Economy

The value of the oil fund has plummeted by 1,270 billion

The Norwegian oil fund fell by almost 2 percent in the first quarter, corresponding to a total decrease in value of 1,270 billion Norwegian kroner. This is reported by Bloomberg. The return, excluding currency effects, was minus 636 billion.

– The result reflects a quarter with challenging market conditions, says Deputy CEO Trond Grande and continues:

– We saw limited impact on fixed income assets and real estate, but it was the decline in stocks, especially among large American technology companies, that determined the outcome.

The decline is the first in four quarters.

Trump's business
Crypto profile that bought taped banana sues Trump company

The Trump family's crypto venture World Liberty Financial has been sued by Justin Sun, one of the project's largest financiers, international media reports. Sun believes that the company illegally froze his assets and prevented sales via technical barriers.

World Liberty dismisses the criticism as “baseless accusations.” The announcement also causes Eric Trump to react strongly.

“The only thing more ridiculous than this lawsuit is spending $6 million on a banana taped to a wall,” writes Eric Trump, referring to Sun’s infamous art purchase.

Justin Sun is the founder of the cryptocurrency Tron.

Tesla’s future
Tesla’s profit better than expected – demand for cars increases

Tesla’s sales rose by 16 percent compared to the first quarter of last year, but still came in slightly below analysts’ expectations. Adjusted earnings per share increased by 51.8 percent, beating expectations. Behind the unexpectedly high profit is increased demand for the company’s electric cars, notes Bloomberg.

At the same time, Tesla writes that they “continued to make significant progress with the construction of the infrastructure and AI software” regarding robot taxis and future robotic operations.

According to Bloomberg, it was precisely signals about robotics and AI that investors were interested in, rather than the company's electric car business.

The stock initially rose 4 percent in after-hours trading, but turned down and closed slightly in the red after Elon Musk said that the company's capital spending is expected to increase to $25 billion this year.

Swedish arms exports
Peru looks to choose F-16: "Gotta respect that"

Peru has chosen Lockheed Martin and the F-16 over Saab and Gripen in its procurement of new combat planes. An agreement between the countries has been signed, according to a statement from the US embassy in Peru. A first payment has also been made, Reuters reports.

The procurement has been protracted and pointed in different directions.

– We are trying to find out what happened, says Saab CEO Micael Johansson to TT and continues:

– I can actually only observe what the media writes here and if it is the case that Peru has now moved forward with the F-16, we must respect that, of course, but we still think that we had the absolute best offer.