At the end of 2016, the fund's equity investments were split between investments in the financial sector (23.3 per cent), industrial companies (14.1 per cent), consumer goods (13.7 per cent), consumer services (10.3 per cent), healthcare (10.2 per cent), technology (9,5 per cent), oil and gas (6.4 per cent), basic materials (5.6 per cent), telecoms (3.2 per cent) and utilities (3.1 per cent).
Going forward, the Ministry of Finance will obtain further information and notify Parliament about the ongoing work in the Report on the Management of the Government Pension Fund, to be submitted in the spring of 2018.
The plan would entail the fund, which controls about 1.5% of global stocks, dumping as much as $40 billion of shares in worldwide giants such as Exxon Mobil Corp. and Royal Dutch Shell.
Matsen said "now is a good time" for the proposal because otherwise the new 70% threshold will result in the fund buying even more oil and gas shares because it tracks indexes that include such stocks.
The fund's biggest oil and gas holding at the end of 2016 was $5.36bn in Anglo Dutch firm Shell, followed by $3.06bn in ExxonMobil, $2.04bn in fellow United States oil firm Chevron, $2.02bn in the UK's BP, and $2.01bn in France's Total.
The proposal came in a letter sent by the central bank to the finance ministry and signed by its governor, Oeystein Olsen, and the chief executive of the fund, Yngve Slyngstad, Deputy Central Bank Governor Egil Matsen said in an interview.
The sovereign wealth fund is the world's largest. In periods of stable oil prices, the returns on oil and gas stocks have largely moved in tandem with the broad equity market.
In addition to its holdings via the fund, Norway has exposure to oil and gas via large untapped offshore hydrocarbon reserves, as well as its 67 per cent stake in the national oil company, Statoil.
Oil and gas stocks would be replaced by investments in other companies.
"This is the biggest pile of money on the planet, most of it derived from oil-but that hasn't blinded its owners to the realities of the world we now inhabit", said McKibben.
The aim is primarily to reduce the fund's exposure to oil price fluctuations.
If it decides to back the central bank's proposal, the country's parliament would be able to vote on it in June 2019 at the earliest. However, it made clear that its recommendation involved divesting from existing oil and gas shares as well as ruling out future investments.
While the fund says the plan isn't based on any particular view about the future of oil prices or the industry as a whole, it will likely add to pressure on producers already struggling with the growth of renewable energy supplies.
And analysts warned that the central bank's proposal could have a knock-on effect on the sector.
This is identical to Jio's Rs. 1,999 plan , which also gives 125GB data and unlimited voice, SMS and roaming for 180 days. According to the details, Vodafone will offer unlimited local and STD calls to any number in India, even on roaming.
In October, inflation rate for the food basket increased to 1.9 per cent from levels of 1.25 per cent in September. The Consumer Price Index (CPI) for October has went up by 3.58 per cent in comparison to same period past year .
MSRP has not been announced for the 2019 Chevrolet Corvette ZR1 , but it is expected to arrive in dealerships this spring. Buy or sell your exotic vehicle at duPontREGISTRY.com and check back with Autofluence.com for more supercar news.
The company says that it is providing state and federal regulators "with accurate and confirmed information on an ongoing basis". State regulators have already granted construction permits for the pipeline.
All the money raised goes directly to Briskman, he says on the site. "Juli Briskman is an inspiration to us all". Well the public didn't seem to think that was fair and a Go Fund Me account was launched for the mother of two.
Amazon will certainly survive if it gambles on Lord of the Rings and falls short of taking the crown away from Game of Thrones . Rather than a behemoth series of three 3-hour films however, the new Amazon project will be a television series.
But it was not made clear what law would be changed and no one knew what legislation they were casting their opinions on. Parents would also be allowed to remove children from classes where lessons go against their views on marriage.
Restaurants in hotels with rooms above Rs 7,500 per day would continue to pay 18 percent GST with the benefit of input credit. Friday's developments should hopefully be the start of making a fundamentally sound idea good in theory as well as practice.
The Russian mission to the United Nations was not immediately available for comment on the impending council vote. Thursday's resolution received 11 votes in favor and two against, with two abstentions.
To put that into perspective, over 50% of all iOS devices have already been updated to iOS 11 less than two months after launch. Last year's version, Android 7.0/7.1 Nougat, is building up a head of steam in its efforts to overtake Android 6 Marshmallow.
Goodell and Jones have had their rivalry intensified by the recent suspension of Cowboys running back Ezekiel Elliott . However, Goodell apparently believes he's doing a fine job and would like to continue doing it.
Two Major 'Suits' Stars Not Returning for Season 8
His and Meghan's contracts are up at the end of season seven, the current series, and he's believed to want to take some time off. The USA network and a spokesperson for the actor both declined to comment.
Jones' injury opens door for Packers' Williams
But if they can win a few of those games, and Aaron Rodgers is eventually cleared to play, it could be enough. Packers rookie third-string running back Jamaal Williams took over from there with 67 yards on 20 carries.
Opec Likely to Extend Supply Cuts to Rebalance Market
Bahrain said over the weekend that an explosion that caused a fire at its main oil pipeline on Friday was caused by sabotage. Stocks were 154 million barrels above the five-year average, the excess that OPEC aims to eliminate.
Why a Star Wars game is making Reddit really mad
DICE also confirmed that they will be hosting a Reddit AMA on Wednesday to discuss key topics with players. Star Wars Battlefront II will be released for Xbox One, PC and Playstation 4 on November 17.
Taylor Swift to bring stadium tour to Nashville in August 2018
The music superstar will perform in Indianapolis on Saturday, Sept. 15, 2018, as part of her just-announced " Reputation " tour. A pair of 2018s major concert tours Taylor Swift and Jeff Lynnes ELO - have announced August stops for downtown Detroit.
The Dream Chaser Spacecraft
The Dream Chaser is being developed to carry cargo to and from the International Space Station without a crew aboard. The company says it will release more information about the test Monday afternoon.