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Top related persons:
Trond Grande - 1 Grande - 1 CNBC's Silvia Amaro - 1
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Fund - 1 Norway's Finance Ministry - 1 FTSE - 1 Bloomberg Barclays - 1 Norges Bank Investment Management - 1

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2 mentions found


☆ World’s largest sovereign wealth fund posts $76 billion in quarterly profit as interest rates fall
  + stars: | 2024-10-22 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com   time to read: +1 min
Norway's sovereign wealth fund on Tuesday reported third-quarter profit of 835 billion Norwegian kroner ($76.3 billion), citing a stock market boost from falling interest rates. The so-called Government Pension Fund Global, one of the world's largest investors, said it had a value of 18.870 trillion kroner at the end of September. Trond Grande, deputy CEO of Norges Bank Investment Management (NBIM), which manages the world's largest sovereign wealth fund, said recent changes in monetary policy had "a pretty significant impact" on the fund's third-quarter results. "What I think you have seen from our numbers is that with a rising tide, all boats rise, right? And so, you saw a very broad increase in the stock market based on lower interest rates, essentially."
Persons: Trond Grande, Grande, CNBC's Silvia Amaro Organizations: Fund, Norway's Finance Ministry, FTSE, Bloomberg Barclays, Norges Bank Investment Management
☆ Norway’s fossil fuel bonanza stokes impassioned debate about how best to spend its ‘war profits’
  + stars: | 2023-01-26 | by ( Sam Meredith | ) www.cnbc.com   time to read: +5 min
It has ignited an impassioned debate about international justice, with many questioning whether it is fair for Norway to rake in record oil and gas revenues at the expense of others' misfortune. Norway's Finance Ministry expects the state's revenues from oil and gas sales to climb to 1.38 trillion Norwegian krone ($131 billion) this year. "They are war profits," Lars-Henrik Paarup Michelsen, director of the Norwegian Climate Foundation think tank, told CNBC via telephone. Oil companies are getting richer and richer, but we don't see that money — and who is really paying for this? The so-called Government Pension Fund Global, among the world's largest sovereign wealth funds, was established in the 1990s to invest the surplus revenues of Norway's oil and gas sector.
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