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Economics   Economics News
Parliament Speaker of Norway Visits Georgia
[Norwaynews] [24.03.2015, 03:49pm, Tue. GMT]
The president of Norway’s parliament, Olemic Thommessen, who is holding meetings with Georgian officials in Tbilisi on March 23-26, said his visit aims at demonstrating support to Georgia’s democratic reforms and its efforts to move closer to Europe.
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”.
Japan dumps Norwegian whale meat
[Norwaynews] [12.03.2015, 08:09pm, Thu. GMT]
Whale meat imported into Japan from Norway has been dumped after tests found it contained up to twice the permitted level of harmful pesticide, the government said Wednesday. The announcement came after Western environmentalists first exposed the issue, in the latest salvo of a battle that pits Japan against many of its usual allies, such as Australia and New Zealand.
Statement at the UN Human Rights Council
[Norway] [04.03.2015, 11:41am, Wed. GMT]
'Faced with violence and extremism, we must stand by the values that extremists are seeking to destroy: diversity, openness and participation. We must uphold the fundamental right to freedom of expression and freedom of religion', said State Secretary Bård Glad Pedersen in his statement.
Norsk Hydro to invest $ 514 million in pilot aluminium plant
[Norwaynews] [12.02.2015, 06:25pm, Thu. GMT]
Norsk Hydro, one of the world's largest aluminium producers, will invest 3.9 billion Norwegian crowns ($514.5 mln) in a pilot plant in Norway, the company said on Wednesday. The plant is for full-scale industrial testing of its so-called HAL4e technology and is expected to have an annual production capacity of 75,000 tonnes and to cost around 3.9 billion Norwegian crowns ($514.51 mln), it said in a statement on Wednesday.
Norwegian signs new agreement with Tour Operators
[Norwaynews] [11.02.2015, 04:39pm, Wed. GMT]
Norwegian continues its cooperation with several big tour operators by entering new agreements with TUI, Thomas Cook and Nazar. The agreements mean that Norwegian will fly charter passengers to several destinations in the Mediterranean. The agreements are worth over 400 million NOK and include almost 2,000 flights. ”We’re very pleased that we are able to continue to fly charter passengers for TUI, Thomas Cook and Nazar to popular destinations in the Mediterranean.
Norway and Germany sign deal to build underwater cable
[Norwaynews] [10.02.2015, 08:08pm, Tue. GMT]
Firms in Norway and Germany on Tuesday signed an agreement to build an over 600-kilometre long power cable linking the electricity networks of the two countries. The Nordlink project is estimated to cost 1.5 billion to 2 billion euros (1.6 billion to 2.2 billion dollars) and is expected to go online in 2020. About 500 kilometres of the cable is to run underwater, connecting Tonstad in southern Norway to Wilster in the northern German state of Schleswig-Holstein.
Norwegian company Active Brands opening headquarters in Denver area
[Norwaynews] [04.02.2015, 06:28am, Wed. GMT]
Active Brands AS, a Norwegian company that sells some of the most popular winter sports apparel in Scandinavia, is opening its North American headquarters in Denver as it branches outside Europe for the first time. Company officials are still weighing locations and are likely to launch only with about 10 operational, marketing and sales staffers when the office opens by June, said Bob Donker, director of international sales.
SBS Discovery Norway acquires truTV content
[Norwaynews] [28.01.2015, 03:36pm, Wed. GMT]
NonStop Entertainment, a part of Turner Broadcasting, and SBS Discovery has entered a 2 year volume agreement for truTV content. Titles include top-rating programmes The Carbonaro Effect, South Beach Tow and long-running franchise The World’s Dumbest. truTV, Turner Broadcasting’s new general entertainment channel, gets its first volume agreement in Scandinavia with SBS Discovery Norway, who has acquired exclusive first choice of all truTV programmes from Turner Broadcasting’s Scandinavian film- and tv distributor NonStop Entertainment.
Norway to Remain Stable Gas Supplier to EU
[Norwaynews] [21.01.2015, 05:12pm, Wed. GMT]
Norway will remain a stable gas supplier to Europe for many years to come, Norwegian Prime Minister Erna Solberg said Wednesday. The announcement was made at a press briefing after her meeting with President of the European Council Donald Tusk in Brussels, Belgium. "We have discussed interdependence on energy security in Europe. And I would like to underline that Norway is and will continue to be a stable and reliable gas supplier to the EU for many years to come," Solberg told journalists.
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”.
50 shades of green
[Norwaynews] [16.03.2015, 10:27am, Mon. GMT]
The 17th of March is St. Patrick's Day, the Irish national day. Famous landmarks around the world will be lit up in green as part of the celebration, and for the second time in a row Norway will also participates. Last year it was the Holmenkollen ski tower, this year it is the polar exploration ship Fram which is being greened.
Norwegian contractor looks for patient British concrete subbie
[Norwaynews] [11.03.2015, 02:48pm, Wed. GMT]
The company needs help in meeting growing demand in Norway and has set out a list of requirements. These include that the subcontractor would need to be patient, as it will take time to establish understanding and mutual trust. A year is not unusual from first contact to contract. The subcontractor would also need to able to cope with most of the documentation being provided in Norwegian.
Report: Lebanon to Hand Norway's Petroleum Commission the North's Offshore Geological Data
[Norwaynews] [04.03.2015, 11:38am, Wed. GMT]
Some Lebanese officials are reportedly exerting efforts to hand over the data of a Geological Survey for the country's offshore gas and oil in the North to Norway's Petroleum Commission. According to As Safir newspaper published on Wednesday, the move could have hidden intentions such as an attempt to draw the attention of new companies in an illegal way to enter the country's tenders and take part in exploring Lebanon's offshore oil and gas wealth in return to a certain commission.
Oilman becomes milkman as Norway’s best jobs disappear
[Norway] [12.02.2015, 06:10pm, Thu. GMT]
When Joergen Langaunet started as a project planner at offshore engineer Aker Solutions ASA in 2012, he worked a lot of overtime. Norway’s oil industry, so rich it spawned the world’s largest sovereign wealth fund, was booming. Then last year, he realised he was spending most of his time in the lunch room: His services weren’t needed. In September, as crude prices were on their way to the biggest plunge since 2008, Langaunet lost his job. Today he’s a regional manager for Tine SA, Norway’s biggest dairy producer.
Oil Slump Will Not Affect Norway
[Norway] [11.02.2015, 04:37pm, Wed. GMT]
One of Norway’s most popular politicians, former Prime Minister Kjell Magne Bondevik is probably the world’s first statesman who admitted that he suffered from depression while in office. For his honesty and willingness to speak of his psychological disorder, Bondevik was commended and received thousands of letters offering support.
US Atlantic salmon imports from Norway surge more than 40% in 2014
[Norwaynews] [06.02.2015, 08:28pm, Fri. GMT]
US imports of Atlantic salmon last year rose more than 5% over 2013 levels, with the spend on the fish jumping 14.3% and imports from Norway surging more than 40%, National Marine Fisheries Service Data shows. The nation brought in 246,200 metric tons of Atlantic salmon products last year, up 5.2% from 2013 imports of 234,000t.
Norway’s housing market in trouble
[Norwaynews] [30.01.2015, 09:39pm, Fri. GMT]
The ongoing crude price slump and falling interest rates are taking a toll on Norway – Europe’s biggest oil exporter. The biggest problem can be seen in Norway’s housing market. The central bank cut rates in December. “Lower interest rates and strong competition in the mortgage lending market could contribute to continued rapid growth in debt and house prices,” Morten Baltzersen, head of Norway’s Financial Supervisory Authority, said in an emailed reply to questions from Bloomberg. This could drive the housing market into a “self-augmenting spiral,” he said.
Norway exports seafood worth NOK 900m in 2014
[Norwaynews] [27.01.2015, 10:31am, Tue. GMT]
Norway has exported seafood worth NOK 900 million more than the total sale in 2014.  “Already at the start of December we can conclude that 2014 will be the best year in history for Norwegian seafood,”says Christian Chramer, communications director in Norway’s seafood council. So far this year, including the month of November, Norway has exported seafood worth NOK 879 million more than the total sale in 2013.
Norway Mandates Columbia with Sustainability Study
[Norwaynews] [09.01.2015, 06:32pm, Fri. GMT]
The bank responsible for investing the world’s largest sovereign wealth fund (SWF) has asked Columbia University to examine how sustainability factors affect mining sector profitability. The New York City-based institution was awarded a three-year grant by Norges Bank to chart the impact of environmental changes on copper and gold mining.
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