Norwegians earning less and spending more

Norwegians haven’t saved so little of their household income since 2010, according to new numbers compiled by state statistics bureau SSB (Statistics Norway). The numbers from the second quarter of this year worry economists. They indicate that Norwegian households only save 5 percent of their household income, down from 7.1 percent in the first quarter […]

Interests rates to remain low

Norway’s central bank board agreed once again on Thursday to leave its key policy rate at 0.5 percent. Interest rates haven’t been raised or lowered since March of last year, when there was a quarter-point reduction. Central bank boss Øystein Olsen said there was no need for any change right now, as Norway recovers from an […]

Oil Fund passes ‘new milestone’

Norway’s huge sovereign wealth fund known as the Oil Fund surpassed a market value of a trillion US dollars this week, at around 2am on Tuesday September 19 to be exact. It was the first time the fund hit the record level, and its chief executive allowed himself to be impressed. “I don’t think anyone […]

Moods of Norway files for bankruptcy

They were once jumping for joy and declaring how they made “happy clothes for happy people.” Now the mood has changed dramatically among those working for Moods of Norway, the offbeat Norwegian clothing retailer, after its founders declared bankruptcy on Wednesday. “It’s incomprehensibly sad that the adventure is now over,” Moods of Norway founder Simen Staalnacke told Norwegian […]

Norske Skog rescue plan wins some nods

Norwegian investor Christen Sveaas seemed to be getting a good reception for a rescue plan he and the board of Norske Skog presented for the troubled forest products company on Monday. His potential replacement as board leader, Sven Ombudstvedt, was positive. “In this proposal we have a little something for everyone,” Sveaas said when presenting […]

Offshore giant aims to refloat fortunes

Seadrill, controlled since its founding by Norwegian shipping magnate John Fredriksen, aimed to be the world’s largest offshore offshore drilling contractor. It was already burdened with heavy debt, though, when oil prices collapsed in 2014, prompting it to ultimately file for bankruptcy protection last week in a move now aimed at reviving its fortunes. The company has stressed that […]

Foreign minister resigns his post

UPDATED: Norwegian Foreign Minister Børge Brende won’t be part of the new government Prime Minister Erna Solberg is in the process of forming after winning re-election earlier this week. Brende, who has traveled almost non-stop since Solberg chose him as her envoy four years ago, has announced his resignation and will return to the World […]

Food prices suddenly fall

Norway’s notoriously high food prices have become a bit easier to swallow. State statistics bureau SSB (Statistics Norway) has confirmed that they declined rather suddenly during the summer, to a degree that also has brought declines in both the country’s consumer price index (CPI) and its inflation rate. Newspaper Dagsavisen reported this week that food […]

SAS pilots agree to call off their strike

Flights at Scandinavian Airlines (SAS) were due to start taking off again in Norway by mid-afternoon on Thursday, after disgruntled Norwegian pilots finally agreed to a new contract with the airline’s management. A state mediator announced the breakthrough after marathon talks through the night, but the pilots still aren’t completely satisfied. “We did win acceptance […]

Lenders take control over Norske Skog

UPDATED: One of the most important groups of creditors at debt-laden forestry firm Norske Skog has seized control of the company’s production plants. They’ve also cleared the way for the return of former Norske Skog boss, Sven Ombudstvedt, and caught the company’s widely viewed saviour, Christen Sveaas, by surprise. Sveaas and the company’s newly elected board of […]