​Norway eases SWF’s reporting duty to semiannual from quarterly

first_img“Norges Bank must continuously assess the need to publish information on developments in the fund outside the half-year and annual reports, especially during periods of particularly severe turmoil in the financial markets,” the ministry wrote in its announcement.Asked whether NBIM would in fact switch to less frequent financial reporting on the fund, a spokeswoman for the central bank division referred IPE to the finance ministry for all questions related to their decision.However, she did confirm that all NBIM’s reports would still be available in English. The mandate changes state only that the reporting must be in Norwegian.State Secretary Marianne Eikvåg Groth, of Norway’s Conservative Party, told IPE the change to less frequent mandatory reporting was initiated by the ministry and not Norges Bank.The management mandate stated that there should be the greatest possible transparency about the management of the fund within the limits defined by responsible execution of the mandate, she said.At the end of September 2019, the GPFG managed NOK9.7tn (€982bn) while the GPFN had NOK261bn. Managers of Norway’s huge sovereign wealth fund will be required to report only every half year rather than quarterly following changes to their mandates effective at the beginning of this year.The government said mid-year reporting safeguarded long-term considerations better than the current quarterly reporting system, and that it would help save resources.The Norwegian finance ministry announced details of changes to the mandate and reporting framework for the smaller portion of the fund, the locally-invested Government Pension Fund Norway (GPFN), in December, and for the much larger Government Pension Fund Global (GPFG) at the end of November.   However, the new rules do not necessarily mean that in practice the managers of the two funds – Folketrygdfondet and Norges Bank Investment Management (NBIM) respectively – will abandon more frequent reporting, since the government has also put the onus on the managers themselves to decide whether there is a need for additional publications.last_img read more

Men’s basketball: Happ’s 32 points salvage Badgers at Madison Square Garden

first_imgThe University of Wisconsin men’s basketball team returned to Madison after an overtime thriller Saturday at Madison Square Garden in New York, where the Badgers overcame improbable Rutgers University in a defensive showdown.Head coach Greg Gard acknowledged the offensive woes, but was also proud of the way his team kept playing loose and confident throughout the entire game.Wisconsin scored fewer points than minutes expired through the first 36 minutes of play, and with 3:22 on the clock the Badgers faced a seemingly insurmountable nine-point deficit (41-32).Women’s hockey: Badgers set NCAA attendance record at Kohl Center amid three-game homesteadWisconsin routed Minnesota State University, Mankato to cap off a three-week homestead that featured an NCAA record-setting attendance for a women’s Read…The Badgers trailed for most of the second half until a bucket by sophomore forward Ethan Happ tied the game 45-45 with less than three seconds on the clock to force overtime.“We struggled to score and put the ball in the basket,” Gard said. “[The players] did a good job of staying loose.”The Badgers had one of their worst three-point shooting games of the season against the Scarlet Knights, but Gard offered up some of his best jokes as evidence of how he kept the players loose and upbeat during the rough offensive performance.“Why did the cookie go to the hospital?” Gard joked. “He was feeling crummy.”Jokes like this one and relentless effort from senior leader Zak Showalter helped the Badgers stay and do just enough to force an overtime period. Gard complimented Zak Showalter for his efforts throughout the game.“It was the energy and toughness plays,” Gard said. “[Showalter] contributes in a lot of ways.”With the rebound momentum from Saturday’s win at Madison Square Garden, the Badgers travel to Champaign to take on the University of Illinois. The Fighting Illini have proven to be much better at home than away this year, presenting a tough challenge for a Badger team trying to stay tied atop the Big Ten standings.“They are a much more potent team, for whatever reason, at home,” Gard said.Hayes: Biegel, Clement could use 2017 Reese’s Senior Bowl to climb NFL draft boardsWhile their careers on the field for Wisconsin may be over, Badger seniors Corey Clement and Vince Biegel have one Read…Gard was also asked about the release of the first four seeds from every region on Feb. 11 and seemed to reflect the attitude many have had since the early projections were announced.“We play two to three times a week, it could change tomorrow,” Gard said. “In terms of our approach, it does not change.”The newly crowned No. 10 Badgers will attempt to continue their ascent up the polls Tuesday night with an 8 p.m. tip at Illinois.last_img read more