Norway’s $1 trillion (Dh3.67tr) wealth fund is getting increasingly concerned about the state of global stock markets.
The fund’s chief executive officer, Yngve Slyngstad, said on Friday that it’s a “warning signal” that a dwindling number of stock markets are doing well and that within each market “fewer and fewer” companies are driving performance.
“We are prepared for market turmoil,” he said at a press briefing in Oslo.
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Read more:
Scandinavians struggle with their debt burden
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The fund, built from Norway’s oil wealth, had a gain of 2.1. per cent, or $21 billion, in the third quarter. North American stocks rose, while the rest of the global equity markets had a weaker development, the fund said.
Owning on average about 1.4 per cent of all global stocks, the fund has few places to hide given its strategy of hewing closely to indexes and spreading its investments broadly across world markets. It’s now facing increasing headwinds after years of high returns, with a potential for losses this quarter amid a broad market selloff from New York to Tokyo.
The fund gained 3.1 per cent on stocks and lost 0.3 per cent on bonds, while real estate provided a 1.9 per cent gain. At the end of the quarter, it held 67.6 per cent in stocks, 29.7 per cent in bonds and 2.7 per cent in real estate. The overall return was 0.2 percentage point lower than the return on the benchmark index.
Health care stocks made the most positive contribution to returns, followed by technology.
The largest stock holdings at the end of the quarter were Apple and Amazon. Its largest bond holdings were in US Treasuries, followed by Japanese and German government debt.
The fund is also in the midst of increasing the portion of stocks in its portfolio to 70 per cent after a go-ahead last year. The remainder is held in bonds, and it can also hold a maximum of 7 per cent of its investments in real estate.
Mr Slyngstad said on Friday that the fund is in “no rush” to lift its stock portion to 70 per cent, saying the process could take “years.”
Weighed down by negative interest rates over the past few years, the government last year lowered its expected real return target to 3 per cent from 4 per cent. A slump in crude prices also forced to the government to make its first ever withdrawals in 2016, but those have now ended. Stoked by a recovery in oil prices and rising petroleum income, the government in June made its first deposit to the fund since 2015.
Inflows to the fund rose to 12 billion kroner in the third quarter.
A%20QUIET%20PLACE
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APPLE IPAD MINI (A17 PRO)
Display: 21cm Liquid Retina Display, 2266 x 1488, 326ppi, 500 nits
Chip: Apple A17 Pro, 6-core CPU, 5-core GPU, 16-core Neural Engine
Storage: 128/256/512GB
Main camera: 12MP wide, f/1.8, digital zoom up to 5x, Smart HDR 4
Front camera: 12MP ultra-wide, f/2.4, Smart HDR 4, full-HD @ 25/30/60fps
Biometrics: Touch ID, Face ID
Colours: Blue, purple, space grey, starlight
In the box: iPad mini, USB-C cable, 20W USB-C power adapter
Price: From Dh2,099
WITHIN%20SAND
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MATCH INFO
Hoffenheim v Liverpool
Uefa Champions League play-off, first leg
Location: Rhein-Neckar-Arena, Sinsheim
Kick-off: Tuesday, 10.45pm (UAE)
THE BIG MATCH
Arsenal v Manchester City,
Sunday, Emirates Stadium, 6.30pm
Sunday's games
All times UAE:
Tottenham Hotspur v Crystal Palace, 4pm
Manchester City v Arsenal, 6.15pm
Everton v Watford, 8.30pm
Chelsea v Manchester United, 8.30pm
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Joker: Folie a Deux
Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson
Director: Todd Phillips
Rating: 2/5
'My Son'
Director: Christian Carion
Starring: James McAvoy, Claire Foy, Tom Cullen, Gary Lewis
Rating: 2/5
RESULTS
2.15pm Maiden (PA) Dh40,000 (Dirt) 1,200m
Winner Shawall, Abdul Aziz Al Balushi (jockey), Majed Al Jahouri (trainer)
2.45pm Handicap (PA) Dh40,000 (D) 1,200m
Winner Anna Bella Aa, Fabrice Veron, Abdelkhir Adam
3.15pm Handicap (PA) Dh40,000 (D) 1,200m
Winner AF Thayer, Tadhg O’Shea, Ernst Oertel
3.45pm Handicap (PA) Dh40,000 (D) 1,700m
Winner Taajer, Fabrice Veron, Eric Lemartinel
4.15pm The Ruler of Sharjah Cup – Prestige (PA) Dh250,000 (D) 1,700m
Winner Jawaal, Jim Crowley, Majed Al Jahouri
4.45pm Handicap (TB) Dh40,000 (D) 2,000m
Winner Maqaadeer, Jim Crowley, Doug Watson
Company%20Profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3ENamara%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3EJune%202022%0D%3Cbr%3E%3Cstrong%3EFounder%3A%20%3C%2Fstrong%3EMohammed%20Alnamara%0D%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EDubai%20%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EMicrofinance%0D%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%20%3C%2Fstrong%3E16%0D%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3ESeries%20A%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EFamily%20offices%0D%3Cbr%3E%3C%2Fp%3E%0A
'Midnights'
%3Cp%3E%3Cstrong%3EArtist%3A%3C%2Fstrong%3E%20Taylor%20Swift%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ELabel%3A%3C%2Fstrong%3E%20Republic%20Records%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
Tree of Hell
Starring: Raed Zeno, Hadi Awada, Dr Mohammad Abdalla
Director: Raed Zeno
Rating: 4/5
Thank You for Banking with Us
Director: Laila Abbas
Starring: Yasmine Al Massri, Clara Khoury, Kamel El Basha, Ashraf Barhoum
Rating: 4/5
COMPANY PROFILE
● Company: Bidzi
● Started: 2024
● Founders: Akshay Dosaj and Asif Rashid
● Based: Dubai, UAE
● Industry: M&A
● Funding size: Bootstrapped
● No of employees: Nine
The specs: 2018 Ducati SuperSport S
Price, base / as tested: Dh74,900 / Dh85,900
Engine: 937cc
Transmission: Six-speed gearbox
Power: 110hp @ 9,000rpm
Torque: 93Nm @ 6,500rpm
Fuel economy, combined: 5.9L / 100km
SHOW COURTS ORDER OF PLAY
Wimbledon order of play on Saturday, July 8
All times UAE ( 4 GMT)
Centre Court (4pm)
Agnieszka Radwanska (9) v Timea Bacsinszky (19)
Ernests Gulbis v Novak Djokovic (2)
Mischa Zverev (27) v Roger Federer (3)
Court 1 (4pm)
Milos Raonic (6) v Albert Ramos-Vinolas (25)
Anett Kontaveit v Caroline Wozniacki (5)
Dominic Thiem (8) v Jared Donaldson
Court 2 (2.30pm)
Sorana Cirstea v Garbine Muguruza (14)
To finish: Sam Querrey (24) leads Jo-Wilfried Tsonga (12) 6-2, 3-6, 7-6, 1-6, 6-5
Angelique Kerber (1) v Shelby Rogers
Sebastian Ofner v Alexander Zverev (10)
Court 3 (2.30pm)
Grigor Dimitrov (13) v Dudi Sela
Alison Riske v Coco Vandeweghe (24)
David Ferrer v Tomas Berdych (11)
Court 12 (2.30pm)
Polona Hercog v Svetlana Kuznetsova (7)
Gael Monfils (15) v Adrian Mannarino
Court 18 (2.30pm)
Magdalena Rybarikova v Lesia Tsurenko
Petra Martic v Zarina Diyas
Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
On sale: Now
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
Iraq negotiating over Iran sanctions impact
- US sanctions on Iran’s energy industry and exports took effect on Monday, November 5.
- Washington issued formal waivers to eight buyers of Iranian oil, allowing them to continue limited imports. Iraq did not receive a waiver.
- Iraq’s government is cooperating with the US to contain Iranian influence in the country, and increased Iraqi oil production is helping to make up for Iranian crude that sanctions are blocking from markets, US officials say.
- Iraq, the second-biggest producer in the Organization of Petroleum Exporting Countries, pumped last month at a record 4.78 million barrels a day, former Oil Minister Jabbar Al-Luaibi said on Oct. 20. Iraq exported 3.83 million barrels a day last month, according to tanker tracking and data from port agents.
- Iraq has been working to restore production at its northern Kirkuk oil field. Kirkuk could add 200,000 barrels a day of oil to Iraq’s total output, Hook said.
- The country stopped trucking Kirkuk oil to Iran about three weeks ago, in line with U.S. sanctions, according to four people with knowledge of the matter who asked not to be identified because they aren’t allowed to speak to media.
- Oil exports from Iran, OPEC’s third-largest supplier, have slumped since President Donald Trump announced in May that he’d reimpose sanctions. Iran shipped about 1.76 million barrels a day in October out of 3.42 million in total production, data compiled by Bloomberg show.
- Benchmark Brent crude fell 47 cents to $72.70 a barrel in London trading at 7:26 a.m. local time. U.S. West Texas Intermediate was 25 cents lower at $62.85 a barrel in New York. WTI held near the lowest level in seven months as concerns of a tightening market eased after the U.S. granted its waivers to buyers of Iranian crude.
TRAP
Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue
Director: M Night Shyamalan
Rating: 3/5
Company%20profile
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What is 'Soft Power'?
Soft power was first mentioned in 1990 by former US Defence Secretary Joseph Nye.
He believed that there were alternative ways of cultivating support from other countries, instead of achieving goals using military strength.
Soft power is, at its root, the ability to convince other states to do what you want without force.
This is traditionally achieved by proving that you share morals and values.
The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
SPECS
Engine: 4-litre V8 twin-turbo
Power: 630hp
Torque: 850Nm
Transmission: 8-speed Tiptronic automatic
Price: From Dh599,000
On sale: Now
RESULT
Esperance de Tunis 1 Guadalajara 1
(Esperance won 6-5 on penalties)
Esperance: Belaili 38’
Guadalajara: Sandoval 5’
'Young girls thinking of big ideas'
Words come easy for aspiring writer Afra Al Muhairb. The business side of books, on the other hand, is entirely foreign to the 16-year-old Emirati. So, she followed her father’s advice and enroled in the Abu Dhabi Education Council’s summer entrepreneurship course at Abu Dhabi University hoping to pick up a few new skills.
“Most of us have this dream of opening a business,” said Afra, referring to her peers are “young girls thinking of big ideas.”
In the three-week class, pupils are challenged to come up with a business and develop an operational and marketing plan to support their idea. But, the learning goes far beyond sales and branding, said teacher Sonia Elhaj.
“It’s not only about starting up a business, it’s all the meta skills that goes with it -- building self confidence, communication,” said Ms Elhaj. “It’s a way to coach them and to harness ideas and to allow them to be creative. They are really hungry to do this and be heard. They are so happy to be actually doing something, to be engaged in creating something new, not only sitting and listening and getting new information and new knowledge. Now they are applying that knowledge.”
Afra’s team decided to focus their business idea on a restaurant modelled after the Leaning Tower of Pisa. Each level would have a different international cuisine and all the meat would be halal. The pupils thought of this after discussing a common problem they face when travelling abroad.
“Sometimes we find the struggle of finding halal food, so we just eat fish and cheese, so it’s hard for us to spend 20 days with fish and cheese,” said Afra. “So we made this tower so every person who comes – from Africa, from America – they will find the right food to eat.”
rpennington@thenational.ae
VERSTAPPEN'S FIRSTS
Youngest F1 driver (17 years 3 days Japan 2014)
Youngest driver to start an F1 race (17 years 166 days – Australia 2015)
Youngest F1 driver to score points (17 years 180 days - Malaysia 2015)
Youngest driver to lead an F1 race (18 years 228 days – Spain 2016)
Youngest driver to set an F1 fastest lap (19 years 44 days – Brazil 2016)
Youngest on F1 podium finish (18 years 228 days – Spain 2016)
Youngest F1 winner (18 years 228 days – Spain 2016)
Youngest multiple F1 race winner (Mexico 2017/18)
Youngest F1 driver to win the same race (Mexico 2017/18)
EA%20Sports%20FC%2024
%3Cp%3EDeveloper%3A%20EA%20Vancouver%2C%20EA%20Romania%3Cbr%3EPublisher%3A%20EA%20Sports%3Cbr%3EConsoles%3A%20Nintendo%20Switch%2C%20PlayStation%204%26amp%3B5%2C%20PC%20and%20Xbox%20One%3Cbr%3ERating%3A%203.5%2F5%3C%2Fp%3E%0A
Cricket World Cup League 2
UAE squad
Rahul Chopra (captain), Aayan Afzal Khan, Ali Naseer, Aryansh Sharma, Basil Hameed, Dhruv Parashar, Junaid Siddique, Muhammad Farooq, Muhammad Jawadullah, Muhammad Waseem, Omid Rahman, Rahul Bhatia, Tanish Suri, Vishnu Sukumaran, Vriitya Aravind
Fixtures
Friday, November 1 – Oman v UAE
Sunday, November 3 – UAE v Netherlands
Thursday, November 7 – UAE v Oman
Saturday, November 9 – Netherlands v UAE
