Norway's central bank is prepared for more market volatility, governor says
OSLO, April 8 (Reuters) - Norway's central bank is closely monitoring the current situation in financial markets and will be prepared for continued volatility, Norges Bank Governor Ida Wolden Bache told Reuters on Tuesday.
Stocks worldwide swung wildly on Monday as investors grappled with U.S. President Donald Trump's sweeping tariffs that last week drove the biggest weekly drop for the U.S. stock market since the onset of the COVID-19 pandemic five years ago.
"The uncertainty about the economic outlook is greater than normal, and I think we should be prepared for swings in financial markets also going forward," Bache said in an interview.
"So our approach to this is, of course, to monitor developments very closely."
She added the current situation on financial markets held "many differences" from the one seen during the COVID-19 pandemic and that the bank had not made any new forecasts for the Norwegian economy.
"We are not giving any new signals about monetary policy at this time," she said.
When asked whether Norges Bank had been in touch with other central banks to discuss some form of coordinated action, Bache said: "No".
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Auto Blog
5 hours ago
- Auto Blog
How China Is Sparking a Battery Crisis
The auto industry faces yet another supply chain issue stemming from China Antimony is a material critical to lead-acid battery manufacturing, and China's export restrictions on this critical mineral, implemented last summer, have battery makers under pressure. Lead-acid batteries in the automotive industry are most commonly found in gas-powered vehicles and are used for functions like engine starts and powering low-voltage instruments such as dashboard displays. Antimony is also used in EV lead-acid batteries and flame-retardant materials. 0:03 / 0:09 Walmart is selling a 'heavy duty' $89 step ladder for $48, and shoppers say it's 'sturdy and secure' Watch More According to Reuters, Antimony now costs more than $60,000 per metric ton, which is more than quadruple its year-over-year price. In 2024, China produced 60% of the world's antimony supply, and several countries that mine the mineral process it in China. Beijing added antimony to its export control list last September, and companies now need a license for overseas deals. Additionally, China banned U.S. antimony exports in December, which remains in effect. China's global antimony exports are now a third of last year's. Connecting jumper cables to a lead-acid car battery — Source: Getty How is the U.S. responding? U.S. companies are responding with gray market antimony purchases or buying at elevated prices from sellers who pre-accumulated stockpiles. Last week, China and the U.S. reached a deal on rare earth exports, which the automotive industry heavily relies on for magnets used in several vehicle parts, but antimony doesn't appear to have been discussed between the two countries. Like antimony, China has a monopoly on rare earths, but at a higher percentage than antimony, with 70% of mining and 90% of processing occurring domestically. Steve Christensen, executive director of the U.S.-based Responsible Battery Coalition, labeled the antimony situation a national emergency and said Western countries have become 'Overly reliant on a single geopolitical adversary for minerals foundational to both national defense and civilian life,' Reuters reports. Christensen added: 'For the U.S., the path forward must include onshoring processing capacity, scaling domestic recycling, and building strategic mineral alliances with trusted partners. Otherwise, this crisis will repeat itself again and again.' Autoblog Newsletter Autoblog brings you car news; expert reviews and exciting pictures and video. Research and compare vehicles, too. Sign up or sign in with Google Facebook Microsoft Apple By signing up I agree to the Terms of Use and acknowledge that I have read the Privacy Policy . You may unsubscribe from email communication at anytime. Clarios, a U.S.-based global leader in battery manufacturing, disclosed last month that it was considering locations for a critical minerals processing and recovery plant in the U.S. that would extract antimony, among other minerals. The facility would cost up to $1.9 billion, and Indiana, Texas, and Utah are emerging as potential locations. Antimony is listed by the U.S. Department of the Interior as a mineral critical to the U.S. economy and national security. The U.S. Antimony market size is expected to rise from $270 million in 2024 to $550 million by 2035, with a 6.82% growth rate, according to Market Research Future. Overall, antimony demand is around 230,000-240,000 tons a year, with lead-acid batteries accounting for about a third of that, Reuters reports using data from consultancy Project Blue. Antimony rock — Source: Getty Final thoughts Antimony remains essential in the automotive industry as more car manufacturers extend timelines for gas-powered vehicle production and use the critical mineral in the growing EV segment. Securing a stable supply of antimony and rare earths for magnets is vital in avoiding future bottlenecks from countries like China. If the U.S. doesn't diversify its antimony supply chains and help facilitate competition within the market, production costs could continue to increase at a time when car prices are already high, and segments like EVs could experience slowed growth. About the Author Cody Carlson View Profile
The Herald Scotland
7 hours ago
- The Herald Scotland
Alexander Dennis: ScotGov accused of 'neglect' on firm off to England
A row erupted in the Scottish Parliament in the wake of revelations in the Herald over the depth of the public funding for Scottish jobs over the past ten years - and even while it was cutting back its workforce by a third five years ago. The Herald also revealed how the First Minister was warned about Alexander Dennis was "reconsidering" its "entire investment" in Scotland a year before announcing it plans last week to relocate to England putting 400 jobs at risk. Calls have been made to claw money back money if Alexander Dennis follows through with its plans. --------------------------------------------------------------------------------------------------------------------------- READ MORE from Martin Williams Swinney got year-long warning England-bound bus firm was 'reconsidering' Scotland FM in funding row as £90m public cash for Scots jobs given to firm going to England Union says 1600 Scots jobs at risk if government doesn't act in 'national interest' ------------------------------------------------------------------------------------------------------------------------------Scottish Conservative Central Scotland MSP Stephen Kerr told Ms Forbes: "There is £90m of public money went to ADL and yet there was not even a guarantee of jobs. "This crisis didn't come out oft he blue. The SNP governmet was warned for over a year and did nothing. When ADL asked for support they were met with silence. "When Scottish jobs were on the line, the Scottish Government were looking in another direction. "When orders for buses were needed, those orders went to China. "This was not a matter of subsidy control it is strategic neglect." He added: "It is a betrayal of Scottish manufacturing. " The Herald revealed that the row between ministers and ADL emerged over levels of support and had its roots in Scottish Government schemes launched from 2020 to accelerate the use and manufacture of zero and low emission buses in Scotland and 'help drive a green recovery out of the Covid pandemic" which have been worth a total of £155.8m to date. Frustrations emerged after May, 2023 when Alexander Dennis hosted the second phase of the Scottish Government's Zero Emissions Bus Challenge Fund (ScotZEB) which was to have funding worth £58m. It also showcased its Enviro100EV concept, a lightweight single-deck zero-emission bus with new in-house battery powertrain confirmed that grant backing accelerated its development. (Image: PA) In a scathing letter seen by The Herald, Paul Soubry, president and chief executive of Alexander Dennis's parent company NFI, told John Swinney that recent developments had 'regretfully left [them] with the impression that the Scottish Government has little regard for domestic bus manufacturing jobs in Scotland'. The First Minister was also told they had already been 'forced' to offshore certain manufacturing functions to China. But a Scottish Government memo said that ADL had received orders for 363 zero-emission buses from ScotZEB more than any other manufacturer benefitting from the schemes. A separate briefing states that Alexander Dennis was awarded only 17% or 44 buses from second phase of the programme. A significant grant through the ScotZeb 2 programme was awarded to Zenobe, and its consortium of bus and coach operators to support the transition of bus fleets to electric. ADL, which incurred total losses over three years of £44.9m between 2021 and 2023, made its own bid to the programme but was unsuccessful. While ADL was a supplier to the successful consortium it was not a formal part of it. Ms Forbes said that its policy interventions had been designed to "accelerate uptage of zero emission buses in the Scottish market". And she said that the Scottish Government and Scottish Enterprise had "continued to provide ongoing support to the company, both directly and through support for the adoption of zero emission". She said: "We will work in close collaboration with the company, with trade unions and the UK Government to find practical solutions. Kate Forbes (Image: Colin Mearns) "We are not going to play politics with this situation. We will continue to explore every avenue to avoid job losses. "I recognize that ADL cannot stand still. We want to support the company, to innovate, to bring forward new products that reflect changes in the sector. In this government, we will continue to do all in our power to support Alexander Dennis and their highly skilled workers."
Daily Record
8 hours ago
- Daily Record
The Scots airport where your flight is most likely to be cancelled
New data has revealed the worst airports in Scotland for flights being scrapped before takeoff. The worst airports in Scotland for flight cancellations has been revealed. New data of the Civil Aviation Authority (CAA) has detailed the number of flights scrapped at all main UK airport between 2023 and 2024. Aberdeen Airport ranked fourth in the UK and the worst in Scotland, with 2.7 per cent of flights being cancelled. Glasgow Airport was the second worst in Scotland. Over the 12 month period, 2.15 per cent of planned flights were axed, making it the fifth worst in Britain. At Edinburgh Airport, 1.19 per cent of scheduled take-offs were scrapped, ranking it 10th worst in the UK. The research by flight compensation specialists at AirAdvisor analysed data from the Civil Aviation Authority (CAA). It look at scheduled departures from the main 20 UK airports which attract high volumes of passenger traffic. The CAA defines cancelled flights as 'the non-operation of a previously planned flight, announced less than 24 hours before or after its scheduled departure time'. According to the research, the average flight cancellation rate in 2024 was 1.46 per cent across the 20 main UK airports. AirAdvisor's analysis found that the airports with the lowest cancellation rates in 2024 included Bournemouth (0.08 per cent) which had the least cancelled flights for the second year running, East Midlands International (0.39 per cent) and Bristol (0.66 per cent). Anton Radchenko, CEO of AirAdvisor, said: "Post-pandemic, we saw a huge boom in travel, with many airports and airlines simply unprepared for the surge in consumer appetite for journeys by air. They were caught out in terms of staffing and resources, which led to delays and cancellations spiking in 2022 and 2023, compared to pre-Covid levels. Join the Daily Record WhatsApp community! Get the latest news sent straight to your messages by joining our WhatsApp community today. You'll receive daily updates on breaking news as well as the top headlines across Scotland. No one will be able to see who is signed up and no one can send messages except the Daily Record team. All you have to do is click here if you're on mobile, select 'Join Community' and you're in! If you're on a desktop, simply scan the QR code above with your phone and click 'Join Community'. We also treat our community members to special offers, promotions, and adverts from us and our partners. If you don't like our community, you can check out any time you like. To leave our community click on the name at the top of your screen and choose 'exit group'. If you're curious, you can read our Privacy Notice. "The UK aviation industry is still in something of a recovery mode after post-pandemic, however there is light at the end of the tunnel. This is reflected by the average cancellation rates at most major airports decreasing, which is promising to see. 'At several airports around the country, cancellation rates are still more than double the national average. These airports and their airline partners simply must do better. And passengers deserve better." According to Anton, travellers may be entitled to compensation if their flights are cancelled, depending on which airline they fly with. He added: "Fortunately, British air passengers are protected by comprehensive legislation that entitles you to up to £520 in compensation if your flight to or from the UK, or with a UK or EU-based airline is cancelled with less than two weeks' notice, depending on the circumstances that led to the cancellation. "If you've been affected by a cancelled flight, you can use a free compensation calculator to establish the compensation you may be due."
