Business News in Brief: Denmark issues night-time cash curfew to thwart would-be robbers

In other news, your money is more than welcome at Vestas and Norwegian where the numbers are soaring

Jan 5, 2018

Retail outlets are no longer obliged to accept cash between 22:00 and 06:00 at night in Denmark.

Copenhagen’s 20:00 curfew
The new rules were introduced on January 1, and in around 25 percent of the country’s postcodes, outlets have the right to refuse cash from 20:00.

This applies to the whole of Copenhagen Municipality and other major urban areas where, according to the results of a 2012-16 Business Ministry report, retail stores are more likely to be robbed during the night.

Ministry seeks to cut crime
The ministry is hopeful it will reduce the number of night-time robberies, as with no cash on the premises there will be less for criminals to steal.

“By allowing the stores themselves to choose whether they want to receive cash in the evening and night hours, the stores are getting a new tool to protect the staff from robberies,” commented the business minister, Brian Mikkelsen.

Rema 1000 first to apply for restriction
However, major chains need to get permission from Finanstilsynet to introduce the restriction from 20:00.

So far, only one major retail company has done so: the Norwegian supermarket chain Rema 1000.

Vestas sets record year with late push
A last-minute flurry of deals in India, Canada and central Europe has ensured another record year for Vestas thanks to a global order intake of 10,595 MW – marginally higher than the 10,494 MW achieved in 2016. The total includes unannounced deals that will be revealed in the wind turbine company’s annual report in February. Nevertheless, 2017 has been somewhat disappointing. Not only has its share price suffered, but Vestas looks set to lose many of its orders in the US as the Republican party wants to drastically cut subsidy support for the industry.

Fewer bankruptcies despite record December
The number of bankruptcies in Denmark fell during 2017, according to Experian, even though a record 1,380 went belly up in December – the highest monthly figure since records began in 1996. Frode Berg, Experian’s MD for the Nordics, suggests that many of the December bankruptcies could have been a result of companies forfeiting their right to operate for not submitting an annual report. In total, there were 6,300 bankruptcies in 2017 – close to 500 fewer than the previous year. In Copenhagen, there were 100 fewer bankruptcies.

Norwegian passenger numbers soar
Norwegian airline, a major operator in Denmark, serviced 33.15 million passengers in 2017 – up 3.8 million on the previous year as it introduced 54 new, mostly intercontinental routes and enjoyed an 87.5 percent (2016: 87.7) occupancy rate. Over the course of the year, Norwegian has added 32 brand new aircraft and taken on 2,000 more employees.

Ørsted face lawsuit over name change
Three descendants of the scientist HC Ørsted are preparing a case against the energy company Ørsted, which chose to change its name from DONG Energy in October to reflect its shift in focus from fossil fuels such as oil and natural gas (as in ‘ONG’) to renewable sources. However, the descendants say they were not consulted and are ready to go to court.

DSB to lay off 100 later this month
Rail operator DSB will lay off 100 employees by the end of January, as revenue continues to fall. Most of the positions will be administration roles, and it will first seek voluntary redundancies. Recent efforts to cut costs included optimising services and closing unprofitable kiosks and ticket sales outlets.

Paid internship numbers in decline
The number of paid internships undertaken by students decreased by 2,000 in 2017 – a 3 percent fall from the previous year. The fall was partly blamed on fewer youngsters pursuing vocational programs, but companies are increasingly regarding the contracts as an expense they can do without. There are plenty of paid internships available in care, but few students are interested.

DR extends deal to show women’s football games
DR has signed a new deal with the DBU, the national football governing body, to extend its current contract to show all the home games featuring the women’s national team from 2019 to 2013. The new deal includes the side’s Euro 2021 and 2023 World Cup home qualifiers. Denmark’s defeat in the final of Euro 2017 was seen by 1.4 million viewers. Meanwhile, DR has extended its radio rights deal to cover all games featuring the men’s national side until 2022.