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Tuesday, October 4, 2022

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Still lots of jobs as interest rates rise

Norway's central bank raised its policy rate once again on Thursday, in its latest attempt to control inflation. That's sparked some criticism that rising interest rates may hurt the job market, but other new numbers indicate an ongoing labour...

Oil Fund uses its clout to cut emissions

Norway's huge sovereign wealth fund has long put social and ethical demands on the companies in which it invests. Now its managers also want all the companies in the fund's portfolio to slash their carbon emissions, while still making...

Oil companies still keen on exploration

Climate change and long-term caps on carbon emissions haven't discouraged oil companies from applying for offshore exploration licenses in Norway's territorial waters. The 26 applications received last week also encouraged the Norwegian ministry in charge. Oil & Energy Minister Terje...

Energy crisis plan fails to spark support

There was "no reason to smile" after the government presented its plan to ease the shock of record-high electricity rates for businesses just before the weekend. Then the Parliament met for an extraordinary session on Monday, where 92 more...

Now Norway is Europe’s ‘reliable friend’ as an energy supplier

Some intense gas diplomacy in recent weeks seems to have paid off. Not only have the president of the European Commission and Norwegian Prime Minister Jonas Gahr Støre agreed to set up a task force aimed at lowering gas...

Politicians criticize tycoon’s move to Switzerland

One of Norway's wealthiest men, industrial tycoon Kjell Inge Røkke, cites other reasons for moving to Switzerland than avoiding his homeland's controversial tax on net worth, but neither politicians nor professors are buying them. One professor called Røkke's move...

Housing prices rose again

Lots of real estate experts and analysts had predicted that housing prices would settle down on higher interest rates, and that the sellers' market in most Norwegian cities would turn into a buyers' market. They were wrong, at least...

Pressure grows on Norwegians who’ve been spoiled by their oil

NEWS ANALYSIS: Norway's solidarity with the rest of Europe is being put to the test. At issue is whether Norwegians will continue to export electricity despite record-high bills for it at home, and personally share in its costs after Russia...

No more shame over oil and gas

A new market analysis shows that state oil company Equinor is currently earning more money than any other Norwegian company ever has. Equinor's huge profits, especially on its gas sales, are clearly linked to Russia's war on Ukraine, but...

Oil Fund wins and loses in turbulent times

High prices for oil and gas have kept the money generated by Norway's offshore oil fields flowing into its huge sovereign wealth fund this year, but lots of the money has leaked out again. Falling stock markets in which...

Analysts decry ‘energy nationalism’

Norway's record-high electricity rates have prompted calls by some politicians to cut off exports of the country's hydroelectric power. They want to preserve electricity supplies and bring rates down, but experts warn it could backfire badly and may not...

Government struggles under ‘weak’ leadership

NEWS ANALYSIS: Prime Minister Jonas Gahr Støre is on the defensive after his Labour Party has once again crashed in public opinion polls. His government coalition partner, the Center Party, is also in trouble with voters, with commentators suggesting...

Interest rates rising to keep economy from overheating

A decision by Norway's central bank to opt for a second "double dose" interest rate hike on Thursday is aimed at cooling the country's strong but overactive economy. Norges Bank also made it clear that its policy rate that...

SAS faces more labour negotiations

Passengers have been streaming back to Scandinavian Airlines (SAS) after its lengthy pilots' strike finally ended. Now the airline also needs to secure an agreement with its flight attendants, who claim they haven't had a raise since 2012. "Our goal...

Parliament called into extraordinary session over Norway’s ‘energy crisis’

NEWS ANALYSIS: Sparks have been flying for months over an ongoing rise in Norway's once-low electricity rates. They've been setting new records in some portions of the country nearly every day, even during the summer when demand is low....

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