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Biggest traded Norwegian insurer becomes haven in market selloff

OSLO: Gjensidige Forsikring ASA, Norway’s largest listed insurer, said it should be a haven for investors amid unprecedented global turbulence. “We have a very strong position in a very strong economy, the Norwegian economy,” Chief Executive Officer Helge Leiro Baastad said in an interview in Oslo Thursday. “Gjensidige, insurance, the Nordics. When the world is uncertain and there’s a lot ... Read More »

Norwegian seafood exports soar despite Russian import ban

OSLO: Norwegian seafood exports are running at a record high this year, boosted by a weak krone, as the industry shrugs off a Russian import ban by turning to Poland and western European markets. By the end of July, the export value of Norwegian seafood was at an all-time-high of 39.7 billion kroner ($4.81 billion), a 6% increase on the ... Read More »

Norwegian Customs seizes nearly 1.5m counterfeit cigarettes

OSLO: Several arrests have been made and nearly 1.5 million cigarettes seized after police and customs officers raided an illegal cigarette factory in Norway. An elaborate production and counterfeit packaging line was found in the mining town of Myslowice, with the fake goods said to be bound for the UK and Norway. Read More »

UK GAS-Prompt prices edge higher as lower Norwegian imports loom

LONDON: Prompt natural gas prices in Britain edged higher on, in anticipation of lower imports from Norway next week due to planned maintenance. Gas for delivery on Monday was trading at 40.65 pence per therm by 0850 GMT, up 0.15p from the previous settlement. Traders said the contract rose due to a planned outage at Norway’s Kollsnes processing plant, which ... Read More »

Russia plans to ban imports of fish from 14 farms in Norway to Customs Union

OSLO: Russia plans to ban imports of fish from 14 farms in Norway to the territory of Customs Union, Vasily Lavrovsky, head of the inspection department of the Federal Service for Veterinary and Phytosanitary Surveillance (Rosselkhoznadzor) told TASS on Friday. Lavrovsky said that the Russian regulator is preparing letters to the authorities in Belarus, Kazakhstan and Armenia (members of the ... Read More »

Crewtoo Seafarers happiness index reveals mariners dread Port calls

OSLO: Leading Seafarer Social Media Site Crewtoo(TM) Publishes Its Second Quarterly Report Detailing Job Satisfaction at Sea MIDDLETOWN, R.I. and LIVERPOOL, U.K., Aug. 26, 2015 (GLOBE NEWSWIRE) — Crewtoo, the online social network for seafarers and a part of KVH Industries, Inc., (Nasdaq:KVHI), has published the results of its second Crewtoo Seafarers Happiness Index report. Designed to monitor and benchmark ... Read More »

Norway to build 12.7b euro gas field at North Sea

OSLO: Norway has nodded to build the huge Johan Sverdrup gas field worth 12.7 billion euros in the North Sea. The project, headed by Norwegian oil group Statoil, is a huge boost to the country’s flagging oil sector, which has suffered from plunging investments due to lower oil prices. “The development will be of enormous significance for employment and activities ... Read More »

Norway sovereign-wealth oil fund posts negative return

OSLO: Norway’s sovereign-wealth fund, the world’s biggest, has a reported a near percentage-point decline in the value of its investments in the second quarter, pulled down by weak returns from bonds and US equities as well as the Norwegian krone’s appreciation against the dollar and other currencies. Norges Bank Investment Management, the arm of the central bank that manages the ... Read More »

Indonesian Fisheries Minister visiting Norway to explore closer business ties

OSLO: Indonesias Maritime Affairs and Fisheries Minister Susi Pudjiastuti has been visiting Norway, since August 18, to explore closer bilateral cooperation in the fisheries sector. The minister, whose visit concludes today, is being accompanied by Indonesias Ambassador to Norway, Yuwono A. Putranto, and took part in numerous engagements in Oslo and Trondheim, Hartyo Harmokoyo, the First Secretary of the Indonesian ... Read More »

Cheap oil drags on Norway’s economy growth

OSLO: Falling crude prices are slowing Norway’s economic growth and driving up unemployment. Exports from Europe’s biggest oil producer are down 0.1 percent in the second quarter, while petroleum and shipping industry output declined one percent, according to Statistics Norway. We have confirmation that the economy is decelerating,” DNB ASA analyst Kjersti Haugland told Bloomberg. “There will be a prolonged ... Read More »

Norwegian$1.15 trillion fund giant puts premium on ethical investing

OSLO: Norway’s $1.15 trillion Cdn sovereign-wealth oil fund announced this week that it will sell its stakes in four Asian companies over environmental concerns, underlying yet again how willing it is to take an activist approach to companies that fail to meet its ethical standards. The mammoth fund, which is financed by profits, taxes and fees from Norway’s offshore oil ... Read More »

Ageas says to Narrow bidders for $1b Hong Kong Business

OSLO: Ageas, the insurer that emerged from the collapse of Fortis, has narrowed the list of bidders for its Hong Kong life insurance arm, people familiar with the matter said. Hong Kong billionaire Richard Li’s FWD Group and Fosun International Ltd. are among the firms invited to submit final offers, the people said. The wholly-owned unit could be valued at ... Read More »

Norwegian IT services firm Evry to cut 500-550 full-time jobs by end of year

OSLO: Norwegian IT services firm Evry will cut 500-550 full-time jobs by the end of the year in a bid to boost profits and its ability to compete in the Nordic market, the company said on Monday. The cuts will take place in Norway and Sweden with the aim of saving 400 million-500 million Norwegian crowns ($48.47 million-60.59 million) per ... Read More »

Cargill to acquire EWOS, Norwegian fish feed supplier, for $1.5b

OSLO: Cargill said that it had agreed to acquire EWOS, a supplier of feed for salmon and trout farms, from its private equity owners for 1.35 billion euros, or about $1.5 billion. The deal would be the American food and agriculture giant’s first entry into the salmon market, making it a leading supplier to salmon farms as it expands its ... Read More »

Formigli Joins advisory board of Norway’s energy Ventures

OSLO: Stavanger, Norway-based private-equity firm Energy Ventures appointed Jose Formigli to its advisory board. He has worked in management for the Campos Basin and in E&P executive management, the company said Aug. 13. Formigli has more than 30 years’ experience in Brazilian upstream sector well construction, subsea and topsides engineering. In 2014 he retired from Petrobras, and had been a ... Read More »

Emerging currencies hit lows on domestic woes, yuan slide

OSLO: Aug 14 Major emerging currencies tumbled to record and multi-year lows on Friday as domestic troubles were compounded by the fallout from a turbulent week for the yuan, with emerging market shares on track for their fourth week of losses. Following China’s surprise currency devaluation on Tuesday, the yuan held steady against the dollar on Friday after suspected intervention ... Read More »

New Digital tax rules to fail without better Communication

OSLO: A lack of transparency and poor communication in the introduction of new digital tax rules in Europe resulted in a lack of awareness and significant resistance from small-to-medium (SME) sized online merchants. Although these digital tax changes had been agreed since 2008, many merchants were left in the dark as the January 1 deadline approached. In an effort to ... Read More »

Biomar sees Chile challenges offset Norway growth

OSLO: Feed firm Biomar reported strong growth in sales revenue and a slight increase in operating profit in Q2, but tough times in Chile dampened the results somewhat. Biomar, which is part of Danish conglomerate Schouw & Co., reported turnover of DKK 2.23 billion, up 21.86% year-on-year. Operating profit only nudged up, however, to DKK 78.8 million, compared to DKK ... Read More »

Norway engineers look to Statoil dividend to save 67% stake oil jobs

OSLO: Norway should use the dividend from its 67 percent stake in Statoil ASA, the nation’s biggest crude producer, to fund a program to save oil jobs, according to the country’s largest engineers union. Norway, western Europe’s biggest crude producer, faces a slowdown that’s already pushed unemployment to the highest level since at least 2006. Unemployment among engineers has tripled ... Read More »

Oil Shock draws Stimulus pledge from Norway’s Prime Minister

OSLO: Norway is ready to tap its oil wealth to stop the economy hemorrhaging jobs amid the deepest slump in crude prices since the financial crisis. Prime Minister Erna Solberg is working on a budget proposal for next year backed by the country’s $875 billion sovereign wealth fund to help secure jobs and soften the downturn in western Europe’s largest ... Read More »