Wednesday 1st July 2015
NEWS TICKER: WEDNESDAY, JULY 1st 2015: Gerry Rice, director of communications at the International Monetary Fund (IMF), made the following statement today regarding Greece’s financial obligations to the IMF due today: “I confirm that the SDR 1.2 billion repayment (about EUR 1.5bn) due by Greece to the IMF today has not been received. We have informed our Executive Board that Greece is now in arrears and can only receive IMF financing once the arrears are cleared. I can also confirm that the IMF received a request today from the Greek authorities for an extension of Greece’s repayment obligation that fell due today, which will go to the IMF’s Executive Board in due course.” - Morningstar has downgraded the Neptune European Opportunities fund to a Morningstar Analyst Rating™ of Bronze. The fund previously held a Silver rating. The fund remains a solid choice as an unconstrained European equity offering, boasting a talented and longstanding manager in Rob Burnett. However, the risk-return profile of the fund has deteriorated over recent years as the manager has made a number of ill-timed shifts in the portfolio which have resulted in significant performance variability and heavily weighed on the fund’s three- and five-year risk-adjusted returns. Whilst Morningstar continues to think very well of Burnett and expects investors to benefit from his moves to limit short-term trading and make better use of the risk management tools at his disposal, Morningstar believes a Bronze rating provides a better reflection of the fund’s relative merits – The shares of Cassiopea were traded for the first time under the Main Standard of SIX Swiss Exchange, opening at CHF35.00. This corresponds to a total market capitalisation of around CHF350m - Further to its public offer of up to 1,000,000 Certificates to be issued by Deutsche Bank AG under its X-markets programme, the bank has issued 45,000 securities at a price of U$100 per certificate today. Application has been made for the Securities to be admitted to listing on the official list of the Luxembourg Stock Exchange and to trading on the Euro-MTF market of the Luxembourg Stock Exchange - The Straits Times Index (STI) ended 13.81 points or 0.42% higher to 3331.14, taking the year-to-date performance to -1.01%. The top active stocks today were Singtel, which gained 1.19%, SGX, which gained 4.47%, DBS, which declined 0.92%, OCBC Bank, which declined 0.10% and Global Logistic, with a 1.19% advance. The FTSE ST Mid Cap Index gained 0.09%, while the FTSE ST Small Cap Index rose 0.14%. The outperforming sectors today were represented by the FTSE ST Real Estate Holding and Development Index, which rose 1.35%. The two biggest stocks of the Index - Hongkong Land Holdings and Global Logistic Properties – ended 2.32% higher and 1.19% lower respectively. The underperforming sector was the FTSE ST Technology Index, which slipped 1.63%. Silverlake Axis shares declined 3.57% and STATS ChipPAC gained 0.97%.

Latest Video

Actis launches Energy Impact Model

Tuesday, 07 February 2012
Actis launches Energy Impact Model Actis, the pan-emerging markets private equity investor, has today announced the launch of the Actis Energy Impact Model, a tool for assessing progress over the life of its energy investments. The Impact Model reportedly captures in a systematic way the key drivers that build value, and helps pinpoint where action is required. http://www.ftseglobalmarkets.com/

Actis, the pan-emerging markets private equity investor, has today announced the launch of the Actis Energy Impact Model, a tool for assessing progress over the life of its energy investments. The Impact Model reportedly captures in a systematic way the key drivers that build value, and helps pinpoint where action is required.

The model has been under development since mid-2010 and is based on the Five Capitals model developed by Forum for the Future, a leading sustainability NGO that works with the business community. The five capitals are finance, people, social/community, infrastructure and environment, to which Actis has added a sixth, namely governance. The firm has also worked with Forum and Imperial College to test and improve the model.

“Actis believes the capital it invests in the emerging markets should be transformational for society. This model enables that wider impact to be properly measured and adjusted, and helps us to measure the non-financial drivers of market value. The Impact Model will help to build value in our portfolio companies that is meaningful and increases the financial worth of each company,” explains Torbjorn Caesar, co-head Energy at the firm.



The Impact Model requires Actis and the management of its investee companies to score each investment twice a year on up to 63 criteria, both quantitative and qualitative. For example, under the category of Environment, a quantitative criterion would be GHG Emission, which is assessed by measuring distribution losses as a percentage of energy dispatched, while a qualitative criterion would be the Impact on Land rated on a scale of 1 to 5. The results can then used for benchmarking, annual planning, target setting and review by both Actis and the investee company’s executive team. The model can also be used as part of the initial investment decision.

“From our work with leading companies, we know that hardwiring sustainability into management processes (such as impact indicators) is a critical element in making that part of everything the business does,” notes Jonathon Porritt at Forum for the Future.

Initially, Actis will apply the model to all its energy investments, which may well result in further refinement of the metrics. The Impact Model is structured so that individual indicators can be changed and improved over time without disrupting the core of the model. The firm is confident that measuring the impact of its investments will drive long-term sustainable value, and has developed a similar framework to assess the non financial value drivers of its other investments, but the ultimate ambition is for the private equity industry more widely to take it up.

“Offering the Impact Model to other private equity firms to adopt is a brilliant act of leadership. Pioneering companies realise that their success relies on many others,” says orritt. “Actis can help the private equity industry shed some of its negative reputation, and open up the prospect of a private equity sector that directs its undoubted dynamism at generating returns from sustainable activities.”

Related News

Related Articles

Related Blogs

Related Videos

Tweets by @DataLend

DataLend is a global securities finance market data provider covering 42,000+ unique securities globally with a total on-loan value of more than $1.8 trillion.

What do our tweets mean? See: http://bit.ly/18YlGjP