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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 »

Norwegian Air sells two planes as it puts profitability over growth

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OSLO: Norwegian Air has sold two of its Boeing 737-800 aircraft as part of its shift in emphasis from rapid growth toward profitability, the budget carrier said on Wednesday. Norwegian last month said it would postpone sales of six other aircraft of the same model, however, to help offset the impact of the worldwide grounding of Boeing 737 MAX jets. ... Read More »

Cruise ship reaches Norway port after near disaster, dramatic rescues

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OSLO: A luxury cruise ship that had set sail with almost 1,400 passengers and crew aboard arrived at a port in Norway on Sunday after narrowly escaping disaster when its engines failed during a storm. “They’ve had a bit of a shocking experience,” Hagen told TV2 and other media after meeting passengers who had been winched from the deck in ... Read More »

Norway’s US$1 trillion fund scales back appetite for real estate deals

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AFTER a decade snapping up US$25 billion of some of the world’s toniest properties in London, New York, Paris and other global cities, Norway’s US$1 trillion wealth fund is scaling back its appetite for real estate deals. The fund will instead focus more on investing in listed real estate companies, as a way of cutting costs and simplifying its approach ... Read More »

Norwegian Air grounds its Boeing 737 MAX 8 jets

Norwegian Air Shuttle

OSLO: Norwegian Air will temporarily ground its Boeing 737 MAX 8 passenger jets at the advice of European regulators, it said. “Following the decision by the relevant aviation regulatory bodies to temporarily suspend operations of Boeing 737 MAX, Norwegian will not operate any flights with this aircraft type until further notice,” the company said in a statement. The company operates ... Read More »

Norwegian Air grounds its Boeing 737 MAX 8 jets

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OSLO: Norwegian Air will temporarily ground its Boeing 737 MAX 8 passenger jets at the advice of European regulators, it said on Tuesday. “Following the decision by the relevant aviation regulatory bodies to temporarily suspend operations of Boeing 737 MAX, Norwegian will not operate any flights with this aircraft type until further notice,” the company said in a statement. The ... Read More »

Norway’s Aker BP switching gears from M&A to exploration

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OSLO: Norwegian oil and gas company Aker BP is switching emphasis from M&A toward exploration, taking a potentially riskier path to increase its resources after years when it has relied on acquisitions to add the bulk of its new barrels. The company said the change of tack was prompted by falling exploration costs, partly as a result of new technologies, ... Read More »

Norway plans ocean theme for Expo 2020 pavilion

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Norway has announced that it will participate at Expo 2020 Dubai under the theme “Norway as a world leading ocean nation”. The Norwegian pavilion’s design and content will highlight Norway’s position within ocean issues and will be built by a consortium between Rintala Eggertsson Architects, Expomobilia and Five Currents. The core exhibition will consist of 680 sq m of interactive ... Read More »

In Norway, the richest Scandinavians are debating how to get $2.2 billion

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The richest Scandinavians are having a budget dispute involving Norway’s worst terrorist and a capsized warship. The row started after Norwegian Prime Minister Erna Solberg proposed an “under the line” budget item to cover the estimated 19 billion kroner ($2.2 billion) it will cost to replace a navy frigate that collided with a tanker and ran aground last year and ... Read More »

Norway’s US$1 trillion fund scales back appetite for real estate deals

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AFTER a decade snapping up US$25 billion of some of the world’s toniest properties in London, New York, Paris and other global cities, Norway’s US$1 trillion wealth fund is scaling back its appetite for real estate deals. The fund will instead focus more on investing in listed real estate companies, as a way of cutting costs and simplifying its approach ... Read More »

Norway’s US$1 trillion fund scales back appetite for real estate deals

BT_20190211_ABLUX6_3691430

AFTER a decade snapping up US$25 billion of some of the world’s toniest properties in London, New York, Paris and other global cities, Norway’s US$1 trillion wealth fund is scaling back its appetite for real estate deals. The fund will instead focus more on investing in listed real estate companies, as a way of cutting costs and simplifying its approach ... Read More »

Norway intelligence service issues Huawei warning

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OSLO: Norway’s intelligence service PST issued a warning about Chinese telecoms giant Huawei, whose ties to Beijing have sparked security concerns. “One has to be attentive about Huawei as an actor and about the close connections between a commercial actor like Huawei and the Chinese regime,” the head of Norway’s domestic intelligence unit PST, Benedicte Bjornland, said as she presented ... Read More »

Norway’s Telenor targeted by activist investor

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Telenor has become the latest European telecoms operator to be targeted by an activist investor with a campaign to push the Norwegian state-controlled group to spin off its mobile masts and increase its debt.  Constructive Capital, previously involved in an offensive against parts manufacturer Kongsberg Automotive, claimed in a letter to Telenor’s board that its proposed course of action could boost the ... Read More »

New Norwegian Source Tax System effective from 2019

Foto: Annette Larsen

With effect from January 2019, the Norwegian tax authorities have introduced a Source Tax system based on the ‘Pay As You Earn’ (PAYE) principle for individuals who are temporarily staying in Norway. The system is inspired by the UK PAYE and the Swedish SINK model. Whilst the Norwegian tax authorities will reap the same benefits as Sweden and the UK, ... Read More »

Calls for Huawei boycott get mixed response in Europe

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Europe is giving US-led calls for a boycott of Huawei 5G telecoms equipment a mixed reception, with some governments untroubled by spy suspicions against the Chinese giant, but others backing a ban. In the latest setback for Huawei, Poland said Friday it had arrested a Chinese telecoms executive suspected of spying for China, with local media identifying him as a ... Read More »

Norwegian Air shores up its balance sheet

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OSLO: Norwegian Air (NWC.OL) announced a $230 million cost savings program on Monday along with steps including the refinancing of one Boeing (BA.N) 787 Dreamliner that the budget airline said would generate more than $30 million in liquidity. It also said it was making several changes to its route portfolio as well as to its capacity. “Combined these measures should ... Read More »

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’s business organization worried about chaotic conditions after Brexit

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Norway’s major business organization expressed worry about increased risk of a chaotic British exit from the European Union (EU) and alertedNorwegian companies to be prepared for its consequences. “There are chaotic conditions and we are very worried,” said Tore Myhre, international director of the Confederation of Norwegian Enterprise (NHO). According to Myhre, there is an increased chance of a “no ... Read More »