Norway launches reviews of oil fund on management, private equity

first_imgThe ministry has a policy of regularly conducting broad reviews of the GPFG in the run up its annual report, which it presents to parliament around the end of March.As part of the review, the ministry will also commission two consultancy reports on management costs and responsible management activities in other large funds. McKinsey and Inflection Point Capital Management are to put these reports together.The ministry said it had also sent letters in June to Norges Bank asking for advice and assessments on these topics.The management review group includes Magnus Dahlquist, professor at the Stockholm School of Economics, and Bernt Arne Ødegaard, professor at the University of Stavanger.Dahlquist is also research fellow at the Centre for Economic Policy Research in London and at Network for Studies on Pensions, Ageing and Retirement in the Netherlands. Both he and Ødegaard have previously served on expert groups advising Norges Bank.The private equity group includes Trond Døskeland, associate professor at the Norwegian School of Economics, and Per Strömberg, professor at the Stockholm School of Economics. Norway’s ministry of finance has appointed two expert groups to review aspects of how its NOK7.7trn (€823bn) sovereign wealth fund invests.One group will look at the management of the Government Pension Fund Global (GPFG), analysing the performance of its active management. It will make a recommendation regarding whether the size of the fund’s relative risk budget – or expected tracking error limit – should be adjusted.The second group is to assess whether the fund should be allowed to invest in unlisted equities. Although Norges Bank Investment Management (NBIM) – part of the central bank Norges Bank and the fund’s manager – is already allowed to invest in unlisted real estate and in unlisted companies where that company intends to seek a listing, it cannot generally invest in private equity. The management review group is to submit its report by January 2018, the finance ministry said, while the private equity group has a December 2017 deadline for its report.last_img read more

As fighters, as entertainers, as a team, this Argentina project has failed

first_imgLionel Messi ‘It hurts my soul’: Argentina fans in Buenos Aires react to Croatia defeat – video Topics Share on Messenger Pinterest Share on Pinterest Share on Facebook Share on Twitter Facebook The squad that had to perform to the tune of that shambolic backdrop consisted mostly of the last standing warriors of a bygone generation, and a few novices whose first taste of representing the country was being thrown to the wolves without any sensible preparation. And Messi, whose block was total. Read more Share via Email Shambolic, frenzied, anarchic – and Argentina crisis has Messi at its heart World Cup Fiver: sign up and get our daily football email 0:29 On 22 June 1986 a single Argentina player managed to surpass all that by scoring two goals, one with his hand and the other a stunning solo run that still ranks as one the best in history. Those few minutes on the pitch shifted the focus for ever and opened the gateways for further volumes; poets, intellectuals, investigative journalists and conspiracy theorists would be occupied for 20 years more producing great works that only a muse of Maradonian proportions could inspire. Argentina went on to lift the World Cup again.Fast-forward to 21 June 2018. Argentina, having entered the World Cup with a small player widely regarded as the Goat – an unfortunate acronym for Greatest Of All Time – with the ghosts of these two tournaments weighing heavily on his shoulders, have all but disappeared. Ninety agonising minutes of a shambolic performance, featuring a completely absent and disconnected Lionel Messi and a terrible goalkeeping faux pas that sunk spirits on the pitch, opened the way for a worthy Croatia’s 3-0 win.The blame game and finger‑pointing started swiftly. Within an hour an audio file of Diego “Cholo” Simeone – purportedly having a private conversation with his Atlético Madrid assistant Germán “Mono” Burgos – was viral online. “But if you had to pick one for your team, who would you choose: Messi or Ronaldo?” his distinctive voice says.Jorge Sampaoli, who a year into the job has not fielded the same team twice, who has always proclaimed a love for a back three yet never until this fateful night deployed one, who has been repeating ad infinitum that what he was working towards was “connectivity” that would bring out the best Messi, had left the pitch insulted and insulting. “Smoke seller,” angry Argentina fans said.He assumed responsibility for the fiasco and said “the project failed” before, as if immediately aware that these words were digging a deeper grave, corrected himself: “The project of this game failed.”Minutes later a journalist confronted Sergio Agüero with a slight edit: “Sampaoli says the players didn’t adapt to the project.” Agüero looked startled. “He can say whatever he likes,” he uttered with a killer look in his eyes and walked off. By morning rumours of resignations and mutiny had been raised and denied several times.There is no sign the that Argentinian Football Association can steer the path to a brighter future. For the past four years it has talked of rebuilding, restructuring and reforming but all it has managed to do is repeat, relive and reinforce the worst traits and attitudes. Perhaps most damagingly, it opened bids for a youth training project and chose one that was not even part of the bidding contest. Until 15 years ago the country had boasted, for the better part of a century, some of the best and most progressive child and adolescent development traditions in world football. That has been obliterated. Twitter center_img Share on LinkedIn Reuse this content If football is a war game, a strategic proposal to defeat an adversary through carefully rehearsed combat manoeuvres, a tactically weak and psychologically frail Argentina did not achieve this: the project has failed.It is as if the doors of perception have been opened and everything is finally presented before us as it is. A circus with bitter clowns, no safety net under the trapeze, a malnourished caged tiger and a knife-thrower who aims at the heart of his sidekick. The lady in the box is sawn in half and the chained man in the glass box of water is not even trying to break free. Play Video Share on WhatsApp World Cup features It was clear as the national anthem played that something else was on Messi’s mind. He looked down and scratched his forehead, as if trying to remove something from his head. After that he was largely absent. The superlative Croatia midfielder Luka Modric was generous in the mixed zone: “Messi is an incredible player but in football you need help from the team. We were able to close down spaces and stop Mascherano and other players from passing to him. He is a great, great player but he can’t do everything alone.” Sampaoli also tried in vain to detract fault from Messi.“Yes, yes! Yes, I want Messi to do it!” one deranged pundit on Argentinian TV screamed at the camera, banging on the table. “You, Messi: I want you to do it! I’m asking you!” he continued.If football is escapism and the fans were hoping to forget the torrid times of rising unemployment and galloping devaluation for a few minutes, the project has most certainly failed.If football is a game of beauty and entertainment to be enjoyed by players and observers alike, the project has most certainly failed. It was painful to watch, not only for Argentinians, and those young men who took to the pitch were definitely not enjoying it. In fact, their suffering was palpable. Argentina on brink as Ante Rebic sparks rout to put Croatia through Read more World Cup 2018 On 21 June 1978 Argentina’s World Cup defeat of Peru went down in history as one of the most controversial games ever. The goalfest and intelligent football that unfolded on that cold night in Rosario, as the wonderful Mario Kempes found his feet on his home turf of yesteryear, were eclipsed by allegations which kept conspiracy theorists and investigative journalists busy for years. Argentina, aware they needed to win by at least four goals to progress in their home tournament, triumphed 6-0 amid rumours that an exchange of grain between the countries had been brokered in the dressing room. They went on to lift the trophy. Argentina Eduardo Salvio looks dismayed as Croatia celebrate. Photograph: Anadolu Agency/Getty Images Jonathan Wilson last_img read more