Authority wants to limit borrowing

Norway’s financial authority (Finanstilsynet) wants to tighten lending requirements, part of an effort to curb the country’s ever-rising debt levels. It’s proposing a lower limit on how much private individuals can borrow, and tightening lenders’ latitude for making exceptions. With interest rates historically low, based on the central bank’s key policy rate of 0.0 percent, it’s […]

Interest rates tied to the infection rate

Norway’s central bank (Norges Bank), worried about rising Corona infection rates, opted to keep its key policy rate at zero on Thursday. That prompted the country’s currency to lose even more of its recent strength, while the bank board thinks housing prices will rise even higher than earlier expected. The decision by the central bank’s Monetary Policy […]

More Corona aid for a ‘fragile’ economy

NEWS ANALYSIS: Government ministers handed out more packages of Corona crisis aid this week, in an effort to avoid bankruptcies and preserve jobs. The need for all the emergency funding and financial support shows just how fragile the Norwegian economy has become.  Rising Corona infection rates lately have put a new chill on Norway’s traditionally […]

‘Krone’ sinks along with oil business

Norway’s currency has weakened once again this week, in line with the North Sea oil price that still fuels the country’s economy. What’s more economically worrisome is the gloomy outlook for the entire offshore industry, as oil and gas producers cut back on staffing and face legal challenges for failing to take climate issues seriously […]

More companies report heavy losses

Norwegian newspapers are suddenly full of stories about losses being posted by local companies in the second quarter and first half of the year. The Corona crisis is clearly being registered on lots of bottom lines. Just a day after Scandinavian Airlines (SAS) reported enormous losses, leading salmon producer Mowi (formerly Marine Harvest), for example, […]

Historic dive in industrial production

Norwegian industrial production continued to fall during the second quarter, down 5.6 percent compared to the same quarter last year. State statistics bureau SSB (Statistics Norway) reported that there hadn’t been such a decline recorded since 1990. SSB stressed that the decline was strongly linked to the Corona crisis that raged in all three months […]

‘Krone’ strengthens amid Corona chaos

Norway’s krone was trading at less than NOK 9 against the US dollar on Thursday, its strongest level since January. Currency analysts linked the rise mostly to higher oil and housing prices, and more market optimism. On Thursday morning it cost NOK 8.94 to buy one US dollar. That compares to more than NOK 11 […]

Wind power set to blow less fiercely

The Norwegian government is proposing what it calls an “historic tightening” of regulations around wind power projects on land. The goal is to reduce conflict levels over the huge turbines that tower over the landscape and pose a threat to birds and other wildlife. After weeks of wind power protests that turned ugly, Oil & […]

Norwegians go shopping again

Debit- and credit card use among Nordea bank customers in the first week of June was higher than it was before the crisis began in March. The Nordic banking group views the jump as a sign that Norwegians’ consumption continues to increase. It’s another sign that the Norwegian company is recovering from the Corona crisis. Even though […]

New wind power protests turn ugly

UPDATED: Another rash of angry demonstrations against wind energy projects has spread over Norway recently. Some protesters targeted Norway’s Oil & Energy Minister Tina Bru over the weekend, calling her nasty names and leaving her feeling physically threatened. “For the first time, I felt a real sense of discomfort,” Bru wrote on social media after the […]