30.10.2014 - Tesco woes drag down Norway's $860 bln wealth fund in third quarter
Norway's $860-billion sovereign wealth fund, the world's largest, booked a flat return in the third quarter as it was dragged down by weak European stocks, foremost among them embattled retailer Tesco. The fund, one of the world's biggest investors, is the top shareholder in the British supermarket group, which has lost 53 percent of its market value over the past year after an accounting scandal and a number of profit warnings. "It is clear that our investment in the British company Tesco has performed particularly poorly in the course of the year," Chief Executive Yngve Slyngstad told a news conference to present the fund's third-quarter results...............................................Full Article: Source
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