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Will ‘War Profiteer’ Norway Come To Ukraine’s Financial Rescue?

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Norway has grown vastly richer after overtaking Russia as Europe’s main gas supplier following the invasion of Ukraine, sparking calls in Oslo for the Scandinavian nation to use its colossal sovereign wealth fund to help Kyiv.

With some in Norway saying their country’s windfall makes it a “war profiteer”, several Norwegian political parties, including allies of the Labour government, are pushing for Oslo to help lift a main obstacle blocking Europe from using frozen Russian assets to help Ukraine financially.

Western nations have frozen billions in Russian assets over Moscow’s 2022 invasion of Ukraine, including approximately 210 billion euros ($243 billion) held in Europe.

Ukraine’s European allies have been using interest from those funds to support Kyiv but are keen to go further by tapping the funds themselves — a proposal some warn carries huge risks, including spooking other foreign nations into pulling their money from the European Union.

That is where Norway comes in. “It is absolutely essential for Europe’s security that Russia does not win its illegal war of aggression,” the head of Norway’s small opposition Liberal Party, Guri Melby, told AFP.

“Norway has the financial means to guarantee a loan that would enable Ukraine to better defend itself against Russia, and I think we should do it,” she said.

The plan goes like this. At a time when many EU member states have strained public finances, the European Commission plans to use part of the frozen Russian assets to give Ukraine a 140-billion-euro loan, interest free, to finance its budgetary and military support over the next two years.

But Belgium, home to the international deposit organization Euroclear, which holds the bulk of the frozen assets, has demanded strict guarantees from other EU countries in order to share the risks in the event, for example, that Russia were to regain possession of its assets.

Some heavily indebted countries, such as France, would have a hard time agreeing to such a demand.

Arguing that Norway, Western Europe’s biggest oil and gas producer, made an extra 109 billion euros from soaring gas prices after Russia’s invasion, two Norwegian economists have suggested their country should step up even though it is not an EU member.

“By hoarding these profits, Norway’s government turned the country into a war profiteer,” the duo, Havard Halland and Knut Anton Mork, wrote in an op-ed last month.

Thanks to its AAA credit rating — the highest awarded by rating agencies — and its sovereign wealth fund, the world’s biggest, valued at around $2.1 trillion, Norway “could singlehandedly take on the contingent liability associated with fresh Ukrainian debt, and without a dent to its credit rating”, they said.

The idea resonated with some European political leaders.

“That would be great,” said Danish Prime Minister Mette Frederiksen during an EU summit in Copenhagen last month.

Norway’s government, which has already earmarked civil and military aid of more than 275 billion kroner ($27.4 billion) to Kyiv over the 2023-2030 period, is proceeding cautiously.

“We are closely monitoring the situation and continuing our dialogue with the European Union,” said finance ministry state secretary Ellen Reitan.

According to AFP’s sources, Norway is in talks with Brussels but has no current plans to provide a single-handed safety net to Kyiv.

Norway’s Greens Party is considering making the issue one of its demands in upcoming budget negotiations with the government, which needs the Greens’ support, among others, to pass its 2026 budget bill.

“Norway is the only country in Europe that has so much money set aside and can allocate such a sum without needing to take on debt or raise taxes,” Greens leader Arild Hermstad told AFP. “And besides, we have made so much money as a result of this war that it is simply a moral obligation.”

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Foreign

BREAKING: Ambassador to US Sacked

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Ukrainian President Volodymyr Zelensky on Monday dismissed his ambassador to the United States, Olga Stefanishyna, in a move that had been expected following a government reshuffle last month.

The sacking, announced by decree, happened, however, as Kyiv was lobbying Washington hard to obtain more Patriot air defence missiles to block Russian strikes.

In a Facebook post in which she also posted a letter asking to be relieved of her duties, Stefanishyna said the decision was her own and “dictated by personal circumstances”.

She called her posting to Washington “the greatest honour” of her life.

“We increased the supply of American weapons and maintained support precisely when the political climate in Washington was shifting against us,” she added.

Stefanishyna, a former deputy prime minister and justice minister, was nominated as ambassador in July last year.

The role is crucial for Ukraine, which depends on US arms deliveries and intelligence-sharing in the conflict against Russia.

Relations between Zelensky and his US counterpart Donald Trump have been strained and, at times, stormy.

But the billionaire Republican former real estate mogul has recently been more encouraging towards the Ukrainian leader.

According to Ukrainian media, Stefanishyna is under investigation by the country’s anti-corruption agency on suspicion of wrongdoing, although she has not been formally accused.

Zelensky, who made a controversial government reshuffle in July, has not yet announced who will replace Stefanishyna as ambassador in Washington.

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Business

UK Lists 10 Requirements Nigerians Need To Secure Work Visa

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The UK Home Office has set out detailed requirements that foreign nationals, including Nigerians, must satisfy before they can qualify for a Skilled Worker visa.

The requirements, published on the UK government’s official website, apply to overseas professionals seeking to work in eligible jobs with approved employers across the United Kingdom.

According to the Home Office, applicants must meet employment, salary, language and documentation requirements before a visa can be granted. Additional evidence may also be requested depending on an applicant’s circumstances.

1. Have a job offer from an approved employer: Applicants must first secure a job offer from a UK employer licensed by the Home Office to sponsor foreign workers.

The employer must issue a Certificate of Sponsorship (CoS), which contains details of the job being offered.

2. Work in an eligible occupation: The job must appear on the UK’s list of eligible occupations for the Skilled Worker visa. Applicants must know the correct occupation code assigned to their role before applying.

3. Meet the minimum salary requirement: Most applicants must earn at least £41,700 per year or the “going rate” for their occupation, whichever is higher.

Most applicants must earn at least £41,700 per year or the “going rate” for their occupation, whichever is higher. Lower salary thresholds may apply for some healthcare workers, graduates, younger applicants and certain PhD holders.

4. Prove English language ability: Applicants must show they can speak, read, write and understand English. This can be done through approved English language tests or recognised educational qualifications taught in English.

5. Hold a valid passport: Applicants must provide a valid passport or another accepted document proving their identity and nationality as part of the visa application.

6. Show proof of financial support: Most applicants must demonstrate they have at least £1,270 available to support themselves after arriving in the UK unless their employer confirms it will cover those costs.

7. Pay visa fees and healthcare surcharge: Applicants must pay the visa application fee, the Immigration Health Surcharge for each year of their stay, and meet any other required charges before their application can be processed.

Partners and children of Skilled Worker visa holders may apply as dependants. Supporting a partner requires showing at least £285 in available funds, £315 for one child, and £200 for each additional child

8. Submit supporting documents: Applicants must provide supporting documents, including their Certificate of Sponsorship reference number, salary details, occupation code and employer information. Depending on individual circumstances, additional documents may also be required.

9. Provide extra certificates where required: Some applicants may need to submit additional documents such as tuberculosis (TB) test results, criminal record certificates, Academic Technology Approval Scheme (ATAS) certificates or proof of overseas qualifications.

10. Apply within the required timeframe: Applicants must submit their Skilled Worker visa application within three months of receiving their Certificate of Sponsorship from their employer.

The Home Office also advises applicants to complete identity verification and provide all required documents before a decision can be made.

Additional documents may be requested

The UK government stressed that meeting the eligibility requirements does not automatically guarantee visa approval. Immigration officials may request further documents or information to verify an applicant’s eligibility before making a final decision.

For Nigerians and other foreign professionals hoping to work in the UK, understanding these 10 requirements can help them prepare a stronger Skilled Worker visa application.

Full breakdown of the rules can be downloaded here.

 

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Business

Canada Publishes 2 Official Websites to Find Jobs, Says Over 2,000 Vacancies Are Posted Daily 

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Canada has made it easier for unemployed individuals and foreigners who wish to live and work in the country to find jobs that can help them live comfortably and meet their basic responsibilities.

On the official Canadian government website, two links are provided to websites where job seekers can find available jobs in Canada

According to the Canadian government website, applicants who apply for jobs through these platforms can get hired by different companies, as more than 2,000 jobs are posted every day.

Aside from these two websites, the Canadian government explains that individuals can also use employment agencies to help them find jobs that match their skills.

A job seeker can also ask friends or family members if there are job openings or vacancies, as not all positions are advertised on these websites.

1. Job Bank

The Canadian government explains that thousands of jobs are advertised on this platform every day by organisations and companies. The link to access the website can be found in the detailed post published on the Canadian government website.

2. Jobs GC

Another website where foreigners who wish to work in Canada or Canadian citizens can find government jobs is the Jobs GC website. Federal public service jobs are advertised on the website, alongside several other opportunities that may match an applicant’s skills.

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