Norwegian Air’s stock pounded

One of Norwegian Air's new Boeing 787 Dreamliners, at London's Gatwick Airport. PHOTO: Norwegian

The Oslo Stock Exchange was having another bad day on Monday, with all its five most-traded shares falling once again. None dove as steeply as Norwegian Air, which was down more than 12 percent by early afternoon, after falling more than 9 percent on Friday. British voters’ decision to leave the European Union (EU) set off the […]

Brende braces for the Brexit storm

Foreign Minister Børge Brende  thinks Norway needs to "sit still in the boat" until the turbulence around the Brexit vote settles down. PHOTO: Utenriksdepartementet

Foreign Minister Børge Brende is advising Norwegians “to sit still in the boat” as the storm rises around Great Britian’s pending withdrawal from the European Union (EU). Brende’s advice comes after a weekend of economic aftershocks following the so-called “Brexit” (British exit) vote. Reaction was swift and, as one financial analyst described it, “brutal” on Friday when the […]

190 lose their jobs at Oslo hotel

Hotel tycoon Petter Stordalen plans to remodel and expand his Clarion Hotel Royal Christiania in downtown Oslo, to turn it into Norway’s largest hotel. Fully 190 people now working at the hotel are losing their jobs in the process. “It’s unfortunate that so many will lose their jobs,” Stordalen told newspaper VG this week, “but it’s […]

Lien set to delay carbon capture

PHOTO: OED

Norway’s Oil & Energy Minister Tord Lien confirmed on Friday, when Norwegian media outlets were preoccupied with news about British voters deciding to leave the EU, that he wants to delay projects to capture and store carbon emissions for another two years. That’s likely to come as more bad news for the climate and environmental activists. Norway’s […]

Krone and stocks dive on ‘Brexit’

The Oslo Stock Exchange (Børsen) is off to a good start this year, with share prices rising and traders predicting more increases in the stock exchange index. PHOTO: newsinenglish.no

UPDATED: Norway’s key financial markets and the value of its currency all took a sharp dive on Friday after British voters decided to leave the European Union (EU). Shares in some of Norway’s biggest companies lost nearly 10 percent of their value when trading opened on the Oslo Stock Exchange, and Finance Minister Siv Jensen said she […]

Pending FMC layoffs lead to calls for an ambulance

Around 500 employees at FMC Kongsberg Subsea are being warned of possible layoffs this month. Some of them reportedly are taking the news so hard that the company has had to send for ambulances. “I can confirm that ambulances have been at FMC during this process,” Anne-Jenny Archer, who represents employees at FMC Kongsberg Subsea, told state […]

‘We’re used to others deciding’

PHOTO: Den norske EU-delegasjonen i Brussel

Norwegian Prime Minister Erna Solberg, who’s long wanted Norway to join the European Union (EU) and thus have a say in forming its policy, was blunt on Thursday about why she thinks British voters will regret an exit. As a non-member and a small country, Norwegians are “used to others deciding” over their own country, Solberg told  newspaper Dagsavisen, while the British are not. […]

Key interest rate kept low and steady

Øystein Olsen, whose official title is governor of Norges Bank, was clearly enjoying the outdoor bicentennial celebrations for Norway's central bank on Sunday, in perfect weather. PHOTO: newsinenglish.no/Nina Berglund

Central bank boss Øystein Olsen capped off weeks of celebrating Norges Bank’s bicentennial by announcing Thursday that its executive board had decided to keep Norway’s key policy rate steady at 0.5 percent. The board indicated there simply were no major reasons to make any changes right now. “The key policy rate forecast is little changed since the […]

Hundreds more set to lose their jobs

Subsea 7 will also be trimming its fleet of specially designed vessels used in its offshore business. PHOTO: Subsea 7

Subsea 7, the Norwegian-owned offshore firm that specializes in underwater seabed-to-surface engineering and construction services, is poised to lay off another 1,200 employees. The jobs cuts have already started in Norway and Great Britain, and will be felt at Subsea 7 operations worldwide. Dagens Næringsliv (DN) reported Wednesday that as many as five vessels will be […]

Strike averted in offshore sector

The Statfjord oil field in the Norwegian sector of the North Sea is one of Statoil's oldest. PHOTO: Statoil/Harald Pettersen

Oil drilling and other offshore operations could continue as usual on Wednesday after employers and unions representing their employees struck a new collective bargaining agreement in overtime talks during the night. Details of the new contract remained sketchy Wednesday morning but it appeared the offshore workers were able to retain their lucrative benefits and shift […]