Thursday , April 26 2018
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Norway

Norway and Indonesia talk about trade & protectionism

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OSLO: Norwegian parliament voted to ban domestic use of palm oil-based biodiesel in a bid to protect the climate and rain-forests. The parliament urged the Norwegian government to seek environmentally friendly alternatives to fossil fuels. This desire emerged after a report, released by Rainforest Foundation Norway, showed that palm oil-based biofuel is actually worse for the global climate than the ... Read More »

Dutch imports of Norwegian gas rise to eight-year high over weekend

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OSLO: Dutch receipts of Norwegian natural gas rose to at least an eight-year high over the weekend as lower indigenous production pushed spot prices on the TTF to a premium to neighboring German hubs. Dutch imports of Norwegian natural gas averaged 83.79 million cu m/d over April 14-15, the highest in S&P Global Platts records that go back to 2010, ... Read More »

Norway Trade Surplus Shrinks In March

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OSLO: Norway’s foreign trade surplus decreased notably in March from a year ago, as imports grew much faster than exports, preliminary figures from Statistics Norway showed Monday. The trade surplus decreased to NOK 14.98 billion in March from NOK 19.07 billion in the corresponding month last year. The surplus also fell from NOK 21.06 billion in February. Exports rose 2.6 ... Read More »

Apple loses court battle over counterfeit iPhone parts in Norway

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OSLO: Norway had a shipment of 63 iPhone 6 and 6S replacement screens from Asia seized by Norwegian customs agents, according to Motherboard. The Norwegian government notified Apple, and a lawyer represented the company proposing a settlement, which would entail Huseby paying $3,500, destroying the screens, and promising to no longer sell or deal with any products that infringe Apple’s trademarks. ... Read More »

Norway government backs ambitious datacentre investment plan

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OSLO: Norway in no mood to lag behind the rapid forward leaps recorded by near neighbours Sweden and Denmark, has rolled out an ambitious new strategy to position the country as a leading location for IT-datacentre operations. The project development strategy now being championed by prime minister Erna Solberg’s conservative-led government, under its Norway As A Data Centre Nation (NADCN) plan, represents ... Read More »

Norway salmon biomass up 3% in February prices on rise

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OSLO: The biomass was estimated at 697,000 metric tons of salmon, down from 724,000t the previous month.In January, salmon biomass was up 4% year-on-year and in December year-on-year growth was 7%. During the first quarter of 2018, Norway exported 246,000t of salmon worth NOK 15.8 billion. This is an increase of 6%, measured in volume, while export value fell by ... Read More »

Norway invests in electric aircplanes to combat greenhouse gas emmissions

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OSLO: Norway’s state-owned aviation company, Avinor, has pledged their commitment to developing a range of electric airplanes for short-haul flights around the country. Currently, electric planes remain in the prototype stage, bogged down by issues of heavy batteries and short distance capabilities. Similar to how a Tesla can’t drive as far as a gasoline-powered car, electric planes are unable to stay in ... Read More »

More oil and gas uncovered offshore Norway

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OSLO: Norway is the largest oil and natural gas producer for the European market, designating nearly all of its offshore output for exports. The Norwegian Petroleum Directorate confirmed Monday that a regional subsidiary of Lundin Petroleum finished an appraisal operation at a discovery located about 12 miles south of the Edvard Grieg field, which is already in production in the ... Read More »

Norway is planning to buy electric planes

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OSLO: Norway announced on Thursday that it plans buy electric planes. The country plans to purchase electric passenger planes in the coming years to help fight climate change. Avinor, the state firm that runs 45 airports in Norway, said its commitment to purchase electric planes may encourage the development of hybrid and electric technologies by major aviation companies, like Boeing and Airbus. ... Read More »

Norway accepts EU energy rules avoids dispute with Brussels

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OSLO: The centre-right minority government feared that rejecting the EU’s Third Energy Package, designed to enhance energy flows and improve regulatory oversight, would put Norway on a slippery slope to a Brexit-like ending of its close EU relations. For the past 24 years, Norwegian companies have enjoyed market access on equal terms with companies in the EU via the European ... Read More »

Norwegian salmon exports to China rose last week

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OSLO: Norway exported 307 tonnes of fresh salmon to China last week, up from 215 tonnes the previous week and up from 45 tonnes during the same week a year ago, data from Seafood Norway showed on Thursday.  Norwegian producers see Chinese demand as an important factor to balance growing global salmon supply. Norway’s average export price last week stood ... Read More »

Norway’s retailers see lower growth in sales

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OSLO: Norwegian retail sales will probably grow by 3.0 percent on a nominal basis in 2018, below a September forecast of 4.0 percent but up from 2.5 percent in 2017, the Enterprise Federation of Norway, also known as Virke, predicted on Monday. The forecasts, measuring the value of all sales, are not adjusted for inflation. Statistics Norway expects core inflation ... Read More »

Norway govt may fall on minister’s no confidence vote

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OSLO: Norway’s right-wing government could resign this week if the justice minister loses a no-confidence vote after she triggered outrage among survivors of a 2011 gun massacre, media reported Sunday. In a Facebook post on March 9, Sylvi Listhaug, a member of the populist and anti-immigration Progress Party (FrP), had accused the opposition Labour Party of considering “the rights of ... Read More »

Norway’s electric car demand is outstripping supply

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OSLO: Driven by generous tax breaks (carrot) and increasing road tolls (stick), demand for EVs has been rising rapidly. Because of these tax breaks, electric cars can be sold at the same price as fossil fuel vehicles. EVs, however, are considerably cheaper to run. This makes it attractive for Norwegian consumers to replace their diesel or petrol cars by electric ... Read More »

Norwegian salmon exports to China excluding Hong Kong fell last week

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OSLO: Norway exported 215 tonnes of fresh salmon to China last week, down from 222 tonnes the previous week and up from 51 tonnes during the same week a year ago, data from Seafood Norway showed on Thursday. Norwegian producers see Chinese demand as an important factor to balance growing global salmon supply.   Overall export total volumes rose to ... Read More »

Norway oil region’s business outlook strongest since 2013

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OSLO: Business conditions deteriorated slightly in Norway’s western oil-producing regions in the last three months, but companies are becoming more and more optimistic with regards to their outlook, a sentiment survey showed on Friday.  The price of crude oil, Norway’s key export, fell sharply from mid-2014 to early 2016 but has since staged a partial recovery, while non-oil exporters are ... Read More »

Norway’s $1tn sovereign fund almost doubles its exposure to Ireland

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OSLO: Norway’s $1 trillion sovereign wealth fund increased its exposure to Ireland in 2017, almost doubling its investment in Irish companies and government debt, and taking a stake in AIB. The Government Pension Fund Global , a vehicle for saving for future generations in Norway, held $1.7 billion in Irish debt and equity assets in 2017, up 78 per cent on ... Read More »

Statoil invests in offshore digitalisation in Norway

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OSLO: An integrated operations support centre and a drilling operations centre will help reach Statoil’s ambition of increasing value creation from operated fields in Norway by more than 2 billion USD from 2020 to 2025 before tax. Prime minister Erna Solberg visiting the centre Established in Bergen, the centres will be connected stepwise to all Statoil installations on the Norwegian ... Read More »

Norway’s $1t oil fund worried over market crisis

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OSLO: Its equities and bond investments dropped 23% that year. But the world’s largest sovereign wealth fund was saved by both a big inflow of money from Norway’s petroleum revenues as oil prices remained high and a large boost from the exchange rate as the krone weakened, Yahoo reported. Many are now wondering what would happen to Norway’s $1 trillion ... Read More »

Norway waits out Trump’s trade war

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OSLO: Norway hasn’t prepared any counter-measures,” to any sudden, punitive customs fees that may be imposed on goods imported from Norway, Foreign Minister Ine Eriksen Søreide told news bureau NTB on Friday. Søreide isn’t ready to slap reciprocal fees on imports from the US that would add to their price: “I think there has to be a very high threshold ... Read More »