Latest news with #NorgesBankInvestmentManagement
Yahoo
3 days ago
- Business
- Yahoo
NBIM buys 49% stake in RWE's 1.6GW and 1.1GW offshore wind projects
Norges Bank Investment Management (NBIM) has purchased a 49% equity stake in RWE's 1.6GW Nordseecluster in Germany and the 1.1GW Thor offshore wind projects in Denmark. The transaction, valued at €1.4bn, was first announced in March 2025. Situated 50km north of Juist Island, the Nordseecluster wind farm is undergoing construction in two stages. The first phase, Nordseecluster A, with a capacity of 660MW, will be fully operational by 2027. The subsequent phase, Nordseecluster B, with a higher capacity of 900MW, is scheduled for completion in 2029. The Nordseecluster is projected to generate sufficient green electricity for 1.6 million households in Germany. Denmark's largest offshore wind farm, Thor, is located 22km off the Jutland coast and set for full commissioning in 2027. With a total capacity of 1,080MW, the Thor wind farm will supply electricity to more than one million Danish homes. Construction of both the Nordseecluster and Thor is on track, with the installation of monopile foundations for Thor already underway and the Nordseecluster A foundations being prepared at Eemshaven for installation in summer 2025. Wind turbine installation for both projects is planned for 2026. The projects will have long-term contracted revenues that offer stable cash flows and decrease risk to the developments. RWE operates 19 offshore wind farms. Besides Nordseecluster and Thor, the company is building the Sofia wind farm offshore England and OranjeWind offshore the Netherlands. "NBIM buys 49% stake in RWE's 1.6GW and 1.1GW offshore wind projects" was originally created and published by Power Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Erreur lors de la récupération des données Connectez-vous pour accéder à votre portefeuille Erreur lors de la récupération des données Erreur lors de la récupération des données Erreur lors de la récupération des données Erreur lors de la récupération des données
Business Insider
3 days ago
- Business
- Business Insider
How the boss of Ikea gives his workers permission to fail
Many corporate leaders praise innovation but are less vocal about failure. That's not the case for the CEO of Ikea 's owner — he hands out "banana cards." Jesper Brodin, boss of Ingka Group, said in a podcast interview with Norges Bank Investment Management CEO Nicolai Tangen that the idea came directly from employee feedback. "A big group of Ikea colleagues said openly that we feel sometimes afraid of daring to make mistakes. What would be the consequences?" Brodin said in the episode released on Wednesday. To ease those fears, he created a symbolic gesture: "I invented this card where I basically cosign in advance for your mistake. And I've handed that out to a lot of people." Brodin said the "banana card" sent a clear message to staff: take risks, and that it's OK to fail. "I actually do follow up with everyone who I handed this card to," he added. "But more as an encouragement to say: if you do a mistake and you look for somebody to share that burden with, you can count on me." An Ingka Group spokesperson told Business Insider the card is so named to encourage staff to "go bananas" with bold risks. They also said Brodin rolled it out companywide and is following up on its use to promote "experimentation" and "co-responsibility." The initiative is part of Brodin's broader push to keep Ikea agile and entrepreneurial, despite its global scale. He took up the role in late 2017. "The biggest threat for us today, besides things like climate change, economic turmoil, would be our internal capability to actually be entrepreneurs," he said. With about 216,000 employees globally, Brodin said complexity and inertia were constant risks for Ikea. "Being part of a big system, there is always a force of nature that invites you to make things more complicated — maybe a little bit too many experts, too many meetings, and so on," he said. "So you need to constantly try to cut down on meetings, encourage people to take decisions, to take risks, to dare to do mistakes." For Brodin, Ikea's future hinged on being bold. "If you have an idea and you don't act on it, there's something dying inside," he said. "For us, it's important to be a live community of people who go for their ideas and continue to look for the next horizon." A number of prominent tech and business leaders share Brodin's belief that failure is essential for innovation. British inventor James Dyson has said he built more than 5,000 prototypes before launching his bagless vacuum cleaner in 1993, telling The Wall Street Journal in April that real wisdom comes from experience. Elon Musk told the International Space Station Research and Development Conference in Boston in 2015: "Anything which is significantly innovative is going to come with a significant risk of failure." Meanwhile, Amazon founder Jeff Bezos put it simply in a 2015 letter to shareholders: " Failure and invention are inseparable twins." Steve Jobs, the late Apple cofounder, also spoke about the value of failure in Silicon Valley.
Yahoo
28-05-2025
- Business
- Yahoo
Mayfair landlord Grosvenor delivers rise in profits to £86.4 million
The Duke of Westminster's family business Grosvenor, owner of swathes of Mayfair and Belgravia, has reported a sharp rise in profits. But the boss of the 350 year old privately owned property company of a possible further fall in London commercial property values this year if interest rates continue to stay higher because of inflation. The business, one of central London's biggest landlords with a total of around 300 acres, also revealed that it paid a record £52.4 million dividend to its shareholders, UK trusts set up for the benefit of the Grosvenor family. Underlying profits in 2024 rose 16.5% from £74.1 million to £86.4 million, a performance CEO Mark Preston described as 'solid' in a challenging market. The occupancy rate was 97% up from 95%. The more volatile revenue profit measure, which includes one-offs such as development sales, almost doubled to £82.1 million. The value of the London portfolio, which includes landmarks such Grosvenor Square and Belgrave Square, rose 3.3% to around £4.5 billion, with offices and retail up 2.6%, retail rising by 4.4% and hotels by 10%. The London portfolio accounts for around 90% of Grosvenor's UK property holdings. Globally Grosvenor's properties were valued at £8.2 billion, down from £8.6 billion in 2023 and a peak of £9 billion in 2022. Grosvenor's main London development South Molton, is the West End's largest mixed-use scheme. Preston said there were 'good early signs' of strong demand from occupiers Over recent years Grosvenor's London team have been focussed on 're-animating' Mayfair and Belgravia, two exclusive districts that critics said exemplified a 'lights out London' rarely visited by locals. Earlier this year Grosvenor sold a 25% stake in a £1.2 billion portfolio of Mayfair properties estate to the Norwegian sovereign wealth fund Norges Bank Investment Management . The portfolio of 175 buildings around Mount Street and Grosvenor Street included the Connaught hotel. CEO and executive trustee Mark Preston, said: 'Against a challenging year for the global economy, marked by mediocre growth and rising geopolitical tensions, our business has delivered a strong set of financial results. 'New joint ventures with Norges in our Mayfair portfolio and with a Canadian pension fund and family office in Vancouver will help us to sow the seeds of future growth. 2The injection of fresh capital will enable us to further invest in the long-term success of London's West End and deliver a significant portion of over 6,100 homes we plan to create in North America. Grosvenor also announced a leadership shake up with James Raynor appointed to the role of Grosvenor Property CEO, with responsibility for the international property business. He will retain his current role of CEO of Grosvenor's UK property business until a successor is in place. Debbie Lee is also appointed Grosvenor's CFO, succeeding current CFO Rob Davis, from July 2026.
Time of India
28-05-2025
- Business
- Time of India
Norway's Wealth Fund CEO demands AI adoption among employees
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. "It can't be voluntary. It isn't voluntary to use AI or not," Tangen said in an interview. "If you don't use it, you will never be promoted. You won't get a job," he said, referring to Norway's wealth fund-the world's biggest. Artificial intelligence is rapidly becoming a prerequisite for performance in the asset management industry as investment firms race to boost efficiency, cut costs, and gain an edge in decision-making. In that vein, AI tools are being embedded across trading desks, research teams, and back-office operations. While some question the consequences of hastened adaptation of AI, the 58-year-old leader of Norway's wealth fund is mostly worried about his employees not using it enough. In his home country, Tangen is known to sing the praises of AI on every stage, and in every podcast and seminar he attends. Inside Norges Bank Investment Management , it's the same. "You have to repeat and repeat and repeat, attack the organization from all sides," he says. There's now a six-person "AI enabler" team, 40 AI ambassadors and repeated seminars, conferences and courses. About 300 staff now write code, with the help of AI, according to Tangen. "My biggest surprise was that resistance when we first started. People don't want change," he said. "There's 10-20% who don't want do things if it's voluntary. But those are the ones who need it." In an internal survey, the fund's employees reported a 15% increase in efficiency last year. Tangen said he believes number will be 20% in 2025 and another 20% the year after that. This gives the CEO a visible boost. His face lights up, his voice grows louder. 'If we compete with companies that are not using AI, we're 50% ahead! It's unbelievable. They will never catch up,' he says. 'I've never seen anything like this, a situation where you can get this far ahead of your competitors.' 'We save a lot on trading and will save much more,' he said, quoting trading costs, putting money into the markets and on the general increase in efficiency. Key tools used at the fund include Claude, built by Anthropic PBC and 'used by 100% of the employees,' Copilot by Microsoft Corp, Perplexity, Cursor, Open AI Deep Research and Google AI. The fund monitors news articles about its investments in 16 different languages and structures the information to get an overview of the companies' accountability, spending minutes on something that used to take days, Tangen has said. NBIM, as the fund is known, is far from alone in telling staff to embrace the change — Shopify CEO Tobi Lutke told his company in April that AI usage is now a baseline expectation and JPMorgan Chase & Co. CEO Jamie Dimon has said the firm's more than 400 use cases of AI are likely to grow to 1,000 in a year. The Norwegian sovereign wealth fund is owned by Norges Bank and operates along guidelines set by the Norwegian finance ministry. Its mandate is decided by Norway's lawmakers. That does set some boundaries on the use of AI, Tangen said. There's a requirement to have 'humans in the loop,' and two people have to look at any code that is sent out. Staff cannot input personal or classified information or disclose active trading in AI models, and the fund won't use AI on independent trading or in hiring processes. 'Independent trading is always done by humans. I don't see that changing for the fund in the future. But they use AI to gather information,' he said, adding analysts are no longer of much use. The fund owns about 1.5% of all listed companies around the world and is tech-heavy, with Apple Inc., Microsoft, Nvidia Corp, Alphabet Inc, Inc and Meta Platforms Inc among its biggest investments, in line with a bespoke benchmark index. It's also known to be an activist investor, publishing its voting decisions five days before the companies' annual general meetings. It famously voted against Tesla Inc. CEO Elon Musk's record $56 billion compensation package that's since risen in value and been contested in court. AI helps the fund making these decisions, Tangen said. 'The documents about the pay packages might be 40-50 pages long. We feed that and our guidelines into the system and our voting history on previous pay packages, and it tells us, with about 95% accuracy, if we should vote yes or no', the CEO said. Tangen said he will replace employees who leave, but only with tech-savvy new ones. Employees should use the time saved with AI to 'think more and make better decisions,' he said.
Economic Times
28-05-2025
- Business
- Economic Times
Norway's Wealth Fund CEO demands AI adoption among employees
Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel 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. "It can't be voluntary. It isn't voluntary to use AI or not," Tangen said in an interview. "If you don't use it, you will never be promoted. You won't get a job," he said, referring to Norway's wealth fund-the world's intelligence is rapidly becoming a prerequisite for performance in the asset management industry as investment firms race to boost efficiency, cut costs, and gain an edge in decision-making. In that vein, AI tools are being embedded across trading desks, research teams, and back-office some question the consequences of hastened adaptation of AI, the 58-year-old leader of Norway's wealth fund is mostly worried about his employees not using it his home country, Tangen is known to sing the praises of AI on every stage, and in every podcast and seminar he attends. Inside Norges Bank Investment Management , it's the same. "You have to repeat and repeat and repeat, attack the organization from all sides," he says. There's now a six-person "AI enabler" team, 40 AI ambassadors and repeated seminars, conferences and courses. About 300 staff now write code, with the help of AI, according to Tangen. "My biggest surprise was that resistance when we first started. People don't want change," he said."There's 10-20% who don't want do things if it's voluntary. But those are the ones who need it." In an internal survey, the fund's employees reported a 15% increase in efficiency last year. Tangen said he believes number will be 20% in 2025 and another 20% the year after gives the CEO a visible boost. His face lights up, his voice grows louder.'If we compete with companies that are not using AI, we're 50% ahead! It's unbelievable. They will never catch up,' he says. 'I've never seen anything like this, a situation where you can get this far ahead of your competitors.''We save a lot on trading and will save much more,' he said, quoting trading costs, putting money into the markets and on the general increase in efficiency. Key tools used at the fund include Claude, built by Anthropic PBC and 'used by 100% of the employees,' Copilot by Microsoft Corp, Perplexity, Cursor, Open AI Deep Research and Google fund monitors news articles about its investments in 16 different languages and structures the information to get an overview of the companies' accountability, spending minutes on something that used to take days, Tangen has as the fund is known, is far from alone in telling staff to embrace the change — Shopify CEO Tobi Lutke told his company in April that AI usage is now a baseline expectation and JPMorgan Chase & Co. CEO Jamie Dimon has said the firm's more than 400 use cases of AI are likely to grow to 1,000 in a Norwegian sovereign wealth fund is owned by Norges Bank and operates along guidelines set by the Norwegian finance ministry. Its mandate is decided by Norway's lawmakers. That does set some boundaries on the use of AI, Tangen a requirement to have 'humans in the loop,' and two people have to look at any code that is sent out. Staff cannot input personal or classified information or disclose active trading in AI models, and the fund won't use AI on independent trading or in hiring processes.'Independent trading is always done by humans. I don't see that changing for the fund in the future. But they use AI to gather information,' he said, adding analysts are no longer of much fund owns about 1.5% of all listed companies around the world and is tech-heavy, with Apple Inc., Microsoft, Nvidia Corp, Alphabet Inc, Inc and Meta Platforms Inc among its biggest investments, in line with a bespoke benchmark also known to be an activist investor, publishing its voting decisions five days before the companies' annual general meetings. It famously voted against Tesla Inc. CEO Elon Musk's record $56 billion compensation package that's since risen in value and been contested in court. AI helps the fund making these decisions, Tangen said.'The documents about the pay packages might be 40-50 pages long. We feed that and our guidelines into the system and our voting history on previous pay packages, and it tells us, with about 95% accuracy, if we should vote yes or no', the CEO said he will replace employees who leave, but only with tech-savvy new ones. Employees should use the time saved with AI to 'think more and make better decisions,' he said.
