Hydro admits to spills in Brazil

Norwegian industrial firm Norsk Hydro has confirmed a series of unlicensed “release” of what it calls “excess rainwater” from its large aluminum plant in Brazil last month. Others including newspaper Dagens Næringsliv (DN) call the release “ulovlige utslipp” (illegal spills) that are suspected of having polluted local water supplies and left the Oslo-based company dealing with […]

Hydro accused of pollution in Brazil

Oslo-based industrial firm Norsk Hydro is fending off accusations that its Hydro Alunorte aluminum plant in northern Brazil has polluted water sources used by the local population. After initially denying the accusations, Hydro has formed an “expert task force” to review the situation, and stresses that it is cooperating with “all relevant authorities.” Both local […]

Brazilian leaders met by protests

Rainforest destruction in Brazil led to its environment minister and president being met by tough questions and protests after they arrived in Oslo for what was called “a working visit” on Friday. Prime Minister Erna Solberg was among those letting Brazilian President Michel Temer know that the Norwegians were not pleased. “I’m worried that deforestation in […]

Norway threatens to cut Brazil’s funds

Norway has sent nearly NOK 7.5 billion (around USD 1 billion) to Brazil over the past nine years to help the country preserve its rainforests. Frustrated that deforestation in the Amazon has picked up again, Norway is now threatening to cut its funding, just as Brazil’s embattled president was arriving in Oslo for an official visit. Newspaper […]

Statoil checks its Petrobras past

Norwegian state oil company Statoil has done business with its troubled Brazilian counterpart, Petrobras, for years. With Petrobras caught in an ever-growing corruption scandal, Statoil’s management has joined other Norwegian companies in probing its past dealings with Petrobras, with an eye to uncovering any evidence of bribery. Newspaper Klassekampen reported on Wednesday that Statoil, like […]

Crown prince back in Brazil

Crown Prince Haakon was wrapping up another trip to Brazil this week, helping Norwegian business boost ties despite local corruption scandals and promoting Norway’s funding for rain forest preservation. It’s the business interests, though, that often seem most important and where it’s an advantage to use the royals to gain attention. The trip didn’t get […]

Hydro shares sag on Brazilian tax shock

Norwegian industrial firm Norsk Hydro was ending the week in a slump, after new taxes imposed on its Brazilian operations scared off investors. The company lost fully 4.3 percent of its value on Wednesday and was still in the dumps on Friday. The steep fall was linked entirely to new tax bills in Brazil that […]

Hydro’s huge deal cuts state’s stake

Industrial concern Norsk Hydro announced the biggest foreign acquisition in Norwegian history on Sunday, saying it had agreed to buy the Brazilian mining company Vale SA for nearly NOK 30 billion. The deal will cut the Norwegian government’s stake in Hydro. The state has long been a major owner in Hydro, but now will see […]