
A Norwegian national flag flies from a vessel near the Scarabeo 8 deepwater oil drilling rig, operated by ENI Norge AS, in Olensvag, Norway, on Tuesday, April 3, 2012. The world’s seventh-largest oil exporter boasts no net debt, adding to its appeal as an alternative to the debt-riddled euro area. Photographer: Kristian Helgesen/Bloomberg
The Norwegian government will tap into its wealth fund once again to sustain government operations, as the sting of a low-priced oil market burdens the Scandinavian country, according to Reuters. Officials have used the fund once before as a rainy day fund and may continue to do so as the economy lacks the necessary revenue. The economy is expected to expand 1.0% in 2016.
As wealthy as Norway may be, its Achilles heel is a non-diversified economy that relies heavily on oil exports. Norway will have to consider diversifying its economy in major ways to lessen the shock of price fluctuations in the energy markets. Because of revenue shortfalls, the government is forced to spend additional money to plug deficit holes.
The fiscal crisis has forced policymakers to reexamine their budget priorities, but the establishment will have to commence negotiations with opposition parties that may not be ready to make concessions. In the meantime, the state has no other choice but to rely on the fund, but the nation’s savings stash remains in trouble as income shortages diminish the overall value of the fund.
Norway is one of the wealthiest economies in Europe, but is not immune from a hostile oil market and an unstable world economy. Norwegians produce oil from the North Sea, while holding the world’s largest sovereign wealth fund of $858 billion.
The money is used to fund entitlement programs and infrastructure projects. Leaders are also using it to combat waning private investment that exacerbates economic stagnation. Authorities revised its 2016 unemployment levels from 4.5% to 4.7%, and, while such a jobless rate may not seem bad when compared to other struggling countries, the revision is a troublesome sign within the small nation.
While Norwegians are in a much better place when compared to commodity-centered countries in Africa or Latin America, many citizens are struggling and are forced to rely on social services to a greater extent.
On the banking front, the central bank cut interest rates to spur investment, but officials need to replace lost income from the oil sector, which will not be an easy feat in the near future. As of now, Norway can use the money it has to invest in lucrative ventures that will replace a large portion of lost revenue.
The good news is that the fund has invested in other sectors outside of the oil market, such as real estate and U.S. companies, which have yielded positive returns thus far. The government is also looking into renewable energy investments as viable alternatives.
‘Transatlantic ties are more important than ever as we navigate today’s security policy landscape. Few countries have more in common than Norway and Canada – geographically, in terms of resources, and in what we believe to be important.
‘We were horrified and deeply saddened to receive the news of Wednesday’s terrorist attacks in Baghdad. I would like to convey my deepest condolences to the Iraqi people, who are so often the target of terrorist attacks. The attacks are a clear demonstration of ISIL’s contempt for human life and norms of human decency,’ said Minister of Foreign Affairs Børge Brende.

Norway announced Monday that it would deploy 60 soldiers to train Syrians fighting ISIS, boosting its involvement in the international coalition against the extremists.
Norway is the world´s largest producer of farmed salmon. Tremendous amount of Norwegian salmon is flown daily to the markets in Asia, Middle East and US. The number of intercontinental flights from Norway is increasing to take part of the shipping of Norwegian fish. Today there are direct flights out of Europe from Oslo to New York, Moscow, Istanbul, Dubai, Doha and Bangkok.
The Norwegian government has taken actions to give more Investment opportunities to Sri Lanka in their fish market with the lifting of the ban imposed by the European Union on exports of Sri Lankan fish and fishery products, the Finance Ministry said.
A Norwegian politician has spoken of how how he felt guilty that the Somali asylum seeker who raped him was deported. Karsten Nordal Hauken, from Ås, Akershus, was raped in his home and the perpetrator was subsequently caught and jailed for 4.5 years. However, when Nordal Hauken found out that the man was to be deported back to Somalia after serving his time, he reveals he felt guilt that the man would possibly face hardship in his old country.Nordal Hauken has told his story as part of a television series on Norwegian state broadcaster NRK called Jeg mot Meg [Me against Myself] about mental illness and psychological struggles.
The week-long Arctic Frontiers conference kicked off on Sunday as about 1,300 delegates from around the world gathered in the northern Norwegian city of Tromso to discuss the balance between industrial and environmental interests in the Arctic.At an opening ceremony at the Fram Centre in central Tromso Sunday evening, Jan-Gunnar Winther and Harald Steen from the Norwegian Polar Institute presented the 2015 Norwegian Winter Research Expedition to the Arctic Ocean, which shows a thinning ice with dramatic consequences in the region.
General Lieutenant Morten Haga Lunde, chief of Norwegian intelligence service E-tjenesten, has publicly accused hackers affiliated with the Chinese government of conducting cyber-espionage against Norway-based firms to steal sensitive data and military state secrets.The statements were first reported by Norwegian TV station TV2 as Lunde was showcasing his agencies annual intelligence report – a detailed analysis undertaken by the defence department that highlights key cyber-threats and emerging concerns.
With a story about the spark of enthusiasm as a symbol for inspiration, passion and creativity, Norway kicked off the opening ceremony of the second Winter Youth Olympic Games in its central city here. About 15,000 spectators braved bone-chilling cold in the evening to participate in the ceremony at the Lysgardsbakkene Ski Jumping Arena on Friday, the same venue that hosted the opening ceremony of the Olympic Winter Games in Lillehammer in 1994, reports media.The celebration centred around the journey of a boy who dreams of becoming the best athlete in the world and trains hard to achieve his goals.
A team of scientists led by Marc Lessard of the University of New Hampshire Space Science Center launched an instrument-laden, four-stage sounding rocket from Norway’s Andøya Space Center about 280 miles above Earth to study how particles move in a region near the North Pole where Earth’s magnetic field is directly connected to the solar wind. The launch occurred Sunday, Dec. 13, at 2:34 a.m. EST.Funded by the National Aeronautics and Space Administration (NASA), the second iteration of the Rocket Experiment for Neutral Upwelling, or RENU 2, was designed to measure the complex, underlying physics behind the northern lights and heating of the very high altitude thermosphere – a process known as “upwelling” that contributes to the phenomena of “satellite drag.”
Russia’s ambassador to Norway, Viatsjeslav Alfredovitsj Pavlovskij concludes his tenure as ambassador and heads home to takeover deputy chairmanship of the Board of Directors of Russian Railways.
Norway’s Lutheran Church voted on Monday in favour of allowing same-sex marriage, becoming the latest of a small but growing number of churches worldwide to do so. Last year the French Protestant Church allowed gay marriage blessings, while the US Presbyterian Church approved a change in the wording of its constitution to include same-sex marriage.In a vote at the annual conference of the Norwegian Lutheran Church on Monday 88 delegates out of 115 in total backed same-sex marriage.
Norwegian appeals court has upheld a ruling that the former chief of Russian telecoms provider Vimpelcom, Jo Lunder, should be released from custody during an ongoing police investigation into allegations of corruption. Lunder was released from custody late on November 10 after the appeals court upheld a November 6 ruling by a lower court that he should be released.His detention on November 4 after arriving in Oslo on a flight from London came in the midst of an investigation into corruption allegations concerning Vimpelcom’s activities in Uzbekistan.
Thousands of Romanians have expressed anger at a decision by the Oslo authorities to take five children away from their Romanian-Norwegian parents over allegations of mistreatment. Over 62,000 people in Romania have signed a petition in recent days asking for a fast and fair solution in a sensitive case involving a Romanian-Norwegian family whose five children were taken into care by the Norwegian authorities because of alleged mistreatment.
The Norwegian Petroleum Directorate (NPD) has issued an update on its analysis of recoverable oil from Norway’s various offshore fields and discoveries. NPD’s goal in 2005 was to achieve growth in oil reserves of 5 BBbl over 10 years. The actual result is somewhat below that figure, although the target would have been achieved if Statoil’s development plan for Johan Sverdrup in the North Sea had been submitted before the end of 2014.“There has been substantial resource growth in many fields,” said Kirsti Veggeland, assistant director general for shelf analysis. “The most important reasons for this are more wells, extended field lifetimes and improved knowledge.”
The National Dialogue Quartet, winners of the 2015 Nobel Peace Prize, were presented with this prestigious award at a solemn ceremony held Thursday in Oslo City Hall, with attendance of King Harald of Norway and the Norwegian government. In their remarks, Houcine Abassi (Tunisian General Labour Union, UGTT), Mohamed Fadhel Ben Mahfoudh (Tunisian Order of Lawyers, ONAT), Abdessattar Ben Moussa (Tunisian Human Rights League, LTDH) and Wided Bouchamaoui (Tunisian Confederation of Industry, Trade and Handcrafts, UTICA) affirmed that the Nobel Prize is a tribute to the Tunisian Revolution and an inspiration to all the peoples of the world, urging them to claim their legitimate rights.
The government of Norway, in collaboration with leading outsourcing and technology services specialist VFS Global, has opened the first visa application centre (VAC) in Amman, Jordan. The Norway Visa Application Centre in Amman was officially inaugurated today by Ms Sissel Breie, ambassador of Norway to Jordan.Speaking on the occasion, the Ambassador said that the visa application centre will be the main channel in Jordan for submitting applications for visas to Norway, Denmark, Finland and Iceland, as well as residence permits to Norway and Denmark for persons residing in Jordan and Iraq.