“Norway predicts it will for the first time need to withdraw cash from its $820 billion sovereign wealth fund as western Europe’s biggest oil exporter uses a record chunk of its petroleum revenue to cover budget holes and stimulate the economy. Tapping the fund to cover budget needs comes at a time when the managers of the fund, set up to safeguard the wealth of future generations, warn that it also faces diminished returns amid record-low interest rates. The government said it will spend 4 billion kroner on a jobs plan and cut or hold income taxes for nine out of 10 people. It’s lowering the corporate tax rate to 25 percent from 27 percent and aims to cut it to 22 percent by 2018.”
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