Bankruptcies hit a new 25-year high

More than 5,000 Norwegian stock-held companies declared bankruptcy last year. It’s the highest number since 1993, and it puzzles analysts because Norway’ economy is otherwise doing well. “We have some problems explaining the high bankruptcy numbers for 2018,” Per Einar Ruud of the data and analysis company Bisnode told newspaper Dagens Næringsliv (DN) on Monday. […]

Still ‘big problems’ with equality issues

Several of the most powerful positions in Norwegian society are currently held by women, but equality hasn’t fully extended to Norwegian business. As thousands of women prepared to march in International Women’s Day demonstrations on Sunday, new studies confirm that the battle for gender equality has not been won. “Norway is often seen as a citadel of equality, […]

British investors board Hurtigruten

British investment firm TDR Capital has made a surprise offer to acquire Norway’s iconic coastal shipping line known as Hurtigruten, with Norwegian businessmen Trygve Hegnar and Petter Stordalen as hangers-on. Hegnar is currently Hurtigruten’s largest shareholder, controlling a third of its stock, and is also chairman of the board. If the proposed deal goes through, […]

Marine Harvest broke competition laws

Norwegian-based international seafood company Marine Harvest, owned by industry tycoon John Fredriksen, was fined NOK 166 million (EUR 20 million) by the European Commission on Wednesday for breaking competition laws. Marine Harvest was punished for acquiring competing fishing business Morpol without authorization under EU merger rules, but the company argued it had done nothing wrong […]

Profits sink after Aker write-down

Norwegian oil and gas company Aker Solutions reported weaker than expected quarterly results on Thursday, with the earnings before interest, taxes, depreciation and amortization (EBITDA) falling to NOK 429 million (USD 69.2 million), compared with NOK 786 million on the same time last year. The results followed the announcement earlier this year that the company […]

Økokrim appeals Transocean case

Economic crime unit Økokrim announced on Wednesday it would appeal parts of the Transocean judgment, Norway’s largest ever tax fraud case. The Oslo city court acquitted all parties to the nine-year investigation earlier this month, but the unit said it would appeal three of the five matters involved. When the case was dismissed, Økokrim was […]

Oslo filmgoers hit by cinema spat

Oslo film lovers are missing out on major blockbusters this summer due to a conflict between cinema chain Oslo Kino and distributor UIP. Oslo Kino’s new owners Egmont Nordisk Film denied it had ordered the chain to demand UIP provide the film rights at a lower price. On Friday, big-budget Hollywood action film Transformers: Age […]

Transocean tax case fallout continues

All charges were thrown out in Norway’s largest ever tax case last week, but the heated debate continued as the ramifications of the Transocean decision were picked apart. On Monday, former Transocean board member Kristian Siem accused the Norwegian authorities of being too aggressive before anything had been legally proven and said all companies had […]

TeliaSonera buys Tele2 Norway

UPDATED: NetCom’s mother company TeliaSonera almost doubled its share of the Norwegian telecommunications market on Monday with the purchase of Tele2 Norway. TeliaSonera paid SEK 5.1 billion (USD 744 million) for the acquisition, which increased its market share from 23 percent to around 40 percent. The move increased TeliaSonera’s mobile subscription base to 2.7 million, […]

Government plans to sell off shares

Trade Minister Monica Mæland announced plans Thursday evening to greatly reduce the state’s ownership stakes in large Norwegian companies, starting with Telenor and Kongsberg Gruppen. She wants parliamentary permission to cut the state’s holdings in Telenor and Kongsberg from 54 and 50 percent respectively, to 34 percent. The stock sales could generate as much as […]