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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 »

Highest carbon tax in Norway prods statoil to try ‘Batwind’

OSLO: The highest carbon tax in an oil producing nation has persuaded Norway’s state-owned driller to experiment with batteries and wind turbines as an alternative for supplying electricity to offshore rigs. Statoil ASA is planning to park its floating Hywind turbines next to rigs, using lithium-ion batteries to store energy for times when the wind isn’t blowing, said Stephen Bull, ... Read More »

Exec at Norway’s top bank aware of tax haven use: report

OSLO: One of the top executives at DNB, Norway’s largest bank, knew for five years that the bank’s subsidiary DNB Luxembourg helped customers set up companies in the Seychelles, VG reported. That goes against the bank’s claims that its current management knew nothing about helping clients set up companies in the tax haven. According to VG’s report, top executive Terje ... Read More »

Norway’s wealth fund drops 52 coal companies

OSLO: Norway’s sovereign wealth fund, the world’s biggest, has excluded 52 coal-related companies after new ethical guidelines went into effect barring it from investing in such groups, Norway’s central bank said here the other day. In June 2015, parliament agreed to pull the fund out of mining or energy groups which derive more than 30 percent of their sales or ... Read More »

Norway customs agents tout record drug bust

OSLO: The Directorate of Norwegian Customs revealed here the other day that officials have pulled off the largest ever drug confiscation in the county of Hedmark. Several hundred kilogrammes of hash and large amounts of marijuana, amphetamines and pills were found in a Swedish van that crossed into Norway at Kongsvinger on November 28. It was two rented vehicles with ... Read More »

Norway reaffirms corporate tax cut pledge

OSLO: Norwegian Finance Minister Siv Jensen has said that Norway’s corporate tax is too high and should be reduced as part of a wider package of measures designed to boost economic growth. Jensen told the Norwegian Shipowners’ Association annual conference that private ownership is “essential to a versatile Norwegian business environment. It is therefore important to both lower the corporate ... Read More »

ABB wins key contract to electrify new Norwegian hybrid car ferry

OSLO: ABB, the leading power and automation technology group, will supply the power system for a hybrid car ferry serving an important passenger route in Norway. Designed with flexibility in mind, the vessel will run as a hybrid but can be modified to run as a full electric ferry with shore charging system. The order is another success for ABB ... Read More »

EU invests 73 mln euros in 50 innovative SMEs

OSLO: The European Commission announced on Monday that it had selected 50 small and medium-sized enterprises (SMEs) from 14 countries for the latest round of grant funding from Horizon 2020. Horizon 2020 is the framework program for research and innovation of the European Union (EU). Projects run by these companies would each receive up to 2.5 million euros (2.85 million ... Read More »

Norway to launch Iran’s first FLNG plan

OSLO: Iran says it is working on a plan with a Norwegian company to build a floating facility to liquefy natural gas in the Persian Gulf. Ali Kardor, the vice president for finance and investment affairs of the National Iranian Oil Company (NIOC), has been quoted by the media as saying that the project – technically referred to as FLNG ... Read More »

Norwegian salmon and trout exports grow strongly in Q1

OSLO: Norway’s salmon exports reached a market value of NOK 13.4 billion (USD 1.60 billion) in Q1, representing a 21 per cent growth from the first quarter of 2015. Measured by volume, some 227,464 tonnes of salmon were exported during the first quarter, which represents a small decline of 6 per cent compared with the same period last year. Norway’s ... Read More »

Norway’s top bank apologizes after tax evasion leak

OSLO: Norwegian bank DNB, the nation’s largest, said it shouldn’t have helped its customers set up businesses in tax havens. DNB subsidiary DNB Luxembourg helped around 40 clients create companies in the Seychelles, a top tax haven, between 2006 and 2010, Aftenposten reported as part of the massive Panama Papers leak. Following the revelations, the bank apologized and said that ... Read More »

Norway’s seafood exports up 14% in March

OSLO: Norway’s seafood exports rose by 14 percent year-on-year in March to 7.4 billion crowns ($888.94 million) and increased by 22 percent in the first quarter as a weak currency, global demand and supply constraints drove up prices, the country’s Seafood Council said on Tuesday. Sales of salmon, Norway’s top seafood export, rose 18 percent in March from last year ... Read More »

Higher food price gaps between Norway and EU

OSLO: The price difference for minced beef between Norway and the EU has increased by 80 percent since 1994. For powdered milk, the difference has doubled while the price gap on cheese has increased by 61 percent, figures from the Norwegian Institute for Bio-economy (NIBIO) showed. “Norwegian commodity prices are going up while EU prices are either flat or increasing ... Read More »

ECB under pressure as Eurozone deflation in March hinders growth outlook

OSLO: Prices have started to gradually fall in the Eurozone, impairing the bloc’s economic growth prospects, as cheap oil prevents gains in consumer prices; meanwhile, EU authorities seem to be incapable of effectively reacting to the situation due to the peculiarities of the supranational entity’s administrative structure. Kristian Rouz — Price deflation persisted in the euro area in March, despite ... Read More »

Unemployment continues to rise in Norway

OSLO: Adjusted for seasonal variations, the unemployment rate was 4.8 percent in January, according to figures released by Statistic Norway (SSB) here the other day. The figure corresponds with roughly 134,000 people. SSB’s labour force survey has shown a steady increase in unemployment since May 2014, when it stood at just 3.2 percent. The figures show that unemployment rose by ... Read More »

Unemployment continues to rise in Norway

OSLO: Adjusted for seasonal variations, the unemployment rate was 4.8 percent in January, according to figures released by Statistic Norway (SSB) on Wednesday. The figure corresponds with roughly 134,000 people. SSB’s labour force survey has shown a steady increase in unemployment since May 2014, when it stood at just 3.2 percent. The figures show that unemployment rose by 5,000 people from October ... Read More »