All posts by Margrethe Harboe

2023: The year in figures and charts

January 4, 2024Business News, StatisticsMargrethe Harboe

A look back at the last 12 months, through data.

2023 was marked by crisis, transition and conflict.

As the war in Ukraine dragged into its second year, the EU was confronted with yet another conflict on its doorstep: The Israel-Hamas war, which brought fresh instability to the Middle East and exacerbated divisions between EU countries.

Europe now heads into a big election year and governments are left grappling with major challenges: The lingering effects of the cost-of-living crisis, the impact of migration and an ever-warming planet.

From the toll of bloody wars to sky-high temperatures, here are the figures behind the topics that defined 2023.

FREYR Battery Receives Shareholder Approval for Redomicile from Luxembourg to the U.S.

December 27, 2023Business News, ManufacturingMargrethe Harboe

NEW YORK & OSLO, Norway & LUXEMBOURG–(BUSINESS WIRE)– FREYR Battery (NYSE: FREY) (“FREYR” or the “Company”), a developer of clean, next-generation battery cell production capacity, announced today that the Company has received the required votes to approve all proposals at its Extraordinary General Meeting (“EGM”) on December 15, 2023. As a result, FREYR expects to complete the previously announced process to redomicile from Luxembourg to the United States by year end 2023.

“On behalf of the Board of Directors and management, the FREYR team expresses its gratitude for the support of its shareholders of record in passing all the proposals at the EGM. With this vote, FREYR will become a U.S. Company by year end 2023, which will pave the way for us to realize the previously announced benefits to shareholders,” commented Tom Einar Jensen, FREYR’s Executive Chairperson. “With Giga America under initial development in Coweta County, Georgia, we are now positioned to establish FREYR as the first U.S. based scaling partner of choice for battery technology solutions.”

Read full article here.

Hill & Knowlton overtar Washington-seminaret

December 27, 2023Business News, Communications/PR/MediaMargrethe Harboe

For 23 år siden organiserte Kjell Terje Ringdal den aller første utgaven av Washington-seminaret.

Siden den gang har over 600 deltakere fra norsk næringsliv, organisasjonsliv og media deltatt på det årlige seminaret for å lære av og utfordre sentrale stemmer og personer i amerikansk politikk, media og næringsliv.

– Det er selvsagt vemodig, men det føles riktig å gi stafettpinnen videre til noen jeg vet vil forvalte dette på en fremragende måte. Hill & Knowlton har et sterkt nettverk og kontakter i USA som vil komme deltakerne til gode, sier Ringdal i en pressemelding.

Viderefører en institusjon

Siden 2008 har Ringdal gjennomført seminaret i tett samarbeid med Hill & Knowlton. Nå kjøper Hill & Knowlton Washington-seminaret, og vil videreutvikle det i tett samarbeid med sine byråkolleger i Washington.

Peter Gitmark, leder for samfunnskontakt i Hill & Knowlton, tar nå over ledelsen.

– Vi gleder oss til å videreutvikle institusjonen som dette seminaret har blitt for samfunns-, organisasjons- og næringslivet i Norge, forteller Gitmark.

En ekstraordinær situasjon

Hva er Washington-seminaret?

Gjennom 20 år de samlet norske politikere, journalister, næringslivsledere og kommunikasjonsfolk i Amerikas og verdens maktsentrum hver høst.
Over 600 personer fra alle deler av norsk samfunnsliv er en del av alumninettverket, som årlig finner sammen på Den amerikanske ambassaden i Oslo.
På seminaret får deltakere fra norsk organisasjonsliv, næringsliv og media lære fra noen av USAs fremste eksperter på politikk, medier og kommunikasjon.
Neste seminar finner sted 1.-7.november, og deltakerne vil blant annet besøke valgvaken under valgnatten 5.november.

Sammen med sine kolleger med bakgrunn fra politikk, journalistikk og Washington, ser han frem til å videreutvikle seminaret et viktig år i amerikansk politikk.

Valgvake og hjemmebesøk

Seminaret er lagt midt under presidentvalget i USA, fra 1.-7.november.

Gitmark sier at årets program vil ta deltakerne med på innsiden av det amerikanske valget.

Read full article here.

Norse Atlantic Airways joins TSA PreCheck

December 22, 2023Airline / Travel, Business NewsMargrethe Harboe

Norse Atlantic Airways has been approved by the US Transportation Security Administration to participate in the TSA PreCheck programme, the carrier announced this week.

The move will allow US-based travellers with a TSA PreCheck membership to experience ‘expedited security screening’ prior to boarding a flight with the Norwegian low-cost carrier.

“Joining TSA PreCheck marks an important step for Norse Atlantic Airways and our customers,” said Norse Atlantic Airways CEO Bjorn Tore Larsen.

“We are now able to offer a more pleasant and efficient airport experience in the US to customers who are already enrolled members of TSA PreCheck.”

The nascent carrier currently serves six US destinations with a fleet of 15 Boeing 787 Dreamliners, including newly-launched routes from both Paris and Berlin to Miami.

Read article here.

Deep-sea mining in the Arctic Ocean gets the green light from Norwegian lawmakers

December 18, 2023Business News, GovernmentMargrethe Harboe

Norway’s minority center-left government and two large opposition parties made a deal Tuesday to open the Arctic Ocean to seabed mineral exploration despite warnings by environmental groups that it would threaten the biodiversity of the vulnerable ecosystems in the area.

Norway said in June it wanted to open parts of the Norwegian continental shelf for commercial deep sea mining in line with the country’s strategy to seek new economic opportunities and reduce its reliance on oil and gas.

The head of Greenpeace Norway, Frode Pleym, said the decision was “a disaster for the sea” and the mining would take place in “our last wilderness.”

“We do not know what consequences this will have for the ecosystems in the sea, for endangered species such as whales and seabirds, or for the fish stocks on which we base our livelihood,” he said.

Read full article here.

November 2023 US Tech Policy Roundup

December 14, 2023Business News, TechnologyMargrethe Harboe

November saw another slew of tech policy developments in the US. Artificial intelligence (AI), in particular, dominated the headlines:

After President Biden signed a historic executive order on AI in late October, the Office of Management and Budget (OMB) started the month by releasing draft guidance to help federal agencies implement new governance structures and advance AI innovation.
The US co-led the joint release of a non-binding international agreement among 18 countries that aims to keep AI safe throughout development and deployment cycles.
President Biden met with Chinese President Xi Jinping to discuss numerous issues, including the dangers posed by the use of AI in military operations.
Following the release of the AI executive order, federal agencies launched hiring initiatives to identify chief AI officers, with a projected 400+ officials needed to fill all posts.
Senate Majority Leader Chuck Schumer (D-NY) held three additional AI Insights Forums, which covered a range of topics including election, privacy, transparency, and intellectual property issues. (Learn more about each forum using the Tech Policy Press AI ‘Insight Forum’ Tracker.)
At the state level, the California Privacy Protection Agency released draft regulations for businesses using AI, including a host of consumer protections.
OpenAI suddenly dismissed CEO Sam Altman, only to reinstate him less than a week later. His reinstatement was also accompanied by board changes, prompting wider calls to diversify the new board’s representation. Before agreeing to return, Altman had accepted a leadership role on Microsoft’s advanced AI research team. On the same day Altman was removed, the company disclosed it hired its first federal lobbyists.

Read full article here.

Norway to provide NOK 270 million to new climate fund

December 11, 2023Business News, GovernmentMargrethe Harboe

Norwegian Prime Minister Jonas Gahr Støre announced at the UN climate summit (COP28) in Dubai that Norway will provide NOK 270 million to the new fund for loss and damage associated with climate change (Loss and Damage Fund).

The decision to establish the fund was agreed on at COP27 in Sharm el-Sheikh last year. Over the past year, a committee in which Norway has been represented drew up recommendations regarding the design and operation of the fund. These recommendations have now been adopted by the parties to the UN Climate Change Convention and the Paris Agreement.

– It is very encouraging that we have reached agreement on how to operationalise the fund. Loss and damage due to the adverse effects of climate change is a problem that will unfortunately continue to grow in the future. I am pleased that Norway is able to pledge early financing for the fund, said Prime Minister Jonas Gahr Støre.

The new fund will provide assistance to developing countries that are particularly vulnerable to climate-related events and disasters, for instance the impacts of man-made climate change such as rising sea levels, and extreme weather events such as storms and flooding. The fund will be closely aligned with existing funding mechanisms in a manner that will promote adequate coordination between the various forms of support, for example in humanitarian efforts.

Read full article here.

Norway sovereign wealth fund to co-lead class action in SVB bankruptcy

December 7, 2023Business News, Financial / InvestmentMargrethe Harboe

OSLO (Reuters) – Norway’s $1.5 trillion sovereign wealth fund, the world’s largest, said on Friday it has been appointed by a U.S. court to co-lead an ongoing U.S. securities class action relating to the now-bankrupt Silicon Valley Bank (SVB).

SVB’s collapse in March was the trigger for the worst banking shock since the 2008 global financial crisis, sending bank stocks globally on a wild ride.

The Norwegian fund said the SVB case raised significant concerns regarding the integrity of the public markets, the governance of large financial institutions and the interests of the investor community more broadly.

“We manage money on behalf of all Norwegians. I see it as our duty to take legal action to both maximise our recoveries after the SVB collapse and to signal that this is not acceptable market behaviour,” the fund’s Chief Executive Nicolai Tangen said in a statement.

Read full article here.

Norway’s Economic Contribution to the U.S.A.

December 5, 2023Business News, TradeMargrethe Harboe

In the 20th century, businesses, inspired by the success stories of Norwegians in the U.S. and the growing global influence of America, began looking westward. Companies from both countries started collaborating, resulting in a surge of investments, joint ventures, and shared successes. In today’s complex geopolitical arena, the U.S. and Norway have fostered a strong relationship built on trust and mutual understanding on many important global issues. Furthermore, the U.S. and Norway converge on global challenges, reflecting their shared ambitions in championing human rights and mitigating the impacts of climate change.

Today, this bond has evolved into a dynamic political and economic partnership characterized by economic cooperation, trade, and investments. Norwegian multinational companies in the US span various sectors, from green technology in California, Atlanta, and Michigan, to maritime enterprises on the Atlantic coast, and oil and gas companies in Texas. All companies contribute to job creation in local communities. Trade, a cornerstone of any bilateral relationship, has flourished between Norway and the U.S. The vast expanse of goods traded ranges from machinery and seafood to advanced equipment and petroleum products. Also, the largest sovereign wealth fund in the world, NBIM1, has about 45 percent of its holdings in the US.

Trade between the two countries has contributed to the growth and development of both economies. Although significantly smaller in size, innovative Norwegian companies in many sectors contribute in important ways to the US economy. Menon’s report quantifies these effects in terms of the amount of US jobs associated with Norwegian multinationals, Norwegian import of American goods and services and investments from US-affiliated companies.

Based on extensive data collection, Norwegian multinational companies in the US contribute to the creation of 20,200 American jobs. These companies include large companies with thousands of employees, alongside many small and midsized Norwegian companies operating in a range of different industries. Additionally, export of US goods and services to Norway supports 12,100 American jobs. Moreover, Norwegian multinationals and US companies exporting to Norway indirectly support 44,200 U.S. jobs through their purchases of goods and services. Finally, we find that there are approximately 218,000 jobs associated with Norwegian portfolio investments in US companies.

In the report, Menon estimates the jobs numbers for each U.S. state. Texas is the state where the most U.S. jobs are created from Norwegian activity, followed by Pennsylvania, California, and New York (see fact sheets below)

Norwegian companies not only create important and well-paying jobs in the US. With world-leading and innovative companies operating in a range of different industries, Norwegian companies provide important inputs and technologies to US consumers and businesses. To illustrate this, Menon conducted in-depth analyses of six specific industries that are of significant relevance in the economic ties between the United States and Norway. These industries include:

Offshore wind
Emerging green technologies
Maritime sector
Process industry
Defense and security
Seafood

All these industries are actively supported by a broad range of public and private Norwegian entities in the U.S., commonly referred to as Team Norway.

Read full article and report here.

AmCham Thanksgiving Charity Dinner

November 30, 2023Business News, Culture / LifestyleMargrethe Harboe

Tale holdt av næringsminister Jan Christian Vestre, 20. november 2023
Sjekkes mot fremføring.

Ladies and gentlemen,

It is truly a pleasure to be here with you this evening – in the spirit of Thanksgiving.

The Thanksgiving-tradition is deeply rooted in the American culture.

Coming together in gratitude, to celebrate community and partnership.

These are values we also share as Europeans.

In a time where things are changing on the geopolitical stage, it is especially good to work close with trusted partners and friends.

The fact is, I often look to the US for inspiration.

The climate knows no boundaries, and the whole world depends on the United States making good on its climate-commitments.

And all of us will benefit from the innovations in green and clean technology that is sure to come as your industries lean into the future.

I sincerely believe that Norway can make significant contributions to the green transition in the United States.

Big words from a small country, some might say.

I’m well aware that there are nearly eight times as many people in California alone, as in all of Norway.

But we have resources, technology and raw materials that can make the world greener.

And we have bold industries making a difference in the United States.

Corvus Energy opened a battery factory earlier this year in Bellingham, Washington state, to provide zero-emission solutions for maritime transportation.

Nel Hydrogen will build a new automated gigawatt electrolyser manufacturing facility in Michigan.

It will employ more than 500 people and be amongst the largest electrolyser manufacturing plants in the world when it opens.

We also see US companies making use of the great opportunities for high quality, clean production here in Norway.

Alcoa, for instance, produces the world’s cleanest aluminium here.

And Microsoft is working with Equinor to develop the Northern Lights project, which aims to standardize and scale CCs across Europe.

To use a technical term: This is great stuff!

I want to encourage more of these green value chains in both our countries.

That’s why I make sure to meet with US decision-makers every chance I get.

That is also why I’ve travelled several times to the US to develop our strategic partnership.

And this partnership has just entered a new stage.

My colleague, State Secretary Tore Sandvik, just in the last few days signed an MoU with the Department of Commerce, on behalf of the Ministry of Trade, Industry and Fisheries.

We are committed to strengthening our commercial dialogue and collaboration in sectors tied to the green transition.

Norway is engaged in U.S-led initiatives to accelerate the green transition, such as the Minerals Security Partnership and the First Movers Coalition.

We also support the “Joint Statement on Supply Chains Cooperation”.

While the State Secretary was in the US recently, he also launched the report “Norway’s contribution to the U.S. Economy”.

It shows that that Norwegian multinational companies in the US contribute to the creation of 20.200 American jobs.

We have large companies, such as aluminum producer Hydro with over 6,000 employees in the US, maritime company Wilhelmsen with 2,800 employees and maritime classification company DNV with 1,550 employees, alongside many small and midsized Norwegian companies operating in a range of different industries.

There are approximately 218.000 jobs associated with Norwegian portfolio investments in US companies.

Fittingly, the state secretary was also present for the opening of the Norwegian company Hydro’s new aluminum recycling factory in Michigan.

The plant will produce 120,000 metric tonnes (265 million pounds) of aluminum extrusion ingot per year and create approximately 70 local jobs.

Reducing emissions, creating jobs – that’s my kind of industry!

When people gather for Thanksgiving dinner, the custom is, as I understand it, to express gratitude.

Dear friends, I’m grateful for the great bond between our countries.

I’m grateful for the things we have achieved together.

And I look forward to many great things in the time to come!

Thank you.

Regjeringen