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


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


  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


  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


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


  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


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

Statoil's new identity
New identity
Ny identitet
new logo

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


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.


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


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 »

Norway trade balance turns to deficit in June


OSLO: Norway’s foreign trade balance turned to a deficit in June from a surplus in the previous year, as imports grew much faster than exports, preliminary figures from Statistics Norway showed Friday. The trade balance came in at a deficit of NOK 756 million in June versus a surplus of NOK 6.6 billion in the corresponding month last year. In ... Read More »

Norway-Sweden beer smuggling hits record levels

Norway Sweden beer

OSLO: Norwegian customs officers at the Svinesund border between Sweden and Norway have seized more beer and spirits during the first half of 2017 than in the whole of last year. Unroadworthy vehicles used for smuggling purposes have also been seized, according to a report by Press. “There has clearly been a trend in the first half of the year ... Read More »

Norway stocks lower at close of trade; Oslo OBX down 0.84%

Oslo OBX - shares lower

OSLO: Norway stocks were lower after the close on Friday, as losses in the Transport, Consumer Durables And Apparel and Energy sectors led shares lower. At the close in Oslo, the Oslo OBX declined 0.84%. The best performers of the session on the Oslo OBX were REC Silicon ASA (OL:REC), which rose 4.30% or 0.05 points to trade at 1.17 ... Read More »

Norway returns illegally-imported Buddha statue to Myanmar


OSLO: Norway has returned a Buddha statue to Myanmar, the place of origin of the cultural artefact, after the Norwegian Customs identified the statue as illegally imported in 2011, official media reported Friday. China’s Xinhua news agency reported the Myanmar Buddha statue was handed back over by visiting Norwegian Foreign Minister Borge Brende to Myanmar Minister of Religious Affairs and ... Read More »