Huge suit against DNB can proceed

Norway’s consumer council (Forbrukerrådet) won a green light on Friday to move foward with a massive class-action lawsuit against Norway’s biggest bank, DNB. The council, on behalf of DNB customers, is demanding that the highly profitable state-controlled bank refund NOK 690 million in fees charged on its investment funds. “We are happy and relieved,” Jorge Jensen, […]

Foreign investors snap up property

Drawn by a much weaker krone and a strong real estate market, foreign investors bought up around NOK 50 billion (nearly USD 6 billion) worth of commercial property in Norway last year. Newspaper Dagens Næringsliv (DN) reports that Norwegian sellers were left with “enormous” gains on the sales of their assets. While DN reported over the weekend that stocklisted […]

Profits sink after Aker write-down

Norwegian oil and gas company Aker Solutions reported weaker than expected quarterly results on Thursday, with the earnings before interest, taxes, depreciation and amortization (EBITDA) falling to NOK 429 million (USD 69.2 million), compared with NOK 786 million on the same time last year. The results followed the announcement earlier this year that the company […]

Marathon buyout worth billions

Det Norske Oljeselskap announced on Monday it had bought out Marathon Oil Norway for NOK 12.6 billion (USD 2.1 billion). The acquisition extends industrialist Kjell Inge Røkke’s hold on the Norwegian continental shelf, while new figures show oil recovery out of the area is at 26-year low.  Røkke is the majority shareholder in both Det […]

Thommessen’s tax haven tangle

UPDATED: The Chief Minister of Guernsey said he’d contact the President of Norway’s Parliament (Stortinget), Olemic Thommessen, after Thommessen went public with his 10-year private battle to access a trust on the Channel Island. It’s highly unusual, and potentially scandalous, for a top Norwegian politician to be involved with a trust in a so-called tax […]

Norwegian companies doing more business in Africa

Investment in Africa by Norwegian companies has increased six-fold during the past 10 years, according to state statistics bureau SSB. It remains small compared to investment on other continents, but business activity has taken off in recent years. Attendance at a recent African-Norwegian business conference in Oslo was high, and newspaper Aftenposten reported that representatives […]

Oil fund expert exports his expertise

Martin Skancke, long known as the brains behind much of the success of Norway’s so-called “oil fund,” has resigned from his top post in the Finance Ministry to start advising other countries that are building up their own funds. He’ll also help guide investing by Norwegian insurance firm Storebrand. Skancke, age 45, has led the […]

Lithuania criticizes Norwegian bank

The Lithuanian state finance regulator has attacked Norwegian bank DnB NOR for “unprofessional behaviour” after it allegedly sold structured savings products to amateur investors who went on to lose NOK 200 million (over USD 37 million). 640 Lithuanian investors were sold the structured savings products worth around NOK 1.55 billion (nearly USD 288 million) in […]

Old pipes lead to illness and expense

Aging water pipes all over Norway can cause illness in coming years, because of built-up sediment and leaks, while repairs or replacement will likely lead to higher water and sewage fees. Newspaper Aftenposten highlighted the problem this week, the latest example of needed infrastructure renewal in Norway. Health officials worry that the old watermains, especially […]

Calls rise to invest oil money at home

Instead of simply stashing away Norway’s oil revenues in an overseas investment fund for future generations, calls are rising for more investment of the money in Norway itself. With trains, roads and other major infrastructure badly in need of major investment, one top politician is challenging his own government to loosen the pursestrings. Per Olaf […]