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☆ World's biggest investment fund says firms mismanaging climate risk could face exclusion from next year
▼ + stars: | 2023-05-31 | by ( Sam Meredith | ) www.cnbc.com time to read: +4 min

Bloomberg | Bloomberg | Getty ImagesNorway's $1.4 trillion sovereign wealth fund says it is prepared to start dropping companies for mismanaging climate risk starting next year, adding to the decarbonization pressure that activist shareholders are already piling on firms. It comes shortly after the world's the biggest investment fund said it would vote for shareholder proposals at Chevron and Exxon Mobil's respective annual meetings on Wednesday. Norway's oil fund had refused to back similar shareholder proposals tabled in recent weeks at European oil majors, such as BP and TotalEnergies. Palpable frustrationNorway's oil fund has invested in more than 9,000 companies in 70 countries around the world and acknowledges that "companies care how we vote at AGMs." Bloomberg | Bloomberg | Getty Images

Persons: Carine Smith Ihenacho, Carine Smith, Ihenacho Organizations: Bloomberg, Getty, Chevron, Exxon Mobil's, Norges Bank Investment Management, CNBC, Protesters, Salle Locations: U.S, Paris

The Canadian pension funds have benchmarked their investments to that level, according to the presentation. Australian pension funds have invested about 50% of their total assets in domestic equities, according to the presentation. China Investment Corp is Teck's single-biggest institutional investor with a 10.3% stake, and Norway's wealth fund, Norges Bank, owns 1.52%, while Canadian pensions together hold 0.78% stake, according to Refinitiv data. All other pension funds did not respond to Reuters request for comments. Canadian pension funds represent 30% of the total financial savings of Canadians.

☆ Arrowstreet, Coatue Management among big hedge funds buying Meta in first quarter
▼ + stars: | 2023-05-15 | by ( David Randall | ) www.reuters.com time to read: +1 min

NEW YORK, May 15 (Reuters) - Prominent hedge funds including Arrowstreet Capital LLC, D1 Capital Partners and Coatue Management LLC were among the investors that bought shares of Meta Platforms Inc in the first quarter of the year, amid an eye-popping rebound in the Facebook-parent’s stock. Arrowstreet Capital added about 5 million shares during the quarter, brining its total position to slightly more than 7 million shares, while Coatue more than doubled its position in the company by buying 4.2 million shares. Winslow Capital Management, meanwhile, initiated a new position in the firm by buying about 927,000 shares, and D1 Capital Partners bought slightly more than 1 million shares. Norges Bank, the central bank of Norway, was the largest seller among all firms, unloading more than 35 million shares during the quarter. Two Sigma Investments sold its entire stake of about 569,000 shares, while Glenview Capital Management, run by billionaire Larry Robbins, sold its entire stake of about 526,000 shares, according to filings.

☆ Norway's sovereign wealth fund chief seeks state regulation of AI, Financial Times reports
▼ + stars: | 2023-04-28 | by ( ) www.reuters.com time to read: +1 min

April 28 (Reuters) - Norway sovereign wealth fund's CEO Nicolai Tangen has called upon governments to speed up the regulation of artificial intelligence (AI), the Financial Times reported on Friday. The $1.4-trillion wealth fund, the world's largest, is set to reveal guidelines in August on how the companies it invests in should use AI ethically, Tangen told the newspaper in an interview. The Government Pension Fund Global operates under ethical guidelines set by parliament and excludes investments in companies that it says does not respect the guidelines. Norges Bank, the country's central bank, holds stakes in more than 9,200 companies globally through the wealth fund. Reporting by Urvi Dugar in Bengaluru; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

☆ Norway's DNB beats Q1 profit forecast as rates rise
▼ + stars: | 2023-04-27 | by ( ) www.reuters.com time to read: +2 min

OSLO, April 27 (Reuters) - DNB (DNB.OL), Norway's largest bank, reported a bigger-than-expected rise in first-quarter profit on Thursday, following a trend among Nordic banks benefiting from recent rate hikes. Net profit rose to 10.5 billion Norwegian crowns ($989.43 million) in the January-March quarter, from 7.6 billion crowns a year earlier, while analysts on average had expected 8.9 billion crowns, according to a poll compiled by the bank. Loans to customers increased 0.6% in the quarter while net interest income surged 39.8% to 14.6 billion crowns, just above analysts' average forecast of 14.5 billion, thanks to both increased volumes and interest rates. DNB said it had net reversals of impairment of financial instruments of 79 million crowns in the quarter compared with net reversals of 589 million in the year-earlier period. The net reversals in the oil, gas and offshore industry segment was 515 million in the quarter.

Companies Bp Plc FollowOSLO, April 22 (Reuters) - Norway's $1.4 trillion sovereign wealth fund, one of the world's largest investors, said on Saturday it will vote against a resolution calling on British oil major BP (BP.L) to adopt tougher greenhouse gas targets. The Norwegian fund, itself built on oil and gas revenue, owned 2.73% of BP's shares worth some $2.8 billion at the end of 2022. BP's board has recommended that shareholders vote against the resolution saying it was "unclear" what it wanted the company to do. Investor advisers ISS and Glass Lewis also recommended BP shareholders oppose the resolution, while Britain's Local Authority Pension Fund Forum (LAPFF) asked investors to back it. In February BP rowed back on plans to slash its 2019 oil and gas output levels by 40% by 2030, and now it envisages a 25% cut, angering climate activists.

☆ Norway’s giant sovereign wealth fund says there’s money to be saved by identifying ‘rotten apples’
▼ + stars: | 2023-04-18 | by ( Sam Meredith | ) www.cnbc.com time to read: +1 min

Norges Bank Investment Management CEO Nicolai Tangen says it is becoming increasingly important to identify as many "rotten apples" as it can. Norway's gigantic sovereign wealth fund believes it is becoming increasingly important to identify as many "rotten apples" as possible, saying there is money to be saved by reducing risks to companies whose state of health is not all as it seems. "We think it's becoming more and more important to put resources into finding what I call the 'rotten apples.' The Jan. 24 report accused Adani Group companies of "brazen stock manipulation and accounting fraud" — allegations that the conglomerate has denied. We'll never be able to spot all of the 'rotten apples', but we can try to find as many as we can."

OSLO, April 12 (Reuters) - A court in Oslo on Wednesday began hearing a gender discrimination case brought by an employee at Norway's $1.4 trillion sovereign wealth fund against her employer. Elisabeth Bull Daae, head of trading analytics at Norges Bank Investment Management, is suing the unit of the central bank managing the fund for 16 million crowns ($1.54 million) in compensation and damages. The central bank, which pushes the firms it invests in to have more women on their boards and to combat all forms of discrimination, denies the allegations. Or are we in front of a clear, systematic case of pay discrimination based on gender?" The lawyer representing the fund said the relationship between employee and employer had broken down despite its efforts to improve it.

EURNOK and inflationGoldman Sachs and UBS said that the rising cost of borrowing would likely support the Norwegian crown. But those daily sales are well down from the 4.3 billion crowns per day the central bank sold in October. "Any budget surplus that was generated from the commodity exports was basically being neutralized by the Norges bank," said Simon Harvey, head of FX analysis at Monex. Much of the crown's fate could also depend on what the U.S. central bank does. If the Fed stops hiking rates, this would likely boost global equities, which have a strong positive correlation to the Norwegian crown.

☆ Credit Suisse braces for stormy shareholder meeting
▼ + stars: | 2023-04-04 | by ( Hanna Ziady | ) edition.cnn.com time to read: +3 min

London CNN —Credit Suisse is set for a turbulent annual shareholder meeting Tuesday, after its emergency rescue by UBS two weeks ago left investors nursing heavy losses. Credit Suisse (CS) shareholders are expected to vent their anger over the forced takeover of the ailing Swiss lender by its larger rival. Norges Bank Investment Management, a top 10 shareholder in Credit Suisse, said it would vote against the re-election of Credit Suisse chairman Axel Lehmann and six other directors. Last week Credit Suisse withdrew two proposals up for a shareholder vote from its AGM agenda, saying they were no longer necessary following the planned merger with UBS. He is seen as a safe pair of hands capable of integrating Credit Suisse and salvaging core parts of its business.

☆ 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.

☆ 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.

☆ 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.

☆ 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.

☆ 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."

☆ 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.

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