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Danish American Chamber of Commerce New York

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Danish American Chamber of Commerce New York DANISH AMERICAN CHAMBER OF COMMERCE NEW YORK 75 ROCKEFELLER PLAZA, 11th Floor NEW YORK, NEW YORK 10019 (212) 245--0424 NEWSLETTER No. 4 August 19&3 Editors Poul Essemann (212) 697-.5101 Torben Huge-Jensen (212) 807-711.5 Dan Larsen (212) 864-.5107 Erik Norup (212) 7.52-3448 Flemming ~derJund (203) 6.5.5-7483 CARNEGIE SUCCESS and Danish companies the Danish colors were highly visible, and a great number of Danes The Gala Benefit at Carnegie Hall on June joined together to show off Denmark's 8th became a greater success than anybody contribution. involved in the last two weeks of preparation could have hoped for. Tickets The Danish promotion was visible in the were very slow selling but the sale picked following newsmedia: up considerably the last couple of days prior to the evening, and the net result for the NEW YORK TIMES scholarship exchange program for young DAILY NEWS Danish and American dancers was in excess NEW YORK POST of $36.000. CHINATOWN NEWS ST AR LEDGER, NEW JERSEY A literally fuH house enjoyed a tremendously RECORD, NEW JERSEY talented performance by the Soloists of the COURRIER NEWS, NEW JERSEY Royal Danish Ballet, the Martha Graham Dance Co., and Peter Martins. A touching TV COVERAGE ON: moment during the performance came when CHANNEL .5 the Soloists invaded the stage immediately CHANNEL 9 after the Martha Graham Dance Co. had CHANNEL 11 finished dancing "Acts of Light" to music by CHANNEL 13 Carl Nielsen. The Danish dancers, dressed in Royal Danish Ballet sweatshirts, presented as well as cable TV and one of the major each of the American dancers with a flower. networks' morning shows. The Carrier "The Intrepid" on the Hudson Several radio stations have brought excerpts River was an exotic and exciting frame for from various concerts and especially Aarhus the after-performance dinner dance. 600 Pigegarde has promoted Denmark in an people had a "ball" onboard the ship dancing outstanding way. This great pro111otion shows among aircrafts, missiles and memorabilias how a united front can give great credit to from World War II. The Danish American Denmark. Society who sponsored the event is now planning a fund-raising program so that the On behalf of the Danish American Society foundation for the exchange program can and the Danish American Co-ordinating become operative. Council we congratulate you all. One anonymous donor has already commi tted THJ $.5.000 annually over the next five years. NPA DENMARK RACE ON LONG ISLAND SOUND The eighteenth annual Stamford-Denmark HARBOR-FESTIVAL - HOW UNITED DANISH Friendship Sail Race, the largest sail race in EFFORT PAYS OFF the eastern U.S., is scheduled this year for Sunday, October 2, with the first start at The 4th of July "SCANDINAVIAN AMERICAN 0930 hours. SALUTE" was a great Danish success. W~th the help of a united effort by Danish organizations -1 -2- The first Denmark Race in 1966 was part of company of the Novo group. The com . a week-long commercial promotion by the a world leader in insulin and pany 1$ Danish Consulate General in New York and production. Novo shares are traded enzyme the Stamford Chamber of Commerce. The stock exchanges in Copenhagen Lond at the names of several travelling trophies recall New York (ADRs). It is expe~ted u::' and this background: The SAS Royal Viking Cup, P,lisen will highlight the SUccessful rec t ~r. The Royal Copenhagen Trophy, The Aalborg of the ADRs (American Depository Sha ep:ion Akvavit Trophy, the Tuborg Skaal Bowl and the U.S. financial world. res by for-keeps trophies by Bing & Gr.Sndahl. The Queen of Denmark Cup is sponsored by Carmen-Clairol, and the Prince of Denmark Trophy by Peter F. Heering A/S. Chamber SCANDINAVIAN FURNITURE CHAIN EXPANQi members who wish to enter their yachts, or friends' yachts, in the race which is sailed Scandinavian Design, Inc., the Massachusett on a triangular course on Long Island Sound based contemporary home furni•'-i· s- . "'' ngs starting at mid-sound buoy 32-A, may request company, cont anues to grow. According t an entry form from the Race Committee at Ro~rt W. Darvin, president of the 26-uni~ (212) 933-3969 before September 1'th, 1983. chaan, new stores have recently opened · Manhattan; Huntington, Long Island; Warwicr RI; and Boston,MA with another seheduled for a November 1983 opening in Wayne, NJ. TED MICHAELSEN HONORED The company, which started eighteen years Edward (Ted) H. Michaelsen was appointed ago in a rented room in Natick, MA, is now Knight of the Order of the Dannebrog by the major importer of Scandinavian H.E. Ambassador Otto R. Borch at a furnishings in the United States. Sales for ceremony prior to the Gala Benefit 1983 are projected at over 60 million dollars. Performance at Carnegie Hall on June 8th. Stores throughout New England are called Photo shows Ted Michaelsen addressing Scandinavian Design while those in New York ' Ambassador Borch after the bestowal of the and New Jersey are called Scandinavian order. Gallery. MEMBERSHIP NEWS On September 1, 1983, Bent Hansen will transfer from Copenhagen Handelsbank to join Nordic American Banking Corporation as Vice President. He assumes those of Kaj Hermansen's responsibilities which relate to Danish business activities. Throughout the forthcoming year Kaj Hermansen will pursue private interests before he returns to a ·position at the Head Office of Copenhagen Handelsbank on September 1, 1984. OBITUAK I On June 27 S. Ralph Cohen, a former assistant to the president of SAS and a promoter of Scandinavian cultural programs in the US, died of a heart attack. He was 65 years old. His work on behalf of Scandinavian culture earned Mr. Cohen knighthoods from both Denmark a'nd Norway and a medal from King Carl XVI of Sweden. COMING LUNCHEON GUEST SPEAKERS The Chamber has secured two distinguished guest speakers for the September and November luncheons. On September 29 the President and CEO of Den Danske Bank, Mr. Tage Andersen, will address the members. Mr. Andersen is in the U.S. on the occasion of the annual meeting of the International Monetary Fund (IMF). On November 30 the speaker will be Mr. Mads P.,lisen, President and CEO of Novo lndustri A/5. Novo lndustri A/5 is the parent -- -3- THE DANISH ECONOMY Fi~lly the balance of pa~nts developme!nt The latte~ year's development . during the first of 1913 has been vefy 10 half economy ts a classical case ill th~ Danish favorable. The trade balance has virtually an open economy cannot ustrat_ing Why been in balance whefe it ,hawed • political goals without aJ:\~ue its own significant deficit during the sa.me peiod in 1 economic trends in the P ~g to . the 1982. The current balance of payments is economy. Despite the fact th 1nternat1onal expected to show a deficit in 1913 of around · f at the ma· economies ollowed an ant1· . Jor D.kr. •• billion. The main emphasis on the policy, Denmark tried to dampen ;~nf~t1onary balance of payments has switched lrom the in the unemployment rate the tn~rease trade balance element to the interest elCpansionary fiscal policy. Seen fr roug _an payment~ on foreign debt. Disrega rding · · t f · om a soc10- interest payments the current bal.ance of econom1c pom o view the poJ1"t• • I "bl tea 1 aims payments would show a surplus. were . very p aus1d e, however , ...31tOr t term benef its cause long term · b problems. tm a 1ance The other sjde of the coin is the increasing unemployment. In the beginning of July there were around 291,000 unf!mployed In Denmark The _Conservtatdiv~-Liberal government which corresponding to an unemployment rate of was maugura e 10 5eptember last y ·t m 1·n · ·b· ear saw 11.1 S. This represents an Increase ln the as . _1 s a .. respons_1 11ity to make the unemployment percentage o1 approidmately poltttcal de~mons wh1c_h were required in I ~-point over the past year. order to brmg the Danish economy back track. Th~ gov~rnment•s policy package h~~ There has been a substantial increase In the three maJt~r :i;s, tdo f"r~duce the central money supply. M2 grew by 19~ from May govern~en_ s u get e 1c1t, to reduce the lut year. The money expansion ls partly domestic mterest. rate level and to da mpen caused by the increase in private foreign d the omest1c wage and price development. borrowing which took place after the EMS The ~overnment strongly opposed any realignment in March this year. The money ' suggest1~ns of a de~aluation of the Danish supply is more volatile in an open economy Krone smce a reduction in the value of the and swings should not lead to any immediate Krone would lead to substantial capital concern. Liquidity during most of the second losses on the soaring foreign debt and create quarter was very affluent resulting in uncertainty among Danish export companies. overnight interbank rates around 4-.5%. To Instead the govern~ent is pursuing a strategy prevent an inflationary impact the Central whereby growth m wages and prices is Bank halved the banks' drawing rights for reduced as compared to Denmark's trading the third quarter which has brought the partners, thereby bringing Danish goods in a overnight rates back to 11-12%. more favorable competitive position. Despite the substantial drop in the interest This political course will not have any rates the corresponding fall in inflation has immediate effect, it will not solve all maintained a very high level of real interest Denmark's economic problems here and now.
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