Central bank chief backs oil industry

NEWS ANALYSIS: Norway’s oil industry and its supportive Norwegian government have won backing from the country’s central bank chief to keep on pumping and looking for more offshore oil and gas reserves. In an annual and much-followed speech Thursday evening, Øystein Olsen also opted against commenting on how the government spends Norway’s oil revenues, for […]

Oslo Stock Exchange attracts new suitor

Oslo’s small but strong stock exchange known as Børsen has attracted another prospective buyer. Now it’s US-based NASDAQ, billed as the second-largest stock market in the world, that’s making an offer the Oslo exchange’s board can’t seem to refuse. It follows an offer made by the European stock exchange Euronext just before Christmas, and sweetens […]

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. […]

Prospects bright for Norway’s economy

Norwegian economists agree that New Year prospects are bright for the country’s economy in 2019. They predict economic growth of 2 percent, low interest rates, lots of activity in the oil and oil service sectors and even a “perfect” real estate market. “Oil investments will shoot up, and that yields positive impulses for the rest […]

Stock exchange takeover hailed

A constallation of several European stock exchanges called Euronext is offering to take over the Oslo Stock Exchange for NOK 6.2 billion. While its director Bente Landsnes calls the bid “surprising,” major investors seem to support it, with 49.6 percent already agreeing to sell their stakes. Svein Støle, one of the biggest investors on the […]

Oil price dives as do shares, krone

Shares traded on the Oslo Stock Exchange fell another 2.5 percent on Thursday, while the price of Norway’s North Sea crude oil remains in what many analysts were calling a “free-fall.” That, along with fears of higher interest rates in the US, has also sent Norway’ currency, the krone, to its weakest level against the […]

New NHO boss for Norway’s employers

Ole Erik Almlid is formally taking over as chief executive of Norway’s powerful national employers’ organization NHO (Næringslivets Hovedorganisation). The former journalist and editor succeeds Kristin Skogen Lund, who left NHO earlier this autumn to take over a chief executive of media company Schibsted. Almlid and Lund had the same employer themselves when Lund was […]

Economists relieved as rates stay low

Economists had warned against any increase in Norwegian interest rates right now, and the country’s central bank may well have taken note. Its governor and board decided on Thursday to keep Norges Bank’s policy rate unchanged at just 0.75 percent, opting to delay an increase until the spring. “Our current assessment of the outlook and […]

Housing prices keep sliding

Norway’s real estate brokers’ organization (Eiendom Norge) reported another price decline in the housing market on Wednesday, with figures showing prices to be down another 1.5 percent on average in November. It was even weaker than normal for the month, but widely viewed as another correction after years of price hikes. The brokers stressed that […]

‘Krone’ weakens on a lower oil price

It cost more than NOK 8.60 to buy one US dollar on Tuesday, after the Norwegian currency weakened once again. Low oil prices are to blame, along with international unrest in general. “I’m not surprised the krone is where it’s at, in light of the oil price and risk aversion in the market,” Nils Kristian […]