Saturday , June 24 2017
Breaking News


Denmark and Germany to increase amount of tradeable electricity

electricity prices

COPENHAGEN: Trade barriers are being relaxed to allow Nordic electricity producers greater access to the German market. For a number of years now, there has been a cap on the amount of electricity that could be sold across the Danish-German border. This has meant that even though Nordic producers were at times able to produce cheaper power than their German ... Read More »

Danish brewer signs distribution deal with Kenyan firm

Royal Unibrew

COPENHAGEN: Danish company Royal Unibrew has signed a deal with Kenyan firm WOW Beverages for the local distribution of Faxe Beer. Royal Unibrew, Denmark’s second-largest beer maker with a global presence, sells and distributes beverages with a focus on branded beer, malt beverage, soft drinks, cider and long drinks. WOW Beverages CEO Chris Lucas in a statement on Monday said ... Read More »

Denmark to finally reform its tax authority


COPENHAGEN: Denmark will dismantle and restructure its tax authority Skat, transforming it into seven new agencies. The government announced the decision in response to a series of recent scandals. The government said more staff and offices across the country will save the country’s dysfunctional tax administration. Prime Minister Lars Løkke Rasmussen and Minister for Tax Karsten Lauritzen presented the government’s ... Read More »

Maersk launches trade finance operation


COPENHAGEN: Danish liner company Maersk Line has expanded into the trade finance business by allowing customers to finance their operations as long as they are shipping with Maersk. The financing scheme works because Maersk has a rich trove of customer information from which to base a decision on the customer’s creditworthiness, according to the Copenhagen-based company. This enables companies to ... Read More »

Danish EV sales fall 60.5% after tax breaks near end


COPENHAGEN: Electric vehicle (EV) sales in Denmark have fallen by 60.5% year-on-year, following a government promise to eliminate related tax breaks. The dramatic shift from the first quarter of last year compared to the first quarter of 2017 contrasts with other EU member states, where EV registrations and sales have continued to rise. Denmark was previously one of the world’s ... Read More »

Eimskip takes over Danish logistics company SHIP-LOG


COPENHAGEN: Eimskip has strengthened its position in worldwide logistics services by acquiring 75% of the freight forwarding company SHIP-LOG. The company was founded in 2003 and its headquarters are located in Aarhus, Denmark. The current management team will continue to own 25% of the shares in the company and will manage its operations. SHIP-LOG focuses on serving import and export ... Read More »

Maersk says no longer able to ship Qatar bound cargo


COPENHAGEN: Maersk, the world’s biggest container shipping line, can no longer transport goods in or out of Qatar after Arab countries imposed restrictions on trade with the tiny Gulf state, the company said on Tuesday. Shipping lines normally transship cargoes from the United Arab Emirates port of Jebel Ali to Qatar, which relies heavily on imports by sea and land. ... Read More »

Denmark a steadfast partner for Vietnam’s growth


COPENHAGEN/HANOI: In a message on the occasion of Denmark’s Constitution Day, June 5, Ambassador Charlotte Laursen asserts that the country will play an active role in Viet Nam’s future development. Denmark’s Constitution of 1849 marked the beginning of the Danish democratic system and culture. The charter established Denmark as a constitutional monarchy and defined our fundamental civil rights, including the ... Read More »

Denmark, Poland to launch key gas pipeline survey


COPENHAGEN/WARSAW: Denmark and Poland will launch a key survey next week to determine demand for capacity in a planned gas pipeline linking the two countries, a project which could allow Poland to import up to 10 billion cubic metres (bcm) of gas from Norway. Poland imports most of the 15-16 bcm of gas it consumes annually from Russia and hopes ... Read More »

Maersk ventures into trade finance


COPENHAGEN/MUMBAI: To make overseas exports easier for Indian companies, especially SMEs, Denmark-based AP Moller – Maersk, one of the largest container shipping companies globally, has set up a new business vertical, Maersk Trade Finance. In a nutshell, Maersk Trade Finance is a digital platform with pre-shipment and post shipment credit facilities. It enables exporters – manufacturers or traders – to ... Read More »

Denmark promises tax cuts to help fight labor supply shortages

Bangladesh frozen food exporters seek tax cut in upcoming budget

COPENHAGEN: Denmark’s center-right government promised to cut taxes for high and low income earners, as well as companies, simplify rules and improve the country’s infrastructure as part of a major drive designed to combat a lack of labor supply. “It will be easier and cheaper to run a company in Denmark,” the government said in a statement published on Tuesday, ... Read More »

Nordic Shipholding A/S reports reduced Q1 results as tanker market softens


COPENHAGEN: The comparison figures for period ended 31 March 2016 are stated in parenthesis. In Q1 2017, the average daily Time Charter Equivalent (“TCE”) rate earned by the vessels in the two pools was marginally lower than the forecasted daily rate, whilst the LR1 vessel (Nordic Anne) tracked the forecasted daily rate. Expenses relating to the operation of vessels in ... Read More »

Denmark stocks lower at close of trade; OMX Copenhagen 20 down 0.03%

Denmark stocks - OMX Copenhagen 20

COPENHAGEN: Denmark stocks were lower after the close on Friday, as losses in the Personal & Household Goods, Consumer Goods and Oil & Gas sectors led shares lower. At the close in Copenhagen, the OMX Copenhagen 20 lost 0.03%. The best performers of the session on the OMX Copenhagen 20 were William Demant Holding AS (CO:WDH), which rose 3.47% or ... Read More »

DMA launches pilot project to examine block-chain technology for shipping industry


COPENHAGEN: The Danish Maritime Authority (DMA) has launched a new pilot project to study the potential value of block-chain technology within the shipping sector. The initiative aims to explore the long-term possibilities of digitalizing the entire ship registration process in Denmark. It will also promote digitalization across the country’s marine industry and seeks to eventually eliminate the current manual practice ... Read More »

Denmark to introduce tax on PV power


COPENHAGEN: Denmark’s Ministry of Energy, Climate and Buildings has submitted to public consultation a bill to introduce a tax on the power produced for self-consumption by PV installations under net metering. The Minister of Energy Lars Chr. Lillehol said that the faster than expected development of solar energy throughout Denmark would lead to an expense of DKK 4.9 billion ($734.8 ... Read More »

Danish merchant fleet growing despite rough financial seas

hike - increase - growth

COPENHAGEN: According to a new report by the Danish Shipowners’ Association (DSA), there are more ships under the Danish flag sailing on the high seas this year. The report found that Denmark’s shipping fleet consists of 683 ships in 2016 – an increase of 21 ships compared to the previous year. “The development in the Danish trade fleet shows that ... Read More »

€230m of fake, substandard foods seized in global operation


COPENHAGEN: In a joint operation between INTERPOL and Europol, €230 million of counterfeit and substandard food and beverages were seized. The operation, which was carried out across 61 countries, unveiled a wide range of food fraud across products ranging from olive oil to luxury goods and alcoholic drinks. Operation OPSON VI targeted the criminals behind fraudulent food practices and uncovered ... Read More »

Danish Maersk reclaims world’s largest container vessel title


COPENHAGEN: Maersk Line has once again reclaimed the title of the world’s largest container vessel after the Madrid Maersk, a 20,568 TEU container vessel and the first 2nd generation Triple-E, called at the Port of Tianjin, China, the first port on its maiden voyage. Maersk takes the privilege from Japanese competitor Mitsui OSK Lines, which only received the 20,170 TEU ... Read More »

Denmark’s Hafnia eyes expansion of LR2, MR tanker pools


COPENHAGEN: Denmark based Hafnia Management plans to significantly expand its global footprint by adding more Long Range II tankers into its pool and also have an increased presence in the Medium Range tankers segment in the Asian region, a senior company official said. Hafnia is one of the founders of the Singapore-based Straits Tankers’ LR Pool, in which it has ... Read More »

Telia Denmark lifts Q1 sales 3.5% as equipment sales grow


COPENHAGEN: Denmark’s Telia Company said that net sales in Denmark in reported currency rose by 5.9 percent in the first quarter to SEK1.48 billion from SEK1.40 billion. In local currency excluding acquisitions and disposals, net sales grew by 3.5 percent, thanks mainly to increased equipment sales. Mobile consumer segment growth was almost fully offset by pressure in the business division. ... Read More »