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☆ Norwegian wealth fund seeks Credit Suisse boardroom shake-up
▼ + stars: | 2023-04-02 | by ( ) www.reuters.com time to read: +1 min

[1/2] Chairman of the Board of Directors of Credit Suisse, Axel Lehmann, attends a news conference after UBS's takeover offer, in Bern, Switzerland, March 19, 2023. REUTERS/Denis Balibouse/File PhotoApril 2 (Reuters) - Norges Bank Investment Management will vote against the re-election of Credit Suisse (CSGN.S) Chair Axel Lehmann and six other directors at the Swiss lender's annual general meeting on Tuesday, the Norwegian wealth fund said on its website. "Shareholders should have the right to seek changes to the board when it does not act in their best interest," the Norges wealth fund said ahead of the April 4 meeting. In addition to Lehmann, Norges is also opposing re-election of Credit Suisse directors Iris Bohnet, Christian Gellerstad, Shan Li, Seraina Macia, Richard Meddings and Ana Pessoa. Credit Suisse declined to comment and UBS did not immediately respond to a request for comment.

☆ Central banks stick to rate hikes with eye on market turmoil
▼ + stars: | 2023-03-23 | by ( ) www.reuters.com time to read: +5 min

Overall, 10 developed economies have raised rates by a combined 3,290 basis points (bp) in this cycle to date. Reuters Graphics1) UNITED STATESThe Fed raised rates by a quarter point on Wednesday, continuing its most aggressive series of hikes since the 1980s. After setting its policy rate to 4.75%-5.00%, the Fed hinted it may soon pause rate rises. Reuters Graphics3) CANADAThe Bank of Canada on March 8 became the first major central bank to halt monetary tightening during this cycle. Reuters Graphics5) AUSTRALIAAustralia's central bank raised its key rate by a quarter point to 3.6% in March, the highest since May 2012, but hinted rate hikes may be over for now.

☆ Morning Bid: Europe's hikers look to carry on as Fed hesitates
▼ + stars: | 2023-03-23 | by ( ) www.reuters.com time to read: +2 min

A look at the day ahead in European and global markets from Tom WestbrookMarkets reckon the Fed is pretty much done now with rate hikes, but see a different story in Europe. The European Central Bank set the tone last week by sticking with a 50 basis point hike. Today, it's over to Norges Bank, the Bank of England and the Swiss National Bank to see whether the gap that traders have priced with the Fed is warranted. The result so far has been to send U.S. and European yields in opposite directions and to sell the dollar. Rhetoric from Threadneedle Street and Europe's central bankers today can test those shifts.

☆ There is 'considerable uncertainty about the economic outlook,' Norges Bank governor says
▼ + stars: | 2023-03-23 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThere is 'considerable uncertainty about the economic outlook,' Norges Bank governor saysNorges Bank Governor Ida Wolden Bache told CNBC there is "considerable uncertainty about the economic outlook" as she discussed Norway's central bank hiking interest rates.

☆ Norway wealth fund to vote for labour rights motion at Starbucks AGM
▼ + stars: | 2023-03-23 | by ( ) www.reuters.com time to read: +1 min

[1/2] A Starbucks coffee shop is seen in downtown Los Angeles, California, U.S., June 29, 2022. REUTERS/Lucy NicholsonOSLO, March 23 (Reuters) - Norway's $1.3 trillion wealth fund, one of the world's largest investors, will vote in favour of a shareholder motion calling on Starbucks (SBUX.O) to report on how it respects labour rights, the fund's manager said on Thursday. The Norwegian fund owns 1.05% of Starbucks' shares, worth $1.2 billion at the end of 2022, according to fund data. Norges Bank Investment Management (NBIM), which operates the Norwegian wealth fund, said it would vote in favour of commissioning a third-party assessment of Starbucks' commitment to freedom of association and collective bargaining rights. "Freedom of association and the right to collective wage bargaining are fundamental employee rights - and human rights," they said.

☆ Norwegian companies see stable outlook, central bank survey shows
▼ + stars: | 2023-03-16 | by ( ) www.reuters.com time to read: +1 min

OSLO, March 16 (Reuters) - Activity in the Norwegian economy is levelling off and companies expect business prospects to be stable in the first half of 2023, a central bank business survey showed on Thursday. The quarterly survey provides key input for the central bank, which in January said it would "most likely" raise its key policy interest rate in March. "Developments are slightly stronger than contacts expected in the previous survey, but there is considerable variation across sectors," Norges Bank said in a statement. "The share of contacts experiencing recruitment difficulties is much lower than in November, and fewer contacts report capacity constraints. At the same time, many contacts still report full capacity utilisation and labour shortages."

☆ ECB goes big on rates but bank turmoil clouds central banks' outlook
▼ + stars: | 2023-03-16 | by ( ) www.reuters.com time to read: +5 min

Overall, 10 big developed economies have raised rates by a combined 3,165 basis points (bps) in this cycle to date. Reuters Graphics3) CANADAThe Bank of Canada on March 8 became the first major central bank to halt monetary tightening during this cycle. Reuters Graphics6) NORWAYNorway's central bank meets next week and is expected to raise rates by 25 bps to contain above-target inflation. Reuters Graphics10) JAPANThe Bank of Japan, the most dovish major global central bank, maintained ultra-low interest rates at its March meeting, the final one for retiring BOJ governor Haruhiko Kuroda. The BOJ resisted changing its controversial yield curve control policy, which it uses to cap interest rates on longer-term debt.

☆ K-pop stocks soar after agency behind BTS announced it would become its rival’s top shareholder
▼ + stars: | 2023-02-10 | by ( Jihye Lee | ) www.cnbc.com time to read: +1 min

South Korean girl group aespa at the 2022 KBS Song Festival at Jamsil Arena on Dec. 16, 2022, in Seoul, South Korea. The K-pop agency behind BTS is set to become the largest shareholder of SM Entertainment — the legacy company known to have kickstarted the wave of popularity around Korean pop culture. That would make Hybe a top shareholder in SM Entertainment. Shares of SM Entertainment soared on Friday, rising more than 16% at the open in Seoul. Hybe rose 6% and JYP Entertainment rose 2.5%, while YG Entertainment gained 3.8%.

☆ Central banks hike rates again, but a pause is coming
▼ + stars: | 2023-02-02 | by ( ) www.reuters.com time to read: +5 min

REUTERS/Joshua RobertsLONDON, Feb 2 (Reuters) - Major central banks are steadily moving closer to a pause in their aggressive interest rate hiking campaigns. The European Central Bank and the Bank of England raised rates on Thursday, but markets suspect a peak is nearing. Overall, 10 big developed economies have raised rates by a combined 2,965 basis points in this cycle to date, with Japan the holdout dove. Canada's central bank has raised its policy rate at a record pace of 425 basis points in 10 months. The central bank raised its forecast for its peak interest rate to 5.5%, up from a previous forecast of 4.1%.

☆ Norway's gigantic sovereign wealth fund loses a record $164 billion, citing 'very unusual' year
▼ + stars: | 2023-01-31 | by ( Sam Meredith | ) www.cnbc.com time to read: +1 min

Norway's sovereign wealth fund was established in the 1990s to invest the surplus revenues of the country's oil and gas sector. Norway's sovereign wealth fund on Tuesday reported a record loss of 1.64 trillion Norwegian kroner ($164 billion) for the whole of 2022, citing "very unusual" market conditions. The $1.3 trillion fund was established in the 1990s to invest the surplus revenues of Norway's oil and gas sector. Norway's vast North Sea oil and gas reserves are the bedrock of the fund's wealth. Indeed, the country's skyrocketing fossil fuel revenues amid Russia's war in Ukraine have prompted an impassioned debate about international justice.

☆ Norway's wealth fund buys 49% stake in Iberdrola's Spanish renewables portfolio
▼ + stars: | 2023-01-17 | by ( ) www.reuters.com time to read: +1 min

OSLO, Jan 17 (Reuters) - Norway's $1.3 trillion sovereign wealth fund, the world's largest, said on Tuesday it had agreed to buy a 49% stake in Iberdrola's 1.3 gigawatt (GW) portfolio of Spanish solar plants and onshore wind farms for 600 million euros ($650 million). Iberdrola (IBE.MC) will remain co-owner and operator of the portfolio, Norges Bank Investment Management (NBIM), the operator of the Norwegian fund, said in a statement. "The portfolio comprises seven solar plant projects and five onshore wind projects with an installed capacity of 1265 MW, equivalent to the annual electricity consumption of 700,000 Spanish households," NBIM said. Solar plants make up 80% of the portfolio, while onshore wind accounts for the remaining 20%. It recently sold a 49% stake in an offshore wind farm in Germany for 700 million euros.

Reuters GraphicsOn a monthly basis, data showed that seven out of the 10 major central banks lifted rates in December. This compares to the monthly peak of 550 bps in September, though not all central banks meet on a monthly basis. "Most emerging market central banks are close to having completed their rate hike cycle," said Charles-Henry Moncheau, chief investment office at Syz Group. Central banks in Korea, South Africa, Thailand, Malaysia and Israel did not hold rate setting meetings in December. Emerging markets interest ratesReporting by Karin Strohecker and Vincent Flasseur in London, editing by Tomasz JanowskiOur Standards: The Thomson Reuters Trust Principles.

☆ Asia stocks slide toward weekly loss as central banks plough on with rate hikes
▼ + stars: | 2022-12-16 | by ( Tom Westbrook | ) www.reuters.com time to read: +4 min

"Central banks are still hawkish, still intent on raising rates," said Alvin Tan, Asia currency strategist at RBC Capital Markets in Singapore. "So there's a tension between the central banks being more hawkish than the market has been expecting, and that dichotomy has been emphasised over the past 48 hours by both the Fed and the European Central Bank." "This is not a pivot," she said of the smaller rate rate rise. The dollar index rose 0.9%. Gold fell against the rising dollar, dropping 1.7% to sit at $1,777 an ounce in Asia.

☆ Central banks ramp up rates again but the pace slows
▼ + stars: | 2022-12-15 | by ( ) www.reuters.com time to read: +5 min

LONDON, Dec 15 (Reuters) - Central banks in Britain, Norway, Switzerland, the euro zone and the United States have all raised interest rates this week. The central bank raised its forecast for its peak interest rate to 5.5%, up from a previous forecast of 4.1%. Money markets moved after the statement to forecast UK interest rates will top out at around 4.5% in August. Markets anticipate an 80% chance of a 50 bps hike when the Riksbank meets next in February. But market players do not expect any significant change from the world's lone major central bank dove.

☆ Stocks drop as central banks meet after 'higher for longer' Fed view
▼ + stars: | 2022-12-15 | by ( Amanda Cooper | ) www.reuters.com time to read: +5 min

In Europe, the Swiss National Bank delivered an expected half-point hike that brought rates to a 14-year high of 1%. ,Hot on the heels of the Swiss, the Norges Bank raised rates by a quarter-point to 2.75% and indicated it has not finished tightening monetary policy. And next up is the Bank of England, which is expected to raise rates by half a point to 3.5% at 1200 GMT. Just over an hour later, the European Central Bank will also announce its rate decision. This inversion reflects concern among investors that higher interest rates could tilt the economy into recession.

☆ Norway central bank hikes rate by quarter point, likely to act again
▼ + stars: | 2022-12-15 | by ( Victoria Klesty | ) www.reuters.com time to read: +2 min

Of the 24 analysts polled ahead of Thursday's meeting, all but one had anticipated a quarter-point rise, while one had bet on an unchanged rate. Reuters Graphics"The policy rate will most likely be raised further in the first quarter of next year," Norges Bank said in a statement. The Norwegian currency, the crown, strengthened to 10.42 against the euro at 0921 GMT from 10.44 just before the rate announcement. Reuters Graphics"The forecasts for the Norwegian economy are more uncertain than normal, but if the economy evolves as anticipated, the policy rate will be around 3% next year," Norges Bank Governor Ida Wolden Bache said in a statement. Norges Bank, which targets core inflation of 2% over time, on Thursday raised its 2023 core inflation forecast to 5.2% from 4.8% seen in September.

☆ Morning Bid: Thank you, next
▼ + stars: | 2022-12-15 | by ( ) www.reuters.com time to read: +2 min

The U.S. central bank on Wednesday raised interest rates by half a percentage point after delivering four consecutive 75 bps hikes, but signalled more increases in borrowing costs by the end of 2023. With a looming recession on investors' minds there is a hint of scepticism on whether the Fed will follow through on rate hikes in the face of slowing growth. At about 4.9%, markets price a lower peak in the funds rate than the 5.1% median projection from Fed officials. Norges Bank and the Swiss National Bank are also expected to hike rates, with economists forecasting a 25 bp hike in Norway and a 50 bp hike in Switzerland. Reuters Graphics Reuters GraphicsThe country's central bank ramped up cash injections into the banking system and held interest rates unchanged on medium-term policy loans to keep liquidity conditions ample.

SummarySummary Companies G10 central banks deliver 350 bps of rate hikes last monthEmerging central banks tightened policy by 400 bpsHiking cycle coming to an end in many developing economiesLONDON, Dec 2 (Reuters) - The pace and scale of rate hikes delivered by central banks in November picked up speed again as policy makers around the globe battle decade high inflation. Central banks overseeing six of the 10 most heavily traded currencies delivered 350 basis points (bps) of rate hikes between them last month. The European Central Bank, the Bank of Canada, the Swiss National Bank and the Bank of Japan did not hold rate setting meetings in November. The latest moves have brought total rate hikes in 2022 from G10 central banks to 2,400 bps. "Central banks' determination to bring down inflation suggests that policy rates need to go higher still."

☆ The Fed and other central banks could deliver a 'Santa Pause' rally for global stocks this year as they dial back the size of rate hikes, Schwab says
▼ + stars: | 2022-11-08 | by ( Carla Mozée | ) www.businessinsider.com time to read: +3 min

A "Santa Pause" rally for stocks may be taking shape as central banks signal a step-down in rate hikes, Charles Schwab said. The Fed and the BoE are among those indicating they're considering less aggressive rate hikes in the future. The Federal Reserve is among the central banks over the past week that has indicated a slower pace of rate increases. BoE's comment came as it kicked up its benchmark rate by 75 basis points, the largest increase in 33 years. The Bank of Canada last month unexpectedly raised its overnight rate by 50 basis points instead of an anticipated 75 basis points.

"We are raising the policy rate to curb inflation," Governor Ida Wolden Bache said in a statement. The future policy rate path will depend on how the economy evolves." The hike of 25 basis points meant that Norges Bank was sticking to its plan, Nordea Markets said. "A hike by 25 basis points in December is the most likely outcome too. That said, we cannot totally exclude the probability for a 50 basis points hike," its analysts said in a note to clients.

☆ Aggressive rate hikes the name of the game for big central banks
▼ + stars: | 2022-10-27 | by ( ) www.reuters.com time to read: +5 min

LONDON, Oct 27 (Reuters) - The European Central Bank delivered a second straight 75-basis-point interest rate hike on Thursday, the latest sign that major central banks are serious about curbing hot inflation. Central banks in the 10 big developed economies have raised rates by a combined 2,165 basis points (bps) in this cycle to date, with Japan the holdout "dove." But the pace of these rate rises is starting to slow - Canada just delivered a smaller-than-anticipated rate hike. That would be the fourth straight rate increase of that magnitude, bringing the policy rate to the 3.75%-4.00% range as part of what has been the sharpest set of U.S. rate increases in about 40 years. Reuters Graphics7) SWEDENSweden's central bank raised its key rate on Sept. 20 by a larger-than-expected one percentage point to 1.75%.

As market volatility persists amid Europe's energy crisis and worsening economic forecasts, companies are holding off on their plans to go public. Register now for FREE unlimited access to Reuters.com Register"One transaction alone cannot re-open the floodgates of IPO executions. This requires more predictable macro and reduced equity market volatility," said Antoine de Guillenchmidt, co-head of EMEA Equity Capital Markets at Goldman Sachs. Going forward, as interest rates continue to rise and companies look for financially efficient ways of refinancing their balance sheets, equity capital markets are likely to see a surge in convertible bond activity. "We will see many more convertibles and mandatory convertible instruments because some issuers don't have many alternatives, and investors are still very keen," said Andreas Bernstorff, head of equity capital markets at BNP Paribas.

☆ Norway raises rates by 50 basis points, eyes smaller hikes ahead
▼ + stars: | 2022-09-22 | by ( Victoria Klesty | ) www.reuters.com time to read: +3 min

Register now for FREE unlimited access to Reuters.com RegisterA view shows the building of Norway’s central bank (Norges Bank) in Oslo, Norway, June 23, 2022. REUTERS/Victoria KlestyOSLO, Sept 22 (Reuters) - Norway's central bank raised its benchmark interest rate by 50 basis points to 2.25% on Thursday, as most economists had expected, but said future hikes would be more "gradual", weakening the crown currency. read more"The policy rate will most likely be raised further in November," the bank said in a statement. read moreThe Swiss central bank hiked by 75 bps on Thursday, while the Bank of England is expected to raise rates later in the day. Core inflation, which excludes energy, stood at 4.7%, exceeding the central bank's goal of 2.0%.

☆ Norway's $1.2 trillion fund sets 2050 net zero target
▼ + stars: | 2022-09-20 | by ( ) edition.cnn.com time to read: +1 min

Oslo Norway's $1.2 trillion wealth fund, the world's largest, said on Tuesday it would decarbonise its holdings by pushing firms to cut their greenhouse gas emissions to nil by 2050, in line with the Paris Agreement. The fund invests the petroleum revenues from Western Europe's biggest oil and gas producer for future generations in stocks, bonds, property and renewable projects abroad. "Our long-term return will completely depend on how the companies in our portfolio manage the transition to a zero emissions society," Chief Executive Nicolai Tangen of Norges Bank Investment Management said in a statement. Tuesday's plan follows a proposal made in April by the Norwegian government, which said the fund should push the 9,300 companies it invests in to cut their emissions to nil by 2050. "We will engage the companies to reach this target by setting credible preliminary targets and creating plans to reduce their direct and indirect emissions of greenhouse gases," Chief Governance and Compliance Officer Carine Smith Ihenacho said.

☆ Norway's $1.2 trillion wealth fund sets 2050 net zero target
▼ + stars: | 2022-09-20 | by ( ) edition.cnn.com time to read: +1 min

Norway’s $1.2 trillion wealth fund, the world’s largest, said on Tuesday it would decarbonise its holdings by pushing firms to cut their greenhouse gas emissions to nil by 2050, in line with the Paris Agreement. The fund invests the petroleum revenues from Western Europe’s biggest oil and gas producer for future generations in stocks, bonds, property and renewable projects abroad. The fund owns on average owns 1.3% of all listed global stocks and its size is equivalent to $219,000 for every Norwegian man, woman and child. The fund published its first expectations on how companies should address climate change more than a decade ago. It tracks climate-related risks, defined as the impact climate change may have on the assets the fund invests in, but also the opportunities that could arise for individual firms successfully adapting to it.

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