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Stock market volatility hits Norway’s sovereign wealth fund
Norway’s Central Bank on Tuesday said its pension fund lost 188 billion kroner ( 21 billion dollars equivalent) in the first half of 2020 amid stock market volatility during the coronavirus pandemic. The bank said the return on the sovereign wealth fund fell by 3.4 per cent during the January-to-June period. The Deputy Chief Executive of Norges Bank Investment Management, Trond Grande, said there were major fluctuations in the equity market. “The year started with optimism, but the outlook of the equity market quickly turned when the coronavirus started to spread globally. “The sharp decline in global stock markets during the first quarter is, however, limited by a massive monetary and financial policy response. “Even though markets recovered well in the second quarter, we are still witnes...
Ogun PDP gets new executive committee
File Photo The crisis rocking the Peoples Democratic Party (PDP) in Ogun State, deepened on Friday, as the faction loyal to Senator Buruji Kashamu, inaugurated its new state executive members to steer the affairs of the party for the next four years. The oaths of office which was done in batches of 15 persons were administered by a lawyer and notary public, Victor Owokoya and Oluwatoyin Omomehin, respectively. The inauguration, ceremony which took place at the State Party Secretariat in Abeokuta, also saw the new exco members getting cars from the Omo-Ilu Foundation, courtesy Senator Buruji Kashamu. Ogun PDP had been enmeshed in a battle of supremacy between the loyalists of Kashamu and party faithful loyal to a former House of Representatives member, Oladipupo Adebutu. Speaking with newsm...
