It was reported on July 7 that Argeo and its Norwegian subsidiaries Argeo Survey, Argeo Robotics and Argeo Multiclient had resolved to file for bankruptcy as the group was in a challenging financial position, with limited liquidity and limited resources to satisfy its short- and long-term obligations, said to be due to a difficult market situation and the lack of necessary contracts to generate stable revenue, Offshore-Energy.biz reported. In the same announcement, it was stated that non-Norwegian subsidiaries in Scotland, Singapore and the U.S.
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Due to a challenging financial position, with limited liquidity and limited resources to satisfy its short-term and long-term obligations, Norwegian surveyor Argeo has decided to file for bankruptcy, Splash247.com reported. The company said on Monday that the formal filing will take place today. Its Norwegian subsidiaries, Argeo Survey, Argeo Robotics and Argeo Multiclient, will also file for bankruptcy. It is also expected that the company’s subsidiaries in Scotland, Singapore, and the U.S. will file for bankruptcy as well.
Norway's central bank cut its policy interest rate by 25 basis points to 4.25% on Thursday and said there were more cuts to come due to a more benign inflation outlook, a decision that took most analysts by surprise and weakened the currency, Reuters reported. "The economic outlook is uncertain, but if the economy evolves broadly as currently projected, the policy rate will be reduced further in the course of 2025," Norges Bank said in a statement.
Norwegian urban mobility brand Podbike filed for bankruptcy on Friday, citing financial hurdles including increasing production costs, supply chain disruptions, and a stagnant global economy, BicycleRetailer.com reported. According to a Podbike news release, efforts to obtain additional funding through investment rounds and partnerships failed to make up for the shortfall.
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Swedish and Norwegian policymakers left their key rates unchanged Thursday, mirroring the Federal Reserve’s decision to hold a day earlier as they assess the economic impact of tariffs, the Wall Street Journal reported. Sweden’s central bank held its key policy rate at 2.25% but suggested that further rate cuts could be on the horizon if U.S. President Trump’s tariff hikes threaten to weaken economic growth and push inflation lower. Policymakers said that uncertainty in the global economy has increased significantly since Trump took office, not least as a result of the new U.S.
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Norway’s central bank delayed a long-communicated cut in borrowing costs until later this year as officials responded to a flare-up in inflation, Bloomberg News reported. Norges Bank held the deposit rate at 4.5%, the highest in more than 16 years, as predicted by a majority of analysts in a Bloomberg survey. Its path for borrowing costs signals two cuts before the end of 2025, with a gradual decline thereafter.
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Norway’s central bank held its key policy rate at 4.5% and reaffirmed that it will likely begin monetary policy easing in March, but noted concern over potential trade tariffs from the U.S., the Wall Street Journal reported. The policy rate has been at 4.5% since December 2023 and has helped to significantly dampen inflation from its peak, but a rapid rise in business costs will likely stoke inflation ahead, Norges Bank said.
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Norsk Hydro became the sole owner of battery recycler Hydrovolt on Monday after the Norwegian aluminium maker agreed to buy the remaining shares from ailing Swedish battery maker Northvolt for 78 million Norwegian crowns ($6.79 million), Reuters reported. Northvolt, once hailed as Europe's best shot at a home-grown electric-vehicle battery champion, has been slimming down and racing to stay afloat after being hobbled by production problems, loss of a major customer contract and a funding crisis. The battery maker entered Chapter 11 bankruptcy protection in the U.S.
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Norway’s central bank held its key policy rate at 4.5% as it pushes on with efforts to bring inflation down, but said it will likely begin monetary policy easing in March, the Wall Street Journal reported. The policy rate has been at 4.5% since December 2023 and has helped to significantly dampen inflation from its peak, but a rapid rise in business costs will likely restrain further disinflation, Norges Bank said.
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Norway’s banks may face higher risks from a potential home price rally in a nation with the most indebted households in the developed world, its financial watchdog warned, Bloomberg News reported. The planned easing of lending regulations from January would boost housing valuations, Per Mathis Kongsrud, director general of the Financial Supervisory Authority, said in an interview in Oslo. Should the expected reduction in credit costs turn out steeper than projected, it could lead to “a rather sharp” rise in home prices, he said.
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