N RTHERN LIGHTS - dennorskeklub.co.uk · 2nd Tigran Hamasyan with Nils Petter Molvaer (Barbican) 4th In & Out AGM 14th In&Out Waterloo Dinner 23rd Den Norske Klub Ascot Day 27th In&Out

www.dennorskeklub.co.uk 1

ISSUE 1//2018

A journey into the desert Annual Julebord celebrations

ALSO IN THIS ISSUE

8 20 28

IMPORTANT DATES

FEBRUARY3rd – Den Norske Klub Art Series – Hannah Ryggen

(Modern Art Oxford)

21st – In&Out Fireside Chat: Lt Col Williams

MAY17th – Den Norske Klub

17th May Dinner

JUNE 1st – Den Norske Klub AGM

23rd – Den Norske Klub Ascot Day

Fredagspils every first Friday of the month!

Wealth Management & Aquavit Tasting

N RTHERN LIGHTS

HOW TO BOOKPlease e-mail: [email protected]

EVENT CANCELLATIONPlease note that cancellation of events made less than

seven days before the event will not be refunded.

January 5th Den Norske Klub

Fredagspils

5th Jan – 29th Apr Abba: Super

Troupers (Royal Festival Hall)

19th In&Out Burn’s Night

February1st Nils Petter Molvaer

Group (Ronnie Scotts)

2nd Den Norske Klub Fredagspils

3rd Den Norske Klub Art Series - Hannah Ryggen (Modern Art Oxford)

10th In&Out Inter-Club Mess Dinner for under 35s

14th An Acoustic Evening with A-ha (O2)

15th In&Out Pol Roger Dinner

21st In&Out Fireside Chat: Lt Col Williams

23rd In&Out Club Quizz

March2nd Den Norske Klub

Fredagspils

8th In&Out Italian Dinner

8th Oda Voltersvik (1901 Arts Club)

29th In&Out Irish Whiskey Tasting

April6th Den Norske Klub

Fredagspils

12th In&Out Cognac & Pierre Herme Macron Tasting

May4th Den Norske Klub

Fredagspils

16th Canning Club Recital - Manana Collective

17th Den Norske Klub 17th May Dinner

21st Susanne Sundfoer (Barbican)

24th In&Out Cigar Dinner

June 1st Den Norske Klub AGM

1st Den Norske Klub Fredagspils

2nd Tigran Hamasyan with Nils Petter Molvaer (Barbican)

4th In & Out AGM

14th In&Out Waterloo Dinner

23rd Den Norske Klub Ascot Day

27th In&Out Fireside Chat: General Kiszely

July 6th Den Norske Klub

Fredagspils

Although every effort has been made to ensure accuracy, neither Den Norske Klub in London nor the authors can accept liability for errors or emissions. Views expressed in this newsletter are not necessarily those of Den Norske Klub. No responsibility can be accepted for unsolicited submissions, transparencies or photographs. All prices and information contained in event advertisements are correct at the time of going to press.

CALENDAR OF EVENTS05 Message from

Your Board

07 Den Norske Klub Merchandise

08Wealth Management & Aquavit Tasting

12Gender quotas on corporate boards – 10 Years On

15A little piece of Scandinavia in the UK

17NORWEGIANS IN FOCUS: Fridtjof Nansen

20Julebord – Saturday 25th November 2017

26INVESTOR CORNER: Three reasons to be optimistic on the investment outlook

28DISCOVERY: A journey into the desert

Front cover photo by Cecilia Luraswww.dennorskeklub.co.uk2

05 Message from Your Board

07 Den Norske Klub Merchandise

08Wealth Management & Aquavit Tasting

12Gender quotas on corporate boards – 10 Years On

15A little piece of Scandinavia in the UK

17NORWEGIANS IN FOCUS: Fridtjof Nansen

20Julebord – Saturday 25th November 2017

26INVESTOR CORNER: Three reasons to be optimistic on the investment outlook

28DISCOVERY: A journey into the desert

Keep it Nordic.

nordeaprivatebanking.comThis financial promotion is made by Nordea Bank S.A. which is based in Luxembourg and passported into the UK to provide cross-border services, although most of our investment services are carried on from Luxembourg. Nordea Bank S.A. is authorised by the Commission de Surveillance de Secteur Financier (CSSF) in Luxembourg and is subject to limited regulation by the Financial Conduct Authority. Details about the extent of our regulation by the Financial Conduct Authority are available from us on request. As a consequence, certain of the rules made under the Financial Services and Markets Act 2000 for the protection of retail clients in the UK will not apply (although there are rules in place for the protection of retail clients in Luxembourg). The Financial Services Compensation Scheme will not be available with regards to any investment business we carry on for you.

AD_Nordea_AngloDanish_UK_A4_ENG_2018F.indd 1 08/12/2017 09:57:46

Keep it Nordic.



Keep it Nordic.



Norwegian Private Members Club in London since 17th of May 1887Join us!

[email protected]

BUSINESSLEISURE PLEASURE


Message from YOUR BOARDDear Members Welcome to the first edition of Northern Lights 2018!

The new edition not only features memories from the annual Klub Julebord and the wealth management and aquavit tasting evening with Danske Bank International which were both held at Den Norske Klub in our splendid King Harald V room, but also interviews with Dr. Cathrine Seierstad following her recent talk on board room diversity at a Nora London event, Scandikitchen showcasing “a little piece of Scandinavia” in London, as well as, our two regular columns, Investor Corner, and Discovery, featuring travel, culture and food reviews. In the latest issue, Nordea Private Banking’s Nicholas Flaherty shares his investment outlook for 2018, and Board Member and Editor Constanse Bowes- Lyon tells us about her latest travels in Jordan.

Board achievements in 2017During 2017, your board continued organizing successful and fun events at the Klub with our longstanding partners and are delighted to announce our first corporate patron in Nordea Private Banking International Luxembourg. We launched a new website with the help of the London based Norwegian led digital marketing company Adwaiz, have relaunched the Klub’s newsletter Northern Lights, in a neater A5 format and with more content, and from January 2018, the Klub will become fully cashless accepting only bank transfers, major credit cards and contactless payments, incl. Android and ApplePay.

In terms of 2017 events, we refreshed the content of our annual events, mixing the traditional with the contemporary; the Klub’s 17th May dinner featured contemporary music and video-imagery with the performance of Lancaster based Norwegian cellist and video-artist Maja

Bugge, whilst the annual Klub Julebord featured an inspiring and funny Takk-for-maten tale by Cllr Ian Adams, the Right Worshipful Lord Mayor of Westminster and traditional Christmas carols expertly led by the pianist Paul Gobey. Courtesy of Grev Wedels Plass Auksjoner, we were fortunate to host a private view of a rare edition of Gustav Vigeland’s Sinnataggen at the Klub in November. We introduced Den Norske Klub Art Series, hosted the annual Fårikål dinner at the Norwegian Seamen’s Church in London, and a Wealth Planning Seminar and Aquavit Tasting with Danske Bank International and Wealins.

New Merchandise We re-styled and re-launched the Klub’s historic cufflinks and have created a new elegant Klub tie, taking its inspirations from the colors of the Norwegian flag. In 2018, we will be introducing a ladies accessories range. All available to purchase at your leisure from the Babmaes reception.

Member survey Ahead of the AGM in June (1st June), we invite current and potential members to express your views as to the direction and organization of the Klub, the Klub’s new events, as well as the content and focus of our newsletter Northern Lights. For those of you wishing to remain anonymous, you will get the opportunity to express your views through the first ever members survey that we will be sending through in February, but we also encourage you to express your views, both good and bad, throughout the year. All your board members are at your disposal. Should you wish to become more involved with the Klub, either through the events committee, by joining the board or writing articles for publication in Den Norske

Continued overleaf

Norwegian Private Members Club in London since 17th of May 1887Join us!

[email protected]

New Members • Henrik Boge Thu

• Claes & Yasar Zangenberg

• Mikkel Skajem

• PAG Andersson

• Berit Stokke

• Nicholas Sims

• Didrich Berge

Your Board Cecilia Luras Chair and Editor-in-Chief

Hege Nordahl Board Member

Constanse Bowes-Lyon Board Member and Editor

Christian Hvamstad Treasurer

Irene Garland Board Member

Pauline Houppilart Board Member

Patrick Moe Legal Counsel and Company Secretary

Patrick Jonassen IT Counsel

Klub’s newsletter Northern Lights, please do not hesitate to get in touch with your Chair Cecilia Luras. The Klub is a meeting place for all Norwegians, as well as those with a special connection to Norway.

Dates for 2018 Going into 2018, we will be hosting the Klub’s Fredagspils every first Friday in the month and throughout the year – the first one was held January 5th at the Klub. And we are pleased to announce that the Fredagspils raffle comes with the support of Amathus Arcus and Scandikitchen. The iconic 17th May dinner is a seasonal “must-attend.” And we’re planning a day at Ascot, and more Den Norske Klub Art Series events, after a successful evening at the Nationaltheatre seeing Bertlett Sher’s production of the play “Oslo” by J.T. Rogers and featuring a pre-theatre talk by the Norwegian Ambassador to the UK HE Mona Juhl. Other events for the agenda include the In&Out’s Pol Roger and Waterloo dinners, and fireside chats in February and June with special focus on Norway,….

We’re very much looking forward to seeing you at the next Fredagspils and/or at one of our other exciting events!

Warm regards, Chair Cecilia Luras on behalf of the DNK Board.

P.S. Don’t miss the chance to become a full Den Norske Klub member – you can find your application form on www.dennorskeklub.co.uk/membership.

Den Norske Klub Corporate Patron Nordea Private Banking International Luxembourg.

www.dennorskeklub.co.uk6


DEN NORSKE KLUB

MERCHANDISE

We are delighted to announce the generation of a new Den Norske Klub tie, which has been approved by the Board and launched at the recent 17th May dinner. The members of DNK can now wear their very own tie. Loosely designed around the colours of the Flag of Norway, the tie also features the DNK emblem and is ideal for all occasions. It is made in the UK from pure silk and the special label on the reverse sports the date of the Klub’s foundation, with images of those cornerstones of Norwegian culture: a kransekake and a bottle of aquavit!

We are also delighted to announce that we have a new, limited, batch of DNK cufflinks in stock. It’s been a number of years since they’ve been available and a number of members

have asked whether they were scheduled to make a return. In time for DNK’s 130 year anniversary, they’re back!

Den Norske Klub ties, cufflinks and tie-pins can now be bought directly from the Babmaes reception.

Den Norske Klub TIE

Den Norske Klub CUFFLINKS


Photos by Thea Hoyer

WEALTH MANAGEMENT & AQUAVIT TASTING with Danske Bank, Wealins, Irwin Mitchell, and Aquavit expert Jon Anders Fjeldsrud

On Tuesday 17th October, Den Norske Klub hosted a Wealth Planning evening in the stunning King Harald V room with Danske Bank International, Wealins, and Irwin Mitchell, followed by an Aquavit tasting with Amathus drinks’ Jon Anders Fjeldsrud.


The evening started with an introduction by Frode Andersen of Danske Bank International presenting

various wealth management and investment solutions potentially of interest to Den Norske Klub members and guests. His presentation was followed by an update of the current tax situation for Norwegians currently living in the UK, both permanently and/or temporary, and both pre and post Brexit by Alex Ruffel, partner with Irwin Mitchell Solicitors. Whilst Vinh Nguyen and Tony Nordblad from Wealins told us about cross border portability and what the tax implications are for current UK residents moving back to Norway, and abroad, to France, Switzerland, Spain and Sweden, and how best to manage the transfer of current held wealth. We were told about how best to structure and manage our individual wealth portfolios, discussed estate and succession planning, as well as

inheritance law and matrimonial regimes in various geographic locations. All superbly interesting and complex.

Shortly following the Wealth Planning, canapés prepared by the In&Out chefs were brought in and Jon Anders Fjeldsrud, Amathus Drinks Aquavit Expert, led us through the wonderful history and palettes of aquavit. Tasting our way through caraway and dill aromas, we learnt the differences between Norwegian (potato based) aquavit and Swedish/Danish aquavit (barley based), maturation in port and madeira casks, as well as maturation at sea. We started by tasting a Gammel Oppland, followed by Loitens, Gilde Taffel, and two different types of Linie aquavit, the traditional matured at sea in sherry casks, and an extra matured in port casks. We finished off the tasting with a glass of Presidenten, a lovely aquavit based cocktail.

Continued overleaf

Benefitfrom our

international presence

Danske Bank International S.A. is specialized in International Private Banking. We are a modern bank with deep financial competences and leading digital solutions.

Focusing on your unique situation and long-term goals, we offer tailor-made solutions that optimize your wealth from an international perspective, based on your complex financial needs.

If you would like to discuss your financial situation and itspotential, please call us at +352 46 12 751.

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The event started and finished with networking drinks and canapés, providing Den Norske Klub’s members and guests an excellent opportunity to discuss their own personal tax situation with the teams from Danske Bank, Wealins and Irwin Mitchell, as well as learn more about aquavit and other spirits from Jon Anders.

To make your own version of Presidenten, stop by Amathus Drinks Soho store for ingredients, then stir 25ml Dolin dry vermouth and 1/2 tsp orange Clement Creole Shrubb Liqueur into 50ml Linie Aquavit. Decorate with zest of orange. Lovely!


Benefitfrom our

international presence

Danske Bank International S.A. is specialized in International Private Banking. We are a modern bank with deep financial competences and leading digital solutions.

Focusing on your unique situation and long-term goals, we offer tailor-made solutions that optimize your wealth from an international perspective, based on your complex financial needs.

If you would like to discuss your financial situation and itspotential, please call us at +352 46 12 751.

A5_ann_Lux_NortherneLights_17.indd 1 15/12/2017 14.04


2018 will mark ten years since, by law, all Public Limited Companies (PLC/

ASA) in Norway had to have a minimum representation of 40% of each sex on their boards. Intrigued to learn of progress in this field, Nora and Team Norway invited Dr Cathrine Seierstad, lecturer at Queen Mary, University of London, to speak. Cathrine has extensive expertise through research dedicated to the field of leadership, within which, she has focused on diversity and in particular, women on boards.

Cathrine, for background, please can you share the drivers behind the introduction of the law and the legal quota?The law was driven by two key rationales, social justice and equality rationales and the business case for diversity. Norway was challenged with particularly strong segregation patterns between men and women in the workforce, with both genders in stereotypical jobs. Moreover, women have been underrepresented in leadership positions, which can be seen as problematic from a business and utility perspective. This split formed part of the backdrop for the focus and the law. Originally the law was introduced in 2003 as a “sunset law”, it had no penalties for non-compliance, but by 2005 women representation on boards stood at only 16%. As a result and in the

GENDER QUOTAS ON CORPORATE BOARDS

10 YEARS ONBy Helle Skog-Paulsen

following year, the Norwegian state gave PLCs two years to comply with the 40% quota, making it a legal requirement for firms to comply in order to remain a listed company. Impacting about 500 companies at the time of implementation, a number that has been shrinking since and currently affect around 200 companies, the law caused controversy and many met it with skepticism.

2018 will mark ten years since companies had to comply with the quota, the year will therefore serve as a review point for assessing the impact of the law. In addition to reaching the 40% representation on PLC boards, what do you see as the broader impact from the introduction of the law and do you view it as successful? While Norway in many respects has a very equal society, consistently ranked among the most equal countries in the world, and the law has put the subject firmly on the agenda in many other countries, we still have not seen the expected “trickle-down effect” within Norwegian businesses, states Cathrine. Norwegian companies complies with the law and meets the 40% quota, yet they generally do not exceed it. Furthermore, in privately owned limited liability companies (AS) which are not impacted by the law we have only seen a modest increase from 17% to 19% women on boards, while for PLC that

Dr Cathrine Seierstad in conversation with Helle Skog-Paulsen, Vice President at JP Morgan Private Bank and Board Member of Nora.


GENDER QUOTAS ON CORPORATE BOARDS

10 YEARS ON

have changed the status to a limited liability company we have actually seen a reduction in female board representation. Moreover, for PLCs, there has been an increase of women in the Chair position, up from 4% in 2006 to 13% in 2016, while the increase of female CEOs has been modest and is still only at around 8%.

Looking past the numbers, Cathrine highlights that she also applies a broader less quantitative angel for assessing progress. Through research we now find that companies apply increased scrutiny to the board nomination procedure with an increased focus on the composition of the board, more use of nomination committees and headhunters as well as more use of board assessments. Research also finds that female directors are better educated than their male counterpart, yet the background is slightly different, indicating a criteria widening, not weakening in the board recruitment procedure. Furthermore, both the press and the business context, which at the outset displayed limited support of the law, accept that law and now places less focus on gender and is progressing away from stereotyping.

Outside Norway, which other countries have applied quotes and do we see the same impact and results? In Europe, despite the EU voting against a quota law of a similar nature in 2011, the subject reached the agenda in other countries. Today Spain, Iceland, France, Italy, Belgium, the Netherlands, Germany and very recently Austria and Portugal have, to varying degrees, introduced quota laws for company boards. Similar to the Norwegian situation between 2003 and 2006, in countries where there are no penalties for noncompliance, the rate of women on boards remains low. However, Cathrine highlights that, as a first mover, Norway has ensured that the subject of diversity on board is on the agenda. In the UK, The Lord Davies Report introduced in 2011 set out to improve gender balances on FTSE 100 boards. The target of 25% by 2015 was reached as female representation doubled in less than five years and the effort have now been broadened. This is currently followed up with the new

Hampton-Alexander Review putting the lack of women on FTSE boards firmly on the agenda. In addition, the EU has again proposed the idea of a quota for boards from EU level, indicating that this is an area where we see developments and debates.

Looking forward, what are the main challenges and where do you recommend focus is directed for continued progress?Progress has been made. The subject of diversity, women on boards and in senior positions in general and the business case for diversity is widely accepted. Yet, while perceptions have been altered, challenges remain. As an example, the lack of women in senior management positions in general is an issue. On one hand one we can question if Norway exhausted the pipeline of very senior women by giving companies only two years to implement the law for the boards. While this argument could be warranted, it carries less validity now ten years on. In order to further improve and develop in the area, Cathrine recommends the following for driving further progress: For organizations, it is important to develop strategies which focus on the pipeline, including both talent management and diversity management initiatives. Setting targets and monitor progression is important. This might help in challenging the gendered stereotypes in relation to both women as well as directors. Moreover, in order to create change, senior management buy in is essential and we need diversity champions. To close the talk Cathrine addressed her audience specifically, highlighting the importance of seeking mentors and sponsorship internally and externally combined with maintaining a network.

http://cathrineseierstad.com

This publication is for informational purposes only. It does not constitute a fi nancial promotion. The SEB Group off ers private banking services through an international network of SEB offi ces. Any contractual relationship related to the provision of regulated private banking services will be with the relevant SEB offi ce based outside the United Kingdom.

At Private Banking within SEB, we acknowledge that everyone has a unique set of challenges. We concentrate on developing meaningful, long-lasting fi nancial relationships and make the eff ort to really understand you and your requirements.

Your own private banker, client assistant and experts are dedicated to helping you achieve your goals. Together we take a holistic approach, aiming at a well-planned future for you and your loved ones.

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Planning the future for you and your loved ones. Together.

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A little piece of SCANDINAVIA

in the UK

ScandiKitchen opened its doors back in 2007 when Jonas and Bronte were suffering serious kaviar and salty liquorice withdrawal symptoms; ‘no one should ever have to through that’, they thought. ScandiKitchen started as a café serving breakfast, good coffee and a smorgasbord of lunch items; from smoked salmon and egg to roastbeef and remoulade and everything in between.

Continued overleaf

Nordic food has been increasingly popular over the past decade – we, of course, are not surprised – and

like to remind people that there’s so much more to Nordic food than pickled herring and meatballs. There are several distinctly Nordic cheeses, for example – Norway’s brown cheese is amongst the more famous ones – and one that is gaining popularity faster than you can say waffle iron. Brown cheese topped with a dollop of jam or perhaps a little honey is a real Norwegian treat!

Brown cheese aside, several dishes and ingredients link all the countries of Scandinavia together, bringing a uniquely Nordic cuisine together. Stretching from the midnight sun of northern Norway to the flat, fertile fields of Denmark, Scandinavian food culture is vast and varied, but at the core there are more similarities than differences, formed by thousands of years of shared culture (and a bit of good old Viking pillaging) which has turned into our shared Scandinavian heritage.

In essence, Scandinavian food is simple. We call it husmannskost – farmer’s fare. It’s natural and honest, made with the staple produce found on the land. For ScandiKitchen, trying to turn traditional dishes into fancy and fussy affairs isn’t true to who we are. When you work with the very best produce, there’s no need to

overcomplicate it. Just pick (or pickle), serve and eat. Our topless sandwiches are offered alongside seasonal, hearty salads, homemade baked goods and nostalgic favourites like hotdogs – because sometimes, a proper pølse is all you need.

In addition to our breakfast, lunch and coffee & cake offering, we also stock hundreds Norwegian food and drink items – from brown cheese and Norvegia to crispbreads, coffees, jams and chocolates (yes, including Kvikk Lunsj for your hikes!). Pop by or visit our online shop - we ship across the UK and EU, aiming to cure any degree of homesickness.

Cafe & Shop: 61 Great Titchfield Street, W1W 7PP

Online shop: www.scandikitchen.co.uk/dnk

Twitter & Facebook: @scandikitchen



This editions’ Norwegian in focus is the Norwegian explorer, scientist, diplomat and Nobel peace prize winner with strong links to London and the UK. He was in 1906 appointed Norway’s first minister in London and Den Norske Klub actually have his skies which are brought out for special occasions for members to see.

Early Life and Explorations Born in Christiania today’s Oslo, we went on to study zoology at the Royal Frederick University before becoming a curator at the University Museum of Bergen where his research in neurology earnt him a doctorate. In the late 1890s his interested shifted towards oceanography an interest that would lead him to go on a number of scientific cruises in the North Atlantic. He was also a vocal supporter of ending Norway’s union with Sweden and a key influencer of Prince Carl’s of Denmark accepting the Norwegian throne.

Nansen went on to be one of the world’s most famous explorers following his North Pole expedition but also leading the first crossing of Greenland in 1888. His innovations in clothing and equipment influenced subsequent generations of explorers.

Continued overleaf

Text by Constanse Bowes-Lyon

NORWEGIANS IN FOCUS

FRIDTJOF NANSEN


One of his first major expeditions which he was inspired to go on whilst in Bergen was the Greenland expedition. Unlike explorers before him, Nansen would end his travels in Disko Bay meaning his journey would go from east to west. Nansen also planned his expeditions based on a small group of six (as opposed to the heavy manpower of prior expeditions) and designed much the groups’ equipment from scratch. This approached received criticism from the press however persevered. The journey was full of obstacles which the team overcome and on 3rd October 1888 they reached Godthaab.

Links to LondonAfter returning to Norway and retiring from exploration, Nansen became the Norway’s first minister to London with responsibility for working with representatives of Europe to guarantee Norway’s position. He became a popular figure in London including with the then King Edward. Although having mixed feelings about court functions and diplomatic duties, his time in London enabled him to further pursue his interest in science and geography and he quickly

became part of the Royal Geographical Society.

Once the treaty guaranteeing Norway’s independent status was secured, Nansen resigned his post to return to Norway and although prompted to stay by King Edward, he returned home where his wife Eva was seriously and unfortunately died before his return. His skies are still to be found in Den Norske Klub and we have showcased them on a number of occasions most recently during a book launch.

Refugees, Repatriation and the League of Nations Following the outbreak of war in 1914, Nansen was appointed president of the Norwegian Union of Defense. However following acute shortages of food in Norway following loss of oversea’s trade, Nansen was sent to the US to secure food and supplies something he succeeded in doing. Shortly after the war, an agreement was reached to create a League of Nations and Nansen became president of the Norwegian League of Nations Society. In April 1920,

With wife Eva


the League entrusted Nansen to organise the repatriation of half a million prisoners of war which had been stranded. By November he could report that 200 000 had been returned home and by 1922 the number stood at 427 886 people repatriated to around 30 countries.

Even before this work was finished, Nansen accepted the post as High Commissioner for Refugees with his main task being resettling the two million Russian refugees displaced by the Russian revolution. At the same time, he was also tackling famine as a result of crop failure in the country. A major problem for refugees was the lack of documents proving their identity or nationality which could secure their legal status meaning they were unable to move. In response to this, Nansen created what became known as the Nansen passport, an identification for stateless persons recognised by in excess of 50 governments and enabling refugees to cross borders. In 1922 he was awarded the Nobel Peace Prize for his work with repatriation of prisoners of war. He donated the prize money to relief work. From 1925 and onwards, Nansen spent most of his time

on the plight of the Armenian refugees. In 1926 he was also a signatory to the Slavery Convention outlawing the use of forced labour.

He worked on behalf of refugees until his death in 1930 after which the Nansen International Office for Refugees was created. This office was to receive the Nobel Peace Prize in 1938. His name is also honoured in geographical features, particularly those in polar regions.

The Fridtjof-Nansen-School in Gronau (Germany)

JULEBORDSATURDAY 25TH NOVEMBER 2017

Den Norske Klub’s annual Julebord was celebrated at the Klub in its usual style with a black-tie and bunad dinner in the splendour of the stunningly refurbished King Harald V room.

The evening started with a beautiful Christmas piano prelude by world-renowned pianist Paul Gobey, as

elegantly dressed ladies and gentlemen arrived to a bubbly aperitif in the glamorous Inner Hall at the club, chatting and catching up with new and old friends. Whilst the New Zealand made N.V. Hunter’s Miru Miru Brut, supplied by Jeroboams, and the conversations flowed, Den Norske Klub Chair Cecilia Luras introduced the evenings private art viewing kindly made possible by Hans Richard Elgheim, General Director of Grev Wedels Plass Auskjoner, and featuring art historian and Chief Curator of the Vigeland Museum in Oslo, Nils Messel, who had prepared an insightful and interesting account of the world famous sculpture, Sinnataggen, Vigeland’s Sculpture Park in Oslo and Gustav Vigeland’s place in Norwegian Art History.

Text by Cecilia LurasPhotos by Thea Hoyer


Continued overleaf www.dennorskeklub.co.uk 21

Vigeland SpecialAhead of its 25th Anniversary Sale, Grev Wedel’s Plass Auksjoner gave members of Den Norske Klub and their guests, a special preview of a rare edition of Gustav Vigeland’s famous sculpture Sinnataggen. During the dinner it was placed on the mantelpiece in the beautiful King Harald V room, next to a bronze bust of the Norwegian explorer, diplomat and Nobel Peace Prize laureate, Fridtjof Nansen.

Warm welcomeDinner followed in the splendid surroundings of Den Norske Klub’s King Harald V Room, now possibly the most beautiful room of its kind in London. In front of more than 70 guests, Chair Cecilia Luras wished members and guests a warm welcome to the 2017 Den Norske Klub’s Julebord. Long standing Den Norske Klub member Sjur Berven proposed the annual jule-toast.


Elegantly decorated tablesThe tables were beautifully laid with white tablecloths, Den Norske Klub and Christmas paraphernalia to put everyone in a festive mood! The menu was traditional Julebord fare: to start, smoked salmon with avocado, followed by a main course of roast pork with all the right accompaniments; pork crackling, surkål, red cabbage and boiled potatoes. The dessert a traditional crème caramel with a British twist and a Norwegian Kransekake, very kindly donated by honorary Den Norske Klub members, Rolf and Angela Christophersen,

Inspiring Takk-for-Maten Tale The guest of honour, Cllr Ian Adams, the Right Worshipful Lord Mayor of Westminster, gave an entertaining and inspiring Takk-for-Maten Tale (speech), sharing memorable moments with Oslo Mayor, Marianne Borgen, as they chopped down the 2017 Christmas tree just outside Oslo during his visit to the city mid-November. The Christmas tree is an annual gift from the city of Oslo to the people of Great Britain as a token of gratitude for British support to Norway during World War II.


Wine, Aquavit and SongsThe wines accompanying the delightful smoked salmon starter and the lovely roast pork with crackling and surkål, were supplied by Berry Brothers & Rudd and the In&Out. The white wine, a Tarabilla Blanco, Vino de La Tierra, came from the In&Out’s Spanish wine selection. The red wine was supplied by Berry Brothers and was a Ronan, a 2014 Pommerol from Chateau Clinet. The bottles of Linie Aquavit that filled the smaller glasses, were generously donated by Den Norske Klub and sourced from Amathus Soho.

No Norwegian festive Julebord is complete without a song…. Already in a festive mood after Pianist Paul Gobey’s wonderful musical Christmas repertoire before dinner, our guests joined into singing both På Låven Sitter Nissen and Glade Jul during the sumptuous dinner, and continuing the evening’s festive Christmas mood.

Continued overleaf

Advokatfi rmaet Thommessen AS. www.thommessen.no/en

LONDONPaternoster House, 2nd Floor65 St Paul’s ChurchyardLondon EC4M 8ABEngland

OSLOHaakon VII’s gate 10PO Box 1484 VikaNO–0161 OsloNorway

BERGENVestre Strømkaien 7PO Box 43 NygårdstangenNO–5838 BergenNorway

FINDING SOLUTIONS. TOGETHER.

They are people we trust and like to do business with.

Chambers Europe, 2017

”

Profilannonse helside A5 Northern Lights 5-17.indd 1 29.05.2017 14:23:12


Superb raffle! The evening was rounded off by Raffle Queen Berit Scott, who elegantly and joyfully, hosted the legendary, Den Norske Klub raffle, with the help of the first ever Raffle Prince, Franz Schiassi. With fantastic prizes, tickets were selling like hot cakes. First prize was the much sought after train ticket for two anywhere in Norway, very kindly donated by NSB, and won by Den Norske Klub member and guest, Mr Reed and Ms Nelson. Other prizes included cufflinks and ties from Den Norske Klub’s new gentleman’s collection, lunch for two at the Scandinavian Kitchen; a generous number of bottles of Prosecco and Linie Aquavit from Den Norske Klub, Berry Brothers and Amathus; and a variety of dinner vouchers kindly donated by the London based digital marketing agency, Adwaiz.

After the dinner, the festive moment continued downstairs around the piano as the dinner guests joined into more Christmas carols, singing Å Jul med din Glede and Rockin’ Around the Christmas Tree. Whilst the more resilient members of the party carried on the festivities in the Canning bar into the early hours…..A very successful evening altogether and a great start to the Christmas Seasons!


Three reasons to be OPTIMISTIC on the investment outlook

I N V E S T O R CO R N E R

NAME: Nicholas Flaherty TITLE: Investment Strategist, Nordea

First of all, we see a very healthy-looking macroeconomic picture, looking as broad-based and sustainable since the Financial Crisis. If we take the world’s 25 largest economies, for example, close to 100% of them are in expansionary mode, levels not seen since the boom period of 2003-07. So, what is going on in the global economy and what makes us think it can

2018 has started off brightly for the markets, largely a continuation of a successful

last year for investors who were willing to take on risk, particularly in equities. The next question, then, is whether this can continue in the coming months? In our view, yes it can and we have three principal reasons why.


continue? Importantly, governments are finally loosening their fiscal strictures. Many governments, especially in Europe, were obsessed with austerity after the financial crisis; but now this appears to be over, and what is referred to as the ‘fiscal thrust’ is positive.

Meanwhile, we also have support from consumers. Labour markets all around the world continue to heal and this in turn is feeding into consumer confidence and brighter prospects for consumption. In addition, we are finally also witnessing an uptrend in investment spending as corporate ‘animal spirits’ begin to be reinvigorated and businesses once again begin to build capacity. In other words, we have a situation where economic dynamics are definitely on our side, supportive of corporate earnings as well as investors’ risk sentiment.

Our second reason to remain upbeat is related to monetary policy. Indeed, going forward, global monetary policy will likely remain very predictable and gradual, which should continue to help risk assets along. If we look at the ECB, for example, it remains prudent in its approach, as we saw highlighted back at the policy meeting in October last year. While it is beginning to ‘taper’ its QE programme, this will be done very slowly with no rate rise on the horizon for the time being.

Over in Washington, at the Fed, the Committee is raising rates, but in a very tempered and predictable fashion. The recent appointment of Jerome Powell as the new Fed Chair will see a continuation of this policy, meaning the Fed too is moving very cautiously.

Important to bear in mind is that central banks have good reason to proceed so cautiously – inflation remains low, considerably below target in most markets. And it is unlikely to zoom up for the time being, kept in check by cyclical factors, but also by structural aspects such as global competition and technology. This, in turn, gives central bankers less reason to act and ensures that a ‘goldilocks scenario’ can continue for some time to come – where we

see strong growth, but still loose monetary policy.

Our third and final reason for staying optimistic is that risk in China is contained for now, which is highly important as China has become central to global risk appetite in recent years.

Why are we not overly worried about China? For one, economic growth is holding up. While it has cooled a little, it is coming down from a very high level – it was growing above trend, now it is moving back to trend, which does not mean a ‘hard landing’ is afoot. There is, however, some concern in the investment community around Beijing’s reform agenda and that the Party could act too hastily, constraining credit growth excessively or clamping down heavily on the property market, which in turn could lead to a major downturn – essentially what we saw back in 2015. But what many of these investors are missing is that while Beijing is pushing ahead with reform, the context is entirely different now. The global manufacturing sector, for example, is healthy, not plagued by declining commodity prices, while the yuan is much cheaper, meaning there is less pressure on capital outflows. Moreover, the Chinese economy continues along its path of ‘rebalancing’, relying more on consumption as a growth driver, which also places it on more stable footing.

In sum, then, we have enough reasons to be cheerful for the time being and hence have started off the New Year on the front foot and advocate taking on risk.

Nordea Private Banking’s soundcloud https://soundcloud.com/user-951730902


Text and photos by Constanse Bowes-Lyon

A JOURNEY INTO THE DESERT

From the sweeping deserts of the Wadi Rum to the ancient ruins of Petra to cosmopolitan Amman and the ruins of Jerash, Jordan is an adventurer’s paradise. And with pleasant temperatures well into November (and for a Norwegian that is anything above 20 degrees), Jordan offers an interesting alternative to more well-trodden destinations for late autumn sun seekers and thrill seekers alike.

Female Solo TravelJordan is seen as a safer travel destination than neighbouring Iraq, Saudi Arabia and Palestine. However, the country also saw a dip in visitor numbers although these are reportedly on the rise again with travel companies reporting a spike in bookings to the country.

Jordanians are friendly and welcoming making travellers instantly feel at ease. As a female solo traveller the country is safe however as with anything, that normal


D I S COV E RY


precautions should be taken. With limited time at my disposal and quite the packed schedule, I booked a driver to get me from A – Z.

Upon arrival at Queen Alia International, I was met by Mamoun, a friendly and to the point Jordanian that immediately made me feel at ease and who was also going to be my guide and driver for the next days. We quickly drove off in direction of the desert as we had many miles to drive before night fall. Several stops later, to smoke and drink sugary mint tea we made it to our destination, Petra. To my disappointment but very much due to the 1am arrival, it was pitch black and I would have to wait until morning to see Petra in all its grandeur.

A Desert Odyssey; From Petra to Wadi Rum Cradling Petra are hotels of varying standards offering travellers the opportunity to rest their heads on a pillow before or after a long day exploring. After an early morning wake up and a generous helping of some key staples of any

traditional Jordanian breakfast hummus, pita bread, olives, tea and coffee, we set off towards Petra.

Petra, also known as the “Rose City” is the former capital of the Nabatean kingdom who settled there more than 2000 years ago. With its tombs and temples carved into sandstone cliffs it’s the undisputed jewel in the Jordanian crown. After avoiding small children and older men touting donkey and horse rides and tourists with selfie sticks, we entered the Siq, a 1km long gorge surrounded by cliffs. At the end of the gorge is Al Knazneh or the Treasury, which at 45 meters high is the most iconic structure in Jordan.

Despite the chilly morning the temperature quickly reached mid-twenties and the donkey rides became increasingly tempting. After exploring most of central Petra, my guide insisted we make the hike to the Monastery. Twenty minutes and a sunburnt forehead and shoulder later we made it to the top. The Monastery is the second most visited building in Petra and for good reason. Carved into rock and measuring

A JOURNEY INTO THE DESERT

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45 metres high and 50 meters wide, El Deir as it’s also known is another Nabataen masterpiece. Surrounding the Monastery are hills and cliffs offering panoramic views of the nearby valleys. Several wows and photographs later we made it down the hill towards our next destination.

In The Footsteps of Lawrence of Arabia The drive to Wadi Rum took us through mountains and deserts with the standard cigarette and mint tea break occurring every 45 minutes. As we arrived we were met by an open top jeep and a local guide who quickly said Salam and off we drove.

Wadi Rum or the Valley of the Moon is located in Southern Jordan 60km east of Aqaba, the largest wadi (Arabic for valley) in Jordan. The valley has been home to many cultures most notably the Nabateans who’s temples and rock carvings can still be found. The highest point is Jabal Umm ad Dami (at 1840 meters) and on a clear day it’s possible to see the Saudi border and the Red Sea from its top. It’s also connected to

T.E Lawrence who travelled through many time during the Arab revolt from 1917 – 18.

We sped through the desert to our first stop where we were met by Bedouin tents, camels and offers of tea. My local guide was, much like Mamoun, a great fan of the tea and cigarette stops. I’d learn quickly that scattered throughout the wadi were Bedouin tents which offered an escape and a rest for tired feet. From there we explored caves, saw petroglyphs and went dune surfing before stopping again to watch the sun set over the valley and this part of our journey. The sunset was unlike anything I have ever seen, the colours of an otherwise beige desert came to life and the sky was painted purple, blue, green and orange.

Amman Mamoun quickly sped off towards Amman but not before helping fellow wadi explorers get their jeep, which had got stuck, out of the sand dunes. Traffic and driving in Jordan is somewhat of a high risk sport, especially as the sun sets. I would have to use both hands to count the times an in front truck driver would fall asleep and narrowly avoid wiping us off the road. As with most thing, Mamoun would take everything in his stride, let out a little laugh and keep driving. We arrived in Amman, after sun set and several tea and cigarette stops later.

Amman is the economic, cultural and political centre of Jordan and is by many considered amongst the most liberal cities in the region. Its home to colourful streets lined by street stalls hipster hang outs which are a mecca for interior and art lovers alike. The city also has a number of ancient ruins amongst them Amman citadel, a 2nd century Roman theatre and the artefacts of Jordan Archaeological Museum. Amman was also where Mamoun left me to explore and catch up with Norwegian expats in the city.

As my trip came to a close I reflected back on a trip which left lasting impressions of a friendly and scenic country ripe for exploration.

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LUXEMBOURG

Cool headed – Warm hearted.Banking the Norwegian way.

Nature infl uences how cultures develop. Harsh geographical and climatic conditions have forced Norwegians to act rationally and pragmatic, but also taught us how important it is to have faith in people, off er a helping hand when needed, and look for opportunities wherever we go. Our heritage provides the backbone of our business’ ability to understand the challenges of safeguarding your international assets. We have the knowledge, the experience and the scale to manage your wealth across borders, and the strength and capability to handle your individual needs. Who ever you are, wherever you may be.

Visit us at dnb.no/lu, call +352 45 49 451 or send an email [email protected] for more information.

TRY / Fotograf: Nature Picture Library /Johnér

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