The world’s largest sovereign wealth fund warns investors Years of low returns As inflation soars become a permanent feature of the global economy.

Nicolai Tangen, chief executive of Norway’s $130m oil fund, told the Financial Times he was “a permanent member of the team” amid the heated debate over whether rising interest rates were a temporary or permanent threat. leader of”.

Consumer price inflation in the world’s major industrial economies is at its highest level in more than 20 years, especially in the United States, where annual price growth reached 7% in December, up from 0.1% in May 2020.

Tangen said the oil fund, which holds a 1.5% stake in every public company in the world, believes that inflation “may be stronger than widely expected” due to strong global demand and continued supply chain disruptions.

“What’s going to happen? It hits both bonds and equities. . . both will hit over the next few years” – Nicola Tangan

How has inflation affected you or the country you live in?tell us [email protected]. Thank you for reading FirstFT Europe/Africa.Here’s the rest of the news today – Jennifer

Five more stories in the news

1. Britain prepares to impose sanctions on Russia Oligarchs linked to Vladimir Putin, who has investments in UK, will be arrested hit by severe sanctions British Foreign Secretary Liz Strath will inform the House of Commons today if Russia invades Ukraine.Across the Atlantic, the U.S. Senate close to your own deal Regarding sanctions against Moscow.

• deeper: Ukraine conflict has been exposed Deepen connections between Beijing and Moscow.It also presents its first foreign policy challenge Germany’s new government.

• Interpreter: Will Russia cut ties with Swift, international payment network, if it invades Ukraine? That’s why it’s so important.

2. Portugal’s ruling socialists win snap elections The country’s centre-left ruling Socialist Party, led by Prime Minister Antonio Costa, win parliamentary elections It won an outright majority on Sunday after voters punished far-left parties that triggered quick polls.

3. Britain’s decentralised government attacks post-Brexit plans Boris Johnson’s plan to cut £1bn of red tape by scrapping old EU laws to be unveiled today could pose risks, the decentralised government has warned Drive a “horse carriage” It is resolved through the constitution of the country.

• Separately, the government will seek to finalise measures this week to help millions of low-income British families looming energy bill Increase.

4. Zambian president vows not to favor Chinese creditors Hakainde Hichilema promise Does not favor Chinese creditors His views on Western bondholders differ as he seeks to resolve the country’s debt crisis, seen as a test case for whether Beijing will accept the losses caused by the surge in lending to Africa over the past decade.

5. UK homeowners get an £800bn windfall Homeowners have gaps Over £800 billion Their properties gained in value last year as strong buyer demand and government stimulus pushed average prices up more than 10%, with the total value of homes reaching a record £8.4 trillion.

Stay up to date with news throughout the day with today’s headlines, A short audio summary of the title.Find the latest episodes here.

coronavirus digest

• young British People who lost their jobs during the pandemic are more likely than their still employed peers engage in unsafe work,research shows.

• Winners keep coming exist the company’s America’s Responding to a supply chain crisis after a wave of capacity spending and support for weaker suppliers.

• almost half we Covid-19 hospitalizations this winter could have been avoided if matched with vaccination coverage in major European countries, FT analysis found.

• China’s Manufacturing and Service Activities close to contraction In January, the property-led slowdown was exacerbated by its zero coronavirus strategy. Hongkong will Reduce forced isolation 21 to 14 days to arrive.

• when can the world Moving on from the pandemic? Scientists and officials get caught up in an argument “Pandemics and Endemic Diseases”.

• View: Covid has revealed the limits of states in controlling or understanding powerful natural forces, Ruchir Sharma wrote.

the day ahead

Boris Johnson visits Eastern Europe UK PM ready to visit the region as he considers another deployment to NATO 900 soldiers go to Estonia amid tensions in Ukraine. Johnson is also seeking talks with Vladimir Putin in the coming days.

GDP data Flash Q4 GDP data is expected Shows euro zone growth has slowed due to Covid-19 restrictions and supply chain disruptions, while Italy’s is thought to have grown beyond expectation. (Financial Times, Bloomberg)

• More economic data: Germany is to release preliminary consumer price index data for January as inflation hits its highest level in decades. The UK is to publish government deficit estimates, while Italy reports monthly unemployment figures.

corporate income quarterly result Dutch telecommunications group KPN, Swiss bank UBS and Irish airline Ryanair. UK-based mining group Evraz issued a trading update.

what are we still reading

Is the EBRD still funding freedom? With new investments totalling more than 10 billion euros in 2021, the EBRD is unique among multilateral development banks and has placed the promotion of multi-party democracy at the heart of its mandate.However, the principle is installation strain.

Amnesty line cloud Bloody Sunday Remembrance Day This weekend’s shooting 50 years ago has gone down in history as one of the worst atrocities in Northern Ireland’s 30 years of trouble.but Amnesty planned in London Unionists, nationalists and opposition politicians unite for all trouble-era crimes, and victims’ families fight for prosecution.

The paradox that leads professionals to temptation The more professional a manager is, the more likely they are to accept a gift or bribe, Andrew Hill thinksWorse yet, noble professionals may be more prone to unconscious bias against gift givers because they are sure they know how to ignore their rhetoric.

Air Taxi: Fantasy or Realistic Promise? Flying cars have made huge strides in the past year, with a group of startups raising more than twice as much money as in the past decade, promising to build “Urban Air Mobility” a reality. But will the boom disappear?

Automation has an unequal cost When humans compete with machines, wages fall and jobs disappear. But in recent decades, something in that relationship has begun to break down. U.S. GDP growth has slowed and inequality has risen. Rana Foroohar discusses why.

work and career

If most employees are only in the office two to three days a week, that creates a lot of underutilized space.enter despised desk, with predictable results, writes Pilita Clark.