Suddenly, a string of business woes

NEWS ANALYSIS: A huge surprise loss at Norway’s biggest bank, a bankruptcy that set off massive inconvenience, layoffs at major Norwegian companies, calls to rein in the oil industry and new concerns over debt and and high housing prices are just some of the bulletins suddenly jarring the perception of a strong Norwegian economy. Even […]

‘Worst over’ for Norsk Hydro

Employees and executives at Norsk Hydro could breathe a bit easier this week after a Brazilian court allowed the the large Oslo-based aluminum company to resume full operations at its huge Alunorte plant in Pará. It share price sagged again on Wednesday, however, after shooting up on the court’s news. Shares were down 3.34 percent […]

Aker boss is Oslo’s best paid

Øyvind Eriksen has been working for the past 10 years as chief executive of Aker, Norwegian industrialist Kjell Inge Røkke’s stocklisted investment firm. That’s also made him the best paid CEO of all companies on the Oslo Stock Exchange, reports newspaper Dagens Næringsliv (DN). Eriksen, age 54, received executive pay equal to NOK 17.3 million […]

Aasheim takes the helm at Hydro

One of Norway’s biggest companies finally appointed a woman as its new chief executive on Monday, and Norsk Hydro’s shares were trading up nearly 2 percent by early afternoon. Hilde Merete Aasheim, who’s had a solid career at major Norwegian firms, will take over from Svein Richard Brandtzæg who wanted to step down after 33 […]

Røkke’s tower can’t save the seas

Norwegian industrialist Kjell Inge Røkke has been met with thumbs down from political leaders in the Oslo suburb of Bærum, who refused to approve his plan for a skyscraper at Fornebu. Now Røkke may take his plan elsewhere, or even out of Norway. The building plans unveiled last year in the presence of Prime Minister […]

Arctic Fund Management dumps Hydro

Norwegian aluminum producer Norsk Hydro has had a rough year and at least one funds manager in Oslo seems to have lost patience. Newspaper Dagens Næringsliv (DN) reported Tuesday that Arctic Fund Management was dropping Hydro from its portfolio despite some better news last week. “We’re taking Norsk Hydro out because of weak sentiment for […]

Hydro’s production still cut in Brazil

Norwegian metals firm Norsk Hydro remains under court-imposed production cuts at its troubled aluminum plant in northern Brazil. A federal court has upheld the cuts, which have reduced Hydro’s production by half, on the grounds the plant still doesn’t have a functioning drainage system that can handle heavy rains. Hydro’s Alunorte plant has been disrupted […]

Hydro now denies polluting in Brazil

Large Norwegian aluminum company Norsk Hydro lashed back at its critics on Monday with two new reports claiming that it was not responsible for polluting water supplies near its Alunorte plant in Brazil. Hydro’s stock soared on the claims, up 6.62 percent at the close of trading in Oslo, but Brazilian authorities rejected them later […]

‘No hiding’ from Trump’s trade war

Norwegian analysts and industrial players are among those claiming that US President Donald Trump’s trade war with China can have grave consequences for Norway’s economy as well. The country’s national industrial organization Norsk Industri warns that it also poses a major test of Norway’s own trade agreement with the European Union (EU). “This is no […]

Hydro’s trouble deepens in Brazil

Large industrial firm Norsk Hydro hadn’t yet received the legal documents, but faces having to defend itself in a civil lawsuit over its alleged pollution of local water supplies around the large Alunorte aluminum refinery it owns and operates in northern Brazil. Local prosecutors are demanding the equivalent of nearly NOK 600 million (USD 77 […]