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Vietnam, Norway to boost ties

HANOI: Vietnamese Ambassador to Norway Lê Thị Tuyết Mai urged Norwegian businesses to enhance investments in Việt Nam at a conference held by the Norwegian Ministry of Foreign Affairs, Ministry of Trade, Industry and Fisheries and the Vietnamese Embassy in Norway in Oslo, on Monday. The Vietnamese Government is working to improve the business climate to attract foreign investment, intensify ... Read More »

Norwegians have gloomiest financial outlook in decades

OSLO: Norwegians’ confidence in the economy is at a low point not seen since the banking and housing crisis of the early 1990s. Finance Norway’s quarterly expectations survey released here the other day revealed a resoundingly glum outlook. “The main indicator in this quarter is the third lowest ever recorded in the barometer’s history. We have to go back to ... Read More »

Norwegian seafood export jumps by 22% to NOK 21.3 billion in Q1

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 »

Norwegian sovereign fund to sue Germany’s Volkswagen over emissions scandal

OSLO: Norway’s sovereign wealth fund will sue the scandal-plagued German automaker Volkswagen (VW) over losses suffered from last year’s emissions scandal, the financial press reported Sunday. The Government Pension Fund Global, one of Norway’s two $870-billion pension funds and managed by Norges Bank Investment Management (NBIM), was reportedly VW’s fourth-largest shareholder. “We have been advised by our lawyers that the ... Read More »

European car sales up

NORWAY: European carmakers recorded the highest sales volumes last month since just before the economic crisis bottomed out the market. The European automakers association ACEA yesterday said that car sales rose 9 percent last month compared with the previous year, for 1.27 million units, the highest volume since April 2008. Volkswagen AG brand sales continued to lag in the wake ... Read More »

Eurozone growth figure may be revised

OSLO: Economic growth across the 19-nation bloc in the first quarter risks being revised lower after official figures showed industrial production fell by a greater-than-anticipated 0.8 percent in March. Eurostat yesterday said the monthly fall was broad-based, with only energy production posting an increase. The decline was more than the 0.2 percent fall predicted in markets and raises a possibility ... Read More »

Norway’s Finance Minister sets out BEPS response

OSLO: Norwegian Finance Minister Siv Jensen has briefed the country’s Parliament on the steps taken by the Government to address base erosion and profit shifting. In her letter submitted to the Parliament on May 4, 2016, Jensen said that Norway has been actively participating in the BEPS project. She added that the Government has submitted to Parliament its preliminary assessment ... Read More »

Norway police sets up Panama Papers hotline for people to confess to tax evasion

OSLO: Norway’s white-collar crimes police unit on Tuesday established a telephone hotline for people seeking to confess to tax evasion linked to the Panama Papers documents leak and said those who come forward could expect more lenient treatment. The initiative was announced one day after the International Consortium of Investigative Journalists (ICIJ) released a database containing a small fraction of ... Read More »

Sunday opening laws could get overhaul in Norway

OSLO: Norway’s strict Sunday trading rules could get an overhaul, after supermarket bosses met with the government here the other day. The bosses of Norway’s largest supermarket chains were summoned to meet Culture Minister Linda Hofstad Helleland over accusations that they are flouting the  laws on Sunday opening. Many large supermarkets open on Sundays, despite a law that says stores ... Read More »

Norway to cut corporate, personal tax rates to 23%

OSLO: Norway will cut the corporate income tax rate to 23 percent from the current 27 percent by 2018 and will introduce a tax on financial-services companies in 2017 after lawmakers reached a compromise agreement, the country’s political parties announced here the other day. The basic personal tax rate will also be cut to 23 percent from 27 percent. Personal ... Read More »

Norwegian salmon exports grow strongly in the first quarter

OSLO: Norwegian salmon exports reached a market value of NOK 13.4 billion (USD 1.6 billion) in Q1 this year, representing a 21 per cent growth year on year. However, these exports experienced a 6 per cent decline as to volume, to 227,464 tonnes compared with the first quarter last year. Only in March, these exports were worth NOK 4.9 billion, ... Read More »

EU clears 848,000 tonnes soft wheat export licences this week

OSLO: The European Union granted export licences for 848,000 tonnes of soft wheat this week, taking the total since the beginning of the 2015/16 season on July 1 to 25.9 million tonnes, official data showed on Wednesday. The volume so far this season was down 7 percent compared with the same stage in 2014/15. The EU also awarded licences this ... Read More »

Looming strike could paralyse Norway public services

OSLO: The police, the national tax administration, customs, the Norwegian Labour and Welfare Organization (NAV) and the nation’s universities and colleges are among the orgranizations that could be paralysed if a threatened public strike becomes reality. The danger of a public sector strike was viewed as likely on Monday after three of four labour unions broke off negotiations with the ... Read More »

Norway’s oil fund to take on executive pay controversy

OSLO: Norway’s sovereign wealth fund, the biggest in the world with shares in more than 9,000 companies, will take a closer look at the controversial issue of executive pay, the country’s central bank said on Monday. “It is a theme that we will watch,” Martha Skaar, a spokeswoman for the division of the Norwegian central bank responsible for managing the ... Read More »

EU adopts new prior-surveillance system for steel imports to protect industry

OSLO: The European Union (EU) announced on Friday that it had established a prior-surveillance system for import of steel products into the bloc in order to further protect its own steel industry. Based on the regulation adopted on Friday, imports of steel products into the EU will now need an import license, said the EU’s executive arm the European Commission ... Read More »

Nordea profit falls 28%

OSLO: Scandinavia’s biggest bank yesterday posted a 28 percent plunge in profits last quarter as revenue sank after negative rates and market selloffs created an inhospitable environment for the industry. Nordea Bank AB reported net income of 782 million euros, missing the 792 million euro estimate of analysts surveyed by Bloomberg. Net interest income slipped 7 percent, while total operating ... Read More »

Norway to streamlines VAT registration for non-residents

OSLO: Foreign companies in Norway will be given the option to choose whether or not to register through a VAT representative under amendments to the VAT Act proposed by the Government. In a statement published on April 22, the Government said that the proposed changes are designed to streamline the VAT registration process and therefore reduce administrative costs for non-resident ... Read More »

ECB details bond buying

OSLO: The European Central Bank (ECB) said it plans to start buying corporate bonds in June as it unveiled more details of its purchase program. The bank will start buying corporate bonds maturing between six months and 30 years, according to a statement on the bank’s Web site. Purchases will include bonds issued by insurance companies, while excluding those sold ... Read More »

Norwegian loses one billion kroner in three months

OSLO: Norwegian, Scandinavia’s second biggest airline, posted the results from the first quarter of 2016 in a press release on its website on Thursday. While the company reported an underlying improvement of more than 400 million kroner ($49 million), losses of 528 million kroner ($65 million) from forward jet-fuel contracts resulted in an overall pre-tax loss of 992 million kroner. ... Read More »

Norway tax administration asking tax evaders to confess and seek amnesty

OSLO: Tax Director Hans Christian Holte recommended people who have hidden money abroad to declare their fortunes. Then they can get amnesty before being revealed. In the light of Panama Papers, the tax director says that it’s time for tax evaders to declare their wealth to the Tax Administration to get amnesty. According to VG’s report, the scheme of amnesty ... Read More »