OSLO, June 21 (Reuters) – The recent turmoil in global financial markets represents an opportunity for Norway’s $1.2 trillion sovereign wealth fund, to profit from it much like it did during the 2008-2009 financial crisis, its deputy chief said on Tuesday.
As the world’s largest fund of its kind it owns 1.3% of all globally listed stocks as well as a portfolio of bonds, real estate and renewable projects, aiming to share the proceeds from Norway’s oil and gas industry with future generations.
At a formal audience with His Majesty King Harald V on June 16, Marc Nathanson presented his credentials to be Ambassador Extraordinary and Plenipotentiary of the United States of America to the Kingdom of Norway.
Ambassador Nathanson was nominated by President Joe Biden on November 4, 2021. He was confirmed by the Senate on May 5.
Statement for attribution to Ambassador Nathanson:
“I am honored by the confidence placed in me by President Biden to further develop the deep ties between our two nations. The United States and Norway are close allies in NATO and key partners in addressing urgent issues including the climate crisis and threats to global peace and freedom.”
“Throughout my forty-year career in the communications industry, and while serving as the Vice Chair of the National Democratic Institute, it has been my honor to work with the American and Norwegian governments in their international efforts to protect human rights and promote media freedom. I look forward to continuing that work as the U.S. ambassador to Norway.”
OSLO, June 14 (Reuters) – Norwegian companies expect economic growth to slow in the coming six months, a central bank survey showed on Tuesday, driven by high inflation, capacity constraints and expected higher interest rates dampening demand.
“Constraints have become increasingly widespread across all sectors in the course of spring, except retail trade where somewhat more enterprises now have spare capacity,” Norges Bank said in a statement.
As of June 12, 2022, the CDC will no longer require air travelers to show a negative COVID-19 test result, or documentation of recovery from COVID-19, prior to boarding a flight to the United States.
CDC’s Order requiring proof of vaccination for non-US citizen nonimmigrants to travel to the United States is still in effect.
The economies of Norway and several other countries are now characterised by high levels of activity and few available resources. However, the outlook for the global and Norwegian economies is highly uncertain. Supply chain disruptions, partly as a result of the Covid-19 pandemic and the war in Ukraine, have dampened growth prospects and contributed to a sharp rise in global inflation. Central banks in several countries have raised their key policy rates and announced further interest rate increases. Prospects of weaker economic growth combined with persistently high inflation have raised fears of stagflation.
Strategies for successful U.S. market entry in health care and life science sectors –
What do health-care, life-sciences, biotech, and pharmaceutical companies in Norway need to know before entering the U.S. market? What are the challenges, misconceptions, and regulations? How do they seek investors and protect intellectual property?
A March 31 virtual roundtable on “Strategies for Successful U.S. Market Entry,” attempted to answer these questions. AmCham Norway, WorldUpStart, Norwegian American Chamber of Commerce Philadelphia, Nordic Consulting, Innovation Norway, Eversana, Scan MedPartners, and Burkland Associates sponsored the event.
Furniture manufacturer Vestre is now opening the world’s most environmentally friendly furniture factory, The Plus, at Magnor in Norway. Over 23 tonnes of Hydro CIRCAL low-carbon aluminium have been delivered for the project. Hydro CIRCAL consists of at least 75% recycled aluminium, from products that have already lived a long life as a soda can, car part or other material.
“The glass facades are specially developed for The Plus to ensure maximum transparency and the lowest possible energy consumption. The WICONA profiles that frame the glass are delivered using Hydro CIRCAL alloys,” says Frank Føleide, sales engineer at Hydro Building Systems.
Dear Members & Partners –
For as beautiful as it is, Washington D.C. is an especially testy place these days. Perhaps it’s a function of arriving in from a Norwegian hygge environment, or maybe the pandemic has been especially tough on folks who spend a good portion of their careers in face-to-face settings. Many of the US Chamber, business, and Congressional representatives we recently met with there expressed that “this administration’s lacking trade agenda” continues to be a problem.
Of course, our friends at Department of Commerce and Department of State had different perspectives on Biden administration benchmarks. “Restoring US alliances, climate change action, and a manufacturing renaissance” were reported to be well under way – and currently at the core of this administration’s international economic directives.
NATO succession, support for Ukraine, Russia sanctions, and transatlantic data flows were also high on our agenda. A strong case for removing Norway from a peculiar US list of steel and aluminum tariff national security threat nations (including China, India, Russia, Switzerland, and Turkey) was also repeatedly made on Capitol Hill.
Jason Turflinger
Alas, back in Oslo, the annual US-Norway trade (ICE) talks are now upon us – bringing with them the hope of real progress being made on these tariffs, as well as Norway healthcare industry procurement and patient access delays, climate technology collaboration, bilateral investments, and a host of additional prospective trade wins.
With AmCham’s Board and staff recently renewed and reinvigorated by a return to in-person member engagements, advancing transatlantic business abounds on multiple AmCham fronts. Our new and reformatted 2022-23 Membership Guide will soon be released – keep an eye out in the coming weeks to learn more about all we do with and for you.
After a busy run up to the close of Q2 and summer break, our August member meeting schedule will be brisk. In Arendal (Aug. 18th), our focus will be on how we can best work together to accelerate healthcare innovation and research in Norway together with AbbVie, Cisco, and Microsoft. At Hauger Golf Club (Aug. 25th), we’ll host our 22nd annual AmCham Golf Tournament together with Oracle and PwC. At ONS in Stavanger (Aug. 29th), energy technology advancements will be front and center together with ABS, City of Houston, and our US Embassy partners.
With the impending arrival of US Ambassador-Designate Marc Nathanson, our important US government partnership in Norway is happily on the cusp of expanding. After being nominated in November, providing Committee on Foreign Relations testimony in April, and finally confirmed by the Senate in early May, we eagerly anticipate Mr. Nathanson’s energy, environment, trade and investment cooperation action and engagement. We fully expect HM King Harald to warmly accept his formal presentation for accreditation to Norway. AmCham will follow suit!
The 2022-2023 edition of the AmCham Mentorship Program kicked off at BI Norwegian Business School’s Oslo campus, representing 62 program participants from 26 companies across 10 industries and cementing the unique, cross-industry design of the program. The group spanned from those who have no prior experience with a mentoring relationship to continuing participants of the program.
The program, entering its seventh year, welcomed coveted guest presenter Whitney Johnson, who presented Smart Growth: How to Grow Your People to Grow Your Company live from the US East Coast. Ranked in eighth place on the 50 leading business thinkers in the world as named by Thinkers50, Whitney is an expert on smart growth leadership and is an award-winning author, world-class keynote speaker and frequent lecturer for Harvard Business School’s Corporate Learning.
Whitney Johnson
Addressing program participants, Whitney illustrated the concept of smart growth and the s-curve of learning, a process commencing with a launching point and concluding with mastery – a process that can prove challenging at times. However, “the slant is less steep when we are climbing the mountain together” Johnson noted, referencing the mutual support that is provided in a mentoring relationship.
“You’re not who you were, but you’re not quite who you’re going to be.”
In the pursuit of growth, Johnson eloquently described the dichotomy of existing in a process where “You’re not who you were, but you’re not quite who you’re going to be,” as each participant will present and discuss their own sets of goals to be addressed over the next nine months.
The presentation was followed by the long-awaited announcement of mentor and mentee pairings, where many partook in a one-on-one introductory meeting – the first milestone in their respective mentoring relationships.
With its unique cross-industry orientation, the AmCham Mentorship Program offers a dynamic, internationally minded arena for leadership development.
The program pairs emerging corporate talent with seasoned executives from AmCham Patron-level member companies. The result: a collaborative arena that fosters improvement and reflection, prepares young leaders for the challenges of the international marketplace, and forges bonds between AmCham member companies.
The Mentorship program is available to Patron-level members of AmCham Norway. For further information and interest in the program, please contact Margrethe.Harboe@amcham.no.
AmCham Mentorship Program Final Group Gathering 2025-2026: From Potential to Performance Through Culture and Belonging A decade of mentorship has built a strong legacy of
AmCham Mentorship Program Kickoff 2025-2026: Self-Awareness & International Top-level Leadership The 2025–2026 and tenth anniversary edition of the AmCham Mentorship Program kicked off at BI
AmCham Mentorship Program Final Group Gathering: Views on Leadership & Cultivating a Growth Mindset Participants of the 2024-2025 AmCham Mentorship Program attended their fourth and
OSLO, May 30 (Reuters) – Norwegian Air (NAS.OL) has agreed to buy 50 Boeing (BA.N) 737 MAX aircraft and has secured options to acquire a further 30 planes, the budget carrier said on Monday.
The deal marks a return to aircraft ownership for Norwegian after the company was forced to resort to leasing deals following bankruptcy proceedings that rescued the company last year.
“The 50 aircraft are due to be delivered between 2025 and 2028, at a schedule closely corresponding to current aircraft lease expirations. This entails a limited net increase of the company’s current fleet,” Norwegian said in a statement.