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Economics   Economics News
Norway Tightens Asylum Rules as Anti-Migrant Sentiment Strengthens
[Norwaynews] [22.11.2015, 05:50pm, Sun. GMT]
Emergency laws tightening Norway's asylum rules came into force on Friday as the government tries to stem a sharp rise in the number of people arriving that has led support among voters for an anti-immigration party to surge. The Nordic country of 5.2 million people, which is a member of the passport-free Schengen area but not of the European Union, expects to receive up to 35,000 asylum applications this year. That figure has been revised upwards several times since August as Europe grapples with its biggest migrant crisis since World War Two.
Norway wealth fund drops €29.4bn amid market rout
[Norwaynews] [29.10.2015, 01:52pm, Thu. GMT]
The world’s largest sovereign wealth fund, which is Norwegian, has posted its biggest loss in four years, just as the government is preparing to make its first ever withdrawals to plug budget deficits. The fund lost 273bn kroner (€29.4bn) in the third quarter, or 4.9%, as stocks declined 8.6% and bonds rose 0.9%, the Oslo-based fund said yesterday.
Telenor to offload fraught VimpelCom stake worth $2.4B
[Norwaynews] [05.10.2015, 07:43pm, Mon. GMT]
Norway’s Telenor plans to sell its 33 per cent stake in VimpelCom, describing its experience of holding a minority stake in the Netherlands-based group as “challenging”. The lack of a future option to fully control VimpelCom made Telenor reconsider its position. Following a strategic review,  it decided to sell off the shares, and concentrate on its core operations.
Final leg of new European gas line completed
[Norwaynews] [29.09.2015, 07:20pm, Tue. GMT]
Norwegian energy company Statoil said the last stretch of a 300-mile natural gas pipeline crossing the Arctic Circle has been completed. The final piece of the 36-inch diameter Polarled gas pipeline was placed more than 4,000 feet below the surface of the Norwegian Sea in the Aasta Hansteen field.
ECC to provide clearing services for new products
[Norwaynews] [15.09.2015, 11:06am, Tue. GMT]
NOREXECO ASA is set to start exchange services for the pulp and paper industry, becoming the world´s only derivatives exchange for this sector. NOREXECO is supported by European Commodity Clearing (ECC), Europe’s leading clearing house for energy and related products, which will provide clearing and settlement for the newly launched contracts.
Aker to lay axe on 500 subsea jobs
[Norwaynews] [02.09.2015, 10:54am, Wed. GMT]
Aker Solutions is set to cut 500 permanent positions in its Norwegian subsea business that the company is attributing to the continued slowdown of the market, adding to the nearly 200 job reductions the company announced earlier this year. Aker’s Norwegian workforce was notified today (1 September) that the cuts may be made at the Fornebu, Stokke, Moss and Tranby facilities. The company said adjustments would be made through normal employee turnover, reassignments to other parts of the company and redundancies.
Norway: No reason to Think We Will See Oil Prices Last Under $55 a Barrel
[Norwaynews] [27.08.2015, 12:20pm, Thu. GMT]
According to Norway’s Oil Minister Tord Lien, $40-per-barrel crude oil prices are "unsustainable in the medium-to-long term," Bloomberg reports.  Lien suggests that in the current environment, supply will eventually be reduced and when it does, prices will have to rise. “There has developed a surplus capacity on the production side and the supply side - the supply side will be reduced in today’s oil prices," he said.
Turkey may buy Statoil’s stake in TAP
[Norwaynews] [16.08.2015, 04:31am, Sun. GMT]
TAP project, envisaging the transportation of gas from the second stage of development of Azerbaijani gas condensate Shah Deniz field to the EU countries, is one of the important projects. The European Investment Bank is considering allocating 2 billion euro for the Trans Adriatic Pipeline (TAP) project.
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.
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 to spend more oil wealth, cut taxes
[Norwaynews] [07.10.2015, 01:12pm, Wed. GMT]
Norway's government Wednesday proposed a policy of cutting taxes and stimulating the economy by spending more of its oil fund, as a struggling oil sector puts a lid on growth. "The 2016 fiscal budget will help dampen the macroeconomic effects of the decrease in activity in the petroleum sector, while allowing for necessary structural adjustments," said the country's minister of finance, Ms. Siv Jensen.
Statoil invests in North Sea field
[Norwaynews] [03.10.2015, 12:35pm, Sat. GMT]
Spending $15 million to acquire a stake in a North Sea natural gas prospect will enhance Norwegian and British energy potential, Norway's Statoil said. Statoil announced it spent $15 million to acquire a 24 percent stake in the British license for the Alfa Sentral field from regional counterpart First Oil.
Credit Suisse warns of oil losses hitting banks in Norway
[Norwaynews] [29.09.2015, 06:04pm, Tue. GMT]
As Norway falls deeper into an oil-induced slump, its financial watchdog is adjusting rules on how much capital banks must hold to cope with such shocks. According to Credit Suisse, the changes will mean higher capital requirements for Norwegian banks and fewer rewards for investors, as the Oslo-based Financial Supervisory Authority (FSA) imposes some of Europe’s toughest standards.
Pescafresh partners with Norwegian council to study Salmon consumption
[Norwaynews] [08.09.2015, 11:05am, Tue. GMT]
Pescafresh, the leading fresh seafood distribution and retailing company, and Norwegian Seafood Council (NSC) have partnered for a consumer research to recognise consumption of Salmon in India. The Norwegian government conducted an extensive research on the Indian seafood market and had been attempting various methods to penetrate the market in order to bring Salmon to the mainstream food category.
Swiss to repay $700,000 to Norway after fraud conviction
[Norwaynews] [31.08.2015, 07:20am, Mon. GMT]
Swiss authorities will repay creditors around $700,000 in embezzled funds stashed in a Swiss bank account, in one of Norway's biggest-ever bankruptcies, prosecutors said this week. Geneva authorities seized the funds in 2011 from an account in the BSI bank linked to the former head of bankrupt Norwegian oil rig builder Thule Drilling, Hans Erik Olav, who has since been convicted of embezzling $6.0 million from the company and is serving a four-year prison term.
Norway approves North Sea gas field development
[Norwaynews] [27.08.2015, 12:18pm, Thu. GMT]
The Norwegian Ministry of Petroleum and Energy said that plans for the first building phase of the of the Johan Sverdrup project have been approved. The first phase will involve an investment of €117 billion, the ministry said, and will create work for many suppliers. The project will be run by Statoil, Lundin Norway, Petoro, Det norske oljeselskap and Maersk Oil.
Norwegian higher education costs vary wildly across disciplines and institutions
[Norway] [16.08.2015, 04:30am, Sun. GMT]
Norway is one of the few remaining countries in the world without tuition fees, but that doesn’t mean education is free. Per student costs at Norway’s older universities can be more than twice those of more recently established institutions.
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.
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