Today in Norway: A roundup of the latest news on Friday
Assessment on Norwegian Air's buyout of a rival, construction collapse to trigger lower interest rates, and police in Bergen 'unsafe' after shooting. This and other news on Friday.
Construction drop-off to trigger lower interest rates
Higher interest rates have caused a significant decline within Norway's construction industry, which will continue into the near future, according to national data agency Statistics Norway.
"We expect housing investment to fall by more than 30 percent overall this year and next year. This contributes to a further cooling of the Norwegian economy in the time to come," head researcher Thomas von Brasch said.
Housing investment fell by 20 percent in the first three quarters of the year. This is the biggest fall the country has seen since 1978.
"The sudden halt in housing construction and weak growth prospects, combined with falling interest rates and inflation with our trading partners, means that the interest rate peak has most likely been reached. We expect the policy rate to remain at its current level until mid-2024 before it is gradually reduced," von Brasch said.
Norway urges the UN to work to avoid a humanitarian disaster in Gaza
Norway has called on the UN Security Council to do what it can to prevent a humanitarian disaster in Gaza.
The UN will use Article 99 in the UN Charter to call on the Security Council to avert a humanitarian disaster.
"The letter and use of Article 99 is simply a diplomatic emergency signal from the UN's supreme leader," Foreign Minister Espen Barth Eide said in a government statement.
"The Security Council must act and now agree on a humanitarian ceasefire. That the Secretary-General chooses to take this rare step cannot be interpreted differently than that he is now sounding the alarm about what is unfolding in the Middle East," the statement read.
The Security Council is expected to vote on an immediate ceasefire on Friday after weeks of war between Israel and Hamas.
Initial assessment of Norwegian Air's takeover of rival Widerøe
The Norwegian Competition Authority's preliminary assessment of Norwegian Air Shuttle's takeover of rival Widerøe will be published before its final conclusion on January 3rd 2024.
The authority could stop the takeover if it thinks it would create unfair competition in the Norwegian aviation market.
It has previously expressed concerns that such an event could occur and that the offer for passengers could worsen.
Norwegian maintains that Widerøe wasn't a direct rival and that passengers would benefit from the takeover.
Police in Bergen declared unsafe after police station shooting
After gunshots were discovered on the exterior of a closed police station in Åsane in Bergen on Thursday, the acting head of police in Bergen has said police in the region are unsafe.
There were no injuries or witnesses to the gunshots.
"The incident affects not only the affected police station but the entire district. The Norwegian Police Directorate is in ongoing dialogue with the western police district, PST and Kripos about what has happened," Lars Morten Lothe told Bergenavisen.
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Construction drop-off to trigger lower interest rates
Higher interest rates have caused a significant decline within Norway's construction industry, which will continue into the near future, according to national data agency Statistics Norway.
"We expect housing investment to fall by more than 30 percent overall this year and next year. This contributes to a further cooling of the Norwegian economy in the time to come," head researcher Thomas von Brasch said.
Housing investment fell by 20 percent in the first three quarters of the year. This is the biggest fall the country has seen since 1978.
"The sudden halt in housing construction and weak growth prospects, combined with falling interest rates and inflation with our trading partners, means that the interest rate peak has most likely been reached. We expect the policy rate to remain at its current level until mid-2024 before it is gradually reduced," von Brasch said.
Norway urges the UN to work to avoid a humanitarian disaster in Gaza
Norway has called on the UN Security Council to do what it can to prevent a humanitarian disaster in Gaza.
The UN will use Article 99 in the UN Charter to call on the Security Council to avert a humanitarian disaster.
"The letter and use of Article 99 is simply a diplomatic emergency signal from the UN's supreme leader," Foreign Minister Espen Barth Eide said in a government statement.
"The Security Council must act and now agree on a humanitarian ceasefire. That the Secretary-General chooses to take this rare step cannot be interpreted differently than that he is now sounding the alarm about what is unfolding in the Middle East," the statement read.
The Security Council is expected to vote on an immediate ceasefire on Friday after weeks of war between Israel and Hamas.
Initial assessment of Norwegian Air's takeover of rival Widerøe
The Norwegian Competition Authority's preliminary assessment of Norwegian Air Shuttle's takeover of rival Widerøe will be published before its final conclusion on January 3rd 2024.
The authority could stop the takeover if it thinks it would create unfair competition in the Norwegian aviation market.
It has previously expressed concerns that such an event could occur and that the offer for passengers could worsen.
Norwegian maintains that Widerøe wasn't a direct rival and that passengers would benefit from the takeover.
Police in Bergen declared unsafe after police station shooting
After gunshots were discovered on the exterior of a closed police station in Åsane in Bergen on Thursday, the acting head of police in Bergen has said police in the region are unsafe.
There were no injuries or witnesses to the gunshots.
"The incident affects not only the affected police station but the entire district. The Norwegian Police Directorate is in ongoing dialogue with the western police district, PST and Kripos about what has happened," Lars Morten Lothe told Bergenavisen.
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