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Large Dutch schemes not keen on investing in Saudi oil giant

first_imgPME, the industry-wide pension fund for metal and electro-technical engineering with assets worth €50bn, said that it would not invest in the Saudi oil company, “as this would be incompatible with our policy on climate and human rights”.Michael Vos, spokesman for APG, said the asset manager did not exclude investments in Saudi Arabia beforehand, and that it would assess any investment for return, risk, costs as well as a company’s reputation for responsible investment.In a policy document on ESG, pension fund ABP said that, as part of its “inclusion policy”, it only targeted investment in companies that were “sustainable, operated responsibly and also delivered proper returns”.Vos confirmed that APG had invested in Saudi government bonds in 2016 through external managers, but said it had sold its holdings in the meantime.He declined to provide details about the reason of the divestment.Vos added that APG had decided not to invest in corporate bonds issued by Aramco earlier this year “as, based on our four main criteria, investment was not attractive at the time”.Carbon footprint mattersIn its annual ESG report for 2018, pension fund ABP said the carbon footprint of its investments had dropped by 28% relative to 2014. It had targeted a 25% reduction in 2020.“As a passive equity investor, we monitor which companies are being included into the FTSE. If Aramco were to be included, it could be possible that we invest in the firm,” said Maurice Wilbrink, spokesman for PGGM.The asset manager also has a €15bn dedicated portfolio of active equity investments aimed at solutions against climate change and to provide clear water, food and care.Despite its drive to reduce the carbon footprint of its investments, PFZW – PGGM’s main client – has not excluded investments in fossil fuel, contrary to, for example, tobacco.Until last year, it tended to replace bad performers among the energy companies in its investment universe by frontrunners, Wilbrink explained.However, this programme has now been completed and internal discussions were ongoing about a new policy for carbon reduction, he said.According to Wilbrink, PFZW had reduced the carbon footprint of its equity portfolio by 40% relative to 2015. The reduction had been achieved in the sectors materials, energy and utilities, he added.He noted that this was short of the target of 50%, and was largely due to emissions increasing faster than assumed in the models the pension fund had used at the time.Ria van der Steen, spokeswoman for PMT, said it would not invest in Saudi government bonds for “fundamental reasons”, citing human rights and labour conditions.She added that the sector scheme was currently formulating its strategy on investments in equity issued by government-owned companies in emerging countries.BpfBouw, the €67bn industry-wide pension fund for the construction industry, declined to clarify its position on the issue. The largest Dutch pension funds are not necessarily keen to particpate in the IPO announced by the giant Saudi oil company Aramco, IPE has learned.The state-owned company launched the IPO on 3 November but a prospectus has not yet been published. It said a price range will be announced in the next few weeks.Both APG and PGGM, the asset managers of the €459bn civil service scheme ABP and the €238bn healthcare scheme PFZW, respectively, only said that investment in Saudi Arabia was possible in principle.PMT, the €86bn sector scheme for metal-working and mechanical engineering, indicated that it may not invest in Aramco.last_img read more

King Kohli passes Bradman as records tumble

first_imgINDIAN captain Virat Kohli has moved past batting royalty like Sachin Tendulkar and Ricky Ponting, scoring his seventh Test double century in the just conluded second Test against South Africa.Kohli moved to 200 early in the final session on day two in Pune, joining England great Wally Hammond and Sri Lanka’s Mahela Jayawardene in scoring seven double tons in Tests.Only the great Sir Donald Bradman (12), Sri Lankan legend Kumar Sangakkara (11) and West Indies icon Brian Lara (nine) have posted more scores of 200 or more in Test cricket.Tendulkar, Ponting, Younis Khan, Javed Miandad, Virender Sehwag and Marvan Atapattu all scored six double hundreds.Playing his 81st Test, Kohli also reached the milestone of 7000 career runs on Friday, moving past Bradman’s iconic figure of 6996 runs that came in 52 Tests.The Indian skipper is the equal-fourth fastest man in history to the 7000-run mark, levelling Sangakarra and West Indian Sir Gary Sobers in achieving the milestone in 138 innings. Hammond’s 131 innings remains the benchmark.Remarkably, Kohli’s seven double tons have come in the space of just 40 Tests since his first in July 2016, during which time he’s averaged almost 67 with the bat.For context, Bradman’s 12 double tons came in 52 career Tests.In his 50th match as skipper, the 30-year-old posted his ninth score beyond 150 as captain, breaking Bradman’s record of eight.He finished unbeaten on 254 from 336 balls, with 33 fours and two sixes, as India piled up a monster score of 5-601 declared.Most Test double hundreds12 – Sir Donald Bradman (52 Tests)11 – Kumar Sangakkara (134 Tests)9 – Brian Lara (131 Tests)7 – Virat Kohli (81 Tests*)7 – Wally Hammond (85 Tests)7 – Mahela Jayawardene (149 Tests)last_img read more

South Florida’s Tennis Star Coco Gauff Scores Another Wimbledon Win

first_img(REUTERS) WIMBLEDON, England – After beating her tennis idol Venus Williams in the first round and Slovakian Magdalena Rybarikova, 15-year-old Cori “Coco” Gauff secured yet another win by beating Polona Hercog, of Slovenia, in the third round at Wimbledon.Gauff, who is playing at a Grand Slam tournament for the first time, saved two match points in the second set and won 3-6, 7-6 (7), 7-5 on Centre Court on July 5.Gauff saved one match point while trailing 5-2 in the second set. She went on to hold serve but then faced another in the next game, set up by an ace from Hercog. The 28-year-old Slovenian player then double-faulted on the next point.Fans of Coco Gauff gathered at her dad’s restaurant, the Paradise Sports Lounge in Delray Beach, to cheer on the 15-year-old sensation.Gauff has been trending worldwide since the beginning on the tournament when she defeated five-time Wimbledon champion Venus Williams in her first match.last_img read more