Page 3 - Norway

Norway starts stockpiling grain, citing pandemic, war & climate change

The Norwegian government on Tuesday signed a deal to start stockpiling grain, saying the COVID-19 pandemic, a war in Europe and climate change have made it necessary. The deal to store 30,000 tons of grain was signed by agriculture and food minister Geir Pollestad and four private companies. The wheat, that will belong to the Norwegian government, will be stored by the companies in facilities across the country. In a statement, Norway's ministry for agriculture and food said the building up of a contingency stock of food grains is about being prepared for the unthinkable." Norway will sign further stockpiling contracts in the coming years, with the goal of building up the reserve until 2029. The aim is to have some 82,500 tons of grain in store by the end of the decade "so that we then have enough grain for three months' consumption by Norway's population in a crisis situation that may arise, Pollestad told Norwegian broadcaster NRK. As of the first quarter of this year, Norway has

Russia nuclear-powered submarines launch missiles during Barents Sea drills

The Severodvinsk and the Orel nuclear-powered submarines fired Kalibr and Granit cruise missiles a distance of about 170 km (106 miles) at a target

India in talks with Norway's Equinor for oil reserves, says report

State-run Indian Oil Corporation was in talks with nearly a dozen liquefied natural gas suppliers for long-term supply contracts

Spain, Norway formally recognise Palestine as EU rift with Israel widens

Spain and Norway moved to formally recognise a Palestinian state with Ireland to follow suit on Tuesday in a coordinated effort by the three western European nations. Israel slammed the diplomatic move that will have no immediate impact on its grinding war in Gaza but adds to international pressure on Tel Aviv to soften its devastating response to last year's Hamas-led attack. Prime Minister Pedro Snchez said the Spanish Cabinet will recognise a Palestinian state at its Tuesday morning meeting. This is a historic decision that has a single goal, and that is to help Israelis and Palestinians achieve peace, Snchez, standing at the gates of the prime minister's palace in Madrid, said during a televised speech. Israel's Foreign Minister Israel Katz lashed out at Spain on X, saying Snchez's government was being complicit in inciting genocide against Jews and war crimes. Norwegian Foreign Minister Espen Barth Eide said in a statement that for more than 30 years, Norway has been one of th

Spain, Ireland to recognise a Palestinian state; EU, Israel ties to plummet

Relations between the European Union and Israel took a nosedive Monday, the eve of the diplomatic recognition of a Palestinian state by EU members Ireland and Spain, with Madrid insisting that sanctions should be considered against Israel for its continued deadly attacks in southern Gaza's city of Rafah. Israeli Foreign Minister Israel Katz told Spain that its consulate in Jerusalem will not be allowed to help Palestinians. At the same time, the EU's foreign policy chief Josep Borrell threw his weight to support the International Criminal Court, whose prosecutor is seeking an arrest warrant against Israeli Prime Minister Benjamin Netanyahu and others, including leaders of the Hamas militant group. The prosecutor of the court has been strongly intimidated and accused of antisemitism as always when anybody, anyone does something that Netanyahu's government does not like," Borrell said. The word antisemitic, it's too heavy. It's too important. Spain, Ireland and Norway plan to make .

Norway hands over papers for diplomatic recognition to Palestinian PM

Norway on Sunday handed over diplomatic papers to the Palestinian prime minister in the latest step toward recognising a Palestinian state, a largely symbolic move that has infuriated Israel. Ireland and Spain made a concerted pledge with Norway to recognise a Palestinian state, a historic move that increases Israel's isolation more than seven months into its grinding war against Hamas in Gaza. The handover of papers by Norwegian Foreign Minister Espen Barth Eide to the prime minister was made in Brussels, where Mohammad Mustafa is also meeting with foreign ministers of European Union nations and high-level EU officials on Monday to drum up support for the Palestinians. Norway itself is not part of the EU. The diplomatic move by the three nations was a welcome boost of support for Palestinian officials who have sought for decades to establish a statehood in east Jerusalem, the West Bank and the Gaza Strip territories Israel seized in the 1967 Mideast war and still controls. The ..

Reliance's tech pact with Norway's Nel to accelerate new energy investments

Reliance Industries Ltd's technology partnership with Norway's Nel ASA will help accelerate its new energy investments, including in the production of green hydrogen that will aid billionaire Mukesh Ambani's pivot towards green energy. Reliance (RIL) on May 21 entered into a technology licensing agreement that provides the company with an exclusive license for Nel's alkaline electrolysers in India and also allows it to manufacture the Norwegian company's alkaline electrolysers for captive purposes globally. "We see this as a win-win for RIL and Nel as it supports RIL's ambition to accelerate its new energy ambitions, build an integrated energy vertical (new energy powering existing energy investments) and decarbonise the portfolio," brokerage Morgan Stanley said in a note. For Nel, it provides a revenue stream that it could not access on a standalone basis in India and may provide a new revenue stream that will not solely depend on the company's ability to execute on securing new ..

Can recognition by European nations bring Palestine closer to statehood?

"We're not going to allow the possibility of the two-state solution to be destroyed by force," said Pedro Sánchez, the Spanish prime minister

Israel plans to ban diplomatic visits and visas for Norway, Ireland, Spain

Norway, Ireland, and Spain announced on Wednesday their countries' intentions to formally recognise a Palestinian state in the coming days

'Watch': Israel shares new video of 'cruel' Hamas as global support weakens

Israel-Hamas are locked into the Gaza war, in which 35,000 people have died so far. Releasing a new video, Israel urged the world 'not to look away' while directing its attention to 'cruelty' of Hamas

Norway further tightens its restrictions on the entry of Russians

Norway on Thursday said it will further tighten its restrictions on the entry of people from Russia, saying those with tourist visas issued by Norway before regulations were tightened in 2022 or issued by another European country will be barred from entering the Scandinavian country as of next week. Justice Minister Emilie Enger Mehl said the tightening was a response to Russia's illegal war of aggression against Ukraine. Norway has a 198-kilometer (123-mile) -long border with Russia in the Arctic. Last week, Aftenposten, a major Norwegian daily, said Norway's domestic security agency, known by the acronym PST, was worried that Russians involved in intelligence gathering were entering at the sole border crossing at Storskog near the town of Kirkenes. Inger Haugland, head of counterespionage for PST, said Wednesday that "Russia now sees itself benefiting from carrying out sabotage in European countries in order to weaken Ukrainian defense capabilities. He gave no further details. O

Two-state solution for Palestine should come through direct talks: Biden

Sullivan called Israel's decision to withhold funds from Palestinian authority 'wrong', noting that withholding funds destabilises the West Bank and undermines the search for security

Norway, Ireland and Spain recognise a Palestinian state in a historic move

Norway's prime minister says Norway is formally recognising Palestine as a state. Norwegian Prime Minister Jonas Gahr Store said on Wednesday, There cannot be peace in the Middle East if there is no recognition. Gahr Store said the Scandinavian country will recognise a Palestinian state as of May 28. Several European Union countries have in the past weeks indicated that they plan to make the recognition, arguing a two-state solution is essential for lasting peace in the region. Norway which is not a member of the European Union but mirror its moves, has been an ardent supporter of a two-state solution between Israel and Palestine. The terror has been committed by Hamas and militant groups who are not supporters of a two-state solution and the state of Israel, the Norwegian government leader said.

Spain, Ireland, Norway to recognise a Palestinian state. Why it matters?

Spain, Ireland and Norway said on Wednesday that they would recognise a Palestinian state on May 28, a step toward a long-held Palestinian aspiration that came amid international outrage over the civilian death toll and humanitarian crisis in the Gaza Strip following Israel's offensive. The triple and almost simultaneous decisions may generate momentum for the recognition of a Palestinian state by other EU countries and could spur further steps at the United Nations, deepening Israel's isolation. Malta and Slovenia, which also belong to the 27-nation European Union, may follow suit. Some 140 of 190 represented in the UN countries have already recognised a Palestinian state. Here's a look at how and why the new European announcements could be important: WHY DOES IT MATTER? The 1948 UN decision that created Israel envisaged a neighbouring Palestinian state, but some 70 years later control of the Palestinian territories remains divided and bids for UN membership have been denied. T

Adani Ports & SEZ shares stable a day after Norway's Norges Bank exit

Norges had cited Adani's investment in a port in Myanmar for its decision

Norway excludes Adani Ports from govt pension fund over ethical concerns

US defence contractor L3Harris Technologies and China's Weichai Power have also been excluded

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