Unit trusts dump Kværner (Aftenposten)

Storebrand and Gjensidige NOR have now soldall their Kværner shares. The likelihood is that the two companies have accepted the bid made by the Russian company, Yukos Oil. Odin Forvaltning has more than halved its stake in Kværner since the company’s financial crisis began.

Future of Fisheries Minister still uncertain (Verdens Gang)

Kjell Magne Bondevik has refused to say whether Fisheries Minister Svein Ludvigsen has a future in his government – a silence which does not bode well for Mr Ludvigsen. As soon as he returns home at the end of Norway’s export drive accompanying King Harald’s official visit to Italy, Mr Ludvigsen will have to face the Prime Minister and explain the mess he has got himself into.

Farmers to get NOK 400 million in tax relief (Nationen)

Agriculture Minister Lars Sponheim thought the tax proposals tabled by the Norwegian Farmers’ Union (NFU) were not beefy enough and has promised at least NOK 400 million in tax relief instead. "Cutting direct and indirect taxes is the way to ensure that farmers’ incomes are on a par with other groups," he said. Commenting on the tax scheme proposed by the NFU, which could raise farmers’ disposable incomes by NOK 18,000, Mr Sponheim said it was too early to introduce tax cuts in this year’s budget, as demanded by the NFU’s general secretary, Harald Millit. However, he has promised to deliver the cuts next spring.

Hagen pushes forward (Aftenposten)

Carl I. Hagen wants to be Kjell Magne Bondevik’s most important supporter. Today he will force through a resolution in the Storting which binds the Progress Party to the governing coalition. The Progress Party’s chairman brought all his political wiles and experience to bear when he thought up yesterday’s attempt to demonstrate that the Progress Party provides important and necessary support for the Bondevik government. He predicts that the Government will seek support from the Progress Party on four out of five issues.

Hagen stole the show (Dagsavisen)

Progress Party chairman Carl I. Hagen surprised the ruling coalition partners yesterday by proposing a vote of confidence in the new government. Prime Minister Kjell Magne Bondevik, however, did not take the bait. Mr Hagen wanted the Government’s support for a resolution whose wording would stamp that the Progress Party as an official part of the Government’s parliamentary base. Mr Hagen was attempting to introduce a new practice to the Storting. No previous government has taken office with a vote of confidence from the national assembly in its back pocket.

Hagen not planning to topple Bondevik (Vårt Land)

Carl I. Hagen sees no reason to withdraw his support for the Bondevik government in the next four years. "I cannot see any issues where we would want to topple the Government. I cannot rule out wanting to replace individual ministers, but at the moment we must take things easy," said Mr Hagen. However, he would not state categorically that he will preserve the government. "Preserve is a strong word, which is why I do not want to use it," explained Mr Hagen.

Oil companies show restraint in Lofoten (Aftenposten)

Statoil and Shell have asked the Norwegian authorities to postpone the awarding of new oil exploration licences in the sensitive fishing grounds off the coast of Lofoten. The new concessions in the Norwegian Sea are due to be allocated next spring. The move by Statoil and Shell should make it much easier for Petroleum and Energy Minister Einar Steensnæs to keep the environmental promises included in the coalition’s joint political platform. The declaration, issued by the three coalition partners before taking office, goes a long way towards the establishment of oil-free zones.

Kværner on the verge of bankruptcy (Dagens Næringsliv)

The next three days will be crucial for Kværner’s future. The company’s long-running battle with the banks and its own shareholders has pushed it into a vicious circle which yesterday seemed almost impossible to break out of. "Kværner came to us this morning. They described a situation which was dramatic. Kværner asked for its shares to be suspended at the same time as they sent a draft stock exchange announcement. We said we did not want to suspend the shares, but imposed a temporary pause in trading until the announcement was published," said Per Eikrem, head of public affairs at the Oslo Stock Exchange.

Norwegians divided over air strikes (Dagbladet)

According to a recent opinion poll, the Norwegian people are divided over the US led air strikes on Afghanistan. 40 per cent are in favour, 39 per cent are against, while 21 per cent are uncertain. The same pattern has emerged on the question of whether the air strikes increase the risk of terrorist actions in Norway. 49 per cent believe the risk has increased, while 42 per cent believe the bombing has no effect, according to the poll carried out by MMI on behalf of Dagbladet.

Worth Noting

• Yesterday’s debate in the Storting on the Government’s inaugural address confirmed what has become clear after the election. Norwegian politics once again consists of two main political blocs. (Dagsavisen)
• Norwegian business is "impulse driven" and a victim of the "tyranny of the moment", says former Orkla chief executive, Jens P. Heyerdahl, in his first major interview since stepping down. Good companies are destroyed by executives who rush onto the field, almost like football coaches, says Mr Heyerdahl. Nor does he understand why the Government Petroleum Fund invests its financial resources abroad. (Dagens Næringsliv)
• The Research Council of Norway has refuted the claim that the trade union sponsored Institute of Applied Social Sciences (FAFO ) receives too little money. Public funding is reduced because the institute has published few articles and has few PhD-level researchers. (Aftenposten)
• One in three workers is not happy in their jobs. One in ten have work-related health problems. Half of women employees are always or often exhausted when they come home from work. These are just some of the findings to emerge from a recent survey on health, safety and the environment at work. (Dagsavisen)
• The Postal Administration has stopped postmarking letters at its 12 main sorting offices because of the fear of anthrax infection. Letters will continue to be postmarked as normal at ordinary post offices. Eivind Rossen, a spokesman for the Postal Administration, has told Stavanger Aftenblad that around 40 per cent of all letters are not postmarked. (NTB)
• We purchase wines and spirits in Sweden as never before. The Systembolaget (the state-run retail liquor chain) in Strömstad, just over the Swedish border, has seen a 62 per cent increase in its Norwegian sales during the first nine months of the year. "This simply cannot continue. It is a threat to the Vinmonopolet (the Norwegian state-run retail liquor chain). Something drastic needs to be done with Norwegian liquor taxes, says the industry. (Aftenposten)

Today’s comment from Nationen

The Storting can debate the Government’s inaugural address as much as it likes, but the truth is that the politicians govern less and less. More and more of the management of events has been handed to the market forces, which in this country are usually represented by the so-called elite of capitalists, chief executives belonging to the "old boys’ club", and experts whose spiritual home lies within the confines of Aker Brygge. Their form of management has become an alternative to the despised "political rule". But are these people worth the trust placed in them? It is certainly not easy to answer in the affirmative when you see how these people administer the enormous sums entrusted to them. The latest example of course is Kværner. It is a sorry case. The latest news is that our capitalist elite have managed to sell off those parts of the corporation which are financially and technologically the most forward-looking. They have been quickly and efficiently sold out of the country and out of Norwegian control. And if that was not enough, they have been handed over to a Russian speculator and oil billionaire with a murky past. There is a lot of talk at the moment about contempt for politicians. They keep doing such stupid things in the Storting, it is said. It is quite possible that they do. But good grief – the politicians are not the only ones to make fools of themselves. The capitalists are let off the hook far too easily when it comes to taking responsibility for their actions.