Nordea to cut jobs in Norway, too

Nordic finance and banking group Nordea’s decision to cut as many as 6,000 jobs is likely to lead to job losses in Norway as well as in Denmark, Sweden and Finland. The exact number remained unclear Thursday, after Nordea announced that many of its employees will need to find something else to do. “There will […]

More drama grips Norske Skog

Norwegian forest products company Norske Skog isn’t out of the woods yet, despite what it calls “strong support” for what’s been billed as its “last” recapitalization plan. One of the debt-laden paper producer’s largest creditors has suddenly taken a different path, after initially agreeing to support the recapitalization, and that’s raised the prospect of bankruptcy […]

Central bank keeps interest rates low

The boss of Norway’s central bank (Norges Bank) seemed to agree on Thursday with the vast majority of Norwegian economists and analysts that it’s best to keep the country’s interest rates low and stable. The bank’s executive board announced after its lastest meeting that its “key policy rate” will remain unchanged at 0.5 percent. “The […]

Scope of Oslo’s housing scandal grows

Nearly NOK 700 million worth of residential real estate purchases by the City of Oslo, for use as housing units for troubled or financially strapped welfare clients, are now the target of various investigations. The purchases were made from serial bankruptcy filers who are believed to have logged huge gains at the expense of Oslo […]

Oslo boosters get another chance

News that the travel gurus at Lonely Planet had placed Oslo on its list of top-10 destinations in 2018 could cheer civic- and tourism boosters disappointed by how a new film shot in Oslo, The Snowman, flopped at the box office. Another Norwegian TV series that’s being sold internationally may give them another chance for […]

Loan demand falls with housing sales

Construction cranes remain a common sight in the Norwegian capital, but homebuilders have seen a dramatic sales decline in recent months and home loan demand has also fallen. Norwegian banks are reporting the biggest fall in lending inquiries since 2010, and some may trim interest rates to levels even lower than they are now. As […]

Kuwait invests in Norwegian oil

When Oil & Energy Minister Terje Søviknes officialy opened the new Gina Krog oil field in the North Sea this week, a man from Kuwait was standing and smiling in the background. Ali al-Mousa is chief of Norwegian operations for Kufpec, Kuwait’s state-owned oil company’s overseas unit, and it now owns 30 percent of Gina […]

Aker BP keen on more oil field stakes

In another sign that the oil industry is recovering, Oslo-based Aker BP has embarked on a shopping spree of sorts. It’s sending out clear signals that it’s interested in buying more stakes in Norway’s offshore oil fields. Newspaper Dagens Næringsliv (DN) reported Wednesday how shares in Aker BP (formed through the merger last year of […]

Man charged in city housing scandal

UPDATED: Norway’s economic crime unit Økokrim has launched an investigation of its own into the City of Oslo’s questionable purchases, at inflated prices, of residential housing units. A man who’s been buying apartment buildings for the city since 2014 has been arrested and charged with misappropriation of funds and breach of trust. Newspaper Dagens Næringsliv […]

Chinese firm fights bridge ‘boycott’

Just six months after top Norwegian politicians mended relations with China, some local ones in the county of Nord-Trøndelag have so angered a Chinese company that it’s threatening legal action. Sichuan Road and Bridge Group (SRBG) is also accusing the local Norwegian officials of boycotting the company, as fears rise that the conflict can hurt […]