All posts by Margrethe Harboe

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

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

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

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

(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

(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

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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Norway’s Unemployment Surprise Cements September Rate Hike Case

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

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

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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