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Economics   Economics News
Norway’s DNO says production uninterrupted after Iraqi Kurdistan-Turkey pipeline attack
[Norwaynews] [31.07.2015, 04:03am, Fri. GMT]
Norway’s Middle East-focused oil firm DNO said on Thursday production from its prized Tawke field in Iraqi Kurdistan had continued after an attack on an Iraq-Turkey pipeline by redirecting volumes for local sale. Flows along the Kirkuk-Ceyhan pipeline carrying Kirkuk and Kurdish oil to Turkey’s Mediterranean port of Ceyhan had been halted after saboteurs attacked it, Turkish Energy Minister Taner Yildiz said the previous day.
 
Economics
EU and Norway sign deal that will boost fishing sector
[Norwaynews] [23.07.2015, 05:34am, Thu. GMT]
The European Union (EU) and Norway have settled an agreement setting new funds for poorer EU member states and improve quotas for the Nordic country's fishing industry. This deal, forming part of the trade agreement of the European Economic Area (EEA), considers annual contributions of around EUR 400 million, aided by smaller contributions from Liechtenstein and Iceland, Reuters reported.
 
Videotel Receives Norwegian Maritime Authority Approval
[Norwaynews] [14.07.2015, 04:31pm, Tue. GMT]
VideotelTM, the leading international provider of e-Learning maritime training solutions and a company of KVH Industries, Inc., (Nasdaq: KVHI), has received the approval of the Norwegian Maritime Authority (NMA) for its security training courses.
 
Axys joins Norway offshore unit
[Norwaynews] [26.06.2015, 01:09am, Fri. GMT]
Canadian company Axys Technologies has joined the Norwegian Centre for Offshore Wind Energy (NORCOWE). Axys will collaborate with the other NORCOWE partners to conduct research and development focused on reducing costs and increasing efficiencies of offshore wind development.
 
Norwegian pension fund divests from Israeli occupation
[Norwaynews] [12.06.2015, 02:58pm, Fri. GMT]
Norway's largest pension fund has excluded two companies "on the grounds of their exploitation of natural resources in occupied territory on the West Bank." KLP, which manages a US$70 billion investment portfolio, formally excluded Heidelberg Cement and Cemex on June 1, following a period of investigation and engagement.
 
Norwegian investors show interest in shipbuilding in Ukraine
[Norwaynews] [02.06.2015, 12:43pm, Tue. GMT]
Norwegian investors have shown interest in the Ukrainian shipbuilding industry. Infrastructure Minister of Ukraine Andriy Pyvovarsky said at a briefing in Odesa on Tuesday that last week he met with representatives of a large Norwegian company to discuss building new ships in Ukraine. "The Norwegian company last week visited the port infrastructure of the country and shipyards with the intention to define strategic points or in the format of a joint venture or own production," he said.
 
Norwegian Yara in Dublin
[Norwaynews] [26.04.2015, 04:49pm, Sun. GMT]
It has been announced today that Yara, a Norwegian based international chemical company, has officially opened a dry ice manufacturing site in Dublin with a workforce of 5 employees. Yara Ireland provides dry ice in Ireland across a variety of sectors including aviation, refrigeration, food storage, medical services and the entertainment industry. The new plant has a capacity of up to 10,000 tonnes of dry ice per annum.
 
Norway's sovereign fund invests 2. 6 percent in Italy
[Norwaynews] [18.04.2015, 09:13pm, Sat. GMT]
Norway's Sovereign Wealth Fund manager and Central Bank governor, Oystein Olsen, said he intended to keep investments in Italy unchanged. "At the moment we're not planning to increase our investments in Europe, which will remain at 40 percent of our global investments", Mr Olsen told Italian reporters after he was asked if he intended to increase investments in Italy.
 
Norway, UIA sign pact to promote investment in oil and gas
[Norwaynews] [16.04.2015, 02:53pm, Thu. GMT]
The Norwegian Government and Uganda Investment Authority (UIA) have signed a memorandum of understanding (MoU) to promote investment in oil and gas industry. "This is one way of building a sustainable relationship between Uganda and Norway," Thorbjorn Gaustasaether, the ambassador of Norwegian embassy in Kampala said.
 
Rolls-Royce Delivers Propulsion for Norwegian Ferries
[Norwaynews] [09.04.2015, 09:03pm, Thu. GMT]
Rolls-Royce has signed contracts with Bastø-Fosen and Fjord 1 in Norway for azimuth propulsion systems for five new double ended ferries. The ferries are scheduled to enter into service along the coast of Norway in the summer of 2016.
 
Will Norway divest from Indian firm to protect indigenous in Peru’s Amazon?
[Norwaynews] [28.03.2015, 08:41am, Sat. GMT]
Norway could decide to divest from Indian conglomerate Reliance Industries after a recommendation from the Council on Ethics for Norway’s Government Pension Fund Global. The reason: Reliance poses a possible threat to indigenous people described as “uncontacted” in Peru’s Amazon. According to the Council, there is “no scientific disagreement about the fatal consequences that this would have”.
 
Norway sovereign fund CEO sees promise in Japan real estate
[Norwaynews] [23.07.2015, 05:21am, Thu. GMT]
Sovereign wealth funds are becoming an increasingly important force in global financial markets as they grow, and real estate is making up a bigger slice of their assets. In a recent interview with The Nikkei, Yngve Slyngstad, CEO of Norges Bank Investment Management, the world's largest sovereign wealth fund, said NBIM will increase the weight of real estate in its assets.
 
There’s a lot of intl commitment to help Nepal’s reconstruction
[Norwaynews] [09.07.2015, 07:17am, Thu. GMT]
The Norwegian Minister of Foreign Affairs Børge Brende was in Kathmandu to attend the International Conference on Nepal’s Reconstruction, held on June 25. During the conference, Brende pledged a support of $30 million (Norwegian Kroner 100 million) to Nepal, and assured that the funding would increase later.
 
Norway’s DSD Shipping faces further US indictments
[Norwaynews] [13.06.2015, 01:08pm, Sat. GMT]
Norwegian firm DSD Shipping, and some of its employees, faced further charges in America on Friday, all relating to alleged environmental crimes and their cover ups. The company, full name Det Stavangerske Dampskibsselskab, was indicted in a US court on May 13 charged with obstructing justice and with environmental crimes.
 
Erna Solberg: Norway’s prime minister says nation’s offshore sector is not in crisis
[Norwaynews] [03.06.2015, 09:12am, Wed. GMT]
Few nations’ offshore sectors have been hit harder by the oil price drop than Norway, yet Erna Solberg, the country’s prime minister, remains defiant that Norwegian offshore firms can ride out the current doldrums. Utilisation rates for OSVs around Norway have dropped by around 50%, rates have fallen 20% and asset prices are off by up to 20%.
 
€650 mln of local investment in Norwegian hotel market
[Norwaynews] [27.05.2015, 10:21am, Wed. GMT]
According to international real estate advisor Savills investor interest in the Norwegian hotel market is on the rise, following a flurry of activity totalling over €650 mln on since 2012. Savills finds that all 26 hotels transacted since 2012 were purchased by Norwegian investors. This differs from other commercial property sectors in Norway with 40% of property in Q1 2015 bought by foreign investors.
 
Norway supports efforts to eliminate gas flaring by 2030
[Norway] [20.04.2015, 06:26am, Mon. GMT]
‘When associated gas is flared, or burned, during oil production, this is both harmful for the climate and a waste of resources. Norway is therefore providing NOK eight million to the World Bank initiative Zero Routine Flaring by 2030,’ said Minister of Foreign Affairs Børge Brende.
 
Gold Coin Remembers Transfer of Norway’s National Treasure During WWII
[Norwaynews] [17.04.2015, 02:39pm, Fri. GMT]
The Royal Canadian Mint have issued a new gold coin which remembers an extraordinary chapter during World War II which saw an allied country’s amazing transfer of its entire gold reserves to Canada for safe keeping. Norway’s transfer of its national treasury in gold to Canada was made all the more difficult as it had occurred after the advancing Nazi army had already landed in the country – beginning nearly five years of occupation.
 
Norway prepares report on new airline business practices
[Norwaynews] [15.04.2015, 01:18pm, Wed. GMT]
Norway's Ministry of Transport and Communications is preparing a report on the effects of commercial air transport globalisation and the "fragmentation" of airline structures within the European economic area and globally. This will include a study of "atypical employment practices" within the industry, according to State Secretary for Transport and Communications Tom Cato Karlsen.
 
EU could get more gas from Norway
[Norwaynews] [28.03.2015, 08:47am, Sat. GMT]
Norway currently supplies one-fifth of the natural gas consumed in the European Union, but this could increase, announced Norwegian Foreign Minister Borge Brende during a discussion on EU energy security in Brussels on March 21. This is good news for the EU, which is eager to diversify sources and to reduce its dependence on Russia for energy supplies.
 
Norway gets tough on closet indexing
[Norwaynews] [16.03.2015, 02:13pm, Mon. GMT]
Action taken by the Norwegian financial regulator against DNB Asset Management for managing an active fund closely to its benchmark has been welcomed. Fianstilsynet, the regulator, says a DNB Asset Management fund it analysed over five years performed very closely to its benchmark but is marketed and priced as an actively managed fund, which the regulator says is “censurable and counter to good business practice”.
 
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