Category Archives: economy

Norway’s $1 Trillion Wealth Fund Wants Out of Oil and Gas Stocks

Norway’s $1 trillion sovereign wealth fund proposed dumping about $35 billion in oil and gas stocks, including Royal Dutch Shell Plc and Exxon Mobil Corp., to protect the economy of western Europe’s biggest petroleum producer.

The nation will be “less vulnerable” to a drop in oil by not being invested in stocks of companies in the industry, the Oslo-based fund said Thursday. The Finance Ministry said it would study the plan and decide at the earliest in “autumn 2018.” The Stoxx Europe 600 Oil and Gas index reversed gains after the announcement, sliding 0.4 percent as of 1:14 p.m. in London.

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America’s investing giants have a major problem with the GOP tax plan

America’s biggest investment managers aren’t thrilled with the GOP tax bill.

Under a little-publicized provision of the bill, clients would be forced to sell their oldest shares first when cashing out of positions, according to a report from Laura Saunders of the Wall Street Journal. That would reduce flexibility in terms of minimizing taxes, something that investment firms fear could end up costing clients loads of money.

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World’s richest 1% have as much wealth as bottom 50%, study finds

Credit Suisse report highlights increasing gap between the super-rich and the remainder of the globe’s population

The globe’s richest 1% have as much wealth as the bottom 50% – 3.8 billion people – according to a new report highlighting the growing gap between the super-rich and everyone else.

The world’s richest people have seen their share of the globe’s total wealth increase from 42.5% at the height of the 2008 financial crisis to 50.1% in 2017, or $140tn (£106tn), according to Credit Suisse’s global wealth report published on Tuesday.

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Why Russian Oligarchs Will Be First to Leave Their Offshore Paradise (Op-ed)

The Paradise Papers could help Putin’s efforts to return capital onshore

The release of the Paradise Papers has highlighted a well-known and unpleasant fact: The rich and powerful have a tendency to hide their wealth offshore, away from the public eye.

Tax havens unite people of different molds into a single caste — from dictators to democrats, and prime ministers to queens. They also don’t discriminate between Americans or Angolans — status is more important than nationality. And they stretch across political divides, from liberal democrats to conservatives.

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Bill Gates joins the fight against Alzheimer’s — and it’s personal

Billionaire Bill Gates is personally investing $50 million to help fund research to find a treatment for Alzheimer’s disease, a type of dementia Gates says has struck members of his own family.

There is no cure for Alzheimer’s, which destroys memory and other mental processes, so Gates said he is investing his own money in the Dementia Discovery Fund, a private-public partnership to search for a solution.

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Trump’s post-election stock market rally is the 4th-best since 1936

Since President Donald Trump was elected in November 2016, the stock market has been on a tear.

Over the weekend, Trump — who has repeatedly boasted about the stock market’s run during his time in office — said in Japan that “the reason [the U.S.] stock market has been so successful is because of me,” according to ABC’s Jonathan Karl.

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In Hungary, Viktor Orban’s favorite mayor goes on a shopping spree

Lorinc Meszaros is no ordinary mayor. He runs a village in Hungary. He also owns publishers, hotels, a nuclear engineering firm and a bank. His shopping list is believed to be written by Prime Minister Viktor Orban.

The stock price of Opimus Global Nyrt., the owner of Hungary’s biggest media empire has been rising steeply and steadily. Shares bought for 40 Hungarian forints a piece (€0.13) last December, are now worth 328 forints, an eight-fold increase.

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