Page 4 - Norway

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

Russia adds Norway to list of unfriendly nations for 'targeting' diplomats

Russia has added Norway to its list of unfriendly countries for allegedly targeting Russian diplomats abroad, further worsening its relations with the West. The Russian government published the order Thursday, which restricts the number of local staff the Norwegian diplomatic mission can hire in Russia to 27 people. In April, Norway expelled 15 Russian diplomats after accusing them of carrying out intelligence activities under diplomatic cover. Russia retaliated by expelling 10 Norwegian diplomats in what Norway said was an act of revenge. Norway's Foreign Ministry said it hasn't yet received official information from Russian authorities but that there is no basis for saying Norway is unfriendly toward Russia. Today's situation is due to Russia's war against Ukraine. Russia can itself choose to end the war, Norwegian Foreign Minister Anniken Huitfeldt told local media. Huitfeldt added that the two nations, which share a border in the Arctic, have an interest in functioning diploma

Meta faces $100K daily fine from Norway regulator over privacy concerns

Meta will face a hefty fine over advertising practices that violate user privacy, Norway's data protection authority said Monday, unless the Facebook and Instagram owner takes action to comply with the law. Norwegian regulator Datatilsynet says that behavioral advertising a common marketing model that profiles users by collection information like their physical locations, among other data without consent is illegal. Because of this, Datatilsynet imposing a temporary ban of such practices on Facebook and Instagram. During the ban, which starts August 4, Meta risks a fine of up to 1 million Norwegian kroner (nearly USD 100,000) each day. The ban will last for three months, or until Meta can show that it complies with the law, Datatilsynet said. This decision does not ban Facebook or Instagram in Norway," Tobias Judin, the Norwegian Data Protection Authority's international department head, stated in a release. "The purpose is rather to ensure that people in Norway can use these ...

Surprises from Central banks see June become bumper 2023 rate hike month

Seven of the nine central banks overseeing the 10 most heavily traded currencies that met in June hiked rates, while two opted for no change, Reuters data showed

Norway approves 19 oil, gas projects; resulting investments over $19 bn

Norway announced on Wednesday it approved 19 oil and gas projects on the Norwegian continental shelf, saying the total investments are worth over 200 billion kroner (USD 19 billion). "The projects are also an important contribution to Europe's energy security, said Terje Aasland, Norway's minister for petroleum and energy. Norway was the only net exporter of oil and gas in Europe, he said, adding, By carrying out these projects we ensure new production from the latter half of the 2020s, so that we can maintain high Norwegian deliveries. The projects consist of new developments, further development of existing fields, and investments in projects for increased extraction at existing fields. Norway, one of the world's wealthiest countries due to its vast oil and gas reserves, said earlier this month that it wants to open parts of its continental shelf for commercial deep-sea mining in line with the country's strategy to seek new economic opportunities and reduce its reliance on the oi

Norway to provide $23 mn for nuclear safety in Ukraine amid war with Russia

"A nuclear accident in Ukraine would have consequences not only for Ukraine itself, but also beyond the country's borders," she said in a press statement on Monday

'Hazardous' smoke from Canadian wildfires reaches Norway: Scientists

"People in Norway may be able to smell and even notice the smoke as a light haze but, unlike parts of the US that have seen hazardous pollution, they should experience no health impacts"

Infosys grows footprint in the Nordics with new proximity centre in Norway

New centre is expected to enable Infosys to attract, re-skill, and upskill local talent to work on global opportunities through next-gen technologies like cloud, AI, IoT, 5G, and software engineering

US aircraft carrier 'USS General Ford' arrives in NATO-member Norway

A US aircraft carrier arrived on Wednesday in Oslo with the Norwegian armed forces saying it gives them a unique opportunity to further develop cooperation and work more closely with our most important ally, the United States. The nuclear-powered ship USS General Ford entered the Oslo fjord escorted by a rapid dinghy-type boat with armed people on board. The Norwegian armed forces has said any boats must stay a half-kilometre (half-mile) away from the aircraft carrier and a no-fly zone was created over the area where the aircraft carrier was. Described as the largest aircraft carrier in the world, the vessel's first foreign call was broadcast live on Norwegian public television. Onlooker, some using binoculars, were seen on land watching as the large aircraft carrier glided deeper and deeper into the fjord and eventually reach the city of Oslo. The vessel will stay in the Norwegian capital until Tuesday. After that, it will take part in drills with the Norwegian armed forces. In

Norway sovereign wealth fund excludes Korea Gas, GAIL over Myanmar link

The Norwegian central bank on Thursday excluded two oil and gas companies from its $1.4-trillion wealth fund, the world's largest, citing ethical concerns over their ties to the Myanmar military.

Mauritius down; Norway, Singapore gain as FPI destinations in FY23

The total assets under custody (AUC) from Mauritius declined nearly 42 per cent to Rs 3.25 trillion at the end of March 2023, from Rs 5.55 trillion a year ago.

Norway's Norges Bank buys MCX shares worth Rs 50 cr in open market

Norway's Norges Bank - Government Pension Fund Global on Tuesday bought 338,000 shares of Multi Commodity Exchange of India (MCX) for over Rs 50 crore through an open market transaction

Norway Foreign Ministry donates 220 m Kroner for civilians in Afghanistan

Ministry of Foreign Affairs Norway in a statement has announced a donation of 220 million Norwegian Kroner to the United Nations and the World Bank

Drought from China to US hits hydro dams, slashing top clean energy source

Globally, hydropower generates more electricity than nuclear and more power than wind and solar combined. In countries like Norway and Brazil, dams generate more than half of total electricity