Business News in Brief: Denmark applauded for flat hierarchies

In other news, new money laundering accusations and evidence of tax fraud muddy the markets as consumer confidence falls

Denmark ranks number one in the world for its workforce’s “willingness to delegate authority” at work, according to the 2018 World Economic Forum’s Global Competitiveness Report, which found Denmark the tenth most competitive out of the 140 countries included.

The report cited Denmark’s highly-skilled and flexible labour market, adding that equality among co-workers in the office hierarchies support good workplace environments and healthy corporate cultures.

Denmark was also ranked number one for macroeconomic stability.

Nordea money laundering scandal escalates
A new leak suggests Nordea laundered 1.5 billion kroner through 527 accounts connected to a Finnish branch. William Browder, the head of the hedge fund Hermitage Capital Management (HCM) gone whistle-blower, sent the 15-page document to the Finnish authorities and the Financial Times, which later published the document. HCM claims it was the victim of a theft of 1.4 billion kroner organised by Russian officials and organised criminals – a case that is often referred to as the Magnitsky case.

Royal Dutch Shell offloading Danish interest
Royal Dutch Shell is selling its shares in Olie-og Gasudvinding Danmark BV (SOGU) for 1.8 billion US dollars to Norwegian Energy Company ASA (Noreco). The shares are held by its affiliated company Shell Overseas Holdings (SOH). The decision comes as part of SOH’s strategy to simplify and diversify its portfolio. The agreement still needs regulatory approval, but if successful Noreco will take over all operating responsibilities from Shell.

Danish pension funds step away from tax fraud
Danish pension funds ATP, PFA and PKA are distancing themselves from Australian bank Macquarie due to its involvement in an ongoing tax fraud scandal. The Danish funds and Macquarie purchased Danish telecommunications giant TDC, adding that it will not end co-operation on that investment.

Danes concerned about the market
National consumer confidence fell by 18 percent in September, according to a monthly survey conducted by the National Statistics Office. Speculators believe the drop has been partly caused by the ongoing money-laundering scandals of both Danske Bank and Nordea, along with the recent seizure of the Copenhagen Stock Exchange.