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Norway

Norway salmon price seen stable around NOK 49-50 next week

SALMON

OSLO:  The price of Norwegian farmed salmon is expected to remain stable around 49-50 Norwegian crowns per kilo next week for deliveries in Oslo, industry sources told Reuters on Friday. “It’s a quiet market and a wait-and-see attitude, but our view now is that prices will be at around 50 crowns next week,” said a salmon producer who declined to ... Read More »

Tesla tax’ could hit Norway, the world’s top EV market

NORWAY

  OSLO: Norway, which has emerged as the world’s leading market for zero-emission electric vehicles despite also leaning heavily on revenue from oil extraction, may be on the verge of enacting steep cutbacks to some of the tax breaks for Teslas and other EVs. The proposed 2018 budget, released by Norway’s center-right government, would mainly target electrified cars weighing more ... Read More »

Qatar, Norway puts on the brakes but oil cash splurge is hard to kick

OSLO: Putting on the brakes is a relative term in Scandinavia’s richest economy.  The Norwegian government yesterday proposed spending 231.1bn kroner ($29bn) of its oil income and wealth to plug a deficit equal to 7.7% of gross domestic product, roughly unchanged from this year. To do this, it will withdraw 72bn kroner from its massive wealth fund, up from a ... Read More »

Dutch pensioners arrested smuggling 100kgs of hashish into Norway  

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  OSLO: A Dutch retired couple have been arrested in Norway for trying to smuggle 100 kilos of cannabis into the country, according to Norwegian media reports. The couple, a man aged 68 and a woman aged 75, had hidden the drugs throughout their car. They were caught following a tip-off trying to enter Norway after travelling by ferry from ... Read More »

Norway’s cod exports hike in September, but pelagics down YOY

exports

OSLO: So far this year Norway has exported 59,000 metric tons of frozen cod, including fillets, worth a total of NOK 1.9 billion ($237.1 million), according to the Norwegian Seafood Council (NSC). Despite a decline in seafood exports in September, Norway has exported 1.8m metric tons of seafood at a value of NOK 69bn so far this year. This is ... Read More »

Norwegian ex-cop sentenced to 21 years for drug smuggling

NORWAY

  OSLO: Oslo District Court sentenced on Tuesday former policeman Eirik Jensen to 21 years in prison for gross corruption and conspiracy to smuggle hashish. Drug trafficker Gejmund Capelen was sentenced to 15 years’s imprisonment for drug smuggling and corruption, reports broadcaster NRK. The court gave Jensen the longest possible sentence, saying that there were no mitigating circumstances, according to ... Read More »

HNIs may face inheritance tax heat soon

NORWAY

  OSLO: If government has its way, high net worth individuals will soon have to pay an inheritance tax. In this regard, the government has sought feedback, including recommendations, on the proposed re-introduction of inheritance tax, according to a report by Economic Times. The government will levy tax ranging from 5% to 10% on families with a certain net worth, ... Read More »

Norway’s NHO cuts 2017 mainland GDP growth forecast

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OSLO: Norway’s top business lobby on Thursday cut its forecast for mainland economic growth to 1.5 percent in 2017 from an earlier prediction of 2.1 percent made in June. The Confederation of Norwegian Enterprise, known locally as NHO, raised the forecast for 2018 to 2.2 percent growth from 2.0 percent and the 2019 outlook to 2.3 percent from 2.2 percent. Read More »

Norway jails top policeman for smuggling hashish

NORWAY

  OSLO: 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 in 2014. On Monday, a court found he had received at least 667,800 kroner (€71,300, £63,200) in bribes to help smuggle ... Read More »

Norway plans tax breaks for remotest Arctic oilfields

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OSLO: Norway’s government plans to make taxpayers rather than oil companies pay special U.N. fees for any offshore production from remote Arctic regions, according to letters sent to oil firms and seen by Reuters. The plan could serve as an example for other nations looking to fund exploration of the seabed ever further from land. It was criticized by opposition ... Read More »

Norway’s Statoil, Argentina’s YPF ink exploration deal

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OSLO: Norway’s Statoil and Argentina’s leading energy company YPF have entered into an agreement to jointly explore hydrocarbons in the Bajo del Toro block in the Neuquén Basin onshore Argentina, the Norwegian energy major said on August 25. The preliminary agreement between the companies was signed on August 24 in Geneva by Statoil’s executive vice president for Exploration, Tim Dodson, ... Read More »

Norway’s Labour calls for debate on oil tax regime

oil tax - tax oil - tax on oil

OSLO: Norway should review its generous tax regime on oil drilling because of climate change, the opposition Labour party said on Monday, three weeks before a parliamentary election which opinion polls suggest it is on course to win. Labour’s Marianne Marthinsen, a member of parliament’s Finance Committee, told daily Aftenposten that Western Europe’s top oil producer should look at changing ... Read More »

Norway extends 1.7b Birr for REDD+ project implementation

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OSLO/ADDIS ABABA: Norway has extended a 1.74 billion Birr financial assistance on Wednesday to support the implementation of Ethiopia’s Climate Resilient Green Economy through the REDD+ project. This is the first financial assistance for Norway to the REDD+ project and is expected to make significant contribution to reduce emission from forests. During the occasion, Admasu Nebebe, State Minister of Finance ... Read More »

Norway Savings Bank raises investment in Red Hat Inc.

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OSLO: Norway Savings Bank raised its position in Red Hat, Inc. (NYSE:RHT) by 2.2% during the second quarter, according to its most recent 13F filing with the SEC. The fund owned 7,045 shares of the open-source software company’s stock after buying an additional 150 shares during the period. Norway Savings Bank’s holdings in Red Hat were worth $675,000 as of ... Read More »

Norwegian new home sales fall as property market cools

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OSLO: Sales of new homes in Norway fell by 13 percent in the first half of 2017, a constructors’ group said on Tuesday, as government efforts to cool an overheating property market bore fruit. Sales dropped 30 percent year-on-year in June alone, the Norwegian Home Builders’ Association (NHBA) also said. “We are happy to see a market that is more ... Read More »

Norway salmon exports hit NOK115m in July

Atlantic Salmon

OSLO: Norway exported 138,000 metric tons of seafood at a value of NOK 6.7 billion ($847.4 million) in July 2017, the Norwegian Seafood Council (NSC) has revealed. Volumes were 4% lower, yet the export value increased by 2%, or NOK 115m, compared to July 2016. Year-to-date, Norway has exported 1.4m metric tons of seafood to a value of NOK 53.1bn; ... Read More »

Russia’s new Arctic super-tanker brings Norwegian LNG to Asia

LNG export

MOSCOW/OSLO: It is the first commercial voyage of the unique vessel, originally built for company Novatek and its grand Yamal LNG project. The «Christophe de Margerie» one of the last days of July loaded LNG at Statoil’s Melkøya gas terminal on the Norwegian Barents Sea coast and set course eastwards. On 1 August the ship entered the Kara Sea on ... Read More »

Norway Savings Bank buys 395 shares of Citigroup Inc.

Norway Savings Bank

OSLO: Norway Savings Bank increased its position in Citigroup Inc. (NYSE:C) by 2.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 14,070 shares of the financial services provider’s stock after buying an additional 395 shares during the period. Norway Savings Bank’s holdings in Citigroup were worth $941,000 ... Read More »

Norwegian Air under pressure to boost finances

Norwegian Air Shuttle

OSLO/LONDON: Norwegian Air, the fast-growing budget airline trying to crack the transatlantic market by undercutting established rivals, faces mounting pressure to control costs and shore up its balance sheet to weather fierce competition. The airline has embarked on an ambitious expansion plan buying more than 200 new fuel-efficient jets yet investors worry its drive to put more passengers on more ... Read More »

Norway’s giant gas field is set for record output

gas output - gas production

OSLO: The giant gas field that holds around 40 percent of total gas reserves on the Norwegian Continental Shelf (NCS) is set to produce a record amount of gas this year, just as gas demand in the UK is on the rise. Output at Norwegian field Troll—operated by Statoil—is expected to rise to record levels this year after Norway increased ... Read More »