Balazs's Feed
Apr 8, 2015

Looking past commodities slump, Sweden moves a town for a mine

KIRUNA, Sweden, April 8 (Reuters) – Undaunted by falling
commodity prices, a Swedish company will start dismantling and
moving the historic Arctic town of Kiruna this month to make way
for the expansion of Europe’s biggest iron ore mine.

The northernmost town in Sweden, famed for its ice hotel and
a red wooden church that was voted the country’s most beautiful
building, is inhibiting the expansion of state-owned LKAB’s
mine, once the backbone of Scandinavia’s industrialisation.

Mar 19, 2015

Norway keeps rates on hold as economy resilient; currency surges

OSLO, March 19 (Reuters) – Norway’s central bank kept
interest rates on hold on Thursday, defying near-unanimous
expectations for a cut and pushing the crown currency up more
than 3 percent even as it virtually promised a rate cut before
mid-year.

The bank said the crash in the price of crude oil, Norway’s
top export earner, has had only a modest impact on the economy,
while house prices have continued to rise quickly, indicating
that the pronounced downturn its December rate cut was aimed at
preventing is not materialising.

Mar 11, 2015

Strike deal clears way for Norwegian Air’s expansion plans

OSLO, March 11 (Reuters) – Norwegian Air’s battle
with striking pilots cost it millions of dollars – but it may
view that as a price worth paying as it preserved a successful
expansion strategy that defies Scandinavian labour doctrine.

Europe’s third-biggest budget airline has grown rapidly over
the past decade, with its fleet increasing more than eight-fold.
Faced with a Norwegian labour landscape of high wages, generous
benefits and powerful unions, it has instead based some of its
crew and jets in cheaper countries like Spain and Thailand.

Mar 5, 2015

Upbeat ECB ready to start printing money next week

NICOSIA/FRANKFURT, March 5 (Reuters) – The European Central
Bank said it will start printing money to buy bonds next Monday
and delivered a robust economic outlook that will make it hard
to extend the plan beyond its envisaged Sept. 2016 end-date.

The ECB is embarking on the programme of quantitative easing
(QE) with a view to raising euro zone inflation from below zero
back towards its goal of just under 2 percent, and to helping
buoy economies across the 19-country bloc.

Mar 5, 2015

ECB set to raise growth forecasts, flesh out bond buying plan

FRANKFURT, March 5 (Reuters) – Keen to keep a low profile
over the Greek crisis, the European Central Bank will focus on
improved growth prospects when it meets on Thursday and unveil
some but not all the details of its 1 trillion euros-plus bond
buying plan.

Meeting in Cyprus, the ECB will keep rates on hold, likely
lift growth forecasts to reflect a string of positive data
surprises but cut inflation projections as it incorporates the
full effect of a dramatic oil price fall, backing its case to
buy 60 billion euros worth of bonds a month from March to spur
inflation.

Feb 26, 2015

Oil cash crunch to squeeze rigs, operators out of business

OSLO (Reuters) – Offshore drilling rig operators are facing a cash crunch as oil firms hold back work and the shakeout will put vessels and possibly some operators out of business, Claus Hemmingsen, chief executive of Maersk Drilling, said.

Rig firms are already delaying or cancelling vessel orders and some may have to merge while smaller, more speculative operators may struggle to refinance their debt, Hemmingsen told Reuters in an interview on Thursday.

Feb 23, 2015
via FaithWorld

Norway’s Muslims form protective human ring around synagogue

Photo

(Muslims join hands to form a human shield as they stand outside a synagogue in Oslo February 21, 2015. REUTERS/Hakon Mosvold Larsen/NTB Scanpix)

More than 1000 Muslims formed a human shield around Oslo’s synagogue on Saturday, offering symbolic protection for the city’s Jewish community and condemning an attack on a synagogue in neighboring Denmark last weekend.

Feb 20, 2015

The ‘king of wines’ gets ready for a makeover

TOKAJ, Hungary (Reuters) – Dubbed the “king of wines, the wine of kings” by Louis XV of France, Hungary’s Tokaji wine is undergoing a makeover as the region hopes to regain fame lost in decades of mismanagement.

Known for its exquisite sweet tipple, the eastern Hungarian wine region is clamping down on poor quality produce and establishing new standards as it tries to lure back high-end customers to arguably the best dessert wine in the world.

Feb 20, 2015

Trip Tips: The “king of wines” gets ready for a makeover

TOKAJ, Hungary, Feb 20 (Reuters) – Dubbed the “king of
wines, the wine of kings” by Louis XV of France, Hungary’s
Tokaji wine is undergoing a makeover as the region hopes to
regain fame lost in decades of mismanagement.

Known for its exquisite sweet tipple, the eastern Hungarian
wine region is clamping down on poor quality produce and
establishing new standards as it tries to lure back high-end
customers to arguably the best dessert wine in the world.

Feb 19, 2015

Oil service sector faces more cuts, needs new model – FMC Tech

OSLO, Feb 19 (Reuters) – The global oil service industry
will have to cut more jobs and idle more rigs following the
slump in crude prices and companies must reshape their business
models to get a grip on costs, the CEO of U.S. firm FMC
Technologies said on Thursday.

One of the world’s biggest subsea equipment suppliers, FMC
Tech expects the U.S. shale sector to take the brunt of
the next round of cost cuts and sees large West African
deepwater projects and developments in the North Sea and Brazil
as most vulnerable to delay or cancellation, John Gremp said.