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APS’s recent financial top-up saves every kroner from wealth tax (Aftenposten)
AP’s new fiscal policy spokesperson Tuva Moflag says that it is not relevant to make changes to the wealth tax that cause the state and municipalities to lose income. – I have learned that there is now one word that applies, and that is no, she says to Aftenposten.
Moflag further says that Ap is determined to keep the wealth tax, and that even if the party can make changes to it, it must also in the years to come be “at least equally profitable” and “at least equally redistributive”. read more
More and more people expect house prices to rise further (Finansavisen)
House price expectations took a dip in an optimistic direction from December last year to January this year, and have since strengthened a lot. From March to April, the proportion expecting higher house prices increased from 62 to 68 per cent. Only seven percent believe house prices will fall, shows NBBL’s Housing Market Barometer.
– I think house prices will continue to rise moderately in the coming months. There are prospects that most people will experience real wage growth this year, and unemployment remains low. The first key interest rate cut will probably come sometime towards the end of the year, says Hilde Midsem, chief economist at NBBL. read more
I think the central banks are too slow to cut interest rates (Finansavisen)
The central banks should cut interest rates by an extra 1-3 percentage points before next spring, Oxford Economics believes. Central banks are about to make a mistake, and that mistake is keeping interest rates too high for too long, according to a new analysis. The reason is that they do not dare to cut the interest rate significantly until inflation is completely back on the inflation targets. Thus, interest rates will cause a too strong and lasting cooling, so that in the next round the central banks will have to deal with really low interest rates to keep the wheels turning.
– The laser focus on inflation and the high-interest-rate-long attitude is understandable after a long period of clearly higher inflation. But as soon as inflation is back on the inflation targets, and the interest rate stance turns, it will become a main source of downside risk around our policy rate forecasts, writes global chief economist Innes McFee, Oxford Economics. read more
Agreement on salary settlements within banking and insurance (NTB)
The wage settlement in the financial sector is at a limit of 5.2 per cent. The settlement covers 22,000 employees. Finansforbundet and Finans Norge agreed on a general supplement of 2.65 per cent, a minimum of NOK 15,000 each.
– The total salary framework we agreed on is 5.2 per cent. This is a framework that gives our members real wage growth, says union leader Vigdis Mathisen in a press release from the Financial Confederation.
She says it has been important to ensure everyone a good central supplement, while at the same time there must be room for good local settlements. read more
Clear dollar weakening after PMI figures (DN Investor)
The Norwegian krone is one of several currencies that strengthened against the US dollar on Tuesday afternoon. One dollar now costs NOK 10.93, compared to over NOK 11 earlier in the afternoon. The strengthening came right after the release of PMI figures from the US for the month of March. The PMI for the industrial sector ended at 49.9, against 51.9 the month before and expected 52. An index below 50 signals a falling level of activity, while an index above 50 signals an increasing level of activity. read more
Figures from Norway’s most profitable oil field are causing concern (Finansavisen)
Analyst Teodor Sveen-Nilsen found something worrisome in figures from the Norwegian Continental Shelf Directorate. – Aker BP and Equinor must address this, he says. The two listed companies own most of the Johan Sverdrup oil field on Utsirahøyden in the North Sea. The field now produces 755,000 very profitable barrels of oil a day, or about a third of Norwegian oil production at today’s level.
Johan Sverdrup had 13 percent water in production in February, up from 11 percent in January, according to a comment from Sparebank1 Markets. A seemingly small change, but it means that the field is producing less oil than before.
– We have envisioned a natural decline in production from 2024. The question is whether the decline accelerates more than has been assumed. If this is repeated in the figures for March, then it is serious, writes analyst Teodor Sveen-Nilsen in SpareBank 1 Markets in an update. read more
Two out of three oil jobs will disappear by 2050, according to report (NTB)
By 2050, over 60,000 jobs in the oil sector will be gone, according to a recent report. The report “Fair green transition” has been carried out by Social Economic Analysis on behalf of the alliance The Bridge to the Future. The alliance consists of, among others, the Nature Conservation Association, Greenpeace, the Trade Union and the Norwegian Farmers’ and Small Farmers’ Association. read more
– Intense competition in the market (Finansavisen)
DNB’s lending volume to private customers fell in the first quarter. In addition, Kjerstin Braathen admits to having lost Sbanken customers during the quarter. At the start of 2024, the big bank had lent NOK 957.6 billion to private customers. During the first quarter, the lending volume fell to NOK 948.1 billion, corresponding to a decrease of one per cent. Deposit volumes within DNB’s personal customer segment also fell, more precisely 1.6 per cent in the first quarter.
– We see that the volumes are growing overall, but are slightly down on the personal customer side. It is not unexpected, but a result of somewhat lower demand and somewhat less sales of housing and slightly less demand for refinancing. In addition, there is high and intense competition in the market, which is not unexpected when demand decreases, says Braathen. read more
Analyst believes DNB must consider interest rate cuts: – Struggling a bit (E24)
Recently, DNB’s maligned Sbanken concept lowered the interest rate on mortgages. Analysts believe the central bank may have to do the same. – There was a surprisingly large decrease in the volume on the private side, says analyst at Nordea Markets, Ulrik Ardal Zurcher, to E24.
The analyst says this is the third quarter in a row with rather weak growth for DNB. – They are struggling a bit to be competitive, it seems. Then you can speculate whether they have to do something about the pricing of mortgages, says Zurcher. read more
Here is the hedge fund billionaire at Norges Bank (Finansavisen)
The second richest Norwegian, Ole Andreas Halvorsen (62), is on a rare visit to Norway on the occasion of the Oil Fund’s investor conference. Halvorsen, also called “Tigergut”, is among the world’s best-paid hedge fund managers. He is the founder and chief investment officer of Viking Global Investors, which manages around USD 45 billion.
He is the second richest Norwegian, after John Fredriksen, with a fortune of NOK 63 billion, according to Forbes and Kapital. Halvorsen lives in the state of Connecticut on the American east coast, between New York and Boston. He is originally from Borge near Fredrikstad. read more
Have burned off 100 million on the summer cottage (Finansavisen)
Former EQT top Anders Misund and his wife Sol can compete with neighbor John Fredriksen after completely renovating a 1,000 square meter holiday paradise on Nøtterøy.
– It must be one of the finest things that has been done in the fjord there. The property next door to John Fredriksen is quite good, but this is special, says financier Hans Petter Bjarøy.
It was Tønsberg man Bjarøy who sold the property to Misund in 2019 for NOK 30.7 million. He bought the property in 2017 for NOK 30 million, but was met with strong opposition to the plans at home. read more
Lost argument about state aid (NTB)
The train company Go-Ahead believed it received too little compensation after the corona pandemic. But the claim was rejected by the court. read more
Billion contract to Morrow from start-up company (DN)
The battery company Morrow has received its first billion dollar contract. But will still ask the state for NOK 1.5 billion in loans. A breakthrough, Morrow CEO Lars Christian Bacher calls the contract he will sign on Tuesday afternoon with the Norwegian company Nordic Batteries at the industrial fair Hannover Messe.
– This means that after 3.5 years we have managed to build a factory at giga level and deliver batteries. We are proud of that. This is not a contract of intent, but a fixed contract over seven years, says Bacher. read more
Bull on electric cars (Finansavisen)
Sales fell sharply for BYD and Tesla in the first quarter, but the IEA does not share the pessimism and believes that the electric car revolution is entering a new growth phase. In its report “Global EV Outlook”, the agency writes that electric car sales will “grow strongly” in 2024.
Globally, the IEA predicts that around 17 million electric cars will be sold by the end of the year, which in that case will be up just over 20 percent from almost 14 million in 2023. This nevertheless points to far weaker growth than the 35 percent from 2022 to last year. – The continued momentum for electric cars is clear in our figures, although it is stronger in some markets than others, says IEA director Fatih Birol. read more
Bet everything on the electric boat revolution – went bankrupt (DN)
The business model for electric boat motors was not sustainable enough to keep Green Waves afloat. Now the gazelle company is bankrupt. read more
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Also read: This is what the newspapers write about Oslo Børs on Wednesday 24 April
Tags: Norwegian economy newspapers write Norwegian economy Wednesday April
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