Norges Bank’s Monetary Policy and Financial Stability Committee considers the financial system to be robust. Households and firms have so far been able to service debt in the face of high inflation and higher interest rates. Inflation has slowed and there are prospects for a lower policy rate. However, there is a risk of negative events that could weaken financial stability. It is important to maintain the resilience of the financial system so that vulnerabilities do not amplify an economic downturn.
Read the report here.
All posts by Janice Gundersen
Pressemelding: Norge styrker handelspolitikken i en tid med global usikkerhet
I dag holdt næringsminister Cecilie Myrseth regjeringens handelspolitiske redegjørelse for Stortinget, med tittelen “Handel i en omskiftelig tid”. Myrseth fremhevet betydningen av tettere samarbeid, åpne markeder og regelverksbasert handel som avgjørende faktorer for å sikre Norges fremtidige konkurransekraft og velferd.
– Hver femte jobb i Norge er et direkte resultat av eksport. Dette understreker vår avhengighet av åpne markeder og stabile handelsbetingelser. Nå, mer enn noen gang, må vi støtte opp om regelbasert handel og styrke samarbeidet med land som deler våre verdier og interesser, sa næringsministeren.
Styrking av handelsammarbeid med USA og EU
Næringsministeren understreket at den internasjonale situasjonen i dag byr på store utfordringer. Norge og verden står overfor en grønn omstilling, samtidig som økte geopolitiske spenninger fører til svekket etterlevelse av internasjonale handelsregler og mindre forutsigbar markedsadgang – særlig for små økonomier som Norge.
– Når konfliktnivået øker og markedsadgangen blir mer uforutsigbar, rammes spesielt mindre økonomier som Norge. Forutsigbar handel er viktig for alle, og derfor jobber vi for å styrke det multilaterale handelssystemet og våre relasjoner med EU og USA. I en tid med økt tollbruk, vil vi prioritere tett kontakt med våre kollegaer i Washington og Brussel, sa næringsministeren.
Les hele pressemeldingen her.
1000 Days Later: Support for Ukraine Remains Essential
1000 days on from Russia’s illegal invasion of Ukraine, AmChams in Europe remains steadfast in its support for the Ukrainian people. Since February 24, 2022, Ukraine has demonstrated remarkable resilience. Motivated by this resolve, governments on both sides of the Atlantic have been determined and united in supporting Ukraine and its people. The strength of this response is a testament to the power of transatlantic cooperation and public-private partnerships.
American companies invested in Europe are committed to working alongside Ukraine as it leads its recovery. AmChams in Europe sees Ukraine’s future as deeply connected to the EU. Implementing the necessary reforms will bring Ukraine closer to EU accession and help the country foster a robust business environment, essential for sustainable economic growth and post-war reconstruction.
It is crucial for businesses to remain present and actively engaged in Ukraine during these challenging times. Doing so helps maintain a sense of normalcy, demonstrating solidarity and hope for a brighter future. Their involvement is a vital part of creating conditions for life to continue despite the hardships of war.
AmChams in Europe is proud to stand alongside AmCham Ukraine, which has emerged as one of the most resilient and impactful international organizations during this period. Through numerous initiatives, AmCham Ukraine has provided vital support, proving that collaboration between the public and private sectors can yield meaningful results.
The desire of all remains clear: to see the war end and a new chapter of growth and development begin.
A Message from A Message from the Managing Director – November 2024
A Message from the Managing Director: Enduring Ties
Early on the morning of November 6th – well after most US Election Night 2024 event guests departed our proudly adorned red, white and blue downtown Oslo venue – it became apparent that Kamala Harris would not win the presidency and that a Trump-Vance administration would assume power on January 20th. It has since been confirmed that both congressional chambers will have Republican majorities.
As political hearts both sank and soared, declarations congratulating election winners began to ring out from fellow transatlantic organizations. You could almost see the “please don’t do it” writing between their trade statistic-laden lines. Please don’t irrevocably damage transatlantic relationships. Please don’t block mutually beneficial value creation. Please don’t relegate all US green transition policies to the dustbin of history.
Change Happens
Like it or not, Americans overwhelmingly voted for economic, social and foreign policy change. These changes – now mostly in the form of contentious nominee announcements and who they’re meeting early with – are being deftly delivered from Mar-a-Lago and widely communicated to a ravenous domestic and international audience. In the early days absence of actual legislative proposals, much weight is being put on cabinet nominee personalities (and national ancestry), bombastic campaign rhetoric and lessons learned from the 2017-20 administration.
Perceived threats and opportunities aside, change is happening and there are absolutely gains to be made by deepening our understanding of policy impacts – in both countries – over the coming months. AmCham, with our many deeply committed transatlantic members and partners, is uniquely positioned to help business leaders process, anticipate, calibrate and enact.
Jason Turflinger
More than Norway Marketing
More than a campaign to “make Norway’s US economic contributions known to the incoming administration” as one Norwegian official put it to me recently, public and private sector leaders need to carry out the hard work of enacting specific and tailored market access deals. We need bolstered strategic defense collaboration and procurement – and we need to capitalize on regional US sustainability partnerships, for example.
As our recent report shows, a record 389 US companies are currently operating in Norway. Through them – and companies like Hydro, Equinor, Yara and DNV in the US – we already have the means in place to greatly expand our countries’ economic ties. Enacting policies that let these companies compete fairly, expand and thrive in our respective markets always made good sense. It makes even more sense now.
In the end, government administrations come and go. Personal relationships, business investments, partnerships, and deep-seated cultural ties endure.
KONGSBERG awarded contract to deliver Naval Strike Missile to US Navy and Marine Corps valued up to NOK 12 billion
Kongsberg Defence & Aerospace (’KONGSBERG’) has signed a multi-year procurement contract with the US Navy for the delivery of Naval Strike Missile (NSM) missiles to the Navy and Fleet Marine Force over a five-year period. The fixed price contract awarded today is valued at NOK 10 billion. This contract includes options which, if exercised, would bring the cumulative value of this contract to about NOK 12 billion.
“This contract is the largest missile contract in KONGSBERG’s history and an important milestone for us. We are pleased the United States has selected KONGSBERG as an industry partner and look forward to continued cooperation to support US defence capabilities and create value for important stakeholders in Norway and the US,” said Geir Håøy, President and CEO of KONGSBERG.
NSM is the centerpiece of the Navy’s Over-the-Horizon Weapons System (OTH-WS) Program, and is being installed on Littoral Combat Ships and CONSTELLATION-class Frigates. KONGSBERG is also delivering NSM to the US Marine Corps as a key component of its NMESIS (Navy Marine Expeditionary Ship Interdiction System) Program.
Read full article here.
Together for US Election Night 2024!
Together for US Election Night 2024!
Well over 500 political representatives, AmCham leaders, members of the media, special guests and partners gathered – TOGETHER – in the heart of Oslo at Trekanten culture house to celebrate democracy with pomp and circumstance for an exclusive, non-partisan Election Night event hosted by AmCham Norway and the US Embassy Oslo. The beloved gathering was benevolently sponsored by AmCham Patron Plus members Amgen and MSD, and Patron Members Burson, Meta and Motorola Solutions.
In a vibrant sea of red, white and blue, stars and stripes, vocalist Nicole Criss and Capitol Jazz set the tone for the event, opening with soulful classics. Thereafter, AmCham Managing Director Jason Turflinger provided opening remarks, addressing partners and allies present to share in the historical evening that will be remembered for the unprecedentedly tight polling leading up to voting day.
Reflecting upon the Norwegian-American heritage dating back to 1825, with the influx of nearly one million Norwegians to the US over the next 100 years, Turflinger noted that “our cultural ties are deep, personal and fundamentally based upon aspiration and hope.” Assessing the elections from Norway, “that same spirit of aspiration and hope in the great American experiment helps explain the insatiable appetite for US politics here.”
“Our cultural ties are deep, personal and fundamentally based upon aspiration and hope.”
Chargé d’Affaires Eric Meyer, a career member of the Senior Foreign Service who has served in a wide range of geographies, commented on the US and Norway’s bonds that extend economically and culturally, noting that “ties will remain steadfast just as they have in history.” For this election, guests were about to witness “Americans from all walks of life express their vision and convictions.” Looking beyond the election, Meyer noted that our two nations will “look for new ways to collaborate and cooperate together.”
“…ties will remain steadfast just as they have in history”.
As the election results were announced state by state after midnight, guests immortalized the evening at Fotobaren photobooth with a real-life Uncle Sam! To help maintain energy levels needed for the historically tight race, an all-American menu was served, including sliders, buffalo wings, deviled eggs and Texas Caviar accompanied by US wines. Late night snacks included New York and Detroit style hot dogs and pizza slices. The excitement amongst guests was palpable across party lines.
The event was made possible by all who contributed, including hard-working volunteers, dedicated Trekanten staff, our valued event sponsors and the US Embassy with whom we have a deep and steadfast partnership.
How Trump’s re-election is shaping international study trends
The result of this week’s US election is undoubtedly significant and international education will see some of the most immediate impact. However, that impact will be complex as students from around the world ask what a second Trump presidency means for their study plans, and students from within the USA will become more likely to consider studying abroad.
Our unique combination of Keystone Pulse survey and Share of Search data can already reveal some of this impact.
Key Findings from the Keystone Pulse Survey
Recent survey results from over 600 respondents in October reveal a significant shift in how international students perceive the USA as a study destination. A noteworthy 42% of prospective students indicated that they are less likely to consider studying in the USA following Trump’s re-election. This indicates a rising sense of hesitation among the global student audience. Perhaps more significantly, 41% remain uncertain. Audiences are still making up their minds about the impact of this news, which means universities still have an opportunity to support and reassure them.
The implications of this sentiment are particularly pronounced among prospective graduate audiences. 5% of prospective students explicitly stated that they are now less inclined to pursue their studies in the USA.
This statistic underscores a critical trend: the postgraduate demographic appears to be especially alert and sensitive to the political environment, which could impact their decisions about education opportunities.
Read full article, here.
FREYR to buy Trina Solar’s 5GW solar module facility in Texas, US
The $340m transaction will close by the end of 2024.
FREYR Battery has agreed to take over Trina Solar’s 5GW solar module manufacturing facility in Wilmer, Texas.
The $340m transaction will close by the end of 2024, subject to customary conditions and the completion of a preferred stock issuance.
Trina Solar will receive $100m in cash, a $50m repayment of an intercompany loan and a $150m loan note.
The deal also includes 9.9% of FREYR’s outstanding common stock and a convertible loan note that could convert into an additional 11.5% of FREYR’s outstanding common stock.
The facility, which commenced production on 1 November 2024, is set to reach full production in 2025.
30% of the expected total production output from the facility is already committed to be sold through contracts with customers in the US.
Read full article here.
Prime Minister Støre congratulates Donald Trump
‘On behalf of the Norwegian Government, I would like to congratulate Donald Trump on his victory in the US presidential election. The US is Norway’s most important ally and we work closely together in many areas. I look forward to continuing our cooperation with the US under Mr Trump’s leadership,’ said Prime Minister Jonas Gahr Støre.
The US election has been a very close race, but Wednesday morning it became clear that Mr Trump had won and will be the next President of the US.
‘Over the years, Norway has maintained cooperation with the US through changing times and different administrations. We will continue to do so. The Norwegian Government’s primary aim is to safeguard Norway’s interests. The US is important for the Norwegian economy, for our jobs, and for the security of our country,’ said Prime Minister Støre.
The Government is aware that the change of government in the US may affect cooperation in areas of importance to Norway.
‘The fundamentals remain unchanged: US involvement is essential to address global challenges and Norway seeks to further develop the excellent relations between our two countries, and these rest on a firm foundation of long-term common interests,’ said Mr Støre.
Read full article here.
Norsk Hydro VP in Silicon Valley to Pitch Green Aluminum
Hilde Haugen Kallevig, vice president at Norsk Hydro, recently relocated to San Francisco. She wants to convince companies like Tesla and Rivian that low-carbon metals are both an environmental benefit and a smart business move, even if the cost is higher.
Haugen Kallevig sees a shift to green materials as an opportunity for Silicon Valley’s forward-thinking companies.
“Companies must start to see sustainable materials as a way to differentiate in the market and meet new government incentives, rather than just focusing on cost,” she says.
Even if was mainly her husband’s job that brought her to San Francisco, she views Silicon Valley as an ideal base to influence the U.S. tech industry.
The U.S. remains one of Norsk Hydro’s largest and fastest-growing markets, but Haugen Kallevig acknowledges that, still, only a few American companies are currently willing to pay the premium for sustainable materials, even if it’s just a few extra cents per kilogram.
“The price is the biggest hurdle at this point,” she says, noting that while sustainable materials offer added value for companies, producing them responsibly inevitably involves higher costs.
Read full article here.