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ISSUE 1//2018


3rd – Den Norske Klub Art
Series – Hannah Ryggen
(Modern Art Oxford)
21st – In&Out Fireside Chat:
Lt Col Williams
17th – Den Norske Klub
17th May Dinner 8 20 28
1st – Den Norske Klub AGM
23rd – Den Norske Klub
Ascot Day
Fredagspils every first Wealth Management & Annual Julebord A journey into the desert
Friday of the month! Aquavit Tasting celebrations 1
05 Your Board

Den Norske Klub

07 Merchandise

January April
5th  en Norske Klub
D 6th Den Norske Klub Wealth
Fredagspils Fredagspils 08 Management &
Aquavit Tasting
5th Jan – 12th In&Out Cognac &
29th Apr Abba: Super Pierre Herme Macron
Troupers (Royal Tasting
Gender quotas on
Festival Hall)
19th In&Out Burn’s Night May 12 corporate boards –
10 Years On
4th  Den Norske Klub
February Fredagspils
1st Nils Petter Molvaer 16th Canning Club Recital A little piece
Group (Ronnie Scotts) - Manana Collective 15 of Scandinavia
in the UK
2nd  Den Norske Klub 17th Den Norske Klub
Fredagspils 17th May Dinner
3rd  Den Norske Klub 21st Susanne Sundfoer
Art Series - Hannah
Ryggen (Modern Art 24th In&Out Cigar Dinner 17 IN FOCUS:
Fridtjof Nansen
10th In&Out Inter-Club Mess June
Dinner for under 35s 1st Den Norske Klub AGM Julebord –
14th An Acoustic Evening
with A-ha (O2)
1st Den Norske Klub 20 Saturday 25th
November 2017
15th In&Out Pol Roger 2nd Tigran Hamasyan with
Dinner Nils Petter Molvaer
21st In&Out Fireside Chat: (Barbican) INVESTOR CORNER:
Three reasons to be
Lt Col Williams
23rd In&Out Club Quizz
4th In & Out AGM
14th In&Out Waterloo
26 optimistic on the
investment outlook
March 23rd  Den Norske Klub
2nd Den Norske Klub Ascot Day DISCOVERY:
8th In&Out Italian Dinner
27th In&Out Fireside Chat:
General Kiszely
28 A journey into the
8th Oda Voltersvik
(1901 Arts Club) July Although every effort has been made
to ensure accuracy, neither Den Norske
29th In&Out Irish Whiskey 6th D
 en Norske Klub Klub in London nor the authors can
Tasting Fredagspils accept liability for errors or emissions.
Views expressed in this newsletter
HOW TO BOOK are not necessarily those of Den
Please e-mail: Norske Klub. No responsibility can be
accepted for unsolicited submissions,
EVENT CANCELLATION transparencies or photographs. All
Please note that cancellation of events made less than prices and information contained in
event advertisements are correct at the
seven days before the event will not be refunded.
time of going to press.
Front cover photo by Cecilia Luras
Keep it Nordic.
Keep it Nordic.
This 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.
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regards to any
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we carry onyou.
on for for you.

Norwegian Private Members Club

in London since 17th of May 1887
Join us!
Message from YOUR BOARD
Dear Members
Welcome to the first edition of Northern Bugge, whilst the annual Klub Julebord
Lights 2018! featured an inspiring and funny Takk-for-
maten tale by Cllr Ian Adams, the Right
The new edition not only features
Worshipful Lord Mayor of Westminster
memories from the annual Klub Julebord
and traditional Christmas carols expertly
and the wealth management and aquavit
led by the pianist Paul Gobey. Courtesy
tasting evening with Danske Bank
of Grev Wedels Plass Auksjoner, we were
International which were both held at
fortunate to host a private view of a rare
Den Norske Klub in our splendid King
edition of Gustav Vigeland’s Sinnataggen
Harald V room, but also interviews with
at the Klub in November. We introduced
Dr. Cathrine Seierstad following her
Den Norske Klub Art Series, hosted the
recent talk on board room diversity at
annual Fårikål dinner at the Norwegian
a Nora London event, Scandikitchen
Seamen’s Church in London, and a
showcasing “a little piece of Scandinavia”
Wealth Planning Seminar and Aquavit
in London, as well as, our two regular
Tasting with Danske Bank International
columns, Investor Corner, and Discovery,
and Wealins.
featuring travel, culture and food reviews.
In the latest issue, Nordea Private
Banking’s Nicholas Flaherty shares his New Merchandise
investment outlook for 2018, and Board We re-styled and re-launched the Klub’s
Member and Editor Constanse Bowes- historic cufflinks and have created a new
Lyon tells us about her latest travels in elegant Klub tie, taking its inspirations
Jordan. from the colors of the Norwegian flag.
In 2018, we will be introducing a ladies
Board achievements in 2017 accessories range. All available to
purchase at your leisure from the Babmaes
During 2017, your board continued
organizing successful and fun events at
the Klub with our longstanding partners
and are delighted to announce our first Member survey
corporate patron in Nordea Private Ahead of the AGM in June (1st June), we
Banking International Luxembourg. invite current and potential members to
We launched a new website with the express your views as to the direction and
help of the London based Norwegian led organization of the Klub, the Klub’s new
digital marketing company Adwaiz, have events, as well as the content and focus of
relaunched the Klub’s newsletter Northern our newsletter Northern Lights. For those
Lights, in a neater A5 format and with of you wishing to remain anonymous, you
more content, and from January 2018, the will get the opportunity to express your
Klub will become fully cashless accepting views through the first ever members
only bank transfers, major credit cards survey that we will be sending through
and contactless payments, incl. Android in February, but we also encourage you
and ApplePay. to express your views, both good and
bad, throughout the year. All your board
In terms of 2017 events, we refreshed
members are at your disposal. Should
the content of our annual events, mixing
you wish to become more involved
the traditional with the contemporary;
with the Klub, either through the events
the Klub’s 17th May dinner featured
committee, by joining the board or writing
contemporary music and video-imagery
articles for publication in Den Norske
with the performance of Lancaster based
Norwegian cellist and video-artist Maja Continued overleaf 5
Klub’s newsletter Northern Lights, please
do not hesitate to get in touch with your New Members
Chair Cecilia Luras. The Klub is a meeting • Henrik Boge Thu
place for all Norwegians, as well as those
• Claes & Yasar Zangenberg
with a special connection to Norway.
• Mikkel Skajem
• PAG Andersson
Dates for 2018 • Berit Stokke
Going into 2018, we will be hosting the • Nicholas Sims
Klub’s Fredagspils every first Friday in • Didrich Berge
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 Your Board
of Amathus Arcus and Scandikitchen. Cecilia Luras
The iconic 17th May dinner is a seasonal Chair and Editor-in-Chief
“must-attend.” And we’re planning a day Hege Nordahl
at Ascot, and more Den Norske Klub Art Board Member
Series events, after a successful evening Constanse Bowes-Lyon
at the Nationaltheatre seeing Bertlett Board Member and Editor
Sher’s production of the play “Oslo” by
Christian Hvamstad
J.T. Rogers and featuring a pre-theatre Treasurer
talk by the Norwegian Ambassador to
Irene Garland
the UK HE Mona Juhl. Other events for Board Member
the agenda include the In&Out’s Pol Roger
Pauline Houppilart
and Waterloo dinners, and fireside chats in
Board Member
February and June with special focus on
Norway,…. Patrick Moe
Legal Counsel and Company Secretary
We’re very much looking forward to Patrick Jonassen
seeing you at the next Fredagspils and/or IT Counsel
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

Den Norske Klub Corporate Patron

Nordea Private Banking International Luxembourg.

Den Norske Klub TIE
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!

Den Norske Klub CUFFLINKS

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. 7
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.

with Danske Bank, Wealins, Irwin Mitchell,
and Aquavit expert Jon Anders Fjeldsrud
Photos by Thea Hoyer

he evening started with an inheritance law and matrimonial regimes in
introduction by Frode Andersen of various geographic locations. All superbly
Danske Bank International presenting interesting and complex.
various wealth management and investment
Shortly following the Wealth Planning,
solutions potentially of interest to Den
canapés prepared by the In&Out chefs
Norske Klub members and guests. His
were brought in and Jon Anders Fjeldsrud,
presentation was followed by an update
Amathus Drinks Aquavit Expert, led us
of the current tax situation for Norwegians
through the wonderful history and palettes
currently living in the UK, both permanently
of aquavit. Tasting our way through
and/or temporary, and both pre and post
caraway and dill aromas, we learnt the
Brexit by Alex Ruffel, partner with Irwin
differences between Norwegian (potato
Mitchell Solicitors. Whilst Vinh Nguyen and
based) aquavit and Swedish/Danish
Tony Nordblad from Wealins told us about
aquavit (barley based), maturation in port
cross border portability and what the tax
and madeira casks, as well as maturation
implications are for current UK residents
at sea. We started by tasting a Gammel
moving back to Norway, and abroad, to
Oppland, followed by Loitens, Gilde Taffel,
France, Switzerland, Spain and Sweden,
and two different types of Linie aquavit,
and how best to manage the transfer of
the traditional matured at sea in sherry
current held wealth. We were told about
casks, and an extra matured in port casks.
how best to structure and manage our
We finished off the tasting with a glass of
individual wealth portfolios, discussed
Presidenten, a lovely aquavit based cocktail.
estate and succession planning, as well as
Continued overleaf 9
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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! 11
Dr Cathrine Seierstad in conversation with
Helle Skog-Paulsen, Vice President at JP Morgan
Private Bank and Board Member of Nora.


10 YEARS ON By Helle Skog-Paulsen

will mark ten years following year, the Norwegian state gave
since, by law, all Public PLCs two years to comply with the 40%
Limited Companies (PLC/ quota, making it a legal requirement for
ASA) in Norway had to have a minimum firms to comply in order to remain a listed
representation of 40% of each sex on their company. Impacting about 500 companies
boards. Intrigued to learn of progress in at the time of implementation, a number that
this field, Nora and Team Norway invited Dr has been shrinking since and currently affect
Cathrine Seierstad, lecturer at Queen Mary, around 200 companies, the law caused
University of London, to speak. Cathrine controversy and many met it with skepticism.
has extensive expertise through research
dedicated to the field of leadership, within 2018 will mark ten years since
which, she has focused on diversity and in
companies had to comply with the
particular, women on boards.
quota, the year will therefore serve as
Cathrine, for background, please a review point for assessing the impact
can you share the drivers behind the of the law. In addition to reaching the
introduction of the law and the legal 40% representation on PLC boards,
quota? what do you see as the broader impact
The law was driven by two key rationales, from the introduction of the law and do
social justice and equality rationales and you view it as successful?
the business case for diversity. Norway While Norway in many respects has a very
was challenged with particularly strong equal society, consistently ranked among
segregation patterns between men and the most equal countries in the world, and
women in the workforce, with both genders the law has put the subject firmly on the
in stereotypical jobs. Moreover, women agenda in many other countries, we still
have been underrepresented in leadership have not seen the expected “trickle-down
positions, which can be seen as problematic effect” within Norwegian businesses, states
from a business and utility perspective. Cathrine. Norwegian companies complies
This split formed part of the backdrop for with the law and meets the 40% quota, yet
the focus and the law. Originally the law they generally do not exceed it. Furthermore,
was introduced in 2003 as a “sunset law”, in privately owned limited liability companies
it had no penalties for non-compliance, but (AS) which are not impacted by the law we
by 2005 women representation on boards have only seen a modest increase from 17%
stood at only 16%. As a result and in the to 19% women on boards, while for PLC that

have changed the status to a limited liability Hampton-Alexander Review putting the
company we have actually seen a reduction lack of women on FTSE boards firmly on
in female board representation. Moreover, for the agenda. In addition, the EU has again
PLCs, there has been an increase of women proposed the idea of a quota for boards
in the Chair position, up from 4% in 2006 from EU level, indicating that this is an area
to 13% in 2016, while the increase of female where we see developments and debates.
CEOs has been modest and is still only at
around 8%. Looking forward, what are the
Looking past the numbers, Cathrine main challenges and where do you
highlights that she also applies a broader recommend focus is directed for
less quantitative angel for assessing continued progress?
progress. Through research we now find
Progress has been made. The subject of
that companies apply increased scrutiny to
diversity, women on boards and in senior
the board nomination procedure with an
positions in general and the business case
increased focus on the composition of the
for diversity is widely accepted. Yet, while
board, more use of nomination committees
perceptions have been altered, challenges
and headhunters as well as more use of
remain. As an example, the lack of women
board assessments. Research also finds that
in senior management positions in general is
female directors are better educated than
an issue. On one hand one we can question
their male counterpart, yet the background
if Norway exhausted the pipeline of very
is slightly different, indicating a criteria
senior women by giving companies only two
widening, not weakening in the board
years to implement the law for the boards.
recruitment procedure. Furthermore, both
While this argument could be warranted,
the press and the business context, which
it carries less validity now ten years on. In
at the outset displayed limited support of
order to further improve and develop in the
the law, accept that law and now places less
area, Cathrine recommends the following for
focus on gender and is progressing away
driving further progress: For organizations,
from stereotyping.
it is important to develop strategies which
focus on the pipeline, including both talent
Outside Norway, which other countries management and diversity management
have applied quotes and do we see the initiatives. Setting targets and monitor
same impact and results? progression is important. This might help
In Europe, despite the EU voting against in challenging the gendered stereotypes in
a quota law of a similar nature in 2011, relation to both women as well as directors.
the subject reached the agenda in other Moreover, in order to create change, senior
countries. Today Spain, Iceland, France, Italy, management buy in is essential and we
Belgium, the Netherlands, Germany and need diversity champions. To close the talk
very recently Austria and Portugal have, to Cathrine addressed her audience specifically,
varying degrees, introduced quota laws for highlighting the importance of seeking
company boards. Similar to the Norwegian mentors and sponsorship internally and
situation between 2003 and 2006, in externally combined with maintaining a
countries where there are no penalties for network.
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 13
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A little piece of
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 15
ordic 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
Brown cheese aside, several dishes overcomplicate it. Just pick (or pickle),
and ingredients link all the countries of serve and eat. Our topless sandwiches
Scandinavia together, bringing a uniquely are offered alongside seasonal, hearty
Nordic cuisine together. Stretching from the salads, homemade baked goods and
midnight sun of northern Norway to the flat, nostalgic favourites like hotdogs – because
fertile fields of Denmark, Scandinavian food sometimes, a proper pølse is all you need.
culture is vast and varied, but at the core In addition to our breakfast, lunch and
there are more similarities than differences, coffee & cake offering, we also stock
formed by thousands of years of shared hundreds Norwegian food and drink items
culture (and a bit of good old Viking – from brown cheese and Norvegia to
pillaging) which has turned into our shared crispbreads, coffees, jams and chocolates
Scandinavian heritage. (yes, including Kvikk Lunsj for your hikes!).
In essence, Scandinavian food is simple. Pop by or visit our online shop - we ship
We call it husmannskost – farmer’s fare. across the UK and EU, aiming to cure any
It’s natural and honest, made with the degree of homesickness.
staple produce found on the land. For
Cafe & Shop:
ScandiKitchen, trying to turn traditional
61 Great Titchfield Street, W1W 7PP
dishes into fancy and fussy affairs isn’t
true to who we are. When you work with Online shop:
the very best produce, there’s no need to 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.


Text by Constanse Bowes-Lyon

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
Continued overleaf 17
With wife Eva

One of his first major expeditions which he became part of the Royal Geographical
was inspired to go on whilst in Bergen was Society.
the Greenland expedition. Unlike explorers
Once the treaty guaranteeing Norway’s
before him, Nansen would end his travels
independent status was secured, Nansen
in Disko Bay meaning his journey would go
resigned his post to return to Norway and
from east to west. Nansen also planned his
although prompted to stay by King Edward,
expeditions based on a small group of six
he returned home where his wife Eva was
(as opposed to the heavy manpower of prior
seriously and unfortunately died before his
expeditions) and designed much the groups’
return. His skies are still to be found in Den
equipment from scratch. This approached
Norske Klub and we have showcased them
received criticism from the press however
on a number of occasions most recently
persevered. The journey was full of obstacles
during a book launch.
which the team overcome and on 3rd
October 1888 they reached Godthaab.
Refugees, Repatriation and the
Links to London League of Nations
After returning to Norway and retiring from Following the outbreak of war in 1914,
exploration, Nansen became the Norway’s Nansen was appointed president of the
first minister to London with responsibility Norwegian Union of Defense. However
for working with representatives of Europe following acute shortages of food in Norway
to guarantee Norway’s position. He became following loss of oversea’s trade, Nansen
a popular figure in London including with was sent to the US to secure food and
the then King Edward. Although having supplies something he succeeded in doing.
mixed feelings about court functions and Shortly after the war, an agreement was
diplomatic duties, his time in London reached to create a League of Nations and
enabled him to further pursue his interest Nansen became president of the Norwegian
in science and geography and he quickly League of Nations Society. In April 1920,

the League entrusted Nansen to organise on the plight of the Armenian refugees. In
the repatriation of half a million prisoners of 1926 he was also a signatory to the Slavery
war which had been stranded. By November Convention outlawing the use of forced
he could report that 200 000 had been labour.
returned home and by 1922 the number He worked on behalf of refugees until
stood at 427 886 people repatriated to his death in 1930 after which the Nansen
around 30 countries. International Office for Refugees was
Even before this work was finished, Nansen created. This office was to receive the
accepted the post as High Commissioner for Nobel Peace Prize in 1938. His name is
Refugees with his main task being resettling also honoured in geographical features,
the two million Russian refugees displaced particularly those in polar regions.
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 Fridtjof-Nansen-School in Gronau
the prize money to relief work. From 1925
and onwards, Nansen spent most of his time 19
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.

Text by Cecilia Luras
Photos by Thea Hoyer

he 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.

Vigeland Special
Ahead 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 welcome
Dinner 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.

Continued overleaf 21
Elegantly decorated tables
The 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 Songs
The 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 23
”They are people we trust
and like to do business with.
Chambers Europe, 2017


Paternoster House, 2nd Floor Haakon VII’s gate 10 Vestre Strømkaien 7
65 St Paul’s Churchyard PO Box 1484 Vika PO Box 43 Nygårdstangen
London EC4M 8AB NO–0161 Oslo NO–5838 Bergen
England Norway Norway
Advokatfirmaet Thommessen AS.
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! 25

NAME: Nicholas Flaherty

TITLE: Investment Strategist, Nordea

Three reasons to be
on the investment outlook
has started off brightly First of all, we see a very healthy-looking
for the markets, largely a macroeconomic picture, looking as broad-
continuation of a successful based and sustainable since the Financial
last year for investors who were willing to Crisis. If we take the world’s 25 largest
take on risk, particularly in equities. The economies, for example, close to 100%
next question, then, is whether this can of them are in expansionary mode, levels
continue in the coming months? In our not seen since the boom period of 2003-
view, yes it can and we have three principal 07. So, what is going on in the global
reasons why. economy and what makes us think it can

continue? Importantly, governments are see strong growth, but still loose monetary
finally loosening their fiscal strictures. Many policy.
governments, especially in Europe, were Our third and final reason for staying
obsessed with austerity after the financial optimistic is that risk in China is contained
crisis; but now this appears to be over, and for now, which is highly important as China
what is referred to as the ‘fiscal thrust’ is has become central to global risk appetite
positive. in recent years.
Meanwhile, we also have support from Why are we not overly worried about
consumers. Labour markets all around the China? For one, economic growth is
world continue to heal and this in turn is holding up. While it has cooled a little, it
feeding into consumer confidence and is coming down from a very high level
brighter prospects for consumption. In – it was growing above trend, now it is
addition, we are finally also witnessing moving back to trend, which does not
an uptrend in investment spending as mean a ‘hard landing’ is afoot. There is,
corporate ‘animal spirits’ begin to be however, some concern in the investment
reinvigorated and businesses once again community around Beijing’s reform agenda
begin to build capacity. In other words, we and that the Party could act too hastily,
have a situation where economic dynamics constraining credit growth excessively or
are definitely on our side, supportive of clamping down heavily on the property
corporate earnings as well as investors’ risk market, which in turn could lead to a major
sentiment. downturn – essentially what we saw back
in 2015. But what many of these investors
Our second reason to remain upbeat is are missing is that while Beijing is pushing
related to monetary policy. Indeed, going ahead with reform, the context is entirely
forward, global monetary policy will likely different now. The global manufacturing
remain very predictable and gradual, sector, for example, is healthy, not plagued
which should continue to help risk assets by declining commodity prices, while the
along. If we look at the ECB, for example, it yuan is much cheaper, meaning there is
remains prudent in its approach, as we saw less pressure on capital outflows. Moreover,
highlighted back at the policy meeting in the Chinese economy continues along
October last year. While it is beginning to its path of ‘rebalancing’, relying more on
‘taper’ its QE programme, this will be done consumption as a growth driver, which also
very slowly with no rate rise on the horizon places it on more stable footing.
for the time being. In sum, then, we have enough reasons to be
Over in Washington, at the Fed, the cheerful for the time being and hence have
Committee is raising rates, but in a very started off the New Year on the front foot
tempered and predictable fashion. The and advocate taking on risk.
recent appointment of Jerome Powell as
the new Fed Chair will see a continuation of Nordea Private Banking’s soundcloud
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 27

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
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.

THE DESERT Text and photos by Constanse Bowes-Lyon

Female Solo Travel

Jordan 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

precautions should be taken. With limited traditional Jordanian breakfast hummus,
time at my disposal and quite the packed pita bread, olives, tea and coffee, we set off
schedule, I booked a driver to get me from towards Petra.
A – Z.
Petra, also known as the “Rose City” is the
Upon arrival at Queen Alia International, I former capital of the Nabatean kingdom
was met by Mamoun, a friendly and to the who settled there more than 2000 years
point Jordanian that immediately made me ago. With its tombs and temples carved
feel at ease and who was also going to be into sandstone cliffs it’s the undisputed
my guide and driver for the next days. We jewel in the Jordanian crown. After avoiding
quickly drove off in direction of the desert small children and older men touting
as we had many miles to drive before donkey and horse rides and tourists with
night fall. Several stops later, to smoke and selfie sticks, we entered the Siq, a 1km long
drink sugary mint tea we made it to our gorge surrounded by cliffs. At the end of
destination, Petra. To my disappointment the gorge is Al Knazneh or the Treasury,
but very much due to the 1am arrival, it was which at 45 meters high is the most iconic
pitch black and I would have to wait until structure in Jordan.
morning to see Petra in all its grandeur.
Despite the chilly morning the temperature
quickly reached mid-twenties and the
A Desert Odyssey; From Petra donkey rides became increasingly tempting.
to Wadi Rum After exploring most of central Petra, my
Cradling Petra are hotels of varying guide insisted we make the hike to the
standards offering travellers the Monastery. Twenty minutes and a sunburnt
opportunity to rest their heads on a pillow forehead and shoulder later we made it
before or after a long day exploring. After to the top. The Monastery is the second
an early morning wake up and a generous most visited building in Petra and for good
helping of some key staples of any reason. Carved into rock and measuring 29
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.

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
45 metres high and 50 meters wide, El an in front truck driver would fall asleep
Deir as it’s also known is another Nabataen and narrowly avoid wiping us off the road.
masterpiece. Surrounding the Monastery As with most thing, Mamoun would take
are hills and cliffs offering panoramic views everything in his stride, let out a little laugh
of the nearby valleys. Several wows and and keep driving. We arrived in Amman,
photographs later we made it down the hill after sun set and several tea and cigarette
towards our next destination. stops later.
Amman is the economic, cultural and
In The Footsteps of Lawrence political centre of Jordan and is by many
of Arabia considered amongst the most liberal cities
The drive to Wadi Rum took us through in the region. Its home to colourful streets
mountains and deserts with the standard lined by street stalls hipster hang outs
cigarette and mint tea break occurring which are a mecca for interior and art
every 45 minutes. As we arrived we were lovers alike. The city also has a number of
met by an open top jeep and a local guide ancient ruins amongst them Amman citadel,
who quickly said Salam and off we drove. a 2nd century Roman theatre and the
artefacts of Jordan Archaeological Museum.
Wadi Rum or the Valley of the Moon is Amman was also where Mamoun left me
located in Southern Jordan 60km east of to explore and catch up with Norwegian
Aqaba, the largest wadi (Arabic for valley) expats in the city.
in Jordan. The valley has been home to
As my trip came to a close I reflected back
many cultures most notably the Nabateans
on a trip which left lasting impressions
who’s temples and rock carvings can still be
of a friendly and scenic country ripe for
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


the global standard
for all event
Get to know us on
TRY / Fotograf: Nature Picture Library /Johnér
Cool headed – Warm hearted.
Banking the Norwegian way.

Nature influences 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, offer 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.

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