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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

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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 »

Norway’s central bank governor now fears a return to US$100 oil

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Talk of a return to US$100 oil has the central bank chief of western Europe’s largest petroleum producer worried. A recovery in the oil price to US$80 a barrel has been a boon for the Norwegian economy, helping to narrow a widening budget gap and fueling activity. It even this month triggered the first rate increase in seven years. But ... Read More »

Norway’s minority government seals budget deal, sets stage to expand cabinet

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OSLO: Norway’s minority center-right government has struck a deal with the independent Christian Democrats (CDP) on a 2019 fiscal bill, it said, securing the budget’s passage in parliament and setting the stage for talks to expand the cabinet. Prime Minister Erna Solberg, in power since 2013, has long sought to include the CDP in her government of the Conservatives, the ... 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’s cruises to Franz Josef Land to call at Murmansk port

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MURMANSK, Norway’s Hurtigruten tourism operator began offering cruises to Franz Josef Land, which will call at the Murmansk port, the Murmansk Region’s Governor Marina Kovtun told the Murmansk International Business Week on Wednesday. “The Hurtigruten Company is selling 15-day expeditions for 2019,” the governor said. “The cruises will begin from Tromso, and then tourists will travel to Murmansk, Franz Josef ... Read More »

Six charged for smuggling nearly 400 kilos of gold

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Six men will meet in Oslo district court, accused of smuggling a total of 397 kilos of gold. The gold’s total value could be at least 143 million kroner. The indictment states that two of the six defendants must have introduced or facilitated the import of 397 kilograms of gold. The gold was not confiscated, and the two business owners ... Read More »

Chinese woman stopped with NOK 920,000

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The Norwegian Customs currency dogs revealed on May 11th that the woman in her sixties brought with her NOK 814,250, SEK 23,160, €12,130, HKD 390, CNY 100 and CZK 2,200, according to the local newspaper Romerikes Blad. All in all the cash was worth approximately NOK 920.000. In court, the woman claimed that the money was stemming from a house ... Read More »

Six charged with smuggling 400 kilos of gold

gold-513062_1920

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 »