Central bank raises interest rates

Interest rates rose another quarter-point on Thursday, after Norway’s central bank decided that it was time to gently step on the country’s economic brakes. Norges Bank‘s governor, Øystein Olsen, also warned that another interest rate hike looms later this year. “Our current assessment of the outlook and balance of risks suggests that the policy rate […]

SSB confirms lower economic prospects

International trade tension and higher interest rates are likely to put a damper on economic activity in Norway, according to state statistics bureau SSB (Statistics Norway). “We have clearly lowered our prognoser,” said SSB researcher Thomas von Brasch after presenting SSB’s latest economic analysis last week. It confirms the concerns of several other analysts and […]

Debt adds to the oil dependency threat

NEWS ANALYSIS: Norway’s dependency on its oil and gas industry isn’t the only thing threatening the economy. After a week of falling oil prices, state financial regulators are also sounding alarms over Norwegians’ record high household debt at a time when interest rates are due to rise. “The household debt burden, measured in terms of […]

Jensen defends her use of oil money

Finance Minister Siv Jensen has had to fend off lots of criticism since unveiling Norway’s revised state budget for this year. Her decision to dip NOK 7 billion deeper into the country’s huge Oil Fund fueled claims that interest rates are now more likely to rise for a third time later this year, but Jensen […]

Euronext relishes Oslo Børs takeover

The French boss of the pan-European stock exchange Euronext said he planned to celebrate the takeover of the Oslo Stock Exchange (Oslo Børs VPS) with beer and ice cream during Norway’s Constitution Day festivities on Friday. Euronext prevailed in its bid for the exchange after the finance ministry deemed both Euronext and Nasdaq of the […]

200-year-old ‘Børs’ basks amid bidding

The Oslo Stock Exchange (Oslo Børs) could mark its bicententennial on Monday by basking in both bright spring sunshine and enormous investor attention. At the ripe old age of 200, the exchange is still so active and attractive that international suitors are eagerly bidding to take it over. As newspaper Dagens Næringsliv (DN) reported before […]

Interest rates rise on a strong economy

Norges Bank raised its key policy rate on Thursday in a move that was widely expected but also debated. Norway’s central bank board ultimately decided that economic growth is stronger than expected, and the country’s currency immediately strengthened on the news. The quarter-point rate rise to 1 percent was modest and at least may cheer […]

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. […]