Global Tensions: Biggest fund worried about trade wars
Norway’s central bank, which runs the fund, said geopolitical and trade tensions presented a risk
OSLO:
Managers of Norway’s sovereign wealth fund, the world’s biggest, expressed concern on Tuesday about global trade tensions, which could heavily impact its value. The fund posted a positive return of 1.8%, or 167 billion kroner (17.2 billion euros, $19.8 billion), in the second quarter, helping erase a loss of 171 billion kroner in January-March, which was attributed to a volatile stock market. The Government Pension Fund Global, which saw its total value swell to 8.33 trillion kroner (859 billion euros, $991 billion) by the end of June, manages the country’s oil revenues in order to finance Norway’s generous welfare state when its oil and gas wells run dry. But Norway’s central bank, which runs the fund, said geopolitical and trade tensions presented a risk.
Published in The Express Tribune, August 22nd, 2018.
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