Latest news with #Nordic
The Star
31 minutes ago
- Business
- The Star
Norway to meet 5% NATO goal on defence, security spending, prime minister says
OSLO (Reuters) -Norway plans to raise overall spending on defence and broader security to 5% of gross domestic product, its prime minister said on Friday, in line with a planned common goal among NATO states. Europe is scrambling to boost defences against a potential Russian attack after the administration of U.S. President Donald Trump made clear that the United States was no longer willing to be the main guarantor of Europe's security. NATO Secretary General Mark Rutte has proposed that member nations should each agree to aim for spending 5% of their gross domestic product on defence and broader security measures when they meet from June 24-25 in The Hague. "We must do more to secure our country and contribute to our common security with our allies in NATO," Norwegian Prime Minister Jonas Gahr Stoere told a press conference on Friday. "Security for Norway is about having a defence that is reliable, that has the right equipment, enough people and good plans," he added. Norway, which shares a border with Russia, plans to spend 3.5% of GDP on traditional defence, including its financial support to Ukraine's military, and a further 1.5% on broader security, in line with Rutte's proposal, he said. Norway in 2024 spent an estimated 2.2% of GDP on defence, up from a low of 1.4% in 2022, the national statistics agency (SSB) said in April, and the government said in May it aims to spend 3.3% in 2025. The Nordic country will probably reach the 5% spending target sometime in the years following 2030, depending on decisions made at next week's NATO summit, the prime minister said. Asked about Spain's request to opt out of NATO's 5% plan, Stoere said he assumed that work would be done to reach a consensus at next week's summit. Norway is the only country in Europe that can finance increased military spending without having to borrow more, as it has a near $2 trillion sovereign wealth fund, the world's largest, at its disposal. (Reporting by Gwladys Fouche in Oslo and Isabelle Yr Carlsson in Copenhagen; Writing by Terje Solsvik; Editing by Stine Jacobsen and Kate Mayberry)
The Star
an hour ago
- Business
- The Star
Norway plans temporary ban on power-intensive cryptocurrency mining
FILE PHOTO: Representations of cryptocurrencies are seen in this illustration, August 10, 2022. REUTERS/Dado Ruvic/Illustration/ File Photo COPENHAGEN (Reuters) -Norway aims to impose a temporary ban on the establishment of new data centres that mine cryptocurrency with the most power-intensive technology, in order to conserve electricity for other industries, the Nordic country's government said on Friday. "The Labour Party government has a clear intention to limit the mining of cryptocurrency in Norway as much as possible," Minister for Digitalization and Public Administration Karianne Tung said in a statement. "Cryptocurrency mining is very power-intensive and generates little in the way of jobs and income for the local community," she added. A temporary ban could be introduced during the autumn of 2025, the government said. (Reporting by Louise Breusch Rasmussen, editing by Terje Solsvik)
CTV News
an hour ago
- Business
- CTV News
Norway plans temporary ban on power-intensive cryptocurrency mining
COPENHAGEN -- Norway aims to impose a temporary ban on the establishment of new data centers that mine cryptocurrency with the most power-intensive technology, in order to conserve electricity for other industries, the Nordic country's government said on Friday. 'The Labour Party government has a clear intention to limit the mining of cryptocurrency in Norway as much as possible,' Minister for Digitalization and Public Administration Karianne Tung said in a statement. 'Cryptocurrency mining is very power-intensive and generates little in the way of jobs and income for the local community,' she added. A temporary ban could be introduced during the autumn of 2025, the government said. Reporting by Louise Breusch Rasmussen, editing by Terje Solsvik, Reuters
CNA
an hour ago
- Business
- CNA
Norway plans temporary ban on power-intensive cryptocurrency mining
COPENHAGEN :Norway aims to impose a temporary ban on the establishment of new data centres that mine cryptocurrency with the most power-intensive technology, in order to conserve electricity for other industries, the Nordic country's government said on Friday. "The Labour Party government has a clear intention to limit the mining of cryptocurrency in Norway as much as possible," Minister for Digitalization and Public Administration Karianne Tung said in a statement. "Cryptocurrency mining is very power-intensive and generates little in the way of jobs and income for the local community," she added. A temporary ban could be introduced during the autumn of 2025, the government said.
Reuters
an hour ago
- Business
- Reuters
Norway plans temporary ban on power-intensive cryptocurrency mining
COPENHAGEN, June 20 (Reuters) - Norway aims to impose a temporary ban on the establishment of new data centres that mine cryptocurrency with the most power-intensive technology, in order to conserve electricity for other industries, the Nordic country's government said on Friday. "The Labour Party government has a clear intention to limit the mining of cryptocurrency in Norway as much as possible," Minister for Digitalization and Public Administration Karianne Tung said in a statement. "Cryptocurrency mining is very power-intensive and generates little in the way of jobs and income for the local community," she added. A temporary ban could be introduced during the autumn of 2025, the government said.
