Skip to main content

Oilman Engineer Becomes Milkman as Norway's Best Jobs Disappear

(Bloomberg) -- When Joergen Langaunet started as a project planner at offshore engineer Aker Solutions ASA in 2012, he worked a lot of overtime. Norway’s oil industry, so rich it spawned the world’s largest sovereign wealth fund, was booming.
Then last year, he realized he was spending most of his time in the lunch room: His services weren’t needed. In September, as crude prices were on their way to the biggest plunge since 2008, Langaunet lost his job. Today he’s a regional manager for Tine SA, Norway’s biggest dairy producer.
“Our office went through two rounds of downsizing, so you start to see the picture when people have to leave and no matter how many people leave, there’s still less and less work to do,” the 29-year-old said by phone from Trondheim, Norway.
Norwegian companies including Statoil ASA and global behemoths with Norwegian units, such as ConocoPhillips, are gearing up for the biggest investment cuts the Nordic nation has seen since 2000. As many as 40,000 jobs could disappear out of about 250,000 nationwide. Oil workers made on average almost 60 percent more than other industrial workers, and a survey from recruitment firm Hays Inc. showed salaries in the industry were in the top two worldwide over the past five years.
The 50 percent slump in oil prices since June is threatening projects worldwide. Spending cuts will reach 20 percent this year and 10 percent in 2016, Danske Bank A/S says.
Ref
http://www.bloomberg.com/news/articles/2015-02-09/oilman-becomes-milkman-as-crude-slump-kills-norway-s-best-jobs

Comments

Post a Comment

Popular posts from this blog

Best IELTS and English language training institutions in Hyderabad

IELTS stands for International English Language Testing System. As the name implies it is basically an English test for testing the proficiency of the language in an individual.  Training for IELTS can be taken to pass the IELTS exam or to develop good english language skills. I am giving the training institute addresses for Hyderabad. The test system is jointly managed by the British Council,IDP education ltd and University of Cambridge ESOL Examinations and more than 1 million candidates are taking the exam all over the world. The test has two versions : 1. Academic 2. General training Academic  version is for people who plan to continue their higher education by enrolling in universities in countries like US,UK,Australia,Canada,New Zealand etc.The academic institutions in these countries consider the IELTS score as a criteria for the admission process. General training is mostly for immigration purposes in countries like Australia,New Zealand,Canada etc. It may ...
9 comments
Read more

How to use home loans most effectively for tax benefits

1) Deduction on interest: If you are paying EMIs for a home loan you took to buy a house, the interest component in the EMI can be claimed as deduction. You must be both an owner and a co-borrower (in the loan) to claim tax benefits. This deduction can be claimed starting the year in which the construction of the house is completed. Suppose the construction of your house was completed on August 30, 2014, you can claim deduction for interest for the entire 12 months in financial year 2014-15. So every year a maximum of Rs. 2 lakh can be claimed for a house that you use for your own residence. If your house is rented, the entire interest for the year can be claimed as deduction. The interest payments for the year shall result in a loss under the head 'income from house property'. This loss can be adjusted against in the same year against other heads of income in your income tax return including salary. Therefore, it reduces your total taxable income and the tax you pay thereon. A...
2 comments
Read more

Intellectual battle against ISIS as important as Military: Sheikh Makhtoum of Dubai

The global financial crisis taught the world how profoundly interdependent our economies have become. In today's crisis of extremism, we must recognize that we are just as interdependent for our security, as is clear in the current struggle to defeat ISIS. Mohammed bin Rashid Al Maktoum, VP and prime minister of the UAE, ruler of Dubai If we are to prevent ISIS from teaching us this lesson the hard way, we must acknowledge that we cannot extinguish the fires of fanaticism by force alone. The world must unite behind a holistic drive to discredit the ideology that gives extremists their power, and to restore hope and dignity to those whom they would recruit. ISIS certainly can – and will – be defeated militarily by the international coalition that is now assembling and which the UAE is actively supporting. But military containment is only a partial solution. Lasting peace requires three other ingredients: winning the battle of ideas; upgrading weak governance; and ...
Post a Comment
Read more