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Economics   Economics News
Russia, Norway friendship will not vanish: Putin
[Norwaynews] [26.11.2014, 06:07am, Wed. GMT]
The Russian President expressed his hope that the good prospects in the Russia-Norway relations, achieved when the current NATO head served as Norway's Prime Minister, will not be lost. Russian President Vladimir Putin said Tuesday that Russia and Norway have good prospects in trade and expressed hope that the results of the joint work, accomplished in recent years, will not vanish.
Norwegian urges United States to approve transatlantic air carrier permit
[Norwaynews] [25.11.2014, 03:23pm, Tue. GMT]
Norwegian chief Bjørn Kjos has called on the United States department of transportation to once and for all approve the application for a foreign air carrier permit for the company’s Irish subsidiary Norwegian Air International. “We are doing exactly what the Obama administration wants: create American jobs, bring tourists to the United States and offer Americans cheap flights,” he said. “The transatlantic market has far too long been dominated by alliances that have been allowed to rule the market with high prices and limited choice.”
Latvia to purchase weapons from Norway
[Norwaynews] [11.11.2014, 12:59pm, Tue. GMT]
In order to strengthen the fighting ability of the Home Guard, the government of Latvia decided to purchase anti-tank weapons, cargo trucks, and armored vehicles from Norway, the Defense Ministry of Latvia informed to media. The Home Guard will acquire a total of 800 Carl Gustav anti-tank weapons, 50 Scania trucks, and 50 armored Mercedes Benz vehicles for EUR 4 million.
Norway pushes seafood exports to India
[Norwaynews] [04.11.2014, 07:02pm, Tue. GMT]
Norway is looking at newer markets like India for its growing volume of seafood, especially Norwegian Salmon and Norwegian Cod with Russia, its most important market for seafood, slamming its doors on imports.Since August 7, Russia has imposed import restrictions on lots of products from the European Union (EU), the U.S., Canada, Australia and Norway to counter economic sanction imposed on it. As far as Norway is concerned, the impact on seafood exports is severe.
Norway to invest in insect use for aquafeed
[Norwaynews] [23.10.2014, 04:01pm, Thu. GMT]
The Research Council of Norway has allocated NOK 13 million (€1.55 million) to the AquaFly project. The project will spend the next four years investigating the potential of using insects as safe and healthy ingredients of future fish feeds, as stated on the website of NIFES. AquaFly will be looking at the use of insect meal as an ingredient of salmon feed, also in an environmental, social and economic perspective. As project leader, NIFES will be responsible for research on fish nutrition and feed safety, while our partners will be looking closely at other aspects giving the project a very broad perspective.
Statoil finds more gas offshore Tanzania
[Norwaynews] [15.10.2014, 10:59am, Wed. GMT]
Norway's Statoil has found more gas offshore Tanzania at the Giligiliani-1 well, increasing its total for an eventual investment decision on a liquefaction plant with Britain's BG Group, which operates neighbouring exploration blocks, it said on Tuesday. Statoil announced yesterday that it had found another 1.2 trillion cubic feet of gas in its block, taking its total volume in-place to 21 trillion cubic feet, or about 3.8 billion barrels of oil equivalents.
Cuba and Norway strengthening oil cooperation
[Norwaynews] [11.10.2014, 08:52am, Sat. GMT]
The Norwegian Agency for Development Cooperation (NORAD), and the Cuban ministries of Foreign Trade and Foreign Investment (MINCEX), and the Ministry of Energy and Mines signed new agreements for bilateral cooperation in the oil sector, confirming the negotiations between the two countries started in 2011. The signed documents are part of the Oil for Development program of NORAD. With this program Norway holds meetings with Cuban authorities to share experiences on staff training, development of techniques and knowledge sharing about fuel.
ICA Exits Norway With $385 Million Sale of Unprofitable Business
[Norwaynews] [06.10.2014, 04:58pm, Mon. GMT]
Sweden’s largest food retailer, sold its Norwegian unit to Coop Norway for 2.8 billion Swedish kronor ($385 million) after a near six-month review of the unprofitable business. A divestment “is the best alternative,” ICA Chief Executive Officer Per Stroemberg said today in a statement. ICA started a review of the Norwegian unit earlier this year after competition regulators said they would probably block a cooperation agreement with rival NorgesGruppen ASA, dealing a blow to its plan for a revival in the country.
Norway Sees Potential in Fish Exports to India
[Norwaynews] [24.09.2014, 08:48am, Wed. GMT]
NORWAY - With over one billion people and an economy in expansion, the Norwegian Seafood Council sees an increased opportunity for selling fish to India. "Norway currently has no free trade agreement with India, but we see the potential for it to fall into place," said Ingelill Jacobsen, Norwegian Seafood Council. From 24 to 31 October, the Norwegian Seafood Council will hold a seminar and reception in New Delhi and Mumbai.
Norway homes ‘most overvalued in the world’, says study
[Norwaynews] [16.09.2014, 02:22pm, Tue. GMT]
Norway, Australia and the UK are the three most overvalued property markets, rising the most since 1970, says the latest review from the Bank of International Settlements, The most overvalued residential property in the world is in Norway, a new study reveals. Australian home prices have risen the next highest since 1970, according to the Bank for International Settlements (BIS) Quarterly Review, with Asian prices rising the highest in the last year.
Petroleum Safety Authority Norway to host safety lunch at ONS
[Norwaynews] [31.08.2014, 11:42am, Sun. GMT]
Against a backdrop of cost pressures and spending cuts, Norway’s tradition of collaboration and government regulation will be an important subject at the Petroleum Safety Authority Norway’s safety lunch at this year’s ONS show in Stavanger. Scheduled to take place from 12:30 on Wednesday 27 August, the safety lunch has become a well-established part of the ONS exhibition and conference. It brings together government agencies, key leaders in the industry and the most important union representatives to discuss safety from a national and international perspective.
Norway, EU, Faroes Reach Agreement on Mackerel
[Norwaynews] [24.11.2014, 01:15pm, Mon. GMT]
An agreement has been reached on catching opportunities for north-east Atlantic mackerel for 2015 following negotiations between the EU, Norway and the Faroes. Under the agreement, which follows scientific advice from the International Council for the Exploration of the Sea that is underpinned by the precautionary principle, a total allowable catch of 1,054,000 tonnes has been set, which will give the UK a quota of around 245,363 tonnes.
Swedes told of risks of working in Norway
[Norwaynews] [08.11.2014, 02:57pm, Sat. GMT]
Young Swedes have been told that being a guest worker in Norway may not be as idealistic as it seems because many bosses are breaking employment rules to save money. The western neighbour has developed into an extremely popular option for jobless Swedes because of its booming economy. The capital, Oslo, is the most popular destination, particularly in its hospitality sector, as wages are high and it is so close to Sweden.
Aker Solutions Starts Trading on Oslo Exchange After Company Split
[Norwaynews] [03.11.2014, 01:56pm, Mon. GMT]
Aker Solutions has started trading on the Oslo stock exchange as a leaner and more streamlined company that will build on its strengths in the subsea and field design markets. The company emerges after a spin-off of the Subsea, Umbilicals, Engineering and Maintenance, Modifications and Operations (MMO) businesses of the former Aker Solutions, which has been split into two separate entities to reduce complexity, realize synergies and bring down costs. The other company formed in the separation is Akastor, an oilfield services investment business that will develop the former group's other units, including Drilling Technologies.
Norway to Delay Oil Projects on High Costs - Minister
[Norwaynews] [22.10.2014, 05:09am, Wed. GMT]
Several oil and gas projects to be developed in Norway in the next two years could be delayed on high costs and technological difficulties, Oil Minister Tord Lien said. Adding that some other projects will go on as planned, Lien explained that the private sector, not the government, has to find ways to limit the negative consequences of high costs. Another reason for delays could come from the low oil prices. 
EU requests meeting with US over Norwegian Air application
[Norwaynews] [11.10.2014, 09:31am, Sat. GMT]
In an unprecedented move, the European Commission requested an urgent meeting between the European Union and the United States to discuss Norwegian Air International's pending application for a foreign air carrier permit before the U.S. Department of Transportation. The extraordinary meeting, which is being requested by the Commission on behalf of the European Union as a party to the U.S-EU Open Skies Agreement, sends a clear message that the European Union is closely watching Norwegian Air International's application, to fly to the U.S from several cities in Europe which has been pending for over eight months.
Norway's 2015 Budget Cuts Taxes
[Norwaynews] [10.10.2014, 09:52am, Fri. GMT]
The 2015 Budget, the first presented by Norway's new center-right Government, is to broaden the tax base to allow for targeted tax cuts. Finance Minister Siv Jensen indicated that "the Government will make the tax system simpler and more conducive to growth," by lowering tax on income to strengthen incentives to work. After taking over from the previous center-left Government following the election in September last year, the Government has already changed Norway's fiscal policy direction in a supplementary budget for 2014, which reduced the ordinary individual income tax rate from 28 percent to 27 percent, decreased net wealth tax, abolished inheritance tax, and hiked energy and carbon taxes. These measures cut the tax burden by NOK7.3bn (USD1.1bn).
Norway calls EU to keep using natural gas
[Norwaynews] [25.09.2014, 04:00pm, Thu. GMT]
Norway’s Minister of Petroleum and Energy Tord Lien urged the European Union to continue to use natural gas and said he believes natural gas is the most effective and efficient fuel to help the EU meet its energy targets. Lien spoke at the EU-Norway Energy Conference today and argued that natural gas should be the fuel source that the EU relies on when considering its need for both energy security and energy efficiency. Norway produced 110 million cubic meters of natural gas in 2013, 98 percent of which was exported to the EU market.
NOREXECO gets license to become the first dedicated forestry and paper exchange
[Norwaynews] [17.09.2014, 06:24am, Wed. GMT]
The Norwegian Ministry of Finance has given NOREXECO ASA a license to operate as a regulated market exchange. NOREXECO plans to open up for trading before the end of 2014 and will become the world’s first and only dedicated exchange for pulp and recycled paper. The license covers financial derivatives within forestry and paper. The first product listed on NOREXECO will be pulp (softwood and hardwood).
Norwegian salmon headed for strong year to US
[Norwaynews] [09.09.2014, 09:19am, Tue. GMT]
2014 could see Norway’s salmon exports to the US reach the highest level seen since 2010 and even the late 1980s, reported the salmon news website iLaks.no. Driven in part by the ban in Russia and trade difficulties with China, Norwegian exporters have turned to alternative markets such as the US. The North American country was by far the biggest market for Norwegian salmon in the 1980s, taking in a third of Norway’s production.
Wood Mackenzie: Norway's 10 billion barrels of undeveloped resources represent US$106 billion (NKr 649 billion prize)
[Norwaynews] [31.08.2014, 11:24am, Sun. GMT]
STAVANGER, 26th August 2014 – at ONS 2014 Wood Mackenzie releases its latest upstream estimates revealing that Norway has 10 billion barrels of oil equivalent (boe) of discovered natural resources yet to be developed.  Despite being at different stages of evaluation, facing intense investor scrutiny and considerable technical and commercial challenges, Wood Mackenzie says over 60% of the resources could be commercialised - potentially adding US$106 billion (NKr 649 billion)   to the country's oil and gas industry revenues.
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