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Economics   Economics News
Norway opens market for Sri Lankan fish exports with the lifting of EU ban
[Norwaynews] [30.04.2016, 07:37pm, Sat. GMT]
The Norwegian government has taken actions to give more Investment opportunities to Sri Lanka in their fish market with the lifting of the ban imposed by the European Union on exports of Sri Lankan fish and fishery products, the Finance Ministry said.

Following a meeting with the Finance Minister, Ravi Karunanayake earlier this week, the Norwegian Ambassador to Sri Lanka Thorbjørn Gaustadsæther has said that with the lifting of the ban Sri Lanka has gained opportunity to invest in fish exports industry in Norway.

The meeting with the Norwegian Ambassador was a follow-up on a meeting the Finance Minister held with his Norwegian counterpart Ms. Siv Jensen in Washington, while participating for Spring Meetings of the IMF and World Bank Group.
Norway steps up support for vulnerable groups in humanitarian crises
[Norwaynews] [29.04.2016, 01:30pm, Fri. GMT]
Minister of Foreign Affairs, Børge Brende, says Norway is earmarking NOK 40 million for efforts to help people with disabilities and to combat sexual violence in humanitarian crises. - Certain groups are more vulnerable than others in situations of war and conflict. Norway will intensify its efforts to prevent violence and injury, and to help those who are affected, the Foreign Minister said. 

The International Committee of the Red Cross (ICRC) is playing a leading role among international organisations, both in the work to combat sexual violence and in efforts to support people with disabilities. The Government is therefore increasing its support for this work by NOK 10 million, to a total of NOK 40 million.  

Telenor Norway scraps roaming fees in EU and EAA
[Norwaynews] [26.04.2016, 11:08pm, Tue. GMT]
Telenor said it will be scrapping roaming charges in the European Union and European Economic Area (EAA) from 27 April. Customers will be able to ring and text as much as they like, and use the mobile internet allowance included in their bundles, just as they would at home in Norway. This applies both to individual and business customers. The company said 90 percent of roaming by its customers takes place within Europe.

Telenor’s new subscriptions for private customers come under the name Frihet (Freedom) and they can switch to these services free of charge. They will also get unlimited storage of mobile content such as images and videos on the cloud service Min Sky. Other advantages of Frihet are unlimited MMS, larger data allowances and faster speeds.
Gas imports from Norway, Russia rise as Dutch production falls
[Norwaynews] [19.04.2016, 01:09pm, Tue. GMT]
National gas extraction in the Netherlands dropped by more than a quarter last year to just over 51 billion cubic meters. The decrease was compensated for by imports, mainly from Norway and Russia, according to figures Statistics Netherlands published on Tuesday. Last year a total of some 36 billion cubic meters of natural gas was imported form other countries, almost 50 percent more than in 2010. Imports from Russia doubled between 2010 and 2015 and imports from Norway increased by over 50 percent. Imports from Denmark dropped by 44 percent and from the United Kingdom dropped by 18 percent.
Centrica unloads Norwegian assets
[Norwaynews] [18.04.2016, 05:58pm, Mon. GMT]
A Norwegian subsidiary of British energy company Centrica said it unloaded some of its assets in Norwegian waters following a portfolio review. Retroactive to Jan. 1, Centrica E&P Norway transferred its 30 percent working interest in three license areas over to regional counterpart Det norske.
Norway to showcase maritime firms at Maritime India Summit 2016
[Norwaynews] [14.04.2016, 02:16pm, Thu. GMT]
Norway will be one of two countries hosting a dedicated country pavilion at the Maritime India Summit 2016 in Mumbai this week. A range of Norwegian maritime companies will present their competence and technology at the pavilion. The Maritime India Summit is a flagship initiative of the Indian Ministry of Shipping, and provides a platform for foreign companies to explore potential business opportunities in the Indian maritime sector.
Audi A8 L Extended commissioned by King of Norway
[Norwaynews] [12.04.2016, 02:00pm, Tue. GMT]
It turns out the extra-long Audi A8 we saw yesterday was commissioned by Harald V, the King of Norway. Its delivery is part of the celebrations of the 25th anniversary of his inauguration. The car has already been spotted in Norway with the license plate "A-2”. We're told this is a registration reserved for cars from the royal fleet.
Norway to boost gas output as Russia, U.S. LNG supply increases
[Norwaynews] [06.04.2016, 03:56pm, Wed. GMT]
Norway will allow increased production from its biggest natural gas field as Europe’s second-largest supplier of the fuel prepares for increased competition with Russia and the U.S. The production permit for Troll was increased 10% for the gas year starting Oct. 1, according to field operator Statoil ASA. Norway last year installed two new compressors at the North Sea field, ending technical issues that previously limited capacity and helping supply record volumes to Europe.
Statoil gas facility in Algeria hit by explosive
[Norwaynews] [22.03.2016, 06:14am, Tue. GMT]
Norwegian energy company Statoil said it was dispatching an emergency response team to Algeria following an explosion at one of its gas assets in the country. The company said its In Salah gas facility was "hit by explosive munitions fired from a distance" early Friday morning local time. Its three employees in the area are safe and uninjured, the company said.
95,000 to lose jobs in Norway
[Norwaynews] [02.03.2016, 08:20pm, Wed. GMT]
Norwegian Labour and Welfare Administration (NAV) predicts that over 95,000 Norwegians are risking to become unemployed by the end of the year.  On Wednesday NAV published their updated forecasts which show that the unemployment will rise in the coming months and is going to reach 95,000 unemployed in the end of 2016.
Norwegian government calls for capital requirements for pension funds
[Norwaynews] [26.02.2016, 01:40pm, Fri. GMT]
The Norwegian finance ministry has called for regulation introducing binding capital requirements for the country’s pension funds, based on a simplified version of the Solvency II framework for insurers. The recommendation backs that of Finanstilsynet, the country’s financial services authority (FSA), which the government had commissioned to look into solvency requirements for pension funds engaged in life insurance.
Norway's Statoil enters the German offshore wind market
[Norwaynews] [29.04.2016, 01:28pm, Fri. GMT]
Norwegian energy provider Statoil has announced that it is entering the German offshore wind market, through a 50% acquisition of the Arkona offshore wind farm. Statoil and E.ON also announce the final investment decision on the 385 megawatt project. The estimated total investment for the project will be in excess of EUR 1.2 billion.

The Arkona wind farm will provide renewable energy for up to 400,000 households in Germany, making it one of the largest ongoing offshore wind developments in Europe.
Norwegian Tourists Find Macedonian Culture Very Attractive
[Norwaynews] [20.04.2016, 10:28am, Wed. GMT]
Prominent names in the tourism industry in Norway, this weekend visited Macedonia and met with the representatives of 30 companies from the private sector. As the Agency for Promotion and Support of Tourism stated, the tourist offer of Skopje and Ohrid and their historical and cultural heritage were the most impressive for the Norwegian tour operators. They consider that Macedonia has a huge potential at the Norwegian market, mostly with the lakes, the culture, the rural, active, wine and gastro tourism.
Norwegian govt presents plan to ensure digital employment
[Norwaynews] [18.04.2016, 05:59pm, Mon. GMT]
Norwegian Transport and Communications Minister Ketil Solvik-Olsen said a joint document has been drawn up concerning the development of electronic communications infrastructure, with the aim of ensuring digital employment in Norway. This e-coms plan is part IV of the White Paper ‘Digital Agenda for Norway – ICT for a simpler daily life and increased productivity’. It is just as important to talk about electronic infrastructure, as it is to discuss railways and highways, he said.
US airline pilots union cries bloody murder over Norwegian Air deal
[Norwaynews] [18.04.2016, 10:34am, Mon. GMT]
The Allied Pilots Association, certified collective bargaining agent for the 15,000 pilots of American Airlines, expressed strong opposition to the Department of Transportation’s decision to grant tentative approval to Norwegian Air International’s application for a foreign air carrier permit.
NIB funds six hydro plants in Norway
[Norwaynews] [12.04.2016, 02:16pm, Tue. GMT]
The Nordic Investment Bank (NIB) is to loan Norwegian power company Helgeland Kraft AS NOK 470 million (EUR 49.5 million) to fund six hydropower plants in Nordland County. The finance will be used to complete five new hydropower plants in the Tosbotn project in the municipality of Brønnøy, with a proportion used for the Øvre Forsland power plant, which is the last of four hydropower plants built at the river Forslandselva in Leirfjord municipality in Helgeland
Enoro splits Eidsiva Energi's customer database
[Norwaynews] [07.04.2016, 01:01pm, Thu. GMT]
Dale - Enoro has split Eidsiva Energi’s customer database, ElWin. What used to be a unified system for Eidsiva Marked (Market/ Sales) and Eidsiva Nett (Power Grid/ Network) has now been divided into two separate customer databases. The split of the unified customer database was completed to fulfil the Norwegian Water Resources and Energy Directorate (NVE) requirement for a functional and systemic separation.
Hibiscus' unit claims RM136m compensation against Lime Petroleum
[Norwaynews] [04.04.2016, 01:55pm, Mon. GMT]
Hibiscus Petroleum Bhd’s wholly-owned subsidiary Gulf Hibiscus Ltd (GHL) has filed a complaint at the Oslo Conciliation Board to claim compensation against the directors and general manager of Lime Petroleum Norway AS, for financial losses suffered relating to the latter’s restructuring.
Women board directors: India ranks a lowly 26th, Norway leads
[Norwaynews] [08.03.2016, 01:01pm, Tue. GMT]
According to a recent study on 'Women On Board 2016' by global recruitment tendering platform MyHiringClub.com and online job portal JobPortal.co.in, presence of women members on boards of Indian companies is found to be lower than the overall average for developing countries.
Colombian Peace Talk Guarantor Nations to Help Resolve Impasse
[Norwaynews] [26.02.2016, 01:42pm, Fri. GMT]
Cuba and Norway have played an instrumental role in resolving previous disagreements between the government and the FARC. Colombian President Juan Manuel Santos announced Monday that Cuba and Norway, the two guarantor countries supporting the peace process, will work with representatives of the government and the Revolutionary Armed Forces of Colombia to help resolve an impasse between the negotiating parties that saw rebel leaders banned from conducting visits to the country.
Norway to build Europe’s largest onshore wind project
[Norwaynews] [26.02.2016, 01:38pm, Fri. GMT]
Norwegian renewables companies Statkraft and TrønderEnergi have teamed up with European investor consortium Nordic Wind Power to build Europe’s largest onshore wind project in Central Norway, at an estimated cost of  €1.1 billion ($1.2 billion). The companies said Tuesday the new joint venture, Fosen Vind, will start construction of the six-wind-farm project in the second quarter. The first turbine delivery is expected in 2018, with commissioning planned for 2020, Kallanish Energy learns.
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