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EARNINGS

Telenor reports third-quarter profit leap

Norwegian telecom operator Telenor reported on Wednesday a 41-percent leap in third-quarter net profit to 3.65 billion kroner ($638 million), higher than analysts had expected.

Published: 24 October 2012 09:02 CEST

But the firm lowered slightly its sales forecast for 2012, forecasting an increase of "around 4.0 percent" compared to "more than 4.0 percent," announced previously.

Third-quarter sales stood at 25.25 billion kroner, for an increase of 3.0 percent.

Net profit rose by 41.0 percent from 2.59 billion kroner 12 months ago, and were higher than the 3.42 billion kroner forecast by analysts polled by Dow Jones Newswires.

The increased profits were a result partly of an improvement in the group's operational earnings in Serbia, Sweden and Thailand.

They also reflected contributions from associated companies, such as Russian mobile phone operator Vimpelcom, in which Telenor has a 43.0-percent stake.

As happened to Google last week, Telenor's third-quarter results were released accidentally late on Tuesday after the stock market closed, or half a day before the planned time.

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EARNINGS

It’s official! Switzerland is the most expensive country in the world

While anyone living in Switzerland might not have needed the reminder, a new study shows the cost of living in Switzerland is the highest of anywhere in the world.

Published: 4 February 2020 10:22 CET
It's official! Switzerland is the most expensive country in the world
Photo: FABRICE COFFRINI / AFP

Switzerland topped the list well ahead of Norway in second place, with Iceland, Japan and Denmark rounding out the top five. 

The rankings, put together by CEO World magazine, took into account rent, groceries, purchasing power, restaurants and the cost of living in 132 countries across the globe. 

European countries featured prominently in the top 20, while countries in Asia and the Caribbean were also prominent. 

Switzerland top of the list

Not only did Switzerland top the overall list, but it also ranked highly in several individual metrics, making the cost of living there officially the highest in the world. 

READ: Everything you need to know about the cost of living in Switzerland

Groceries in Switzerland are also more expensive than anywhere in the world, ranking a full 30 points higher than second-placed South Korea. 

But if you’re looking to avoid the grocery shop, eating out in Switzerland is also more expensive than anywhere else in the world. 

The only bright light in the rankings is Switzerland’s national purchasing power – which is also top of the list – perhaps explaining why the Swiss love to travel or even just shop abroad. 

This is of course more beneficial elsewhere, with the benefits of the country’s excellent purchasing power somewhat eroded by high prices at home. 

Photo: CEO World

In fact, the only metric Switzerland doesn’t top is rental costs. That’s not to say renting in Switzerland is cheap, but it trails Hong Kong, Singapore and Luxembourg on the international rent index. 

READ MORE: Eight things you need to know before renting in Switzerland 

Least expensive countries

Among the least expensive countries, central Asian nations rank highly. Pakistan is officially the least expensive, followed by Afghanistan, India and Syria. 

The least expensive European country on the list is Kosovo (124th) followed closely by Georgia (123rd). Romania is the least expensive European country on the list, in 99th place. 

Top ten most expensive countries as per CEO World magazine

1. Switzerland

2. Norway

3. Iceland

4. Japan

5. Denmark

6. Bahamas

7. Luxembourg

8. Israel

9. Singapore

10. South Korea

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