Norway's Mighty Sovereign Wealth Fund Achieves $68 Billion Profit

Norway's $2 trillion sovereign wealth fund achieved a significant milestone, recording a 698 billion Norwegian crowns profit in the first half of the year, driven by financial stocks. The fund also announced ending its Israeli investments due to regional tensions. A press conference is scheduled.

Norway's colossal $2 trillion sovereign wealth fund, known as the world's largest, reported a remarkable profit of 698 billion Norwegian crowns ($68.28 billion) for the first half of the year. This achievement was largely attributed to strong performances among financial industry stocks, the fund announced on Tuesday.

The fund declared its decision on Monday to terminate contracts with external asset managers who handled its Israeli investments. It has also divested parts of its portfolio in Israel, citing the ongoing situation in Gaza and the West Bank as a key reason for this move.

A press conference addressing these developments is set to take place at 0800 CET (0600 GMT). The fund's decisions come amid growing international scrutiny over investments in regions with complex conflicts. ($1 = 10.2223 Norwegian crowns)

(With inputs from agencies.)