. Shot Put-3 Chase Hamilton (30’7”)Discus-2 Ean Loichinger (84’11”) 3 Justin Alford (63’7”)High Jump-4 Elliott Mertz (4’6”)Long Jump-1 Vonley Hund (15’4.5”) 2 Zach Gutzwiller (14’4.5”)110M Hurdles-1 Chase Hamilton (17.6) 4 Otto Hund (20.2)100M-2 Evan Williamson (12.8) 4 Vonley Hund (13.3)200M-2 Evan Williamson (27.2) 5 Thomas Hartman (30.3)400M-1 Vonley Hund (59.4) 2 Chase Hamilton (1:01)800M-1 Ean Loichinger (2:15) 2 Daren Smith (2:32)1600M-1 Ean Loichinger (4:50) 2 Will Nuhring (5:31)400M Relay-1 BMS Cole Pride, Daren Smith, Will Nuhring, Evan Williamson (4:08)1600M Relay-1 BMS Chase Hamilton, Daren Smith, Will Nuhring, Vonley Hund (4:08)Courtesy of Bulldogs Coach Derek Suits.
Congratulations to the Batesville Bulldog Cross Country teams for securing the championship trophy again this year. Both the boys and the girls ran amazing and almost pulled off a perfect 15 score for both. The girls did score 15 and the boys just missed it with a score of 16. The Bulldogs also had all 7 varsity make the All-County team placing in the top 10 of the meet and the County MVP/Champions of the meet also wore the Bulldog uniform. Senior Joshua Myers led the boys with a personal best time of 16:37 and Sophomore Lily Pinckley was crowned champion for the girls crossing the finishing line at 19:57. Other Bulldogs receiving spots on the All-County roster were: Ean Loichinger, placing 2nd (17:02), Adam Moster, 3rd (17:15), Benjamin Moster, 4th (17:28), Adam Hollowell, 6th (17:52), Daren Smith, 7th (18:10) and Dillon Murray, 8th (18:33), Ava Hanson, 2nd (20:52), Madison Rahschulte, 3rd (21:05), Maria Lopez, 4th (21:14), Sophie Myers, 5th (21:19), Trysta Vierling, 7th (21:43) and Carley Pride, 8th (22:21). Congratulations to these All-County winners. I would also like to recognize the other All-County winners, they were: Damon Hughes from Jac-Cen-Del placing 5th (17:49), and his teammates Joshua Pohle, 9th (18:37) and Kobe Darnold, 10th (19:16), Lanie Nicholson from South Ripley placing 6th (21:33) and her teammates Emily Campbell, 8th (22:04) and Deborah Murphy, 10th (23:00). Congratulations to all making the All-County team. On the team side…again, Batesville keeps the team trophy with the boys having a score of 16 points to Jac-Cen-Del-48 and South Ripley-82. The girls scored the perfect score of 15 to South Ripley-53 and Jac-Cen-Del-69.Although the JV was not scored, I do want to recognize the winners of each. Batesville’s junior Nathan Villani crossed the finish line first at 19:00 and Batesville sophomore Sarah Ripperger leading the way with a time of 22:25. Congratulations Nathan and Sarah! The Bulldogs had 5 team members run a personal best tonight and they were: Joshua Myers, Will Nuhring, Zach Gutzwiller, Maria Lopez and Carley Pride. Way to go everyone! Next up for the dogs is the East Central Invitational this Saturday morning. The first race, with the varsity Boys will start at 9 am on the Trojan campus by the soccer fields.Courtesy of Bulldogs Coach Lisa Gausman.
The 27-year-old is currently understudy to the Dutchman at St James’ Park, but was handed a chance to impress by manager Alan Pardew during the second half of last season when first an ankle injury and then a dislocated shoulder forced Krul onto the sidelines. However, the Holland international is now back in harness, leaving Elliot fighting for a place once again, and it is a battle for which he is fully prepared. Newcastle goalkeeper Rob Elliot has warned Tim Krul he is gunning for his place as he attempts to force his way onto the international stage. “We are good mates anyway, so there’s nothing nasty there. Tim knows I work hard and I want to get in the team, and he knows he has got to keep me out. “As long as we are both putting in performances like we have been doing recently, that’s all we can do.” Elliot has an added incentive to force his way ahead of Krul in the pecking order as he attempts to fulfil his ambition of playing senior international football for the Republic of Ireland. He has to date been overlooked by current manager Giovanni Trapattoni, whose reign looks to be drawing to a close in the wake of Tuesday night’s 1-0 qualifying defeat in Austria, although his lack of first-team football will not have helped. Greenwich-born Elliot, whose father’s family is from Cork, said: “I would love to eventually get a call-up one day. “I played a lot at youth level. I have been slightly disappointed not to get a call-up. “But the thing is, they have got three top keepers – and one of them is my best friend in football, Darren Randolph – so I can’t really complain. “It’s more of a privilege to get an international call-up, you can’t demand it, so I just have to keep playing well and hopefully I get noticed. “We have always been cricket England and football Ireland in my family, believe it or not, so it would be fantastic to get an opportunity. But I will just have to see how it goes.” The former Charlton keeper said: “Tim is a top keeper and he is the number one, but I am not here just to sit on the bench. I am here to push him. “That’s what I did all pre-season and I was disappointed, to be honest with you, not to start the season. “I had a chat with the gaffer and he said, ‘Tim is the number one, so you have to accept that’. “But I just said I want to keep training, keep working hard and prove that I can hopefully get into the team. “Obviously, Tim has been fantastic, as he usually is. All I can do is back it up when I get a chance to play and keep doing well in training.” Despite the competition between them, Elliot and Krul are close friends, although that will not prevent either from doing all they can to get the better of the other. Elliot, who started the 2-0 Capital One Cup victory at Morecambe last month, said: “Obviously, I want the club to do well and whoever plays – if it’s Tim, which is more than likely – then I want him to do well. “But I want to make sure that he knows (I am here) to keep him on his toes and keep him honest. Press Association