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Norway US$1t fund wants to invest in private equity

OSLO:  Norway’s US$1 trillion wealth fund said allowing it to invest in private equity would boost returns and spread risk to a broader range of companies.  In response to a request by the Norwegian Finance Ministry, the fund on Wednesday said given its size and long-term outlook it was “well-suited” to invest in unlisted equity. A broader investment universe may ... Read More »

Norway seafood exports hit record high in 2017

OSLO:  Norway exported 2.6 million tonnes of seafood worth 94.5 billion Norwegian kroner (11.7 billion U.S. dollars) in 2017, a record high both in value and volume, the Norwegian Seafood Council said on Monday. This is an increase in value of 3 percent, or 3 billion kroner, and an increase in volume of 7 percent from the record year of ... Read More »

Norway Statoil expects to benefit from U.S. tax overhaul

OLSO: Norwegian oil and gas giant Statoil ASA (STL.OS) said Friday it expects to benefit from U.S. corporate tax overhaul. The reduction in the U.S. corporate-tax rate from 35% to 21% would be “favorable to our U.S. operations,” a spokesman said. Statoil does not forecast one-off charges to its fourth-quarter earnings as the company hasn’t recognized a deferred tax asset ... Read More »

Norway halts weapons ammunition exports to UAE

OLSO: The Norwegian Ministry of Foreign Affairs (MFA) announced on 3 January that it had suspended export licences for weapons and ammunition to the United Arab Emirates (UAE). The decision to suspend exports was based on a “comprehensive risk assessment of the situation in Yemen, and the increasing risks associated with the UAE’s military engagement in the country”, according to ... Read More »

Over half of new car sales in Norway are electric or hybrid vehicles

OLSO: Pure electric cars and hybrids, which have both battery power and a diesel or petrol motor, accounted for 52 percent of all new car sales last year in Norway against 40 percent in 2016, the independent Norwegian Road Federation (OFV) said. “No one else is close” in terms of a national share of electric cars, OFV chief Oeyvind Solberg ... Read More »

Norway’s pipeline gas exports to Europe at record high in 2017

OSLO: Norway’s pipeline gas exports to Europe hit a record high in 2017, exceeding the previous year by almost 7 percent, preliminary data from the country’s offshore gas systems operator Gassco showed on Tuesday. Europe’s second-largest gas supplier after Russia exported 116 billion cubic meters (bcm) of natural gas via pipelines to receiving terminals in Britain, Germany, France and Belgium ... Read More »

Hellenic Bank sells €145m in NPLs to Norway B2Holdings

OLSO: Hellenic Bank, Cyprus’ third largest lender, said that it agreed to sell Norway’s B2Holdings ASA €145m of loans as part of its strategy to reduce its delinquent loan portfolio. The deal, subject to regulatory approval, affects 1,977 facilities extended to 1,158 borrowers and “is not expected to have a material impact on the income statement and capital position of ... Read More »

CBN scheme to raise sugar production by 12.5%

OLSO: The Central Bank of Nigeria (CBN)’s anchor borrowers’ programme is billed to improve sugar production in the country by 12.5 per cent this year, New Telegraph has learnt. However, the country will still rely on 1.6 million tons of sugar from Brazil, Thailand and United States in 2018 to meet local demand. The imports are expected to gulp N201.6 ... Read More »

Norway savings bank Has $2.04m stake in Johnson & Johnson

OLSO: Norway savings bank lowered its stake in shares of Johnson & Johnson (NYSE:JNJ) by 4.6% in the third quarter, according to its most recent disclosure with the securities & exchange commission. The firm owned 15,701 shares of the company’s stock after selling 755 shares during the quarter. Johnson & Johnson comprises 2.0% of Norway Savings Bank’s portfolio, making the ... Read More »

New optimism for Norway oil gas

OLSO: Last week Statoil and its partners decided to develop the Castberg oil field in the Barents Sea in the High North. Huge investments will be required. To me, this is a clear sign of new optimism in the oil and gas sector, Norway’s most important industry. With a production of two million barrels of oil per day, Norway is ... Read More »

Norway leads way on electric cars part of a green taxation shift

OLSO: While tourists explore Oslo’s history in the grounds of the centuries-old Akershus fortress, below their feet is a harbinger of the city’s future. Here in the catacombs sit scores of Teslas, Nissan Leafs and BMW i3s, plugged into the charging points of the world’s largest public garage for electric cars. Walter Mulling is on his first visit to the ... Read More »

Norwegian salmon exports to China jumped last week

OSLO: Norwegian salmon exports to China rose to 395 tonnes last week from 291 tonnes the previous week, and from 109 tonnes in the corresponding week last year, data from Seafood Norway showed on Thursday. The Chinese volumes remain small however when compared to Norway’s overall salmon exports, which last week hit 24,639 tonnes. The industry considers a recovery of ... Read More »

Norway told to amend pension tax rules

OLSO: The European free trade Association surveillance authority (ESA) has ruled that Norway is in breach of European Economic area (EEA) rules because it does not give non resident, low income pensioners the same tax deductions as those available to residents. ESA said some Norwegian pensioners who have moved to other EEA states receive such a small pension income from ... Read More »

Norway permitted to extend electric car tax breaks

OLSO: The European free trade association surveillance authority has permitted Norway to extend a series of temporary tax exemptions for zero emission vehicles, including in the area of value-added tax. Under the package of measures designed to encourage more electric car sales, zero emission vehicles will be zero-rated for VAT purposes for a further three years. Additional tax breaks were ... Read More »

Sole traders saving €12k tax on cars

OLSO: A budget measure that has escaped widespread attention means sole traders can save around €12,000 on income tax if they buy an electric vehicle (EV). Under the Accelerated Capital Allowances deal, self employed sole traders who buy an EV can front load the depreciation on the car for the first year and save close to €12,000 on their tax ... Read More »

Statkraft sells 40 per cent share in Sheringham shoal offshore wind farm,

OLSO: Statkraft sells its 40 per cent stake in Sheringham Shoal Offshore Wind Farm to the UK fund manager Equitix. The sale is in line with Statkraft’s strategy to exit offshore wind. Sheringham Shoal Offshore Wind Farm is a 317MW operational wind farm located off the coast of Norfolk in the UK. Statkraft has been a partner in the project ... Read More »

EFTA approves Norway’s tax scheme for share options,

OLSO: The ESA announced in a decision published on December 15 that, following an assessment, the scheme is considered state aid, but not incompatible with the functioning of the European Economic Area Agreement. Under the scheme, the taxation of an employee’s income will be deferred when employees are remunerated in the form of share options, and employees will be taxed ... Read More »

Norway’s economy recovering: IMF

OSLO: Norway’s economy is beginning to recover, says The International Monetary Fund (IMF). The recovery is supported by strong domestic demand and accommodative macroeconomic policies. Today a mission from the International Monetary Fund (IMF) presented its annual assessment of the Norwegian economy and Norwegian economic policy. IMF predicts a GDP growth for mainland Norway of 1¾ per cent this year ... Read More »

New Optimism for Norway’s Oil and Gas Sector,

OLSO: Last week Statoil and its partners decided to develop the Castberg oil field in the Barents Sea in the High North. Huge investments will be required. To me, this is a clear sign of new optimism in the oil and gas sector, Norway’s most important industry. With a production of two million barrels of oil per day, Norway is ... Read More »

Reduced corporate tax rate on Norwegian operations,

OLSO: The Norwegian parliament has today formally approved the state budget for 2018.  In the budget, the corporate tax rate in Norway has been reduced from 24% to 23%. The change in the tax rate will reduce the tax expense to be incurred by Atea in its Norwegian subsidiaries from 2018. At the same time, the change in the tax ... Read More »