Governor wary of propping up banks

UPDATED: The governor of Norway’s Central Bank (Norges Bank), Øystein Olsen, used his annual address in Oslo on Thursday evening not only to warn of “tougher times” ahead, but also against governments wantonly supporting banks on the brink of collapse. Norway bailed out its own biggest banks after a crisis at the end of the […]

Authorities chase hidden assets

The number of people seeking amnesty from Norwegian tax authorities over wealth hidden in international bank accounts doubled last year. Authorities said more agreements with foreign banks in the wake of the global financial crisis have made it harder to hide assets. “We have better oversight over what goes on in foreign countries, including through […]

Oil fund continues to suffer

Norway’s sovereign wealth fund, known officially as the “Government Pension Fund – Global” and unofficially as the “oil fund,” continues to lose value in the current international financial climate, with second quarter figures released on Friday suggesting that the outlook for the fund has not been particularly positive for much of the year. The fund […]

Interest rates unchanged as stocks fall

The Norwegian central bank, Norges Bank, has decided to hold interest rates at 2.25 percent in light of continuing global economic uncertainty, despite having originally planned further rises this autumn. Interests rates were raised to 2.25 percent on 12 May and the bank’s plans had predicted further rises at the end of 2011. Meanwhile, the […]

Stock Exchange rallies despite fears

Norwegians have begun predicting the possible consequences of the unfolding drama in international markets for the country, as the Oslo Stock Exchange itself put days of successive falls behind it to close trading up 1.06 points to 348.05 on Tuesday. The index fell dramatically at the start of trading but rallied quickly, boosted by a […]

Oslo Stock Exchange continues fall

The Oslo Stock Exchange’s main index fell by 5.65 percent to 344.39 by the end of trading on Monday, as turbulence in the international financial markets continued and predictions that a new financial crisis was on the way gathered pace. In step with other European indexes, the Oslo Stock Exchange rallied during the morning after […]

Stocks and oil fund take further hit

The Oslo Stock Exchange (OSE) fell to a new low for the year on Friday despite promising unemployment figures from the USA, while the country’s sovereign wealth fund (often referred to as the “oil fund”) also suffered from the difficult international financial environment. The OSE ended Friday’s trading down 2.75 percent on 365.03 points, meaning […]

Economy prospers despite EU crises

UPDATED: Revised forecasts suggest that the Norwegian economy will do better than originally expected this year, giving many consumers more money than they may otherwise have had. Nonetheless, Norway is not immune to the destabilizing forces in the world economy as the Oslo Stock Exchange fell for the seventh day in a row on Thursday […]

Norway ‘world champion’ for credit

Norway is benefitting from the debt crises affecting the USA and the Eurozone as money continues to flow in Norwegian government bonds. Financial newspaper Dagens Næringsliv has revealed that the rate of interest on government bonds has fallen to a record low. Figures from bank DnB Nor show that interest on bonds with a 10 […]

What's ahead for Norway in 2010

Higher unemployment, rising interest rates, more criticism of the social welfare system and debate over steadily increasing sick leave: That’s what authorities expect in the year ahead, but a new public opinion poll suggests most Norwegians remain optimistic and haven’t been scared by the finance crisis. The president of the national employers’ association NHO doesn’t […]