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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 »

Tesla boom lifts Norway’s electric car sales to 58% market share

Almost 60 per cent of all new cars sold in Norway in March were fully electric, the Norwegian Road Federation (NRF) said on Monday, a global record set by a country seeking to end fossil-fueled vehicles sales by 2025. Exempting battery engines from taxes imposed on diesel and petrol cars has upended Norway’s auto market, elevating brands like Tesla and ... Read More »

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

OSLO: 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 ... Read More »

Telenor buys 54 percent of Finnish DNA for NOK 14.4 billion

Telenor is raising NOK 14.4 billion for 54 percent of the shares the Finnish telecom operator DNA. The Norwegian telecom group thus becomes the majority owner of the Finnish company, the company itself reported morning. Telenor acquires the two main owners, Finda Telecom and PHP Holdings, with 28.3 percent respectively, 25.8 percent of the shares in the company. With this, ... Read More »

Norway to ban fur farms by 2025

A bill presented to parliament would render it illegal after 2025 to possess animals for the purpose of killing them “for the sale or any other use of their fur.” The proposed ban is the result of an agreement reached in January 2018 when the right-wing government expanded to include the small Liberal Party, which insisted on the measure. While ... Read More »

Norway drops Malaysia, 9 others from fixed income benchmark

Norway’s sovereign wealth fund, the world’s largest, will streamline its US$300 billion fixed-income portfolio by cutting emerging market bonds from the benchmark index it tracks, the Finance Ministry said. Government and corporate bonds with a total value of $17 billion at the end of 2018 would be affected, according to a Reuters calculation based on fund data. Read More »

Norwegian Air sells two planes as it puts profitability over growth

OSLO: Norwegian Air has sold two of its Boeing 737-800 aircraft as part of its shift in emphasis from rapid growth toward profitability, the budget carrier said on Wednesday. Norwegian last month said it would postpone sales of six other aircraft of the same model, however, to help offset the impact of the worldwide grounding of Boeing 737 MAX jets. ... Read More »

Cruise ship reaches Norway port after near disaster, dramatic rescues

OSLO: A luxury cruise ship that had set sail with almost 1,400 passengers and crew aboard arrived at a port in Norway on Sunday after narrowly escaping disaster when its engines failed during a storm. “They’ve had a bit of a shocking experience,” Hagen told TV2 and other media after meeting passengers who had been winched from the deck in ... Read More »

Norway’s US$1 trillion fund scales back appetite for real estate deals

AFTER a decade snapping up US$25 billion of some of the world’s toniest properties in London, New York, Paris and other global cities, Norway’s US$1 trillion wealth fund is scaling back its appetite for real estate deals. The fund will instead focus more on investing in listed real estate companies, as a way of cutting costs and simplifying its approach ... Read More »

Norwegian Air grounds its Boeing 737 MAX 8 jets

OSLO: Norwegian Air will temporarily ground its Boeing 737 MAX 8 passenger jets at the advice of European regulators, it said. “Following the decision by the relevant aviation regulatory bodies to temporarily suspend operations of Boeing 737 MAX, Norwegian will not operate any flights with this aircraft type until further notice,” the company said in a statement. The company operates ... Read More »

Norwegian Air grounds its Boeing 737 MAX 8 jets

OSLO: Norwegian Air will temporarily ground its Boeing 737 MAX 8 passenger jets at the advice of European regulators, it said on Tuesday. “Following the decision by the relevant aviation regulatory bodies to temporarily suspend operations of Boeing 737 MAX, Norwegian will not operate any flights with this aircraft type until further notice,” the company said in a statement. The ... Read More »

Norway’s Aker BP switching gears from M&A to exploration

OSLO: Norwegian oil and gas company Aker BP is switching emphasis from M&A toward exploration, taking a potentially riskier path to increase its resources after years when it has relied on acquisitions to add the bulk of its new barrels. The company said the change of tack was prompted by falling exploration costs, partly as a result of new technologies, ... Read More »

Norway plans ocean theme for Expo 2020 pavilion

Norway has announced that it will participate at Expo 2020 Dubai under the theme “Norway as a world leading ocean nation”. The Norwegian pavilion’s design and content will highlight Norway’s position within ocean issues and will be built by a consortium between Rintala Eggertsson Architects, Expomobilia and Five Currents. The core exhibition will consist of 680 sq m of interactive ... Read More »

In Norway, the richest Scandinavians are debating how to get $2.2 billion

The richest Scandinavians are having a budget dispute involving Norway’s worst terrorist and a capsized warship. The row started after Norwegian Prime Minister Erna Solberg proposed an “under the line” budget item to cover the estimated 19 billion kroner ($2.2 billion) it will cost to replace a navy frigate that collided with a tanker and ran aground last year and ... Read More »

Norway’s US$1 trillion fund scales back appetite for real estate deals

AFTER a decade snapping up US$25 billion of some of the world’s toniest properties in London, New York, Paris and other global cities, Norway’s US$1 trillion wealth fund is scaling back its appetite for real estate deals. The fund will instead focus more on investing in listed real estate companies, as a way of cutting costs and simplifying its approach ... Read More »

Norway’s US$1 trillion fund scales back appetite for real estate deals

AFTER a decade snapping up US$25 billion of some of the world’s toniest properties in London, New York, Paris and other global cities, Norway’s US$1 trillion wealth fund is scaling back its appetite for real estate deals. The fund will instead focus more on investing in listed real estate companies, as a way of cutting costs and simplifying its approach ... Read More »

Norway intelligence service issues Huawei warning

OSLO: Norway’s intelligence service PST issued a warning about Chinese telecoms giant Huawei, whose ties to Beijing have sparked security concerns. “One has to be attentive about Huawei as an actor and about the close connections between a commercial actor like Huawei and the Chinese regime,” the head of Norway’s domestic intelligence unit PST, Benedicte Bjornland, said as she presented ... Read More »

Norway’s Telenor targeted by activist investor

Telenor has become the latest European telecoms operator to be targeted by an activist investor with a campaign to push the Norwegian state-controlled group to spin off its mobile masts and increase its debt.  Constructive Capital, previously involved in an offensive against parts manufacturer Kongsberg Automotive, claimed in a letter to Telenor’s board that its proposed course of action could boost the ... Read More »

New Norwegian Source Tax System effective from 2019

With effect from January 2019, the Norwegian tax authorities have introduced a Source Tax system based on the ‘Pay As You Earn’ (PAYE) principle for individuals who are temporarily staying in Norway. The system is inspired by the UK PAYE and the Swedish SINK model. Whilst the Norwegian tax authorities will reap the same benefits as Sweden and the UK, ... Read More »

Calls for Huawei boycott get mixed response in Europe

Europe is giving US-led calls for a boycott of Huawei 5G telecoms equipment a mixed reception, with some governments untroubled by spy suspicions against the Chinese giant, but others backing a ban. In the latest setback for Huawei, Poland said Friday it had arrested a Chinese telecoms executive suspected of spying for China, with local media identifying him as a ... Read More »