Tag Archives: Financial Forum

AmCham Financial Forum: Navigating Cross-Border Capital and Economic Resilience

AmCham News

AmCham Financial Forum: Navigating Cross-Border Capital and Economic Resilience

AmCham Norway members gathered at the offices of DLA Piper for a focused exploration of international financing mechanisms and the long-term structural health of the Norwegian economy. The forum provided a unique dual perspective, bridging the technical intricacies of institutional capital markets with the high-level macroeconomic challenges facing the Ministry of Finance.

Speaker Images (1)

Amund Holmsen
Director General

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Speaker Images (2)


Ylva Cornelia Axelsen
 Head of Capital Markets 

Inside the Engine Room: Cross-Border Institutional Financing

The session opened with an in-depth case study presented by Ylva Cornelia Axelsen, Head of Capital Markets at CSC. Exploring the evolution of CSC (Corporate Service Company), Axelsen provided a rare “behind the scenes” look at the architecture of a cross-border institutional financing platform.

Axelsen detailed the operational and legal complexities involved in managing large-scale, multi-jurisdictional and multicurrency capital flows. The discussion highlighted how institutional platforms are increasingly being leveraged to bridge the gap between global capital and local investment opportunities, emphasizing the need for robust governance and standardized frameworks to ensure efficiency and transparency in complex financing structures.

Resilience in Abundance: Norway’s Demographic Challenge

Shifting to macro national strategy, Amund Holmsen, Director General of the Economic Policy Department at the Ministry of Finance, addressed the paradox of Norway’s economic position. In his presentation, “Economic Resilience in a Wealthy Nation with an Aging Population,” Holmsen offered a sobering yet constructive outlook on Norway’s fiscal future.

While Norway’s significant wealth provides a unique safety net, Holmsen stressed that financial resources alone cannot solve the structural pressure of an aging  population. Key takeaways included:

  •  The Labor Gap: The increasing dependency ratio and its impact on productivity and public service sustainability.
  •  Fiscal Discipline: The importance of maintaining long-term resilience through prudent management of the Government Pension Fund Global (GPFG).
  • Policy Adaptation: The necessity for structural reforms that encourage workforce participation and innovation to offset demographic shifts.
Amund Holmsen and forum participants
Amund Holmsen, Madeleine Brekke, and Ylva Cornelia Axelsen

Collaborative Dialogue and Sunny Conclusion

The forum concluded with an interactive Q&A session, where members discussed the intersection of private capital markets and public policy. The dialogue underscored a shared conclusion: while Norway remains in a position of strength, navigating the next decade will require both sophisticated financial infrastructure and a proactive approach to the demographic “graying” of the economy.

Ending on a bright note, the group gathered on the balcony for continued discussion in the early summer sun.

AmCham Norway extends its sincere thanks to our presenters for facilitating such a timely and insightful exchange.

About the AmCham Financial Forum

AmCham’s collaborative Financial Forum enables cross-industry leaders to openly exchange and learn from their peers – building a better understanding of what it takes to maintain successful international operations in Norway.

Please contact madeleine.brekke@amcham.no for interest in future meetings.

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AmCham Financial Forum - 2026 Economic Outlook & AI at Scale

AmCham News

AmCham Financial Forum: 2026 Economic Outlook & AI at Scale

Cross-industry AmCham member leads convened at Citi’s Aker Brygge offices for an assessment of 2026 economic trends and a case study on the growing impact of AI investments.

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Robert Sockin
Senior Global Economist

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Petter M. Tømmeraas
Managing Director of Data Center Services

Aker Nscale

"Goldilocks” Performance, but Risks Linger

Joining virtually from New York, Robert Sockin, Senior Global Economist at Citi, opened the session by outlining key themes shaping the global economy in 2025 and highlighting what decision-makers should monitor closely in 2026.

The 2026 outlook points to a “Goldilocks” scenario with close to trend growth, moderating inflation, and central bank rate cuts:

• Resilient Economic Performance: The global economy continues to defy expectations despite ongoing challenges. Sockin described this as the “most bullish economic outlook in years.

• US/Global trade shifts due to tariffs: Tariffs have had notable effects on global trade patterns, inflation, and spending, though their impact has so far been less severe than initially anticipated. Tariffs are contributing to a global rebalancing, with the largest gains seen in emerging markets well positioned to compete with China.

• Diverging US & Global Inflation: In the US, spending has been frontloaded in anticipation of higher tariffs, exceeding earlier expectations. As a result, tariffs are delaying the return to the Federal Reserve’s 2% inflation target. Outside the US, inflation continues a downward path and is not a major concern.

• Global Monetary Policy Easing: Globally, central banks are now well into an easing cycle, though approaches vary across countries. Norway, for example, has already begun easing. Sockin noted increasing pressure on the Federal Reserve, including political influence and the prospect of more dovish-leaning appointees over time. While news flow can generate concern, these dynamics are clearly part of the current environment.

• Advances in Artificial Intelligence: AI-related spending remains a positive driver of economic activity. Sockin suggested AI could potentially contribute up to three percentage points to US economic growth, with broader transformation of the US and global economy possible over the next three to five years. AI could also be transformational for developing economies.

However, questions remain around productivity gains. It is still unclear how much of current productivity trends can be attributed to AI versus tight labor markets. Analysts are examining whether AI exposure correlates with unemployment across industries and expressed concern about long-term labor market implications. Investor patience will be critical, particularly as bond investors continue to fund much of the AI buildout.

AI at Scale: From Vision to Reality

Petter M. Tømmeraas, Managing Director of Data Center Services at Aker Nscale, presented how Aker and Nscale, with the support of Nordkraft, developed Aker Nscale, now building an AI hyperscale site in Northern Norway with OpenAI and Microsoft as two key partners.

During the session, he responded to participant questions and highlighted Aker Nscale’s focus on capital discipline, risk management, and long-term value creation, drawing on his extensive experience in data centers and hyperscale infrastructure. He also addressed common misconceptions about the project, including stakeholder roles, service offerings, and alignment with Norwegian and EU regulations.

“Instead of producing goods, we produce intelligence. I think it is much more important for Norway to export intelligence than energy.”

Petter M. Tømmeraas

The Norwegian AI Ecosystem – Credibility on the Global Stage

Tømmeraas underscored how large-scale investments strengthen Norway’s global credibility in AI. He referenced the launch of Stargate Norway in Narvik, announced on July 31 by Nscale, Aker ASA, and OpenAI, followed by the September 17 agreement between Microsoft, Nscale, and Aker to build scalable, renewable AI infrastructure in Narvik, valued at an estimated $6.2 billion.

Tømmeraas stressed the need to optimize a coordinated Norwegian and Nordic AI ecosystem. While acknowledging positive political efforts, he called for faster progress and bolder action to maintain competitiveness. He highlighted Norway’s strong position in global AI adoption, as reflected in Microsoft’s AI Diffusion Report: Global AI Adoption in 2025, and pointed to opportunities for increased productivity, competitiveness, greener transitions, and improved public services when technology is combined with trust, skills, and sound regulatory frameworks.

The establishment of Aker Nscale in Narvik represents a significant long-term investment in Northern Norway, creating jobs and positioning the region as an attractive location for AI infrastructure. Aker Nscale has also entered into a ten-year partnership with UiT The Arctic University of Norway, committing NOK 100 million to strengthen AI expertise in Narvik and the surrounding region. The initiative aims to attract leading researchers and lecturers, encourage collaboration, and build strong links between research and startups.

About the AmCham Financial Forum

AmCham’s collaborative Financial Forum enables cross-industry leaders to openly exchange and learn from their peers – building a better understanding of what it takes to maintain successful international operations in Norway.

Please contact madeleine.brekke@amcham.no for interest in future meetings.

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AmCham Financial Forum: Budgets after Ballots – Business as Usual?

AmCham News

AmCham Financial Forum: Budgets after Ballots – Business as Usual?

Norway has voted. The Labor Party has secured a second term in power after a bloc of center-left parties won a narrow victory in the general election. Cross-industry member leaders gathered at Ræder Bing Advokatfirma’s downtown Oslo office for our Financial Forum focusing on post-election implications for tax, tariffs, and foreign direct investment.

Rune Andersen, Partner at Ræder Bing and corporate tax expert, provided an instructive overview of Norway’s tax system and recent reforms. He highlighted key developments in dividend, wealth, and exit taxes, and discussed the growing challenges related to emigration, immigration, and foreign investment.

Andersen also shared insights from the OECD Economic Outlook reports (2024–2025), pointing to red flags such as declining petroleum production and revenues, weakening foundational skills in the population, and increasing pressure on sovereign wealth fund spending.  

Presenters

Isaksen

Torbjørn Røe Isaksen
Political Editor

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Andersen


Rune Andersen
Partner

Political Landscape & Possible Scenarios Post-Election

Torbjørn Røe Isaksen, Political Editor at E24 and former Solberg government minister, discussed the political landscape following Norway’s recent election. He predicted little immediate change, noting that despite the new majority, the government’s focus would likely remain on tight fiscal policies and spending priorities.

On the potential for a tax agreement, Isaksen suggested that while there could be some movement on wealth tax, significant changes are unlikely.

Isaksen emphasized the need for a broader debate on how to manage public spending to avoid economic stagnation. He also noted that post-election, there could be political surprises, including changes to the stock option tax.

Discussion continued on current policies that hinder startups, scaleups, and even deter senior US talent from relocating to Norway. Predictable tax rules are essential to ensuring a strong investment climate and attracting foreign talent.

Following the presentations, participants were invited to continue the conversation over cold beverages on the terrace, enjoying stunning views of Bjørvika and the Oslo Opera House.

About the AmCham Financial Forum

AmCham’s collaborative Financial Forum enables cross-industry leaders to openly exchange and learn from their peers – building a better understanding of what it takes to maintain successful international operations in Norway.

Please contact madeleine.brekke@amcham.no for interest in future meetings.

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AmCham Financial Forum: Advanced Economics – Tech and Policy Evolution

AmCham News

AmCham Financial Forum: Advanced Economics – Tech & Policy Evolution

Cross-industry member leaders gathered at IBM’s inspiring Client Center for our Financial Forum focusing on the future of financial trends – an evolving financial landscape.

Taking the stage was Paolo Sironi, Global Research Leader in Banking & Financial Markets at IBM’s Institute for Business Value (IBV). With his immense fintech innovation background, he is considered one of the most respected fintech voices globally. He shared valuable insights on the future of finance, risk management, and digital transformation – drawing from extensive business research from IBV’s 2025 Global Outlook for Banking and Financial Markets.

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 Sironi gave participants a macro perspective on the effect of tech innovation on the economy, noting efficiency development cadences with inventions such as the lightbulb, PC, smartphone – and now AI – and its revolutionary effect on workforce productivity and changes in critical workforce skills.

Preparing Business for Elections in Norway

Eigil Knutsen (Ap), Member of Parliament and Standing Committee on Finance & Economic Affairs member, shared insights on priorities and what financial leaders should focus on as they prepare for economic shifts and associated impacts on businesses in Norway.

"Tax policy is a polarizing topic, to the extent you can call anything polarizing in Norway compared to other countries.”

Eigil Knutsen

Not running for re-election, Knutsen spoke candidly, giving his predictions and analysis on the future of tax policies and which changes business leaders should expect from the upcoming parliamentary election. Looking into his crystal ball, Knutsen expects a majority in Parliament will agree to establish a tax compromise panel.

Especially relevant for meeting participants were anticipated changes to corporate tax policy and capital gains tax that could impact foreign direct investment in Norway. The topic led to a lively debate, but there was sound agreement that work needs to be done to reduce uncertainty and increase stability.

“I know that not all in the private sector agree, but I think the Norwegian tax policy is the best in the world.”

Eigil Knutsen

Presenters:

Sironi

Paolo Sironi
Global Research Leader in Banking & Financial Markets

Knutsen

Eigil Knutsen
Member of Parliament and Standing Committee on Finance and Economic Affairs

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About the AmCham Financial Forum

AmCham’s collaborative Financial Forum enables cross-industry leaders to openly exchange and learn from their peers – building a better understanding of what it takes to maintain successful international operations in Norway.

Please contact madeleine.brekke@amcham.no for interest in future meetings.

 

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AmCham Financial Forum: ESG Reporting Requirements & The Future of Search

AmCham News

AmCham Financial Forum: ESG Reporting Requirements & The Future of Search

Cross-industry member leaders gathered at Azets’ Skøyen office for a Financial Forum focusing on ESG reporting requirements in Norway and leveraging new AI technologies.

ESG reporting compliance: how best to find and use relevant data required in Norway

With Europe at the forefront of implementing legislation on sustainability, companies operating in Norway need to stay up to date on reporting requirements. In combination with increased expectations from customers, investors, banks and other stakeholders, this accelerates the need for companies to document their environmental impact.

Azets provides holistic sustainability services for companies including ESG due diligence, strategy and sustainable business development and sustainability reporting. Mats Lorentsen, Head of ESG Services at Azets Advisory, gave participants an overview of the European Green Deal action plan, in particular the European Sustainability Reporting Standards (ESRS) framework’s data requirements and where to find data to increase ESG insight.

Lorentsen joined participants in examining the major opportunities and challenges facing financial roles. The demand for sustainability data is increasing quickly, as 75,000 companies in the EU are now facing this mandatory requirement. Companies with data that complies will have a competitive advantage as even stricter regulations are expected.

“Expectations are that the sustainability gap is increasing, but the capability is not growing as fast. We need to keep up!”

Presenters

Ida Haneborg
Industry Head of Finance and Insurance


Mats Lorentsen
 Head of ESG Services at Azets Advisory

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The Future of Search and Leveraging AI

Google’s Industry Head of Finance and Insurance, Ida Haneborg, gave participants updates on Google’s search functions – with the most significant improvements in 20 years. By combining search with their Gemini (AI), search can give more comprehensive answers to longer and more complex questions. Not only does it provide more useful results, but it has also changed the ways in which you can search – by taking a picture or interacting with your environment through the user’s camera. With two billion users every day and 15% of searches being completely novel, Haneborg remarked that curiosity is outpacing technology! The group concluded by discussing use cases to leverage new AI functions including data collection for ESG.

About the AmCham Financial Forum

AmCham’s collaborative Financial Forum enables cross-industry leaders to openly exchange and learn from their peers – building a better understanding of what it takes to maintain successful international operations in Norway.

Please contact madeleine.brekke@amcham.no for interest in future meetings.

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AmCham Financial Forum: Political Swings & Addressing Legacy Systems

AmCham News

AmCham Financial Forum: Political Swings & Addressing Legacy Systems

Cross-industry member leaders gathered at DNB’s Bjørvika offices for a morning Financial Forum focusing on the upcoming US election and cloud enabled digital transformation in finance.

DNB’s Senior Economist, Knut Magnussen, led participants through his macro team’s forecasts for how coming US election results can swing world markets.  
“Trumponomics 2.0” would likely see clear policy changes, most strikingly in the form of higher tariffs on trade – impacting all markets. Such tariffs could be quickly implemented through executive order. Immigration is another area of importance for the US economy as there is an acute need for labor. If this flow was to slow, it could put pressure on the labor market and wages.

Although daunting predictions, participants also discussed Biden’s achievements and the potential for the forecast to change as November approaches.

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Richard Caven – 
Lead EMEA Banking Specialist

Knut Magnussen –
Senior Economist

Cloud Transformation – Opportunities & Challenges

CFOs and finance departments are key stakeholders during an organization’s cloud-enabled digital transformation. London-based Richard Caven is a Worldwide Banking Specialist at Amazon Web Services. He is responsible for the development and execution of strategic initiatives to help customers migrate to the cloud and drive their digital transformation journey.

Caven joined participants in examining the major opportunities and challenges of cloud transformation in financial services and roles, such as how to make the finance team’s life easier.

Financial services can certainly benefit from replacing legacy database platforms by migrating to cloud-native database. Older core banking systems are costly to maintain and increasingly complex with new layers on technology stacked on top – which can make the systems vulnerable.

Cloud technologies are more resilient, can cut storage and maintenance costs, reduce risk, assist in compliance, as well as drive agility and innovation. However, it is critical to first determine the business outcomes and data strategy to get there. Caven highlighted the importance of having a clear data strategy and choosing the right architecture, giving participants several use cases.

About the AmCham Financial Forum

AmCham’s collaborative Financial Forum enables cross-industry leaders to openly exchange and learn from their peers – building a better understanding of what it takes to maintain successful international operations in Norway.

Please contact Madeleine.brekke@amcham.no for interest in future meetings.

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AmCham Financial Forum: AI in the Finance Function & Global Risk Updates

AmCham News

AmCham Financial Forum: AI in the Finance Function & Global Risk Updates

 

Cross-industry member leaders gathered at Marsh McLennan’s Skøyen offices for a morning Financial Forum focusing on top business risks for 2024 and modernizing financial teams.

Marsh McLennan’s Commercial Lead Per Haagensen and Head of Sales Risk Management Christoffer Torkildsen guided us through the findings of their latest Global Risk Report, jointly published with the World Economic Forum.

In the 19th iteration of the report the top three risk concerns for the next two years were 1) Cyber 2) Societal Polarization and 3) Extreme Weather – whereas the top three concerns for the next 10 years were 1) Armed Conflict 2) Cyber and 3) Extreme Weather. The major changes in the 2024 report were found in the short-term responses, potentially because we have just come out the other side of a pandemic (2022) and inflation (2023) and this year will be a big election year in many countries.

Participants discussed the responses as well as underappreciated risks such as terrorism, which has dropped off the top list. War has completely dropped off the list – “this is no longer a risk; this is a fact.”

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Per Haagensen – Commercial Lead

Christoffer Torkildsen – Head of Sales Risk Management

General Purpose AI in the Finance Function, today and tomorrow

AI can help CFOs manage all essential tasks of the finance function — from budgeting and cost/benefit analyses to managing revenue streams and compliance. PwC’s AI Director Lars Leganger joined participants to present AI developments focusing on how to best maximize financial team workflow transitions.

Leganger emphasized that leaders must think carefully about how to apply AI in existing processes and gave examples of good use cases. He noted the need for modernization of the financial team, quality control and the need for experienced data scientists.

Leganger is an expert on the use – and the prevention of misuse – of advanced analytics, machine learning, and AI in business process automation and augmentation. In addition to advisory work, he and his teams develop internal AI-solutions for PwC’s audit, tax, and legal practices.

 

Lars Leganger – AI Director

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About the AmCham Financial Forum

AmCham’s collaborative Financial Forum enables cross-industry leaders to openly exchange and learn from their peers – building a better understanding of what it takes to maintain successful international operations in Norway.

Please contact amcham@amcham.no for interest in future meetings.

AmCham Financial Forum: The Rabbit, the Tortoise and Cross-Border Complexity

AmCham News

AmCham Financial Forum: The Rabbit, the Tortoise and Cross-Border Complexity

Cross-industry member leaders gathered at Sparebank1 SR Bank’s new Oslo offices for a morning Financial Forum focusing on transatlantic economic trends and TMF’s Global Business Complexity Index.

Sparebank 1 SR-Bank Chief Economist Kyrre M. Knudsen candidly led discussions on persisting international inflation impacts, EUR (“the tortoise”) / USD (“the rabbit”) / NOK (the undervalued) exchange rate indicators, and interest rate movements. US economic bellwethers were in focus, with participants contributing their unique industry perspectives.

Stavanger-based Knudsen, formerly with Equinor, Norges Bank, and the Ministry of Finance, is also a regular business media commentator in Dagens Næringsliv, Finansavisen and E24 among others.

Presenters

Kyrre M. Knudsen 
SpareBank 1 SR-Bank

Speaker Logos

 

Niels Didrich Buch
TMF

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Business Complexity – Norway and the US in Focus

Nordic Market Head Niels Didrich Buch presented TMF Group’s 2023 Global Business Complexity Index, which provides an authoritative overview of the complexity of establishing and operating businesses around the world. It explores factors driving the success or failure of international business, with a focus on operating in foreign markets, and outlines key themes emerging globally.

Focusing on the Norwegian market, Buch gave a summary of the intricacies that face companies here and what new hurdles may impact operations compared to some of our Nordic neighbors.

About the AmCham Financial Forum

AmCham’s collaborative Financial Forum enables cross-industry leaders to openly exchange and learn from their peers – building a better understanding of what it takes to maintain successful international operations in Norway.

Please contact Madeleine.brekke@amcham.no for interest in future meetings.

TMF Complexity Norway
TMF Complexity Norway 2

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AmCham Financial Forum: The Rabbit, the Tortoise and Cross-Border Complexity

AmCham News

AmCham Financial Forum: The Rabbit, the Tortoise and Cross-Border Complexity

Cross-industry member leaders gathered at Sparebank1 SR Bank’s new Oslo offices for a morning Financial Forum focusing on transatlantic economic trends and TMF’s Global Business Complexity Index.

Sparebank 1 SR-Bank Chief Economist Kyrre M. Knudsen candidly led discussions on persisting international inflation impacts, EUR (“the tortoise”) / USD (“the rabbit”) / NOK (the undervalued) exchange rate indicators, and interest rate movements. US economic bellwethers were in focus, with participants contributing their unique industry perspectives.

Stavanger-based Knudsen, formerly with Equinor, Norges Bank, and the Ministry of Finance, is also a regular business media commentator in Dagens Næringsliv, Finansavisen and E24 among others.

Presenters

Kyrre M. Knudsen 
SpareBank 1 SR-Bank

Speaker Logos

 

Niels Didrich Buch
TMF

Speaker Logos (2)

Business Complexity – Norway and the US in Focus

Nordic Market Head Niels Didrich Buch presented TMF Group’s 2023 Global Business Complexity Index, which provides an authoritative overview of the complexity of establishing and operating businesses around the world. It explores factors driving the success or failure of international business, with a focus on operating in foreign markets, and outlines key themes emerging globally.

Focusing on the Norwegian market, Buch gave a summary of the intricacies that face companies here and what new hurdles may impact operations compared to some of our Nordic neighbors.

About the AmCham Financial Forum

AmCham’s collaborative Financial Forum enables cross-industry leaders to openly exchange and learn from their peers – building a better understanding of what it takes to maintain successful international operations in Norway.

Please contact Madeleine.brekke@amcham.no for interest in future meetings.

TMF Complexity Norway
TMF Complexity Norway 2

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AmCham Financial Forum: The Future of Banking & Global Supply Chains

Accounting / Financial, AmCham News

AmCham Financial Forum: The Future of Banking & Global Supply Chains

Cross-industry member leaders gathered at AmCham’s downtown offices for a morning Financial Forum focusing on the expectations for the future of banking and global supply chain updates.

PA Consulting Partner & Head of Financial Services Norway, Clint Sookermany, and Partner Financial Services and Head of Operating Model Capability, Knut Erlend Vik, jointly presented The Future of Retail Banking – How business leaders should respond.

Retail banking is one of many vital industries undergoing ever-faster change. In their recent report, The Vision for Banking: A Force for Future Good. PA Consulting has developed four potential industry scenarios for 2023 to better understand how banking might evolve. Participants went on to discuss real-world scenarios, impacts on their own industries, their likelihood and pros and cons of each.

Image: PA Consulting
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Presenters

Clint Sookermany – Partner & Head of Financial Services Norway

Knut Erlend Vik – Partner Financial Services and Head of Operating Model Capability

Morten Sloth Madsen – Managing Director of Norway & Sweden

Digitalization as a Driving Force

DSV’s Managing Director of Norway & Sweden, Morten Sloth Madsen, joined us for an update on the global supply chain with a look back at and predicted logistical impacts, developments, and expectations for the industry.

The past few years of pandemic, political unrest, container shortages, port congestion, geopolitical conflict, and inflationary pressures have exposed vulnerabilities in our supply chains – causing frustration for businesses and consumers alike. As a global player in air, ground and sea logistics, Madsen provided keen insights into the current market and what business leaders need to be highly aware of in the time ahead.

About the AmCham Financial Forum

AmCham’s collaborative Financial Forum enables cross-industry leaders to openly exchange and learn from their peers – building a better understanding of what it takes to maintain successful international operations in Norway.

Please contact Madeleine.brekke@amcham.no for interest in future meetings.

DSV Slide
Image: DSV

Past Financial Forum Meetings