Norwegian oil fund hit hard by crunch

The crisis in global financial markets has led Norway's Government Pension Fund to record its largest ever quarterly loss in the three months to September.

The fund revealed a -7.7% return on its investment in the third quarter. The government invested Nkr128 billion ($18.4 billion) of the country's oil revenues in the fund, but the return on this was - Nkr173 billion.

The value of the Norwegian sovereign wealth fund rose slightly in krona to Nkr2.120 billion from Nkr1.992 billion. But, when