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Picture: REUTERS/DADO RUVIC
Picture: REUTERS/DADO RUVIC

Team permanent

The world’s largest sovereign wealth fund has warned that investors face years of low returns as the surge in inflation becomes a permanent feature of the global economy.

Nicolai Tangen, CEO of Norway’s $1.3-trillion oil fund, told the Financial Times that he is "the team leader for team permanent" in the fierce debate over whether the jump in rates is transitory or a lasting threat.

Financial Times

RUNNING HOT: Nicolai Tangen, CEO of Norway’s $1.3-trillion oil fund, says investors face years of low returns as high inflation becomes a permanent feature of the global economy. Picture: Bloomberg/Odin Jaeger
RUNNING HOT: Nicolai Tangen, CEO of Norway’s $1.3-trillion oil fund, says investors face years of low returns as high inflation becomes a permanent feature of the global economy. Picture: Bloomberg/Odin Jaeger

Crypto cracks

Sharp price swings in cryptocurrencies are causing "destabilising" capital flows in emerging markets, and the use of crypto in place of traditional currencies poses "immediate and acute risks", says Tobias Adrian, financial counsellor of the International Monetary Fund (IMF) and head of its monetary and capital markets department. Last week the IMF urged El Salvador to stop recognising bitcoin as legal tender, reiterating its warning that its adoption presented "large risks" for the stability of the country’s financial system.

Financial Times

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