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Norway record music income up healthy 7% in first half of 2015

OSLO: Recorded music income was up a healthy 7% in Norway in the first half of 2015, with streaming finding yet more growth to heavily dominate the market. Total revenues stood at 305 NOK (€34.2m), up from 285m NOK (€32m) in H1 2014. According to IFPI stats, Norway was the 15th biggest recorded music market across last year. Ahead of ... Read More »

Norway pumps up 937 hydropower plants ‘green battery’ plan for Europe

OSLO: Norway is hoping to become the “green battery of Europe” by using its hydropower plants to provide instant extra electricity if production from wind and solar power sources in other countries fade. Without building any new power stations, engineers believe they could use the existing network to instantly boost European supplies and avoid other countries having to switch on ... Read More »

Blackstone buys $2.7b of Nordic properties from funds

OSLO: Blackstone Group LP, the world’s biggest manager of alternative assets, agreed to buy Nordic real estate portfolios valued at about 22 billion kroner ($2.7 billion) in the region’s largest property deal since 2008. Blackstone Real Estate Partners Europe IV entered into an agreement with 10 funds managed by Obligo Investment Management AS to acquire the portfolios in an all-cash ... Read More »

Blackstone buys $2.7b of Nordic properties from funds

OSLO: Blackstone Group LP, the world’s biggest manager of alternative assets, agreed to buy Nordic real estate portfolios valued at about 22 billion kroner ($2.7 billion) in the region’s largest property deal since 2008. Blackstone Real Estate Partners Europe IV entered into an agreement with 10 funds managed by Obligo Investment Management AS to acquire the portfolios in an all-cash ... Read More »

Norway opens Breivik massacre exhibition on anniversary

OSLO:  Four years after the attacks by Anders Behring Breivik, Norway opened an exhibition dedicated to the tragedy that some fear could become a “hall of fame” for the mass murderer. The exhibition has triggered controversy as several objects used by Breivik in his July 2011 rampage, such as the remains of the van where he hid his bomb and ... Read More »

Economic Development firms invest $81m on Capital expansion projects in seven cities

OSLO: Economic Development Authority awarded direct financial assistance and tax benefits to companies in Story City, Belle Plaine, Benton County, Urbana, Cedar Falls, Urbandale and Clarksville that plan to invest about $81 million in new capital investment. In Story City, Iowa, American Packaging Corporation is an integrated, flexible packaging converter specializing in flexographic and rotogravure printing, multi-ply extrusion and adhesive ... Read More »

Hibiscus Petroleum Bhd fails to strike oil at Haribo in Norwegian North Sea

OSLO: Hibiscus Petroleum Bhd has failed to discover oil in the Haribo prospect in PL616 located in the Norwegian North Sea after drilling was stopped at 3,388 metres below sea level. The well will now be plugged and abandoned, as the targeted high porosity reworked chalk reservoir was not found,” the company told Bursa Malaysia yesterday. “However, the chalk sequence ... Read More »

Espersen to gain NOK 10m from takeover of Norway Seafoods

OSLO: A. Espersen and the Danish subsidiary of Norway Seafoods Group have agreed that all of the latter’s frozen value-added processing (VAP) in Denmark will be transferred to the former. The transaction includes all existing customer agreements, specifications and other immaterial assets related to the sale of products to the customers of the VAP frozen business unit in Denmark. The ... Read More »

Norway needs more digital border surveillance

OSLO: Norwegian intelligence agencies should be given wide-ranging permission to gather data from electronic communications to prevent terrorism and espionage, the head of the country’s military surveillance agency said on Wednesday. In an interview with public broadcaster NRK, Lieutenant General Kjell Grandhagen said it was becoming more difficult to uncover threats and that authority to monitor all data traffic as ... Read More »

Govt had no right to surprise them with tariff cuts of 90 percent: Norway investors

OSLO: A group of investors made their concluding arguments against Norway in a $4.4 billion court case over gas-pipeline tariff cuts. A ruling on the lawsuit brought by the group, which includes Allianz SE and Abu Dhabi’s wealth fund, won’t be handed down until September or October, Finn Haugen, an Oslo District Court judge, said on Tuesday. Owners of about ... Read More »

Houston-based National Oilwell Varco Inc to cut 1,500 Norwegian jobs

OSLO: Houston-based National Oilwell Varco Inc. will cut about 1,500 Norwegian jobs, according to several media reports. That’s about one-third of the company’s roughly 5,000 Norwegian employees, according to the Wall Street Journal. The cuts include 900 permanent jobs and 600 contractor workers. NOV, which makes oil and gas drilling equipment, attributed the cuts to the downturn in oil prices ... Read More »

Norway Krone climbs 1.4% to trade 0.6% higher at 8.89317 per euro

OSLO: Norway’s krone gained for a second day after a report showed inflation accelerated more than estimated in June, cooling speculation of further interest rate cuts. The krone climbed as much as 1.4 percent and traded 0.6 percent higher at 8.89317 per euro as of 10:59 a.m. in Oslo. A report showed underlying consumer prices rose an annual 3.2 percent ... Read More »

Norway’s $860b oil fund reveals divestments, resolution rejections

OSLO: Norway’s $860bn oil fund laid out its growing clout as a responsible investor as it revealed that it had divested itself from more than 100 companies in the past three years and voted against tens of thousands of resolutions at annual meetings. High quality global journalism requires investment. Please share this article with others using the link below, do ... Read More »

Norway company shares of statoil ASA drops by 4.77%

OSLO: Statoil ASA has lost 4.77% during the past week and dropped 3.46% in the last 4 weeks. The shares are however, negative as compared to the S&P 500 for the past week with a loss of 3.64%. Statoil ASA (NYSE:STO) has underperformed the index by 2.72% in the last 4 weeks. Investors should watch out for further signals and ... Read More »

UK gas-prices supported by upcoming Norwegian maintenance

OSLO: British wholesale gas prices for day-ahead and next-week delivery rose on Friday as traders expected pending maintenance at Norway’s giant Troll gasfield to restrict supply. Gas prices for immediate delivery, however, was down 0.30 pence per therm to 43.10 p/therm as of 0924 GMT owing to an oversupplied national network. Maintenance at Troll begins on Saturday and is expected ... Read More »

South African, Brazilian projects win Norwegian CO2 credit tender

OSLO: The Norwegian government has selected a total of five projects in Brazil and South Africa under its second tender to purchase carbon credits to meet its emission targets, helping prop up ailing demand for carbon-cutting projects. The U.N.’s Clean Development Mechanism (CDM) allows investors in emission reduction projects located in poor nations to earn carbon credits that governments and ... Read More »

Norway’s 4Subsea appoints Jenkins CEO

OSLO: The board of 4Subsea appointed Peter Jenkins as CEO, the company said June 25. He replaces Henning Christensen in the role, and both were company co-founders. Christensen had been CEO since 2008, the company added. He will stay at 4Subsea to manage business development for production risers, Joar Welde, chairman of the board and with Viking Venture, said. For ... Read More »

Norwegian Air to launch winter flights between US and Caribbean

OSLO: Two years ago, Norwegian Air Shuttle brought a low-cost business model to the U.S. with cheap flights between the U.S. and Europe, provoking rival carriers and airline employees on both sides of the Atlantic. Now Norwegian will begin flying directly to the Caribbean from Baltimore, Boston, and New York under an Open Skies agreement between the United States and ... Read More »

Norwegian consultant company admonished over Sarawak dams

OSLO: The Norwegian consultancy company, Norconsult, has promised to become more transparent on its involvement in dam planning in Sarawak, a Malaysian state on the island of Borneo. The company also admits not to have carried out any human rights due diligence before entering into a business relationship with the Malaysian power supplier and dam builder, Sarawak Energy. The confession ... Read More »

Spy agency says Norway needs more digital border surveillance

OSLO: Norwegian intelligence agencies should be given wide-ranging permission to gather data from electronic communications to prevent terrorism and espionage, the head of the country’s military surveillance agency said on Wednesday. In an interview with public broadcaster NRK, Lieutenant General Kjell Grandhagen said it was becoming more difficult to uncover threats and that authority to monitor all data traffic as ... Read More »