Norway

NORWAY - The NOK942.4bn (e114bn) Norges Bank petroleum fund has returned 1.4% in the third quarter of 2004, boosted by strong performance in the fixed income portfolio.

NORWAY - The Norwegian Banking Law Commission has sent the Ministry of Finance its recommendations on how to implement the EU Pension Directive.

NORWAY - Mutual insurer and pension provider the NOK138bn (e16.9bn) KLP has posted a NOK359m (e43.9m) profit for the third quarter of 2004.

NORWAY - Norges Bank will purchase foreign exchange equivalent to NOK640m per day for the NOK942.4bn (e114bn) Government petroleum fund in November.

NORWAY - Norges Bank will purchase foreign exchange equivalent to NOK 430m (e51m) per day for the NOK 942.4bn (e114bn) Government Petroleum Fund in October.

NORWAY - Norges Bank will purchase foreign exchange equivalent to NOK 630m (e75m) per day for the NOK 942.4bn (e114bn) Government Petroleum Fund in September.

NORWAY - Norges Bank's NOK 942.4bn (e114bn) Petroleum Fund has recorded a negative 0.2% return in the second quarter of 2004.

NORWAY - Spiralling oil prices has forced the Norges Bank to resume purchases of foreign currency for the Government Petroleum Fund.

NORWAY - The Norwegian Oil Industry Association (OLF) said that it would impose a lockout on the two trade unions, leading to a complete shut down of oil and gas production from the Norwegian continental shelf.

NORWAY - The e111bn Petroleum Fund said that the biggest stumbling block to hiring new external managers was the high staff turnover among existing key personnel.