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JAMESTOWN — The District 12 delegation plans to introduce the Chinese Divestment Act in the North Dakota Legislature, which will require the State Investment Board to divest all its North Dakota Legacy Fund investments in China. Rep. Bernie Satrom, R-Jamestown, said the bill is with the Legislative Council. ADVERTISEMENT If the legislation becomes law, North Dakota will join six other states that have recently pulled their investments in China — Kansas, Indiana, Missouri, Oklahoma, Florida and Texas. “Divesting our Legacy Fund holdings in China is long overdue,” the District 12 delegation said in a news release. “We have been voicing our concerns for years about our investments in Chinese-controlled companies involved in espionage, fentanyl, pornography, banking and real estate. But it looks like it will take legislation to get the State Investment Board to finally act on those concerns.” Two major entities have joined the growing trend to divest from China — the Federal Retirement Thrift Investment Board, which is the main U.S. federal government pension fund, and the state of Texas — in just the last few weeks, the District 12 delegation said in the news release. Texas Gov. Greg Abbott issued a “stark directive” ordering all state investing agencies to halt Chinese investments and liquidate existing holdings, the delegation said. Unless amended, the Chinese Divestment Act will apply only to Chinese holdings in the Legacy Fund — not the state’s pension funds — but will include any “underlying” investments in China that the SIB may hold in “commingled” funds. Investments in those commingled funds are being covered up by the State Investment Board, according to the delegation. Jan Murtha, executive director of the North Dakota Retirement and Investment Office, wrote in a response to Sen. Cole Conley, R-Jamestown, who requested records about Legacy Fund investments, that her office would not be able to provide him with the “holding level information” for 11 commingled funds. Holding level data refers to stocks and bonds the Legacy Fund owns. A commingled fund is a holding in a portfolio, Murtha wrote. “In a commingled fund, an investment is the pooling of assets from multiple investors into a single account, while the commingled fund holding is the result of that pooling,” she wrote. “ ... The commingled fund must comply with all applicable laws and will not invest in securities sanctioned by the US Treasury. When the Legacy fund is invested in different types of commingled funds, the Legacy fund owns a proportional share of that fund. The Legacy fund does not directly own the underlying securities in the fund's portfolio.” ADVERTISEMENT In 2010, North Dakota voters approved a measure that created the Legacy Fund, which is a perpetual source of state revenue from the finite national resources of oil and natural gas, according to the Office of State Treasurer’s website. Thirty percent of the taxes on petroleum produced and extracted in North Dakota are transferred to the Legacy Fund monthly, according to the North Dakota Retirement and Investment Office’s website. The Legacy Fund has almost $11.5 billion as of Oct. 31. Legacy Fund investments Satrom said the Legacy Fund is or has been invested in Chinese companies that have been flagged by the U.S. government for assisting the Chinese military industrial complex and helping with the distribution and financing of the fentanyl drug trade. He said the Legacy Fund is currently or has invested nearly $230 million in 89 companies in China in the past four years. He said the 89 companies are only what has been disclosed in a few open records requests between 2021 and 2024. Satrom said the Legacy Fund is or has been invested in the following Chinese companies among others with these concerns: Satrom also noted the Legacy Fund is or has been invested in companies that compete with North Dakota’s oil and gas industry. “We have problems getting capital coming, having people come here to invest, and then we're shipping all this money, not only outside of North Dakota, but outside of our country,” he said. “So we're investing in everybody else's future but our own.” ADVERTISEMENT Satrom previously said the Legacy Fund is or has been used to invest in banks that have joined the Net-Zero Banking Alliance. The Net Zero Banking Alliance is a United Nations-backed group of leading global banks committed to aligning their lending, investment and capital markets activities with net-zero greenhouse gas emissions by 2050, according to the United Nations Environment Programme's website. State Treasurer Thomas Beadle, a member of the State Investment Board, said investments are in accordance with U.S. State Department and U.S. Securities and Exchange Commission guidelines and requirements. “There's a healthy list of those from a number of areas, anything that is on these bad actor lists by the U.S. State Department or the SEC or any of the federal guidelines, that's the direction that our fund managers have been given to look towards and make sure that they're not investing in any of those companies because those companies would be ones that the federal government has identified as being a bad faith actor that could be involved in espionage, spying, etc.,” he said. “We are very clear with our fund managers not to invest in any companies along those lines.” Beadle said there are investments with exposure to companies that operate in China. “We primarily have that exposure through index funds, where we buy shares within an index and then that index happens to have holdings from different companies and different funds,” he said. “So that's where our primary exposure is into really all emerging markets, China included. Our exposure is more like 1.9% of our international fund, whereas the markets might say it should be more like 4 1/2% for the index.” Beadle said he doesn’t have a problem with divesting Legacy Fund investments from Chinese-owned companies. “But we need to also recognize what is the scope of that,” he said. “Is it just divesting from Chinese-owned companies or is it from companies like Apple where 95% of iPhones are still manufactured in China.” ADVERTISEMENT Legacy Fund Transparency Act The District 12 delegation also plans to introduce the Legacy Fund Transparency Act during the next legislative session which will require the State Investment Board to publish every investment in the Legacy Fund. Satrom said the delegation is waiting for the draft of the bill. Satrom said there are more investments in categories — $800 million worth — such as “global region,” “international region” and “emerging markets region” where specific investments are hidden from public view. Satrom said a total of $3.1 billion in 24 funds is being invested from the Legacy Fund where the underlying investments are hidden from public view. He said the District 12 delegation has been denied information regarding those investments and contracts the State Investment Board has signed with over 30 out-of-state money managers. “Our constituents are demanding more accountability when it comes to how their Legacy Fund is being invested all around the world,” Conley said. “And they get particularly upset when they hear that investing in China and Russia is more important to the State Investment Board than investing in North Dakota.” Satrom said he’s not sure who’s even allowed to see the contracts the State Investment Board has with the out-of-state money managers. He also he’s been told that the attorney general has reviewed the contracts. “I'm sure they're just reviewing to make sure ... that the format is proper and legal, and that it's a binding contract,” he said. “I'm sure that's their concern. It's not the content. I'm concerned about the content.” Beadle said he is not familiar with the denial of the District 12 delegation’s request. But he said the information is being withheld if it is commercial confidential information when the request is for a fund manager. ADVERTISEMENT “If they want to see all of the holdings by fund manager A, we can't specifically give them that if it's under commercial confidential information for a private equity fund or a private fund manager because that gives away kind of their secret sauce blend,” he said.Robert Kraft needs to take a long, hard look at his football team
NoneThe Minister of Livestock Development, Idi Maiha, has said the livestock sector, if properly nurtured, can contribute N33tn to the nation’s economy. The minister stated this at an inaugural meeting with the House of Representatives Committee on Livestock Development on Tuesday in Abuja. He noted that once unbundled, the sector has the potential to attract a lot of investment in the country. The minister said Nigerian businessmen have already indicated interest in going into ranching and dairy farming across the country. “At the moment we are taking stock of those state governments that have external ministry of livestock and fisheries. For state governments that have not created, they should give it effect and have a standing Ministry for Livestock for a seamless relationship between the Federal Ministry of Livestock Development and the State Ministries of Livestock as the case may be. “This sector sector is worth about N33tn once unbundled. Once unbundled, we have a huge opportunity to attract capital into the country as well as have a lot of ranchers. Related News Domestic transactions hit N3.73tn on NGX Minister hails TEFFund contribution to economic growth Rising malaria prevalence in Ogun worrisome – Minister “At the moment, we have a lot of requests from Nigerian businessmen who want to go into ranching and dairy activities. “So it is a question of settling down and unbundling this Ministry, giving it to the formal sector so that it can be derisked and people will know that beyond what everybody has been saying before the creation of this Ministry, there is a strong political support from the office of the President and then this committee,” the minister said. The Chairman of the Committee, Wale Raji, called for the transformation of the livestock sector for meaningful economic growth. He said the committee understood the urgency the sector needs and promised to legislative partnership for the development of the sector. “The only regret is that the creation of the ministry is coming this late. But our consolation is that it is better late than never. And with your wealth of experience as a technocrat and also a practicing farmer, we do not doubt that we have a round peg in a round hole. The whole essence would be towards the development and progress of the country,” he said
Mark Scheifele bags hat trick in Jets' romp over Maple Leafs
The Container Store, buffeted by rough housing market and competition, seeks bankruptcy protection
Thanks to their star players, the Winnipeg Jets gave their fans an early Christmas present Monday afternoon, downing the Maple Leafs 5-2 in Toronto. Toronto was the better team for the bulk of the opening period before the Jets earned the game’s first power play with just under five minutes to go in the first and their top-ranked unit cashed in. Off a faceoff win, a Josh Morrissey point shot was tipped in front by Gabriel Vilardi, creating a big rebound that ricocheted to Kyle Connor, who buried it past Joseph Woll for his 20th goal of the season. After a slow start, Winnipeg wound up outshooting Toronto 11-8 in the opening 20 minutes and carried their 1-0 lead into the second, where it didn’t take long for them to expand their lead. Just over a minute into the period, Mark Scheifele blocked a shot near the Winnipeg blue line and the puck caromed into the neutral zone. Scheifele tracked it down and skated it into the Leafs’ end where he waited patiently for a hard-charging Connor to drive the net. Scheifele then slid a perfect pass that Connor steered into the goal for his second of the afternoon, giving Winnipeg a 2-0 lead. Not long after, Max Domi instigated a fight with Alex Iafallo (the first fighting major of Iafallo’s career), giving the Jets their second power play look of the day. The Leafs had the best scoring chance on the Winnipeg power play when Mitch Marner blocked a shot and tried to skate away from Neal Pionk for a breakaway but as Marner tried to begin a deke on Connor Hellebuyck, Pionk executed a textbook stick lift to knock the puck away. A double-minor high stick penalty to Mason Appleton at the 4:16 mark of the period gave Toronto an excellent chance to get back into the game, and they took advantage thanks to their star players as an off-speed pass from Marner fooled the Jets before landing on the stick of John Tavares for a back-door tap-in. The goal came during the first leg of the double-minor, giving Toronto two more minutes to try and draw level on the power play but the Jets killed it off to maintain the 2-1 lead. With the Leafs still pushing to tie the game late in the second, Haydn Fleury went down awkwardly and clutched at his knee. He very slowly got to the bench with some help and had to leave the game, forcing the Jets to finish the game with five blueliners. At the 3:27 mark of the third, Winnipeg’s top line got back to work. Gabriel Vilardi made a great play to knock down the puck in the Toronto end and corral it before sending a perfect back-door pass that Scheifele redirected past Woll to make it 3-1 with his 19th of the year. With a touch under 11 minutes left, a delay of game penalty sent Toronto back to the power play. Early in the man advantage look, the Jets got a shorthanded 2-on-1 but Iafallo was turned aside by Woll. Toronto wasn’t able to parlay that into anything though as the score stayed 3-1, but not for long as Winnipeg’s stars came through again. With just over eight minutes left in the third, Scheifele found himself alone in front of the Toronto net and his initial try was stopped by Woll but he kept digging away and the puck eventually trickled over the goal line to make it 4-1. Tavares got the Leafs back within two with 6:18 to go, burying a shot from the slot in transition for his second of the game. With just over 2:30 to go, Woll went to the bench for an extra attacker but Toronto couldn’t generate much of a push through the Jets defence before Scheifele found the empty net with 21 seconds left to seal the win with a third period hat trick, the tenth of his career and second of the season. Hellebuyck turned aside 23 shots to earn the win as the Jets enter the Christmas break in first place in the NHL with 51 points. They will return to action Saturday when they host the Ottawa Senators.
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