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☆ Oil dips on profit taking, markets debate supply tightness
▼ + stars: | 2023-03-29 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +3 min

Brent crude closed 37 cents, or 0.5%, lower at $78.28 a barrel, while West Texas Intermediate crude fell 23 cents, or 0.3%, to $72.97. On the supply side, worries of tightness after an unexpected draw in U.S. oil stockpiles and a halt to some Iraqi Kurdistan oil exports were partially offset by a smaller-than-expected output cut in Russia. U.S. crude oil stockpiles fell unexpectedly last week, the Energy Information Administration said, as refineries ramped up operations after maintenance season and U.S. imports fell to a two-year low. Supply concern were, however, eased by reports that Russian oil production fell by around 300,000 bpd in the first three weeks of March, less than the targeted cuts of 500,000 bpd. A stronger greenback hurts oil demand as crude becomes more expensive for buyers who hold foreign currencies.

☆ Oil gains for 3rd day on Kurdish supply concern, easing banking fears
▼ + stars: | 2023-03-29 | by ( Alex Lawler | ) www.reuters.com time to read: +2 min

Crude exports of 450,000 barrels per day (bpd) from Iraq's semi-autonomous northern Kurdistan region were halted on Saturday following an arbitration decision that confirmed Baghdad's consent was needed to ship the oil. "The longer the stoppage continues, the tighter the supply outlook will become," said Stephen Brennock of oil broker PVM. On Wednesday, Norwegian oil firm DNO said it had begun shutting down production at its fields in Kurdistan. We can see that risk sentiment has recovered to some extent, which pushed (the) global stock markets and crude oil rebound," said CMC Markets analyst Leon Li. Attention will focus on official U.S. inventory data from the Energy Information Administration at 1430 GMT to see if it confirms the crude stock decline.

The Arctic Council was created in 1996 to discuss issues affecting the polar region, ranging from pollution to local economic development to search-and-rescue missions. The Arctic Council comprises the eight Arctic states of Russia, the United States, Canada, Finland, Norway, Iceland, Sweden and Denmark. Russia's possible degree of involvement with the Council once Norway takes over is still unclear. Russian Foreign Minister Sergei Lavrov had earlier extended an invitation to Arctic officials to attend a transition ceremony in Salekhard, Siberia. Russian Arctic Ambassador Nikolay Korchunov, chair of the Senior Arctic Officials on the council, told Reuters the transition would "presuppose active and responsible participation of all Arctic Council member states in this preparatory process."

☆ Europe's energy landscape will never be the same, says Norwegian official
▼ + stars: | 2023-03-28 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEurope's energy landscape will never be the same, says Norwegian officialAndreas Bjelland Eriksen, Norway's energy state secretary, says the Norwegian continental shelf has become "extremely important" for Europe's energy system.

☆ Weapons firm says it can't meet soaring demand for artillery shells because a TikTok data center is eating all the electricity
▼ + stars: | 2023-03-27 | by ( Lindsay Dodgson | ) www.businessinsider.com time to read: +4 min

An arms manufacturer complained that TikTok's data center is using all the electricity in the region. However, in the area of Norway where Nammo operates, its defense work gets no priority over any other users of electricity. The energy company told the FT that it has no spare capacity for Nammo to hike its output as it has been promised to TikTok. It found that data centers can often require the "same amount of energy as a large town," and could account for "29% of electricity demand in Ireland by 2028." TikTok also has plans to build what will be the largest data center campus in Norway by November 2023.

☆ Norway wealth fund to vote in favour of UniCredit remuneration plan
▼ + stars: | 2023-03-26 | by ( ) www.reuters.com time to read: +1 min

OSLO, March 26 (Reuters) - Norway's $1.3 trillion sovereign wealth fund, one of the world's largest investors, will vote in favour of the UniCredit (CRDI.MI) remuneration package, it said on Sunday. The Italian bank is due to hold its annual meeting of shareholders on March 31. Orcel's current pay package of up to 7.5 million euros ($8.06 million) a year makes the former head of investment banking at Swiss lender UBS (UBSG.S) one of Europe's best paid bank executives. The Norwegian fund owns 2.65% of UniCredit's shares, worth some $728 million, at the end of 2022, according to fund data. ($1 = 0.9301 euros)Reporting by Nora Buli, writing by Gwladys Fouche, editing by Terje SolsvikOur Standards: The Thomson Reuters Trust Principles.

☆ Meet Peter Tuchman, the most photographed stock trader on Wall Street
▼ + stars: | 2023-03-25 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +5 min

Peter Tuchman, one of the most recognizable stock brokers on Wall Street, has been at the NYSE for over 37 years. Tuchman, who has been at the New York Stock Exchange for nearly 38 years, is the most-photographed broker on the trading floor. Tuchman describes the New York Stock Exchange as "the delta of all information" and the "last standing human entity market in the world." He landed a summer job as a teletypist at the New York Stock Exchange days after getting back. In the midst of the craziness, the wildness, and the chaos of the stock market.

☆ NATO takes steps to defend Norwegian oil fields from Russia
▼ + stars: | 2023-03-24 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNATO takes steps to defend Norwegian oil fields from RussiaNBC's Tom Costello joins CNBC's Brian Sullivan and 'Last Call' to discuss NATO's move to add warships to defend critical oil and gas fields off Norway from a potential Russian naval attack.

☆ Inside Ukraine’s scramble for “game-changer” drone fleet
▼ + stars: | 2023-03-24 | by ( Max Hunder | ) www.reuters.com time to read: +10 min

It is hoping that domestic drone makers like AeroDrone will help it meet its ambitious goals. The government is now working with more than 80 Ukraine-based drone manufacturers, Ukraine's Defence Minister Oleksii Reznikov told Reuters. RUSSIAN TERRITORYThe range and potency of Ukraine's drones is a sensitive issue. Danilov, the national security council head, acknowledged Ukraine’s reliance on other countries for more high-tech drone components. "We are trying to fulfil our needs in this sector with domestic production, but we realise that it's unlikely we will be able to fulfil everything," he said.

☆ Norway wealth fund to vote for labour rights motion at Starbucks AGM
▼ + stars: | 2023-03-23 | by ( ) www.reuters.com time to read: +1 min

[1/2] A Starbucks coffee shop is seen in downtown Los Angeles, California, U.S., June 29, 2022. REUTERS/Lucy NicholsonOSLO, March 23 (Reuters) - Norway's $1.3 trillion wealth fund, one of the world's largest investors, will vote in favour of a shareholder motion calling on Starbucks (SBUX.O) to report on how it respects labour rights, the fund's manager said on Thursday. The Norwegian fund owns 1.05% of Starbucks' shares, worth $1.2 billion at the end of 2022, according to fund data. Norges Bank Investment Management (NBIM), which operates the Norwegian wealth fund, said it would vote in favour of commissioning a third-party assessment of Starbucks' commitment to freedom of association and collective bargaining rights. "Freedom of association and the right to collective wage bargaining are fundamental employee rights - and human rights," they said.

☆ Dollar edges lower ahead of Fed, BOE
▼ + stars: | 2023-03-21 | by ( ) www.cnbc.com time to read: +2 min

The dollar edged lower and sterling fell on Tuesday as traders reckoned banking stress would keep the Federal Reserve and the Bank of England from hiking rates much further, or at all, later in the week. But European banks rallied on Tuesday for a second consecutive day eased some of those fears following UBS Group's state-backed takeover of Credit Suisse. The dollar has followed those expectations lower, though general nervousness in financial markets has tempered selling. The greenback ticked about 0.51% higher to $1.0774 per euro , while the dollar index, which measures the U.S. currency against six peers, was 0.15% lower at 103.10. The Norwegian crown rose 0.35% to 10.6120 per dollar, after falling last week to its lowest level since early October.

☆ This Sequoia-backed startup bringing a form of buy now, pay later to B2B payments just raised $19.3 million. Check out the 10-slide pitch deck Two used to land the funds.
▼ + stars: | 2023-03-21 | by ( Callum Burroughs | ) www.businessinsider.com time to read: +3 min

Sequoia-backed payments startup Two just raised $19.3 million in a Series A round. The Oslo-based company plans to bring a version of buy now, pay later to B2B transactions. Check out the 10-slide pitch deck Two used to land the fresh cash below. A Sequoia-backed startup that wants to bring a version of the buy now, pay later model to B2B transactions just raised $19.3 million in fresh funds. Two's solution is to effectively offer a form of buy now, pay later for B2B payments to both small and medium-sized businesses and multinational corporations.

Summary Ruling has implications for oil, mineralsNon-EU Norway has sovereignty over Svalbard Arctic islandsState can sue Norway -expertOSLO, March 20 (Reuters) - Norway's Supreme Court ruled on Monday that EU ships cannot fish for snow crab off the Svalbard archipelago in the Arctic in a case also deciding who has the right to explore for oil and minerals in the region. At stake was whether EU vessels had the right to catch snow crab, whose meat is considered a delicacy by gourmets in Japan and South Korea, in the same way as Norwegian vessels did. But what is valid for the snow crab, a sedentary species living on the seabed, is also valid for oil, minerals and other resources, the Supreme Court ruled in a 2019 case. "The company does not have the right to catch snow crab on the continental shelf outside Svalbard," the Supreme Court said in its verdict, which was unanimous. "It is a domestic court decision, (so) an international court can also hear this question at a later stage."

☆ Romance Scams Are Booming — Especially on Facebook and Instagram
▼ + stars: | 2023-03-20 | by ( Eve Upton-Clark | ) www.businessinsider.com time to read: +13 min

Americans lost $1.3 billion to romance scams last year — an 164% increase from 2019 — and $3.3 billion in total since the start of the pandemic. According to the FTC report, the most popular way scammers reached out to their victims last year was through Instagram (29%) and Facebook (28%). And as these schemes get more widespread and more complex, the number of people falling for romance scams keeps growing. Confluence of crypto and romanceIf loneliness was the reason "why" for the soaring number of romance scams, then crypto is the "how." 1 payment method for romance scams last year was cryptocurrency.

☆ Equinor sees "a lot of interest" in long-term gas deals, CEO says
▼ + stars: | 2023-03-17 | by ( Nora Buli | ) www.reuters.com time to read: +1 min

Companies Equinor ASA FollowBERGEN, Norway, March 17 (Reuters) - Equinor (EQNR.OL) has seen significant interest among gas buyers in Europe for entering into long-term supply contracts lasting between three and 10 years, the Norwegian company's CEO told Reuters on Friday. "Long-term contracts for us means three to 10 years and we see that there is a lot of interest for long-term contracts at the moment," Equinor CEO Anders Opedal told Reuters. The visit underlines the importance of the relationship between the European Union and non-EU Norway when it comes to energy, Opedal said. "It shows how important it is that we focus both on security of supply and the security on the installations," he said. Troll alone supplies 11% of all gas consumed in the EU, according to Equinor.

☆ In show of unity, NATO and EU heads visit North Sea gas platform
▼ + stars: | 2023-03-17 | by ( Nora Buli | ) www.reuters.com time to read: +3 min

[1/3] Norway Prime Minister Jonas Gahr Stoere, European Commission President Ursula von der Leyen, NATO Secretary-General Jens Stoltenberg and Equinor CEO Anders Opedal visit the Troll A gas platform in the North Sea, Norway March 17, 2023. Ole Berg-Rusten /NTB/via REUTERSTROLL A PLATFORM, North Sea, March 17 (Reuters) - The heads of NATO and the European Commission flew on Friday to a North Sea platform to discuss the security of supplies and infrastructure, a visit underlining Norway's importance for gas shipments since Russia's invasion of Ukraine. The Troll A platform extracts gas from Norway's biggest gas field. After a drop in Russian flows, the Nordic country last year became the largest gas supplier to the EU. The field accounts for one third of daily Norwegian gas exports to Europe.

☆ Norwegian companies see stable outlook, central bank survey shows
▼ + stars: | 2023-03-16 | by ( ) www.reuters.com time to read: +1 min

OSLO, March 16 (Reuters) - Activity in the Norwegian economy is levelling off and companies expect business prospects to be stable in the first half of 2023, a central bank business survey showed on Thursday. The quarterly survey provides key input for the central bank, which in January said it would "most likely" raise its key policy interest rate in March. "Developments are slightly stronger than contacts expected in the previous survey, but there is considerable variation across sectors," Norges Bank said in a statement. "The share of contacts experiencing recruitment difficulties is much lower than in November, and fewer contacts report capacity constraints. At the same time, many contacts still report full capacity utilisation and labour shortages."

☆ Themed cruises are more popular than ever and it's leading to ships selling out in record time
▼ + stars: | 2023-03-16 | by ( Brittany Chang | ) www.businessinsider.com time to read: +6 min

Norwegian Cruise Line's themed cruises have been selling out in record time and Holland America plans to grow its partnership with charter companies. The passionate fans help cruise lines fill up ships and are some of the most loyal in the industry. Will ByingtonThese repeat bookings are music to the cruise lines' ears — it's a mutually beneficial operation for both the themed cruise production companies and the cruise lines themselves. To pull off these festivals at sea, themed cruise providers charter full ships from various cruise lines. "I think the themed cruise industry is going to grow even faster [than the general cruise industry]," Hearing said.

☆ Analysis: Russian sanctions shift oil price-making power to Asia from Europe
▼ + stars: | 2023-03-14 | by ( Alex Lawler | ) www.reuters.com time to read: +6 min

Western Sanctions have led Russia to sell more than twice as much crude to Asia in the year to January, according to Kpler data. Iran, under U.S. sanctions, has boosted exports to the highest in three years on some estimates, with China the biggest buyer. Hardeep Singh Puri, India's oil minister, said in early February the country will keep buying from Russia if prices "continue to be good". EUROPE LOSES SUPPLY SOURCEIndia was among those to have complained about the Asian premium they paid to the big exporters. "These normal sorts of patterns of Asian premium or discount don't really apply," he said.

☆ This Cruise Line Can’t Turn You Down
▼ + stars: | 2023-03-09 | by ( Laura Forman | ) www.wsj.com time to read: 1 min

Norwegian Cruise Line says it can trim marketing spending while maintaining the momentum it has gained. The “Great Cruise Comeback” is complete, Norwegian Cruise Line Holdings Chief Executive Frank Del Rio declared last week. Yet, his business still hasn’t arrived at the destination that matters most to investors: a positive bottom line. In December, Norwegian said in a filing it would be undergoing a broad and continuing effort to improve operating efficiencies to attain sustained profitable growth. That initiative started with big-ticket items like a 9% head-count reduction in current and planned shoreside roles.

Higher rates benefit the dollar by improving its yield and as traders look for safety while global stockmarkets drop. The dollar hit a two-month high against the euro of $1.0524 , extending Tuesday's 1.2% jump. The Australian dollar has weakened for a similar reason as the Reserve Bank of Australia has softened its tone. Having dropped over 2% on Tuesday, the Australian dollar weakened a bit more to hit a four-month low of $0.6568 on Wednesday. China's yuan finished the domestic session at 6.9706 per dollar, the weakest such close since Dec. 29, 2022.

☆ Powell's warning on higher U.S. rates pushes dollar to 3-mth high
▼ + stars: | 2023-03-08 | by ( Tom Westbrook | ) www.reuters.com time to read: +3 min

Higher rates benefit the dollar by improving its yield and as traders look for safety while global stockmarkets drop. The dollar hit a two-month high of $1.0528 to the euro , extending Tuesday's 1.2% jump. The Australian dollar has weakened for a similar reason as the Reserve Bank of Australia has softened its tone. Futures imply U.S. rates peaking above 5.6% and holding higher than 5.5% through 2023. The U.S. dollar index rose 0.2% in Asia trade to a more than three-month high of 105.86.

☆ JetBlue is going after traditional airlines serving the transatlantic market with a new route to Paris starting at $479, undercutting both Delta and American
▼ + stars: | 2023-03-08 | by ( Bianca Giacobone | ) www.businessinsider.com time to read: +3 min

JetBlue is launching a new New York to Paris route in June, with tickets starting at $479. Two years after launching its service to London, the airline has announced tickets starting at $479 from New York to Paris, round-trip. Fares at the of June 2023, when JetBlue will start flying to Paris, currently start at $1082 across all other airlines. When JetBlue debuted its new New York-London Heathrow flights in August 2021, fares started at $202, while they currently cost around $559 roundtrip, according to Expedia. The lower Paris fares will likely follow a similar path.

"I was quite angry honestly because the court crew wouldn't let us warm up before the match," Ruud said. "I don't know if it was good or not but Netflix was there catching it all. Canada's Auger Aliassime feels the impact of the show most acutely in the U.S., where Netflix has its biggest market. "I thought the episode was really great but there were a couple things that were missed," the American said. "But it's been fun to be part of something Netflix has made together with (the Formula One) "Drive to Survive" and the golf series ("Full Swing").

Carlsberg shares have risen more than 60% during Hart's tenure, outperforming AB Inbev and Heineken, whose shares have dropped around 47% and risen around 45% respectively. Carlsberg's shares fell 3.5% at market open in Copenhagen, but later pared losses and were 0.7% lower at 1118 GMT. "Cees 't Hart has delivered remarkable results during his time at Carlsberg," Supervisory Board Chair Henrik Poulsen said. It is also seeking an option to buy back the Russian business in the future. With only around 16% of revenue coming from Eastern Europe, Carlsberg's biggest markets are Western Europe and Asia.

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