Author: Chaz Cutler

The central bank of Norway, also known as Norges Bank, in Oslo, Norway. Kristian Helgesen/Bloomberg | Bloomberg | Getty Images Norway’s sovereign wealth fund, the world’s largest, posted a loss of 1.68 trillion Norwegian kroner ($174 billion) in the first half of 2022 as stock markets in general experienced a tumultuous six months . The $1.3 trillion fund returned a negative 14.4% during the period as stocks and bonds reacted violently to fears of a global recession and soaring inflation. But the fund’s performance was 1.14 basis points better than the benchmark’s performance, the country’s Norges Bank said on Wednesday,…

TOPEKA, Kan.–(BUSINESS THREAD)–Security Benefit, a leading provider of retirement planning products and solutions, today announced that Michael Dolaher has joined as Director of Financial Institutions. Dolaher will oversee relationships with banks and financial institutions and assist with new business development. He will report directly to Mike Maghini, Vice President, Head of National Accounts. “Michael has the right combination of product experience and technology knowledge to help our customers meet the demands of an evolving industry. With an effective and modern retirement product line, Mike will be instrumental in the advancement of security benefits, already in a strong position as one…

Tencent posted its first quarterly year-on-year revenue decline as tighter regulations on gaming in China and the resurgence of Covid-19 in the world’s second-largest economy hit the tech giant. Here’s how Tencent did in the second quarter, compared to Refinitiv’s consensus estimates: income: 134.03 billion Chinese yuan ($19.78 billion) vs. 134.6 billion yuan expected, down 3% year-on-year.Profit attributable to the company’s shareholders: 18.62 billion yuan versus the expected 25.28 billion yuan, down 56% year-on-year. Tencent missed revenue and profit forecasts. During the quarter, Tencent faced macroeconomic headwinds stemming from a resurgence of Covid in China and subsequent lockdowns in major…

Bankrupt crypto firm Celsius Network will run out of cash by October and is looking for financing, including a so-called debtor-in-possession loan, Joshua Sussberg, the firm’s lawyer, said at a court hearing on August 16. TO READ From Ukraine to Crypto: The Rocky Journey of Celsius CEO Alex Mashinsky The company expects its cash balance to decline from more than $129 million in August to more than $37 million in October, according to a recent court filing. “We’re looking at what’s the best way to finance this business. Is it a DIP loan or something else?” Sussberg said. The company’s…

SAN FRANCISCO–(BUSINESS THREAD)–Honor Technology, Inc., the world’s largest home care network for seniors and the most advanced care technology platform, today announced the appointment of Andrew Steinberg as Chief Financial Officer. Steinberg brings nearly two decades of experience advising and building high-growth companies in the technology and medical technology industries. The announcement comes a year after Honor’s acquisition of Home Instead and Series E funding, which has allowed the company to expand and invest in its technology platform and begin successfully integrating it into the Home Instead network. “I am delighted to welcome Andrew with his deep knowledge to our…

NEW YORK AND ST. PETERSBURG, Fla.–(BUSINESS THREAD)–Dynasty Financial Partnersthe leading provider of outsourced back-office and middle-office solutions for RIA and financial technology companies Pontera announced a partnership to enable RIAs in the Dynasty network to fully manage 401(k), 403(b) and other accounts held for their clients in a secure and compliant manner leveraging Pontera’s SOC 2 certified platform . Since Dynasty’s founding in 2010, assets in employer-sponsored retirement accounts have more than doubled, from $4.9 trillion to more than $11 trillion at the end of of the year 2021. In addition to market appreciation, this growth is due to decreased…

CAIRO (AP) – Egypt’s central bank governor resigned Wednesday as the country struggles to deal with its economic woes. President Abdel Fattah el-Sissi accepted Tarek Amer’s resignation and appointed him presidential adviser, the Egyptian leader’s office said in a statement. The brief statement offered no reason for Amer’s resignation. He had been appointed governor of the central bank in November 2015. No replacement was immediately named. Amer has been criticized for his handling of the country’s financial challenges, which have seen the local currency fall against the US dollar in recent months. The pound has lost much of its value….