Interest rates to ‘remain low longer’

Norway’s central bank decided on Thursday, as expected, to keep its key lending rate unchanged at 1.5 percent. The bank’s executive board saw no reason to raise or lower it, and suggested that any increase may come even later than earlier predicted. “The moderate economic upswing among Norway’s trading partners is continuing,” wrote the central […]

Ethics council could be kept

The parliamentary finance committee is unanimously committed to keeping the ethics council attached to Norway’s huge sovereign wealth fund, according to sources. The government proposed disbanding the current council and integrating all ethics work into the branch of Norges Bank that manages the Oil Fund, but now even members of the Conservative-Progress Party coalition are […]

Oil Fund takes new safety steps

The management of Norway’s massive sovereign wealth “Oil Fund” has introduced new protective measures when making investments in unlisted companies. The move follows a controversial investment in unlisted Formula One (F1) ownership company Delta Topco in 2012, which turned out poorly for the fund. The NOK 1.8 billion (USD 300 million) investment in Delta Topco […]

Jensen defends Oil Fund changes

Norwegian Finance Minister Siv Jensen rejected criticisms the government’s planned changes to the management of the nation’s massive sovereign wealth fund didn’t go far enough to ensure greener, socially responsible investments, saying the “Oil Fund” is a return-oriented investment scheme, and not an environmental or foreign policy tool. At an international press meeting in Oslo […]

Critics attack Oil Fund changes

Finance Minister Siv Jensen’s plans to change the management of the country’s huge sovereign wealth fund, announced on Friday, quickly met a torrent of criticism. Critics argued that disbanding the fund’s ethical council would reduce independence and transparency, and that the new plan does nothing to safeguard human rights or encourage more environmentally investments. Jensen […]

Government plans Oil Fund overhaul

Finance Minister Siv Jensen revealed plans on Friday to effectively disband an ethics council (Etikkråd) that has guided investments made by the country’s huge sovereign wealth fund for years. She insists that ethical values will still play an important role, but more responsibility for managing the vast fund fueled by Norway’s oil revenues will go to […]

‘Bernie’ answers Oil Fund fears

The flamboyant boss of the Formula One companies, charged with corruption, has indirectly told Norway’s Oil Fund managers and their critics that they don’t need to fear for the safety of the fund’s controversial investment in his complicated Formula One organization. Bernie Ecclestone claims he’s still in charge, although Oil Fund boss Yngve Slyngstad now […]

Criticism spills over Oil Fund

Norway’s oil revenues that are pumped into the state’s huge Oil Fund are suddenly a source of concern, with a rising chorus of critics lashing out at how they’re being managed. Economists have joined some politicians in calling for more control over how funds are invested. The criticism reached a crescendo on Wednesday after the […]

Oil fund admits to Formula One woes

Yngve Slyngstad, who leads the management of Norway’s huge sovereign wealth fund known as the Oil Fund, has admitted that the fund’s investment in the company owning rights to Formula One racing has stalled badly. The investment’s woes have been accelerated by a share issue that ran out of gas and, not least, corruption charges […]

Governor wary of propping up banks

UPDATED: The governor of Norway’s Central Bank (Norges Bank), Øystein Olsen, used his annual address in Oslo on Thursday evening not only to warn of “tougher times” ahead, but also against governments wantonly supporting banks on the brink of collapse. Norway bailed out its own biggest banks after a crisis at the end of the […]