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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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NFL teams rely on tape with virus altering pre-draft routine

first_img Share This StoryFacebookTwitteremailPrintLinkedinRedditAURORA, Colo. (AP) — Let’s go to the tape.NFL teams are having to rely more heavily on game film of college prospects as they prepare for the draft at a time when the COVID-19 pandemic has halted business as usual across the globe. The social distancing spawned by the new coronavirus has halted pro timing days at college campuses. It’s also led the league to forbid teams from hosting prospects at team headquarters or visiting them for in-person interviews, meetings that are usually such an integral part of the annual evaluations that they can make or break a franchise’s fortunes. April 1, 2020 “He was a transfer there from Tennessee and he had a little bit of a baggage background,” Dorrell said. “But when I met the kid we had a great conversation at the combine, we continued to stay in contact with each other, I continued to do my research with coaches both at Tennessee and at Colorado State. “And you know we felt that we got a steal, to make a long story short, when we were able to pick him up as an undrafted free agent in Miami last year,” Dorrell said. “If you don’t dive into the information like that, you tend to miss a lot of things.” As Elway prepares for a draft unlike any other, he said a radical decision Fangio made this spring is paying unexpected dividends as the team builds its draft board for the April 23-25 selection process.Fangio didn’t take his assistant coaches to the combine in Indianapolis at the end of February and instead had them work remotely back in Denver evaluating players at their respective positions.“It helped us tremendously, I think,” Elway said. “Vic had the coaches stay home from the combine and spend one full week on the draft so all the coaches got all of their reports in on the players in this year’s draft. That was beneficial. Then, we’ll hold interviews with the players over the telephone or whether it be in Zoom instead of having the 30 visits that we’ve had. Associated Press “We’ll just have to conclude the best we can from what we can see on the tape,” Denver Broncos general manager John Elway said in a conference call Tuesday.Broncos coach Vic Fangio said scouts and college personnel appraisers are fond of suggesting that ninth-tenths of the evaluation of a player is based on what he did in college, with just 10% coming off the NFL scouting combine, college pro days and personal interviews.“This is the year it will really be tested,” Fangio said. “It will be 90% what you see on tape, and we’ll go from there.”Fangio is putting a positive spin on the situation.“We do not have the workout times that you normally have to evaluate guys, but sometimes those workout times and that information just clouds the issue,” Fangio said. “It’s nice to know what a guy runs a 40 in, but how fast does he look on tape is more important. NFL teams rely on tape with virus altering pre-draft routine “To me it’s always been best when I see it live and when I see them running around, when I see them competing against each other. Those are the best telltale signs of making your evaluation,” Dorrell said.And, Dorrell said, that holds true whether it’s an NFL assistant assessing college talent as he once did or a college coach checking out a high school prospect as he’s doing now.“I’d rather see the person to evaluate a person. When I was in the NFL evaluating receivers, the combine’s fine, but that’s a group setting and you’re not really getting specific information that you need,” Dorrell said. “I would get more out of when I went back to that particular student-athlete’s university and worked him out and got him on the board and we talked football and we did all these different things.”A recent example he pointed to was former Colorado State receiver Preston Williams, whose off-the-field issues kept him from getting drafted last year.Williams signed with Miami after getting bypassed in the seven-round draft and had 32 catches for 428 yards and three touchdowns before a knee injury cut short his sensational rookie season. “A lot of times you can guess how fast a guy runs, generally speaking. It’s more important what the tape says.”Less than an hour’s drive from the Broncos’ headquarters, new University of Colorado football coach Karl Dorrell is lamenting how FaceTime has replaced face time with his players because of the shelter-in-place and stay-at-home orders that have been issued amid the pandemic.While emphasizing that these measures are what’s most important to curtail the spread of the virus, Dorrell, who left his job as the Miami Dolphins receivers coach to take over at Colorado following Mel Tucker’s departure in February, said truer evaluations are made in person.“Tape kind of gives you an idea, but from my experience, it’s getting your hands on the players on the grass,” Dorrell said. “That’s when you know what you have. You can kind of feel their movement, their explosiveness, their lack thereof, anything that are important ingredients for you to make an assessment.”That’s why he’s so eager for normalcy to return, so that he can get up-close looks at the roster he inherited. “So, I actually feel pretty good about where we are. With the draft staying where it is, it is fine. We’ll just move ahead and deal with the hand we’re dealt.”___Follow Arnie Melendrez Stapleton on Twitter: http://twitter.com/arniestapleton___More AP NFL: https://apnews.com/NFL and https://twitter.com/AP_NFL,Tampa Bay Lightning advance to face Dallas Stars in Stanley Cup finals, beating New York Islanders 2-1 in OT in Game 6last_img read more

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