​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

Liverpool look to pick up where they left off

first_imgMadrid: The English Premier League kicks off the new decade with a slew of New Year’s Day matches for bleary-eyed fans to tune into as Liverpool look to pick things up where they left off in 2019 having gone 19 matches unbeaten.Jurgen Klopp’s side sits atop the table with a game in hand and gets ready to host Sheffield United at Anfield on January 2, reports Efe news. The Merseyside team has only dropped two points so far this season thanks to a draw with arch-rivals Manchester United.It is a string of tightly packed fixtures for Liverpool, who will have to see of Chris Wilder’s side on New Year’s Day before taking on cross-city rivals Everton in the FA Cup on January 5.Arsenal, currently in 12th and under the new management of Mikel Arteta, and Manchester United, coached by Ole Gunnar Solskjaer, currently in 5th, will also go head-to-head on the first day of 2020.Everton gets set to tackle Manchester City, whose bid to defend the title seems to be fading in 3rd place, 14 points behind Liverpool. Pep Guardiola will hope playmaker Kevin de Bruyne, who has assisted 12 goals so far this season, continues his top form.Carlo Ancelotti, Everton’s newest arrival, might place his trust in Dominic Calvert-Lewin, who scored a double to give the Toffees a win against Newcastle over the Christmas period.Fans of second-place Leicester will travel to the northeast for a game with Newcastle, in which the Foxes will hope to reduce the gap with Liverpool.Frank Lampard’s Chelsea, meanwhile, go down to Brighton with the wind in their sails after a victory against rivals Arsenal in the London derby. (IANS)Also Read: Liverpool Continue March Towards Title; United Down NewcastleAlso Watch: Habitat Loss leads to rise in Man-Elephant Conflict in West Karbi Anglong’s Kheronilast_img read more

Kenyatta promises $10,000 for Olympic gold

first_imgThe proposed Anti-Doping Bill establishes the anti-doping agency and proposes a $1,000 (100,000 Kenyan shillings, 872 euros) fine, and/or a year in jail for athletes caught doping.Those caught smuggling or administering banned substances face a $30,000 (3 million Kenya shillings, 26,200 euros) fine or a three-year jail term.Many in Kenya fear doping is rife among their top-class runners, who have been the source of enormous national pride.“We must win clean,” Kenyatta added. “As athletes, you are not only putting Kenya on the map and giving us pride – but you are also representing what is best about our country. This is something that we are very proud of.”Kenyatta said that every athlete who wins an Olympic medal would be given a cash reward of $10,000 for a gold, and $5,000 for a silver.Share on: WhatsApp Nairobi, KENYA | AFP |Kenyan President Uhuru Kenyatta said Monday he will give priority to pass a new anti-doping law to beat a deadline and ensure the east African track giants compete at the Rio Olympics.The second World Anti-Doping Agency (WADA) deadline for Kenya to tighten its anti-doping law and provide funding for a proposed anti-doping agency expired last week, with lawmakers having failed to pass a bill criminalising sports doping.A new WADA deadline of May 2 has been given.“By next week latest, the Anti-Doping Bill will have been passed by parliament and I will have signed it into law – so that there will be no excuse to deny our team from participation in the Rio de Janeiro Olympics in August,” Kenyatta said in a statement.International Association of Athletics Federations (IAAF) president Sebastian Coe had threatened to ban Kenya from the Rio Games.“We know there are people who are looking for excuses to ensure that Kenya does not participate in the Olympics,” Kenyatta said, as he hosted athletes at a meeting at State House in the capital Nairobi.“We will not give them that excuse.”last_img read more

Zola tells Hudson-Odoi to keep the faith with Chelsea

first_imgLondon, United Kingdom | AFP | Callum Hudson-Odoi should fight for a place in the Chelsea starting line-up and not be swayed by a multi-million euro offer from German giants Bayern Munich, according to Blues assistant manager Gianfranco Zola.The 18-year-old winger — a pivotal member of the England side that won the 2017 under-17 World Cup — has 18 months to run on his present contract and has an offer to extend his deal.However, Hudson-Odoi, who like many young English players at the top Premier League clubs has found first team opportunities hard to come by, is being pursued by Bayern, who have tabled a third offer for him reported to be 33 million euros ($37.6m).“It’s about patience,” said Zola at Friday’s club press conference.“I believe he has a bright future with us, but he will have to learn that right now for him it’s important to get better and better every day. “I know Bayern is very interested in him, but we’re interested in him as well.“We’ve proposed a contract for quite a while, so we’re waiting. We certainly value him as a player.”Zola said Hudson-Odoi — who Bayern see as being able to replicate the success of his young compatriot Jadon Sancho at Bundesliga leaders Borussia Dortmund — could do himself more favours by staying as he can only improve by training with the senior squad.“I know he hasn’t played probably as much as he wanted, but this is down to the quality of the players in front of him,” said Zola.“I’ve already told the player: it’s not a waste of time. It’s a time you can get better.”Share on: WhatsApplast_img read more