Norway's Oil Fund makes a mistake – ends up earning half a billion kroner

Norway’s Oil Fund makes a mistake – ends up earning half a billion kroner

Due to a human error, the Oil Fund bought more shares in a company than planned. But the price went up, and the error generated a return of NOK 582 million.

“The effect this time was that we benefited from it. It could just as well ended up in a loss,” deputy head of the fund Trond Grande told NTB.

The error was mentioned in connection with the presentation of H1 2021 results in Arendal on Wednesday, which also showed that the Oil Fund had a return of NOK 990 billion in the first half of the year.

“Very many of our transactions are automated, and no people are involved. Some are not possible to automate, and then we have people who make choices. In this case, it was a manual error that caused us to buy more shares than we had planned,” Grande explained. 

He said that such mistakes happen from time to time but that they try to learn from them.

“More common that you might think”

“It’s a little more common than you might think. We try not to make more mistakes than we can tolerate. But the machinery is as it is, the transactions are as they are. And then something can go wrong.”

Oil Fund chief Nicolai Tangen pointed out that, after all, they completed 36 million transactions in the last six months – and that the vast majority of them were error-free.

To monitor and eliminate errors, the Oil Fund adds up the sum of all errors when they report – regardless of whether they yielded a return or a loss. Total errors amounted to NOK 700 million for half of the year.

“Other actors say, for example, if they have a positive error of 50 million and a negative of 50 million, that it amounts to zero. We say that the error amounts to 100 million in error,” Tangen told NTB.

Source: © NTB Scanpix / #Norway Today / #NorwayTodayFinance

Internet Explorer Channel Network
News Related

OTHER NEWS

Meghan Markle Loves This Tinted Moisturizer & It's On Sale — But Only This Weekend

© MEGA. When doesn’t Meghan Markle look flawless? Never — that’s when. The Duchess of Sussex’s skin is always glowing and naturally gorgeous-looking, so we’re always on the lookout for ... Read more »

Malaysia racks up another 88 deaths due to Covid-19, Selangor records slight uptick in new cases

© Provided by Malay Mail Health personnel bury the body of a Covid-19 victim at the Islamic cemetery in Klang August 6, 2021. ― Picture by Miera Zulyana KUALA LUMPUR, ... Read more »

‘Captains of Zaatari' has its Mena premiere at El Gouna Film Festival

© Courtesy of Sundance Institute A still from Captains of Zaatari by Ali El Arabi, an official selection of the World Cinema Documentary Competition at the 2021 Sundance Film Festival. ... Read more »

Merck Covid pill: Asian countries are rushing to buy molnupiravir but poor countries could miss out

During the global scramble to secure vaccines, many countries in Asia-Pacific were slow off the mark. This time, they’re not making the same mistake. © Handout/Merck & Co,Inc./AFP/Getty Images Capsules ... Read more »

Gujarat: Harsh Sanghavi stops convoy after woman ‘jumped into river'

© Provided by The Indian Express Gujarat Minister of State for Home Harsh Sanghavi on Saturday stopped his convoy on seeing a crowd after a woman allegedly jumped into the ... Read more »

Union minister Shantanu Thakur flags ‘violence against minorities' in Bangladesh

© Provided by The Indian Express Shantanu Thakur, Minister of State for Port, Waterways and Shipping, has written to Prime Minister Narendra Modi highlighting the “plight of religious minorities during ... Read more »

‘Voter bribery' case: Gujarat assembly speaker, former BJP MLA, Patidar stir leader get court relief

© Provided by The Indian Express GUJARAT ASSEMBLY Speaker Nimaben Acharya, former BJP MLA Kantilal Amrutiya and Patidar quota agitation leader Manoj Panara got relief in a case related to ... Read more »

2 ex-staffers arrested for threatening to kill vocalist Ustad Rashid Khan: Kolkata Police

© Provided by The Indian Express Kolkata Police on Saturday said it had arrested two persons for allegedly threatening to kill renowned classical vocalist Ustad Rashid Khan and trying to ... Read more »

Holidaying Boris Johnson missed call with G20 heads about Afghanistan

© Provided by Daily Mail MailOnline logo Boris Johnson missed a call with President Joe Biden and other G20 leaders about Afghanistan while he was on holiday last week. The ... Read more »

Pakej lengkap Banjaran Nakawan dan harga murah, padanlah Warung Tepi Sawah jadi tumpuan VVIP dan selebriti

MENIKMATI juadah sarapan pagi dengan pemandangan indah sawah padi terbentang luas, ditambah dengan gunung-ganang yang masih diselaputi kabus, memang impian ramai orang terutamanya mereka yang duduk di bandar besar. Pengalaman ... Read more »

Get to Know Bill Gates' Daughter Jennifer

© fotopress/Getty Images Bill and Melinda Gates’ daughter has a lot to celebrate! Jennifer Gates, a 25-year-old medical student, tied the knot with Nayel Nassar, an Olympic showjumper, on Saturday. The ... Read more »

‘You' Actress Tati Gabrielle on Where Marienne Went and What Happens If She's Found

© Provided by TheWrap You Season 3 (Warning: This post contains spoilers for the Season 3 finale of “You.”) Marienne (Tati Gabrielle) got the heck out of dodge before getting ... Read more »

Lee Hsien Yang sides with Leong Mun Wai, says vaccinations should be personal decision

© The Independent Singapore Lee Hsien Yang Disclaimer: Microsoft News is currently reviewing the accuracy of this story with the publisher due to social media source. Updates will be published ... Read more »

Venezuela halts talks with opposition after Maduro ally extradited

© Provided by dw.com This banner in Caracas calls for Alex Saab’s release The Venezuelan government announced Saturday that it would suspend negotiations with the country’s opposition that were due ... Read more »

Guna minyak kelapa dara atasi sembelit, ruam pada bayi. Ini 4 lagi manfaat lain yang sangat berguna

MINYAK kelapa dara atau virgin coconut oil (VCO) sudah dikenali mempunyai pelbagai manfaat kesihatan. Ia bukan saja bagus untuk orang dewasa, malah untuk bayi dan kanak-kanak. Kenyataan itu turut diakui ... Read more »

Body found wrapped in comforter inside plastic bag, cops say

NYPD and city officials at the scene of where a dead body was found on the sidewalk in Brooklyn. Peter Gerber A dead body was found Saturday on a Brooklyn ... Read more »

6 combatants, 2 workers killed in fresh violence in Kashmir

1 / 8India Kashmir ViolenceIndian paramilitary soldiers stand guard on a road leading towards the site of a gunfight in Pampore, south of Srinagar, Indian controlled Kashmir, Saturday, Oct. 16, ... Read more »

Nazanin Zaghari-Ratcliffe: ‘We are doing all we can' to help her get home, says Liz Truss

Liz Truss says everything possible is being done to bring Nazanin Zaghari-Ratcliffe home after she lost her most recent appeal in Iran — a setback that her husband described as ... Read more »

Pressure grows for breakthrough in Biden agenda talks

The clock is ticking for President Biden and White House officials to broker an agreement among congressional Democrats on the president’s economic agenda as patience in some corners wears thin. ... Read more »

Studios Claim IATSE Deal Has Been Reached, Would Avert Major Strike

illustration of striking IATSE workers After tempestuous negotiations that extended over many months, a deal for an IATSE film and television contract has been reached, the AMPTP told The Hollywood ... Read more »

Almost two-thirds of New York state is fully vaccinated

Almost two-thirds of New York state is fully vaccinated, according to data from the Centers for Disease Control and Prevention Saturday. © The Hill Almost two-thirds of New York state ... Read more »

Chelsea perkukuh status pendahulu EPL

© Provided by Sinar Harian CHELSEA memperkukuhkan cengkaman pendahulu saingan Liga Perdana Inggeris (EPL) apabila melakar kemenangan 1-0 ke atas Brentford di Stadium Komuniti Brentford. Jaringan penghujung babak pertama Ben ... Read more »

Ali Harbi Ali named as terror suspect in Sir David Amess murder

© RICHARD TOWNSHEND An undated handout photograph released by the UK Parliament shows Conservative MP for Southend West, David Amess, posing for an official portrait photograph at the Houses of ... Read more »

Prince William's Earthshot Prize winners set to be revealed

The inaugural winners of Prince William‘s Earthshot Prize will be unveiled Sunday at an glittering awards ceremony at London’s Alexandra Palace — in what Kensington Palace are calling “the most ... Read more »

Ogier “never changed so much” to find Rally Spain sweet spot

The seven-time world champion headed into the penultimate round of the season motivated to wrap up an eighth world title, with Spain’s tarmac roads reducing the impact of being the ... Read more »

Queensland records zero cases of COVID-19 as CHO wants 50,000 vaccinations a day

© Provided by ABC News Queensland’s Chief Health Officer Jeannette Young speaking at a COVID press conference. (ABC News: Scott Kyle) Queensland has recorded no new cases of coronavirus overnight.  ... Read more »

Rutgers' loss to Northwestern leaves Greg Schiano searching for answers

Rutgers coach Greg Schiano AP EVANSTON, Ill. — Ryan Hilinski threw for 267 yards and two touchdown passes on Saturday afternoon to boost Northwestern to a 21-7 victory over Rutgers. ... Read more »

NCR, rest of country to have cloudy skies, isolated rains

© Bernadette A. Parco Cloudy skies weather PHOTO BY BERNADETTE A. PARCO The National Capital Region and the rest of the country will have partly cloudy to cloudy skies with ... Read more »

‘MAHB reshuffle' talk revives fears of Subang takeover

© Provided by Free Malaysia Today Subang airport is the only MAHB property that remained profitable during the Covid-19 pandemic. PETALING JAYA: Talk of a move to replace Malaysia Airports ... Read more »

No new cases as southern Tasmania passes halfway point of COVID snap lockdown

Premier Peter Gutwein says there have been no new COVID-19 cases detected in Tasmania, as the state’s southern region passes the halfway point of a three-day lockdown. At a press ... Read more »

James McPake: “Leigh's goal reminded me of Hibs winner v Aberdeen in Cup”. Dundee manager on Griffiths, Aberdeen win and red card

James McPake was reminded of a goal he helped set up as Leigh Griffiths scored to help Dundee record their first league win of the season. © Leigh Griffiths (centre) ... Read more »

Most lies are told by 'superliars' and the rest of people are honest

© Provided by Daily Mail MailOnline logo From little white lies to whoppers, it’s long been claimed that people on average tell two fibs a day. But according to a ... Read more »

Hackers targeted US drinking water and wastewater facilities as recently as August, Homeland Security says

WASHINGTON – The nation’s top civilian cybersecurity agency issued a warning Thursday about ongoing cyber threats to the U.S. drinking water supply, saying malicious hackers are targeting government water and ... Read more »

Strike dodged with deal between film and TV crews, studios

LOS ANGELES (AP) — An 11th-hour deal was reached Saturday, averting a strike of film and television crews that would have seen some 60,000 behind-the-scenes workers walk off their jobs ... Read more »

Venezuela suspends talks with opposition after Maduro ally extradited to U.S.

A key ally of Venezuela's President Nicolás Maduro was extradited from Cape Verde to the U.S. Saturday to face money laundering charges in Florida, Bloomberg first reported. Why it matters: ... Read more »

Teenage boy dies after incident at Glasgow train station

A 14-year-old boy has died after being seriously injured in a Glasgow train station. Several police vehicles responded after officers received a report of an incident at High Street station ... Read more »

Sir David Amess murder suspect was flagged to counter-extremism officials

Boris Johnson, Sir Keir Starmer, Priti Patel and Sir Lindsay Hoyle left tributes to Sir David Amess in Leigh-on-Sea on Saturday The terror suspect being investigated for the fatal stabbing ... Read more »

Metroid Dread Hanubia items walkthrough – 100% completion guide

© Provided by GamePur Hanubia is the rainy, penultimate stage of Metroid Dread. While it’s smaller than most other zones on Planet ZDR, it’s still got a few nice pick-me-ups ... Read more »

Only 6,900 pick'ems remain perfect after group B's second round-robin at the 2021 World Championship

© Provided by Dot Esports The group stage of the 2021 League of Legends World Championship has been anything but predictable, even more so two days into the second round-robin. ... Read more »

Starc's clarity of role brings confidence in white-ball cricket

It’s been a lengthy wait for everyone between men’s T20 World Cups – five years – but it’s been even longer for Mitchell Starc who missed the 2016 event due ... Read more »