Blogs

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

Antique short film to represent WV in national tilt

first_imgThe voting period for the short filmstarted last Oct. 7 and will end noontime of Oct 22.(With a report from PNA/PN) She called for the support of thepublic as the four-minute, 30 seconds film will compete with entries from otherregions. SAN JOSE, Antique – The movie “Be theChange” of the Antique National School (ANS) students will represent WesternVisayas to the national Consumer Welfare Month short film competition on theSustainable Consumption category of the Department of Trade and Industry (DTI). DTI provincial information officerLynna Joy Cardinal said the film, produced by ANS Grade 11 students underadviser Christine Cepeda, won the DTI regional competition last Sept. 23. Lynna Joy Cardinal, information officer of the Department of Trade and Industry (DTI), says the movie “Be the Change” of the Antique National School students will represent Western Visayas to the national Consumer Welfare Month short film competition on the Sustainable Consumption category of the DTI. ANNABEL CONSUELO J. PETINGLAY/PNA As part of the competition, thestudents and their adviser will face the judges for an interview on Oct. 23 inManila. “The awarding will be held on Oct. 24 at the Philippine InternationalConvention Center in Pasay City,” she added. “The short film deals with the storythat through small things we do like properly disposing our wastes, we cancontribute to the preservation of our environment,” Cardinal said on Friday. Felisa Beriong, officer-in-charge ofthe Department of Education Office of the Schools Division Superintendent inthe province, issued a memorandum last Oct. 14, calling for the support on theshort film. “Fifteen percent of the total score inthe competition will depend on the number of ‘Likes’ of the video from (thesocial media) page so that we are really asking for the support of theconsumers,” Cardinal said.last_img read more

Kluivert gives reason for Ghana snub

first_imgPatrick Kluivert has been explaining the reasons behind his sabbatical leave from football including why he snubbed the offer of coaching the Ghana national team.The former Ajax, Barcelona and Netherlands goal poacher was heralded as the favourite to replace dismissed Kwesi Appiah at the helm of the Black Stars after the Ghana Football Association named him on a shortlist of five for the job. But his agent came out to deny he had even applied for the job in the first place.Kluivert who was also linked to the Manchester United assistant manager’s role having played under Old Trafford manager, Louis Van Gaal at Ajax and Barcelona before also serving as his assistant with both Dutch club, AZ Alkmaar as well as the Dutch national team at the recent FIFA World Cup, says his wife’s ill-health was chief in his decision not to take on other jobs.The UEFA pro coaching licenced Kluivert says he combined his Netherlands duties during his three-year stint under van Gaal with caring for his wife, Rossana, who was diagnosed with lymphoma, a form of cancer that affects the immune system.”At that time I couldn’t have taken another job because of my wife’s illness,” he explained.”Now I’m ready to make a big jump for myself. I’m really looking for a club or a possibility in the near future to get a chance to lead training as a manager or work as an assistant to a very good coach,” Kluivert added. Having spent all his managerial apprenticeship under van Gaal, Kluivert says he was also not particularly keen on the Manchester United job because he knew Ryan Giggs would get the role and he also felt that it was time to move on from Van Gaal’s mentorship.”Louis said that he wanted the position of assistant coach to be someone from the club and that was reasonable. And it was also time to spread my wings and to do something on my own,” Kluivert said.”But working with Louis was great because he gives you the freedom to train the team and that’s the thing I appreciated,” he confessed.last_img read more