Remarks by Governor Wolf at the World Meeting of Families, Visit of Pope Francis September 26, 2015 Remarks Independence HallPhiladelphia, PATRANSCRIPT:Welcome to Philadelphia, and welcome to Pennsylvania. I am very proud to welcome you all to this great Commonwealth. And I am especially grateful to the Holy Father for visiting this city and this state. By his visit – and by his many actions as Pontiff – he is reaffirming the noble values this place symbolizesBehind me is Independence Hall. This was the home of the Commonwealth of Pennsylvania for many years. The Liberty Bell once rang out from its tower. The second Continental Congress met here. The Constitution of 1787 was drafted here. This is a place of freedom.It is also a place of welcome. The Commonwealth whose government met here was founded by William Penn. Its very existence was premised on the idea of freedom of conscience. Pennsylvania was established by Penn as a refuge for people of different faiths and different nationalities. It was a place that welcomed people looking for a place to worship their God in their own way.And Pennsylvania grew as a result. We Pennsylvanians showed that granting freedom of religion was not simply sound from a moral point of view. It was also smart public policy. Pennsylvania’s economy flourished. And so did its religious institutionsAnd this place became a magnet for great leaders with visions that transcended time. John F. Kennedy spoke here in 1962. Nelson Mandela spoke here. Abraham Lincoln stopped here on his way to his inauguration in 1861. In fact, he also spoke behind this lectern when he delivered the Gettysburg Address just a few miles west of here.This is an important neighborhood, too. The National Constitution Center is just across the green. The African American Museum is just down the street. The National Museum of American Jewish History is right over there. And of course the present home of the Liberty Bell is there.It is therefore fitting that Pope Francis makes this one of his new world destinations. This is a place of history. But more than that, it is a place of strong values and high ideals. Values and ideals that pay tribute to the Holy Father’s focus on justice, fairness, openness.Pope Francis reminds us all of what it is to be human in its most elevated ways. And so does this place.The Holy Father suggests that we should organize our lives in ways that promote fairness and justice. This place tells us we should govern ourselves according to the same values.The Holy Father tells us that the world is noble because it is founded on ordinary souls. This place tells us that a government so founded is also noble.The Holy Father tells us that we can be better than we often are. This place tells us that our government can be, too.So, I am honored and proud to welcome all of you and the Holy Father here today.This is a big event for all of us in Pennsylvania. And I know it is a big event for all of you here today. In a few minutes Pope Francis will give his message. He will inspire us with his thoughts on freedom and democracy. And he will reaffirm the commitment all of us must make to the better world it is our job to build.Next I am proud to hand these festivities over to the Philadelphia Pops Orchestra. And then to Philadelphia Archbishop Chaput, who will make way for His Holiness the Pope.### SHARE Email Facebook Twitter
It 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.
Wellington Police notes: Friday, March 18 – Sunday, March 20, 2016Friday, March 18, 2016â€¢12:45 a.m. Amos C. Essary, 32, Harper, was issued a notice to appear for illegal registration/illegal tag.â€¢2:15 a.m. Lindy A. Fike, 19, Wellington was issued a notice to appear for defective taillight.â€¢2:35 a.m. Officers investigated driving while license is suspended and littering from a vehicle in the 900 block W. 16th, Wellington.â€¢2:48 a.m. Kyle J. Sisson, 31, Wichita, was arrested and charged and confined with driving while license is suspended and littering from a vehicle.â€¢1:34 a.m. Officers investigated a theft by known suspect in the 2000 block E. 16th, Wellington.â€¢2:04 p.m. Tuyet T. Nguyen, 30, Oxford, was arrested, charged and bonded with theft.â€¢2:07 p.m. Officers took a report of a dog at large by known owner in the 1200 block S. F, Wellington.â€¢3:15 p.m. Officers took a report of a found walker in the 1000 block S. Washington, Wellington.â€¢10:45 p.m. Juvenile female, 17, Wellington was issued a notice to appear for defective headlight.Saturday, March 19, 2016â€¢12:01 a.m. Juvenile male, 17, Wellington was issued a notice to appear for speeding 67 mph in a 55 mph zone.â€¢1:10 a.m. Heather M. Jensen, 42, Wellington was issued a notice to appear for defective headlamp.â€¢8:25 a.m. Officers investigated driving while license is suspended, operating a motor vehicle without Insurance and speeding 41mph in a 30 mph zone (radar) in the 1000 block E. 7th, Wellington.â€¢8:26 a.m. Michael D. Grizzle, 27, Wellington was arrested, charged and bonded with driving while license is suspended, no insurance and speeding 41 mph in a 30 mph zone.â€¢8:12 a.m. Officers investigated driving while license is suspended, no insurance and defective headlamp in the 1100 E. 16th, Wellington.â€¢8:29 a.m. Rachelle L. Finney, 19, Wellington was arrested, charged and bonded with driving while license is suspended, no insurance and defective headlamp.â€¢11:56 p.m. Officers investigated criminal damage to property by known suspect in the 100 block S. Park, Wellington.Sunday, March 20, 2016â€¢12:27 a.m. Laura L. Miller, 40, Wellington was arrested, charged and bonded with criminal damage to property in the 100 block S. Park, Wellington.â€¢5:26 p.m. Officers took a report of found wallet in the 2000 block E. 16th, Wellington.â€¢5:44 p.m. Cory G. Miller, 32, Wellington was issued a notice to appear for disobeyed stop sign.