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Tuesday, March 19, 2024

Business

New trade deal with India draws cheers

Norway's national employers' organization NHO was jubilant after the government announced a new trade deal with India over the weekend. It will mostly eliminate customs duty on Norwegian exports over the next five to nine years. India will also...

Salmon death toll spikes at fish farms

Norway's Institute of Marine Research has reported a dismal and "dizzying" number of salmon that died at Norwegian fish farms last year: 65 million. That's up 27 percent from the year before. "It's a very high number, almost dizzying," researcher...

‘Housing market is back,’ maybe

Real estate market analysts were surprised when new figures for January home sales showed an unusually high rise in average prices. That sparked new optimism, but the number of actual sales declined. The nationwide average for prices was up 3.4...

Fish farming fouls fjords, and now faces fines

NEWS ANALYSIS: Norway's huge fish-farming industry has become almost as controversial as the country's oil and gas. Salmon producers in particular have long been accused of endangering wild salmon, but now Norwegian media have also reported how some fish...

Interest rates stable, for now

Norway's central bank opted against raising its key policy rate on Thursday, even though inflation is still high and the country's currency, the krone, remains historically weak. The krone has nonetheless strengthened by more than expected in recent weeks,...

Rental rates hit historic highs

Never before have rental rates in Norway been so high, with average monthly rates up 7.5 percent in the fourth quarter of last year. In Oslo it now costs an average NOK 16,011 a month to rent an apartment,...

Housing sales took a dive

New figures show that housing sales at one of Norway's largest homebuilders, Obos, fell 44 percent last year compared to sales in 2022. The real estate division of Norway's largest bank, DNB Eiendom, notes that holiday home sales also...

Thumbs up for more oil from Norway, climate advocates wail

The Norwegian government defied noisy climate and environmental advocates outside a major oil industry seminar in Sandefjord on Tuesday, by handing out 62 more oil and gas licenses in the North Sea and its offshore Arctic areas. Critics quickly...

Food price hikes outpace inflation

Norway is known for high food prices, but now they've risen to shocking levels despite (or because of) large government subsidies to Norwegian farmers and tariff protection from foreign competition. New figures this week show that they rose at...

Ski resorts profit on all the snow

Norwegians are growing weary of all the snow and subzero temperatures lately, but Norway's ski resorts are welcoming this winter with open arms. The country's major downhill skiing centers are reporting record-high traffic and bookings, despite concerns about inflation...

Grocery chains launch New Year price cuts

After years of complaints over high prices and profits, Norway's leading grocery store chains say they're launching new price-cutting campaigns in the New Year. The cuts come also after the government has signalled another probe into grocery pricing and...

Norwegian Air cleared for takeover

Norway's competition authority has reversed an earlier decision and cleared Norwegian Air's pending takeover of a smaller rival, short-haul carrier Widerøe. Both airlines were pleased by the early Christmas gift. "They (Widerøe) couldn't have a better owner," claimed airline analyst...

Norway went along with latest climate compromise

Norway, one of the world's major oil producers, joined countries around the world last week in agreeing to "transition away from fossil fuels in energy systems." The goal is to meet net zero carbon emissions by 2050, and it...

Interest rates boosted again

Norway's central bank doled out a pre-holiday surprise on Thursday, but not the one borrowers wanted: Its key policy rate was raised by another quarter-point, along with a warning that no interest rate cuts can be expected until as...

Norway renews rainforest support in the Amazon

Norwegian officials confimed a new donation equivalent to USD 50 million (more than NOK 500 million) to help Brazil reduce deforestation in the Amazon. It's the first donation since 2018, when Norway cut funding because of the former Brazilian...

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