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☆ Equinor raises energy trading forecast on volatility, flexibility
▼ + stars: | 2023-02-08 | by ( Nora Buli | ) www.reuters.com time to read: +2 min

LONDON, Feb 8 (Reuters) - Norway's Equinor (EQNR.OL) raised its energy trading division's outlook on Wednesday, saying it expects the business to profit from a more flexible asset portfolio and market volatility. Equinor earlier posted record overall profits for 2022, driven by soaring gas prices, sending its shares up 7%. It lifted the adjusted quarterly earnings guidance for its Marketing, Midstream and Processing (MMP) segment to $400 million-$800 million, from $250 million-$500 million previously. Equinor also benefits from having a flexible oil and gas production portfolio and different options for where and when to send its production, she added. Last year's volatility was extreme and Equinor did not expect to see the same geographical spreads, Rummelhoff said.

☆ Norway wealth fund posts record $164 bln loss
▼ + stars: | 2023-01-31 | by ( Victoria Klesty | ) www.reuters.com time to read: +2 min

[1/3] Norway wealth fund CEO Nicolai Tangen presents the results for 2022, at a news conference in Oslo, Norway January 31, 2023. The previous largest loss was 633 billion crowns in 2008. The loss ends a record-breaking streak for the fund, where annual returns exceeded one trillion crowns in each of the three years from 2019 to 2021, amounting to more than four trillion crowns combined. Reuters GraphicsStill, despite the record loss, the value of the fund rose overall, by 89 billion crowns or $8.9 billion year-on-year, partly due to the weak Norwegian currency and partly due to record 1.1 trillion crowns of cash inflows into the fund. The inflows in 2022 were nearly three times the previous record, of 386 billion crowns, set in 2008.

☆ Norway wealth fund posts record $164 billion loss
▼ + stars: | 2023-01-31 | by ( Victoria Klesty | ) www.reuters.com time to read: +3 min

[1/3] Norway wealth fund CEO Nicolai Tangen presents the results for 2022, at a news conference in Oslo, Norway January 31, 2023. The previous largest loss was 633 billion crowns in 2008. It ends a record-breaking streak for the fund, where annual returns exceeded one trillion crowns in each of the three years from 2019 to 2021, amounting to more than four trillion crowns combined. Still, despite the record loss, the value of the fund rose overall by 89 billion crowns or $8.9 billion year-on-year, partly due to the weak Norwegian currency and a record 1.1 trillion crowns of cash inflows. The inflows in 2022 were nearly three times the previous record, of 386 billion crowns, set in 2008.

Jan 25 (Reuters) - Tesla Inc's (TSLA.O) aggressive price cuts have ignited demand for its electric vehicles, Chief Executive Elon Musk said on Wednesday, playing down concerns that a weak economy would throttle buyers' interest. Deep price cuts this month have positioned Tesla as the initiator of a price war, but its forecast of a 37% rise in car volume for the year, to 1.8 million vehicles, was down from 2022's pace. Musk, who has missed his own ambitious sales targets for Tesla in recent years, said that deliveries in 2023 could hit 2 million vehicles, absent external disruption. The company is relying on older products and Musk said its Cybertruck, its next new electric pickup truck, would not begin volume production until next year. Net profit for the quarter was $3.69 billion, or $1.07 per share, compared with $2.32 billion, or 68 cents per share, a year earlier.

☆ Hitting record, electric cars sales in Norway near 80% in 2022
▼ + stars: | 2023-01-02 | by ( ) www.reuters.com time to read: +1 min

OSLO, Jan 2 (Reuters) - Almost four out of five new cars sold in Norway last year were battery-powered, with Tesla (TSLA.O) the top-selling brand for the second year in a row, registration data showed on Monday. Seeking to become the first nation to end the sale of petrol and diesel cars by 2025, oil-producing Norway has until now exempted battery-powered fully electric vehicles (BEV) from taxes imposed on rivals using internal combustion engines (ICE). The share of new electric vehicles rose to 79.3% in 2022 from 65% in 2021 and from a mere 2.9% a decade ago, the Norwegian Road Federation (OFV) said. Tesla had a 12.2% share of the overall car market in Norway, making it the number one brand for a second consecutive year, ahead of Volkswagen (VOWG_p.DE) with 11.6%. The Tesla Model Y was the single most popular model of the year, ahead of Volkswagen's electric ID.4 in second place, and Skoda Enyaq in third.

☆ Norway central bank hikes rate by quarter point, likely to act again
▼ + stars: | 2022-12-15 | by ( Victoria Klesty | ) www.reuters.com time to read: +2 min

Of the 24 analysts polled ahead of Thursday's meeting, all but one had anticipated a quarter-point rise, while one had bet on an unchanged rate. Reuters Graphics"The policy rate will most likely be raised further in the first quarter of next year," Norges Bank said in a statement. The Norwegian currency, the crown, strengthened to 10.42 against the euro at 0921 GMT from 10.44 just before the rate announcement. Reuters Graphics"The forecasts for the Norwegian economy are more uncertain than normal, but if the economy evolves as anticipated, the policy rate will be around 3% next year," Norges Bank Governor Ida Wolden Bache said in a statement. Norges Bank, which targets core inflation of 2% over time, on Thursday raised its 2023 core inflation forecast to 5.2% from 4.8% seen in September.

☆ Millennium-old Viking ships shored up for Oslo move
▼ + stars: | 2022-11-16 | by ( Victoria Klesty | ) www.reuters.com time to read: +2 min

But the vibrations caused by construction are also a threat to ships so fragile their weight alone is enough to cause them to crumble. "If we keep displaying them as they stand today they will end up in pieces," said Haakon Gloerstad, director of the Museum of Cultural History, which owns the Viking Ship Museum. Looters stole some of the artefacts from the three ships, named Oseberg, Gokstad and Tune after the places where they were found. "The Viking ships are wonders similar to the pyramids in Egypt and Tutankhamen's grave," Gloerstad said - and they are are least as vulnerable. Until it closed in September last year to allow preparation for the move, it received around 500,000 visitors per year.

"We are raising the policy rate to curb inflation," Governor Ida Wolden Bache said in a statement. The future policy rate path will depend on how the economy evolves." The hike of 25 basis points meant that Norges Bank was sticking to its plan, Nordea Markets said. "A hike by 25 basis points in December is the most likely outcome too. That said, we cannot totally exclude the probability for a 50 basis points hike," its analysts said in a note to clients.

☆ Maersk sees container demand slowing as recession looms
▼ + stars: | 2022-11-02 | by ( ) www.reuters.com time to read: +2 min

[1/2] Shipping containers are transported on a Maersk Line vessel through the Suez Canal in Ismailia, Egypt July 7, 2021. REUTERS/Amr Abdallah Dalsh/File PhotoSummarySummary Companies Q3 underlying EBITDA $10.86 bln vs forecast $9.78 blnSees container demand falling 2-4% this yearOSLO, Nov 2 (Reuters) - Shipping group Maersk (MAERSKb.CO) warned on Wednesday of slowing demand for transport and logistics as a global recession looms and cut its forecast for container demand this year, even as it beat third-quarter earnings expectations. Maersk now sees global container demand falling by 2% to 4% this year, citing an unfolding economic slowdown expected to continue into 2023. Reuters GraphicsSkou told Reuters in September he expected ocean freight volumes to be flat or lower this year, though congestion persists in ports and global supply chains. The company repeated it expects underlying EBITDA of around $37 billion this year.

☆ Telenor Q3 gets surprise boost from one-off gain in Pakistan
▼ + stars: | 2022-10-26 | by ( ) www.reuters.com time to read: +2 min

Dented by soaring inflation and intense competition, the company's shares have lost 35% year-to-date, closing at a 10-year low on Tuesday. "However, the negative effects are, this quarter, countered by a reversal of SIM tax provision in Pakistan." The one-off gain could help Telenor meet its annual goal of unchanged profit versus last year, it said. The group maintained its investment forecast for the year, predicting capital expenditure would amount to 16-17% of sales, and reiterated that service revenue would see "low single-digit growth". "We see positive trends for mobile service revenue in the Nordic region, with a growth of 4% in the third quarter," Brekke said.

☆ Norsk Hydro Q3 beats forecast, outlook more uncertain
▼ + stars: | 2022-10-25 | by ( ) www.reuters.com time to read: +2 min

OSLO, Oct 25 (Reuters) - Norwegian aluminium producer Norsk Hydro (NHY.OL) posted third-quarter profits well above expectations on Tuesday as high metal prices continued to boost returns, but said its outlook was more uncertain amid high inflation and weaker global growth. Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) rose to 9.72 billion Norwegian crowns ($926.02 million) in July-September from 7.22 billion a year earlier, beating an average analyst forecast of 7.84 billion. While global production of the light-weight metal, used in packaging, transport, construction and electronics, is expected to lag consumption this year, the worldwide supply of aluminium looks set to slightly outstrip demand in 2023, Hydro said. Aluminium prices on the London Metal Exchange rose sharply in early 2022, hitting record highs above $4,000 a tonne, but have since fallen to trade at $2,178 on Tuesday. ($1 = 10.4965 Norwegian crowns)Register now for FREE unlimited access to Reuters.com RegisterReporting by Victoria Klesty and Terje Solsvik, editing by Stine Jacobsen and Andrew HeavensOur Standards: The Thomson Reuters Trust Principles.

☆ Yara to pay extra dividend as earnings soar above expectation
▼ + stars: | 2022-10-20 | by ( Victoria Klesty | ) www.reuters.com time to read: +3 min

But he told Reuters that Yara has no immediate plans to restart the curtailed production even though European spot gas prices have fallen steadily in recent weeks. "What we have seen with Yara in recent years is that they can get a superprofit from buying ammonia and upgrade it - high gas prices have been advantageous for Yara because they have such good flexibility," he said. Weighed down by soaring energy prices, Yara in August said it had slashed capacity utilisation at its European ammonia plants to just 35%, raising questions about the continent's ability to produce enough fertiliser for its crops. Yara said it expects to pay $540 million more for natural gas in the fourth quarter than a year earlier. Fertiliser prices have risen sharply over the past year, tracking higher energy costs.

☆ E-bus deal puts Oslo on track for zero-emissions public transport goal
▼ + stars: | 2022-10-14 | by ( Victoria Klesty | ) www.reuters.com time to read: +2 min

The transport push entails replacing its diesel-fuelled buses with 450 electric ones, under a 500 million crown ($47 million) programme that Sirin Stav, Vice-Mayor responsible for environment and transport, said will save the city money over the long term. "The maintenance is cheaper, it's also cheaper for the operators of the electric buses," she said. Ingvild Roerholt, an adviser on transport questions at ZERO, a Norwegian environmental group, said the bus rollout marked an important step forward for the city. "However, it is important that Oslo going forward makes sure there is transparency in how much emissions are associated with the production of these ferries and vehicles," she added. ($1 = 10.7344 Norwegian crowns)Register now for FREE unlimited access to Reuters.com RegisterReporting by Victoria Klesty, editing by Gwladys Fouche and John StonestreetOur Standards: The Thomson Reuters Trust Principles.

☆ Norway raises rates by 50 basis points, eyes smaller hikes ahead
▼ + stars: | 2022-09-22 | by ( Victoria Klesty | ) www.reuters.com time to read: +3 min

Register now for FREE unlimited access to Reuters.com RegisterA view shows the building of Norway’s central bank (Norges Bank) in Oslo, Norway, June 23, 2022. REUTERS/Victoria KlestyOSLO, Sept 22 (Reuters) - Norway's central bank raised its benchmark interest rate by 50 basis points to 2.25% on Thursday, as most economists had expected, but said future hikes would be more "gradual", weakening the crown currency. read more"The policy rate will most likely be raised further in November," the bank said in a statement. read moreThe Swiss central bank hiked by 75 bps on Thursday, while the Bank of England is expected to raise rates later in the day. Core inflation, which excludes energy, stood at 4.7%, exceeding the central bank's goal of 2.0%.

☆ Demand for Porsche AG listing strong as retail investor subscription period begins
▼ + stars: | 2022-09-20 | by ( ) www.reuters.com time to read: +1 min

Register now for FREE unlimited access to Reuters.com RegisterA Porsche Taycan is displayed at a car show in Oslo, Norway, November 10, 2021. Indicated demand for the listing, due to take place on Sept. 29 at the Frankfurt Stock Exchange, exceeds the full deal size, the bookrunning said. It was too early for visibility on retail demand, they added. Total proceeds from the sale will be 18.1-19.5 billion euros and could help Volkswagen fund its electrification drive. Register now for FREE unlimited access to Reuters.com RegisterReporting by Matt Scuffham, Lucy Raitano in London, Victoria Waldersee in Berlin; Editing by Miranda Murray and Madeline ChambersOur Standards: The Thomson Reuters Trust Principles.

☆ Norway to hike rates by 50 basis points this week - Reuters poll
▼ + stars: | 2022-09-19 | by ( ) www.reuters.com time to read: +2 min

A view shows the building of Norway’s central bank (Norges Bank) in Oslo, Norway, June 23, 2022. Of the 30 economists surveyed, 28 predicted Norges Bank will hike by 50 basis points (bps) on Sept. 22 to a rate of 2.25%, the highest level since 2011. A majority of participants in the Reuters poll now say rates will likely hit 2.75% by the end of the year, well above the 2.25% projected by the central bank in June. The central bank last week released a businesses survey indicating a weaker outlook for companies. The Reuters poll predicted that Norges Bank could begin cutting its policy rate in 2024.

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