Nose Dive for IT Shares (Dagens Næringsliv)

IT shares listed on the Oslo Stock Exchange nose dived yesterday – falling over nine per cent, the equivalent of more than NOK 8 billion. The new year therefore got off to an even worse start for IT companies than the previous one ended. And developments through the autumn had been gloomy enough. Opticom was the biggest loser yesterday. Its shares dropped 19 per cent, pushing it under NOK 500 per share. As late as August last year Opticom shares were trading at NOK 2,000 per share.

Rejects merger now (Dagsavisen)

The Sparebank 1 Group has already rejected Gjensidige Nor’s merger suggestion. However, small, independent savings banks do not rule out the necessity of a large savings bank in the future. Chairman of the Savings Bank Association and chief executive of Sprebank 1 Nord-Norge, Hans Olav Karde, rejects Gjensidige Nor’s idea of merging all of Norway’s savings banks into one giant bank. The largest banks in the Sparebank 1 Group said no to any merger suggestion last autumn. "In a market where we are seeing the growth of large financial conglomerates with centralized head offices, we must also have banks with roots in the local community. The savings banks are one element in the competitive picture, and local links are one of our competitive advantages," says Mr Karde.

More Answers demanded from Kværner (Aftenposten)

Kværner shareholder Kjell Inge Røkke is not satisfied with the reply he received in a letter from Kværner’s chief executive Kjell Almskog yesterday. Mr Røkke claims that several of the answers simply raise new questions. Aker Maritime, where Mr Røkke is chairman and majority shareholder, asked Kværner’s management 40 critical questions just before Christmas. Aker Maritime is very pleased with the form and tone of Kværner’s reply. "It is a thorough and factual reply, written in polite language. This may indicate that they are beginning to adopt an orderly and proper manner towards their largest shareholder," says Aker Maritime’s head of corporate communications, Geir Arne Drangeid.

Discussions about new Kværner Leadership (Verdens Gang)

Kjell Inge Røkke has had specific discussions with other Kværner shareholders about replacing the company’s board of directors and senior management team. The discussions follow Aker Maritime’s acquisition of 17.8 per cent of Kværner’s shares. For a company like Kværner the formal order of events for such a change in management is that the Annual General Meeting elects a new board of directors. The board then fires and hires the chief executive on its own initiative.

Populous Counties may get more Representation in the Storting (Aftenposten)

The Elections Act Commission is proposing a new system that will give counties which are currently underrepresented in the Storting additional representatives. The overall number of representatives will be increased from 165 to 169, but some rural counties may have their representation cut. The changes can be implemented at the earliest in connection with the general elections in 2005. The Commission will publish its recommendations on 30 January.

Last Minute Rush to protect the Environment (Nationen)

Last year Norway issued environmental protection orders for a total area almost 40 per cent larger than Vestfold County. "This has been a political priority," says Stein Lier-Hansen, State Secretary at the Ministry of the Environment. The rush of ministerial activity has resulted in 10 new protection orders. The size of the area covered by environmental protection orders in mainland Norway increased from 6.7 per cent to almost 7.4 per cent in 2000.

Worth noting

• The Swedish Foreign Minister Anna Lindh is quoted as saying that Norway’s relations with the EU will be more difficult in the years ahead. Ms Lindh’s comment is wholly in line with the conclusions in the Government’s report on Europe. (Dagsavisen)
• The wreck of the "John R" still has between 50 and 200 tonnes of oil left in its aft section. The ship’s owners have given completely incorrect information. (Dagsavisen)
• The Government will strengthen contingency planning along the Norwegian coast to protect against oil spills, says Fisheries Minister Otto Gregussen. Recent accidents involving the "John R" and "Green Ålesund" have shown that we need to increase safety measures along the coast, he adds. "Our routines are not good enough and our response times are too long," says Mr Gregussen in an interview with NRK, the Norwegian national broadcasting service. The Government is also considering a change in the shipping lanes to force ships further away from the coast. (NTB)
• Environment Minister Siri Bjerke is worried that the rich will take over the Norwegian mountains with palatial holiday cabins, and is considering the introduction of maximum size limits for new holiday cabins. The Norwegian Mountain Touring Association is extremely happy with the minister’s comments, while the Mayor of Kvitfjell shakes his head in dismay. (Dagsavisen)
• Norwegian public transport policies are completely misguided. Oddvar Nilsen, the leader of the Storting’s Transport Committee, says that the politicians have gone too far in their budget cuts for the public transport sector. (Vårt Land)
• The Norwegian fish farming industry generated a value added of NOK 16.2 billion last year, a rise of 27 per cent on 1999.
• The Director of Public Prosecutions announced on Wednesday that Per and Veronica Orderud as well as Lars Grønnerød and Kristin Kirkemo Haukeland have been charged with the triple murder at the Orderud family farm in May 1999. (NTB)

Today's comment from Dagens Næringsliv

When Labour Party chairman Thorbjørn Jagland proposed that employees should be given time off to train during working hours without loss of pay, the Confederation of Norwegian Business and Industry said it supported the idea in principle. Now the employers’ tune is more negative. Health professionals say that it would take a half-hour’s aerobic training three times a week to achieve any real health benefit. Add on time for showering and changing, and the working week would be reduced by around three hours. And that costs money. But perhaps Mr Jagland is also thinking along those lines. Last autumn the Labour Party and the centre alliance agreed to halve the VAT on greasy, unhealthy food, but impose full VAT on training studios. If all Norwegian employees are to be forced to sign on at these very same training studios, it will provide the Finance Minister with billions in lovely new tax revenues. And the suggestion can be improved even further. Mr Jagland points to the positive effect that physical training – and meditation – during working hours has had on Stockholm’s bus drivers. Here lies another fiscal challenge. The Labour Party has not yet introduced VAT on meditation, but Karl Eirik Schjøtt-Pedersen has probably already got his advisors working on it.