Page 3 - Norway

Red Sea crisis to cause 15-20% industry capacity loss, says Maersk

According to Maersk, the effects of the situation in the Red Sea are widening and continuing to cause industry-wide disruptions

UBS gets backing for capital plan, Ermotti pay from Norway wealth fund

The move could come at a cost for shareholders, who could see their holdings diluted in a crisis

Norges Fund Investment Bank of Norway supports ICICI Securities delisting

Amid Quantum Mutual Fund voting against the proposed delisting of ICICI Securities, the largest public shareholder Norges Fund Investment Bank has voted in favour of the proposal of the stock broking arm of ICICI Bank. The foreign fund, which holds nearly 3.25 per cent stake in ICICI Securities, voted in favour on Thursday, the first day of e-voting, as per the information posted on the website of Norges Fund Investment Bank. The e-voting will remain open till March 26. The move of the Norway-based Norges Bank provided a shot in the arm of ICICI Securities' plan to delist itself as it needs two-thirds of the public shareholders' support to pass the resolution. However, Quantum Mutual Fund, which holds a 0.09 per cent stake in ICICI Securities, voted against the resolution on Thursday. Quantum Mutual Fund opposed the delisting as it did not find the swap share ratio lucrative to the shareholders of ICICI Securities. As per the scheme of arrangement, shareholders of ICICI Securitie

Duty concession on gold imports from Switzerland under EFTA on table

India may give quota-based duty concession on gold imports from Switzerland under the proposed free trade agreement with the four European nation bloc EFTA, sources said. The European Free Trade Association (EFTA) members are Iceland, Liechtenstein, Norway, and Switzerland. Sources also said that India has sought an investment commitment of USD 50 billion during the first ten years after the implementation of the agreement and another USD 50 billion over the next five years from the member countries of the bloc. Import duty concession on gold was a major demand of Switzerland from India in the agreement. Gold accounts for about 80 per cent of India's imports from Switzerland. New Delhi has extended 1 per cent duty concession to domestic importers on a specified quantity of gold under TRQ (tariff rate quota) in a trade pact with the UAE. "Similar duty concessions are also being worked out under the EFTA agreement," one of the sources said. An email query to the commerce ministry o

Sweden joins Nato bidding farewell to more than 2 centuries of neutrality

Sweden's last war ended in 1814, and when the rifles and cannons it aimed at Norway fell silent, the once-warring power would not take up arms again. For the next two centuries, Sweden embraced a policy of neutrality, refusing to take sides in wars or join any military alliance. It was a stance that kept peace at home and contributed to the country becoming a prosperous welfare state and humanitarian superpower. This remarkably long era of nonalignment is coming to a close as Sweden joins NATO. The ceremonial formalities are expected soon, after 18 months of delays while Turkey and Hungary held up ratification and sought concessions from other members of the alliance. Sweden is now leaving 200 years of neutrality and nonalignment behind us," Swedish Prime Minister Ulf Kristersson said after Hungary's Parliament gave its approval Monday, overcoming the final hurdle. "It is a big step. We must take that seriously. But it is also a very natural step that we are taking. Sweden, like ..

Deepak Fertilisers ties up with Norway's Equinor for long-term LNG supply

Deepak Fertilisers and Petrochemicals Corporation Ltd (DFPCL) on Monday said it has entered into a long-term agreement with Norway's Equinor for supply of Liquefied Natural Gas (LNG). In a regulatory filing, DFPCL said the a long-term LNG contract will strengthen its value chain from gas to ammonia to various downstream fertilisers, industrial chemicals, and mining chemicals. This end-to-end tie-up shall establish a strong long-term foundation for all of DFPCL's product segments. "This agreement is for annual supplies of up to 0.65 million tonnes over a period of 15 years, beginning 2026. The tie-up provides room for trading some LNG parcels in the growing demands in India as well as accommodating DFPCL's growing captive needs," the company said. The LNG will be delivered to the west coast of India, the company said. Equinor, erstwhile Statoil, is among the established leaders in the oil & gas sector over the last 50 years, with a market cap of USD 75 billion wherein majority ...

World's largest cruise ship begins its maiden voyage from the Port of Miami

The world's largest cruise ship is set to begin its maiden voyage Saturday as it gets underway from the Port of Miami. Royal Caribbean's Icon of the Seas, which runs nearly 1,200 feet (365 metres) from bow to stern, is leaving South Florida for its first seven-day island-hopping voyage through the tropics. The ship was officially christened Tuesday with help from soccer legend Lionel Messi and his Inter Miami teammates. Icon of the Seas is the culmination of more than 50 years of dreaming, innovating and living our mission to deliver the world's best vacation experiences responsibly," Royal Caribbean Group President and CEO Jason Liberty said earlier this week. She is the ultimate multigenerational family vacation, forever changing the status quo in family travel and fulfilling vacation dreams for all ages on board. When the Icon of the Seas was first revealed in October 2022, the ship spurred the single largest booking day and the highest volume booking week in Royal Caribbean's .

'Free trade agreement talks between India, EFTA bloc at advanced stage'

Negotiations for a free trade agreement between India and the four-nation EFTA bloc are at an advanced stage as both sides have reached a shared understanding on key issues, a senior official has said. The European Free Trade Association (EFTA) members are Iceland, Liechtenstein, Norway, and Switzerland. India and the EFTA have been negotiating the pact, officially dubbed as Trade and Economic Partnership Agreement (TEPA), since January 2008 to boost economic ties. "Following extensive negotiations, a shared understanding has been achieved on key issues during the ministerial meeting. Ongoing efforts are now focused on shaping the convergence that has emerged," the official said. Commerce and Industry Minister Piyush Goyal held a meeting recently with Swiss Federal Councillor Guy Parmelin in Mumbai. Parmelin, in a social media post on X, has said that officials are working around the clock to settle last details so that it can be signed as soon as possible. "At the last-minute ..

Reliance Industries sells REC Solar Norway to Elkem ASA for $22 million

Reliance Industries Ltd on Monday said it will sell REC Solar Norway AS to Oslo-listed Elkem ASA for around USD 22 million. REC Norway is a wholly-owned unit of REC Solar Holdings and is involved in the manufacturing of kerf-based polysilicon in the Scandinavian country. In October 2021, a unit of Reliance acquired Norway's solar panel manufacturer at an enterprise value of USD 771 million as the Indian oil-to-retail conglomerate sought to extend its dominance into alternative energy. "REC Solar Holdings AS, a step-down wholly-owned subsidiary of Reliance Industries Ltd (RIL), has informed that it has, on January 14, 2024, entered into a share purchase agreement with Elkem ASA for the sale of its 100 per cent equity stake in REC Solar Norway AS for an aggregate cash consideration of USD 22 million," RIL said in a stock exchange filing. Founded in 1904, Elkem ASA is a silicon-based material provider, and listed on the Oslo Stock Exchange. "REC Norway, a wholly-owned subsidiary of R

Russia to deploy newest howitzers close to borders of Finland and Norway

Earlier in December, Russia's TASS state news agency reported that single Coalition-SV howitzers had already been deployed to the frontline in Ukraine

Tesla faces inquiry by Norway's safety regulator over suspension failures

A decision is expected by Christmas. The agency has the authority to order a recall if an automaker refuses

Here to enhance partnership between EFTA, India: Norway's trade minister

The European Free Trade Association is a trade organisation and free trade area consisting of four European states- Iceland, Liechtenstein, Norway and Switzerland

Elon Musk forces eco-conscious Scandinavians to choose between EVs, unions

A small walk-out at Tesla's seven repair shops in Sweden over unfair working conditions has in the past month spiralled into a storm of labor strikes

Norway's $1.4 trillion sovereign wealth fund posts $34 billion loss in Q3

The fund's return on investment was minus 2.1% for the July-September period, 0.17 percentage points stronger than the return on its benchmark index

Arunachal inks MoU with Norwegian Institute to channel geothermal potential

The Arunachal Pradesh government on Wednesday signed a memorandum of understanding (MoU) with the Norwegian Geotechnical Institute (NGI) to explore feasibility of harnessing geothermal potentials that the state's numerous hot springs offer. The MoU was signed by state science and technology secretary Repo Ronya and Dr Rajinder Bhasin, technical expert from NGI, in presence of Chief Minister Pema Khandu, Science and Technology Minister Honchun Ngandam, chief secretary Dharmendra and senior advisor of Norwegian embassy in New Delhi, Dr Vivek Kumar. Congratulating the NGI and the department of science and technology, Khandu termed the signing of the MoU as a right step towards green and clean energy production especially in the light of global warming concerns. "It is a great coincidence that this MoU is being signed on World Tourism Day as its theme this year is Tourism & Green Investment' that perfectly goes in tandem with this new initiative," the chief minister said. He expressed

Ex-Wagner commander arrested in Norway over attempt to cross into Russia

Andrei Medvedev, fled Russia after the Russian guards opened fire on him in his account of his January flight from Russia over the country's Arctic border with Norway

Court sides with Norwegian regulator's $100K daily fine imposed on Meta

Meta lost a legal battle Wednesday to halt a Norwegian ban on its advertising practices that came with hefty daily fines, in a blow to the US social media giant's business model. Norwegian regulator Datatilsynet in July announced a temporary ban on Facebook and Instagram's behavioural advertising a common marketing practice that tech giants like Meta use at the heart of their business models to sell targeted ads based on user data ranging from personal interests to places they've been. Such practices without adequate consent violate user privacy and are illegal, Datatilsynet said, adding that the ban was set to last for three months or until Meta's complies with the law. During the ban, which began last month, Instagram and Facebook continue to operate normally in Norway but Meta faces a fine of up to 1 million Norwegian kroner (nearly $100,000) each day. In efforts to challenge this, Meta applied for a temporary injunction arguing that Datatilsynet did not have legal grounds for

High-level delegation led by Rupala to visit Norway from August 21-24

A high-level delegation led by Union Minister of Fisheries, Animal Husbandry and Dairying Parshottam Rupala will visit Norway from August 21 to 24 to strengthen the bilateral cooperation between the two nations in the field of fisheries and aquaculture. Minister of State for Fisheries, Animal Husbandry and Dairying L Murgan is also part of the delegation along with other officers. The delegation will hold bilateral discussions with the Norwegian Ministers and other key officials on various aspects of fisheries development, resource management, research, innovation and trade, an official statement said. The delegation will also attend the Aqua Nor 2023, the biannual aquaculture exhibition and trade fair in Trondheim, Norway. The delegation will interact with various Norwegian enterprises that have expertise in different aspects of fisheries and aquaculture, such as fish health, feed, genetics, equipment, processing and marketing. The delegation will also visit some of the state of

Governments abroad call Data Protection Bill a 'landmark' regulation

Countries such as New Zealand said that they are taking a 'keen interest' in the implementation of the Bill and also its approach to privacy regulation

Norway fines Meta Platforms $97,700/per day to stop privacy breach

Meta Platforms is asking for a temporary injunction against the order, according to a court filing. Its petition will be presented on Aug 22 during a two-day hearing