Krone expected to rise against dollar

Norway’s central bank refrained once again from raising interest rates on Thursday but now states that it’s “likely” to do so in September. That in turn can boost the value of the country’s currency, the krone, which already is expected to strengthen significantly against the US dollar next year. Newspaper Dagens Næringsliv (DN) was even […]

Huge new contracts fuel the oil industry

Just two weeks after a huge new drilling rig for Norway’s state-owned oil company was completed and towed away from Aibel’s yard in Haugesund, Equinor (formerly Statoil) was busy handing out billions of kroner worth of more contracts. The new wave of work for the oil service business confirms that Norway’s oil age is far […]

Solberg struggles to save the seas

NEWS ANALYSIS: Erna Solberg made history over the weekend by being the first Norwegian prime minister to be invited to a G7 meeting. Her goal of raising high-level consciousness about the state of the seas, however, was largely overshadowed by all the drama stirred up by US President Donald Trump both at and just after […]

Hot housing market still scares experts

Norway’s high and still-rising housing prices have prompted the International Monetary Fund (IMF) to warn Finance Minister Siv Jensen against loosening up the financing rules she tightened less than two years ago. Local economists and even real estate brokers also think capital requirements need to remain strict. An IMF delegation was in Norway this week […]

Italian unrest hits Norway’s ‘krone’

Oil prices have been rising and Norway’s economy is surging ahead, but that hasn’t made the Norwegian krone stronger, as might be expected. It weakened considerably against the US dollar on Tuesday, with analysts blaming political unrest in Italy that’s hit the euro, and even a weaker krone in neighbouring Sweden. It cost more than […]

‘Fairy tale’ start for new ‘Equinor’

With oil prices now up to around USD 80 a barrel for Norway’s North Sea crude, this brand-new drilling rig for the country’s state-controlled oil company is poised for what’s likely to be a festive tow-out to its new Johan Sverdrup oil field. Eldar Sætre, CEO of the former Statoil, referred to the profits now gushing […]

Cash is king at most confirmations

Norwegian teenagers going through the rite of passage known as konfirmasjon (confirmation) have been caught boasting about all the money they’re given in gifts. Their claims on social media, often accompanied by photos showing them fingering lots of cash, paint an unflattering picture of greed and anything but the maturity confirmation is literally supposed to […]

Revised budget taps less from Oil Fund

Finance Minister Siv Jensen has long wanted to invest more of Norway’s oil revenues at home, in everything from better roads to more nursing homes, instead of in stock markets abroad. She’s nonetheless going along with plans to tap the country’s huge Oil Fund for even less than the conservative government coalition projected in its […]

No rise in interest rates, for now

Norwegians with big mortgages could breathe another sigh of relief on Thursday, after the country‘s central bank board refrained once again from raising interest rates. Rates are still expected to rise later this year, but Norges Bank’s Executive Board decided to keep its key policy rate at 0.50 percent unchanged for now. “The outlook and […]

Tax revenue boom ‘signals optimism’

Finance Minister Siv Jensen has reason to smile after a long and difficult winter: New figures show a boom in unexpected tax revenue rolling into the state treasury, much of it tied to Norway’s economic recovery from the oil price collapse. “This is another signal of optimism and brighter times,” Jensen told Norwegian Broadcasting (NRK) […]