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Economic transition period for oil revenue is over Norway says

OSLO: The target rate of inflation in the Norwegian economy was lowered because a transition period of phasing in oil revenues is over, the government announced. When the initial inflation target rate of 2.5 percent was introduced, Norway was just phasing oil revenue into its economy. Now, the ministry said, that period is over. “A key argument for maintaining a ... Read More »

Norway set to ban semi automatic weapons

OSLO: Norway is set to ban semi-automatic weapons almost seven years after a far right-wing extremist killed 77 people in a bomb and shooting rampage, the deputy leader of parliament’s justice committee said on Thursday. The July 22 massacre in 2011 “was committed using that type of weapon. We need to get rid of them,” Peter Froelich told broadcaster TV2. ... Read More »

Norwegian salmon exports to China rose last week

OSLO:  Norway exported 291 tonnes of fresh salmon to China last week, up from 192 tonnes the previous week, recovering after Chinese new year celebrations, and up from zero tonnes during the same week a year ago, data from Seafood Norway showed on Thursday. While the volumes accounted for a fraction of total exports of 15,748 tonnes last week, Norwegian ... Read More »

Hamilton blueberry tech firm Technologies sold for $67m to Norwegian giant

OSLO: A Hamilton fruit technology manufacturer has been bought by a Norwegian giant. A $66.9 million acquisition of BBC Technologies – a family-run producer of sorting and packaging machines for small fruits – was announced to the Oslo stock exchange on Tuesday. The deal with Norway-based TOMRA Foods, and the deal will have BBC Technologies grow its already $34m per year in exports.The ... Read More »

Local business owner headed for Norwegian ski race

OSLO: Brande came to the U.S. for college and attended the University of Wyoming’s College of Business. He has been involved in his community and state ever since, founding Handel Information Technologies in 1997, graduating from the 2006 class of Leadership Wyoming, serving on a number of state boards and teaching at UW. In March, Brande plans to return to ... Read More »

Norway’s February consumer confidence drops to 9.1 points

OSLO: Norway’s monthly consumer sentiment index (CCI) dropped to a four-month low of 9.1 points in February from 13.1 points in January, surveying firm Opinion said on Friday. The index hit an all-time low in December 2015 of minus 11.7 points along with a sharp fall in the price of oil, Norway’s main export, but has since rebounded following a ... Read More »

Norwegian unions up 2018 view of wage growth central bank survey

OSLO: Norway’s labour unions have increased their views of how much wages will grow by in 2018 to 3.0 percent, a quarterly survey commissioned by the country’s central bank showed on Thursday, up from 2.8 percent in the previous survey in November. Employers’ organisations, meanwhile, expect 2.7 percent wage growth in 2018, unchanged from November, giving an average wage growth ... Read More »

Norway’s oil and gas production steady

OLSO: Total natural gas production from Norwegian basins in January improved, though not as much as oil when compared with the previous month, data show. The Norwegian Petroleum Directorate, the nation’s energy regulator, reported a preliminary rate for January production of 1.6 million barrels per day on average, an increase of 5 percent, or 77,000 bpd, from December. Total gas ... Read More »

Yangon delves into a night of Norwegian seafood

OLSO: Norway ranks as the second largest exporter of fish in the world, with a whopping US$11.73 billion worth of exports in 2017, according to Norway’s Seafood Council. Under its Fish for Development program, the country shares its aquaculture knowledge with Myanmar to help improve the fishery sector and breed species of delicious fish. But the proof is in the ... Read More »

Norway flies seafood flag at Olympics

OLSO: Norway leading the Winter Olympics medals table, its prime minister, Erna Solberg, has taken the opportunity to strike gold for the country’s seafood industry. She has been in the South Korean capital, Seoul, first for political talks with President Moon Jae-in and then to visit Norwegian athletes at the games centre in Pyeongchang. But she also visited the seafood stand at the ... Read More »

Total CEO dismisses Norway’s wealth fund claims

OLSO: Owning shares in integrated oil companies is much more than buying a barrel of oil, so the proposal of Norway’s US$-1-trillion wealth fund to ditch oil stocks because of increased risk to exposure to oil prices is a “bad argument”, Patrick Pouyanne, the chief executive of one of those integrated companies, Total, told Bloomberg in an interview on Friday. In a ... Read More »

Norwegian salmon exports to China rose last week

OSLO:  Norway exported 420 tonnes of fresh salmon to China last week, up from 355 tonnes the previous week and from just 32 tonnes during the same week a year ago, data from Seafood Norway showed on Thursday. While the volumes accounted for a fraction of total exports of 16,519 tonnes last week, Norwegian producers see Chinese demand as an ... Read More »

Norwegian finance Ministry Denies that tax rules

OLSO: Norway’s tax rules, as they relate to possibly being considered to be state aid for oil exploration, the country’s finance ministry has issued a public statement denying such a situation. The investigation by the competition watchdog of the European Free Trade Association (EFTA) follows from a complaint filed by the Norway-based environmental group Bellona. The Ministry maintains that the ... Read More »

Norway salmon sales barred from China exports

OLSO: Norwegian salmon farmers Grieg Seafood and Bremnes Seashore, has been “excluded” from sales to China after supplying incorrect information to their home country’s food safety regulator.   The company, which is 60% owned by Grieg and 40% by Bremnes, has received a decision from the Norwegian Food Safety Authority (NFSA) “implying that Ocean Quality is excluded from exporting to China ... Read More »

Seafood exports driving huge growth at Norwegian airport

OLSO: Avinor Oslo Airport saw a huge increase in air cargo in 2017, the biggest volumes of which were exports of fresh Norwegian seafood.  In 2017, 185,000 metric tons (MT) of air cargo was flown in or out of Oslo Airport, an increase of 35 percent compared to the previous year.  The biggest volumes in air cargo at Oslo Airport ... Read More »

Norway defends its tax regime supporting oil exploration

OSLO: Norway’s tax rules for the oil industry do not constitute state aid, its finance ministry told a European competition watchdog on Friday. The competition watchdog of the European Free Trade Association (EFTA) is investigating the tax regime following a complaint by Norwegian environmental group Bellona. Environmental groups, including Greenpeace, have also mounted a legal battle in Norway to try ... Read More »

Norway’s electricity consumption hits all time high in 2017

OSLO: Norway’s consumption of electricity came to 134.1 terawatt hours (TWh) in 2017, reaching the highest level ever recorded, the country’s statistics bureau said on Thursday. Domestic electricity consumption in the Nordic country in 2017 increased by 0.7 percent compared with 2016, Statistics Norway said in a report. The all-time high in electricity consumption coincides with increased consumption in crude ... Read More »

Norway sign VAT fraud prevention deal

OLSO: Norway have signed a new agreement on administrative cooperation on VAT compliance. The agreement was signed on February 6. It will provide EU member states and Norway with a legal framework for administrative cooperation in the prevention of VAT fraud and for mutual assistance in the recovery of VAT claims. Norway is the first country with which the EU ... Read More »

Value of Norway’s Jan seafood export

OSLO: Norway’s Seafood Council said on Monday. The value of Norwegian seafood exports rose by 2 pct year-on-year in January to NOK 7.7 billion ($994.23 million) Volumes rose 13 pct year-on-year to 198,000 tonnes “The growth in value seen in Norwegian seafood exports in January is due to whitefish products.” The value of salmon exports, the biggest category, was flat ... Read More »

Norwegian economic growth likely to have decelerated slightly in 2017

OLSO: Norway’s mainland GDP growth has averaged 0.6 percent quarter on-quarter. The fourth quarter figure is not expected to be any significantly different, noted Nordea Bank in a research report. The economy is expected to have recorded marginally weaker growth due to deceleration in the retail sector after two very strong quarters. However, this should not be seen as a ... Read More »