Tag Archives: Financial crisis

Report on the management of the Government Pension Fund in 2009

Norwegian kroner

"Strong performance in 2009 shows that the Government Pension Fund has fared well through the financial crisis. Key in this respect is a strong adherence to the long-term investment strategy of the fund", says Minister of Finance Sigbjørn Johnsen. Today, the Government presented the report to the Storting on the management ...

Healthy profits and lower-than-expected write-downs

DnB NOR recorded profits of NOK 1.689 million in the fourth quarter of 2009, up from NOK 1.629 million in the year-earlier period. Profits for the year came to NOK 7.026 million, which demonstrates sound performance in a very demanding year for both the Norwegian and the international economy Full year 2009 Pre-tax operating profits before write-downs ...

Norges Bank Gov: Norway’s Banks Should Reduce Liquidity Risk

Svein Gjedrum

Norway's banks aren't facing a solvency crisis but should reduce their liquidity risk so that they are better able to cope in case of future troubles, the governor of the country's central bank, Svein Gjedrem, said Dec. 1. "The financial crisis has demonstrated that heavy reliance on short-term funding is risky, ...

Less foreign tourists to northern Norway

Recent numbers show that foreign tourist have been absent in northern Norway in the first half of 2009. NHO Travel Northern Norway blames it on financial crisis. The number of foreign tourists has gone down by 17 percent in 2009, compared to 2008. In the northernmost county of Finnmark the reduction is 21.4 percent. This is ...

Thriving Norway Provides an Economics Lesson

OSLO — When capitalism seemed on the verge of collapse last fall, Kristin Halvorsen, Norway’s Socialist finance minister and a longtime free market skeptic, did more than crow. As investors the world over sold in a panic, she bucked the tide, authorizing Norway’s $300 billion sovereign wealth fund to ramp up its stock buying program by ...

Karmsund shipyard files for bankruptcy

OSLO, March 10 (Reuters) - The Karmsund shipyard in western Norway has filed for bankruptcy, its owner Karmsund Maritime AS said on Tuesday. The unlisted group said its Karmsund Maritime Services AS (KMS) unit, which ran the yard and had 2007 turnover of 800 million Norwegian crowns ($113.6 million) and 130 employees, had been unable to ...

Healthy profits for DnB NOR in 2008

Rune Bjerke, group chief executive of DNB NOR. Photo: Dnbnor.com

On Thursday (Feb. 12) Dnb NOR, Norway's largest bank, reported a 62 percent drop in fourth quarter net profits, due to volatile markets amid the financial crisis, but said the company's earnings were "healthy." "We are satisfied that we achieved healthy profits in the fourth quarter, in light of the significant turmoil in the financial markets and the subsequent ...