Norway wealth fund posts half year $68 billion profit
The fund's overall return for the January-June period was 5.7%, which was 0.05 percentage point lower than the return on the fund's benchmark index.
"The result is driven by good returns in the stock market, particularly in the financial sector," fund CEO Nicolai Tangen said in a statement.
The fund, which invests the Norwegian state's revenues from oil and gas production, is one of the world's largest investors, owning on average 1.5% of all listed stocks worldwide. It also invests in bonds, real estate and renewable energy projects.
The return on equity investments was 6.7% percent in the first half, while fixed-income returned 3.3%, unlisted real estate 4% and unlisted renewable energy infrastructure 9.4%, Norges Bank Investment Management (NBIM) said in its statement.
NBIM announced yesterday it was terminating contracts with external asset managers handling its Israeli investments and has divested parts of its portfolio in the country over the situation in Gaza and the West Bank.
It is expected to provide more detail on its partial Israeli divestment today.
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The Journal
5 hours ago
- The Journal
Millionaire Áras hopeful launches presidential campaign in the Shelbourne - here's what he said
THE MILLIONAIRE MILLENNIAL Gareth Sheridan chose the Constitution Room, the birthplace of the Irish Constitution in 1922, in the Shelbourne Hotel in Dublin as the location to launch his presidential campaign today. It's the second presidential launch we've had this summer, with the pharma tycoon worth €16 million, fielding robust questions from the Irish media as he enters the race. With his wife Heidi and his campaign team seated at the large Cabinet-style table next to the podium, the pharma tycoon (a terms he says he wouldn't use to describe himself) answered questions about the range of controversies that have emerged since his name first entered the race last weekend. The entrepreneur and former CEO of US-based company Nutriband, which describes itself as a 'values-based company' that manufactures abuse deterrent transdermal patches aimed specifically at opioid and fentanyl abuse, took questions on his finances, a united Ireland, the Triple Lock, migration, the Occupied Territories Bill, and housing. Gareth Sheridan answering questions from the media in Dublin today. Christina Finn Christina Finn So what did he have to say? Here's a rundown: How much money does he have? Sheridan's net worth right now is around €16 million and he has €500,000 cash in the bank to fund his presidential campaign. If he wins the election, he would likely place any Nutribrand company interests in a trust fund. He rents an apartment in Dublin with his wife and daughter, paying out over €3,000 per month. He drives a 2021 used Mercedes hybrid. What councils does he claim he has in the bag in terms of a nomination? Sheridan claims he has Tipperary and Laois councils backing his nomination, but stayed coy on the other two councils required. In order to run for president, a person needs at least four local authorities to nominate them or at least 20 Oireachtas members. Would he sign the Occupied Territories Bill into law as president? Sheridan said he would have 'no issue whatsoever' in signing the bill into law. Once the legislation is passed by the Oireachtas, the president must sign it into law. The former pharma boss said that he 'shares the opinions of the majority of the country, if not the entire country, that what's happening now in Palestine is nothing short of a disgrace'. 'When you start weaponising food and water and children are dying. I think it's the utmost finality of evil. Essentially, I think Israel will be on the wrong side of history indefinitely for what's going on over there. So I just want to make that point really clear,' he told The Journal. Advertisement He added that he has no shares that are linked to Israel. Did his company pay an Israeli hospital that trains Israel Defense Forces (IDF) soldiers $50,000 as part of a medical technology deal? The Ditch reported yesterday that his company paid an Israeli hospital that trains Israel Defense Forces (IDF) soldiers $50,000 as part of a medical technology deal. Sheridan told The Journal the 2020 transaction was connected with two doctors who happened to work at the hospital. They had developed a device that liquefied tablets for people that couldn't swallow or were incapacitated. The device would do very well in terms of treating people on the spot, explained Sheridan. 'It was a technology that we thought was very interesting, will be impactful on the world. Essentially, we took a gamble on it. The technology itself needed far more development than we initially thought… We don't have a continuing relationship,' he said. Was he fined in 2018 for making misleading statements about his company? Yes, he was fined $25,000. Nutriband was investigated by the Securities and Exchange Commission over company filings in the US. The (SEC) is is an independent federal agency of the US government that is responsible for regulating the securities markets and protecting investors. The SEC fine was related to a disclosure on a product that Sheridan says they were planning to launch with FDA approval. He told reporters they relied upon the advice from two attorneys and the dermatologist advising the company on that particular product. 'It happened to be a wrong opinion, and we basically took our fine and our cease and desist and said he will not do it again. We've had an excellent relationship with the SEC since. It was an honest mistake. You pay your dues and you move on,' he said. Did his mother object to social housing? After a story appeared in the Irish Examiner today, Sheridan confirmed that his mother did object to a housing project through her work. He said his mother 'broke down' when Sheridan asked her about it yesterday. 'It's something that is not in the personality of my mother by any means. My mother grew up in social housing. You know, she is one of my inspirations to tackle the housing crisis, and she's fully behind it. So I'm just really stressed about that. As a family, we find this as a core issue that needs to be tackled,' he said. What does he think about immigration and racist attacks? Asked about the recent attacks on the Indian community, Sheridan said 'it's certainly troubling but has become a 'little bit more prominent' now. 'I really stress that if that's something that you support or get behind, and I'm definitely not your candidate,' he said today. Describing immigration and migration in general as a 'tricky subject', Sheridan said these are 'not statistics at the end of the day. We're talking about people'. 'I think we have a migration problem both ways, right? We have an emigration problem because the youth are leaving in their droves, but we don't have an immigrant problem,' he said. Related Reads The millionaire millennial seeking the presidency: How did Gareth Sheridan get so rich? Catherine Connolly is using American-style grassroots fundraising for her presidential campaign Catherine Connolly, presidential hopeful, has given her first press conference — here's what she said The Journal / YouTube Sheridan said the government were unprepared and lacked foresight with the immigration system, which he said was set up in an inadequate way to deal with the inflow of people that want to move here. 'It should be no surprise to us that Ireland has become a destination where people want to live and want to raise a family and want to grow their life, and we should have seen that coming,' he said. 'But we also have to understand that immigration is healthy for the economy, right? It's a matter of making sure that we all get along,' he added. Is he against removing the Triple Lock? Sheridan said today that he is against changes to the Triple Lock. This is one of the key pieces of legislation that the next president may have to sign off on if government is successful in pushing it through. The triple lock system dictates that Irish troops in groups of more than 12 cannot be deployed abroad without approval from Cabinet, the Dáil and a resolution from the United Nations Security Council. The changes proposed by government include removing the UN Security Council element. 'I think we're Irish first and European second and they need to listen to the people a little bit more,' said Sheridan. 'I think there's an overwhelming objection of the idea that we would move forward with that. And I want to stress that we're militarily neutral, but we've never been morally neutral, and that's important as well,' he said. Would Sheridan like to see a united Ireland? Sheridan said it is something he would love to see in his lifetime, but he said it is a complex issue that cannot be rushed. He told the media that the idea of a united Ireland needs to be 'very seriously thought out', stating that 'the narrative that we need to rush to bring that through is a little bit unprepared'. Is housing going to be one of his key talking points? Yes, Sheridan said he is not going to bring his toolbox and start building houses, but he will champion the issue. My ideal home here is we claim to 'make Ireland home again'. He said there has been complete ignorance to Article 41.21 of the Constitution which enshrines the right to a peoples' domestic needs. Readers like you are keeping these stories free for everyone... A mix of advertising and supporting contributions helps keep paywalls away from valuable information like this article. Over 5,000 readers like you have already stepped up and support us with a monthly payment or a once-off donation. Learn More Support The Journal
Irish Examiner
8 hours ago
- Irish Examiner
Gareth Sheridan defends ties to controversial senator, and links to Israel in bruising press conference
Presidential election hopeful Gareth Sheridan was forced to defend a $25,000 fine, ties to senator Sharon Keogan, and links to an Israeli hospital in a bruising first press conference since announcing his bid. The 35-year-old founder of pharma company Nutriband, who has a net worth of over €13m, argued his success should not be used against him in the presidential race. Mr Sheridan said he was 'confident that we have a path to a nomination with proposers and seconders and at least six councils', including Tipperary and Laois. To get on the ballot paper for the presidential election, a candidate must have the backing of 20 Oireachtas members, or four local authorities. Independent Sharon Keogan, who has been criticised for comments on immigration, LGBTQ+ issues, and surrogacy, has helped Mr Sheridan meet councillors. In a Virgin Media interview, he distanced himself from some of her comments. At his press conference, he said Ms Keogan had a 'very strong influence among independent councillors in the country', and saying they were actually introduced by an independent councillor. Mr Sheridan also addressed a report in the Irish Examiner that his mother had objected to a housing development, citing concerns about social housing, at the 'behest' of her employer, who was behind the project. He denied this undermined his message on the housing crisis, adding his mother grew up in social housing. 'The Nutriband journey […] was by no means a fairytale journey,' he said. 'I've made the phone calls home asking for help with rent. I understand the value of a euro. I'll never take that for granted because I didn't have it at one point. 'I think we have to be careful that we don't get into a position that if an entrepreneur who's aspiring in this country makes a success out of an idea that they have, that all of a sudden, it's a negative.' He further confirmed he was worth $15.5m (€13.3m). This includes $15m in Nutriband shares and $500,000 in cash. He said he would use his savings to fund his campaign. In relation to the ,000 fine levied at him by the US Securities and Exchange Commission (SEC), he argued it followed an 'honest mistake' and he and the company 'paid our dues and moved on'. The company had said a product did not need approval from the FDA in filings to the SEC. He added Nutriband had 'relied on people who did know the rules and regulations' but had turned out to be wrong. Mr Sheridan also addressed reports his company had given $50,000 to an Israeli hospital training Israeli Defence Force soldiers. The company worked with two doctors who 'developed a device that liquefied tablets for people who couldn't swallow'. He said the project was 'shelved'. He said he would have 'no issue whatsoever' about the prospect of signing the Occupied Territories Bill into law if he was president, adding what was happening in Palestine the 'utmost banality of evil'. Mr Sheridan described immigration as a 'tricky subject', but said Ireland did not have an immigration problem, and there was a problem with the system. He also confirmed he was against Government proposals to amend the Triple Lock.
Irish Examiner
12 hours ago
- Irish Examiner
Israel announces West Bank settlement that ‘could imperil Palestinian state'
Israel's far-right finance minister has announced a contentious new settlement construction in the Israeli-occupied West Bank. Palestinians and rights groups worry the move will scuttle plans for a future Palestinian state by effectively cutting the West Bank into two separate parts. The announcement on Thursday comes as many countries said they would recognise a Palestinian state in September. Anyone in the world who tries today to recognise a Palestinian state will receive an answer from us on the ground 'This reality finally buries the idea of a Palestinian state, because there is nothing to recognise and no one to recognise,' said finance minister Bezalel Smotrich. 'Anyone in the world who tries today to recognise a Palestinian state will receive an answer from us on the ground.' Development in E1, an open tract of land east of Jerusalem, has been under consideration for more than two decades but was frozen because of US pressure during previous administrations. On Thursday, Mr Smotrich praised President Donald Trump and US ambassador to Israel Mike Huckabee as 'true friends of Israel as we have never had before'. The E1 plan has not yet received its final approval, which is expected next week. It includes around 3,500 apartments to expand the settlement of Maale Adumim, Mr Smotrich said. Israeli finance minister Bezalel Smotrich speaks to journalists during a press conference about a new settlement construction in the Israel-occupied West Bank (Ohad Zwigenberg/AP) While some bureaucratic steps remain, if the process moves quickly, infrastructure work could begin in the next few months and construction of homes could start in around a year. Rights groups swiftly condemned the plan. Peace Now called it 'deadly for the future of Israel and for any chance of achieving a peaceful two-state solution' which is 'guaranteeing many more years of bloodshed'. The announcement comes as the Palestinian Authority and Arab countries condemned Israeli Prime Minister Benjamin Netanyahu's statement in an interview on Tuesday that he was 'very' attached to the vision of a 'Greater Israel'. He did not elaborate, but supporters of the idea believe that Israel should control not only the occupied West Bank but parts of Arab countries.
