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Tag: Norwegian

Norwegian Air seeks cash injection

Norwegian Air seeks cash injection

Business
Norwegian Air wants to raise 3bn Norwegian kroner (£268m) through a rights issue to improve its finances.The news comes as the company announced that its preliminary earnings for 2018 showed an operating loss of roughly 3.8bn kroner.The budget carrier said it was not in talks with any potential buyers after British Airways owner IAG abandoned its plans to buy it last week.In early trading on Tuesday, the company's shares plunged by 16%.Billionaire John Fredriksen and the airline's chief executive Bjorn Kjos and chairman Bjorn Kise have all agreed to underwrite the issue.Mr Kjos explained that the airline was going to change its strategic focus from growth to making cost savings."We will now get in place a strengthened balance sheet that supports the...
Police reveal $10M ransom demand for missing wife of Norwegian businessman

Police reveal $10M ransom demand for missing wife of Norwegian businessman

World
The wife of one of the richest men in Norway is believed to have been kidnapped after police revealed her husband received a note asking for over $ 10 million in the cryptocurrency Monero as ransom. Anne-Elisabeth Flakevic Hagen, wife of Norwegian real estate investor and electric company owner Tom Hagen, went missing on Oct. 31 of last year. Hagen found a note left on the couple's home asking for the ransom, but police did not disclose when specifically the note was found. Information regarding Flakevic's disappearance was not made public before because Hagen received a note from the suspected kidnappers threatening to kill his wife if he got the police involved, Norwegian newspaper VG reported. However, police are now making the information public as their investigation has yield...
Norwegian man accused of sexual crimes with more than 300 boys

Norwegian man accused of sexual crimes with more than 300 boys

World
Nov. 21 (UPI) -- Norwegian authorities charged a 26-year-old man with sexual crimes involving more than 300 teenage boys in what some police are calling the country's biggest sexual abuse case in history. Prosecutors said the man, whose name was not revealed, targeted the teens over the Internet, at times posing as a young girl to entice the boys to send nude photographs and videos of themselves. The victims ranged in age from 9 years old to 16 years old and were from Norway, Sweden and Denmark. They said once he obtained the images, he would use them to blackmail the boys into sending more images. In all, he allegedly had more than 16,000 videos of underage boys. It is "the biggest case of sexual abuse in Norway so far," prosecutor Guro Hansson Bull said. Police believe he met several of...
Norwegian fund, German utility exchange barbs over coal mine

Norwegian fund, German utility exchange barbs over coal mine

Technology
A Norwegian pension fund is doubling down on its criticism of German utility firm RWE over the power company's long-term plans to use coal. The chief executive of Storebrand, Jan Erik Saugestad, said Thursday that "continued expansion of coal mines and support of coal-fired power has no future" if the world wants to limit global warming to 1.5 degrees Celsius . Saugestad, whose company manages assets worth $ 85 billion, had called earlier this week for investors to sell their shares in RWE because of its plans to expand a coal mine by chopping down Germany's ancient Hambach forest . RWE hit back Wednesday, saying "everybody needs to do their part" and coal-fired plants are needed to ensure stable power supplies in Germany following the country's decision to phase out nuclear plants.Let's...
Norwegian snubs bid from British Airways owner

Norwegian snubs bid from British Airways owner

Business
Norwegian Air Shuttle, the fast-expanding budget airline, says it has unanimously rejected two bid offers from the owner of British Airways.International Airlines Group (IAG), which owns 4.6% of Norwegian, is seeking to lift its market share amid competition from low-cost carriers. But Norwegian said the proposals undervalued the firm and its prospects.Shares in Norwegian initially fell as much as 10% on the news before recovering slightly.By contrast, IAG was the top gainer on London's FTSE 100, up 5.6%.News of the bids first emerged in an investor presentation by IAG, which also owns Spanish airline Iberia.IAG was giving the presentation after it posted a big jump in operating profits for the first quarter of 2018, thanks in part to strong demand over Easter.Underlying earnings were €280