消失的1,130億美元
Norway’s sovereign wealth fund, the world’s largest, lost a record 1.17 trillion kroner (USD$113 billion) in the first quarter as global stock markets plunged amid the coronavirus outbreak.
新冠肺炎疫情導致全球股市重挫，全球最大的挪威主權基金第一季損失1.17兆挪威克朗（1,130億美元），創紀錄高點。
sovereign wealth fund 主權財富基金，簡稱主權基金sovereign(n.)君主、元首(adj.)至高無上的;主權獨立的
The loss comes at a time when the fund may soon need to liquidate assets to aid government emergency spending as a result of the economic impact of the coronavirus crisis. During the first quarter, government withdrawals reached 67 billion kroner. That number looks set to grow dramatically in April.
由於新冠肺炎危機衝擊經濟，這個基金可能不久就需要出售資產，以支援政府緊急支出。第一季政府從主權基金提領670億克朗，4月份提取金額可能暴增。
liquidate(v.)清算、把資產賣掉、換現金withdraw(v.)withdrawal(n.)提款，撤退
The overall return in the first quarter was a loss of 14.6%. The fund’s stock portfolio fell 21.1%, while fixed income investments rose 1.3%.
第一季整體報酬率為-14.6%。基金的股票投資組合虧損21.1%，固定收益的投資上漲1.3%。
The quarterly slump was deeper than the 10.3% the fund lost in the last three months of 2008, at the height of the global financial crisis. The loss in the first quarter follows the record annual return for last year, showing the coronavirus pandemic has upended markets drastically.
上季虧損大於2008年最後一季全球金融危機最嚴重時的10.3%。在第一季虧損前，去年基金的年度收益創新高，顯示新冠肺炎把市場搞得天翻地覆。
upend(v.)顛倒、倒放、打亂=turn sth. upside downdrastically(adv.)徹底;劇烈地
The fund contended with government withdrawals in 2016 and 2017, when the government’s income from petroleum production slumped amid lower crude oil prices. But back then, the fund’s cash flow from dividends, interest payments and property rent comfortably covered it, as opposed to now.
該基金在2016與2017年時也因應政府提取資金，當時國際油價大跌，政府的石油收入減少。但是當時基金來自股利、利息和不動產租金的現金，就可以輕鬆應付政府所需，情況與現在截然不同。
contend with必須處理、必須應對(困境或不愉快的事)slump(v.)價格、價值猛跌、突然下降dividend(n.)股息、股利as opposed to now 情況與現在不同as opposed to = rather than=instead of而不是
To cope with the coronavirus, Norway’s government has pledged unprecedented stimulus measures. With a historic collapse in crude oil prices, the government has much less income to use on crisis measures. That means it will need to withdraw colossal sums from its wealth fund to make ends meet. While past withdrawals were easily covered by the funds cash flow, thats no longer the case. Companies it invests in are now cutting back dividends in response to the coronavirus crisis.
為了因應新冠肺炎，挪威政府已承諾推出空前的刺激措施。油價出現歷史性暴跌，政府用來應付危機的收入少很多。這意味著政府需要從主權基金中提取鉅額資金才能維持收支平衡。儘管以前該基金的現金流輕鬆應付政府的贖回，但現在情況已經不同了。該基金投資的公司現在正紛紛減少發放股息，以應對疫情危機。
cope with對付，應付，處理collapse(n.)(v.)崩潰，垮掉，失敗colossal sums 鉅額資金colossal(adj.)巨大的、龐大的make ends meet 使收支相抵、勉強維持生計
Norway’s fund was set up in the 1990s. The idea was to leverage the fund’s size and long-term investment horizon to generate high returns and secure wealth for future generations. It invests in stocks, bonds and real estate abroad by using the proceeds of its vast oil reserves.
挪威的主權基金成立於1990年代。當時的想法是，利用基金的規模和長期投資期限，為下一代創造高回報，並獲得財富。它利用龐大的石油儲備收入，投資海外的股票、債券和房地產。
leverage(v.)利用long-term investment horizon長期投資期限horizon(n.)地平線、範圍、界線proceeds(n.)收入;收益