Business Round-Up: Fitch names Denmark as fetching nation for wind power investment - The Post

Business Round-Up: Fitch names Denmark as fetching nation for wind power investment

Elsewhere, though, the likes of Novo Nordisk, Danske Bank, Nordea and now hospital equipment producer Ambu continue to have a torrid time

Full sail ahead for the next decade (photo: CGP Grey)
May 22nd, 2019 1:14 pm| by Ben Hamilton

International credit rating agency Fitch has identified Denmark as a top investment destination for wind power over the next decade. It praised government support, along with the country’s willingness to overcome transmission and legislative challenges, according to

Plans for offshore capacity additions were praised – namely the 2.4 GW outlined in the government’s 2018 Energy Agreement and the 12.4 GW detailed in future projects by the Danish Energy Agency – with Fitch predicting wind power will remain a dominant source of electricity output in the country.

Full of praise
The country’s auction system, which enabled renewables to compete on the same basis as conventional power sources in December 2018, which led to several onshore wind projects successfully securing a grid connection, was also commended.

Fitch predicts 3 percent year-on-year growth over the next decade in Denmark – an understandable decline on the 8 percent year-on-year growth between 2008 and 2018 due to the “mature nature of the market”.

Blue is the colour, Maersk’s is the claim
Maersk now has its own colour. The Patent and Trademark Office has approved its shade of blue, which means no other company will be able to use it. Trademarks expert Hannah Holm Olsen told DR it was both unusual and difficult to get a colour protected. However, it is not the first, as the pump manufacturer Grundfos copyrighted a shade of red back in 2011. According to a Maersk survey, 84 percent of the respondents identified the blue colour with the shipper.

Novo Nordisk and peers accused of causing deaths with insulin price hikes
Outcry is growing in the US following the decision of most pharmaceutical companies to raise the price of insulin, and Novo Nordisk is getting caught in the crossfire. Some diabetics are unable to afford the drug, and a number of deaths have been reported, with some claiming that companies like Novo have blood on their hands in their pursuit of profits. Over the last 20 years, the price of some of Novo’s insulin drugs have risen by 300-400 percent.

Jewellery company declared bankrupt after 29 years of operations
The jewellery company Dyrberg / Kern, which at one point had a presence in 30 countries following its launch in 1990, has been declared bankrupt. Founded by Gitte Dyrberg and Henning Kern, the company had 15 employees. The company declared a loss of 39.5 million kroner in its last set of accounts, but was unable to turn things around.

The perils of suddenly and unexpectedly replacing your chief executive
Hospital equipment producer Ambu saw its shares slide by 20.4 percent last Friday after it announced the surprise replacement of its chief executive Lars Marcher with Juan-José Gonzales.  Marcher, the CEO for the past decade, is credited with taking Ambu from virtually nothing to becoming a member of the C25 in 2018. His severance package is estimated to be worth 305 million kroner.

Danes content to leave their money in the bank acquiring no interest
Some 900 billion kroner is currently being held in ordinary deposit accounts at Danish banks, according to Finans Danmark. The figures highlight how few Danes choose to invest their surplus cash, preferring just to leave it gathering next to no interest.

Decision of Nordea risk manager to quit is damning, notes expert
Nordea risk manager Julie Galbo will leave the bank at the end of May. Galbo was responsible for ensuring the bank adhered to legislation, and recent money laundering allegations suggest her eyes were off the ball at times. “It is difficult to see this as anything other than a sign of serious problems with the bank’s risk control,” observed DR financial correspondent Casper Schrøder to his employer.

New chief executive for Dansk Industri
Lars Sandahl Sørensen will take over as the new chief executive of Dansk Industri on August 1. The operations director at SAS will replace Karsten Dybvad who resigned in December to become the chair of Danske Bank. 3F chair Per Christensen has praised the appointment, telling DR that Sørensen is the right leader to find “solutions to some of the challenges that Danish companies and employees face”.

New CEO for Danske Bank
Chris Vogelzang has been confirmed as the new CEO of Danske Bank. The 56-year-old Dutchman will take over on June 1. Vogelzang worked for Dutch bank ABN Amro from 2000-2017, where he was responsible for retail and private banking during his final decade there, and will shortly leave his current position as an advisor to the Boston Consulting Group and Blackstone.

CFO of Danske Bank faces criminal charges
The Financial Supervisory Authority has confirmed that Henrik Ramlau-Hansen, the chief financial officer of Danske Bank, faces criminal charges in relation to the money-laundering activities that took place at the Estonian branch, where an estimated 1.5 trillion kroner passed through between 2007 and 2015. The bank’s former chief executive, Thomas Borgen, has already been charged.

Povlsen family thank public for compassion
Denmark’s richest man, Bestseller owner Anders Holch Povlsen, and his wife took out adverts in the Sunday editions of Aarhus Stiftstidende and Berlingske to thank the public for their compassion following the deaths of three of their four children – Alma, Agnes and Alfred – in the Sri Lanka bombings on April 21.

BoldT setting up shop in Copenhagen
Business strategy and communications consultancy BoldT has recruited Nikolaj Buchardt to set up a Copenhagen office. Since launching in Oslo in 2017, the company has expanded into four other countries. Buchardt is a former CEO of Halo.