The latest stress test by Norges Bank Investment Management, the sovereign wealth fund managing the country’s oil and gas revenues, assessed the damage that four different catastrophes would have on its portfolio.
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RUSSIAN OIL STRANDED AT SEA AFTER INDIA CUTS PURCHASES
To avoid a punitive 25-percent U.S. tariff, India has sharply curtailed its purchase of Russian crude oil. As a result, about 60 million barrels of Russia’s oil are now stranded aboard tankers at sea.
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‘VERY DEEP POVERTY’ IN U.K. REACHES RECORD LEVEL, STUDY FINDS
About 6.8 million people in the U.K. now subsist in "very deep poverty", the highest level since the mid-1990s, according to a study by the Joseph Rountree Foundation, which focuses on alleviating poverty.
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GERMAN GOVERNMENT CUTS ITS TWO-YEAR ECONOMIC FORECAST
Germany’s economy, the world’s third largest, will grow a scant 1 percent this year and 1.3 percent in 2027, according to a new outlook from the country’s Ministry for Economics.
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EMERGING MARKETS ARE THE YEAR’S HOT INVESTMENTS
Bonds, currencies, and stocks of emerging nations are leading the investment pack this year as the dollar sinks to a four-year low and investors diversify beyond dollar-denominated venues.
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GM FORECASTS $2-BILLION JUMP IN PROFITS THIS YEAR
Thanks to the popularity of its high-profit pickup trucks and full-size SUVs, General Motors projects its 2026 profit will rise as much as $2 billion, year on year.
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CITI WILL TRAIN 175,000 WORKERS TO ‘REINVENT THEMSELVES’ WITH AI
Citi, a $205-billion U.S. megabank, will require 175,000 workers to learn to use artificial intelligence (AI), CEO Jane Fraser said in an interview with Fortune magazine.
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U.S APARTMENT RENTS FELL TO FOUR-YEAR LOW IN JANUARY
Last month, the median monthly rent for a U.S. apartment was $1,353, down 1.4 percent year on year, Apartment List reported, and lower by 6.2 percent since they peaked in summer 2022.
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U.S TRADE DEFICIT ALMOST DOUBLES IN NOVEMBER
The U.S.’s red ink in trade grew to $56.8 billion in November, up 94.6 percent from October when the gap shrank to its smallest since 2009, the U.S. census bureau reported.
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TRUMP NAMES WARSH AS NEXT FED CHAIRMAN
Donald Trump has named Kevin Warsh, a governor of the U.S. Federal Reserve during the George W. Bush administration, to succeed Jerome Powell as chair of the central bank. Powell’s term expires in May.