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Norwegian Air shores up its balance sheet

OSLO: Norwegian Air (NWC.OL) announced a $230 million cost savings program on Monday along with steps including the refinancing of one Boeing (BA.N) 787 Dreamliner that the budget airline said would generate more than $30 million in liquidity. It also said it was making several changes to its route portfolio as well as to its capacity. “Combined these measures should ... Read More »

Six charged with smuggling 400 kilos of gold

Six men must appear before the Oslo District Court, accused of smuggling a total of 397 kilograms of gold into Norway. The gold is valued at approximately NOK 143 million. The accusation states that two of the six defendants together have imported or facilitated the import of 397 kilograms of gold into Norway. They did not report the gold to ... Read More »

Norway’s business organization worried about chaotic conditions after Brexit

Norway’s major business organization expressed worry about increased risk of a chaotic British exit from the European Union (EU) and alertedNorwegian companies to be prepared for its consequences. “There are chaotic conditions and we are very worried,” said Tore Myhre, international director of the Confederation of Norwegian Enterprise (NHO). According to Myhre, there is an increased chance of a “no ... Read More »

Norway’s central bank governor now fears a return to US$100 oil

Talk of a return to US$100 oil has the central bank chief of western Europe’s largest petroleum producer worried. A recovery in the oil price to US$80 a barrel has been a boon for the Norwegian economy, helping to narrow a widening budget gap and fueling activity. It even this month triggered the first rate increase in seven years. But ... Read More »

Norway’s minority government seals budget deal, sets stage to expand cabinet

OSLO: Norway’s minority center-right government has struck a deal with the independent Christian Democrats (CDP) on a 2019 fiscal bill, it said, securing the budget’s passage in parliament and setting the stage for talks to expand the cabinet. Prime Minister Erna Solberg, in power since 2013, has long sought to include the CDP in her government of the Conservatives, the ... Read More »

Three Norwegians arrested for drug smuggling in Spain

Spanish police arrested three Norwegians and a Spaniard in Malaga, Spain. They are suspected of attempting to smuggle around 10 kilos of cannabis and marijuana to Norway. The substance was tried hidden in PVC pipes, Canariposten writes. Spanish police said in a press release that the four detainees were trying to smuggle the drug, 6.85 kilo of cannabis and 3.55 ... Read More »

Norway’s cruises to Franz Josef Land to call at Murmansk port

MURMANSK, Norway’s Hurtigruten tourism operator began offering cruises to Franz Josef Land, which will call at the Murmansk port, the Murmansk Region’s Governor Marina Kovtun told the Murmansk International Business Week on Wednesday. “The Hurtigruten Company is selling 15-day expeditions for 2019,” the governor said. “The cruises will begin from Tromso, and then tourists will travel to Murmansk, Franz Josef ... Read More »

Six charged for smuggling nearly 400 kilos of gold

Six men will meet in Oslo district court, accused of smuggling a total of 397 kilos of gold. The gold’s total value could be at least 143 million kroner. The indictment states that two of the six defendants must have introduced or facilitated the import of 397 kilograms of gold. The gold was not confiscated, and the two business owners ... Read More »

Chinese woman stopped with NOK 920,000

The Norwegian Customs currency dogs revealed on May 11th that the woman in her sixties brought with her NOK 814,250, SEK 23,160, €12,130, HKD 390, CNY 100 and CZK 2,200, according to the local newspaper Romerikes Blad. All in all the cash was worth approximately NOK 920.000. In court, the woman claimed that the money was stemming from a house ... Read More »

Six charged with smuggling 400 kilos of gold

Six men must appear before the Oslo District Court, accused of smuggling a total of 397 kilograms of gold into Norway. The gold is valued at approximately NOK 143 million. The accusation states that two of the six defendants together have imported or facilitated the import of 397 kilograms of gold into Norway. They did not report the gold to ... Read More »

Norway to clamp down on seafood smuggling

The Norwegian government will increase efforts to combat smugglers, and consider more effective measures, it said. “It is a challenge that foreigners come to Norway with a goal of making the most fish out of the country. Fish smuggled out of Norway represent great values, and we fear that the findings made up to now are just the tip of ... Read More »

Chevron becomes first oil major to exit Norway

OSLO: US oil firm Chevron will become the first oil major to formally exit the Norwegian continental shelf (NCS) as it transfers its last stake in an exploration license, according to a government letter. Oil majors, including Exxon Mobil, BP and Shell, have scaled down their presence in Norway by selling or merging their assets in the mature region to ... Read More »

Three Norwegians arrested for drug smuggling in Spain

Spanish police arrested three Norwegians and a Spaniard in Malaga, Spain. They are suspected of attempting to smuggle around 10 kilos of cannabis and marijuana to Norway. The substance was tried hidden in PVC pipes, Canariposten writes. Spanish police said in a press release that the four detainees were trying to smuggle the drug, 6.85 kilo of cannabis and 3.55 ... Read More »

Norway jails top policeman for smuggling hashish

A senior Norwegian police officer has been sentenced to 21 years in prison for taking bribes and aiding a notorious drug smuggler. Eirik Jensen, who was responsible for combating organised crime in the capital Oslo, was arrested. A court found he had received at least 667,800 kroner (€71,300, £63,200) in bribes to help smuggle tonnes of hashish into Norway. He ... Read More »

Norway’s $1 trillion fund to beef up scrutiny on sustainability, ocean pollution

OSLO: Norway’s $1 trillion sovereign wealth fund wants companies in which it invests to follow stricter guidelines on global sustainability and strengthen efforts to combat plastic pollution of the oceans, it said. The fund, the world’s largest, invests the revenues of Norway’s oil and gas production and is a global investor with stakes in some 9,000 companies across 72 countries. ... Read More »

Norway salmon’s ‘big three’ deny any China smuggling links as prices rise

Norway’s three largest salmon farmers said they are not selling salmon to China via Vietnam, after a crackdown on smuggling from authorities in the world’s second largest economy that is causing prices to increase. Marine Harvest, Cermaq Group and Leroy Seafood Group all issued statements to Undercurrent News refuting any involvement in the trade, after Chinese authorities claimed to have ... Read More »

Norway jails top policeman for smuggling hashish

A senior Norwegian police officer has been sentenced to 21 years in prison for taking bribes and aiding a notorious drug smuggler. Eirik Jensen, who was responsible for combating organised crime in the capital Oslo, was arrested. On Monday, a court found he had received at least 667,800 kroner (€71,300, £63,200) in bribes to help smuggle tonnes of hashish into ... Read More »

Three Norwegians arrested for drug smuggling in Spain

Spanish police arrested three Norwegians and a Spaniard in Malaga, Spain. They are suspected of attempting to smuggle around 10 kilos of cannabis and marijuana to Norway. The substance was tried hidden in PVC pipes, Canariposten writes. Spanish police said in a press release that the four detainees were trying to smuggle the drug, 6.85 kilo of cannabis and 3.55 ... Read More »

Norway cold-proofs troubled Kollsnes gas plant to protect UK flows

OSLO: Norway’s largest gas processing plant Kollsnes, a key facility for British exports which faced outages last winter, is having additional upgrades this summer to protect it against extreme weather later in the year, operator Gassco told Reuters. In late February, when a cold snap dubbed the ‘Beast from the East’ hit Europe sending energy prices to 10-year highs, Kollsnes ... Read More »

Interest Rates: Countercyclical Buffer Unchanged

The Ministry of Finance has today decided to keep the level of the countercyclical capital buffer for banks unchanged. This is in line with the advice for Q3/16 from Norges Bank. Each quarter, The Ministry of Finance shall make a decision on the level of the countercyclical buffer. The Ministry of Finance decided on the 18th June 2015 that banks ... Read More »