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Statoil to invest $236m in floating wind farm off Scotland coast

OSLO: Statoil will invest about 2 billion Norwegian crowns ($236 million) in building a floating wind farm off the Scottish coast, in what the Norwegian oil and gas group said would be the first of its kind in the world. The company, which has run a single floating offshore turbine for several years in Norway, is planning to build a ... Read More »

Nomad acquires EU frozen food company Findus

BRUSSELS: Nomad Foods Limited has closed its previously announced buy of European frozen food company Findus Sverige AB from LionGem Sweden 1 AB, which is backed by Highbridge Principal Strategies, Lion Capital LLP and Sankaty Advisors. The deal was for about 500 million pounds. TORTOLA, British Virgin Islands, Nov. 2, 2015 /PRNewswire/ — Nomad Foods Limited (LSE: NHL) (“Nomad”) announced ... Read More »

Norway’s telecoms group says law firm to probe Uzbekistan role

OSLO: Norwegian telecoms group Telenor has hired a law firm to independently investigate its handling of affiliate Vimpelcom’s entry into Uzbekistan, the company’s newly appointed chief executive told broadcaster NRK. Authorities in the United States and the Netherlands announced last year they were investigating Vimpelcom, in which Telenor owns 33 per cent, for its operations in the central Asian country, ... Read More »

Semcon strengthens position on Norwegian market Kongsberg Devotek AS to 97%

OSLO: Semcon is strengthening its presence in Norway by increasing ownership in technology company Kongsberg Devotek AS to 97 per cent. This means that Devotek will be fully integrated into Semcon’s structure, focusing on further market shares on the Norwegian market. A share issue of NOK 5 million will enable Semcon to increase its ownership to 97 per cent of ... Read More »

Telenor chairman quits over corruption allegation

OSLO: Telenor chairman Svein Aaser has quit the Norwegian telecom company over corruption allegation. Trade and Industry Minister Monica Maeland said, “I no longer have confidence in the chairman of Telenor’s board of directors,” adding, “I have now received new information about the matter” which should have been revealed earlier. The Norwegian state is Telenor’s main shareholder, with a 54-percent ... Read More »

LG mobile business sinks into red in Q3

OSLO: LG Electronics mobile business dived into the red for the first time in 18 months during the third quarter, pulling down overall net profit despite a surge in home appliance sales, the company said Thursday. The South Korean electronics maker said its handset unit, which includes smartphones, posted an operating loss of 77.6 billion won ($67.8 million) in the ... Read More »

Norway wealth fund drops €29.4b amid market rout

OSLO: The world’s largest sovereign wealth fund, which is Norwegian, has posted its biggest loss in four years, just as the government is preparing to make its first ever withdrawals to plug budget deficits. The fund lost 273bn kroner (€29.4bn) in the third quarter, or 4.9%, as stocks declined 8.6% and bonds rose 0.9%, the Oslo-based fund said yesterday. Real-estate ... Read More »

ABN Amro says exact timing of IPO depends on market conditions

AMSTERDAM: Seven years after saving it from collapse, the Dutch government announced Tuesday it is selling nationalized bank ABN Amro through an initial public listing that could be launched in the last three months of the year. ABN Amro said the exact timing of the IPO depends on market conditions. Financial details of the offering have not yet been set. ... Read More »

Statoil ASA deepens spending cuts as profit tumbles on oil slump

OSLO: Statoil ASA, Norway’s biggest oil company, stepped up cuts in investments and delayed projects, renewing its commitment to shield dividends after third-quarter earnings missed analyst estimates amid a collapse in crude prices. Statoil cut planned investments in 2015 by $1 billion to $16.5 billion and delayed the start of production at its Aasta Hansteen and Mariner fields to the ... Read More »

Wipro signs 5-year IT contract with Norway’s Coop Norge Handel

OSLO: Bangalore-based IT services provider Wipro today said that it has won a five-year IT contract from Coop Norge Handel AS (Coop Norge). Coop Norge is a leading retailer in Norway, with a market share of 33% and over 1,500 stores. With our SAP and data centre infrastructure supported by Wipro, we can drive further efficiencies, and most importantly, bring ... Read More »

Norway oil fund investments drop nearly 5% in Q3

OSLO: Norway’s sovereign-wealth fund, the world’s biggest by assets, reported a near five percentage-point decline in the value of its investments in the third quarter, pulled down by negative returns from its equity investments amid weaker global markets. Norges Bank Investment Management, the arm of the central bank that manages the fund, said Wednesday that the decline totaled 273 billion ... Read More »

Russian fishing vessel Kamchatka arrested off Norway’s coast

OSLO: The Russian fishing vessel Kamchatka, whose home port is Petropavlovsk-Kamchatsky, has been arrested in Norway’s exclusive economic zone. The director of the Russian Investigative Committee’s Murmansk transport investigation department, Vyacheslav Kazin, told Interfax that the wife of one of this vessel’s crewmembers said that her husband was being held on board the vessel against his will, had no documents ... Read More »

B.C. government follow Norway’s electric car model on road to going green

OSLO: The B.C. government needs a bright new attraction for its aging climate change show. The challenge is to find new ways to encourage consumers to switch from fossil fuels to renewable power. Whether the province adopts a carrot or a stick, it will take something big if the province is to meet its targets to reduce greenhouse gases. Transportation ... Read More »

Manage water says Norway fund sets tougher water-use requirements on companies

OSLO: Norway’s sovereign-wealth fund, the world’s largest by assets, has decided to impose tougher requirements on how businesses it invests in manage water resources. The fund, which is run by Norges Bank Investment Management, an arm of Norway’s central bank, will ask companies to come up with clear strategies and risk-management plans for water resources. Until now, the fund only ... Read More »

Ethiopian women business entrepreneurs to Scandinavia visited Norway earlier in October

OSLO: The first ever mission of Ethiopian women business entrepreneurs to Scandinavia visited Norway earlier this month. The mission led by Ethiopia’s First Lady, Mrs. Roman Tesfaye made a successful visit to Oslo at the beginning of the month (October 3-8). The aim of the trade mission was to showcase their products and meet potential buyers in Norway. The delegation ... Read More »

Mitsubishi EE B.V. bolsters business in Norway

OSLO: Mitsubishi Electric Corporation announces that its European subsidiary, Mitsubishi Electric Europe B.V., has completed the integration of its former air conditioning distributor MIBA AS, acquired in July. In addition, from October 2015, the company will expand beyond air conditioning by promoting other businesses, like Factory Automation, in the Norwegian market. This news marks a significant milestone for Mitsubishi Electric ... Read More »

ConocoPhillips, Dong energy says to sale stakes in Norway gas pipelines

OSLO: ConocoPhillips and Dong Energy A/S agreed to sell their stakes in Gassled, Norway’s offshore gas-pipeline network, to CapeOmega AS, an oil company backed by Norwegian private-equity firm HitecVision AS, a person familiar with the matter said. Conoco owns a 1.68 percent stake in Gassled and Dong holds 0.98 percent, according to network operator Gassco AS’s website. The two companies ... Read More »

Norway trade balance register second lowest surplus in 12 years

OSLO: Norway’s trade balance registered its second lowest surplus in 12 years in September, Statistics Norway said Thursday. The trade surplus fell to NOK 15.46 billion from NOK 20.20 billion in August. This was the second lowest since March 2003. Exports decreased largely due to the lower price and volume of crude oil. Oil exports plunged 42.5 percent annually. Overall ... Read More »

Norwegian shipyards certainly seeing more interest from fishing vessel owners

OSLO: Norway’s shipyards are currently a very competitive option for any company looking to commission a new vessel at the moment – not least because they are badly in need of business, sources told Undercurrent News. Speaking at Danfish 2015 – Denmark’s trade show for fishing vessels and equipment – sources noted that Norway had become extremely competitive for newbuilds ... Read More »

Russian billinaire Fridman buys Eon’s Norwegian North Sea business

OSLO: Russian billionaire Mikhail Fridman has taken a step towards realising his ambitions of building a global energy business, spending $1.6bn on stakes in big Norwegian oil and gasfields. His LetterOne Group, through its Dea subsidiary, beat off competition to acquire German utility Eon’s interests in three producing North Sea fields, Skarv, Njord and Hyme, writes Christopher Adams, Energy Editor. ... Read More »