Glitnir increased its market share to 7.37% of the equity turnover on the Oslo Stock Exchange in March. It means the Nordic banking group is now the second largest equity broker with a turnover of NOK 24,127 million, just behind SEB Enskilda ASA with NOK 25,198 million or 7.69% of the market.
“Our market share on the OSE has steadily increased since the turmoil in the financial markets started last autumn, reaching an all time high last month. We believe that the need for professional advice increases in turbulent waters, and are pleased to see our position has strengthened”, says Karl Otto Eidem, Managing Director of Glitnir Securities.
“Glitnir has a positive view on the development on OSE going forward. Most crises end with a collapse, and we believe the FED supported buyout of Bear Stearns will be remembered as the climax of the current credit crisis”, says Bengt Jonassen, Head of Research in Glitnir Securities.
The Glitnir group is a member of all five Nordic exchanges and the Russian RTS and MICEX, and provides equity research for 260 companies in the Nordic countries and in Russia.
For more information on Glitnir visit www.glitnirbank.com
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Bjørn Richard Johansen
Managing Director, Corporate Communication
e-mail: brj@glitnir.no
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@Terry
First of all I liked your joke about “economy for dummies” for the ‘independent expert investigator’ of the kreppa from Akranes. Perhaps you have some other suggestions for Mr. Grimmson too?
What Grimmson says simply does not make sense. How can SMALLNESS give force to solve the present situation?? All I read from worried icelanders on this forum is in fact that smallness is a great disadvantage since it is very difficult to find leadership potential which can replace the present mess.
And if there is such wonderful potential: then why is the present ‘leadership’ so affraid of new elections?
The interview you posted makes interesting reading and gives the impression of a man who is completely out of touch with reality.
Also the terrible whining as if the whole kreppa was caused by the UK….what a worthless excuse. Some people blame the UK, Brown, Darling, others blame the EU, …but the whole kreppa was home made: the icelandic elite created a system of lies, frauds, wizzard of OZZ economics (I like this term which was introduced by Peter-London) , a card house of shady dealings which came tumbling down incredibly fast when the international economic crisis started hitting .
The whole Icesave scam was just a desperate attempt to keep the system running when its collapse had already started….Considering stealing from foreigners a normal thing and starting to cry like a baby when foreign governments take steps to prevent this…Darling was completely right when he took tough measures!
Bromley86 and Niels
I don’t know why Icelanders are worried – recovery is close!
Grimsson continues his arrogance in a recent BBC interview. He states-
“Because of the smallness of the Icelandic nation and because of the inherent strength which independence and our own political institutions give us, there is an enormous force in this country for rebuilding and restructuring the economy as soon as possible.”
He then repeats his favourite whinge-
“There again, we come to this embarrassing notion: was Britain behaving in this way because it was dealing with a small country.
“It was being a bully against a small country because I am absolutely certain that if it was the case of France and Germany, the British government would not have acted in the same way – absolutely not.”
http://news.bbc.co.uk/1/hi/scotland/7836115.stm
Grimsson misses the point that the UK would not have needed to act against France or Germany – simply because they would not have behaved as Iceland did.
In connection with the nationalisation of the Anglo Irish Bank, Ireland understands a concept that Grimsson and Haarde could not –
“The worst thing that can happen from Ireland’s point of view is that a bank can fail,” said the country’s finance minister, Brian Lenihan, in a radio interview.
“If a bank fails, the damage to the country, the reputational damage to the country, in trashing deposits and refusing to honour obligations, would be enormous,” he added.
http://news.bbc.co.uk/1/hi/business/7832763.stm
Like I said, at first I thought it was a (really good) joke but then I found out that this has been a serious speech by the president , from may 2005 in England. The Reykjavik grapevine reprinted it after the kreppa started in order to show its readers what their leadership was all about, I think.
If you treat is a serious speech I must say that this man is a rather arrogant and pompous individual….and indeed, many reasons for the icelandic economic collapse find their roots in what he is mentioning.
In fact after the whole mess started, this very same president tried to sell the military base at Keflavik to the russians. The russians were not even interested…some icelandic bussiness spirit…
http://www.barentsobserver.com/russia-invited-to-icelands-airbase.4525408-58932.html
Grimsson’s speech was, even if the kreppa hadn’t happend, pretty distateful. With hindsight, the 4th point and it’s implications of behind doors dealings has been shown to be the root of the problem:
“Fourth, there is absence of bureaucracy in Iceland and a lack of tolerance for bureaucratic methods. Perhaps it is because there are so few of us that we have never really been able to afford extensive bureaucratic structures; when we encounter them, we prefer other means.”
@Niels – The article was published 1. of April…
@Bromley86 : LOL
Really it is quite incredible to read the ‘predictions’ of ‘experts’ from some months ago, especially since these people earned a huge salary with this. Wonder what they are doing now.
Please have a look at this too: at first I thought it was some satirical piece but this speech was really delivered by the icelandic president some years ago…
http://www.grapevine.is/Home/ReadArticle/How-to-Succeed-in-modern-business-Olafur-Ragnar-Grimsson-at-the-walbrook-club
>we believe the FED supported buyout of Bear Stearns will be remembered as the climax of the current credit crisis
Top prediction of 2008 :) .
HOWEVER, I’M INTERESTED IN THE STOCK OF
“NORWEGIAN PROPERTY ASA” AND AM WONDERING
#1. WHAT HAPPENED TO IT..GOING FROM $20 US TO $.86
#2. WHAT IS THE FUTURE FOR THIS COMPANY
I ALREADY OWN, STOREBRAND, ORKLA, AND STATEHYDRO OIL
I HAD ASSUMED THEY HAD A SENSIBLE MANAGEMENT
NOW I’M NOT SO SURE???
ANY THOUGHTS, INFORMATION, REPORTS, BY YOURSELF
OR OTHERWISE…THANKS
SINCERELY..JOHN CASTIGLIONE