ATP Finals: Daniil Medvedev defeats Alexander Zverev in his opening Tokyo Group clash | Tennis News

first_imgOn the court, Zverev has appeared unaffected, but his recurrent second-serve troubles reared their head early on in this contest.The 23-year-old served six double faults in his first three service games, losing two of them, and the second break saw Medvedev take control after a series of lengthy rallies and close games.A break in the seventh game of the second set put the Russian within sight of the finish line, and in the next game he pulled out an underarm serve. Zverev scrambled well to retrieve it but miscued a volley. Medvedev will face world No 1 Novak Djokovic on Wednesday Medvedev will face world No 1 Novak Djokovic on Wednesday

Ethical exclusions dented NBIM equity return by 1.1% since 2006

first_imgIn its report for the previous year, the investment manager had said exclusions and the associated re-weighting had detracted 1.17 percentage points from performance since 2016.Norway’s Ministry of Finance first issued guidelines for the observation and exclusion of companies from the NOK7.8trn (€856bn) sovereign wealth fund in November 2004. The guidelines involved one set of criteria relating to specific product types, such as tobacco and weapons, and another based on corporate behaviour that risked, for example, human rights violations, environmental damage, and gross corruption.The first set was broadened to include coal last year, and the second set widened to include greenhouse-gas emissions.In December, the California Public Employees’ Retirement System decided to remain out of tobacco investments, despite a study from one of its consultants that showed the ban had cost it $3bn (€2.8bn) in lost returns between 2001 and 2014. Norway’s Government Pension Fund Global (GPFG) missed out on an additional 1.1% gain on its equity portfolio over the past 11 years through excluding stocks on ethical grounds, according to the fund’s manager Norges Bank Investment Management (NBIM).In its 2016 return and risk report, NBIM said in the context of its ethical investment: “Over the last eleven years, the equity benchmark index has returned 1.1 percentage points less than an index which is unadjusted at constituent level.”Between 2006 and 2016, product-based exclusions – such as bans on tobacco and weapons manufacturers – reduced the return on the equity index by close to 1.9 percentage points, NBIM said in the report.“This effect has to some extent been mitigated by the positive contribution of the conduct-based exclusions, primarily the environmentally based exclusions of mining companies,” the report said. Other exclusion criteria, meanwhile, had only a minor effect on the return on the benchmark index, NBIM said.last_img read more