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Norway’s Telenor Launches Largest 5G Pilot In Scandinavia

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The Norwegian telecoms giant Telenor has launched Scandinavia’s largest 5G pilot to selected customers in Elverum municipality, about 80 miles north of the capital city Oslo. The pilot in Elverum is Telenor’s most elaborate 5G project to date. More than 50 customers across the municipality will be able to connect to the 5G network to test it out on mobile ... Read More »

Norway’s US$1t wealth fund wants a bigger bite of Big Tech

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Norway’s US$1 trillion wealth fund proposed changes to how its holdings are weighted geographically, calling for a reduction in investments in Europe and for taking a bigger chunk of the US stock market dominated by biggest technology companies. In a letter sent to the Finance Ministry on Tuesday, the fund said that “the geographical distribution should be adjusted further towards ... Read More »

Exxon agrees $4 billion sale of Norway oil and gas assets

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LONDON/ABERDEEN, Scotland: Exxon Mobil (XOM.N) has agreed to sell its Norwegian oil and gas assets for up to $4 billion, ending its production in a country where it started operations more than a century ago, three sources familiar with the matter. U.S. oil major Exxon said in June it was looking to sell its Norwegian upstream portfolio, which comprises minority ... Read More »

Norway urges its companies in Brazil to safeguard the Amazon

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OSLO: Norway, until recently the main donor to a fund to curb Amazonian deforestation, on Tuesday called on Norwegian companies active in Brazil to ensure they do not contribute to the destruction of the rainforest. Representatives of oil firm Equinor, fertiliser-maker Yara and aluminium producer Norsk Hydro attended a meeting on Tuesday with Climate and Environment Minister Ola Elvestuen to ... Read More »

Norway’s krone hits crisis low as oil slump wipes out value

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Norway’s krone hit its lowest level since the 2008 financial crisis as global trade tensions drive down the price of oil, threatening large parts of the Norwegian economy. The krone touched 10.097 per euro on Wednesday in Oslo, its weakest point since December 2008. The price of Brent crude has plunged about 12 per cent since US President Donald Trump ... Read More »

Norway says Venezuela opposition and government talks to continue

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CARACAS: Talks between Venezuela’s government and the opposition will continue, the Norwegian and Venezuelan governments said on Thursday, after a Socialist Party leader announced the end of a round of Oslo-backed talks to end a political crisis. Representatives of the ruling Socialist Party met with adversaries of President Nicolas Maduro this week in Barbados as part of talks that began ... Read More »

Norway’s $1 trillion fund to cut oil and gas investments

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Norway’s $1 trillion sovereign wealth fund is expected to sell some of its oil and gas holdings. The world’s largest sovereign wealth fund owns $37bn of shares in oil companies such as BP, Shell and France’s Total. Selling the shares means it would not be as reliant on oil prices, it says. But Norway’s finance ministry said oil will still ... Read More »

Electric cars grab almost half of sales in oil-producing Norway

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OSLO: Almost half of new cars sold in Norway in the first six months of 2019 were powered by fully electric engines, up from just over a quarter in the same period last year, ensuring the Nordic nation retains its top global ranking in electric vehicle sales. Tesla’s Model 3 was Norway’s top-selling vehicle, the Norwegian Road Federation (NRF) said ... Read More »

Norwegian Air expects Boeing 737 MAX fleet to remain grounded until end of August

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Norwegian Air expects Boeing’s 737 MAX aircraft to remain grounded until at least the end of August, missing the European summer season, CEO Bjoern Kjos said. “If you ask Boeing they still say June or July,” Kjos said at the Paris Air Forum. “But we’re already in mid-June – we’ve planned for the MAX to be out until the end ... Read More »

Norway central bank survey sees stronger growth

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OSLO: Norwegian companies in the last three months increased their output at the fastest pace since 2012 and production is set for further strong growth in the time ahead, a central bank business survey showed on Tuesday. “Enterprises expect output growth to remain firm ahead and are planning for solid investment growth,” Norges Bank said. The poll will be among ... Read More »

Norway’s US$1t fund told to sell emerging market bonds

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Norway’s $1 trillion sovereign wealth fund got the go-ahead to cut emerging market government and corporate bonds as part of an overhaul of its US$310 billion fixed-income holdings. The decision, announced on Friday by the Finance Ministry, comes after more than a year of deliberation. Bonds from Mexico, South Korea, Chile, the Czech Republic, Hungary, Israel, Malaysia, Poland, Russia and ... Read More »

Norway clears way for Euronext to secure Oslo Bors in Nasdaq battle

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Euronext won approval from Norway’s Ministry of Finance to buy up to 100% of Oslo Bors, effectively ending a five-month battle with Nasdaq for one of the last independent stock market operators in Europe. While Euronext has already secured a stake of more than 50% in Oslo Bors, Nasdaq had argued that no takeover should be allowed unless a two-thirds ... Read More »

Norwegian Air reschedules aircraft delivery, to cut 2019-20 capex by $2.1 billion

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Norwegian Air has agreed with Airbus and Boeing to reschedule delivery of aircraft to cut capital spending, the loss-making budget carrier said. The Oslo-listed airline has shaken up the long-haul market by offering cut-price transatlantic fares, but its rapid expansion has left it with hefty losses and high debts. In total, the announced restructurings and postponements of Boeing and Airbus ... Read More »

European shares tumble amid trade tensions

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European shares dropped broadly on Thursday as investors shunned risky assets while waiting to see whether United States and China manage to avoid a trade war which would damage the global economy. The pan-European STOXX 600 index had dropped 0.7 percent by 0720 GMT, touching a fresh four-week low. U.S. President Donald Trump said on Wednesday that China “broke the ... Read More »

Norway’s US$1t fund told to sell emerging market bonds

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Norway’s $1 trillion sovereign wealth fund got the go-ahead to cut emerging market government and corporate bonds as part of an overhaul of its US$310 billion fixed-income holdings. The decision, announced on Friday by the Finance Ministry, comes after more than a year of deliberation. Bonds from Mexico, South Korea, Chile, the Czech Republic, Hungary, Israel, Malaysia, Poland, Russia and ... Read More »

Tesla boom lifts Norway’s electric car sales to 58% market share

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Almost 60 per cent of all new cars sold in Norway in March were fully electric, the Norwegian Road Federation (NRF) said on Monday, a global record set by a country seeking to end fossil-fueled vehicles sales by 2025. Exempting battery engines from taxes imposed on diesel and petrol cars has upended Norway’s auto market, elevating brands like Tesla and ... Read More »

Norwegian Air reschedules aircraft delivery, to cut 2019-20 capex by $2.1 billion

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OSLO: Norwegian Air has agreed with Airbus and Boeing to reschedule delivery of aircraft to cut capital spending, the loss-making budget carrier said. The Oslo-listed airline has shaken up the long-haul market by offering cut-price transatlantic fares, but its rapid expansion has left it with hefty losses and high debts. In total, the announced restructurings and postponements of Boeing and ... Read More »

Telenor buys 54 percent of Finnish DNA for NOK 14.4 billion

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Telenor is raising NOK 14.4 billion for 54 percent of the shares the Finnish telecom operator DNA. The Norwegian telecom group thus becomes the majority owner of the Finnish company, the company itself reported morning. Telenor acquires the two main owners, Finda Telecom and PHP Holdings, with 28.3 percent respectively, 25.8 percent of the shares in the company. With this, ... Read More »

Norway to ban fur farms by 2025

Orylag rabbits are seen in cages on December 19, 2017, in Vandre, western France, at the livestock farm of Jean Boutteaud, also President of the Orylag cooperative. - The association L214, which fights for animal welfare, denounced on December 19, 2017, the treatment allegedly suffered by rabbits used for their fur by luxury brands, in three farms and a slaughterhouse in the south-west of France. (Photo by XAVIER LEOTY / AFP)

A bill presented to parliament would render it illegal after 2025 to possess animals for the purpose of killing them “for the sale or any other use of their fur.” The proposed ban is the result of an agreement reached in January 2018 when the right-wing government expanded to include the small Liberal Party, which insisted on the measure. While ... Read More »

Norway drops Malaysia, 9 others from fixed income benchmark

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Norway’s sovereign wealth fund, the world’s largest, will streamline its US$300 billion fixed-income portfolio by cutting emerging market bonds from the benchmark index it tracks, the Finance Ministry said. Government and corporate bonds with a total value of $17 billion at the end of 2018 would be affected, according to a Reuters calculation based on fund data. Read More »