Norwegian Economy | This is what the newspapers wrote about the economy on Tuesday, June 13th

Norwegian Economy |  This is what the newspapers wrote about the economy on Tuesday, June 13th

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I think krone is one of the most undervalued currencies (finansavicin)
For a decade, the dollar has strengthened strongly. Now is the time, Pimco believes, for which the krone is one of the most undervalued currencies. Richard Clarida, chief economist at bond giant Pimco and former deputy governor of the Federal Reserve, believes the dollar’s “supercycle” is over after ten years of regular strengthening. Among industrialized nations, the Japanese yen is the most undervalued currency, and is about 25 percent below its “fair value,” according to Pimco. Number two and three on the list are the Norwegian krone and the Australian dollar, both of which are undervalued by 20 percent. Read more

The devaluation of the kroner coincides with the Bank of Norway’s sale of the kroner (finansavicin)
One weakens the krone with sales, while the other responds by increasing interest rates to counteract the selling effect, writes Anders T. Frøvig. Read more

The weakest G10 coin this year (finansavicin)
Even after the sudden and strong strengthening from Friday, the Norwegian krone is the weakest of all the G10 currencies so far this year. From the new year until now, the krone has weakened by 8.92 percent against the dollar, despite its strengthening of about 2.5 percent in the past week. The vast majority of that strength came after Friday morning, when Statistics Norway’s inflation figures rose sharply, and expectations of bigger and bigger interest rate hikes from the Bank of Norway sent rates jumping. Read more

Vedom’s Economic Forecast: – Things are looking brighter this year (VG)
Trygve Slagsvold Vedum believes the worst may be behind us. He believes that ensuring a low interest rate on mortgages for individuals is more important than taking drastic measures to boost the krone exchange rate. – I think that the most demanding time for people was the months in which we are now, because the settlement of salaries has not yet come. During the summer, people will notice that the payments will be higher than the Social Security settlement, the payroll settlement, and the pension settlement. He says that will ease the situation for some. Read more

It portends a new price shock (Dagbladet Porsen)
Agricultural settlement has led to a new increase in food prices – already 12.7 percent more expensive in the past year. FRP believes that it is unsustainable to bill consumers. – We have the highest food price increase in 40 years. Food and drink prices rose about 13 percent in the last year and are now the main driver of inflation in Norway. Then it’s absolutely the wrong time for the government to send consumers another extra bill, says FRP Vice President Hans-Andreas Lemme. Limi is particularly reacting to the fact that nearly a billion agricultural settlement bills are now sent directly to consumers. The government could have given farmers equal income growth by footing the bill themselves, but thus allowed prices to rise from July 1, Lemmy points out. Read more

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Tourists in Norway: – We save money by being here (H24)
The Norwegian krone is at historically weak levels against most major currencies. This means that tourists can enjoy their vacation in Norway a bit. Read more

Barely stable, low inflation and low interest rates again soon (Steinar Juel, social economist at Civita) (DN)
Much indicates that we will see higher and more volatile inflation in the future than we have in the past 30 years. Read more

Norway’s chief economist warns: – We’re not privileged anymore (DN)
Kjetil Martinsen of Swedbank finds no evidence that Norway has become “totally uninteresting” to invest in, but highlights a downward trend over the past 10 years. We don’t have those advantages now that we’re moving away from fossil energy to more renewable energy, where other countries can compete for global capital to a greater extent. We are not privileged anymore, apart from the fact that we saved the surplus money in the oil fund. Read more

New study: Norwegians prefer nuclear to offshore wind (electronic newspaper)
Commissioned by Nettavisen, InFact conducted a representative survey in which the question was: Should Norway prioritize offshore wind or nuclear power? Of those with an opinion, 58 percent want nuclear power, while 42 percent want offshore wind. Read more

Terry and Jonas are kidding us (Director Trygve Hegnar, Finansavisen)
We are fundamentally positive about all new power generation in Norway and on the continental shelf, both floating and stationary wind turbines will come. However, we do not like to be deceived. Specifically, they both say the Sørlige Nordsjø II offshore wind project will be “competitive”. But everything, including the battery factories, becomes profitable and competitive if the state and taxpayers get enough money. We are already there. Read more

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Professor Freya: – This is a bit like opening Pandora’s Box (VG)
Elkjøp interrupts Freya, but sells blacklisted electric toothbrushes and electronics altogether. Here, someone was very quick on the trigger, thinks NHH professor Frode Steen. Read more

Freya’s rival: Freya is an innocent third party (finansavicin)
Freya is an innocent third party, says one of the rivals, and believes pressure should be put on Mondelez. Read more

LO Federation warns of Freya County (NTB)
Freya County will primarily affect Norwegian workplaces, the Norwegian Business and Leisure Workers Association (NNN) warns. Read more

Industri Energi members could be taken out on rack strike (NTB)
Industri Energi today notified Riksmekleren and the Norwegian Shipping Association (NR) of a first strike if mediation in the floating rig area does not lead to success. Read more

PBL Kindergarten Pay Settlement is within reach (NTB)
On Monday, an agreement was reached in the National Association of Private Nurseries’ (PBL) interim settlement negotiations. Since a wage settlement is an interim settlement, it means that only wages are negotiated. PBL Kindergarten Auxiliaries and Skilled Workers received an additional amount of at least NOK 25,800, which is in line with the result in the municipal sector. Read more

You can only sell a few, then. (finansavicin)
SV wants to be a workers’ party. Sebastian Auerhagen (V) wrote, With statements like these, everything falls apart. – If we want to nurture the welfare state, we need new sources of income. This does not seem to matter to the government or its partner, SV. Namely, they are more concerned with taxing working capital and stifling founders’ enthusiasm for innovation. Read more

The new housing does not contribute to the displacement of the poor residents of the region (Erlind Eddy Boe, researcher at Statistics Norway) (DN)
The construction of new commercial residential buildings does not “improve” the neighborhood. Instead, it is driving down rents for existing homes in the area, a new study shows. Read more

The property changes the ages (finansavicin)
Hans-Jørgen and Bente Cathrine Isene struck a deal when they paid 19.8 million for Villa Nesøya in 2016. Because even if the Isene couple didn’t make 50 million, as they demanded, the sale ended up being 48 million – a whopping 28.2 million increase over the purchase price in 2016, equating to an increase of 142 percent. Read more

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The commercial real estate rental market is abnormally strong (finansavicin)
Property values ​​and the number of transactions are trending downward, but rental prices in Oslo are abnormally strong and on the way up. Read more

The non-profit organization granted its Secretary General an interest-free loan of NOK 3 million (DN)
Last year, the National Heart and Lung Association entered into an important loan agreement with General Secretary Frode Jahren. The organization was experiencing major financial problems. Read more

Record Low Electricity Subsidy – No belief in new maximum prices after summer (DN)
The average household in southern Norway receives less than NOK 100 in electricity subsidy for the month of May. And there is no possibility of another electric shock in the fall, according to the head of the analysis department. Read more

2023 will be a record year for solar cells in private homes (class struggle)
So far this year, there have been nearly as many solar systems installed every month as there have been in all of 2018. Read more

Six Norwegian restaurants have been awarded new Michelin stars (NTB)
Maaemo remains Norway’s only restaurant with three Michelin stars. On Monday, six new Norwegian restaurants also earned a star in the Michelin Guide. Read more

The “crazy idea” is to avoid a new energy crisis (finansavicin)
Storing gas in Ukraine is a high-risk European plan to avert an energy crisis this winter. Support for the plan should grow. Read more

Bangladesh believes (finansavicin)
Bangladesh undertakes to accede to the Hong Kong Convention on Shipbreaking. “This is a significant milestone for the entire international shipping industry,” says CEO Harald Solberg of the Norwegian Shipping Association. He believes this likely means the agreement will come into force within the next two years. Solberg also expects ratification of the agreement by a major flag country within a short period of time, which will lead to the regulations eventually going into effect. Read more


Also read: This is what the newspapers wrote about politics on Monday, June 12th

Also read: This is what the newspapers wrote about the stock exchange on Monday, June 12th

You can find previous versions here (Policy), here (economy) f here (share trading)

Dalila Awolowo

Dalila Awolowo

"Explorer. Unapologetic entrepreneur. Alcohol fanatic. Certified writer. Wannabe tv evangelist. Twitter fanatic. Student. Web scholar. Travel buff."

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