Norway’s Oil Fund just keeps growing

Analysts and politicians weren’t expecting much, but Norway’s huge sovereign wealth fund known as the Oil Fund logged a good year last year. It ended up with a 6.9 percent return, much higher than the 2.7 percent logged in 2015, and grew in overall size by a dizzying NOK 447 billion (USD 54 billion). Some […]

Financial drama grips the Opera

Playing out behind the sleek, elegant lines of Oslo’s Opera House is a financial crisis so dramatic that it prompted Opera management to close the publicly owned building to the public itself last weekend, in order to rent it out for a “considerable” sum for a private wedding. Now that’s stirring additional drama as well. Norwegian Broadcasting (NRK) reported how Mozart’s Figaro isn’t the only […]

More Norwegians want to work longer

A new poll released this week shows that steadily more Norwegians want to work longer, at least until they turn 70. Most get squeezed out of the labour market, though, by employers who prefer younger, and presumably cheaper, workers. The new poll conducted for the Norwegian center for senior policy (Senter for Seniorpolitikk) showed that fully 29 percent of employees […]

More Norwegians can’t pay their bills

Growing numbers of retired Norwegians, along with many in high income brackets, now represent the fastest-growing segments of the population that have gotten into trouble for failing to pay their bills. The trouble is generally tied to levels of consumption that are simply out of line with available income. Newspaper Dagens Næringsliv (DN) reports that an overview from Norway’s largest collection agency, […]

Opera forced to grapple with cuts

Management at The Norwegian Opera & Ballet is now evaluating a wide range of cuts in everything from its orchestra to production expenses, in order to offset the skyrocketing costs of its early pensions for performers. With no agreement in hand to cut the pension costs, savings must be made in other areas, says the Opera […]

Pension manager pulls out of coal

Norway’s largest manager of pension funds, KLP, has decided to sell off all its investments in coal companies. KLP executives will instead invest half-a-billion kroner (around USD 75 million) in renewable energy ventures. KLP (Kommunal Landspensjonskasse) bills itself as Norway’s largest life insurance company but is best known for managing the pension funds of public sector […]

Public service threatens strikes

Unions announced 30,000 government workers could take strike action from Monday morning if no wage settlement can be reached through mediation. The strike has the potential to affect kindergartens, schools, prisons, courthouses, police, customs stations, traffic stations, the tax office and the defense force. The mediation deadline for parties in both the state and municipal […]

Pension costs hit Oslo orchestra

Pension costs for Norwegian theatres and orchestras have increased by NOK 70 million (USD 11.7 million) over three years. The Oslo Philharmonic (Oslo-Filharmonien, OFO) is the latest to be hit, expecting an increase of NOK 6.7 million this year on top of the stipulated NOK 16.2 million pension cost. “We have had to budget for […]

Oil Fund takes new safety steps

The management of Norway’s massive sovereign wealth “Oil Fund” has introduced new protective measures when making investments in unlisted companies. The move follows a controversial investment in unlisted Formula One (F1) ownership company Delta Topco in 2012, which turned out poorly for the fund. The NOK 1.8 billion (USD 300 million) investment in Delta Topco […]

Costs threaten Bergen orchestra

The Bergen Philharmonic Orchestra (Bergen Filharmoniske Orkester, BFO) revealed on Tuesday its pension costs are NOK 60 million (USD 10 million) higher than estimated, and it needs to dramatically reduce its activities. The unexpected costs threaten the BFO‘s 250th anniversary celebrations planned for next year. The orchestra is one of several cultural institutions that have […]