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Economics   Economics News
Havyard increases its focus on Asia
[Norwaynews] [23.01.2015, 06:16pm, Fri. GMT]
Havyard Group ASA has a strong brand name in Asia and has delivered design and equipment packages to shipping companies and shipyards in Singapore, India and China, in addition to building ships for an Indian shipping company at the group’s yard in Norway. In addition to Havyard Far East Pte. Ltd. in Singapore, Havyard also has an office in Shanghai in China. Hallvard Fosnavaag has been appointed head of Havyard Far East and will be responsible for the markets in Asia (with the exception of China) and the Middle East.
 
Economics
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.
 
Commission and Norway fight over single market contribution
[Norwaynews] [07.01.2015, 12:58pm, Wed. GMT]
Norway claims that the European Commission has asked the Scandinavian country to double the amount it gives to the European Economic Area (EEA) over the next five years. The Commission is currently in the middle of discussions with the EEA countries Norway, Lichtenstein and Iceland on their financial contributions until 2020. Norway paid around €1.63 billion for its EEA membership the past five years.
 
Scandic Hotels expands in Norway
[Norwaynews] [27.12.2014, 03:41pm, Sat. GMT]
Scandic Hotels continues to expand in the Norwegian hotel market by acquiring hotel operations in Bergen from owner Bergen Hotel Gruppen AS. Scandic will take over three hotels: Scandic Neptun, Scandic Bergen City and Scandic Strand with a total of 630 hotel rooms and some 40 conference rooms. Scandic will then operate six hotels in one of Norway’s most expansive hotel markets, which is also the second largest hotel market in Norway.
 
SCG announces acquisitions in Norway, Indonesia
[Norwaynews] [18.12.2014, 09:01pm, Thu. GMT]
Siam Cement Group (SCG) has announced its acquisitions of a stake in Norner Holding, a Norwegian chemical-research company specialising in polymers, and in Indoris Printingdo, a packaging manufacturer in Indonesia. SCG Chemicals Company, a wholly owned subsidiary of SCG, has purchased an initial 51-per-cent stake in Norner, with the remaining 49 per cent to be acquired by next September, SCG president and chief executive officer Kan Trakulhoon told the Stock Exchange of Thailand yesterday.
 
Meyer Bergman makes acquisition in Norway with a purchase in Central Oslo for €30 mln (NO)
[Norwaynews] [18.12.2014, 01:41pm, Thu. GMT]
Meyer Bergman’s second value-add retail real estate investment fund has acquired a mixed-use building in central Oslo for approximately €30 mln from a venture between Søylen and Madison International Realty. It is the first acquisition in Norway by funds advised by the London headquartered investment manager. Meyer Bergman European Retail Partners II has acquired a nine-storey, 6,500 m² building on Grensen, which runs parallel to Karl Johans Gate, Oslo’s prime retail street.
 
Important step towards global trade agreement
[Norway] [16.12.2014, 04:25pm, Tue. GMT]
‘I am delighted that the WTO members have adopted the necessary decisions on food security issues and aspects of the Trade Facilitation Agreement so that the decisions made at last year’s Ministerial Conference can now be implemented. This is very good news for world trade and could breathe new life into the Doha negotiations on a global trade agreement,’ commented Minister of Foreign Affairs Børge Brende.
 
USA to Norwegian Air: Just follow the law!
[Norwaynews] [13.12.2014, 11:59am, Sat. GMT]
The US House of Representatives today passed the Consolidated and Further Continuing Appropriations Act, 2015, which includes pivotal new language that delivers Norwegian Air International's (NAI) application – and its job-creating, pro-consumer, low-cost service – closer to approval by the US Department of Transportation (DOT). NAI's application has been pending for nearly one year.
 
40.000 young Norwegians are without jobs
[Norwaynews] [09.12.2014, 02:22pm, Tue. GMT]
New study shows that 40.000 young Norwegians belong to a group called NEET - not in employment, education or training.  These individuals do not work or study, and they are not registered with NAV, the Norwegian Welfare Administration. They survive either by the support of their parents, by working under the table or by committing crime, NRK reports. "We know very little about who these people are. They could be anything from backpackers, aspiring artists that have moved back in with their parents, or people who struggle with physical or psychological challenges," says Fafo-reseacher Anne Hege Strand to NRK.
 
Norway's Commission Recommends Corporate Tax Rate Cut
[Norwaynews] [08.12.2014, 11:49am, Mon. GMT]
The Tax Commission, appointed by the Government in March last year to review corporate taxation in Norway in light of international developments, submitted its report on December 2, and proposed a cut in both corporate and individual income tax rates, alongside other adjustments to combat corporate base erosion and profit shifting (BEPS). The Commission noted that the level of Norway's corporate tax rate has stayed comparatively high when, both at a European level and globally, other countries' rates have been lowered.
 
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.
 
2014 was a record year for Norwegian salmon exports
[Norwaynews] [08.01.2015, 01:22pm, Thu. GMT]
Norway exported salmon worth NOK 43.9 billion (USD 5.7 billion) in 2014, the highest export level ever for salmon and represents an 11 per cent gain on 2013. “Increased salmon production in Norway combined with strong demand and record salmon prices have contributed to set a new export record for Norwegian salmon," said Paul Aandahl, branch manager for salmon and trout at the Norwegian Seafood Council.
 
World's Longest Subsea Cable Between Norway and Britain Awaits Final Decision
[Norwaynews] [06.01.2015, 04:28pm, Tue. GMT]
Norwegian grid operator Statnett is expected to make a final investment decision in the first quarter on a 1.5-2 billion euro project for what would be the world's longest subsea cable. The power inter connector to Britain aims to secure power supplies in both countries. According to Statnett’s website, the project will provide benefits to both sides. When there are higher winds Norway will be able to import power from the British at a lower price than in the Norwegian market and conserve the water in its many hydropower reservoirs.
 
Norway's Statoil dumps U.S. shale acreage
[Norwaynews] [23.12.2014, 12:28pm, Tue. GMT]
After suspending some rig work to save capital, Norwegian energy company Statoil said Tuesday it sold acreage in a key U.S. shale play for $394 million. Statoil said it sold a 6 percent stake in the Marcellus shale play to U.S. company Southwestern Energy, leaving the Norwegian company with a non-operated 23 percent interest in the region. Statoil in 2008 entered Marcellus through a joint venture with Chesapeake Energy and now says the divestment is part of its optimization strategy.
 
Shell sells off downstream business in Norway
[Norwaynews] [18.12.2014, 08:56pm, Thu. GMT]
Shell has signed an agreement to sell off some of its assets in Norway to Finnish company ST1. ST1 will take over Shell’s retail and commercial fuels along with its supply and distribution business. The sale is expected to be completed next year, subject to approval, with agreement for the Norwegian company to operate under the Shell brand.
 
Norway FM: We can increase supply of gas
[Norwaynews] [17.12.2014, 06:54am, Wed. GMT]
Norway's Foreign Minister Borge Brende said Norway will continue to be a reliable energy supplier, even increasing gas supply if necessary. "Norway is one of the leading energy suppliers in Europe and we will continue to be one in the area of natural gas. We can even step up supply if there is demand for that in the years to come," he said. "We will also then, in terms of commercial interest, improve the capacity when it comes to pipes," Brende said, speaking at a press conference with Turkey's Foreign Minister Mevlut Cavusoglu on Tuesday.
 
Norwegian alleges discriminatory conditions in Europe
[Norwaynews] [15.12.2014, 12:15pm, Mon. GMT]
A formal complaint has been made to the European Commission by Norwegian against rival SAS, claiming “unlawful differential treatment”. The low cost carrier alleges that discriminatory conditions and licencing practices prevent it from obtaining access to traffic rights on the same terms as SAS. Norwegian says it has been prevented from starting routes between Helsinki and Dubai, London and Tel Aviv and Barcelona and Tel Aviv because it doe not hold an EU air operators certificate (AOC).
 
VimpelCom confidence shaken as Telenor CEO quits the company
[Norwaynews] [09.12.2014, 02:31pm, Tue. GMT]
The President and CEO of Telenor Group, Jon Fredrik Baksaas, has stepped down from the Supervisory Board of VimpelCom with immediate effect. This decision was taken in consultation with the Board of Directors of Telenor. The Norwegian operator holds a minority position of 33 per cent in VimpelCom and has voting rights of 43 per cent. The move comes in the wake of continuing allegations of corruption surrounding VimpelCom and investigations related to its entry to the Uzbekistan market. Not a happy place for Telenor to be right now.
 
Recall roundup: Tesla Model S in Norway
[Norwaynews] [09.12.2014, 02:19pm, Tue. GMT]
Tesla Motors has officially announced a recall for the Model S in Norway, because of some problems to the motor / transmission. Despite being highly successful on the Old Continent, the Tesla Model S is currently meeting its very first problems as these have struck Norway, the most important market in Europe for the car manufacturer.
 
Exports of defence-related products and services from Norway
[Norwaynews] [05.12.2014, 08:54pm, Fri. GMT]
2013, Norway exported defence-related products and services to a total value of NOK 4.3 billion. Exports of defence-related products accounted for NOK 3.3 billion of this, and related services, production rights and dual-use goods for military purposes accounted for NOK 1 billion.  These figures are from the annual white paper on Norwegian exports of defence-related products, export control and international non-proliferation efforts, which was presented to the Storting on Friday.
 
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