OSLO, March 18 (Reuters) – Norway’s $544 billion sovereign
wealth fund (SWF) voiced confidence in the Japanese economy’s
ability to rebound from crisis and said it has not retreated
from Middle East and North African markets engulfed by unrest.
The world’s second largest SWF after that of the United Arab
Emirates said that soaring equity investments helped it hit
returns of 9.6 percent last year and reaffirmed its long-term
goal for 4 percent annual returns despite low bond yields.
OSLO (Reuters) – Norway’s $544-billion sovereign wealth fund said its exposure to Japan’s financial assets may be too low and that it believed the Japanese economy would recover from an earthquake, tsunami and nuclear emergency.
“If anything, the fund may have too low exposure to Japan,” the fund’s Chief Executive Yngve Slyngstad told Reuters, adding that 5.2 percent of the fund’s assets were based in Japan.
OSLO (Reuters) – Norway announced plans on Friday to open a new Barents Sea zone for oil and gas activity while keeping environmentally sensitive Arctic waters off the Lofoten archipelago off limits until at least 2013.
The deal struck by Prime Minister Jens Stoltenberg and his coalition partners seeks to balance concerns about bringing more oil activities into environmentally delicate areas with demands from the oil industry, which funds Norway’s welfare state.
OSLO, March 11 (Reuters) – Norway’s government is due to
announce on Friday new plans for oil and gas activities in
Arctic regions, seeking to balance environmental concerns and
demands from the oil industry which funds its welfare state.
Labour Prime Minister Jens Stoltenberg and his coalition
partners from the Socialist Left and the Centre Party have
called a news conference for 1100 GMT to discuss an “update” to
management plans for the potentially oil-rich Arctic waters.
OSLO (Reuters) – Norway’s Socialist Left party vowed on Thursday to reject any compromise that could lead to drilling off a pristine Arctic archipelago, setting the stage for talks that risk fracturing the Labour-led cabinet.
The untapped waters around the Lofoten and Versteraalen islands are regarded by the oil industry as the most promising that remain off Norway, the world’s No. 5 oil exporter whose output has fallen by a third in the past decade.
OSLO, March 9 (Reuters) – Norway’s Telenor (TEL.OL: Quote, Profile, Research, Stock Buzz) pledged
to work constructively with its estranged partners in Vimpelcom
(VIP.N: Quote, Profile, Research, Stock Buzz) even if it fails to block the Russian operator’s $6
billion-plus purchase of Wind Telecom next week.
Telenor, with a 36 percent voting stake in Vimpelcom, faces
an uphill battle to gain support from some three-quarters of
independent Vimpelcom minority owners to derail the deal with
Egyptian tycoon Naguib Sawiris.
OSLO, March 4 (Reuters) – Norway’s Telenor, seeking allies
among Vimpelcom’s minority shareholders to thwart the Russian
operator’s $6 billion Wind Telecom purchase plan, offered the
prospect of an extra dividend from Vimpelcom if the deal failed.
Telenor (TEL.OL: Quote, Profile, Research, Stock Buzz) faces an uphill battle to convince more
than 70 percent of independent Vimpelcom (VIP.N: Quote, Profile, Research, Stock Buzz) owners to
reject the Wind deal with Egyptian tycoon Sawiris Naguib at a
shareholders’ meeting scheduled for March 17.
OSLO (Reuters) – Norway’s Oil and Energy Minister Terje Riis-Johansen will leave the government on Friday in a long-expected cabinet reshuffle, Norwegian media said citing unnamed government sources.
Public broadcaster NRK, the private TV2 station and the VG newspaper all said the minister would be replaced by Centre Party colleague Ola Borten Moe, a member of parliament since 2005 who is considered a favourite to become the party’s deputy leader later this month.
OSLO (Reuters) – Anti-secrecy website WikiLeaks, the Internet and a Russian human rights activist are among a record 241 nominations for the 2011 Nobel Peace Prize.
The Norwegian Nobel Committee said on Tuesday that the 2011 field includes 53 organizations and tops last year’s 237 nominees.
OSLO (Reuters) – Oil from an Icelandic container ship that ran aground on Thursday night has come ashore on the coast of southern Norway near the country’s only marine national park, Norwegian authorities said on Friday.
“We don’t know much about how big the oil spill is. This morning we had our airplane surveying the area to gather information,” said Paal Are Lilleheim, spokesman at the Norwegian Coastal Administration.