Latest news with #wealthfund
Bloomberg
5 days ago
- Business
- Bloomberg
Alberta Invests $2 Billion Into Wealth Fund to Speed Growth Plan
Canada's top oil-producing province of Alberta is injecting C$2.8 billion ($2 billion) into its provincial wealth fund, advancing a plan to wean itself off volatile resource revenue in the decades ahead. The investment brings the balance in Alberta's Heritage Savings Trust Fund to a record C$30 billion, the provincial government said Friday. The government also appointed board members to a new corporation that will oversee the fund.
Bloomberg
14-07-2025
- Business
- Bloomberg
Dubai Real Estate Firms Are Going Global
Welcome to the Mideast Money newsletter, I'm Adveith Nair. Join us each week as my team and I chronicle the intersection of money and power in a region that's become one of the most influential in global finance. You can sign up here. This week: Kuwait's $1 trillion wealth fund is borrowing from Warren Buffett's playbook, and a Saudi royal runs a $250 billion firm shaping access to mega deals in the kingdom. But first, Dubai property developers are going global.
Bloomberg
04-06-2025
- Business
- Bloomberg
Indonesian Wealth Fund Says Ray Dalio to Be Informal Adviser
Indonesia's Danantara said Ray Dalio will serve as an informal adviser to the wealth fund's leadership and President Prabowo Subianto. The Bridgewater Associates founder's role as informal adviser is voluntary and unpaid, the wealth fund said in a statement on Wednesday.
Bloomberg
27-05-2025
- Business
- Bloomberg
Norway Wealth Fund Chief Tells Staff That Using AI Is a Must
Chief Executive Officer Nicolai Tangen sees no future at Norway's $1.8 trillion sovereign wealth fund for employees who resist using artificial intelligence in their jobs. Tangen, who recently told lawmakers in Oslo that the technology can help keep the fund's headcount from growing in the near future, says he has been running around 'like a maniac' since 2022 to convince his roughly 670 staff to use AI.
Yahoo
13-05-2025
- Business
- Yahoo
How should Norway spend its cash? Solve global problems, says citizen panel
By Gwladys Fouche OSLO (Reuters) -Norway's $1.8 trillion wealth fund, the world's largest, should invest more money in sectors addressing global challenges such as climate change and health and accept it may get lower returns on these investments, a citizens' panel said on Tuesday. The initiative, a nationwide consultation on what the country should do with its wealth, was the brainchild of seven non-governmental organisations who wanted to bring into the public debate voices from society that are not usually heard. The 56 Norwegians selected to represent the population - based on age, gender, place of residence, education and attitude towards climate change - met between January and May to create recommendations for lawmakers. They discussed how to spend the cash from the fund, which pools state oil and gas revenue and has a current value equivalent to each man, woman and child owning $326,000. "A specific percentage of the oil fund should be set aside for sustainable investments where we accept higher risk and lower returns to promote social and economic development in developing countries," said the panel's report, seen by Reuters. Other advice included having guidelines on how the fund should be spent in times of crises, such as pandemics and wars, and having new guidelines on how the fund should be used in the national budget. Currently up to 3% of the fund's value can be used in the budget without specifying what it should be spent on. The panel said it should be spent on "fundamental social structures" such as education, research and innovation, and not on "administrative expenses". The fund should also move faster to invest the 2% of its value earmarked for direct stakes in renewable projects abroad, like wind and solar farms. It has spent just 0.1% of its value on such investments. "The idea was that we were different people from different parts of the country. My experience is that we had all the same fundamental values," panellist Lill Synnoeve Ludvigsen, a 17-year-old high school student, told Reuters in a phone interview from her home in Trondheim, Norway's third-largest city. The fund divests from companies deemed in breach of its ethical guidelines adopted by parliament. On Sunday, it divested from Israel's Paz Retail and Energy for supplying fuel to Israeli settlements in the occupied West Bank, as well as from Mexico's Pemex for what it called an unacceptable risk that it is involved in corruption.
