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Iran, Norway to culture 5,000 tonnes of saltwater fish

OSLO: Iran and Norway have signed an agreement to produce 5,000 tonnes of saltwater fish through cage culture method in southern Iranian island of Qeshm. According to Iranian media, the agreement was signed on Friday night by chairman of board of directors of Qeshm Rivas Company, Mohsen Nateq, as the Iranian side of the agreement. Speaking to reporters on the ... Read More »

Norway to remain reliable, long-term supplier of gas to Europe: oil minister

OSLO: Norway’s Minister of Petroleum and Energy Tord Lien said on Tuesday the Scandinavian country will remain a reliable and long-term supplier of gas to Europe as the European Commission confirmed the important role of gas in the continent. In its sustainable energy security package presented earlier on Tuesday by Vice-President responsible for Energy Union Maros Sefcovic and Commissioner for ... Read More »

Telenor sees slowdown in 2016 as profits plunge

OSLO: Norwegian telecoms operator Telenor said here the other day that it expected its earnings to slow this year after provisions and impairment losses heavily impacted its 2015 earnings. Telenor’s share price slumped on the Oslo stock exchange, shedding 7.5 percent in early afternoon trading after the group’s fourth quarter earnings came in below analysts’ forecasts. Last year Telenor saw ... Read More »

Chinese investors bid $1.2bn for Norwegian software-maker, FT says

OSLO: A Chinese investment consortium is offering $1.2 billion for Norway’s Opera Software, which provides services for apps and web browsers, the Financial Times reported, citing Lars Boilesen, Opera’s CEO. Golden Brick Silk Road, a Chinese investment fund, joined forces with Shenzhen-listed Beijing Kunlun Tech Co and Qihoo 360 Technology, a Chinese firm listed on the New York Stock Exchange, ... Read More »

Statoil Lost 37 Billion NOK in 2015

OSLO: Norwegian petroleum giant Statoil was deprived of almost half of its operating profit in the fourth quarter compared with the previous year, writes NRK. Oil prices on a free fall and huge depreciation cost the company tens of billions of Norwegian Kroner in 2015. Statoil managed to achieve the adjusted earnings of only 15.2 billion before tax and an ... Read More »

Customs seizes 125kg of Norwegian coins

OSLO: A Chinese tourist was stopped at Oslo Airport with four burlap sacks filled with 125 kilos of Norwegian coins, customs officials said here the other day. The tourist arrived in Oslo from Shanghai via Moscow on Friday with four sacks full of Norwegian ten and 20 kroner coins that he said he had purchased from various coin dealers in ... Read More »

Norway’s sovereign wealth fund hits out at VW leadership

OSLO: As VW battles a global emissions-cheating scandal, the fund’s chief executive, Yngve Slyngstad, slammed the carmaker’s shareholder structure. “This cannot be a role model for Germany,” Slyngstad told the Sunday newspaper, Frankfurter Allgemeine Sonntagszeitung. The Porsche and Piech families own 50.73 percent of VW’s voting shares via the holding company Porsche Automobil Holding SE, but they own only 31.5 ... Read More »

Rolls-Royce wins large Norwegian deal

OSLO: Rolls-Royce has announced a $2.7bn (£1.9bn) order to manufacture and service 19 new Boeing 787 Dreamliner engines for the low fare airline, Norwegian, BBC reports. The order also includes TotalCare for Trent 1000 engines that will power 11 previously-announced leased Boeing 787s yet to enter service. Rolls-Royce will provide TotalCare with a fully comprehensive Availability Service Solution for all ... Read More »

Norwegian seafood exports surge 18%

OSLO: Norwegian seafood exports surged to 6.7 billion kroners last month, a rise of 18 per cent or one billion kroners. The farmed salmon sector, which accounted for well over half that total, once again played a major part, although wild caught species such as cod also showed a significant rise. Marit Rein from the Norwegian Seafood Council said: ‘We ... Read More »

Statoil offering severance packages to all 22,500 employees

OSLO: Statoil posted the news on their intranet informing their employees that all employees would receive an offer to apply for severance packages. Previous practice in complying with necesarry workforce reductions has been severance packages to groups and departments within the company. Statoil is now offering severance packages to all employees.  Statoil currently employs 22,000 people in 38 countries aroun ... Read More »

Norway, Kenya to cooperate in Oil for development

OSLO: Kenya has requested assistance from Norway in developing its petroleum sector. Through the programme Oil for Development, Norway will support Kenya in improving management of its natural resources and protection of the environment. – The objective is for the oil and gas resources to benefit the country and its people, says Norway’s Minister of Foreign Affairs Børge Brende. On ... Read More »

DNB to Stop Using Cash in Norway

OSLO: Norway’s largest financial services group, DNB believes the dangers and disadvantages of cash make it necessary to give it up as payment method. According to VG’s report, there is about 50 billion NOK in circulation and Norway’s central bank (Norges Bank) can trace only 40 percent of spending. Director for retail banking in DNB, Trond Bentestuen told to VG ... Read More »

Norway’s largest bank calls for total end to cash

OSLO: Norway’s largest bank, DNB, has said that cash has fallen out of favour with everyday Norwegians and is instead primarily used on the black market and in laundering schemes. “Today, there is approximately 50 billion kroner in circulation and [central bank] Norges Bank can only account for 40 percent of its use. That means that 60 percent of money ... Read More »

Fisheries: Stable catch for 2015

OSLO: In 2015, Norwegian vessels delivered 2.3 million tonnes of fish, crustaceans and molluscs, which was about the same as the year before. The landed value of catch came to NOK 16.4 billion; up 14 per cent from 2014. Sixty-two per cent of the catch was used for consumption, while 38 per cent was used for the production of meal, ... Read More »

Norway reports grim prospects in manufacturing sector

OSLO: Norwegian industrial managers reported negative expectations for the first quarter of 2016 in large parts of manufacturing and suggested a further decline in the business cycle, the country’s statistics bureau said on Thursday. As for the general outlook for the first quarter of 2016, business leaders reported investment plans were adjusted downward and new orders and stocks of orders ... Read More »

Norway scraps tax on news to encourage media

OSLO: Norway is slashing tax on all news publications to zero, in line with the country’s policy of encouraging a diverse and healthy media sector. Norwegian authorities will introduce a zero VAT rate for electronic news services from March, bringing the country’s tax treatment of online news into line with printed newspapers. “This will promote the consumption of news and ... Read More »

Drop in oil price dents Norway’s overall tax revenue in 2015

OSLO: The drop in global oil price has meant a decrease in Norway’s overall tax revenue since last year. The findings from the Tax Statistics 2015, shows that ordinary tax and special tax on petroleum was NOK 66.4billion lower last year than in 2014. According to reports, the income from the special tax fell by 39.3% while the annual tax ... Read More »

Norway’s CPI falls by 0.4% in Dec

OSLO: The Consumer Price Index (CPI) dropped 0.4 per cent from November to December 2015, mostly due to lower food prices. The year-to-year growth in the CPI was 2.3 per cent in December, down 0.5 percentage points from November. The CPI fell 0.4 per cent from November to December, mostly due to a decline in food prices of 3.0 per ... Read More »

Plunge drives $9bn Norway fund back to buying stocks

OSLO: The $9 billion tactical asset allocation unit of Norway’s largest listed life insurer, Storebrand ASA, is buying stocks again after a four-month hiatus in a bet that a fear-driven rout has gone too far. “The size of the correction now is somewhat excessive,” Olav Chen, head of tactical asset allocation at Storebrand Asset Management, said in an interview on ... Read More »

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