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Economics   Economics News
Canada Minister tours Norway and Iceland
[Norwaynews] [18.07.2014, 05:59pm, Fri. GMT]
Newfoundland and Labrador’s Minister for Fisheries and Aquaculture, The Honourable Keith Hutchings, recently visited Norway and Iceland to study the approaches used both by countries to generate maximum returns from cod and other groundfish resources. “Norway and Iceland are recognized throughout the world for producing high quality seafood, and like Newfoundland and Labrador, seafood is vital to their economy. It was valuable to review the unique operations in these countries and understand their approach to serving European customers as our industry prepares to pursue new opportunities in international markets”, said Minister Hutchings.
Norway may become ‘cashless country’ by 2020
[Norwaynews] [18.07.2014, 06:00pm, Fri. GMT]
One of Norway’s leading financial confederations has said the country should be cashless by 2020. Currently, cash is used in only five percent of Norwegian transactions. However, critics say people should be able to buy things without a ‘trace’. Finans Norge – which represents 200 financial institutions and financial groups active in the country – has advocated the complete elimination of cash-based transactions in Norway, stating that a no-cash policy could prevent problems with financial crime, robberies and ‘black money’.
Major cyber-attack hits Norwegian banks
[Norwaynews] [09.07.2014, 03:09pm, Wed. GMT]
In an action claimed by the local "Anonymous Norway" hactivist group, Tuesday saw many of the top banks and financial institutions of Norway being simultaneously hacked in what is being dubbed the country's biggest-ever network attack. The simultaneous attack hit eight companies, including DNB, Danske Bank, Nordea, Norges Bank, Sparebank 1 and Telenor, as well as two insurance companies, Storebrand and Gjensidige in what is probably the richest country in Europe.
Salmon exports reach record high
[Norwaynews] [08.07.2014, 02:31pm, Tue. GMT]
The value of exports of Norwegian salmon during the first six months of 2014 totalled NOK 21.5 billion (USD 3.47 billion). According to figures from the Norwegian Seafood Council (NSC), this is the highest export value ever recorded for the first six months of any year. The figures show an increase in the value of Norwegian salmon exports of NOK 4,100 million (USD 662.3 million), or 24 per cent, compared to same period last year. Measured in product growth, the exported volume underwent an increase of nine per cent to 469,000 tonnes.
Close Partners in Shipping, Shipbuilding Industries
[Norwaynews] [02.07.2014, 09:36pm, Wed. GMT]
May 17 was Constitution Day for Norway, the country’s national holiday. In commemoration of this yearly event, BusinessKorea sat down with His Excellency Torbjørn Holthe, Norwegian Ambassador to South Korea, to speak about opening new trade routes between the two countries, and continued cooperation in a variety of fields. What follows are excerpts from the interview. First of all, please explain the brief history of diplomatic and economic relations between Norway and Korea.
Romania should use EEA, Norway Grants as soon as possible
[Norwaynews] [20.06.2014, 04:12pm, Fri. GMT]
Romania should use the EEA (European Economic Area) grants and Norway grants as soon as possible for the funds to quickly be accessed by the population and the other categories to which they are allotted, Minister for European Funds Eugen Teodorovici said on Wednesday, according to a release sent ton Thursday. Eugen Teodorovici on Wednesday attended the third annual meeting on EEA and Norway grants, organized at the Bucharest-based Gabroveni Inn, a historic site restored thanks to these funds. The participants focused on the progress made in implementing the EEA and Norway grants over 2007-2014.
NPD commissions borehole study of western Norwegian Sea
[Norwaynews] [16.06.2014, 03:36pm, Mon. GMT]
Fugor Seacore’s Greatship Manisha has completed drilling shallow boreholes in the western Norwegian Sea for the Norwegian Petroleum Directorate (NPD). The vessel drilled three holes on the Mørerand High in 2,130 m (6,988 ft) of water, 293 km (182 mi) northwest of Kristiansund, with the deepest terminated 170 m (557 ft) below the seabed. According to NPD, the main aim of the exercise was to take core samples of slanted reflectors found deeper than 130 m (426 ft) below the seafloor.
U.S. Lawmakers Move to Block Norwegian Air Expansion Plan
[Norwaynews] [11.06.2014, 12:05pm, Wed. GMT]
An airline that claims it is attempting to offer cheaper fares for international travel claims it is being stifled by Congress, unions and the big three U.S. carriers. Norwegian Air International (NAI), an affiliate of the Norwegian Group, has applied to the Department of Transportation to offer low-fare international flights in Europe and the U.S., but is now being accused by U.S. pilot unions of unfair labor practices. Norwegian claims allowing it to operate would not only offer cheaper flights, but would also create jobs in the U.S.
Ex-Norway Ambassador to Burma Becomes Telenor Executive
[Norwaynews] [21.05.2014, 10:21am, Wed. GMT]
Katja Nordgaard, Norway’s ambassador to Burma from 2010 to 2013, has been appointed as Executive Vice President at Telenor Group, a Norwegian firm that was awarded a license to build a telecom network in Burma last year. During her tenure as ambassador, Nordgaard oversaw the normalization of relations with Burma’s reformist government and helped secure deals between the government and Norwegian firms, including for the company that that she will now be joining.
Norwegian fishermen note better cold water shrimp catches
[Norwaynews] [13.05.2014, 09:23am, Tue. GMT]
Norwegian fishermen in parts of Moss, southern Norway ,are reporting bumper catches of coldwater shrimp, reported the local newspaper Moss Avisen. The comments suggest a stark contrast to last year, which was hampered by poor fishing. Kurt Allan Hansen, managing director of Fjordfisk, told the newspaper it appeared catches so far this month might be 40% times above last year’s levels. May is generally a poor month for coldwater shrimp fishing, so the high catches are very surprising, he said.
OECD identifies threats to the Norwegian economy
[Norwaynews] [07.05.2014, 06:23am, Wed. GMT]
OECD Economic OutlookThe OECD warns Norway about the risk factors that may threaten the Norwegian economy in the report World Economic Outlook, which was released on Tuesday. The OECD (The Organization for Economic Co-operation and Development) states that the Norwegian economy wil generally be good in the coming years, but points out two risk factors that may threaten the expected development: The price of oil and the real estate market.
Norways opts for international permits
[Norwaynews] [09.07.2014, 03:11pm, Wed. GMT]
Norway will buy 21 million UN backed certified emission reductions (CERs) for an average price of 2.28 euros ($3.30) each in its international tender to purchase carbon offsets, said the financial institution in charge of the deal on Monday. The Nordic Environment Finance Corporation (NEFCO), which manages the tender for Norway, said in a newsletter that it is closing the first procurement under the NorCaP (Norwegian Carbon Procurement Facility), which buys carbon offsets above market prices to give a lifeline to projects that risk collapse.
Emirates Sky Cargo's New Oslo Route Enhances Scandinavian Trade Lanes
[Norwaynews] [08.07.2014, 02:34pm, Tue. GMT]
Emirates SkyCargo, the freight division of Emirates, is set to further strengthen trade lanes between Scandinavia and its worldwide network with the start of operations to Oslo, Norway, from 2 September this year. Oslo, the Norwegian capital and centre of the country’s shipping industry, will become Emirates SkyCargo’s third gateway in Scandinavia after daily passenger and cargo services were introduced to Copenhagen, Denmark, in August 2011 and Stockholm, Sweden, in September 2013.
Lithuania-Norway business chamber opens in Oslo
[Norwaynews] [08.07.2014, 02:30pm, Tue. GMT]
In Oslo, the capital of Norway, the Lithuanian-Norwegian business chamber has been established. It is the first and probably the major step towards creating even tighter business relations between the two countries, reports LETA/ELTA. The newly created business chamber will first of all encourage bilateral cooperation between enterprises. The nearest goals include not only rallying and motivating Lithuanian companies based on sectoral approach but also assisting Lithuanian businesspersons in finding contacts and developing business in Norway.
Norway’s Vard to build hull for its largest subsea construction vessel in Romania
[Norwaynews] [24.06.2014, 09:23pm, Tue. GMT]
Norwegian ship builder Vard Holdings, part of Italian group Ficantieri, recently announced that it secured a contract to build an offshore subsea construction vessel for Norwegian group Solstad Offshore, which will be partly built in the Romanian shipyard Vard Tulcea. This is the largest single vessel contract in the company’s history, Vard has said, without mentioning its value. Analysts estimate that the value of this contract could be between EUR 180 million and EUR 240 million.
Government to double support for global education
[Norwaynews] [16.06.2014, 03:40pm, Mon. GMT]
‘Education is key to reducing poverty. The Government therefore intends to double its development assistance to education in countries affected by extreme poverty, crisis and conflict. It is particularly important for us to ensure that more girls have access to education,’ said Prime Minister Erna Solberg. On 13 June, the Government presented white paper to the Storting (Norwegian parliament) on global education. The white paper sets out concrete proposals as to what Norway can do to reach the more than 10 % of children worldwide who do not have access to primary education.
Norway: Bama distancing itself from Italian suppliers
[Norwaynews] [16.06.2014, 03:35pm, Mon. GMT]
Bama-Gruppen AS is the largest private distributor of fruit and vegetables in Norway. Bama is active in the wholesale of domestic and foreign fruit and vegetables. The company has five divisions: retail, industry, institutions, flowers and convenience. This concerns supplies to wholesalers NorgesGruppen and Reitangruppen on the retail market. In recent years the group received negative publicity. The largest newspaper in Norway, Afterposten (Norwegian for Evening Post), regularly reported on the wrongs within the company.
Norway recognizes Latvian citizens' eID cards as valid travel documents
[Norwaynews] [25.05.2014, 02:59pm, Sun. GMT]
Norway has recognized Latvian citizens' eID cards as valid travel documents, as the Foreign Affairs Ministry informed LETA. Therefore, Latvian citizens can enter the Kingdom of Norway with personal identity cards (eID cards) issued in Latvia. According to information provided in a note of May 22 from the Norwegian Embassy, Norway has adopted amendments to its legislation and has approved the personal ID card issued to the citizens of Latvia as a valid travel document.
Norwegian gas firm signs $40m deal to supply floating terminal
[Norwaynews] [13.05.2014, 04:57pm, Tue. GMT]
Egypt has signed a deal with Norway’s Hoegh to supply a floating terminal needed to import liquefied natural gas (LNG), the petroleum ministry said on Monday, marking a step toward securing badly needed gas for power generation and industry. The deal will generate pretax earnings of some $40m per year for Hoegh, the firm said on Monday. A source at the Ministry of Petroleum said it would cost $1.25 to convert one million British thermal units from liquefied gas to gas. Transporting the gas from the port to the national gas network, would cost $1.
Norway's central bank holds interest rate steady
[Norwaynews] [08.05.2014, 07:04pm, Thu. GMT]
Norway's central bank left interest rates unchanged Thursday, as expected, and reiterated a March forecast that rates would remain at the current low level until next summer amid slow economic growth and inflation close to target. Norges Bank said it would leave its benchmark interest rate at 1.5% where it has been since March 2012. All analysts polled by the Wall Street Journal had expected that outcome.
Norway probes Norwegian Sea for new petroleum
[Norwaynews] [03.05.2014, 11:51am, Sat. GMT]
An offshore area between the Norwegian and Greenland borders will be examined this summer for possible petroleum reserves, the Norwegian government said. The Norwegian Petroleum Directorate announced plans Friday to map the subsurface layer of the western reaches of the Norwegian continental shelf. Nils Rune Sandsta, NPD's manager for the project, said the area, dubbed the More basin, is a geological "blank spot" on the Norwegian continental shelf. Drilling this summer will target an area where continental plates separate.
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