Problems in Norway…

norway oilNorway to Buy Record Amount of Kroner as Oil Crash Stings

Norway’s central bank is becoming a force for the currency markets to contend with after it raised krone purchases to a record in February as Scandinavia’s richest nation takes a hit from the collapse in oil.

Data on Friday showed the economic slowdown is deepening, with registered unemployment rising to the highest since 2005…

A report on Tuesday showed that nearly 50,000 layoff and job cut notices were filed last year, twice as many as in 2014….. Since the government’s spending of oil money now exceeds offshore income, it’s also this year dipping directly into its massive sovereign wealth fund for the first time.

Friday’s data “supports the case for a bleak outlook”……

Read more here – http://www.bloomberg.com/news/articles/2016-01-29

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