Wojciech's Feed
Nov 4, 2010

Norway wealth fund warns on flow curbs

OSLO (Reuters) – Norway’s sovereign wealth fund (SWF) earned $34 billion (20 billion pounds) on its investments in the third quarter as markets rallied and warned of risks stemming from potential capital flow restrictions in reaction to global imbalances.

The $500-billion-plus SWF, the world’s second largest behind its peer in the United Arab Emirates, also picked a prime central London retail site for its first ever real estate purchase in a $719 million deal.

Nov 4, 2010

Norway SWF buoyed by Q3 rally, warns on flow curbs

OSLO, Nov 4 (Reuters) – Norway’s sovereign wealth fund (SWF)
earned $34 billion on its investments in the third quarter as
markets rallied and warned of risks stemming from potential
capital flow restrictions in reaction to global imbalances.

The $500-billion-plus SWF, the world’s second largest behind
its peer in the United Arab Emirates, also picked a prime
central London retail site for its first ever real estate
purchase in a $719 million deal.

Nov 4, 2010

Norway SWF rides Q3 rally, buys London real estate

OSLO, Nov 4 (Reuters) – Norway’s sovereign wealth fund (SWF)
said it earned $34 billion on its investments in the third
quarter as stock markets rallied, and picked a prime central
London retail site for its first ever real estate purchase.

The $500-billion-plus SWF, the world’s second largest behind
its peer in the United Arab Emirates, agreed to buy a 25 percent
stake in the UK Crown Estate’s Regent Street properties for 448
million pounds ($719 million).

Nov 3, 2010

Statoil cuts 2010 output after Q3 hit, shares slide

OSLO, Nov 3 (Reuters) – Norway’s Statoil (STL.OL: Quote, Profile, Research, Stock Buzz) slashed
its 2010 oil and production target on Wednesday after extensive
maintenance during the third quarter weakened earnings and cast
doubt on its plans to boost production by up to 14 percent by
2012.

Statoil, one of Europe’s largest oil companies by market
capitalisation and the continent’s second biggest supplier of
natural gas, cut its 2010 production forecast, as measured on
its own “equity production” basis to 1.9 million barrels per day
of oil equivalent from an early 1.925 million to 1.975 million
boed.

Nov 2, 2010

Talk, not bullying, best in Afghanistan: ex-U.N. envoy

OSLO (Reuters) – U.S. “bullying” of Afghan President Hamid Karzai is counterproductive and talks with the Taliban are the only way to peace, the former U.N. envoy in Kabul said on Tuesday.

Kai Eide, who was the top U.N. official in Afghanistan for two years until March 2010, also called on NATO members to “stay the course” on their military and civilian engagements in Afghanistan at a November 19-20 summit in Lisbon, and make decisions on troop withdrawal based on the situation on the ground.

Oct 29, 2010

Unclear who will accept Nobel Prize for Liu

OSLO (Reuters) – It is unclear who will accept the Nobel Peace Prize awarded to jailed Chinese dissident Liu Xiaobo and the Norwegian Nobel Committee may keep custody of it for the time being, its secretary said on Friday.

China has strongly condemned the choice of the pro-democracy activist to receive the accolade and is unlikely to release Liu or allow his wife Liu Xia, under house arrest, to travel to Oslo.

Oct 27, 2010

Telenor raises growth, margin view after strong Q3

OSLO (Reuters) – Norway’s Telenor ASA posted above-forecast third-quarter core earnings on Wednesday and increased its 2010 guidance on the back of strength in Asian mobile markets, extending a strong run by European telecoms.

Adjusted core earnings (EBITDA) of 7.89 billion Norwegian crowns ($1.36 billion) slipped from 8.19 billion a year ago but topped all 25 analyst forecasts in a Reuters survey, whose predictions ranged between 6.92 billion and 7.77 billion.

Oct 21, 2010

Statoil prices fuel-arm IPO near top of range

OSLO, Oct 21 (Reuters) – Norway’s Statoil (STL.OL: Quote, Profile, Research) priced
its filling station unit’s initial public offering (IPO) near
the top of its range on Thursday, luring investors with promises
of stable returns in the boom-and-bust oil sector.

Statoil — the Nordic region’s biggest company, worth $67
billion — said its fuel and retail division will likely fetch
39 Norwegian crowns ($6.67) per share, against its indicated 32
to 41 crown range and valuing the spin-off at $2 billion.

Oct 20, 2010

Norway to choose new central bank governor

Oct 20 (Reuters) – Norway will soon pick the successor for
central bank Governor Svein Gjedrem, who directs monetary
policy, seeks sweeping changes to Norway’s money market and
oversees the country’s $500 billion-plus wealth fund.

Gjedrem’s second and final term at the helm of Norges Bank
runs out at the end of 2010.

Oct 11, 2010

REC says “green parity” at least 3-5 years away

OSLO (Reuters) – Norwegian solar group Renewable Energy Corp (REC.OL: Quote, Profile, Research, Stock Buzz) said it will take at least 3-5 years for solar energy to become cost competitive with fossil fuel-based electricity, in part due to oil and gas subsidies.

Chief executive Ole Enger said producers of polluting fossil fuels received “several hundred billions of dollars” in subsidies worldwide, skewing the global energy mix toward carbon-intensive coal, gas and oil.