“We note that there have been violations of guidelines, rules and laws”Julie Brodtkorb, the leader of Norges Bank’s supervisory councilIn his introductory statement, Olsen said he understood the supervisory council’s desire to remove risk, but that any company board had to make trade-offs between different types of risk.“With the agreement that has now been established, the executive board believes that we have stopped possible conflicts of interest,” he said.Other points of contention raised at the hearing included the use of tax havens by parts of Tangen’s finance empire surrounding his main firm AKO Capital.While Brodtkorb repeatedly warned of the danger of undermining confidence in both Norges Bank and the GPFG, Olsen pointed several times to Tangen’s qualities and experience which he said had set him far above any other candidate for the CEO job.“He has unique experience gained from international asset management and can point to impressive results. At the same time, he is an innovative and committed leader with a deep understanding of the strategic challenges facing the oil fund,” Olsen said.The finance committee is now due to compile a report on the matter by 21 August, just days before Tangen is to take up his new job as NBIM CEO on 1 September, replacing long-term incumbent Yngve Slyngstad.While the parliamentarians do not have power to prevent Tangen’s appointment, any politically broad-based criticism of Norges Bank’s leadership could nevertheless put it under strain. Parliamentary overseers say laws were broken in the SWF chief hiring.Looking for IPE’s latest magazine? Read the digital edition here. The governor of Norway’s central bank was grilled by parliamentarians this afternoon about his handling of the highly-controversial hiring of hedge fund billionaire Nicolai Tangen as the new leader of the country’s NOK10.3trn (€970bn) sovereign wealth fund.Answering questions in a finance committee hearing, Øystein Olsen said: “We were aware that the appointment would attract attention. But, well, we did not foresee this whole storm that has happened.”Olsen’s testimony to the cross-party panel followed that of Julie Brodtkorb, the leader of Norges Bank’s supervisory council.She told the politicians that despite complex efforts made by the bank and Tangen to separate him from his vast financial interests during his coming tenure as CEO of Norges Bank Investment Management (NBIM), the risk of conflicts of interest was still there. Brodtkorb referred to ethical guidelines for employees of Norges Bank which stated that staff could not have personal interests which could cause conflicts of interest or which could be perceived as giving rise to such conflicts.She said Norges Bank had made a written assurance that the risk of conflicts of interest between Tangen’s personal wealth and his role as leader of the Government Pension Fund Global (GPFG) had been, for all practical purposes, eliminated.“The supervisory council does not share this opinion,” she told the committee, which had co-incidentally been convened on Tangen’s 54th birthday.Asked by the committee’s leader, Labour Party member of parliament Hadia Tajik, about the handling of the appointment by Norges Bank’s executive board – which Olsen leads – and how it could affect the GPFG’s reputation, Brodtkorb said:“We do not want to give opinions or make statements about what the consequences are, but we note that there have been violations of guidelines, rules and laws.”
Syracuse (4-6, 2-4 Atlantic Coast) had its best offensive output in nearly two months on Saturday, but Wake Forest shredded the SU defense in a 64-43 Demon Deacons win in the Carrier Dome. For the first time in Dino Babers’ career as a head coach, his team entered the fourth quarter with a lead and lost. With two games left on the schedule, SU needs two wins to become bowl-eligible.Stock upRavian PiercePierce is the tight end SU and Babers have not had before. The junior college transfer has settled in as a solid third target alongside the receiving duo of seniors Steve Ishmael and Ervin Philips. Pierce adds a new wrinkle to the Orange offense that defense cannot take lightly. Pierce finished Saturday with four catches for 52 yards but two of those receptions were for touchdowns and a third went for a first down.When SU’s offense clicks as it did in the first half, Pierce’s value is much more apparent. Both of Pierce’s touchdown catches came from play-action. If SU can maintain a decent rushing attack — it ran for 178 yards against Wake Forest — Pierce will only have a better chance to exploit slower linebackers and safeties.Moe NealThe sophomore running back has been an interesting case all season. He is one of the team’s best big-play threats but has struggled to earn consistent touches. Part of the reason could be because of junior Dontae Strickland’s pass-blocking skills. Yet Neal has said he’s fine with being patient until he gets his chance. On Saturday, he finished with 12 carries to Strickland’s nine, the first time he surpassed Strickland in that regard this year.Neal rushed for 86 yards, averaging 7.2 yards per carry. Strickland added a touchdown and 59 yards of his own. With the status of SU’s best rushing threat, junior quarterback Eric Dungey, still unknown for next week, that kind of production from the running backs will be imperative to continue offensive success.AdvertisementThis is placeholder textSpecial TeamsBabers said last week that he needed sophomore receiver/return man Sean Riley to catch more punts. Riley caught two of Wake Forest’s four punts and didn’t allow SU to get pinned inside its own 20-yard line once. But his contribution was seen most on kickoffs, where he took five returns for a total of 121 yards, highlighted by a 38-yard return.SU’s special teams also came through with a massive play when redshirt junior defensive tackle Chris Slayton blocked a WFU extra-point attempt that would have tied the game. Instead, sophomore corner Scoop Bradshaw picked up the ball and returned it for two more SU points. The Orange didn’t score again.Stock downThe defenseSyracuse didn’t have its best player and offensive leader but still scored 43 points. That should always be enough to win at home, but it wasn’t because the SU defense had its worst showing since allowing 76 points to Pittsburgh in last season’s finale. Twenty-four of the 64 points SU surrendered came in the fourth quarter.Leading tackler Parris Bennett finished with only six total tackles. John Wolford, Wake Forest’s quarterback, amassed nearly 500 yards — 363 through the air and 136 more on the ground — and accounted for six touchdowns. Running back Matt Colburn II added two more scores and 237 yards. Much of WFU’s success running the ball came from SU’s failure to stop the run-pass option.Up next in a must-win game as Syracuse faces Louisville and one of the country’s most dynamic dual-threat quarterbacks, reigning Heisman Trophy-winner Lamar Jackson. A repeat defensive performance would almost certainly mean SU’s seniors will never play in a bowl game.Zack MahoneyThe fifth-year senior didn’t look like a backup quarterback during the first half, throwing for 297 yards and three touchdowns. The second half was different. Mahoney completed 11 passes after the game’s midway point and tossed two costly interceptions in the fourth quarter.On a crucial fourth down with six minutes left that was essentially a final chance for SU to climb back, SU pulled Mahoney, who had spiked his previous pass several yards short of his target. An ice-cold Rex Culpepper threw an incompletion and Wake Forest took over possession at SU’s 30-yard line.Mahoney re-entered the game on SU’s next drive but the brief benching said it all. He was not the quarterback he was in the first half and SU needed better. Mahoney could have to start again next week if Dungey is again unable to play.Devin C. ButlerPossibly the greatest flaw in SU’s offense is its depth after its top two wide receivers. Butler, a sophomore, is one of a few players who could remedy that problem. He got most of the snaps at the second outside receiver slot opposite Ishmael and finished Saturday with five catches for 49 yards. But he had two costly drops. Though it wasn’t the reason for the loss, SU will need Butler to step up in an amplified role if it wants to appear in a bowl game. Comments Published on November 12, 2017 at 5:55 pm Contact: [email protected] | @jtbloss Facebook Twitter Google+
Manchester United and Chelsea played out a 0-0 draw at Old Trafford on Monday in a game that failed to live up to its pre-match billing.The fixture marked the first time that David Moyes locked horns with Jose Mourinho as United manager but neither manager could gain the psychological upper hand, although the point puts the Blues clear at the top of the Premier League.Oscar tried to prise open a tight United defence in a lacklustre first half but twice wasted good opportunities with weak efforts straight at David de Gea. Robin van Persie had United’s best effort when he hit the side netting from inside the area.The second half followed a similar pattern and England international Danny Welbeck will rue his wastefulness after digging an effort wide after good work from Wayne Rooney. United also had claims for a penalty when a Tom Cleverley shot struck Frank Lampard’s hand in the box.Moyes named Rooney in his starting XI for the first time, with the striker the subject of two rejected bids during the close-season from Monday night’s opposition. Ryan Giggs dropped to the bench to allow for his inclusion.Chelsea started the game with a surprise as Andre Schurrle led the line. Kevin De Bruyne was also given the nod as Juan Mata and Demba Ba were omitted from the side that started against Aston Villa on Wednesday. Both sides struggled to create openings in a tepid opening 45 minutes. It was the away side who had the first chance in the 10th minute when a low De Bruyne cross rebounded to Oscar who hit a tame effort straight at De Gea.Chelsea had managed to quash the threat Van Persie for the opening 20 minutes but the Dutchman had United’s first meaningful effort. Michael Carrick dispossessed Ramires in midfield and the former Arsenal man picked up the loose ball on the edge of the box but he went too wide before firing his effort against the side netting.Rooney then had his first effort on goal. He showed a neat piece of skill to feint inside Gary Cahill but his shot from 20 yards was weak and rolled harmlessly to Petr Cech.United were beginning to enjoy more of the ball and, in the 38th minute, Phil Jones’s low cross was only half-cleared by John Terry and Cleverley hit a first-time shot from 20 yards that cleared the crossbar.The half ended with a weak shot from Oscar after a series of neat passes in the Chelsea midfield – the Brazilian will feel that he could have done more to trouble De Gea. After a slow start to the second half, United should have taken the lead after 56 minutes. Rooney showed good control just outside the area before slipping a neat through-ball to Welbeck but the striker fluffed his lines as he chipped his effort over from 10 yards.Cahill was unlucky with a 30-yard drive that De Gea got down well to save, before United had claims for a penalty.Cleverley’s half-volley hit Lampard’s hand in the area but referee Martin Atkinson deemed that the midfielder had not deliberately made contact with the shot.Rooney almost had the last say late on when he tested Cech with a strong 25-yard effort. The shot may have been going wide but the Chelsea man took no chances.With two minutes remaining, United had another penalty shout when John Obi Mikel turned into Van Persie’s volley but the decision would have been harsh on the Nigerian who knew had no time to dodge the shot.