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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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City of Wellington having reclamite street preservation project starting Monday

first_imgAttention: You must turn sprinkler systems off. No parking will be allowed on streets being sealed, weather permitting.Liquid asphalt rejuvenator will be applied to the streets.  Rain and excessive wind may postpone sealing.Traffic will NOT be kept from your street more than 4 to 5 hours.  Typically the street will be open 1 to 2 hours after application of the asphalt rejuvenator.PLEASE……Make any necessary arrangements so you will not have to drive on your street during sealing.Move any vehicles from the street before 7:30 A.M.**DO NOT Operate Lawn Sprinklers the night before or the day of the treatment! Doing so may result in damage to the pavement.**IMPORTANTNote that the liquid asphalt will stick to shoes and tires and is difficult to remove. Keep children and pets away from the street.  A layer of sand will be applied over the liquid asphalt treatment to help protect against sticking to car tires, etc. Follow us on Facebook.Follow us on Twitter. B Street 15th to Harvey. Edgewood – Crestview to 1,133-feet North. High Drive – Myles Dr. to 20th St. High Court – Cul-De-Sac to Cul-De-Sac. Myles Drive – High Court to Coyote Ridge. Settlers Circle – Waldo to 385-feet North. Homestead Dr. – Woodlawn to Waldo. Crusader Drive — Woodlawn to 680-feet East. Highland Court – 18th to Cul-De-Sac. Crest Ridge – 18th to North 160-feet. 18th Crestview to 718-feet West. Close Forgot password? Please put in your email: Send me my password! Close message Login This blog post All blog posts Subscribe to this blog post’s comments through… RSS Feed Subscribe via email Subscribe Subscribe to this blog’s comments through… RSS Feed Subscribe via email Subscribe Follow the discussion Comments (2) Logging you in… Close Login to IntenseDebate Or create an account Username or Email: Password: Forgot login? Cancel Login Close WordPress.com Username or Email: Password: Lost your password? Cancel Login Dashboard | Edit profile | Logout Logged in as Admin Options Disable comments for this page Save Settings Sort by: Date Rating Last Activity Loading comments… You are about to flag this comment as being inappropriate. Please explain why you are flagging this comment in the text box below and submit your report. The blog admin will be notified. Thank you for your input. +4 Vote up Vote down notlla · 203 weeks ago Don`t screw up and accidentally get south of the railroad tracks. Report Reply 1 reply · active 203 weeks ago +1 Vote up Vote down Turkeyleg · 203 weeks ago U’z funny! Good comment. Report Reply Post a new comment Enter text right here! Comment as a Guest, or login: Login to IntenseDebate Login to WordPress.com Login to Twitter Go back Tweet this comment Connected as (Logout) Email (optional) Not displayed publicly. Name Email Website (optional) Displayed next to your comments. Not displayed publicly. If you have a website, link to it here. Posting anonymously. Tweet this comment Submit Comment Subscribe to None Replies All new comments Comments by IntenseDebate Enter text right here! Reply as a Guest, or login: Login to IntenseDebate Login to WordPress.com Login to Twitter Go back Tweet this comment Connected as (Logout) Email (optional) Not displayed publicly. Name Email Website (optional) Displayed next to your comments. Not displayed publicly. If you have a website, link to it here. Posting anonymously. Tweet this comment Cancel Submit Comment Subscribe to None Replies All new comments Coyote Ridge – Myles Drive to 16th. 20th Plum to High Dr. Submitted to Sumner Newscow — ProSeal will begin the reclamite street preservation project on Monday, Sept. 19, 2016 which will include the following locations: 18th Plum to High Dr. Myles Court – Myles Drive to Cul-De-Sac.last_img
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