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S&P cuts the EU’s rating

OSLO: Ratings agency Standard and Poor’s (S&P) on Thursday cut the credit rating for the EU by one notch, saying that the bloc had grown more uncertain after Brexit. S&P cut the EU’s rating to “AA,” still the third-highest possible level, from “AA+” with a “stable” outlook, which signifies that the agency believes no further cut would be necessary in ... Read More »

Oil price rise on Norway strike threat; Brexit shock fades

OSLO: Oil rose on Wednesday as financial traders poured money back into commodities following the initial shock of Britain’s vote to leave the European Union, and as a potential strike in Norway and crisis in Venezuela threatened to cut supply. Brent crude futures were trading at $48.95 per barrel at 0948 GMT, up 37 cents from their last settlement. US ... Read More »

Norway trade unions say 755 oil workers could go on strike

OSLO: About 755 Norwegian oil workers could go on strike from Saturday if employers and unions fail to agree a new wage deal before a Friday deadline that would limit output from Western Europe’s top producer, trade unions said on Monday. A final round of mandatory talks will be hosted by a state mediator on June 30 and July 1 ... Read More »

Surprise! Norway not priciest place for food in Europe

OSLO: Norway is Europe’s second most expensive country for groceries and far and away the priciest country for booze and tobacco, newly-released figures confirm. Consumers in Norway pay the second highest prices for food and non-alcoholic beverages in Europe, according to a new comparison from Eurostat. The Eurostat numbers show that the prices of food and non-alcoholic drinks in Norway ... Read More »

ECB restores bond waiver, lets Greek banks tap credit

OSLO: The European Central Bank (ECB) has restored a key waiver that will let Greek banks tap cheap emergency central bank credit, one step toward putting the country’s financial institutions back on their feet. The decision, announced on Wednesday, permits Greek government bonds to be used by banks as collateral to borrow from the ECB — even though those bonds ... Read More »

Norway gets Europe’s largest onshore power project

OSLO: Europe’s largest onshore wind power project, comprising six onshore wind farms, with a combined capacity of 1000MW will be built in Central Norway. Statkraft, TrønderEnergi and the European investor consortium Nordic Wind Power DA will join forces to realise the project, which will require a total investment of around EUR 1.1bn. Construction will commence in the second quarter of ... Read More »

EU beef exports on the rise

OSLO: Exports were up eight per cent on the year earlier to 41,600 tonnes, according to AHDB and EU exports to China more than doubled. European beef exports increased in the first quarter of 2016. According to figures from the Agriculture and Horticulture Development Board (AHDB), shipments were up by 8% on the year earlier to 41,600 tonnes. Analysts from ... Read More »

Rosneft, Statoil ​​hope to find 100mln-tonne oil deposit in Okhotsk Sea

ST.PETERSBURG: The head of Russian oil giant Rosneft said on Wednesday that his company, in a joint project with Norway’s state-controlled Statoil, hopes to find an oil deposit of over 100 million tonnes of oil equivalent in the Sea of Okhotsk in Russia’s Far East. Rosneft Vice-President for Energy Andrey Shishkin said on Tuesday that the first results of the ... Read More »

Increased export of Norwegian Seafood

OSLO: Norway exported seafood worth NOK 21.3 billion in Q1 2016, – an increase of 22 per cent or NOK 3.8 billion compared with Q1 2015. For the month of March alone, seafood exports were worth NOK 7.4 billion. This is an increase of 14 per cent or NOK 937 million compared with March 2015. Salmon exports totalled NOK 13.4 ... Read More »

SAS profits slump despite cheap fuel costs

OSLO: Scandinavian airline SAS said profits tumbled in the second quarter as low fuel costs and savings failed to offset headwinds from low fares and an adverse exchange rate here the other day. Net profit fell 38 percent between February and April compared to the same three-month period a year earlier, to 171 million Swedish kronor (€18.4 million, $21 million), ... Read More »

Norwegian oil company acquires BP assets

OSLO: British oil giant BP will merge its Norwegian assets with Det Norske, Norway’s biggest independent oil company, in exchange for a minority stake of 10.8 billion kroner ($1.3 billion) in the new group, the two sides announced here the other day. Named Aker BP, the new entity will hold 97 licenses on the Norwegian continental shelf, including 46 as ... Read More »

Norway launches probe after envoy’s driver caught smuggling artifacts

OSLO: Norway on Monday said it is holding an internal investigation into claims that an East Jerusalem driver for its envoy to the Palestinian Authority was arrested last week by Israel for allegedly attempting to smuggle antiquities into the West Bank from Jordan. The Norwegian Embassy in Israel told on Monday that the Foreign Ministry asked the embassy for permission ... Read More »

Norwegian seafood exports worth €720m in May

OSLO: Norwegian seafood exports totalled NOK 6.7 billion (€719.8 million) in May 2016, an increase of 28% or NOK 1.5bn year-on-year. Year-to-date, seafood exports stand at NOK 35.5bn, up 26%. “Norway has exported one hundred thousand tons less seafood so far this year compared with the first five months of last year,” said Geir Havard Hanssen, director of communications at ... Read More »

Record number of foreign workers leave Norway

OSLO: Norway’s economic recession has led to high unemployment rates among foreign workers and according to SSB a record number of them opted to leave the country last year. Some 3,500 Poles left Norway while emigration was also high among migrant workers from Sweden, Lithuania and Germany. The overall number of foreign workers who packed up and left Norway is ... Read More »

Consumer prices in eurozone set to rise in future

OSLO: Consumer prices across the 19-country eurozone fell again in May but look set to rise in the months ahead due to the recent pick-up in oil prices — an outlook that means the European Central Bank will likely refrain from announcing more stimulus measures this week. Official figures published by statistics agency Eurostat yesterday showed inflation in the year ... Read More »

Norway’s wealth fund passed on Facebook investment

OSLO: The rules governing Norway’s sovereign wealth fund kept it from jumping on board when Facebook asked it to invest in the social media giant ahead of its 2012 IPO. The head of the Norwegian Government Pension Fund told VG that Facebook reached out ahead of its IPO to see if the sovereign wealth fund, the largest of its kind ... Read More »

Norway oil investments set to drop again in 2017

OSLO: Oil investments, one of the main drivers of Norway’s economy, are expected to fall for a third straight year in 2017 as companies feel the pinch from weak crude prices, Statistics Norway said here the other day. Preliminary estimates based on a survey of oil companies showed they were set to invest 153.2 billion kroner (€16.5 billion, $18.5 billion ... Read More »

Opera accepts Chinese bid

OSLO: Shareholders in the Norwegian company Opera Software have accepted a bid from a Chinese consortium valuing the group at 10.5 billion kroner (US$1.2 billion), Opera announced on Wednesday. The consortium, led by Golden Brick Silk Road Investment (Shenzhen) LLP, still needs the approval of US and Chinese regulatory authorities before it can complete the acquisition of the world’s fifth ... Read More »

Norway to regulate $850b fund’s tax haven exposure – lawmakers

OSLO: Norway will take a first step this week toward using its $850 billion (578 billion pounds) sovereign wealth fund, the world’s biggest, as a tool to combat the use of tax havens, two key members of parliament’s finance committee told Reuters on Wednesday. The country’s right-wing minority government will be asked to take a two-pronged approach to regulation, examining ... Read More »

Shell to cut 140 jobs for stronger competitiveness in Norway: report

OSLO: Energy company Shell said 140 positions will be removed in Norway to help it remain competitive in the challenging time with low oil prices, Norwegian public broadcaster NRK reported on Wednesday. The employees of the oil and gas company were however not informed about how many and in which departments jobs will be cut, the NRK said, adding all ... Read More »