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Monday, March 20, 2023

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Market turbulence fuels uncertainty

It was another turbulent day on the Oslo Stock Exchange and most others around the world, as new economic uncertainty grips the markets. The price of Norway's North Sea crude oil fell again and its currency remains weak, boosting...

Future uncertain for popular ‘Flytoget,’ the Airport Express Train

UPDATED: Norway's first high-speed train line has been running to and from the country's gateway airport, Oslo Gardermoen, since it opened in 1998. Now its future is uncertain, a victim of politics and back-room pressure from labour organizations despite...

Wind turbines’ future still up in the air

Sami and environmental activists ended their blockades of several Norwegian government ministries on Friday, after securing official promises that huge turbines generating wind power on the Fosen Peninsula will no longer be allowed to violate their human rights to...

Housing starts and sales sink

Norway's homebuilders' association reported historically weak sales of new homes in January and a sharp decline in construction of new housing developments. They blame higher interest rates and a reluctance to invest in new projects. "We predicted a rough winter...

Norway ‘lacks political willingness’ to meet its climate goals

Despite all the gas and oil money pouring into Norwegian coffers (or perhaps because of it), Norway hasn't invested enough of it in alternative energy to help meet its climate goals, and probably won't by 2030 either. Commentators point...

More huge profits raise concerns

Several of Norway's most important companies are reporting more record earnings. That's usually viewed as a good thing, but not now when they're tied to painfully high prices for oil and gas that in turn are a result of...

Food tax unlikely to be lowered

Norwegians have long had to pay tax on food purchases as well as on all other goods and services. They'll likely need to keep swallowing it, after a proposal to remove or lower the tax was not well-received. The proposal...

Finance minister behind budget blunder

Norwegian Finance Minister Trygve Slagsvold Vedum and his ministry colleagues need to rewrite much of their state budget for 2023, because they underestimated inflation and expected stronger economic growth. They'll also need to withdraw more money from the Oil...

Norwegians face even higher prices

NEWS ANALYSIS: Norway's notoriously high prices at the grocery store rose yet again from February 1, and state officials have been busy scolding the country's biggest grocery chains and their suppliers. Many unhappy customers stocked up before prices increased further,...

Airline Flyr lands in bankruptcy

UPDATED: Flyr, the upstart Norwegian airline that took off when the pandemic eased, has been grounded. Its board of directors announced Tuesday evening that they had unanimously decided to file for bankruptcy in the Oslo County Court on Wednesday,...

Taxes add to electricity bill shocks

High electricity rates in December have resulted in huge new bills landing in Norwegians' mailboxes this month, made worse by the state's 25 percent tax on goods and services. Calls are going out for the government to remove the...

Economic chill may be melting already

NEWS ANALYSIS: There's been no end to the scare-stories in Norwegian media about what a cold and tough year lies ahead for the economy. The higher costs of everything from energy to food and loan payments have prompted economists...

Interest rate ‘policy path’ now more uncertain

The Norwegian central bank's decision this week to keep its policy rate unchanged reflects Norway's still-high economic activity and tight labour market with low unemployment. The outlook was described as "more uncertain than normal," though, and Norges Bank is...

NRK wins back the Olympics

Norwegian Broadcasting (NRK) has won back the rights to broadcast four Olympics beginning with the Winter Games in Milan and Cortina in Italy in 2026. NRK's new boss Vibeke Fürst Haugen won't say, though, how much the contract will...

Another newspaper cuts editions

Oslo-based newspaper Dagsavisen and two other regional papers in its media group have become the latest to cut their weekly number of editions from six to three, in order to cut costs. They'll all rely more heavily on their...

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