Climate Change Worsens Inflation: Oslo Fund Boss

The head of Norway’s mammoth sovereign wealth fund said Wednesday it would be “quite difficult” to bring down global inflation due to persistent upward pressure brought on by climate change and global market trends, Pierre-Henry Deshayes reported for Agence France-Presse (AFP).

Photo Insert: A positive development in the world is artificial intelligence, (AI) which will enable us to concentrate on the “most fun” tasks, Nicolai Tangen, the chief executive of Norges Bank Investment Management.

But a positive development in the world is artificial intelligence, (AI) which will enable us to concentrate on the “most fun” tasks, Nicolai Tangen, the chief executive of Norges Bank Investment Management which manages the fund, said as he addressed current economic trends while presenting the fund’s half-yearly report.

With shares in more than 9,000 companies, the fund controls around 1.5% of the world’s market capitalization. It earned 1.5 billion kroner ($143 billion) in the first half of the year, boosted by the strong financial market, in particular tech stocks with investors buoyed by developments in artificial intelligence.

The sector alone contributed 788 billion kroner to the fund’s results.

Apple accounted for 135 billion kroner, Microsoft (114 billion kroner) and Nvidia (84 billion kroner.) With shares in more than 9,000 companies, the fund controls around 1.5% of the world’s market capitalization. It earned 1.5 billion kroner ($143 billion) in the first half of the year, boosted by the strong financial market and tech stocks.

WEEKLY FEATURE : MVP Group Keeps Lights On During Pandemic