Norwegian oil fund should up equity share, government told in split verdict

first_imgThe chairperson of the commission and its namesake, Knut Anton Mork, backs this position.In a statement, he said a lower interest-rate level should not have any impact on the equity share.“The choice of equity share is a trade-off between expected return and risk,” he said.“The trade-off needs to reflect the risk of loss of wealth, the level of overall risk in the nation’s total wealth and the fiscal policy role of the Fund.”The commission statement goes on to note that long-term, near risk-free real interest rates have declined since the last time the GPFG’s equity share was assessed, a decade ago.It is basing its recommendation on the premise that the expected excess return from investing in equities is largely unchanged since then.Against this background, it said, it believes the expected real rate of return on the GPFG is now considerably less than 4%.“With the current equity share, the Commission is assuming an expected, annual real rate of return on the Fund of 2.3% over the next 30 years,” it said.Setting out its recommendation for the fund to increase its equity exposure, the majority camp said it considered the associated increased risk to be acceptable, “provided that there is political will and ability to adapt economic policy to the accompanying increase in risk, in both the short and long run”.It also said experience and political understanding of the management of the fund had increased over time, that operational risk was low, and that petroleum wealth was now better diversified than it was 10 years ago.In recommending the equity share be lowered, the minority view emphasised the importance of the predictability of budget contributions from the GPFG and said fiscal policy “needs to adapt to th[e] fact” of a lower equity share translating into a lower expected return for the fund as a whole.If the Norwegian government does decide to change the sovereign wealth fund’s equity share, it should pay attention to issues such as the composition of the fixed income benchmark index, deviations from market weights and financial risk from climate change and the risk of a permanent decline in oil and gas revenues, according to the commission. Next stepsResponding to the report from the Mork Commission, Norway’s finance minister Siv Jensen said: “The choice of equity portion is of major importance for expected risk and return in the GPFG.“The investment strategy of the GPFG has been developed over time, on the basis of thorough analyses and accumulated experience.“This paves the way for sound long-term management of the fund capital, thus enabling the petroleum wealth to benefit both current and future generations.”The Norwegian government will consult on the Mork Commission’s report, whose recommendations will inform the follow-up to another Commission, the Thøgersen-Commission.In the spring of next year, the government will report to Parliament on an assessment of the Thøgersen-Commission’s recommendations; this will be in the form of a report to Parliament on long-term perspectives for the Norwegian economy.The Thøgersen-Commission advised the government on how the fiscal policy guidelines applicable to the GPFG should be practised in coming years. Norway’s sovereign wealth fund, the Government Pension Fund Global (GPFG), should increase its equity allocation to 70%, according to the majority view of a government-appointed commission.The Mork Commission, appointed in January to review the fund’s exposure to listed stocks and consider different equity shares, delivered its report to the Norwegian Ministry of Finance today.The majority view in the nine-strong commission is that the GPFG’s equity share should be increased to 70% from 60%.A minority believes the equity share should be reduced, to 50%.last_img read more

Bundesliga schedule 2020: What matches are on today? Times, TV channels to watch soccer in USA

first_imgThe Bundesliga is finally back, giving German soccer fans, English soccer fans and pretty much anyone looking for live sports action a reason to get excited.For all but two teams, this is Matchday 26 of 34 in the Bundesliga, which means we’re already through three quarters of the season.  The big game to watch on Saturday is the Revierderby rivalry between second-place Borussia Dortmund and sixth-place Schalke. On Sunday, first-place Bayern Munich returns to action at Union Berlin. And on Monday, Werder Bremen will try to turn its season around at home against fifth-place Bayer Leverkusen. Here’s a complete guide to Bundesliga’s game schedule for Matchday 26, including the start times and TV channels to watch soccer in the United States.MORE: Watch Bundesliga matches live with fuboTV (7-day free trial)Bundesliga schedule 2020Saturday, May 16The Bundesliga kicks off again with a little bit of rivalry action between Borussia Dortmund and Schalke at 9:30 a.m. ET on FS1. The Revierderby is always one of the most intense games of the season, and even if the two fervent fan bases won’t be inside the stadium to spur their teams on, you can still expect it to be a high-energy battle.Another morning match to keep an eye on is the fixture between RB Leipzig, a team hot on the heels of Dortmund and Bayern Munich in the title chase, and SC Freiburg, a team still in the hunt with Schalke for the last Europa League spot.Fourth-place Borussia Monchengladbach will take on 12th-place Eintracht Frankfurt at 12:30 p.m. ET to wrap up the day.TimeGameTV Channel9:30 a.m. ETBorussia Dortmund vs. SchalkeFS1, Fox Deportes, fuboTV9:30 a.m. ETRB Leipzig vs. SC FreiburgFS2, TUDN, fuboTV9:30 a.m. ETAugsburg vs. WolfsburgFox Soccer Plus9:30 a.m. ETFortuna Dusseldorf vs. PaderbornFox Soccer Match Pass9:30 a.m. ETHoffenheim vs. Hertha BerlinFox Soccer Match Pass12:30 p.m. ETEintracht Frankfurt vs. Borussia MonchengladbachFS1, TUDN, fuboTVSunday, May 17Early risers can catch mid-table Koln take on Mainz, a team trying to stave off relegation, at 9:30 a.m. ET on FS1. That game will be a nice little prelude to the 12 p.m. game between league leader Bayern Munich and newly promoted Union Berlin, which sits comfortably above the relegation zone in 11th place.TimeGameTV Channel9:30 a.m.Koln vs. MainzFS1, fuboTV12 p.m.Union Berlin vs. Bayern MunichFS1, UniMas, TUDN, fuboTVMonday, May 18If Werder Bremen is going to stage a late run to avoid relegation, it’s going to have to start at home Monday against fifth-place Bayer Leverkusen. Bremen has some promising attacking players, like American youngster Josh Sargent and Kosovar winger Milot Rashica, but they’ll need to figure out a way to stop Kai Havertz and the free-scoring Leverkusen side.TimeGameTV Channel2:30 p.m.Werder Bremen vs. Bayer LeverkusenFS2, Fox Deportes, fuboTVHow to watch Bundesliga soccer in the USATV channels: FS1, FS2, FOX Soccer Plus, FOX Soccer Match Pass, TUDN, UniMasLive stream: fuboTV (7-day free trial)For those with cable, FOX will have you covered throughout the weekend on FS1 and FS2. Those with access to FOX Soccer Plus and FOX Soccer Match Pass can also watch the games. Those without cable looking to stream the games can do so on fuboTV, which offers a seven-day free trial. Bundesliga standingsBayern Munich currently sits at the top of the table with 55 points, but it’s far from over. The Bavarians still have to face three of the other top five sides: at second-place Borussia Dortmund (51 points), at fifth-place Leverkusen (47 points) and at home against fourth-place Borussia Monchengladbach (49 points), so the title, as well as the fourth Champions League spot, is still up for grabs.Towards the middle of the table is a battle for sixth-place to claim the last Europa League spot. Schalke currently holds the positon, but only nine points separates them from 13th-place Hertha Berlin, so it’s a tight contest.At the bottom are Paderborn and Werder Bremen, though Bremen has a game in hand on 16th-place Fortuna Dusseldorf and only trails by four points. The team that finishes 16th at the end of the season plays in a relegation playoff with the third-place team in Bundesliga 2.Pos.TeamGamesPointsWinsDrawsLossesGoal Difference1Bayern Munich25551744+472Borussia Dortmund25511564+353RB Leipzig25501483+364Borussia Monchengladbach25491546+195Bayer Leverkusen25471456+156Schalke25379106-37Wolfsburg2536997+48Freiburg25361069-19Hoffenheim253510510-810Koln253210213-611Union Berlin25309313-912Eintracht Frankfurt24288412-313Hertha Berlin25287711-1614Augsburg25277612-1615Mainz25268215-1916Fortuna Dusseldorf25225713-2317Werder Bremen24184614-2818Paderborn25164417-26last_img read more

Your Stories Your Questions Your Answers

first_imgby, Kavan Peterson, Editor, ChangingAging.orgTweetShareShare1Email1 Sharesmarketing-storytelling-3-actsI don’t usually make a big deal out of New Years but this year it coincided with some big changes for the blog worth highlighting to our readers in a special New Year’s sneak preview.This week ChangingAging debuted an updated homepage and we will begin launching — with your help — some major new features designed to put you and your stories at the center of the ChangingAging universe. In particular, we want to hear from readers about their Journeys in aging (no matter what age) and we want to provide a platform for readers to ask their Questions about Aging and Caregiving that will allow the ChangingAging community to provide answers, advice and wisdom.Dr. Bill Thomas will curate the questions and the stories shared in our new Journeys section. Our hope is that these features will allow us to tap into and showcase the unparalleled experience and collective wisdom of our readership.We’ve been working on these features for several months but the update coincides with a really nice profile of me published by Provider Magazine this week that focused (not coincidentally) on my passion for storytelling.Everything we are doing depends on compelling story telling — changing the way people think about aging, combating ageism, building a new and positive old age through culture change — none of this will happen unless we show the world what is possible through stories.Our first effort to support pro-aging storytelling was to launch the ChangingAging Blogstream, which connects dozens of pro-aging blogs into one network and features their news feeds on ChangingAging. We also converted ChangingAging into a multi-blog WordPress platform that allowed users and organizations to signup to create their own free blog.To complement our efforts to promote pro-aging stories through the Blogstream our next push is to showcase your stories on ChangingAging. We will really depend on our loyal readers to help us launch these new features — we need to hear about your Journeys and your Questions.Our new Submissions page is now live and ready to accept your stories and questions.Related PostsGet Ready To Share Your Story (And Preview the New ChangingAging)I know I said we would be revealing our new design this week but as you can imagine we’re still working out some bugs and it’s not quite ready to launch. It’s also been an extremely busy week with the big Erickson School Look Who’s Aging conference in Florida so…We Want You! For the ChangingAging BlogstreamWhat can we do as pro-aging advocates to change the way society thinks about aging? Under normal circumstances, we’d be dependent on the mainstream media. Traditional outlets (print, broadcast and electronic) reach hundreds of millions people everyday. Fantastic! Except for the fact that the mass media is the most ageist…ChangingAging Weekly Blog RoundupIt Starts Here — Announcing the ChangingAging Blogstream The mass media is the most ageist element of our society — it will not help us change aging. There is an alternative option to get our story out. It’s BIG. It’s powerful. It’s under our control. It’s called Social Media. One…TweetShareShare1Email1 Shareslast_img read more