“A broader investment universe will thus not automatically mean that the Bank actually invests the fund in unlisted equity,” they said.“If the Ministry does permit unlisted equity investments, the Bank will approach investment opportunities and build expertise gradually, invest via and alongside others in a responsible manner that safeguards the fund’s ownership interests, and share relevant information with the public,” the men wrote.They said the detailed investment strategy for private equity would be set by Norges Bank’s executive board later on, based on more analysis.NBIM agreed with the ministry’s idea that the bank should have responsibility for deciding how much should be invested in private equity, as was the case with the fund’s allocation to unlisted real estate.Real estate was removed from the GPFG’s benchmark index from 1 January 2017, but the asset class remains part of the investment universe, effectively allowing NBIM to decide on the allocation up to a stipulated upper limit.NBIM said the ministry could set an upper limit for private equity too, and suggested this could be about 4% of the fund, or 6% of its equity portfolio.This was the allocation indicated if the fund’s stake in the private equity sector were to equate to its average stake in companies included in the benchmark for equity, it reasoned in the letter.“The Ministry could also choose to set a lower limit,” Olsen and Slyngstad added.The pair said it would “take a long time to build up a portfolio”.NBIM noted in its letter that other SWFs had allocated 8.5% of their capital on average to unlisted equity at the end of 2016, up from around 4% in 2000.Back in August, the ministry appointed two expert groups to review aspects of how the GPFG invests, including one to assess whether it should be allowed to invest in unlisted equities, and the other to analyse the performance of its active management. The manager of Norway’s giant sovereign wealth fund is recommending the government allows the fund to extend its investment universe to include unlisted equities.In a letter to the Norwegian Finance Ministry, the leaders of Norges Bank Investment Management (NBIM) suggested a cap of 4% on any allocation to private equity. This could amount to as much as €35bn based on the Government Pension Fund Global’s (GPFG) NOK8.5trn (€881bn) investment portfolio.The letter – signed by Øystein Olsen, chairman of the central bank Norges Bank, and Yngve Slyngstad, NBIM’s chief executive – was in response to a request from the ministry made at the end of June for the manager’s opinion on whether the investment universe for the fund should be expanded to include investments in unlisted equity.The pair emphasised that NBIM would only make investments if individual deals would help boost the fund’s overall risk-return profile.
Egypt head coach Hossam El Badry recalled Liverpool striker Mohamed Salah to his latest squad for November’s Africa Cup of Nations qualifiers.El Badry agreed to rest Salah for the 1-0 friendly win over Botswana earlier this month.The Pharaohs begin their 2021 Nations Cup campaign against visiting Kenya on 14 November before travelling to face Comoros four days later. There is a also a recall for forward Mahmoud Abdul Monem ‘Kahraba’ for the first time since the 2018 World Cup in Russia.Kahraba is currently in Portugal playing for Aves and has managed one goal in four matches for them this season.The coach has also included four new faces from local teams – Al Ahly’s Mahmoud Wahed, Marwan Hamdi of Wadi Degla, Pyramids’ Mohamed Farouk and Ahmed ‘Zizo’ Sayed, who plays for Zamalek.Egypt Squad:Goalkeepers: Mohamed El Shenawy (Al Ahly), Mohamed Awad (Zamalek), Mohamed Bassam (Al Gaish).Defenders: Ahmed Fathi (Al Ahly), Ragab Bakar (Pyramids), Mohamed Hani (Al Ahly), Mohamed Hamdi (Pyramids), Mahmoud Alaa (Zamalek), Rami Rabia (Al Ahly), Ahmed Hegazi (West Bromwich Albion, England) ,Baher Elmohamed (Al Ismaily), Ayman Asharf (Al Ahly), Abdullah Gomaa (Zamalek), Mahmoud Wahed (Al Ahly)Midfielders: Tarek Hamed (Zamalek), Amr Solyia (Al Ahly), Hamdi Fathi (Al Ahly), Omar Gaber (Pyramids), Mohamed El Neny (Beskitas, Turkey), Abdullah Al Saied (Pyramids), Mohamed Magdi Afsha (Pyramids), Hussien Al Shahat (Al Ahly), Ahmed ‘Zizo) Sayed Zezo (Zamalek), Mohamed Farouk (Pyramids), Islam Issa (Pyramids),Forwards: Hossam Hassan (Smouha), Marwan Hamdi (Wadi Degla), Ahmed Gomaa (Al Masry), Ahmed Hassan Kouka (SC. Braga, Portugal). Mahmoud Hassan Trezeguet (Aston Villa, England), Mahmoud Abdel Monem Kahraba (Aves, Portugal), Mohamed Salah (Liverpool, England)Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegram
DDTV: GARDAÍ say they are reviewing a case where a Donegal man who failed a breath test had the case against him dropped.Assistant Commissioner with the National Traffic Bureau John Twomey said he didn’t believe the case would have “any impact on further such cases”. He said the decision was being reviewed at senior level, but that no changes to procedure were envisaged.However the man involved in the case – reported on Donegal Daily – will NOT face new charges.His case has already been struck out and cannot be re-entered.Sean McKeown had his case struck out after the DPP decided it would not pursue the case against him.McKeown, 40, of Abbey Park, Manorcunningham was stopped by Gardai on November 13, 2011 and admitted to drinking and then subsequently failed a breath test.However solicitor Ciaran MacLochlainn had argued that the case should be struck out because it was illegal.He said the Mandatory Alcohol Testing (MAT) checkpoint was unlawful because the document authorising it had listed three different townlands.The solicitor quoted legislation saying “An authorisation shall be in writing and shall specify the date on which and the public place in which the checkpoint is to be established.”He told Judge Kelly: “It is clear that once an officer above the rank of inspector has signed authorisation for a MAT checkpoint that it must only specify one public place and one only.“The law does not allow for multiple choices for gardai below that rank and in this case that is precisely what the authorisation allowed for.The case had been put back until yesterday to allow the Director of Public Prosecutions to review the case.Garda Inspector Goretti Sheridan told Letterkenny District Court yesterday that the DPP had advised to withdraw the case.Solicitor MacLochlainn told Judge Paul Kelly previously that he had already had a similar case struck out.It is now feared that hundreds of similar cases due to come before the courts since the 2004 Road Traffic Act could also be challenged.It is now understood that Gardai name one specific location and not multiple locations for MAT checkpoints.DDTV: GARDAI TO REVIEW DONEGAL DRINK DRIVE CASE – BUT MAN CAN’T BE CHARGED AGAIN was last modified: January 21st, 2014 by John2Share this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window) Tags:DDTV: GARDAI TO REVIEW DONEGAL DRINK DRIVE CASE – BUT MAN CAN’T BE CHARGED AGAIN