Kværner lost NOK 31,700 per minute (Aftenposten)

Kværner’s losses for July, August and September were an incredible NOK 4.2 billion, which means the company lost NOK 31,700 per minute, 24 hours a day during the third quarter. 34,000 employees around the world were waiting yesterday for a decision about the company’s future. Yesterday evening Kjell Inge Røkke invited himself for a meeting with Kværner’s board of directors. "We have presented the outline solution we have been working on for some time, and made it more specific. It is now up to the board to evaluate our proposal," he said. Yesterday evening there were three possible solutions on the table: Kjell Inge Røkke’s, Yukos Oil’s and the board’s own. A decision is expected before the Oslo Stock Exchange opens for business this morning.

Wants Kværner (Dagbladet)

Kjell Inge Røkke yesterday played his final card in the dramatic poker game to decide Kværner’s fate. Late yesterday he went to visit Trade and Industry Minister Ansgar Gabrielsen with the message that Aker Maritime has both the strength and the skills needed to create a new and viable Kværner. If Kværner’s directors do not win support for their own, secret survival plan during the course of the night or tomorrow, the chances are that the board will prefer to hand control to the millionaire industrialist from Molde, rather than to an unknown Russian tycoon.

Christian Democrats call for halt to bombing (Aftenposten)

A number of Christian Democrat branch chairmen are concerned about the Bondevik government’s support for the USA’s continued bombing raids into Afghanistan. The Church of Norway’s senior bishop, Odd Bondevik, has also called for an immediate halt to the air strikes. But Prime Minister Kjell Magne Bondevik remains unmoved. "If the military action ceases without achieving the goals that have been set, it could have undreamt-of consequences, including new terrorist attacks on thousands of innocent victims," he said.

LO leader calls for ban on smoking in all bars and restaurants (Dagsavisen)

Gerd-Liv Valla, President of the Norwegian Confederation of Trade Unions (LO), is calling for a total ban on smoking in all the country’s bars and restaurants. The LO believes this is the only way to secure employees’ health and working environment. "It is interesting that both the LO and the restaurant industry’s employees have spoken up so clearly in favour of a ban. This will weigh heavy when the Government comes to make a decision on this issue," said Health Minister Dagfinn Høybråten.

Labour Party must listen to unions (Dagsavisen)

"There are those within the Labour Party who say that the party must cut its ties to the Norwegian Confederation of Trade Unions (LO). But I say that Labour should listen MORE to the LO, not less. Before the election we said that the LO is best served if the country has a Labour government. But I believe that we must also have a better dialogue with the Socialist Left Party, though I do not envisage a formalized collaboration – perhaps in the form of talks, a couple of times a year," said LO President Gerd-Liv Valla yesterday.

Leonardo bridge opens tomorrow (Aftenposten)

In 1995 the artist Vebjørn Sand fell head-over-heals in love with the bridge design created by the Italian genius Leonardo da Vinci in 1502. Since then he has worked unflaggingly for a Leonardo bridge to be built on each continent. The first Leonardo bridge is now complete, and will be opened by Queen Sonja tomorrow. The bridge spans the main E18 road in Ås, southeast Norway.

Worth Noting

• Kværner chief executives Erik Tønseth and Kjell Almskog have watched NOK 8,714 million evaporate from the company over the past six years. This is how big Kværner’s accumulated pre-tax losses have grown since 1996. (Dagens Næringsliv)
• At a meeting with Den norske Bank (DnB) the night before last Kjell Inge Røkke wanted NOK 4 billion of Kværner’s debt to the bank written off. He was given the cold shoulder. Kværner’s board is now working hard to win acceptance for its own plan for a solution, and has entered into a round of desperate negotiations with its banks and shareholders. (Dagens Næringsliv)
• Finance Minister Per-Kristian Foss is tired of the peculiarly high Norwegian prices for alcoholic beverages and is planning to reduce the alcohol tax. A recent report from the Central Bureau of Statistics shows that alcohol and tobacco prices rose by 40 per cent in the period 1995-2000. (Dagsavisen)
• Only the Socialist Left Party has clearly voiced its opposition to Norwegian support for US air strikes in Afghanistan. At the same time politicians are saying that a lack of information makes it difficult to judge the situation in the country. Four of Norway’s bishops have called for a halt to the bombing. (Nationen)
• Biological terrorism became reality for the 44 employees of the Norwegian Embassy to the USA when a female employee, who had been tested for anthrax, was suspected of having contracted the disease. She was taken to hospital. The Embassy was closed yesterday while the mail rooms were tested for anthrax spores. (Dagbladet)
• 2001 looks set to beat all previous records for the number of asylum-seekers coming to Norway. This year around 15,000 people are expected to seek asylum in Norway, compared to the 12,083 refugees who arrived here during the Bosnian conflict in 1993 – the previous record year. (Verdens Gang)
• Halfdan Mellbye, an expert on administrative law and fishing rights, believes the focus on Fisheries Minister Svein Ludvigsen’s supposed lack of impartiality is exaggerated. "Those with interests in the industry have just as much right to express an opinion as those with no interests," he said. (Nationen)
• Social Affairs Minister Ingjerd Schou (Con) is planning to reduce the number of poor people in Norway by means of a new definition of poverty. One big problem with the Labour government’s definition was that it covered too many people, she says. From now on anti-poverty measures will be means-tested. Those who can manage with just a small amount of help can expect to receive even less. (Aftenposten)
• "If we are to reduce the number of drug addicts our narcotics policies must be coordinated. Establish a narcotics ombudsman who can get the various agencies to work together," said Lars Holmen, head of the Norwegian Narcotics Police Officers’ Association. (Verdens Gang)
• Do those fathered by German military personnel who were occupying Norway during the Second World War have the right to receive compensation from the state? A total of 120 of the country’s 9,000 so-called war babies are claiming compensation from the Norwegian state for the injuries they claim to have suffered. When legal proceedings opened yesterday, the plaintiffs’ lawyer, Randi Hagen Spydevold, argued that highly discriminatory comments from doctors, clergymen and other people in authority helped to legitimize the harassment of children with a German father. The state for its part maintains that the statute of limitations has expired on these claims. (Aftenposten)

Today’s comment from Dagsavisen

Kværner’s battle for survival has turned into the most intense industrial drama ever seen in this country. During the past few days Kværner’s management, board of directors and shareholders have run a marathon with 5,000 extremely tense Norwegian employees watching from the stands. Every effort has been made to reach the finishing line in time. Along the way Trade and Industry Minister Ansgar Gabrielsen has also been pulled into the race. Unsurprisingly, he was of little help. Governments are no longer willing to help companies and by extension local communities and employees. Our greatest hope is that the marathon runners will find a way to avoid coming to an abrupt stop at the door of the bankruptcy court. If Kværner goes to the wall it would be a tragedy for the company’s employees and the communities where Kværner’s operations are located. Bankruptcy would also be a heavy burden to bear for Norway’s entire financial and investment community. Abroad, they will say: "Look to Norway". In that country they cannot manage to run an offshore company like Kværner, despite the fact that Norway is a major oil and shipping nation, whose oil-based financial assets are among the largest in the world.