All posts by Margrethe Harboe

Norway’s Unemployment Surprise Cements September Rate Hike Case

Business News, Government

Norway’s unemployment fell more than expected, cementing the case for Norges Bank to begin post-crisis interest rate hikes later this month.

The seasonally-adjusted registered jobless rate declined to 2.7% in August, compared with the median estimate of 2.9% in a Bloomberg survey of economists that was in line with the central bank’s expectation published in June.

Norges Bank is moving ahead of most of the rich world in unwinding the crisis policies triggered by the pandemic as it prepares for a series of quarterly interest-rate increases from zero. It is expected to announce the first on Sept. 23. While unemployment trailed its forecasts for most of this year, labor market activity is now accelerating.

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Norway Set for Rate Hike as Economy Accelerates, Statistics Agency Says

Business News, Financial / Investment

OSLO, Sept 3 (Reuters) – The Norwegian economy is set to grow rapidly in the next several years as it recovers from the impact of the pandemic, setting the stage for an imminent central bank rate hike, Statistics Norway (SSB) predicted on Friday.

“The reopening of society is well underway, and the upswing in the Norwegian economy continues. The COVID-19 pandemic will nevertheless continue to impact on the economy for a long time to come,” SSB said.

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Norwegian Government Proposes Overhaul of Petroleum Tax System

Business News, Energy, Financial / Investment, Government

OSLO, Aug 31 (Reuters) – Norway’s government has proposed overhauling taxation of its oil and gas firmsby scrapping some incentives, it said in a surprise announcement on Tuesday, further heating up a pre-election debate over the future of the country’s top industry.

If passed by parliament, the proposals would remove deductions that some economists say encourage excessive risk-taking by oil firms, and would also cut reimbursements for exploration costs.

“The changes mean that the tax conditions will be tighter and have a more neutral effect on investments. At the same time, we are making sure that companies have predictable framework conditions,” Finance Minister Jan Tore Sanner said.

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AmCham Norway’s 21st Annual Golf Tournament – August 26, 2021

AmCham News,

AmCham Norway’s 21st Annual Golf Tournament – August 26, 2021

Generously sponsored by Oracle and PwC, the AmCham Golf Tournament celebrated its 21st anniversary at Hauger Golf Club, bringing together the AmCham community for a very welcome, in-person day of spirited competition and socially distanced fun.

The winning teams were awarded bountiful prize packages from Hotel Continental, Tesla, Helly Hansen, Avinor, Shades of Norway, Johnny Rockets, Mondelez, Hotel Bristol, Hauger Golf Club, and IC Scandinavia.

Gathering for the second time at Hauger’s demanding yet scenic course, the weather provided an additional challenge with gusts that sent hats flying. Despite the hurdles, our 28 teams braved the 18 holes, partaking in special competitions along the way. Players were able to enjoy fresh milkshakes at the third hole provided by Johnny Rockets, and refreshing beverages throughout the day, courtesy of Coca-Cola.

At the end-of-play, PwC Team 1 captured the Søderstrøm Cup, with each team member winning a weekend at Hotel Continental, Helly Hansen duffle bags, giant Freia milk chocolate bars, and AmCham Tournament glasses.

The winning team from PwC: Bjørn Egil Johannessen, Erik Friis, Geir Nyland, William W. Wittusen

Team Ask Mr. Cruise finished in second place, receiving Tesla weekends and merchandise, signature cross-country sunglasses from Shades of Norway, and a complimentary round at Hauger Golf Club. They were followed by Team NATO / GE Healthcare Norway, who took third place after a fantastic round and received OSL Lounge passes courtesy of Avinor, and signature sunglasses from Shades of Norway.

As in previous years, several individual prizes were also up for grabs. PwC’s Karine Bolme earned the closest-to-the-pin prize, taking home American wines and signature sunglasses from Shades of Norway.

Barbara Jaeger won the women’s longest drive, taking home an Eleni & Chris hair and skincare set from IC Scandinavia. Google’s Espen Rustad captured the men’s prize for longest drive, coming away with a ROAM hair and skincare set from IC Scandinavia.

Five players competed for the final putt off with the US Embassy’s Walter Grant taking home American wines and a complimentary gift card from Hotel Bristol for afternoon “tee” for two.

With special guests and former AmCham Director Rolf Roding and his wife Wendy joining us, the tournament ended with a delicious BBQ buffet dinner. As one guest put it, “This is the greatest day I’ve had in the office since Covid!”

We look forward to seeing everyone at next year’s tournament!

For questions about participation or sponsorship for the AmCham Golf Tournament, please contact Madeleine Brekke at amcham@amcham.no

Prize Sponsors

Tesla

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Three Questions with Janicke Rasmussen

AmCham News, ,

THREE QUESTIONS WITH

Dr. Janicke Rasmussen

Dean MSc, BI Norwegian Business School

Today’s students will be entering a business environment that looks very different than it did only a year ago. How is BI preparing tomorrow’s professionals?

We prepare our students for the workplace in different ways through a variety of activities. At BI we have a variety of masters programs catering to students from different backgrounds – so we use varying perspectives when we develop activities. Some are degree specific and others are developed for students enrolled in all master’s programs. In Norway, MSc are generally commenced by students that may not have much work experience. We give all students the opportunity for professional skill development as part of extracurricular activities. These activities are delivered throughout the student journey, beginning in their first week, and take on different forms depending on where the students are in their journey.

BI cooperates both with industry and with other schools to ensure students are prepared to meet the expectations of the business community. Other international schools are important to ensure students get to experience and learn from a global learning environment, and we use our alliances to develop relevant activities for students. Some activities can be performed locally, while students go abroad for other activities. The pandemic has made the environment for cooperation between business schools more active. At the end of the day, we all want the same thing; to ensure students succeed. If they succeed – we succeed.  

Bl excels in international business school rankings as “triple-accredited” by each of the main international accreditation agencies (AACSB, AMBA, and EQUIS). Which initiatives have gained recognition beyond Norway’s borders?

BI is a triple crown business school – only 1 % of the world’s business schools are in this category. This means that BI Norwegian Business School is recognized by international bodies and universities as a high-quality international business school. We are the number-one-ranked business school in Norway.

As a result, BI is now a Chartered Financial Analyst (CFA) University Affiliate school (the only school in Norway), which means that our MSc in Finance program is catered to meet about 70% of the first level exams at CFA. This partnership is a result of continuous development of our MSc in finance program – and a recognition of this by the CFA body.

In fact, this year a group of students from BI won the annual global case competition – the CFA Research Institute Challenge. This year, more than 5000 students from 950 universities across 82 countries participated, and our team of four students won – which was extremely fun – and shows that clear goals and ambitions pay off.

BI is also a GMAC school, a title received only by invitation. This enables us to partner with a great community of business schools for our continuous program development.

As a triple crown business school, we are a preferred partner for international business schools – and we currently  partner with 18 universities in the USA, including Carlson School of Business, Pace University, and Texas A&M.

Putting theory into practice – in what ways does BI collaborate with the business community to provide real-world skills for its diverse student body? 

In addition to the above mentioned, BI cooperates with the Chartered Institute of Management Accountants (CIMA) by offering our students at our MSc in Business programs a major in accounting.

We also make efforts to cooperate with industry in developing our programs. For example, SAS Institute cooperates with our MSc in Business Analytics. In addition to offering students internships, they offer all business analytics students a free course to obtain a SAS certification.

One last thing to mention is the development of a Master Merit Society at BI – a platform for cooperation and co-creation between students, faculty, alumni and industry. The highest performing students are given the opportunity to become a member of this society for leadership development, ensuring diversity and providing motivation for all students, regardless of their background.

Bonus question! Once leisure travelling becomes more accessible, where is the first place you will travel to?

Difficult question! I really just want to travel! For leisure I generally prefer beaches and/or mountains – in my job I meet a lot of people and often think it is great to get away from the “buzz” of my every day. However, “post-covid” leisure trips will be all about meeting people, going to concerts, and eating out! So, I think I will say London. Because of the “buzz” but also because that is where I did my PhD, and therefore I have close ties with that city.

AmCham Sustainability Forum: The Energy Transition and Standardization of ESG Disclosures

AmCham News

AmCham Sustainability Forum: The Energy Transition and Standardization of ESG Disclosures

A diverse, cross-industry member group joined digitally for our first Sustainability Forum meeting after the summer holidays. Welcoming Tore Eliassen, Head of Department Energy Markets & Technology at DNV and Varg Folkman, Associate at BCW, a passionate group discussed the current state and expected developments within the energy transition and ESG reporting.

Presenters

Tore Eliassen – Head of Department Energy Markets & Technology 

DNV_logo_RGB

Varg Folkman  – Associate

BCW Final

The Trajectory Towards Net-Zero

DNV’s Tore Eliassen described how the energy transition is bringing unprecedented change for all industries in the lead up to 2030. A seasoned professional in the field of oil and gas, and most recently renewables and sustainability, Tore is, in sorts, in his own transition. He opened by affirming that individuals, corporations, and governments must act to reduce environmental impact; the very foundation of the energy shift.

His team at DNV sees that gas investments are robust and will continue to be the world’s primary energy supply for years ahead, but that the number of oil projects and portfolios are decreasing, opting instead for a focus on energy efficiency and investment in low-carbon infrastructure. Internally, this is represented by DNV’s merging of their Energy and Oil & Gas departments into Energy Systems.

"Future energy projects must be able to compete in a world with a higher carbon price, and sustainable practices must be an integral component of the corporate strategy."

Tore Eliassen

Eliassen highlighted several solutions in the energy transition, one being improved efficiency – “a quiet hero,” increased electrification, the rapid growth of wind and solar energy and renewables. The hard-to-abate sectors will have to decarbonize and deploy carbon capture and storage, and green hydrogen is set to become more affordable. We will see data-driven optimization on cloud computing platforms to reduce the IT energy footprint and continue to see significant innovations in the maritime sector. The new normal for companies is the pathway to net-zero.

As it applies to Norway, Eliassen stated that the challenge now is “transforming the North Sea from an oil and gas wonder to also becoming a renewable energy hub for Europe.”

Standardizing the Standards

While integrating sustainable practices is crucial, so is being held accountable for their implementation and impact. To this end, Environmental, Social and Governance (ESG) reporting has a key role to play. A comprehensive set of reporting standards is crucial to equal comparison across companies and industries, but the current 600+ different standards are anything but easy to translate.

"Traditionally, all you've needed to do if you want a better ESG rating is change your rating provider."

Varg Folkman

Large discrepancies can be found when comparing ESG performance reports, which then calls into question their validity and relevance.

Efforts to standardize reporting metrics are being made. The Task Force on Climate Related Financial Disclosures (TCFD) was created by the Financial Stability Board, which assesses climate related systemic risk in the economy. The International Financial Reporting Standards Foundation (IFRS) foundation will launch the Sustainability Standards Board (SSB) at The United Nation’s Climate Change Conference COP26, and is likely to become “the gold standard” for ESG measuring. Five of the most widely used standards (GRI SASB, CDP, CDSB, and IIRC) are also combining efforts, guiding the IFRS when SSB launces.

There is, according to Varg Folkman, additional momentum moving towards standardized sets of rules, backed by EU’s Corporate Sustainability Reporting Directive. Of interest to attendees, Folkman highlighted that the trend appears to be towards mandatory reporting.

Looking forward, both Eliassen and Folkman stressed the significance of the IPCC report (Intergovernmental Panel on Climate Change) released in August 2021, and its reignition of sustainability urgency. The EU was also named as an important driver, building upon environmental policies over time with concrete measures such as the Green Deal and EU taxonomy.

Capture_BCW

About Sustainability Forum

Future success is dependent upon running a sustainable business – for people, planet, and profit. Hence, AmCham brings select, cross-industry member company representatives together on an ongoing basis to discuss opportunities, facilitate open exchange and determine how AmCham members can best contribute to Norwegian and US sustainability agendas going forward.

Read more about our Sustainability Forum and please contact Margrethe.Harboe@amcham.no for interest in future meetings.

Banks’ Hidden ESG Risks Exposed in Norway Wealth-Fund Review

Business News, Financial / Investment, Government

OSLO, Aug 20 (Reuters) – Norway’s $1.4 trillion sovereign wealth fund, the world’s largest, should push firms it invests in to eventually cut their greenhouse gas emissions to nil by 2050, in line with the Paris Agreement, a government-appointed commission said on Friday.

Climate risk should also be made a part of the mandate of the fund, which is managed by Norway’s central bank. The fund should also continue to invest across industries, including the oil and gas sector, and push companies to decarbonise.

“The best way to decarbonise the fund is to decarbonise the companies the fund invests in,” the expert panel’s leader Martin Skancke said in a statement.

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ABS Brings Together Leading Industry Players to Tackle Safety Challenge of Aging FPSO Fleet

Business News, Energy

HOUSTON – ABS has brought together leading companies in the Floating Production Storage and Offloading (FPSO) sector to address the safety challenges produced by a fleet where more than half of the ship type vessels are over 30 years old, and a quarter are over 40 years old.

The working group, consisting of Chevron, Shell Trading (U.S.) Company, Petrobras, MODEC and SBM as well as The Bahamas Maritime Authority (BMA), the Republic of the Marshall Islands (RMI) Registry, and the U.S Coast Guard 8th District, led by ABS has already seen the creation of five Joint Industry Projects (JIPs) aimed at using technology to tackle a range of FPSO safety issues.

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Green Ammonia from HEGRA to Secure Norwegian Competitiveness

Business News, Energy

Herøya, Norway, 16 August 2021, 07:30 CET: Today the company HEGRA is launched at Herøya, Porsgrunn, with former Statnett CEO, Auke Lont as Chairman. The company aims to electrify and decarbonize the ammonia plant at Herøya, enabling large-scale green ammonia production. «HEGRA» is short for HErøya GReen Ammonia, and is co-owned by Yara, Aker Clean Hydrogen and Statkraft each owning 1/3.

– Aker, Yara and Statkraft have established HEGRA with the ambition of creating new industry in Norway that provides a competitive advantage in a growing global hydrogen economy, establishes green jobs for the future and forms the basis for a future Norwegian export industry, says CEOs Svein Tore Holsether, Øyvind Eriksen and Christian Rynning-Tønnesen in Yara, Aker and Statkraft, respectively, in a joint statement.

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Norway to Speed Up COVID-19 Vaccination

Business News, Government

OSLO, Aug 13 (Reuters) – Norway will get access to one million additional doses of COVID-19 vaccines in the coming weeks, allowing the country to speed up its immunisation programme, the government said on Friday.

“With this delivery, adults above the age of 18 will be able to complete their vaccination during the first two weeks of September,” Prime Minister Erna Solberg said in a statement.

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