Norwegian Economy | This is what the newspapers wrote about the economy on Monday, June 12th

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NOK Summer Drama (Jürgen Gudmundsson, Chief Financial Officer, Spanken)
A stronger krone will require that monetary policy and/or the real wage level become more similar to those of our trading partners. do we want it Read more

Further increases in interest rates will only make it worse for families (Aftenposten / E24)
Wage growth is not keeping pace with ever faster price growth. In its new forecast, Statistics Norway predicts that the average annual wage will rise by 5.3 percent this year and that the increase in prices for private consumption will be “about 7 percent.” This means that the real wage falls by 1.6 percent. If this happens, the drop in real wages this year will be the largest since 1979. And that’s before interest rate increases for this year are factored in. For loan customers, this only makes the picture worse. Read more

PM Storr responds to criticism of offshore wind: – I am certainly equally enthusiastic (DN)
Offshore winds in Norwegian waters will cost the shirt. But Prime Minister Jonas Gahr Storr and Oil and Energy Minister Terje Asland are “absolutely convinced” that the competition will be competitive. Read more

Therefore, the price shocks are now more serious (finansavicin)
New jumps in individual prices to other prices are now much more frequent than before the increase in inflation, an article in Norges Bank shows. Perhaps a period of hyperinflation, driven by a jump in energy prices or a weak krone for example, will not be so serious after all. In the past two decades, such shocks have proven to be temporary, without causing a permanent increase in inflation, according to a study published by the Bank of Norway. In the Staff Note, Christine Onvage-Matsen also explains that it is important that price shocks come at a time when inflation is initially high. Read more

Experts warn: skyrocketing airfares (H24)
The price of plane tickets could remain high for a long time to come, say travel experts and people in the airline industry. Read more

Finn.no: More than 30 percent of homes for sale (H24)
The company says the market has a lot more properties than it did at the same time last year, and never before have so many people clicked on housing ads. Read more

Race against Danske Bank’s richest clients (H24)
Danske Bank’s billionaire clients are at risk. According to Bank, the competitors almost fought for meetings. Read more

Credit rating is a poor indicator of risk (Director Philippe Cesner) (Finansavisen)
Credit rating companies don’t do their job until it is too late. The end user who is investing and saving money is being misled. Read more

New bull market or tug-of-war? (Christian Lee, Formue Chief Strategist) (Finansavisen)
If interest rates are kept high through 2024 and/or interest rates rise further, more households and businesses will have to refinance at much higher interest rates. It could become the tip of the balance for rising unemployment and a recession that erodes profits and the ability to service debt. Read more

High prices for luxury hotels in Norway (finansavicin)
Records are falling for Norwegian luxury hotels, with room rates rising by several thousand kroner in a short time. – a massive increase, says Flakk Group’s hotel manager in Sunnmøre. Read more

Freya interrupts it—an overreaction, Freya’s staff thinks (NTB)
More and more companies have stopped selling Freya products in protest that Freya Mondelez’s parent company has not ceased operations in Russia. Read more

The Norwegian company Mondelez wants to engage in dialogue with the government (NTB)
The Norwegian company Mondelez wrote in a press release that it wanted to have a dialogue with the government and that it would send a letter to the relevant ministries. Read more

Freya interruption is necessary (Director Trygve Hegnar, Finansavisen)
Mondelez says chocolate produced in Russia is not sold in the Nordic countries. Freya is produced in Norway with Norwegian milk. Does not matter. Mondelez must be boycotted, and this applies to the entire group with all companies around the world. And Mondelez must stop operations in Russia until Russia gives up the war. Many companies, including the Norwegian ones, have done so. 3,000 employees in Russia are thriving in the Russian economy, and the impact of infection could be significant. Everything Russian must be boycotted until President Putin surrenders. Read more

Stoser because of Freya’s interruption: – It seems the interrupters haven’t done a thorough job (DN)
A number of companies are now boycotting Mondelez for continuing to operate in Russia. Giants like PepsiCo, Yves Rocher, and L’Oréal are gearing up. Read more

Oljefondet and Nordea have invested billions in Mondelez (H24)
The oil fund owns multi-billion dollar shares in the company that owns Freia, which is now boycotted by a number of Norwegian companies. The big Nordea Bank is also investing heavily in Mondelez. Read more

Not many people know who produces this minced meat (H24)
The Minister of Trade and Industry is amazed at how little we know about grocery chain brands. Here are five things that many people don’t realize. Read more

US Deputy Secretary of State: – We did not start a zero-sum game (H24)
Jose W. Fernandez visited Norway to discuss Biden’s green tax package and future mineral cooperation. Read more

The Dutch giant is betting on dementia care in Norway (finansavicin)
Nederlandske Herbergier is betting heavily on Norwegian dementia care. The new player challenges municipal prestige investments and could become a hot potato in the election campaign. Read more

Climate Traders (Victor de Normann, Professor of Social Economics at the Norwegian School of Economics) (DN)
The world isn’t getting greener because we in the West are trying to re-industrialize green – it’s getting poorer…and more dangerous. Asia, with China in the lead, accounts for almost the entire increase in carbon dioxide emissions in the world over the past 20 years, and the prerequisite for them to be able to do something about this is that they have left the value chains higher where the emissions per krone in value creation are lower. This is what hinders re-industrialization in the United States and Europe. Read more

Satisfied customers are overrated (finansavicin)
Tor W. Andreessen and Harald Krug write that innovations, as experienced by customers, are a stronger driver of the development of abnormally high stock prices than customer satisfaction. Read more

Waiver Form – Ready to Review? (finansavicin)
Investor Sven O Hegstad claims that one alternative to today’s harmful wealth tax is to modify the exemption model. Read more

Solar cells go out in the heat – the grid needs to be expanded (finansavicin)
Neither Norwegian homes nor the home’s low-voltage distribution network were equipped to become power stations, writes Fredrik Andal at Schneider Electric. Read more

Just turn on the grill: Propane prices have halved in one year (finansavicin)
Propane prices haven’t fallen with the approaching summer season since the start of the pandemic three years ago. According to the head of the shipping company Øystein Kalleklev, all you have to do is light up the grill. Read more

The American cloud giant is making its way in Norway (finansavicin)
Snowflake cloud platform has opened its offices in Norway and added Schibsted, Wilhelmsen Group and Telia to its list of clients. Read more

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Also read: This is what the newspapers wrote about politics on Monday, June 12th

Also read: This is what the newspapers wrote about the stock exchange on Monday, June 12th

You can find previous versions here (Policy), here (economy) f here (share trading)