Unemployment rate declines

Norway’s state statistics bureau SSB (Statistics Norway) has reported that unemployment declined on a national basis in December to 4.4 percent. That’s down from 4.7 percent in September, and DNB Markets said it was “unexpected.” DNB’s analysts had predicted that unemployment would remain steady at 4.7 percent but cautioned that the labour market remains weak. […]

Telenor finally sells troubled India unit

After years of heavy losses and regulatory conflicts, Norway’s large telecoms firm Telenor has finally pulled the plug on its operations in India. Its deal to sell long-troubled Telenor India to Bharti Airtel, at a stunning loss of NOK 25 million, was “the best we could manage,” claimed Telenor’s embattled chief executive Sigve Brekke. “Of course […]

Norway wins another Michelin star

A small sushi bar in Stavanger that started out as a take-away joint won Norway’s latest new star in the Michelin restaurant guide released on Wednesday. The exclusive Oslo restaurant Maaemo, meanwhile, kept all of its three Michelin stars, and thus its spot at the top of the world’s culinary establishments. Sabi Omakase, located on Pedersgata […]

Overall pay growth lowest since the war

Higher prices in Norway cut into the modest pay raises received by Norwegian workers last year. That led to a large decline in purchasing power that labour unions want to correct this year. After the last two years of economic downturn and lots of job cuts in the important oil and offshore industries, both labour […]

‘Goliat’ platform still struggling

Norway’s pioneering offshore platform on the Goliat field in the Arctic was out of operation again last week. Newspaper Dagens Næringsliv (DN) reported that field operations were disrupted nearly four out of every 10 days last year, but the chief executive of the Italian oil company in charge claims he’s still proud of Goliat. “We had down-time […]

Tetra Pak’s rival reacts to tight Tine ties

The chief executive of Elopak said on Monday that he was “negatively surprised” by news that his company’s arch rival, Tetra Pak, is under investigation for allegedly bribing a top purchasing executive at Norwegian dairy conglomerate Tine. “We’ll have to see what comes out of this,” Niels Petter Wright of Elopak told newspaper Dagens Næringsliv (DN). In a lengthy […]

Crime unit probes bribery at Tine

UPDATED: A senior manager in charge of purchasing at Norway’s dominant dairy conglomerate Tine was treated to travel, spa visits, gifts, 145 dinners and 246 rounds of drinks over a four-year period by a seller at Tetra Pak, the packaging firm that has Tine as its sole large customer in Norway. Suspicion of alleged bribery was so strong that Tine […]

Bank boss had to alter annual address

Norway’s central bank boss Øystein Olsen had to make some last-minute changes in his important annual address on the economy Thursday evening. Just hours before he took the podium, government leaders announced they were finally going along with something he’s recommended for years: putting new limits on the use of Norway’s oil revenues. Olsen, governor of […]

Government reins in Oil Fund use

Prime Minister Erna Solberg and Finance Minister Siv Jensen, who have transferred more money from Norway’s Oil Fund to the state budget than any of their predecessors, now propose tying such withdrawals in the future to “more realistic,” and lower, expected returns. That can further limit the use of Norway’s oil revenues, and they also want to […]

Statoil optimistic in a new oil market

After years releasing a lot of bad news, the chief executive of Norway’s biggest and arguably most important company now seems defiantly optimistic. Statoil CEO Eldar Sætre even had his closest associates laughing last week, just before they all had to release some of the poorest results in the company’s history. They’re all confident that the […]