A Visit to Svalbard p12

Northern Lights December 2010

Also in this issue:

Scandinavia Show p3

New Membership Cards p14

Important dates27th November DNK Julebord

6th December Friday Drinks w/male choir Gaasehud

4th February Friday Drinks

9th February Ladies’ Luncheon at Christie’s

10th February Gourmet Dinner at the Ambassador’s Residence

4th March Friday Drinks

9th March Ladies’ Luncheon at Petersham Nurseries

Your Committee Wishes You All A

Merry Christmas And A Happy New Year

Reidun Jebsen Natalie Holland Hilde Vik Matre Sissel Heiberg Tore Hellebo Patrick Jonassen Berit Scott Jørgen Keyser Elin SandalChairman & Member Member Treasurer Member Member Member & Member Klub Secretary Executive Editor Editor NL

Your Committee

www.dennorskeklub.co.uk2

Dear Members The days are shorter and we are spending more time indoors being social and preparing for Christmas. Looking back over the past few months, we have enjoyed a number of DNK events that you can read about in this issue, see the Contents list on the right.

Make sure you get your new membership card at the In & Out, and do have a good look at our winter calendar and put your name down for events. Our annual Gourmet Dinner at the Ambassador’s residence takes place in February, and as usual it’s first come, first served. Guest speaker will be Arne Hjeltnes whom most of us will remember from the series ’Gutta på Tur’.

Lots to be looking forward to – so bring your partner or a friend or two and come and enjoy your Klub!

Your Committee is dedicated to making your Klub an interesting and fun place to be, and we look forward to seeing you in 2011.

Message from your CommitteeDNK at the Scandinavia Show 3

Daily Life in East Timor 4

Ladies’ Luncheon, October 5

Autumn Golf at Burhill 6

KFUK is smartened up 7

Oslo 2011 Ski Champioship 8

Grieg Society Record of the Year 9

Ladies’ Luncheon, November 11

DnB NOR Financial Evening 11

A Visit to Svalbard 12

New membership cards & entry procedure 14

Pay now – Membership Directory 14

Winter Calendars 15

Contents

Notices...

All DNK members have access to the Naval & Military Clubhouse (the ‘In & Out’ building) from Friday noon until Monday morning 9am, when members may use the bars, restaurants and sporting facilities at the gym and swimming pool free of charge. At other times, DNK members may use the restaurants on payment of an extra fee. The Clubhouse has its own hotel where members may stay at a reasonable room price. DNK members may also be combined members of the Naval & Military Club at a concessionary price. Enquire with the Klub Secretary for prices and other details.

For further details about the Klub:Den Norske Klub atIn & Out, Naval & Military Club4 St. James’s Square, London SW1Y 4JU Tel: 020 7839 6242 / 07766 810 080email: secretary@dennorskeklub.co.uk Klub Secretary: Elin Sandal

The Roof Gardens, an exclusive member’s only nightclub off Kensington High Street offer DNK members + one guest free entry to the nightclub (Q-jump) . * Additional guests will receive a discounted rate of £15 * Invitations to special “members only” events

You must supply The Roof Gardens with a guest list, prior to arrival, addressed to DNK’s contact. It is also advisable to register before 5 pm on the Friday for both Friday and Saturday.Show your members card at the door, abide by the rules, dress code is smart/casual and get ready for a fantastic night out!!

The nightclub is open Fridays and Saturdays.Email address for registry: club@roofgardens.virgin.co.uk Roof Gardens home page: www.virgin.com/roofgardens

The Roof Gardens

The Radisson SAS Portman Hotel We are happy to inform you that all DNK members are offered a corporate rate at The Radisson SAS Portman Hotel. Please quote DNK members at time of reservation to get the favourable rate.

Standard room incl. breakfast/ exl. VAT £137Superior room incl. breakfast/ exl. VAT £147

Bespoke Tailoring Lise Hérud is a Norwegian tailor in London offering business, formal and casual tailoring for gentlemen, prices from £550 for a two-piece suit, and ladies’ tailoring for all occasions, prices from £950. She offers a discount of 10% to all members of Den Norske Klub. See www.liseherud.com.

Discounted prices from Scandinavian Kitchen and Madsen restaurantSee their advertisements on page 4 and 12

Smoked Salmon OfferHansen & Lydersen is a Norwegian family firm originating in the far north of Norway, founded by the fishmonger Lyder-Nilsen Lydersen in 1923. His grandson, Ole Hansen, with his wife Flora, has now brought Lydersen’s successful smoked salmon recipe to their smokehouse in north London. Hansen & Lydersen is pleased to provide a special Christmas offer of 10% off their prices to DNK members.

New membersWe would like to welcome Gianni Baravelli, Cornelia Svedman, Aasa Marie Mollen, Inger Marie Seloter Olsen, Bjorn Lahti, Magnus A Jensen, Gunvor Elisabet Carrington, Joar Johnsen, Stephen Allen, Erik G Andersen, Bjørnar Berg, Mrs Jenny Brocker-Ruud, Thore Carlsen, Kjell Folkrord, Anne Furness, Andrew James, Mr Harald Johansen, Mrs Jane Johansen, Jorn-Are Lundin, Øistein J. Øverberg, Ole Kristen Øverberg, Alexa Proctor, Birgitta Ronn, Mr Nicholas Ruud, Norvald Sandal, Mary Sandal, Nina Sandal, Randi Sandal, Morten Sannes, Lars Sjumarken, Helle Skog-Paulsen, Ruth Steinholts, Dr. Christopher Vowles, Dr. Ayse Goker, Hans Inge Myrhaug, Helen Yi Wang, Anette Fondevik, Hans-Olav Eldring, Sanaz Shirazi, Katerina Ukhankova, Idun Mostulien, Michael Dixon, Iren Dixon. The Committee would like to encourage all members to recruit new members!

Membership Benefits

www.dennorskeklub.co.uk 3

Contents DNK AT THE SCANDINAVIA SHOW OLYMPIA, 9-10 OCTOBER 2010For two days in October, the Scandinavia Show at Olympia showcased the very best of Norway, Sweden, Denmark, Finland and Iceland. The show incorporated Scandinavian design, travel, lifestyle, fashion and food. Exhibitors included Bang & Olufsen, Clas Ohlson, the Danish and Swedish Chambers of Commerce, DFDS Seaways, Ekornes, the Norwegian and Finnish Churches in London, Finlandia Vodka, Visit Iceland, Madsen Restaurant, Nordic Design Forum, Visit Norway, Norseland cheese, Norwegian, Scandinavian Kitchen, Skandium, Volvo and many more.

During the two days, the Show had an impressive 8000+ visitors – a lot of them non-Scandinavians wanting to learn more about this part of the world. Thomas Winther is the executive editor of Scan Magazine and one of the Scandinavia Show’s originators. He got the Daily Telegraph to cover the show extensively and its introductions and follow-up of the Show caught the public’s attention and helped create a huge interest in the show.

There was live entertainment and lots of fun going on at all times – a highlight was the freshly made waffles at Sjømannskirken’s stand, where long queues formed.

Another highlight was DNK’s very colourful stand which attracted lots of visitors and resulted in – with a bit of help from your very enthusiastic committee members – around 30 new DNK members.

Your Committee was represented in full by Natalie, Jørgen, Berit, Patrick, Reidun, Tore and Hilde and DNK secretary Elin. An added bonus for all of us was meeting the people running the various shops and businesses and establishing closer ties with many of them. Helping create a close-knit Scandinavian community in London was an additional benefit from participating at the Show.

Don’t miss the Scandinavia Show 2011 – DNK will be there!

RJ

Pho

to: M

aria

nne

Wie

, Sca

n M

agaz

ine

Ribbe, julebrus and all your Norwegian food favourites

UK-wide delivery now available 10% off Christmas orders for members of Den Norske Klub*

SCANDINAVIAN KITCHEN DELI, GROCERIES & CAFE 61 GREAT TITCHFIELD ST. LONDON W1W 7PPT: 020 7580 7161 E: DNK@SCANDIKITCHEN.CO.uK VISIT uS AT WWW.SCANDIKITCHEN.CO.uK

* Please contact the Klub for more information

www.dennorskeklub.co.uk4

Greetings from…..EAST TIMOREast Timor is a young nation, the second youngest in the world. Finding your identity is a challenge to many. There are two official languages; Portuguese and Tetum. However, only 10% of the population can read Portuguese, and merely 60% can read Tetum. The country has a long and tragic history. For more than 400 years, it was a Portuguese colony. Portugal and Holland divided the Timor island in two; the western part to Holland and the eastern to Portugal. The Portuguese were mostly interested in good ports for their ships and kept their presence to the coastal areas, whilst most of the people lived in the interior highlands. Like Norway, East Timor is a mountainous country, and the climate becomes quite pleasant inland compared to the hot and humid coast. The “Carnation Revolution” in Lisbon in 1974 would lead to traumatic changes to the poor colony. The Portuguese pulled out of the country. The Timorese were not at all prepared to take over, and internal conflicts resulted in a short civil war in 1975. The conflict was between the wealthier people who had been close to the Portuguese, and the poorer country people (the Fretilin liberation front). During August 1975 the capital Dili experienced a situation of civil war.

was invaded by Indonesian troops. The sight of thousands of white parachutes descending from the sky was by some thought to be angels – they could not have been more wrong. It is estimated that a third of the population lost their lives during the 24 years the occupation would last, either as a direct result of acts of war or indirectly by starvation. Those people who did not accept the Indonesian rule fled to the mountains. There are 1,066,000 people living in East Timor today. Women have on the average given birth to 7-8 children, the highest in the world together with Afghanistan. Number of births have now come down to an average of 5,6. Sixty per cent of the population is under the age of 25.

Norway has close ties with East Timor. The Nobel Peace Prize awarded to Bishop Belo and Ramos-Horta in 1996 helped to bring international attention to the difficult situation in the country. A referendum on whether East Timor should remain in a union with Indonesia or be independent was held in 1999 as a result of strong international pressure. A large majority (78.5%) voted for independence. Following the announcement of the result, the country entered into an inferno of violence and destruction where more than 70% of the country’s infrastructure and

houses were destroyed and burnt by militia groups favouring Indonesian rule. An international military stabilisation force came to the country and brought the situation under control. The UN and the international community became strongly engaged in supporting the peace process, building the new nation and a state administration enabling their own citizens to manage their own country. Just like Norway, East Timor is rich in petroleum resources, and almost all their state revenues are petroleum income. Norway has been supporting East Timor for many years to help them manage their petroleum revenues. The international military withdrew from East Timor in 2005, which unfortunately was too early. Another deep crisis developed in 2006. The houses in Dili, Los Palos and many other cities were once again in flames. A fifth of the population became refugees, or “internally displaced people”. The foreign minister at the time, Dr. Jose Ramos-Horta asked Norway for help

This picture is from the beach near the capital Dili on a Sunday morning where Norwegians and some schoolchildren have gathered. Just off this beach, Captain Arvid Høiberg picked up 1,115 refugees on board M/V Lloyd Bakke of Haugesund in 1975 and brought them to safety in Australia. Today’s minister of finance, Emilia Pires, was then the same age as the children in the picture, and was taken on board to safety by Captain Høiberg, “The Man of Honour”, as she calls him. She had the opportunity to talk with Captain Høiberg last year when she visited Oslo, and she also visited the exhibition ”Boat Refugees” at the Norwegian Maritime Museum.

East Timor declared its independence 28 November 1975, an independence which was to be very short. Already in the morning 7 December the capital Dili

5www.dennorskeklub.co.uk 5

The Tate Modern was the venue for the October Ladies Luncheon. Meeting in the Turbine Hall, we first stepped into Weiwei installation with one billion porcelain seeds. Art is the question, but at least an expression of the time we live in. Then we went to Gauguin “the show of the season”. “The Maker of Myth” curated around themes, self-portrait, landscape, still life and women, a stunning collection of work post-impressionist, and a superb expression in colour and shape.

This modernist pioneer was born in Paris in 1848 and brought up partly in Paris and Peru. He worked as a merchant seaman and then as a stockbroker. Marrying a Danish woman, Mette, and fathering five children, before leaving to pursue his passion for painting. He was self-taught. He worked in Brittany, spent a few weeks with Van Gogh in their “studio of the south”, and from his early forties lived in Polynesia, where he eventually died, ill and neglected, in 1930.

His contribution to art history is huge. He dismissed impressionism as an art without force. He set out a search of painting, more profound and significant using bright, clear colours and shapes, inspired by the tropics. His inspiration also came from native art in Peru. He paved the way for modernists like Matisse and the Fauvists (‘the mad’). I also find similarities

October Ladies’ Luncheon

with Edvard Munch: both painted women in different stages in their lives and both were inspired by the expression in Japanese prints. Gauguin sought all his life to find a visual language that could express the mysteries that lie at the heart of human existence, the unexplainable and fundamental truth.

After all this impression, lunch was booked in the top floor restaurant, with marvellous views over the city, in a contemporary setting. We ordered separately from a colourful menu and engaged in each others’ company. So, till we meet again for some more art, good food and friendship, I urge all those who haven’t been to see the exhibition yet to do so. It’s on at the Tate Modern until 16th January 2011.

With grateful thanks to Berit Lyell

Greetings from…..EAST TIMORwith the refugee problems and support for the peace-building process. Bishop Gunnar Stålsett has visited East Timor many times since 2006 to mediate in this difficult process. Without Bishop Stålsett and the Norwegian Refugee Council in East Timor with its director Alfredo Zamudio, the situation in East Timor would have been far worse. They have left something of great value to the new nation. Mr Zamudio and Bishop Stålsett both received distinguished orders by President Jose Ramos-Horta for their contribution to East Timor and its people.

The Norwegian Refugee Council (NRC) came to East Timor in 2006. NRC built shelters and transitional houses for the many internally displaced. The refugee problem is fortunately today solved. NRC has also built 30 schools in remote mountain areas, and 5 youth centers for young people with no jobs or school to attend. Alfredo Zamudio is seen in the picture to the left outside one of the schools together with Wenche Christophersen and Thomas Christophersen. Alfredo was himself a refugee when he came from Chile to Norway when he was 15 years old.

A reception was held at the Norwegian Embassy in Dili in honour of Bishop Stålsett for his contribution to peace and reconciliation in the country. The children’s choir had travelled the long way from the mountain village of Fatu Lau where their school was built by the Norwegian Refugee Council. Song tuitition was a gift from the Embassy and they gave a peace concert together with the Japanese soprano Tazuko, which will be remembered for a long time in Dili.

With grateful thanks to Wenche O. Christophersen

DNK’S AUTUMN GOLF DAY AT BURHILL

Mark your calendars

and come and play at

Effingham Golf Club on

Thursday 19th May 2011.

www.dennorskeklub.co.uk6

Eighteen very keen and dedicated golfers met at Burhill on a gloriously sunny autumn day and had great fun competing for the DNK silver and other lovely prizes. Burhill Golf Course in Surrey was established in 1907 by the Guinness family. The clubhouse dates back to 1726 and is a luxurious Georgian mansion which was a wonderful setting for the sumptuous lunch served after our game. We played the Old Course which was in very good condition although the greens were a challenge to most of us (but what else is new...).

RJ

RESULTSDNK ladies:1. Reidun Jebsen 32 points (Nordmannspokalen)2. Beverley Shjelderup 30 pointsDNK Gentlemen:

1. Lars Sjumarken 40 points (Fuglesang Trophy)2. Albert Schjelderup 34 pointsBest Lady guest: Tina Grol 32pBest Gentleman guest: Paul Grol 35pNearest the pin:Ladies: Reidun JebsenGentlemen: Albert SchjelderupLongest drive:

Rudolf KreftingCombined Winners: Reidun Jebsen (Arthur Arnold Trophy) and Albert Schjelderup (Vandrepokalen)Well done to all players!

www.dennorskeklub.co.uk 7

Advokatfirmaet Thommessen AS

42 New Broad Street GB-LONDON EC2M 1JD

England

Contact: Lars Eirik Gåseide Røsås T: +44 (0) 207 920 3008 E: lgr@thommessen.no

Norway Haakon VIIs gate 10

PO Box 1484 Vika NO-0116 OSLO

Strandgaten 209 PO Box 1970 Nordnes

NO-5817 BERGEN

www.thommessen.no

We provide more than just advice, we provide guidance and solutions which help clients achieve their objectives.

Photo: CF-W

esenberg/kolonihaven.no

All change at KFUK The KFUK hostel, nicknamed ‘K’, is the Norwegian YWCA’s beautiful Victorian building in Holland Park. It was bought in 1938 with support from members of the Norwegian-British community in London, friends of the Norwegian YWCA, a shipowner who changed his will on his deathbed after reading about the funds needed, and last but not least with financial support from HM Queen Maud. ‘K’ serves as a home-away-from-home for Norwegian students and families who come to London for longer or shorter visits. It also serves a healthy dinner every day, to which everyone is welcome. Extensive refurbishments to the bathrooms are taking place at the moment to upgrade the bathroom facilities to a standard expected nowadays. Anyone who would like to support this much-needed work should contact general manager Tor-Jarle Larsen, tjl@kfukhjemmet.org.uk.

’K’s a registered charity, eligible for Gift Aid. Address: 52 Holland Park, London W11 3RS.

With thanks to Tor-Jarle Larsen, general manager of ‘K

8 www.dennorskeklub.co.uk

WORLD CLASS SKIING COMES TO OSLOIn February and March 2011, the world elite of Nordic skiing will congregate in Oslo for the FIS Nordic World Ski Championships. A total of around 650 athletes from over 60 countries will be participating in the Championships. As every Norwegian knows, we are supposed to be born with skis on our feet. Norwegians certainly do know a thing or two about skiing – especially the Nordic branches of the sport. These are the disciplines in which Norwegians and the other Nordic countries (save perhaps Denmark!) excel. So when the world championship comes to Norway, it promises to take the form of quite a national celebration and the host nation has high hopes of a sweep of medals.

What is Nordic Skiing? As distinct from Alpine skiing – which is basically getting down a hillside on skis – the Nordic ski disciplines comprise cross-country skiing and ski-jumping, or a combination of the two. Also included is biathlon, a race combining skiing and target-shooting, which demands not only superb marksmanship but also extreme breath control in order to pull the trigger in between heartbeats!

Among the most popular events are the cross-country relay, ski jumping, cross-country pursuit and the sprints. For the most attractive events, the stadium tickets and spaces near the finishing lines are already filling up. However, top tickets are continually released for sale when people do not pick up their reservations.

World’s Winter CapitalThe championships will also be an excellent chance for Norway’s capital to present itself as the World’s Winter Capital. The organisers, with good help from the sponsors and the municipality of Oslo, will lay on an abundance of cultural programmes and tourist promotion measures.

The arrangers make much of the famous “crowd spirit” that is so typical of Norwegian sporting events. The ‘Holmenkollen roar’ is a well known phenomenon whenever a favourite participant appears at this much-loved Oslo ski jump, especially when a new record is set. For this particular world championship, spectators are encouraged to camp out in the forest behind town to be part of the action from early morning to late at night. Tents will be available for hire, and logs for camp fires will be sold at the site. It should be an exciting and unforgettable experience.

Norway chasing Finland

Snowballs entertaining in the woods

The sporting activities will centre on Holmenkollen

Central Oslo will be one big outdoor party

Report from Grieg Society Record of the Year

The Grieg Society of Great Britain hosted its Record of the Year Award at the Norwegian ambassador’s residence in London in October. The 2010 prize, a sumptuous cut-glass decanter, went to Annar Follesø for his world-premiere recordings of recently re-discovered music by Ole Bull (1810-1880). It is rare for a record with no music by Grieg himself to be awarded this prize. Beryl Foster, Chairman of the Grieg Society says, “this outstanding recording deserved our Record of the Year prize”.

In the majestic setting of the ambassadorial reception room, flanked by grand oil paintings of Norwegian mountains and fjords, the audience of Grieg Society members and guests were treated to a star performance by Annar Follesø himself and his Japanese accompanist, Chisato Kusunoki, on piano.

UK Premiere of recently re-discovered music scores by Norwegian composer Ole Bull

The performance was remarkable for being a UK premiere of an Ole Bull piece not performed since 1880, when it slipped into obscurity only to be rediscovered in 2007 and finally, in 2010, performed for the first time in the UK.

In an interview for Northern Lights, Annar Follesø says, “Ole Bull played this music in the United States since he saw it as an excellent example of Norwegian folk music. As a Norwegian, the music of Grieg and of Ole Bull appeals to me.”

The Grieg Soceity of Great Britain was founded in October 1992 to promote British interest in Grieg and other Norwegian composers and to pursue the cultural links between Britain and Norway. For further information see http://griegsociety.co.uk/

With grateful thanks to Millicent Scott

9www.dennorskeklub.co.uk 9

WORLD CLASS SKIING COMES TO OSLOCultural featuresThe City of Oslo will also take the opportunity to put on some world-class entertainment and cultural events during the championship week. There will be outdoor concerts and medal ceremonies in the University Square in the centre of town. Parts of the centre will be cordoned off, and the main street area will feature ice sculptures, a skating rink, cafés and stalls selling food, crafts and design.

Snowy MascotsEvery championship needs its own mascot. Oslo 2011will have two, a go-ahead little snow girl and a more bumbling snowman. They are designed to appeal to an international public, young and

old, and to represent the inherent values of the championships: an enthusiasm for skiing and the joys of winter.

For more information, and how to buy your tickets, see www.oslo2011.no.

BMS All photos: Oslo Ski-VM 2011

The Holmenkollen Ski JumpUll and Fnugg, the mascots

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Investment advice and wealth management can be made difficult. We prefer a simple approach that focuses on the return after inflation and tax.

Many investors want the highest possible returns. The British investor and philanthropist, Sir John Templeton (1912–2008), said, “It is impossible to produce a superior performance unless you do something different from the majority.” The S5 concept is designed to give investors a different alternative that incorporates our best ideas.

Clients of DnB NOR Private Banking have financial freedom. This enables them to take an independent stance and make unconventional choices. S5 was developed in response to demand from clients who wanted to make independent choices and let patience prevail over short-term pitfalls. S5 is the alternative for investors who want to increase the odds of achieving higher returns. The financial industry and academia have traditionally focused on average returns on asset management products and in the market. In practice, however, very few investors achieve this average return. As a result of less than optimal decisions about buying and selling, many investors end up with a volume-weighted return that is far below the average return in the market. Practice has shown that the manner in which you invest is more important than the product or asset class in which you invest.

A correctly structured portfolio can help investors reduce the problem of suboptimal decisions. Even top athletes need coaches to put them on the right track. Our goal when developing the S5 solutions was for advice and counselling to reduce short-term perspectives and impatience by providing a different alternative. The relationship between the client and adviser does not end when the client invests in S5.

For new clients, that would be when coaching and the road to better returns starts. People are not generally born with the ability to achieve superior financial returns, a good foundation and regular follow-up is necessary to avoid too many errors. With a suitable asset management structure, effort should be made to include our best ideas into the structure. We have included four such elements in our basic structure to form the S5 concept:

– Style.

– Selection.

– Specialist expertise.

– Syclicality.

Style refers to investment style, and in the context of S5 it means the share portfolio primarily consists of shares that exhibit clear factor characteristics. Value and momentum are two factor characteristics that have historically achieved higher returns than comparable indexes. Not only is a portfolio consisting of pure value and momentum shares different from what the majority has, the odds are good that such a portfolio will provide higher returns than the market.

Manager selection opens the door to some of the world’s leading fund managers. The funds are selected on the basis of a systematic approach backed by experience. Both the style investments and manager selection search all over the world for the best shares DnB NOR has a unique position in Norway due to its size and long history. DnB NOR Asset Management

is Norway’s leading asset management company, and through S5 investors gain access to our expertise in managing Norwegian shares and fixed-income instruments.

Our cyclical view of the market determines whether investors’ portfolios have larger or smaller allocation to equities compare to the average allocation entailed by the three S5 profiles over time. When economic growth indicators are pointing upwards portfolios will have a larger equity allocation than when the trend is downwards. Our view of the market may deviate from the consensus and majority views because ours is based on leading indicators that per definition deviate from the rest of the news at the time of important economic turning points. Another thing that makes the S5 solution unique is the balance between active decisions made by people and rule-based asset management. The link between the human and mechanical factors has been carefully thought out with an eye to achieving the best results. This balance also ensures that the solution does not rely too heavily on any one person, without diminishing the expected return.

The S5 solution is dynamic and involves always striving to allocate money where the likelihood of good return is the greatest. The industries and countries represented by the shares in the portfolio will consequently vary.

S5 is more than just another new product. If shortterm sales were our goal we would have chosen a simpler name. The decision to be different is one we make together with our clients. We realise that being different may be a bit unnerving in the short run if gains are not evident right away. “Worldly wisdom teaches that it is better for reputation to fail conventionally than to succeed unconventionally”, said the insightful British economist John Maynard Keynes (1883–1946). We cannot guarantee the outcome in the short term. The cornerstone of our advice on the road to higher returns is to have patience, which means that our solutions must look beyond the traps of short-term thinking.

If the goal is superior returns over time, in the spirit of Templeton, any serious discussion of portfolio structure should take the five S’s into account. S5 is a different approach and the solution for those who want our best advice gathered in one single structure.

Trym Riksen Investment director

DnB NOR Private Banking

We focus on providing Private Banking services, offering active and all-inclusive advisory services and customized solutions

The bank is founded on Norwegian values and all our advisersare Scandinavians.

www.dnbnor.lu

Contact us for more details on:• Financial planning• Wealth management• Cutting edge investment products• Norwegian investments and conditions• Financing securities and real estate in France and Spain

DnB NOR Private Banking LuxembourgEmail: privatebanking@dnbnor.luPostal adr: P.O. Box 867, L – 2018 LuxembourgOffice: 13, rue Goethe, L – 1637 LuxembourgTelephone: +352 45 49 45 1 Telefax: +352 45 49 45 200

We focus on providing Private Banking services, offering active and all-inclusive advisory services and customized solutions

The bank is founded on Norwegian values and all our advisersare Scandinavians.

www.dnbnor.lu

Contact us for more details on:• Financial planning• Wealth management• Cutting edge investment products• Norwegian investments and conditions• Financing securities and real estate in France and Spain

DnB NOR Private Banking LuxembourgEmail: privatebanking@dnbnor.luPostal adr: P.O. Box 867, L – 2018 LuxembourgOffice: 13, rue Goethe, L – 1637 LuxembourgTelephone: +352 45 49 45 1 Telefax: +352 45 49 45 200

Our best advice in one single solution

Contact: Henrik Strømqvist Deputy Head of Private Banking

DnB NOR Luxembourg S.A.

13, rue Goethe L-1367

Luxembourg

P.O.box 867, L-2018 Luxembourg

Phone: +352 454 945 210

Mobile: +352 621 26 80 76

Fax: +352 454 945 210

Email: stromqvist@dnbnor.lu

Web: www.dnbnor.lu

www.dennorskeklub.co.uk 11

The brilliant art on display at the exhibition we were to attend was a collection lent by the Budapest Museum of Fine Art and the National Gallery of Hungary, and aptly named ‘Treasures from Budapest: European Masterpieces from Leonardo to

Schiele’. The hour and a quarter we had to look around the fantastic paintings and drawings by a fabulous array of artists went all too quickly but our stomachs told us it was time to eat.

36 Lørdag | LØRDAG 23. OKTOBER 2010

ANDRÉ BENONISEN

En eim av gammel sigarrøk henger i luf-ten. Veggene er dekorert med oljemalerier av falne storheter, og finurlige utsmykninger i taket holdes oppe av tunge søyler. I resep-sjonsområdet står en gammel kanon ved siden av granittpeisen.

Det mest iøynefallende er likevel en glass-ramme med kongelige og militære utmer-kelser. Slike som en gang har vært festet på heltemodige menns jakkeslag.

På St. James’s Square i Londons fineste herreklubbstrøk ligger Naval & Military Club. Det er her Den Norske Klub (DNK)

holder hus. Kallenavnet The In & Out er imidlertid det som skal til for å høste gjen-kjennende nikk fra den britiske hovedsta-dens mange drosjesjåfører.

Ikke bare redere– Mange av medlemmene har etter hvert nådd en viss alder, så vi er helt nødt til å for-ynge oss, sier styreleder Reidun Jebsen.

Opprinnelig måtte man ha offiserstatus i enten marinen, hæren eller flyvåpenet, even-tuelt bli anbefalt av to eksisterende medlem-mer for å få innpass. Nå er det løsnet noe på snippen, men fortsatt må søkere uten natur-lige bånd til klubben passere en intervjurun-

Gentlemansklubb på medlemsjakt

london: I mer enn 100 år har Den Norske Klub vært til for eliten. Nå er den lukkede festen over.

An evening with chief economist Øystein Dørum of DnB NOR - insights and outlook on the economic state of affairsIt was on Thursday 14 October that Øystein Dørum visited Den Norske Klub in St James’s Square in order to share his insights and outlook on the current economic climate, primarily focusing on Europe.

This was the second seminar of its kind that DNK has hosted together with DnB Nor Private Banking Luxemburg, and judging from the overwhelming and positive feedback from the audience of about 60, it seems that a similar event needs to be arranged next year. We were happy to see a number of NBCC members attending, which reminds us that a further collaboration with them ought to be progressed.

As last year, this ‘Financial Evening’ kicked off with some light (and excellent!) finger food and drinks, before the Chief Economist took the stand with great passion – clearly displayed with one of his early statements; “it ain’t over till the fat lady sings”..

Although Dørum does not believe in a so called ‘double dip’, he did indeed emphasise times of low interest rates and modest economic growth – which he calls the ‘fifth act’ of the global financial crisis. He explained that the crisis was, among other factors, initiated by all the subprime mortgages that were granted in the USA, which in time became subject to very speculative and complex financial products. In a nutshell, he sees three routes out of the crisis for the US, which will all have a dramatic impact worldwide; (1) “the good”; this means that fundamental reforms will fuel real growth, (2) “the bad”; they generate growth by increasing prices, i.e. inflation, and (3) “the ugly”; deflate the dollar to increase competitiveness.

The Chief Economist had to answer a number of tricky questions from a friendly and engaged audience, and it was obvious that the topic is of great importance. DNK members and guests who had found the way to the King Harald V room this evening could have stayed for several hours to discuss the presented insights and outlook in greater detail.

DNK would like to thank Øystein Dørum for taking the time to come to the club, and we equally extend a big ‘thank you’ to Henrik Stromqvist and the DnB NOR team in Luxemburg who co-hosted the event and who are supporting DNK activities throughout the year.

TH

FINANCIAL EVENING

André Benonisen, Finansavisen

DNK Ladies’ Luncheon At The Royal Academy And Quaglino’sEleven ladies from DNK assembled in the foyer of the Royal Academy of Arts for the November luncheon.

We duly walked the short distance in the cold London wind to Quaglino’s where a table had been booked for our lunch.

The restaurant was sleek and elegant, but the service was slow and the wait for our food was excessive. Much (admittedly delicious) bread and butter had to be consumed to keep hunger pangs at bay. When our meals finally arrived they were good and very enjoyable.

Nonetheless, the cold November day was a pleasant one. At least the time spent in the restaurant gave us all the chance to have a good long chat and the opportunity to get to know each other all the better. A good time was had by all.

We now look forward to the next time. It would seem that the DNK ladies’ luncheons are always fun.

With grateful thanks to new member Anne Furness.

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A Visit to Svalbard – the Northern Frontier

Snow, snow, more snow and some reindeerSnow, punctuated by Svalbard reindeer characterises this landscape. A lucky 20% tourists also catch a glimpse of the elusive polar bear: people are also killed by it.

Svalbard reindeer differ from their mainland cousins by being a smaller, hardier and more robust breed perfectly adapted to their extreme habitat. They do not live in flocks as they cannot be in competition for food in this place where any sustenance is a scarcity. They have to eat everything they find. Conversely, a Svalbard reindeer cannot survive on the mainland, where it will eat itself to death.

Ever since learning about Svalbard – where Spitsbergen is the main island – for a primary school project in the mid 1980s, I’ve had a fascination with this northern frontier territory. Finally, a quarter of a century later, I visited the archipelago for the first time.

Arctic adventureAt 78˚ north, Longyearbyen in Svalbard is the most northerly inhabited town on earth. Stepping off the flight from Tromsø to Longyearbyen airport, the atmosphere of having arrived at a frontier is quite remarkable. There is an expectation of adventure in the air. Longyearbyen is a favourite starting point for expeditions to the North Pole. The town – named after John Munroe Longyear, an American businessman who founded the town in 1905, rather than for the two seasons of polar night and polar day – is home to an eclectic array of adventurers and professionals. There are few permanent residents. It is something of a Mecca for geologists, climateologists, glaciologists and extreme sportsmen (yes, mostly men).

Tourists are advised not to leave the relative safety of the town without a firearms trained guide. This is due not only to the danger of polar bears, but also to the danger posed by weather that can change rapidly from calm to arctic storm, bringing with it the very real twin perils of disorientation and hyperthermia.

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A Visit to Svalbard – the Northern Frontier

Arctic Pursuits The point of my journey was purely tourism – a longing to experience the vast expanses of virgin snow stretching into the horizon and the extreme bleakness of a smell-less, tree-less, virtually uninhabited snow and ice desert.

Having to pay a guide a Norwegian level salary every time you leave town can have a mighty impact on an English wallet. Nevertheless, during my four-day stay, I managed to go:

• Snow-shoeing up Sarkofagen mountain – named for its shape, rather than anything more sinister

• Ice-caving in a grotto under Larsbreen glacier

• Sightseeing in the picturesque town with its vividly coloured wooden houses and souvenir shops

• On a snow-scooter trip to Barentsburg - the near-deserted former Soviet outpost where statues of Lenin still feature prominently

Local PopulationSvalbard is a Norwegian administrated territory and as such is not ruled by EU regulations. Surprisingly, given its extreme climate, Svalbard is a relatively popular destination for migrant workers, both from Norway and elsewhere. The great benefits of working here include Norwegian payscales and employment legislation. There are also relatively large Chinese and Philipino populations.

Food and DrinkSvalbard is no place for gastronomes. All food and perishable goods have to be imported. In Longyearbyen they come from Norway. In Barentsburg from biannual shipments from Russia. “Traditional frontier specialities” are available in Longyearbyen’s four and five star hotels. All the ingredients and chefs are sourced from mainland Norway, so these specialities include expensive versions of the sort of thing you’d expect – reindeer stew, whale steak and stock fish. However, the more “discerning tourist” stuck to what the locals eat – hamburgers, kebabs and pizza. Alcohol on the other hand, although affected by added cost of importing it, is not subject to Norwegian taxes. This makes it affordable to an English person. I hope to return one day.

Text and photos: Millicent Scott

Travel details:Return fare London- Longyearbyen with SAS – from about £750

Gjestehuset 102 – NOK 300-950 per person

Organised group snow-scooter trip incl. lunch – NOK 2500

Ice grotto – NOK 750 per person

Svalbard Tourist Information – see www.svalbard.net

SCANDINAVIAN RESTAURANT & CATERING

20 Old Brompton Road, London SW7 3DLT 020 7225 2772

www.madsenrestaurant.comreservations@madsenrestaurant.com

Seasonal lunch & dinner menu A selection of traditional and modern dishes. Think marinated herring, rye bread, frikadeller, biff Lindström, æblekage and Akvavit.

Private DiningFor special celebrations we have a private dining room that seats up to 12 people. It is further equipped with AV facilities for business meetings.

CateringWe cater for private and corporate events.

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All members will have received a letter explaining the new rules for entering the In & Out ClubYour membership card will no longer be the black Norwegian Klub membership card, but a gold-coloured In & Out Club card. To gain entry to the Club, you will need to “swipe” this card on a special reader outside the door. You should also contact the Club reception in order to have your photograph taken and stored.

Be sure to pay your membership feeYour membership is only valid on receipt of the appropriate membership fee. Please pay your fee for 2011 by the end of January at the latest. The fees (incl. VAT) for 2011 are: Single Membership: £99, Joint Membership (couples): £180.

DNK Membership Directory 2011A new Membership Directory will be issued in early 2011 and distributed to all members. Only paid-up members as

New membership cards and entry procedure to the Klub

per the end of January will be included, so please be sure your name will be there.

DNK Membership SurveyWe are very pleased to inform you that you can now fill in our survey form on-line. To fill it in, please go the DNK website at www.dennorskeklub.co.uk. Or just fill in and return the survey form sent you with the previous issue of Northern Lights. We want to hear from all our members what you think about your Klub.

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DNK Winter 2010-11

In & Out Events nbcc calendarDecember13 C13 Christmas Carol Services

and Christmas Reception

18 Christmas Ball

22 Last Day Lunch

January25 Burns’ Night Supper

27 Network 1900

tbc Fireside Chat

February 2 Comedy Night

9 Fireside Chat - Bishop Moth

24 Network 1900

March1 St David’s Day Themed Lunch

2 Comedy Night

3 Club dinner

17 St Patrick’s Day in D&O

17 New Members’ Supper

December9 3-course Christmas Luncheon at the Ambassador’s

Residence. A great opportunity to network with other Norwegian and British business people in this unique setting.

January27 Nordic Thursday Drinks The perfect occasion to network

with people from the Norwegian, Danish and Finnish business communities in an informal atmosphere

February4 Joint-Nordic Young Professionals Business Networking24 Nordic Thursday Drinks The perfect occasion to network

with people from the Norwegian, Danish and Finnish business communities in an informal atmosphere

nbcc aberdeen calendarDecember8 Aberdeen Christmas Drinks

February Aberdeen Wednesday Business Networking Event

November27th DNK Julebord 2010 (Christmas Dinner)

December6th Friday Drinks w/male choir Gaasehud

January26th Norwegian Forum at DNK

February5th Friday Drinks in the Canning Bar

February9th Ladies’ Luncheon at Christie’s,

then Tea at Sofitel Hotel

10th Gourmet Dinner at the Ambassador’s Residence

March4th Friday Drinks in the Canning Bar

9th Ladies’ Luncheon, Petersham Nurseries, Richmond

17th Cod Dinner with Pål Espolin Johnson

Contact the Club Secretary if you would like to participate in an event.

KFUK-hjemmet i London søker:

Styremedlem/Honorary TreasurerStillingen er ubetalt. Det avholdes ca. seks styremøter i året i tillegg til budsjettmøte og årsmøte. Mer informasjon: styreformann Janicke Greve (janickegreve@hotmail.com) eller hon. treasurer Gustav Ellingsen (gfellingsen@yahoo.com).

Nordea Bank S.A is a part of the leading financial services group in the Nordic and Baltic Sea regions. Some products and services mentioned may, due to local regulations, not be available to individuals resident in certain coun-tries. The attention of the investor is drawn to the fact that there can be no guarantee on the profitability of any investment in financial instruments and that such investment may entail losses, and this irrespective of the quality of the fund managers selected by the Bank. Past performance is not a guarantee of future results. Nordea Bank is subject to the supervision of the CSSF (110, route d’Arlon L-2991 Luxembourg). Published by Nordea Bank S.A.,

R.C.S. Luxembourg No. B 14157, 562, rue de Neudorf, L-2220 Luxembourg, Tel +352 43 88 77 77 Zurich branch: Tel +41 44 421 42 42 www.nordeaprivatebanking.com

Multi-Manager Portfolio Management

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A universe of more than 61,000 investment funds are analysed and only the best managers, within their de-fined, specialist areas, are selected. Then, our experienced team builds and monitors your portfolio accord-ing to the investment strategy that you have defined together with your personal Account Manager. Multi-Manager Portfolio Management combines Nordea’s investment strategy, risk management and the world’s top investment managers. One private banker, many specialists – Making it possible. Visit us at www.nordeaprivatebanking.com, or call +352 43 88 77 77 for more information.

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