Oslo Stock Exchange was on the rise Tuesday morning due to an increase in oil prices, but was set back a few points in the afternoon due to weak U.S. macro figures.
Brent Oil set to be delivered in the U.S. in July sold for $117,09 per barrel – up 2,10 percent. WTI oil rose by 2,32 percent to $102,76 per barrel. One of the reasons for the increase was a broken pipeline that transports oil to the central storage unit in Cushing, Oklahoma. The pipeline normally transports 591 000 barrels of oil every day.
On the opposite side of the graph, REC’s decline can be explained by Germany’s announcement that the Government will cut the country’s subsidies to solar power by six percent. The cuts will come in addition to the already expected cuts on July 1, 2011, and the yearly cut taking place on January 1, 2012. REC closed at NOK 12,72, down 2,08 percent.
Saga Tankers became Tuesday’s winner – up 37,14 percent to NOK 4,80 – after it became known that DHT Tankers wants to buy the company. The American company is now offering Saga shareholders 0,25 DHT stock for every Saga Tankers stock, and Saga Tankers’ board has recommended shareholders to accept the offer. So far, shareholders that own a total of 72,5 percent of the company have agreed to take the offer.
(Hegnar Online)
Julie Ryland
The Executive Board of the Norwegian Central Bank (Norges Bank) has decided to keep the key policy rate unchanged at 1.5 percent. (Photo Norges Bank Deputy Governor Jan Qvigstad)
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In his annual speech, outlining economic perspectives, the Governor of the Norwegian Central Bank, Øystein Olsen called for a more resilient banking sector in Norway.
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The Government has released a white paper discussing challenges and policy options facing the Norwegian economy towards 2060, stating it is likely to be faced with difficult choices in the decades to come.
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Developments of the Norwegian economy stand in stark contrast to the developments of many of the trading partners. Growth in the Norwegian economy is expected to continue ahead, albeit at a somewhat slower pace, says Finance Minister Sigbjørn Johnsen.
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The Norwegian Government Pension Fund (Oil Fund) has grown to become the largest sovereign wealth fund during the last year, according to a Institutional Investor 2012 ranking.
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The trade surplus for the first six months of 2012 amounted to NOK 242.5 billion. This was an increase of almost 25 per cent compared to the first half of 2011.
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The Bank of Norway predicts that salaries will continue to increase, along with a low interest rate.
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Investors from all over Europe hedge against a possible Euro-collapse by placing money in Norwegian banks.
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The nationwide strike by 25,000 employees in the public sector will be epanded after the Pentecost weekend, the unions have announced.
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Presenting the revised National Budget for 2012, Finance Minister Sigbjørn Johnsen said Economic activity in Norway has held up well in 2012, despite the global economic slowdown.
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The baby boomers are getting ready to retire, which means that the annual expenditures for pensions in the Norwegian state budget are in for a dramatic increase.
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Finance Minister Sigbjørn Johnsen (photo) on Thursday presented the National Budget for next year. Some highlights: Record budget for development aid, with focus on renewable energy and agriculture. (More updates)
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