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Norway central bank to continue buying Kroner for oil fund

OSLO: Norway’s central bank said it would continue to buy Norwegian kroner and sell foreign exchange in the market in November on behalf of the country’s sovereign-wealth fund. As in October, Norges Bank said it would sell the equivalent of 250 million Norwegian kroner ($37.2 million) a day in foreign exchange over the coming month and use the kroner it ... Read More »

Gloomy oil market hits hard Norway’s business confidence

OSLO: The gloomy oil market situation has hit prospects and profitability forecasts, amongst other things. Swedbank chief economist Harald Magnus Andreassen comments that Dagens Næringsliv’s economic barometer, published Tuesday, “confirms that the oil [market] turnaround is now entering the economy.” “Firms report zero growth in the mainland economy,” he tells the publication. “Businesses are beginning to notice the turnaround in ... Read More »

Norway likely to join China-led Asian infrastructure investment bank

OSLO: Norway says it intends to join the Asian Infrastructure Investment Bank as a prospective founding member in a move that could help the country’s frozen relations with China thaw. Norwegian Foreign Minister Boerge Brende said the country wishes to join other countries to “further refining the structure and mission of the AIIB.” Brende said the bank will help address ... Read More »

Norway whale meat dumped in Japan on reports of harmful pesticide

OSLO: Whale meat imported into Japan from Norway has been dumped after tests found it contained up to twice the permitted level of harmful pesticide, the government said. The announcement came after Western environmentalists first exposed the issue, in the latest salvo of a battle that pits Japan against many of its usual allies, such as Australia and New Zealand. ... Read More »

Norway sovereign fund drops 32 coal mining firms from its portfolio in 2014

OSLO: One of the biggest sovereign wealth funds in the world has started moving away from coal, dropping 32 coal mining companies from its portfolio in 2014. Of these, 13 are in India. Norway’s Government Pension Fund Global (GPFG) has dropped its investments in these companies citing higher risks. As part of our focus on climate change, we have looked ... Read More »

Norwegian company shifts office to 6,000square foot Langford Furniture building

OSLO: A Norwegian company is moving into the old Langford Furniture building at the corner of Military and Bluecutt roads. Chris Chain, a Columbus-based developer, confirmed this week that Loxy Inc. plans on locating one of its printing facilities inside the 6,000 square foot building, which has been empty since Langford Furniture closed last year after 50-plus years in business. ... Read More »

Norway intends to join Asian Infrastructure Investment Bank

OSLO: Norway says it intends to join the Asian Infrastructure Investment Bank as a prospective founding member in a move that could help the country’s frozen relations with China thaw. Norwegian Foreign Minister Boerge Brende said the country wishes to join other countries to “further refining the structure and mission of the AIIB.” Brende said the bank will help address ... Read More »

Norway central bank to sell foreign exchange equivalent of $86.5m per day in April

OSLO: Norway’s central bank will sell foreign exchange equivalent of 700 mln Norwegian crowns ($86.5 mln) per day in April. The bank is selling the currency because the government’s transfers to its $870 billion sovereign wealth fund have been smaller than earlier expected and the budget is spending more of its oil related income. The bank usually puts foreign currency ... Read More »

Aryzta to buy 49% stake in France Picard for €446.6m

PARIS: Eurozone consumer prices fell for the fourth straight month in March, but at the slowest pace during that period, easing fears that the currency area is at risk of a slide into deflation. The European Union’s statistics agency Tuesday said consumer prices were 0.1% lower than a year earlier, having fallen 0.3% in February and 0.6% in January. Prices ... Read More »

Norway agrees to build $2.2b power cable to export electricity to UK

OSLO: Power-grid operators in the U.K. and Norway agreed to build a €2 billion ($2.2 billion) power cable that will connect the countries’ electricity markets in 2021 enabling the U.K. to import Norwegian hydro power when the wind isn’t blowing, and potentially cutting electricity bills. Norway’s grid operator Statnett SF and the U.K.’s National Grid said that the power cable ... Read More »

Norway agrees to build $2.2b power cable to export electricity to UK

OSLO: Power-grid operators in the U.K. and Norway agreed to build a €2 billion ($2.2 billion) power cable that will connect the countries’ electricity markets in 2021 enabling the U.K. to import Norwegian hydro power when the wind isn’t blowing, and potentially cutting electricity bills. Norway’s grid operator Statnett SF and the U.K.’s National Grid said that the power cable ... Read More »

Norway Govt’s Pension Fund Global invests 32.095 million kroner in Russia

OSLO: The Government’s Pension Fund Global, currently worth over 7.000 billion Norwegian kroner (€796 billion), have invested 32.095 million kroner in Russia, mainly in oil- and gas and the banking sector. That is also the two sectors, in addition to the military industrial complex, that are highlighted in the EU and US sanctions regime against Moscow. The Norwegian regulations on restrictive ... Read More »

New software companies investing $29M in Cobleskill

OSLO: A new software company and a Norwegian-American engineering firm are projected to invest $29 million in Cobleskill, New York over the next 10 years. The two technology companies have been approved to operate tax free in Cobleskill for 10 years under Gov. Andrew Cuomo’s Start-Up NY program. The companies say they will create 154 new jobs, according to a ... Read More »

Faroe Petroleum confirms Norwegian exploration plans despite falling oil prices

OSLO: Faroe Petroleum has confirmed that it is committed to its exploration programme off Norway this year, despite the fall in oil prices. The Aberdeen-based firm said it was proceeding with drilling at four wells. It added that its programme would benefit from Norway’s 78% exploration tax rebate. The commitment was made in Faroe’s annual results statement for the year ... Read More »

Norwegian fund dumps investments in Australian coal companies

OSLO: World’s richest sovereign wealth fund has rid itself of investments in Australian coal companies, highlighting the environmental impact of the production of the commodity. Norges Bank, manager of the $US850 billion Norwegian Government Pension Fund, has outlined the divestment of its interests in 14 coal miners around the world in 2014. Five Australian companies among them included Whitehaven Coal, ... Read More »

Port of Longyearbyen in Norway plans to open floating cruise terminal in 2017

OSLO: The port of Longyearbyen in Norway plans to open a floating cruise terminal in 2017 if it can secure state funding next year. Designed by Norwegian architects Snøhetta, the two-storey terminal has been designed for use in ports surrounded by solid and floating ice. Measuring 120 metres in length and 35 metres in width, the terminal will be 9m ... Read More »

Sparebank-1 Northern Norway loses 300m NOK from investments in Murmansk, St. Petersburg

OSLO: The Sparebank-1 Northern Norway (SNN) now confirms that it posted a loss of 300 million NOK (€35 million) from its investments in Murmansk and St. Petersburg. The loss comes as a consequence of the crisis in Russian economy and the subsequent challenges in the Russian banking sector, the bank says in a stock market notice. SNS owns 10 percent of ... Read More »

$850b sovereign wealth fund: Norway prepares new plan to wean nation off its oil reliance

OSLO: Norway has many sources to tap as policy makers seek to wean the nation off its oil reliance. Besides its $850 billion sovereign wealth fund, Norway’s State Educational Loan Fund, which provides loans to students domestically and abroad and some international students in Norway, is prepared to serve as a buffer amid deepening economic strains, according to Chief Executive ... Read More »

Norway sovereign wealth fund surges 544 million kroner in 2014

OSLO: Norway’s sovereign wealth fund rose 544 billion kroner ($67 billion) last year as it broadened its holdings to capture more growth in emerging and frontier markets. The Government Pension Fund Global returned 7.6 percent in 2014, its smallest gain since 2011, the Oslo-based investor said on Friday. The $860 billion fund’s stocks rose 7.9 percent and its bonds advanced ... Read More »

Wood Group wins £40m Norway gas processing plant contract

OSLO: Oil and gas services company Wood Group has won a contract worth more than £40m to expand and upgrade a Norwegian gas processing plant. The Kollsnes plant processes natural gas from the Troll, Kvitebjorn and Visund fields in the North Sea and currently provides almost 40% of Norwegian gas deliveries. The Aberdeen-based firm will carry out engineering modifications and ... Read More »