All posts by Margrethe Harboe

FOREX-Norway’s Crown Leads Charge vs. U.S. Dollar After Cbank Rate Hike

Business News, Financial / Investment

Norway’s crown led currencies against a struggling dollar on Thursday after the Norges Bank became the first central bank in the developed world to raise interest rates in the post-pandemic era.

Norway’s decision to hike interest rates a quarter of a percentage point to 0.25% overshadowed a decision by the Federal Reserve to start tapering its bond purchases by November which sent the dollar weakening broadly against its rivals.

The crown rallied to its highest levels since mid-June versus the euro to 10.07 crowns per euro while it climbed 0.7% against the U.S. dollar.

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US to Lift Travel Ban on EU Citizens

Airline / Travel, Business News, Government

Washington has agreed with its EU counterparts to lift travel restrictions for vaccinated citizens, three senior EU officials told POLITICO.

EU ambassador to the U.S. Stavros Lambrindis also wrote on Twitter that he hoped there would be “a positive announcement soon” on the U.S. travel ban.

European Commissioner for the Internal Market Thierry Breton is meeting the White House’s COVID coordinator Jeffrey Zients in Washington Monday, and both sides are expected to make the announcement as early as today.

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Europe’s First Multidomain Task Force Tests High-Altitude Balloons for Targeting in Norway

Business News, Defense / Security

WASHINGTON — U.S. Army Europe and Africa’s first Multidomain Task Force was activated on Sept. 16, but the new unit has already cut its teeth in the theater at a long-range, precision-fires exercise in Norway, where officials experimented with high-altitude balloons for targeting, the new task force’s commander told Defense News.

At the first-ever Thunder Cloud exercise in Adenes, Norway, beginning Sept. 9 and wrapping up Sept. 20, the task force and the 41st Field Artillery Brigade exercised an entire sensor-to-shooter operation showcasing shooter targeting and strike capabilities.

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Google and Facebook Lay Thousands of Miles of Undersea Cables to Ferry Internet Around the World

Business News, Technology

Google and Facebook have both laid thousands of miles of cables along the seafloor, stretching between continents, to carry internet around the world.

Often, the two tech giants invest in cable projects along with a consortium of other companies, although Google has five privately owned cable projects underway.

Facebook is invested in two cables that are currently active. It is involved in five more cable projects currently under construction, a spokesman said.

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Avasant Names Capgemini a Leader in US Aerospace and Defense Digital Services

Business News, Defense / Security

Recognition validates Capgemini’s focus on client centricity and strong relationships with industry partners

NEW YORK, September 13, 2021–(BUSINESS WIRE)–Capgemini announced today that it has been named a ’Leader’ by advisory firm Avasant in its US Aerospace & Defense Digital Services 2021-2022 RadarView™. Capgemini was recognized for its ability to help its clients digitally transform their enterprises through demand forecasting, insight-driven decision making, predictive maintenance, and lead-time reduction.

Avasant evaluated 15 Aerospace and Defense (A&D) digital service providers against the key dimensions of practice maturity, investments and innovation, and partner ecosystem.

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KKR to Acquire Norway-based Ocean Yield in €689m Deal

Business News, Financial / Investment, Shipping & Offshore

Global investment firm KKR is investing about NOK7.2bn (€688.6m) to buy Ocean Yield, a Norway-based ship owning company with investments in vessels on long-term charters.

Octopus Bidco, a company owned by KKR funds, is offering the Oslo Stock Exchange-listed owner’s shareholders NOK41 for each share.

The amount per share being offered represents a premium of 26% to shares’ last closing price of NOK32.54. Aker Capital, which owns 61.65% stake in Ocean Yield, has undertaken to accept the offer.

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Norway’s Center-left Labour Begins Coalition Talks as Anti-oil Greens Sidelined

Business News, Government
(CNN)Norway’s main opposition Labour Party is beginning coalition talks to form a government Tuesday after the ruling Conservatives lost their command in parliamentary elections and the anti-oil Greens failed to win enough seats to become the potential kingmaker.
 
Labour is likely to form an alliance with the country’s Center Party and the Socialist Left Party, following an election campaign period heavily focused on the climate crisis and the future of the country’s lucrative oil industry. Though it has not ruled out talks with the Greens, the only party calling for a complete end to fossil fuel exploration.
 

World’s Biggest Wealth Fund Steps Up ESG Focus in Real Estate

Business News, Government

(Bloomberg) — The sovereign wealth fund of Norway says it’s working on a strategy update to ensure its $30 billion property portfolio lives up to the carbon neutrality goals mapped out in the Paris Agreement. “It’s time to walk the talk more,” said Mie Holstad, who oversees real assets at Norges Bank Investment Management. “What we’re working on now is a separate, improved sustainability strategy, which prepares us for net-zero” as well as new laws and regulations surrounding carbon emissions, she said.

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DNV’s Energy Transition Outlook 2021 Offers an Independent View of Oil and Gas Through 2050

Business News, Energy

This week DNV made a live presentation of their Energy Transition Outlook 2021. This offered a forecast of things to come from an independent and reliable company. Oil and gas readers can get a better feel for the global role of government policy, the rate of changeover from fossil power plants to renewables, future oil and gas supplies, and liquid hydrogen.

 

DNV, based in Norway, is engaged in safeguarding life, property and the environment. DNV is committed to the safety and sustainability of business organizations. They provide classification and technical assurance along with software and independent expert advisory services to the maritime, oil and gas, and energy industries. 

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