Extra billions flowed into state treasury

Finance Minister Sigbjørn Johnsen suddenly found himself with tens of billions of extra kroner as the New Year began, that he hadn’t expected. He says it will come in handy if the Norwegian economy starts feeling the effects of the debt and euro crises elsewhere. The extra money that flowed into the state treasury is [...]

Oil fund won’t exclude PetroChina

The Norwegian government is ignoring a recommendation from a state ethics council that it ban investments by Norway’s oil fund in the Chinese oil company PetroChina. Meanwhile, a Chinese shipbuilding company is making inroads on Norway’s west coast. The ethics council, which reviews investments made by Norway’s huge sovereign wealth fund, had recommended that PetroChina [...]

State auditor scolds ministries

State Auditor Jørgen Kosmo was chiding several ministries, including the Finance Ministry, on Tuesday for what he and his team of inspectors called some “deficient documentation and internal control.” Kosmo said the lack of information made it difficult to audit various budget posts, and he seeks more transparency. The criticism is contained in the annual [...]

Oil fund boss a long-term optimist

As chief of Norway’s huge sovereign wealth fund, fueled by oil revenues, Yngve Slyngstad is one of the most powerful financial players in the world. He spent an hour with foreign correspondents in Oslo on Monday and said his most important message was that from a long-term perspective, there’s “less reason for concern” than what [...]

Oil fund to curb credit bureau power

The head of Norway’s huge oil fund wants to rein in the powerful credit bureaus that seemingly can determine the destiny of European countries in crisis, along with returns on the fund itself. The move comes after the fund reported the biggest losses in its 15-year history. Newspaper Dagens Næringsliv (DN) reported over the weekend [...]

EU may want to tap into oil fund

EU officials are reportedly turning their wistful glance to Norway’s enormous oil fund, wondering whether there’s a way it can help ease Europe’s debt crisis. Fueled by Norwegian oil revenues and poised to keep growing, the fund is viewed as a possible source of capital at a time when Norway’s European neighbours are finding it [...]

Stoltenberg braces for budget bashing

Prime Minister Jens Stoltenberg has no doubt that his government’s state budget, set to be released next week, will meet lots of opposition. He repeated earlier warnings that it will be a tight budget, allowing for far less government spending, but he insisted restraint will help Norway tackle the ill effects of a world economy [...]

Oil fund expert exports his expertise

Martin Skancke, long known as the brains behind much of the success of Norway’s so-called “oil fund,” has resigned from his top post in the Finance Ministry to start advising other countries that are building up their own funds. He’ll also help guide investing by Norwegian insurance firm Storebrand. Skancke, age 45, has led the [...]

Oil fund continues to suffer

Norway’s sovereign wealth fund, known officially as the “Government Pension Fund – Global” and unofficially as the “oil fund,” continues to lose value in the current international financial climate, with second quarter figures released on Friday suggesting that the outlook for the fund has not been particularly positive for much of the year. The fund [...]

Stock Exchange rallies despite fears

Norwegians have begun predicting the possible consequences of the unfolding drama in international markets for the country, as the Oslo Stock Exchange itself put days of successive falls behind it to close trading up 1.06 points to 348.05 on Tuesday. The index fell dramatically at the start of trading but rallied quickly, boosted by a [...]

Oslo Stock Exchange continues fall

The Oslo Stock Exchange’s main index fell by 5.65 percent to 344.39 by the end of trading on Monday, as turbulence in the international financial markets continued and predictions that a new financial crisis was on the way gathered pace. In step with other European indexes, the Oslo Stock Exchange rallied during the morning after [...]

Stocks and oil fund take further hit

The Oslo Stock Exchange (OSE) fell to a new low for the year on Friday despite promising unemployment figures from the USA, while the country’s sovereign wealth fund (often referred to as the “oil fund”) also suffered from the difficult international financial environment. The OSE ended Friday’s trading down 2.75 percent on 365.03 points, meaning [...]

Norway’s economy ‘unique and lucky’

While countries on both sides of the Atlantic are suffering from huge national debt and sluggish economies, there’s still reason to wave the flag in Norway. High prices for its natural resources and billions in financial reserves have put the country in a historically unique situation, say local economists, and will help fend off effects [...]

Oil fund takes the plunge in Paris

Norwegian newspapers were full of stories on Wednesday detailing how every Norwegian will soon own a little piece of property on the Champs-Élysées. That’s in addition to some other high-end property on Regent Street in London, all courtesy of the fortunes built up in what’s widely known as Norway’s oil fund. The fund, officially known [...]

Norway’s oil fund now world’s biggest

Norway’s “Government Pension Fund – Global,” commonly referred to in the country as the “oil fund,” has overtaken the Abu Dhabi Investment Authority (ADIA) as the world’s largest sovereign wealth fund, according to the Monitor Group, with nearly NOK 3,100 billion (roughly USD 570 billion) in the fund today. The news came just a day [...]

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