Oslo Stock Exchange Saw Rising Oil Prices Tuesday
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
Wednesday, 01 June 2011 06:36
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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.
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 Norwegian oil revenues continue to fill up the Government Pension Fund although a fragile world economy and turbulentstock markets in the last years have resulted in reduced investments by the Fund.
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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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In its proposal for the 2012 National Budget, to be presented next week, the Government will increase the VAT on all foodstuffs from 14 to 15 per cent, according to public broadcaster NRK.
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The Government is announcing increased sales tax on diesel powered cars in the coming years, after it has become clear that there is more pollution from diesel engines than previously estimated.
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China's largest state-owned bank, the Industrial and Commercial Bank of China (ICBC), has met with Norwegian authorities to discuss the possibility for opening a branch office in Norway, Aftenposten reports.
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