Tuesday , October 23 2018
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Norway

Six charged with smuggling 400 kilos of gold

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Six men must appear before the Oslo District Court, accused of smuggling a total of 397 kilograms of gold into Norway. The gold is valued at approximately NOK 143 million. The accusation states that two of the six defendants together have imported or facilitated the import of 397 kilograms of gold into Norway. They did not report the gold to ... 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 »

Chevron becomes first oil major to exit Norway

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OSLO: US oil firm Chevron will become the first oil major to formally exit the Norwegian continental shelf (NCS) as it transfers its last stake in an exploration license, according to a government letter. Oil majors, including Exxon Mobil, BP and Shell, have scaled down their presence in Norway by selling or merging their assets in the mature region to ... 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 »

Norway jails top policeman for smuggling hashish

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A senior Norwegian police officer has been sentenced to 21 years in prison for taking bribes and aiding a notorious drug smuggler. Eirik Jensen, who was responsible for combating organised crime in the capital Oslo, was arrested. A court found he had received at least 667,800 kroner (€71,300, £63,200) in bribes to help smuggle tonnes of hashish into Norway. He ... Read More »

Norway’s $1 trillion fund to beef up scrutiny on sustainability, ocean pollution

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OSLO: Norway’s $1 trillion sovereign wealth fund wants companies in which it invests to follow stricter guidelines on global sustainability and strengthen efforts to combat plastic pollution of the oceans, it said. The fund, the world’s largest, invests the revenues of Norway’s oil and gas production and is a global investor with stakes in some 9,000 companies across 72 countries. ... Read More »

Norway salmon’s ‘big three’ deny any China smuggling links as prices rise

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Norway’s three largest salmon farmers said they are not selling salmon to China via Vietnam, after a crackdown on smuggling from authorities in the world’s second largest economy that is causing prices to increase. Marine Harvest, Cermaq Group and Leroy Seafood Group all issued statements to Undercurrent News refuting any involvement in the trade, after Chinese authorities claimed to have ... Read More »

Norway jails top policeman for smuggling hashish

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A senior Norwegian police officer has been sentenced to 21 years in prison for taking bribes and aiding a notorious drug smuggler. Eirik Jensen, who was responsible for combating organised crime in the capital Oslo, was arrested. On Monday, a court found he had received at least 667,800 kroner (€71,300, £63,200) in bribes to help smuggle tonnes of hashish into ... Read More »

Three Norwegians arrested for drug smuggling in Spain

Spanish-police

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 »

Norway cold-proofs troubled Kollsnes gas plant to protect UK flows

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OSLO: Norway’s largest gas processing plant Kollsnes, a key facility for British exports which faced outages last winter, is having additional upgrades this summer to protect it against extreme weather later in the year, operator Gassco told Reuters. In late February, when a cold snap dubbed the ‘Beast from the East’ hit Europe sending energy prices to 10-year highs, Kollsnes ... Read More »

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

Spanish-police

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 »