Innovation chief cleared, but quits

Anita Krohn Traaseth has been cleared of wrongdoing in her job as chief of state development agency Innovation Norway. She nonetheless decided to quit last week, claiming that five years in the job was enough. Traaseth’s resignation came just a week after an external audit conducted by consulting firm Deloitte concluded that Traaseth didn’t break […]

‘Krone’ weakens as oil prices fall

Norway’s krone has been losing value again this week, after oil prices sunk back to where they were last spring. It cost just over NOK 8.50 to buy one US dollar Wednesday afternoon, even after oil prices slightly recovered. The price of a barrel of Norway’s North Sea crude oil, the country’s most important export […]

Oil Fund battered but still booming

NEWS ANALYSIS: Norway’s huge state pension fund known as the “Oil Fund” was back in the news this week, most recently for earning another dizzying amount of money in the third quarter. It’s been battered by the recent global stock market unrest since, though, and debate continues over whether it should stop investing in the […]

‘Wealthy’ Norway to pay poor pensions

Norway, the country with one of the world’s largest pension funds, actually ranks low in terms of pension income that workers in the private sector can expect when they retire. Pension reform in Norway has left many employees with pensions that will equal less than half their income upon retirement. Newspaper Dagens Næringsliv (DN) reported Tuesday […]

Norway sues US over ‘illegal’ import tax

It’s highly unusual for allied nations to sue one another, but Norway is joining the European Union (EU) in filing a legal complaint against the US’ Trump Administration over its new customs duty on steel and aluminum. Norway claims the import tax violates the rules of the World Trade Organisation (WTO). US President Donald Trump […]

More new currency notes set to sail

Norway’s central bank is due to formally launch its new 500- and 50-kroner notes into circulation on Thursday. The new bills, issued in order to introduce more security features to prevent counterfeiting, carry on Norges Bank’s maritime theme that shines through them all. The NOK 50-note literally shines with its image of the Utvær Lighthouse […]

Analysts mixed on stock market fall

The Oslo Stock Exchange was battered this week like other stock markets around the world, following Wednesday’s dives in the US and Asia. One major Norwegian investor advised against doing any “bottom fishing” just yet. “Rising uncertainty tied to trade wars, rising interest rates and rising oil prices can accelerate the fall,” Jan Petter Sissener […]

Housing prices are down nationwide

Average prices of both new and used homes fell in Norway last month, another sign that the country’s once-red-hot residential real estate market has cooled off. While many cite a better balance between supply and demand, it’s not good news for builders of all the housing projects now underway. “It seems like there’s been a […]

Oslo Stock Exchange tops all the others

The Oslo Stock Exchange (Oslo Børs) has provided better returns for investors this year than any other stock exchange in the world. The small but financially mighty bourse reflects the effect rising oil prices have had on the resurgent Norwegian economy, and even the economic redevelopment of the neighbourhood surrounding it. Surrounded by a fenced-in […]

Interest rates begin to creep upwards

The executive board of Norway’s central bank cautiously raised interest rates on Thursday for the first time in seven-and-a-half years, but not as much as predicted. An increase was widely expected and even viewed as good news because it’s a sign of renewed strength in the Norwegian economy, while some economists question whether the rise […]