Tag: 上海今日浪莎搬哪里了

Norway’s sovereign fund ‘should stay invested in energy stocks’

first_imgIt was appointed following advice from the fund’s manager Norges Bank Investment Management (NBIM) that Norway’s state assets would be less vulnerable to a permanent reduction in oil and gas prices if the GPFG were not invested in energy stocks.Energy stocks currently amount to some 4% of the total value of the fund, or about NOK315bn at the end of 2017, according to the finance ministry.Siv Jensen, Norway’s minister of finance, said: “Together with the advice from Norges Bank and the public consultation of the bank’s advice, this report will constitute a solid foundation for decision-making. The government aims to conclude on this matter later this fall.”Although the commission agreed with Norges Bank that the value of energy stocks was linked to the oil price – especially in the short term – it had been asked to take a number of other considerations into account.One of these was the need for an insurance against a permanent decline in the value of Norway’s oil and gas resources, the ministry said.Divestment dismissedHowever, the commission contended that divestment of the fund’s energy stocks was not an effective insurance against lower oil revenues in the future.In a scenario with sustained lower oil prices, the loss in the government’s net cash flow from petroleum activities would be substantial, the experts said, but pointed out that only around 1% of such a loss would be covered if the GPFG were not invested in energy stocks.“The estimate is uncertain, but the contribution will in any event be insubstantial,” the commission said.Selling off its energy stocks would challenge the current investment strategy of the fund, with broad diversification of the investments and a high threshold for exclusion, it added.The expert group also said the need to insure Norway’s wealth against a permanent reduction in the oil price was historically low.Instead, it suggested reducing the Norwegian state’s equity stake in directly-held energy companies such as Equinor, in which the energy ministry held a 67% stake in 2014, according to its latest available report. Norway’s government also owns oil and gas companies including Gassnova, Gassco and Petoro.If the state wanted to reduce the climate risk in the GPFG, the experts suggested doing more work on individual companies with the largest exposure to climate risk.Equity strategy shiftSeparately, NBIM has written to the finance ministry recommending that the process of benchmark index rebalancing should happen more gradually.It argued that the logistics of switching holdings had changed over the years now that the fund had grown so large. Since 2013, the fund has grown by two thirds from NOK5trn to NOK8.3trn as of 30 June.“The equity share in the benchmark index should be adjusted back to the target level more gradually than at present,” Norges Bank said. “The width of the no-trade band within which the equity share may move without triggering rebalancing should be narrower than today, and could be set at +/- 2 percentage points.”As of 30 June, the fund had NOK5.6trn, or 66.8% of its portfolio, invested in listed equities. Since last year the fund’s benchmark allocation targeted a 70% weighting to listed equities. Norway’s NOK8.7trn (€890bn) sovereign wealth fund should remain invested in energy stocks, a government-tasked expert commission has concluded, even though the managers of the fund believe the shares should be sold off.Øystein Thøgersen, chair of a commission created in February by Norway’s finance ministry, said: “Divestment of the energy stocks in the Government Pension Fund Global [GPFG] is not an effective insurance against a permanent decline in oil prices.“The energy stocks only contribute marginally to Norway’s oil price risk.”The commission had been asked to assess whether the GPFG should continue to invest in stocks listed in the energy sector as classified by FTSE Russell.last_img read more

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Abhay Singh, Tanvi Khanna Win Bengal Open Squash Titles

first_imgKolkata: Tamil Nadu’s Abhay Singh and Asian team medallist Tanvi Khanna on Tuesday bagged the men’s and women’s titles respectively in the sixth Bengal Open squash tournament at the Calcutta Racket Club.Second-seeded Abhay beat top-seeded Abhishek Pradhan 11-6, 11-6, 11-4 while Tanvi got the better of Tamil Nadu’s Aparajitha Balamurukan 11-7, 11-6, 5-11, 13-11.In the junior (under-15) category, fifth-seeded Tamil Nadu girl Shameena Riaz stunned top seed Soniya Bajaj from Maharashtra 9-11, 11-7, 11-5, 7-11, 11-8. (IANS) Also Read: Delhi CM Arvind Kejriwal felicitates Asian Games medallistslast_img read more

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New York Stock Exchange Trading Floor Reopening Today

first_imgThe trading floor of the New York Stock Exchange reopens today, after two months of all-electronic trading because of the coronavirus.The floor will look a lot different than it has, with only a quarter of the usual number of traders allowed to return to work. The few traders on the floor will have to wear masks, follow strict social distancing rules, and avoid using public transportation. They’ll be screened and have their temperatures taken as they enter the building. The most photographed trader o Wall Street, Peter Tuchman tested positive for coronavirus.The New York Stock Exchange trader, who calls himself the “Einstein of Wall Street” on his Instagram page, revealed the diagnosis with the picture of a Corona Extra beer bottle and an emoticon of hands joined together. Stock futures are on the rise because of optimism over the possibility of a coronavirus vaccine. The Dow Jones Industrial Average futures were up over 300 points. There were also positive signs for the Nasdaq and S&P 500. Wall Street was silent on Monday because of Memorial Daylast_img read more

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Larkin inducted to Hall of Fame

first_imgCOOPERSTOWN, N.Y. (AP)—Robert Larkin coached several sports while son Barry was growing up, none more important to the youngster than football.And it showed when Barry starred at Moeller High School in Cincinnati and received a scholarship to play for Bo Schembechler at Michigan. But after being redshirted his freshman year with the Wolverines, Larkin focused on baseball, became an All-Star shortstop with Cincinnati, and carved a Hall of Fame career in 19 years with the Reds. NEWEST HALL OF FAMER–Hall of Fame inductee Barry Larkin speaks with reporters following a tour of the National Baseball Hall of Fame and Museum in Cooperstown, N.Y. on May 5. Larkin was inducted into the National Baseball Hall of Fame and Museum on July 22, along with late Chicago Cubs star third baseman Ron Santo. (AP Photo/Tim Roske, File) Larkin, introduced to the game at the age of five by his dad, retired after the 2004 season with a .295 career average, 2,340 hits, 1,329 runs scored and 379 stolen bases, and was inducted into the National Baseball Hall of Fame and Museum Sunday.Robert Larkin,who started his protege in t-ball, said he was feeling absolute pride. “This is the ultimate,” he said. “I don’t think you can do much more than this.”If Barry Larkin had decided to stick with football, his dad figures the family would have had to make plans to be elsewhere on Sunday.“We’d be in Canton,” Robert Larkin said with a laugh as he pondered the pro football Hall of Fame in Ohio.PARKER’S PROJECT: In his Hall of Fame induction speech on Sunday, former Cincinnati shortstop Barry Larkin credited just about everybody who helped him, even former Pittsburgh star Dave Parker.Though Parker spent the first 11 years of his major league career starring for the Pirates, he was with the Reds when Larkin was a rookie in 1986 and was in Cooperstown on Sunday. He holds a special place in Larkin’s past.While Larkin was starring for Michigan in the early 1980s, becoming a two-time All-American and leading the Wolverines to a pair of appearances in the College World Series, Parker made a point of informing Reds shortstop Dave Concepcion—Larkin’s boyhood idol—that his job would soon be in jeopardy.“While I was up at the University of Michigan, the Reds came to Detroit to play the Tigers in an exhibition game,” recalled Larkin, who drove down to Tiger Stadium with the Wolverines equipment manager to meet some of the Reds players. “As soon as I walked into the clubhouse, Dave Parker grabs me by the hand and walks me right over to my idol’s locker, and he said, ‘Dave, you see this guy right here? This is Barry Larkin. He’s from Cincinnati. He’s going to take your job.last_img read more

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