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• UPDATE 1-Norway drops tobacco producers from wealth fund 

Norway has dropped 17 tobacco companies, including top cigarette makers like Altria, Lorillard, Philip Morris and British American Tobacco (BAT), from its $450 billion wealth fund for ethical reasons.

The fund, which invests the Nordic nation's oil and gas wealth in foreign stocks and bonds to save for future generations, holds more than 1 percent of all global stocks.

The central bank-managed fund follows ethical guidelines set by the government and, in the past, has excluded companies that produce nuclear arms or cluster munitions, damage the environment or abuse human or workers' rights. . . .

"A rule has been adopted that in principle will exclude all production of tobacco, regardless of the percentage of business represented by tobacco production," the finance ministry said on Tuesday, adding more companies not classified in tobacco-maker indexes .TOB but which make smoking products may be excluded.

"The divestment of shares in these companies has now been completed," the finance ministry said.

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