STOCKHOLM, Oct 28 (Reuters) – Swedish power group Vattenfall
[VATN.UL] said it expected electricity prices to remain
depressed for years to come even while posting a 65 percent rise
in third-quarter operating profit, helped by lower costs.
Europe’s fifth-largest electricity producer has been hit in
recent quarters by lower demand due to the global downturn and
margin pressure from new production while it also needs to meet
the need for more sustainable energy sources.
STOCKHOLM, Oct 27 (Reuters) – Assa Abloy AB (ASSAb.ST: Quote, Profile, Research, Stock Buzz), the
world’s biggest lock maker, stuck to its forecast for only
slight organic sales growth this year as it expects European
government spending cuts to crimp demand.
The Swedish company, much of whose revenue is linked to
construction work and which sells locks under brands such as
Yale and Abloy, beat forecasts with a 21 percent rise in
third-quarter profit on Wednesday.
STOCKHOLM (Reuters) – Truck maker Scania (SCVb.ST: Quote, Profile, Research, Stock Buzz) missed expectations for third-quarter sales growth and warned that bottlenecks could emerge among suppliers as production rates rose, sending its shares down more than 4 percent.
Sales at the group, majority-owned by Germany’s Volkswagen (VOWG.DE: Quote, Profile, Research, Stock Buzz), rose to 18.6 billion crowns ($2.8 billion) from 13.4 billion a year ago due to firming market demand, but came in shy of the 20.0 billion seen in a Reuters poll of analysts.
STOCKHOLM, Oct 22 (Reuters) – Swedish compressor and
machinery maker Atlas Copco (ATCOa.ST: Quote, Profile, Research, Stock Buzz) beat forecasts with
record third-quarter earnings and said on Friday it expected
demand in the near term to improve somewhat.
Atlas Copco and peers in Sweden’s engineering industry have
rebounded rapidly from the plunge triggered by the global
financial crisis, powered by surging sales in Asia and Latin
America and with cost cuts lifting margins to record levels.
STOCKHOLM, Oct 22 (Reuters) – Volvo (VOLVb.ST: Quote, Profile, Research, Stock Buzz), the world’s
second-biggest truck maker, said market growth will remain in
double digits in both Europe and North America next year as it
rolled out stronger-than-expected quarterly earnings on Friday.
Volvo and rivals such as market leader Daimler (DAIGn.DE: Quote, Profile, Research, Stock Buzz)
have seen the highly cyclical demand for heavy-duty trucks pick
up in recent months after weathering the worst downturn in
decades due to the global financial crisis.
STOCKHOLM, Oct 19 (Reuters) – SKF, (SKFb.ST: Quote, Profile, Research, Stock Buzz) the world’s
biggest bearings maker, raised its financial goals on Tuesday
after unveiling forecast-beating quarterly earnings, predicting
a further rise in demand and making a $1 billion acquisition.
The Swedish company said it was buying U.S.-based
lubrication systems company Lincoln Industrial on a cash and
debt free basis, one of the group’s biggest acquisitions.
STOCKHOLM, Oct 12 (Reuters) – Sweden’s government, setting
what some analysts said was a cautious 2011 draft budget, said
on Tuesday it would run a slightly wider than expected fiscal
deficit and forecast softer but still healthy economic growth.
The Nordic country has bounced back from its deepest
downturn in decades relatively quickly compared with its
European neighbours, with public finances in good shape thanks
to a recovery in exports and strong domestic demand.
STOCKHOLM (Reuters) – Two Russian-born scientists shared the 2010 Nobel Prize for physics for showing how carbon just one atom thick behaved, a breakthrough with implications for areas from quantum physics to consumer electronics.
Andre Geim and Konstantin Novoselov, both with the University of Manchester, conducted experiments with graphene, a new form of carbon that is both the thinnest and strongest material known.
STOCKHOLM, Oct 4 (Reuters) – Iceland should be able to
loosen its still-tight capital controls within six months
following a court ruling that left the financial sector on safer
ground, the International Monetary Fund (IMF) said on Monday.
“The conditions have been falling into place for another
step towards capital control liberalisation.,” Mark Flanagan,
IMF mission chief to Iceland, told a conference call. “The
binding constraint right now is financial system stability.”
STOCKHOLM, Sept 29 (Reuters) – If any Swedish investment
bankers were hoping the government’s privatisation ambitions
would keep them busy and in bonuses in coming years, they might
have to think again.
An indecisive result to Sweden’s recent election means the
governemnt may not be strong enough to push asset sales past a
reluctant parliament, potentially spelling less privatisation
proceeds for state coffers and investment banks alike.