Thursday , August 16 2018
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Norway

Interest Rates: Countercyclical Buffer Unchanged

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The Ministry of Finance has today decided to keep the level of the countercyclical capital buffer for banks unchanged. This is in line with the advice for Q3/16 from Norges Bank. Each quarter, The Ministry of Finance shall make a decision on the level of the countercyclical buffer. The Ministry of Finance decided on the 18th June 2015 that banks ... Read More »

Domino’s boosted by UK sales but costs hamper Norwegian business

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Domino’s has been boosted by its UK sales, but warned over a high cost base in its Norwegian business. The pizza group reported sales of £616.6 million for the 26 weeks ended up 12.8% from the comparable period in 2017. Its profit before tax fell 9.7% during the period to £41.7 million. Domino’s said its growth had been driven by ... Read More »

Three Norwegians arrested for drug smuggling in Spain

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Spanish police arrested three Norwegians and a Spaniard in Malaga, Spain. They are suspected of attempting to smuggle around 10 kilos of cannabis and marijuana to Norway. The substance was tried hidden in PVC pipes, Canariposten writes. Spanish police said in a press release that the four detainees were trying to smuggle the drug, 6.85 kilo of cannabis and 3.55 ... Read More »

Beer smuggling in Norway has doubled in past 16 years

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Beer smuggling in Norway has exploded in recent years. Large amounts of the illegal beer are drunk by youth or russ (Norwegian School leavers). ‘I can confirm that beer smuggling has reached new and worrying heights. We made several major seizures in 2017,’ said senior consultant, Elisabeth Nettum, of the control department in the Customs Union to VG newspaper. Beer ... Read More »

Norway to clamp down on seafood smuggling

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The Norwegian government will increase efforts to combat smugglers, and consider more effective measures, it said. “It is a challenge that foreigners come to Norway with a goal of making the most fish out of the country. Fish smuggled out of Norway represent great values, and we fear that the findings made up to now are just the tip of ... Read More »

Norway to clamp down on seafood smuggling

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The Norwegian government will increase efforts to combat smugglers, and consider more effective measures, it said. “It is a challenge that foreigners come to Norway with a goal of making the most fish out of the country. Fish smuggled out of Norway represent great values, and we fear that the findings made up to now are just the tip of ... Read More »

Norway’s central bank says rate rise ‘likely’ in September

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Norways’s central bank on Thursday said that it expects to raise rates in September, sending the krone zipping higher against the euro.  The Norges Bank said the “upturn in the Norwegian economy is continuing”. While underlying inflation is lower than the bank’s target, “rising capacity utilisation implies an increase in price and wage inflation further out.” “The executive board’s current ... Read More »

Meet the Wealthiest People in Norway

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Meet Norway’s richest people according to the latest data from business magazine Kapital. Norway’s leading business magazine Kapital has once again published its annual list of the 400 wealthiest people in Norway. The list is based on the semi-public data published by the Norwegian tax authorities every year. An Oslo-born Cypriot national who lives in London tops the list, and ... Read More »

Global electric car sales up in 2017, Norway has highest market share: IEA

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Electric car sales around the world rose by 54 percent in 2017, taking global stock across the three-million threshold, the International Energy Agency said in a report Wednesday. In China, the world’s biggest market for electric vehicles, sales also grew by about half — but their market share remained small at 2.2 percent. In Norway, electric vehicles have by far ... Read More »

Norway hopes for bilateral UK trade talks during Brexit transition

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OSLO: Norway hopes to open bilateral trade talks with Britain before London’s transition period to leave the European Union ends in 2020, as Brussels seems willing to show some flexibility on the question, the Norwegian foreign minister said. The non-EU country is keen to start formal talks with Britain, its biggest trading partner, to which it sells gas, fish and ... Read More »

Norway’s $1 Trillion Wealth Fund Moves a Bit Closer to Oil Exit

iCeremonial baptism for one of Norway's next big gas production platform on March 8. The Aasta Hansteen platform is the world's biggest so-called Spar platform. It's still in the Digernes sound near Stord on Norway's west coast, and won't be towed out to sea until April, with production start due in 2H 2018. One of the reasons they're doing this on March 8, International Women's Day, is because the field and the platform have been named after Aasta Hansteen, who was a 19th century writer and women's rights advocate.

Norway’s $1 trillion sovereign wealth fund cleared a hurdle on its proposed path to exiting oil and gas stocks. The fund won support from key academics at Norway’s top universities, whose responses are part of a hearing process. But more weight will likely be given to the opinion of an expert group, which will give its view later this year ... Read More »

Thialf completes Sverdrup platform mating offshore Norway

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OSLO: Heerema Marine Contractors has lifted into place the last module of the Johan Sverdrup riser platform in the Norwegian North Sea. This completed installation of the first of four topsides for the bridge-linked platform complex. The riser platform will handle all exports of oil and gas from the Johan Sverdrup field, and the HVDC power converter that will bring power ... Read More »

Brexit: Norway drops objection to Britain staying in single market via European Economic Area

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Norway’s prime minister has said her country would be open to Britain joining the European Economic Area – potentially giving Britain a readymade technical solution for remaining in the single market after Brexit. Norway’s government had previously hinted it might block British membership of the EEA because such a change would likely shift the balance of power within the trade ... Read More »

China and Norway surging ahead on electric vehicle sales

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Fresh analysis of the electric vehicle market has shown China and Norway dominating in terms of sales and market share. The data was compiled by the Centre of Automotive Management (CAM) in Germany. China dominates in terms of the number of new sales with 142,445 electric vehicles purchased in the first quarter of 2018, a 154 percent increase on the ... Read More »

Norway’s drug policies ‘could set example for rest of the world’

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Norway’s drug laws could be an example for the rest of the world, leading healthcare and police figures from around the world have said. Drug policy in the Scandinavian country is no longer a criminal matter but one of public health – a move that has been widely praised by experts. Now 20 international policymakers and stakeholders from 10 countries ... Read More »

Norway warned Trump against Iran’s decision

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Norwegian Foreign Minister Ine Eriksen Søreide says the nuclear agreement is important for regional stability and for supporting the treaty on the Non-Proliferation of Nuclear Weapons. “We regret the US withdrawing from the agreement,” said the Foreign Minister to NRK. Eriksen Søreide believes that the nuclear agreement with Iran is important for regional stability. “It’s an agreement that has worked ... Read More »

Oslo is among Europe’s worst for drug use

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A revealed traces of amphetamines in Oslo’s sewage—all at levels are the third highest of 56 European cities tested. Only Bratislava and Prague passed Oslo in amphetamine use. The latest findings from the largest European project in the emerging science of wastewater analysis were presented yesterday by the Europe-wide SCORE group, in association with the EU drugs agency (EMCDDA). The ... Read More »

Nordea’s Norway unit expects lending growth to accelerate

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OSLO: The Norwegian unit of Nordic bank Nordea expects a positive development in the coming quarters as the economy gathers pace, housing prices no longer fall and the loan loss situation improves, Oslo-based Chief Executive Snorre Storset told Reuters on Wednesday. Nordea reported Q1 results above market expectations on Wednesday, but said lower income meant that reaching the 2018 revenue ... Read More »

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 »