Economy
More foreign investments in Norway
Foreign investors are buying up Norwegian shares and national debt in an effort to take advantage of the Norwegian krone which is very strong at present.
Up until Tuesday the Swiss franc was preferred, but since then the Norwegian krone has become more favoured, NRK reports.
We have hardly ever seen such interest in the Norwegian currency, says Ole Håkon EeK-Nielsen of Nordea Markets to the financial newspaper Dagens Næringsliv.
Source: Norway Post
30 Percent Expect Increased Wealth in 2012
Especially young people are optimistic when asked about their expecations for the future. Respondents in Østfold and Rogaland were most optimistic, while pessimism was more prevalent in Buskerud and Nordland, according to a research study by Synovate.
More than half of the respondents between 15 and 24 years old expect their financial situation to improve next year. As people get older, their expectations lowered. Only 16 percent respondents aged 60 and over thought their personal financial situation would improve, as oppsed to 54 percent of the youngest age group.
Even more reason to wave their flag
Norway's relatively high standard of living, built up over the past few decades with oil and gas revenues, has once again resulted in an international index that ranks Norwegians as among the most satisfied citizens in the world. They have, it seems, more reason than ever to wave their flag.
Views and News Norway has long topped United Nations' lists over the best countries in the world in which to live, and also scored highest in a prosperity index formulated by the London-based Legatum Institute. Now it's the Organisation for Economic Cooperation and Development (OECD) that shows Norwegians most pleased with their jobs and lifestyle of all the OECD's 34 member countries. Norway also placed second in satisfaction with their mix of job and leisure time, and third in general satisfaction with their lifestyle, reports newspaper Dagens Næringsliv (DN).
Norwegians also feel they enjoy a high level of personal security, have good access to health care and are generally pleased with public sector authorities.
Source: News in English
Norway's low-carbon future
The International Energy Agency (IEA) says Norway is well-placed to make necessary investments for a low-carbon future
The Scandinavian country's energy policies are a positive example for others to follow, according to a new report Norway is pursuing ambitious, forward-thinking energy policies, but could go further in its efforts to become a low-carbon economy, the International Energy Agency (IEA) has concluded in a review published today.
Energy Policies of IEA Countries - Norway 2011 Review says that it will be challenging for Norway to meet its 2020 target of reducing greenhouse gas emissions by 30% compared with 1990 levels, because both the country's electricity supply and its energy use in buildings are already essentially carbon-free due to hydropower use.
The authors add, however, that because of the large revenue generated from oil and gas exports, Norway is particularly well-placed to invest in developing new solutions to achieve the desired low-carbon future. These solutions include new measures to promote greater energy efficiency and use of renewable energy.
"Norway's climate and energy policies stand out as a positive example for other countries,” said Nobuo Tanaka, Executive Director of the IEA, at the launch of the review in Oslo, on 15 March. “But Norway must now invest in developing new measures in order to continue moving forward towards its ultimate goal of becoming carbon-neutral by 2050."
Source: IEA
Higher growth expected
A moderate cyclical upturn in the Norwegian economy in the second half of 2010 is expected to be replaced by slightly higher growth, according to predictions from Statistics Norway (SSB).
SSB says greater domestic demand is driving the upturn, while the growth impetus from abroad is expected to be modest in the next few years. The cyclical upturn in the economy is likely to contribute to a fall in unemployment in the next few years. Wage growth will increase, but interest rates and underlying inflation will also rise.
Based on a balancing of stability in inflation and the real economy, SSB expect the base rate to be raised by 0.25 percentage points each quarter from June 2011 until the end of the projection period. The money market rate is expected to change roughly in line with the base rate, and to exceed 6 per cent by the end of 2014. The average interest on loans in the banks is thus expected to reach 7.5 per cent.
A strong import growth among Norway's trading partners in 2010 helped push Norwegian exports up. When the growth from abroad is reduced and Norwegian cost-related competitive power is weakened, traditional exports will experience moderate growth in the period ahead. Towards the end of the projection period, higher growth in the global economy is expected to play a role in pushing Norwegian exports up further, SSB states.
The upturn in the economy will subsequently play a role in the employment growth increasing to such an extent that unemployment will start to fall. In 2014, unemployment is expected to fall to 2.5 per cent of the workforce.
Wage growth in 2011 is expected to be the same as in 2010; 3.6 per cent. A more restrictive labour market and improvement in profitability in industry will subsequently lead to increased wage growth. In 2014, wage growth is expected to reach in the region of six per cent, SSB predicts.
Record export of Norwegian seafood in 2010
The export of Norwegian seafood in 2010 reached NOK 53.8 billon, and set a new record in export value for seafood for the seventh year running, the Export Council for Fish reports.
The increase was NOK 9.1 billion from 2009, according to to the Council.
Norway exported a total of 2.7 million tons of seafood in 2010, an increase of 93 thousand tons, compared with the previous year.
- The demand for salmon and trout in particular has been strong, with an increase in export value of 29 per cent. This means that fish farming represents 62 per cent of the total Norwegian seafood exports. The export of traditional codfish products also show an increase, says Export Council CEO Terje E. Martinussen.
France and Russia are the largest markets for Norwegian seafood. However, China, including Hong Kong, was the fastest growing market in 2010.
Source: Norway Post
Norwegian unemployment remains low
The number of Norwegians who are unemployed increased slightly in October to a total of 69,800. This is equvalent to 2.7 per cent of the nation's total workforce.
The unemployment rate is highest among those working in the construction and building industry, and lowest among those engaged in education, NRK reports.
Oslo reports the highest unemplyment rate, at 3.8 per cent. In the counties of Oppland and Nord-Trøndelag, the rate has dropped to 2.1 and 2.3 per cent respectively.
The lowest unemployment rate in October was found in Sogn og Fjordane, with 1.8 per cent of the work force unemplyed.
UK not listed among 10 most successful countries
Lackluster education and health-care were cited as two of the main reasons that the UK fared poorly in the Prosperity Index, a worldwide survey of wealth and happiness conducted by the Legatum Institute, a London-based think tank. Britain ranked 13th overall, while the top spots in the ranking went to three Scandinavian countries: Norway, Denmark, and Finland.
Some expect that the UK, along with many other developed countries, will fall even farther in the rankings next year as a result of decreased social spending in the wake of the financial crisis. Indeed, health-care and education should take hits due to the austerity measures recently announced by the Cameron government.
Bright spots for Britain include strong ratings in entrepreneurship, social capital, and opportunity. Dr. Ashley Lenihan of the Legatum Institute remarked that Britain's path to prosperity rests upon using its strong culture of entrepreneurship to overcome obstacles to growth.
Another weak spot is that Brits seem far more pessimistic about the economy than they should be. Out of 110 countries, Britain ranked 93rd on expectations of economic performance in the future, and 101st on the people's confidence in financial institutions. The Institute noted that expectations are usually so low only in the world's most impoverished countries.
One more important trend tracked by the survey is the divergence between northern and southern Europe. Economically-troubled countries in southern Europe such as Portugal, Italy, Spain, and Greece dropped in the rankings, while Scandinavia, Germany, and the Netherlands improved.
Increased trade surplus in July
In July, Norwegian exports came to NOK 61.7 billion, while imports reached NOK 33.3 billion. This gave a trade surplus of NOK 28.4 billion, NOK 2.9 bill higher than in June, but NOK 1.6 bill lower than July last year.
The increase in trade surplus from June to July this year is explained by higher import figures in the first month. The decline in trade surplus compared with July last year is explained by both higher imports and reduced exports in July this year.
Source: NorwayPost
Norwegian exports increasing
Norwegian companies are exporting more this year than last year, and it is especially shipyards and the petroleum industry that contributes to the growth.
Numbers from trade organization Norsk Industri shows a positive trend in the Norwegian exports. In 14 of Norway's 19 counties, the export levels have increased compared to 2009.
- We can now safely say that several industries has survived through the recession, Finn Langeland, head of communication at Norsk Industri, tells Norwegian newspaper Nationen.
He points to the oil sector and shipbuilding industry as important for the development.
Source: Oilinfo
Norwegian productivity at top level
Norwegian labour productivty is 46 per cent higher than the average among EU nations, and also higher than in the United States, according to figures from the European agency Eurostat.
Only Luxembourg ranks ahead of Norway, according to Eurostat.
In the US, labour productivity is 42 per cent higher than in the EU.
Source: Norway Post
UK unemployment falls to 2.47 million
That took the jobless rate to 7.8%, the lowest for a year, the Office for National Statistics (ONS) said.
The number of people in work rose by 160,000 in the three months to May, the biggest rise since August 2006.
Source: BBC
Signs of better times ahead
NEW data has revealed a year of continual expansion in the North East's private sector, although the region's output remains below the national average.
The North East PMI figures for June show that both activity and new business have risen continually over the past twelve months, with growth in both variables accelerating during the latest survey period.
However, the region's overall output performance on average during Q2 was the weakest since the third quarter of 2009.
Meanwhile, input price pressures remained elevated, despite easing from May's twenty-month high.
North East private sector companies increased their activity levels in June, in order to accommodate another rise in new business. The seasonally adjusted Business Activity Index posted 54.6, up from 53.8 in May.
However, output growth remained weaker than the national average, despite picking up to a robust pace.
North East leads the way in manufacturing recovery
NORTH East manufacturers witnessed the biggest turnaround of any region over the last three months, with many reporting a substantial pick-up in activity over the last year.
The quarterly survey by manufacturers' organisation EEF and chartered accountants BDO reveals highest proportion of firms growing their output ince the second quarter of 2008, and the highest share reporting new orders since the survey began in 1995.
The figures will provide a boost to those companies fearing a double dip recession, with 66% of respondents witnessing an increase in orders and 50% seeing a rise in output compared to just 13% over a year ago.
Source: NEBusiness
North East exports rise 10% over past year
EXPORTS from North East companies in the first three months of this year are up 10% on a year ago in line with the whole of the UK.
The region saw a rise in value of sales to other countries to £2.5m from £2.3m a year ago although it was down by around 8% on the last three months of 2009.
But over the 12 months to the end of March the total value of UK exports fell by 5% to £231bn while the North East saw only a 1% fall to £9.9bn.
Wales saw a 16.8% fall and Northern Ireland a plunge of 17.4% with only a Scottish rise of 3.5% dragging up the UK average. Jonathan Walker, policy adviser at the NECC, said: “Perhaps disappointingly, the gains made in the last quarter of 2009 in the North East have not continued into the beginning of this year.
“The end of 2009 was a surprisingly good period for North East exports, with values rising by 17% on the previous quarter.
“North East exports are in a healthier position than they were in the same quarter last year, but the sector isn't out of the woods yet.
“What is clear is that a rebalancing of the economy in favour of exports is yet to get under way.
Source: NEBusiness
UK economic growth 'to be revised up'
The UK economy grew by 0.5% between February and April, the National Institute of Social and Economic Research (Niesr) has said.
That is up from the 0.2% growth both it and the Office for National Statistics (ONS) estimated for the first three months of the year.
The leading think tank said it now expected the ONS to upgrade its first-quarter official growth estimate.
It added that the weak pound had also started helping the economy.
"The competitive situation in which the UK economy finds itself following the exchange rate adjustments of the last two years is beginning to have a favourable effect on output," said Niesr's director Martin Weale.
A weaker pound typically helps UK exporters, as their products become cheaper for foreign buyers.
Source: BBC
Major trade surplus for Norway
Only five nations of the world have a greater trade surplus than Norway. Saudi-Arabia tops the ranking with a trade surplus for goods of NOK 1331 billon. Norway ranks sixth with a trade surplus of NOK 325 billion.
China is second on the list, with a trade surplus of NOK 1232 billion, followed by Germany, Russia, Ireland and then Norway, with a population of only 4.8 million.
This is shown by a survey made by the Economist's weekly magazine, quoted by Aftenposten.
It is the country's large oil and natural gas resources that lifts Norway in the ranking. Nearly 60 per cent of Norway's export of goods last year came from oil and gas. And although oil exports dropped by 35 per cent from 2000 to 2009, the production of natural gas more than doubled in the same period, Aftenposten writes.
The export of Norwegian seafood also remained high during the financial crisis of 2009: The export value increased by 16.4 per cent, and reached NOK 43.5 billion.
Source: The Norway Post
Norwegian May Manufacturing Activity Expands At Slower Pace
Norway's manufacturing activity grew at a slower pace in May, a survey conducted by the logistics association NIMA and Fokus Bank showed on Tuesday.
The seasonally adjusted purchasing managers index (PMI) for manufacturing decreased to 50.1 in May from a revised 51.6 in the previous month. The PMI reading in April was revised from 51.9 reported initially.A reading above 50 indicates expansion, while one below 50 suggests contraction. Economists had expected a reading of 52.3. Manufacturing sector expanded for the second straight month.
Source: RTT News
UK manufacturing grows at 15-year high, says survey
UK manufacturing activity grew at its fastest for 15 years in March, according to a closely-watched survey.
The purchasing managers' index (PMI) rose to 57.2 last month, from 56.5 in February, and was ahead of analysts' forecasts.
It was the best monthly growth figure since October 1994.
The UK data was matched by the release of similar surveys showing faster manufacturing growth in the 16-country eurozone and China.
Source: BBC
Optimistic el-car producer
The Norwegian el-car producer Think, which last year was close to bankruptcy, now looks more optimistic to the future, with more than 2000 cars on order.
There are now plans for enlarging the development section in Oslo, where at present 70 persons are engaged in developing new cars.
According to the plans, another 30-50 persons will be hired in the next 12-month period, according to a Think press release.
Source: Norway Post
Norway Industrial Production Rebounds In January
Industrial production in Norway climbed a seasonally adjusted 0.3% month-on-month in January rebounding from the 0.6% fall in the previous month, Statistics Norway reported on Friday.
Manufacturing output fell 1.9% on a monthly basis in January, following the 2.6% decrease in the preceding month. Economists had expected manufacturing production to rise 0.3%.
On a yearly basis, industrial output dropped a working day adjusted 3.1% in January, slower than the 6.4% decline in the prior month. Manufacturing production dropped 1.9%.
In a separate report, the statistical agency said that manufacturing turnover decreased 4.7% annually in January.
Source: RTT News
Car sales up in January
Car sales in Norway in January increased by 81.2 per cent compared with the same month last year. Over the past ten years, the average increase for January has been 17 per cent.
This is shown by latest official figures, NRK reports.
The imports of used cars showed a 63.6 per cent increase in the same period.
The most popular cars sold were Toyota and Volkswagen.
Source: Norway Post
UK industrial output rises 2% in March
UK industrial output saw its strongest monthly expansion in almost eight years in March, official figures have shown.
Output rose by 2.0% compared with February, the Office for National Statistics (ONS) said. Analysts had expected a 0.3% rise.
Strong export demand contributed to a powerful performance by manufacturers.
The ONS estimated that the data would add 0.1 percentage points to the UK's first-quarter GDP growth - initially estimated at 0.2%.
Source: BBC
Record growth for Norwegian economy
The Norwegian mainland economy has grown by more than four per cent over the last 15 years. This is twice as high as in the EU member nations, according to figures from the Department of Finance.
In comparison, the US has a growth in the same period of just over 2.5 per cent, Sweden a little more than 2 per cent and Denmark near 1.5 per cent, Dagens Næringsliv reports.
Only Slovakia, Poland the Baltic states and Ireland had higher economic growth than mainland Norway in the period 1995 to 2009, according to the newspaper.
Source: NorwayPost
Region outpaces national average
The North East economy has made a positive start to 2010 as the latest figures reveal stronger growth of output and new orders than the UK average.
January's North East PMI report - which charts the performance of specially-selected manufacturing and services businesses - marked the fastest rise in new work since last November.
Both output and new orders rose at accelerated rates that were above the equivalent UK averages.
However, strong competition meant that increasing input costs could not be offset by raising charges.
Meanwhile the report outlined a slight acceleration in job shedding.
Allan Little, economic adviser at regional development agency One North East, said: “There are some encouraging figures to take from this report, which follows the official confirmation that the country is out of recession.
"However we continue to face extremely challenging times and will continue our work with partners to support North East companies and workers through 2010."
Sarah Green, regional director of the CBI, said: “All our evidence suggests that exports are picking up and this is following evidence nationally that we are picking up but as a predominantly exporting region, we will benefit from that more than most.
"We have had real evidence on the ground with Nissan announcing plans to take on an additional 400 people to cope with demand."
Tyneside-based coatings company AMD Specialist Coatings said it was already experiencing favourable trading conditions following the end of the recession.
Managing director Steve Davis said: "Rather than simply trying to endure the recession, I have strived to drive AMD Specialist Coatings to the next level, pushing into new sectors and investing in new staff and new equipment, in order to move ahead of the competition whilst they are worrying about survival."
Source: bdaily
UK manufacturing activity 'accelerates'!
UK manufacturing activity grew at its fastest pace in more than two years in December, a survey has indicated.
The Chartered Institute of Purchasing & Supply's purchasing managers' index rose to 54.1 from 51.8 in November. A score above 50 indicates growth.
The survey also found an increase in the new orders index to 57.4, the highest level since July 2007.
The pace of job cuts in the sector was the weakest since May 2008 and mainly centred on larger companies.
The pound jumped higher after the data was released and gained 0.2% on the US dollar to reach $1.62.
Some analysts suggest the increase in the purchasing managers' index (PMI) is a sign that 2010 could be a better year for the sector.
"December data signal a positive end to a tumultuous year for UK manufacturers," said Rob Dobson, senior economist at Markit, which helps to compile the PMI data.
But worries over the general state of the UK economy mean others are more cautious.
"Yes, it's an encouraging number, taken alone. But an awful lot depends on global economic growth this year and whether UK manufacturers can continue to export reasonably successfully," said Mark Miller, economist at Lloyds TSB.
The CIPS UK Manufacturing PMI is compiled from 600 purchasing managers' responses to questions on subjects such as production levels and new orders.
The report is closely watched by economists and markets as it gives the earliest indication of the state of economic activity in a given month.
Source: BBC
Firms move production back to UK
The EEF said manufacturing was central to rebalancing the economy
Manufacturers are moving production back to the UK amid concerns about poor quality and higher freight costs, a report has said.
One in seven companies has moved its manufacturing operations to the UK from abroad in the past two years, a report by the EEF and accountants BDO said.
The EEF said the UK had become "increasingly competitive and efficient" over the past few years.
The EEF represents thousands of manufacturing companies in the UK.
"Many companies have taken advantage of the low-cost emerging markets, both as market opportunities and also as a means of reducing costs," the EEF's chief economist Lee Hopley told the BBC.
"If you look at how UK manufacturers compete in global markets, it's about quality, it's about customer service and it's about delivery times.
"If lower labour cost producers can't provide what they need when they need it, then the alternative is to produce in-house and bring production back to the UK, which some are clearly doing."
Source: BBC
Infoserve accelerates expansion
An online business search company in the Tees Valley is creating up to 120 new jobs as it looks to realise its ambitious growth plans.
Morton Palms-based Infoserve Ltd is creating the new jobs with the help of a £249,000 Grant for Business Investment (GBI) from Regional Development Agency One North East.
The company, which already employs over 100 people, offers online marketing guidance to a growing portfolio of small and medium businesses across the country.
It specialises in local search, which combines specific business sectors with particular locations - offering a wide range of online business directories, enhanced business listings, website design services and the local search facilities on Yahoo!Local.
To support the expansion, Infoserve is expanding into floor space above its current premises at Pioneer Court which will be home to a new specialist sales team working to help SMEs efficiently manage their online marketing campaigns.
Mark Riley, sales director of Infoserve, said: “Looking for businesses in paper directories and phonebooks has become a thing of the past as more and more people are turning to searching the internet. It has become second nature to us and not something we ever really stop to think about, but SMEs are only just starting to understand how important it is to have an effective online presence.
"Search engines are becoming much more sophisticated in interpreting what we are looking for, but crucially, they are beginning to present local search results if you are looking for general goods or services. This means if you're a local business, ensuring that you appear in these search results should be a number one priority and we're here to help with that."
Siemens considers North East for £80m factory
Sites in the North East are among those being considered by German firm Siemens for a new £80m wind turbine facility which would create hundreds of jobs.
Earlier this week on bdaily, industry leaders and politicians put their backing behind the North East as an ideal base for GE's new turbine factory planned for the UK and expected to be manned by 1,900 workers.
It has now emerged that German manufacturer Siemens - which already has a presence on Tyneside - is exploring a number of sites on the East Coast and in the North East for a similar plant.
Peter Loscher, president and chief executive of Siemens, said: “With the new wind turbine production plant in the UK we're pushing ahead with our strategy of investments in attractive growth markets for eco-friendly technology.
Source: bdaily
Statkraft Upgrades Renewable Power Generation In Norway
Statkraft has decided to spend more than NOK 1 billion upgrading hydropower facilities. In western Norway, the new power plants Eiriksdal and Makkoren will replace older facilities, while Nedre Røssåga power plant in northern Norway will be modernised.
"These investments will result in more renewable energy, increased security of supply and significant local, regional and national value creation," says Tron Engebrethsen, Senior Vice President at Statkraft. (18 March)
Source: Statkraft
Norway's oil wealth fund posts record 25.6 percent return on investment in 2009
OSLO (AP) - Norway's vast fund for oil wealth posted a 25.6 percent return on investment for 2009 — its best ever — as international markets recovered from the global financial crunch, the central bank said Friday.
Norges Bank reported that the fund gained 613 billion kroner ($103.4 billion) on investments. That's the best result since Norway established the sovereign wealth fund in 1996 to invest surplus oil revenue abroad and avoid overheating its domestic economy.
The Government Pension Fund-Global, commonly referred to as the oil fund, grew 16 percent during 2009 to 2.64 trillion kroner ($445.3 billion) from 2.28 trillion kroner in 2008, when the fund posted its worst result ever — a loss of 23 percent. A strong krone reduced the fund's market value, Norges Bank said.
Yngve Slyngstad, the fund's senior manager, attributed this year's result to improvements in international markets, in particular "the fixed income markets that stopped working during the financial crisis."
"Developments in 2009 must, in the same way as 2008, to a large extent be viewed in light of the financial crisis. The fund's long-term management strategy ensured that we got through this period in a good way," said Slyngstad.
Source: CanadianBusiness
Hunt begins for ski slope developer
A lucrative contract to build the North East's first indoor ski slope is now officially up for grabs for leisure developers from the region and beyond.
Regeneration firm Sunderland arc is on the hunt for expressions of interest from firms across Europe to help create what it hopes will be a thriving sports village on Wearside.
Stadium Village is already home to the Stadium of Light and the £20m Sunderland Aquatic Centre.
In the future, once a suitable developer is found, the site house a snow and ice centre and potentially an house an ice rink, other leisure facilities, sports shops, bars and restaurants.
Sunderland arc chairman John Anderson said the scheme would help to establish Sunderland as a regional hub for sports and leisure.
He said: "Stadium Village forms an important part of the city's wider regeneration plan. It already boasts world-class sports and leisure facilities and further exciting developments such as the proposed indoor ski slope will cement Sunderland as a regional sporting destination."
A notice asking for expressions of interest has this week been published in the Official Journal of the European Union.
The facility would be the only one of its kind between Leeds and Glasgow and is part of a comprehensive regeneration scheme for the area that includes other state-of-the-art sports, health and leisure uses, new offices, a hotel and housing.
These uses are set out in a Development Framework, prepared by Sunderland City Council and Sunderland arc, which has been out to public consultation.
More than 80% of the site needed for the snow and ice facility has already been acquired by the arc and its partners, One North East, the City Council and the Homes and Communities Agency.
Source: Sunderland Arc
Inward Investment in North East England
The Indian software firm 5th Generation Technology (http://www.fifthgentech.com/), recently set up their European base in the Evolve Building in Sunderland creating up to 25 jobs with a £200,000 GBI support grant from One North East. Norwegian IT companies will find it interesting that the Outsourcing Indian IT company has itself "Outsourced" to the North East of England, primarily to access the regions excellent human resources in IT!
Businesses from across the globe, including 5th Generation, have been learning about the inward investment opportunities available in North East England following press coverage achieved by the Regional Image Campaign
The Campaign also highlights the North East's advanced manufacturing strengths, including the 1500 engineering firms based here such as Romag in County Durham, the publication also promotes the leading role our region has in the development of low carbon and green technology which has resulted in North East being named as the UK's first Low Carbon Economic Area specialising in Ultra Low Carbon Vehicles.
Record funding for the High North Norway
The High North remains the Norwegian Government's most important strategic priority area. A record increase in funding of nearly £60 million (NOK 530 million) has therefore been proposed for a range of measures in the the region next year.
"This is a project with a time horizon of generations. Since 2006 we have increased funding for our efforts in the High North by more than NOK 1.5 billion, and with these allocations we have made substantial progress," Foreign Minister Jonas Gahr Støre commented.
In the Government's budget proposal for 2010, funding for a number of areas will be significantly increased, particularly value creation, knowledge-building and the environment. It includes an increase of NOK 112 million for emergency tugboat services in the north, NOK 50 million for onshore value creation, NOK 19 million for marine bioprospecting, NOK 17 million for the establishment of a centre for climate and environmental research in Tromsø and NOK 126 million for space-related activities. The increased allocation for space-related activities will, through the Galileo system, help to provide better satellite navigation coverage in the High North. This will be useful in connection with business activity, shipping and air traffic, environmental safety and the exercise of authority.
The Foreign Minister added: "We are now seeing that a number of countries are directing their attention towards the north, not least because of the opportunities and challenges related to energy, maritime transport and climate change. Norway will continue to play a leading role in the High North in cooperation with our neighbours and allies in the north. The 2010 budget proposal aims to further strengthen these efforts."
"Under the Barents 2020 programme, the Government is creating arenas for cooperation between Norwegian and foreign centres of expertise with a view to increasing our knowledge about the High North," Mr Støre continued.
The proposal for the Ministry of Foreign Affairs' 2010 budget gives a full presentation of the Government's increased allocations for High North efforts.
Source: Norway.org.uk
£20m expansion of the Printable Electronics Technology Centre
A £20m expansion of the Printable Electronics Technology Centre in North East England has been unveiled.
The centre, at the NETPark in Sedgefield, County Durham, is to receive £12m from the UK Government's Advanced Manufacturing strategy, along with a further £8m that will be channeled by Regional Development Agency One North East.
In the next four years it is estimated that this investment will stimulate the creation of up to 250 jobs in the North East and up to 1,500 jobs nationally.
The funding will help to significantly enhance the open access product development facilities at PETEC with the introduction of new equipment capable of prototyping applications in:
• printable photovoltaics
• ultra-efficient lighting
• printable flexible displays
• new intelligent packaging.
The Centre connects innovators in research with commercial activity using proof of concept devices and pilot scale manufacture, helping clients identify the materials, industrial steps and investments required to bring products to market quickly.
Source: www.northeastengland.co.uk