Tuesday , December 10 2019
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Norwegian Air to end routes from Sweden, Denmark to US, Thailand

OSLO: Budget airline Norwegian Air (NWC.OL) is ending flights from Copenhagen and Stockholm to the United States and Thailand due to weak demand and technical problems affecting the engines on its Boeing (BA.N) 787 Dreamliners, it said. Flights between Oslo and the United States would continue, while routes between Norway and Thailand were under review, it said, the latest initiative ... Read More »

Business Round-Up: Spies sold to Norwegian billionaire

The Danish travel company Spies now has new owners following the completion of a 6 billion kroner takeover. A consortium led by Norwegian billionaire Petter Stordalen (40 percent) along with capital funds Altor and TDR Capital (40 and 20 percent) has taken control. Since Thomas Cook Northern Europe’s bankruptcy in October, it had received several bids, and one has finally ... Read More »

On Norway’s icy border with Russia, unease over military buildup

Norway: Under a soft winter sun in northern Norway, U.S. Marines train in the ice and snow as they learn how to fight in the freezing cold. “Which country is to the northeast?” Staff Sergeant Daniel Croak bellows at a group of 20 soldiers in camouflaged combat jackets and white trousers in a pine forest near the town of Setermoen. ... Read More »

Norwegian Air’s shares down 9% after share, bond issue

Norwegian Air’s shares fell by 9% in early trade on Wednesday after the struggling budget carrier conducted its third share issue in less than two years. The cash call was the latest move by acting Chief Executive Geir Karlsen and Chairman Niels Smedegaard, both of whom were appointed earlier this year, to prevent Norwegian from joining the ranks of recently ... Read More »

Norwegian Air Shuttle’s new boss battles to save struggling airline

Geir Karlsen has been busy. Over the past four months, the chief executive of Norwegian Air Shuttle has sold off a large chunk of the airline’s assets at a remarkable pace as he attempts to secure the future of the world’s fifth-biggest low-cost carrier. But the 54-year old acting chief executive, who took the top job in July and also ... Read More »

POLL-Nordic economic growth to slow in 2020 as trade tensions bite

The Nordic economies of Sweden, Denmark and Norway are cooling off after years of expansion as global trade tensions mix with domestic factors to stifle investment, a Reuters poll found. The export-dependent region, home to companies like fashion retailer H&M, logistics giant Maersk and metals maker Norsk Hydro, has for decades benefited from the gradual globalisation of markets. But the ... Read More »

Norway’s Telenor Launches Largest 5G Pilot In Scandinavia

The Norwegian telecoms giant Telenor has launched Scandinavia’s largest 5G pilot to selected customers in Elverum municipality, about 80 miles north of the capital city Oslo. The pilot in Elverum is Telenor’s most elaborate 5G project to date. More than 50 customers across the municipality will be able to connect to the 5G network to test it out on mobile ... Read More »

Norway’s US$1t wealth fund wants a bigger bite of Big Tech

Norway’s US$1 trillion wealth fund proposed changes to how its holdings are weighted geographically, calling for a reduction in investments in Europe and for taking a bigger chunk of the US stock market dominated by biggest technology companies. In a letter sent to the Finance Ministry on Tuesday, the fund said that “the geographical distribution should be adjusted further towards ... Read More »

Exxon agrees $4 billion sale of Norway oil and gas assets

LONDON/ABERDEEN, Scotland: Exxon Mobil (XOM.N) has agreed to sell its Norwegian oil and gas assets for up to $4 billion, ending its production in a country where it started operations more than a century ago, three sources familiar with the matter. U.S. oil major Exxon said in June it was looking to sell its Norwegian upstream portfolio, which comprises minority ... Read More »

Norway urges its companies in Brazil to safeguard the Amazon

OSLO: Norway, until recently the main donor to a fund to curb Amazonian deforestation, on Tuesday called on Norwegian companies active in Brazil to ensure they do not contribute to the destruction of the rainforest. Representatives of oil firm Equinor, fertiliser-maker Yara and aluminium producer Norsk Hydro attended a meeting on Tuesday with Climate and Environment Minister Ola Elvestuen to ... Read More »

Norway’s krone hits crisis low as oil slump wipes out value

Norway’s krone hit its lowest level since the 2008 financial crisis as global trade tensions drive down the price of oil, threatening large parts of the Norwegian economy. The krone touched 10.097 per euro on Wednesday in Oslo, its weakest point since December 2008. The price of Brent crude has plunged about 12 per cent since US President Donald Trump ... Read More »

Norway says Venezuela opposition and government talks to continue

CARACAS: Talks between Venezuela’s government and the opposition will continue, the Norwegian and Venezuelan governments said on Thursday, after a Socialist Party leader announced the end of a round of Oslo-backed talks to end a political crisis. Representatives of the ruling Socialist Party met with adversaries of President Nicolas Maduro this week in Barbados as part of talks that began ... Read More »

Norway’s $1 trillion fund to cut oil and gas investments

Norway’s $1 trillion sovereign wealth fund is expected to sell some of its oil and gas holdings. The world’s largest sovereign wealth fund owns $37bn of shares in oil companies such as BP, Shell and France’s Total. Selling the shares means it would not be as reliant on oil prices, it says. But Norway’s finance ministry said oil will still ... Read More »

Electric cars grab almost half of sales in oil-producing Norway

OSLO: Almost half of new cars sold in Norway in the first six months of 2019 were powered by fully electric engines, up from just over a quarter in the same period last year, ensuring the Nordic nation retains its top global ranking in electric vehicle sales. Tesla’s Model 3 was Norway’s top-selling vehicle, the Norwegian Road Federation (NRF) said ... Read More »

Norwegian Air expects Boeing 737 MAX fleet to remain grounded until end of August

Norwegian Air expects Boeing’s 737 MAX aircraft to remain grounded until at least the end of August, missing the European summer season, CEO Bjoern Kjos said. “If you ask Boeing they still say June or July,” Kjos said at the Paris Air Forum. “But we’re already in mid-June – we’ve planned for the MAX to be out until the end ... Read More »

Norway central bank survey sees stronger growth

OSLO: Norwegian companies in the last three months increased their output at the fastest pace since 2012 and production is set for further strong growth in the time ahead, a central bank business survey showed on Tuesday. “Enterprises expect output growth to remain firm ahead and are planning for solid investment growth,” Norges Bank said. The poll will be among ... Read More »

Norway’s US$1t fund told to sell emerging market bonds

Norway’s $1 trillion sovereign wealth fund got the go-ahead to cut emerging market government and corporate bonds as part of an overhaul of its US$310 billion fixed-income holdings. The decision, announced on Friday by the Finance Ministry, comes after more than a year of deliberation. Bonds from Mexico, South Korea, Chile, the Czech Republic, Hungary, Israel, Malaysia, Poland, Russia and ... Read More »

Norway clears way for Euronext to secure Oslo Bors in Nasdaq battle

Euronext won approval from Norway’s Ministry of Finance to buy up to 100% of Oslo Bors, effectively ending a five-month battle with Nasdaq for one of the last independent stock market operators in Europe. While Euronext has already secured a stake of more than 50% in Oslo Bors, Nasdaq had argued that no takeover should be allowed unless a two-thirds ... Read More »

Norwegian Air reschedules aircraft delivery, to cut 2019-20 capex by $2.1 billion

Norwegian Air has agreed with Airbus and Boeing to reschedule delivery of aircraft to cut capital spending, the loss-making budget carrier said. The Oslo-listed airline has shaken up the long-haul market by offering cut-price transatlantic fares, but its rapid expansion has left it with hefty losses and high debts. In total, the announced restructurings and postponements of Boeing and Airbus ... Read More »

European shares tumble amid trade tensions

European shares dropped broadly on Thursday as investors shunned risky assets while waiting to see whether United States and China manage to avoid a trade war which would damage the global economy. The pan-European STOXX 600 index had dropped 0.7 percent by 0720 GMT, touching a fresh four-week low. U.S. President Donald Trump said on Wednesday that China “broke the ... Read More »