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Economics   Economics News
Russian spy plane encroaches on NATO-patrolled airspace
[Norwaynews] [23.10.2014, 04:06pm, Thu. GMT]
A Russian spy plane briefly entered NATO airspace Tuesday, the first reported incident of a Russian military aircraft encroaching on territory patrolled by the alliance since the Ukraine crisis began. The spy plane entered Estonian airspace near the island of Saaremaa “for a period of less than one minute” and flew less than half a mile into the country’s territory after Danish and Portuguese fighter jets steered it away from Denmark, NATO spokesman Lt. Col. Jay Janzen said.
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.
Falling Norway salmon prices opening US market again
[Norwaynews] [16.08.2014, 07:15am, Sat. GMT]
The US commodity salmon market seems poised to become one of many casualties in Russian president Vladimir Putin’s food import block. Chilean salmon producers are shifting focus to Russia, which likely means less product for the US, traditionally their main market, and higher prices in the commodity salmon market Chile normally supplies. Norwegian producers, seeing their largest market Russia closed, are set to look more to the US, a market they supplied when Chile was suffering with infectious salmon anemia (ISA).
secures EUR29m shifter contract
[Norwaynews] [16.08.2014, 07:04am, Sat. GMT]
Kongsberg Automotive's Driveline business area has been awarded a contract for the supply of a manual gear shift system to an unnamed European OEM, in a deal worth EUR28.8m (US$38.5m) for a six-year period. The gear shifters will be used in the OEM's next generation of small-sized cars, with production starting in the fourth quarter of 2016 at KA's facility in Vrable, Slovakia. Peak volumes are expected to exceed 200,000 shifters in 2018.
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’.
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.
Norway to up credit coverage for sales to Ukraine
[Norwaynews] [16.08.2014, 07:08am, Sat. GMT]
The Norwegian government is making it easier for fish exporters to obtain guarantees for exports to Ukraine, as part of measures to deal with the ban on imports by Russia, reports Aftenposten. The measure is one of several that emerged from a meeting between seafood industry groups and fisheries minister Elisabeth Aspaker on Thursday. “The industry has made several constructive suggestions and we are now ready with the first measures,” said Aspaker.
Norway Oil Fund Buys Paris Property for $570 Million
[Norwaynews] [02.08.2014, 03:22am, Sat. GMT]
Norges Bank Investment Management bought an office and retail complex opposite Paris’s Le Madeleine church for 425.6 million euros ($570 million) from a fund managed by Blackrock Inc. (BLK) The 31,500 square-meter (339,000 square-foot) Le Madeleine building has been completely refurbished since it was acquired by Blackrock Europe Property Fund III in 2009, the world’s largest money manager said in a statement today. Tenants include Chanel, Visa and C&A.
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.
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