Eurosceptic party quits Norway’s government, almost half of cabinet departs

Eurosceptic party quits Norway’s government, almost half of cabinet departs


30 January 2025, Norway, Oslo: Trygve Slagsvold Vedum (2nd from right), Chairman of the Norwegian Center Party and former Finance Minister of Norway, and Marit Arnstad (right), leader of the Center Party parliamentary group, give a press conference in parliament. Photo: Soeren Stache/dpa (Photo by Soeren Stache/picture alliance via Getty Images)

Picture Alliance | Picture Alliance | Getty Images

OSLO, Jan 30 (Reuters) – Norway’s eurosceptic Centre Party quit the government on Thursday in a dispute over the adoption of European Union energy policies, leaving the centre-left Labour Party to rule alone eight months before an election.

The announcement by Finance Minister Trygve Slagsvold Vedum deprives Prime Minister Jonas Gahr Stoere of his only coalition partner and eight of the 20 members of his cabinet, including the defence, finance and justice ministers.

Labour, which has held power since 2021, could now govern alone until the next election is held in September but it lacks a majority in parliament and trails right-wing parties in opinion polls.

NATO member Norway is not part of the European Union but Labour wants to maintain good relations with the EU, partly because of the threat of a trade war between Europe and the United States.

“It would create doubt about the credibility of the agreement (with the EU) at a time when it is more important ever, in my opinion,” Stoere told a press conference.

Labour wants to adopt EU directives on renewable energy consumption, energy performance in buildings and increased overall energy efficiency, government ministers have said.

The Centre Party opposes all three directives, which it says will erode Norwegian autonomy, and has long said power and gas exporter Norway should instead seek to reclaim authority over regulation from the EU.

“The conclusion for us is that the Centre Party does not want to be part of this development,” Vedum told a press conference. “We want to take back more national control.”

Before September’s election, Stoere is seeking a new term as Labour leader despite questions over whether he is the best person to lead the party.

Trump tariffs

Norwegians narrowly rejected EU membership in referendums held in 1972 and 1994 and the question of joining the bloc remains among the Nordic nation’s most divisive political issues.

Norway is part of the European Economic Area (EEA), allowing the free flow of people, goods, services and capital between the European Union and non-EU states Norway, Iceland and Liechtenstein.

Norway is not part of the EU’s customs union, the common agriculture and fisheries policies, the monetary union, trade policy, foreign and security policy and justice and home affairs.

But, to maintain its current relationship with the EU and ensure a level playing field for its industries, Norway has adopted thousands of EU rules and regulations over decades while having little or no say over their formulation.

Two-thirds of Norway’s exports go to the EU, and Labour has said U.S. President Donald Trump’s threat of tariffs and a risk of trans-Atlantic trade war make it essential to nurture the EEA relationship and implement directives coming from Brussels.



Source

Japan stocks set to rise while Aussie market opens higher, as Wall Street rises
World

Japan stocks set to rise while Aussie market opens higher, as Wall Street rises

Crowded and busy Ameyoko shopping street in Tokyo, Japan Visualspace | E+ | Getty Images Japan stocks were set to rise Friday after Wall Street rose overnight as investors assessed Big Tech earnings. Futures for Japan’s benchmark Nikkei 225 in Chicago were at 39,715, while their counterpart in Osaka last traded at 39,580, against the […]

Read More
Nasdaq 100 futures rise after Apple earnings; investors await inflation data: Live updates
World

Nasdaq 100 futures rise after Apple earnings; investors await inflation data: Live updates

Traders work at the New York Stock Exchange on Jan. 30, 2025.  NYSE Stock futures edged higher Thursday night as investors analyzed earnings reports from Apple and other well-known companies ahead of the release of a closely followed inflation report. Futures tied to the S&P 500 ticked higher by 0.2%, while Nasdaq 100 futures gained […]

Read More
D.A. Davidson tech analyst discusses megacap stocks making headlines this week
World

D.A. Davidson tech analyst discusses megacap stocks making headlines this week

After a storm of technology news and earnings this week, D.A. Davidson’s Gil Luria suggests ways to play key names in the sector. The firm’s head of technology research joined CNBC’s “Three-Stock Lunch” segment on Thursday to break down his views on Microsoft , Apple and Nvidia . Microsoft and Apple are reporting results this […]

Read More