PARIS/STOCKHOLM (Reuters) – Renault (RENA.PA: Quote, Profile, Research, Stock Buzz) has sold its stake in Swedish truck manufacturer Volvo (VOLVb.ST: Quote, Profile, Research, Stock Buzz) to invest in its core business and cut debt, giving the Swedish company greater freedom to tackle its own problems in Europe.
The French car maker came close to an outright merger with Volvo in 1993 and had held a stake in the business since 2001, when it sold its trucks division to the Swedish company in return for shares.
STOCKHOLM (Reuters) – The Nobel Foundation will cut more costs and try to boost returns from its investments after the global downturn forced it to reduce its prize money by 20 percent this year.
The Nobel Foundation, one of the world’s most prestigious institutions, made waves earlier this year when it cut its prizes to 8 million crowns ($1.2 million) after a decade of costs over-running its income from investments.
STOCKHOLM (Reuters) – The head of Sweden’s trade union confederation urges the central bank to cut interest rates to support the slowing economy and says union demands for wage hikes would not trigger inflation.
Sweden’s economy, which had been one of the most robust in Europe, is slowing sharply. The central bank has indicated that rates are more likely to fall next year than rise but has been reluctant to lower borrowing costs because it is worried about high levels of household debt.
HONG KONG/STOCKHOLM (Reuters) – Swedish compressor and mining gear maker Atlas Copco (ATCOa.ST: Quote, Profile, Research, Stock Buzz) is close to a deal to buy a 75 percent stake in Shandong Rock Drilling Tools Co Ltd from China’s Shandong Sanshan Group, sources in China familiar with the matter told Reuters.
The sources did not disclose any purchase price.
The deal for the stake in the rock drilling gear maker, based in the eastern province of Shandong and which has about 400 staff, included a stake in a steel mill, a source said.
STOCKHOLM (Reuters) – A security guard at Swedish Prime Minister Fredrik Reinfeldt’s residence was killed by a bullet fired from his own gun on Friday in what police said was being investigated as a suicide or accidental shooting.
The prime minister was not at home at the time.
“We can confirm that a security guard was found dead from a gunshot wound from, as far as we can ascertain, his own service weapon,” Stockholm police spokesman Sven-Erik Olsson said.
STOCKHOLM, Nov 9 (Reuters) – Industrial output in Sweden
suffered its biggest drop for more than three years in
September, raising fears the previously robust Nordic state
could fall into recession due to the euro zone crisis.
Export-driven Sweden, the Nordic region’s biggest economy,
had seemed almost immune to the problems created by the
sovereign debt crisis and its economy expanded by 1.8 percent
year-on-year in the first quarter and 0.8 percent in the second.
STOCKHOLM, Nov 1 (Reuters) – Activity at Swedish factories
fell it its fastest rate in more than 3 years in October, a
survey showed, boosting the chances of a rate cut to defend the
previously robust economy from sinking euro zone demand.
The Nordic country’s seasonally adjusted purchasing
managers’ index fell to 43.1 points for the manufacturing
sector, data compilers Silf and Swedbank said on Thursday, with
50 points marking the divide between expansion and contraction.
STOCKHOLM, Oct 24 (Reuters) – Compressor and mining
machinery maker Atlas Copco AB posted
forecast-beating quarterly earnings and squeezed out a slight
rise in orders in tough markets.
Though the Swedish company forecast lower demand for its
products in the near term, its shares were boosted by the
positive earnings surprise, creating a rare bright spot in a
hard pressed engineering sector.
STOCKHOLM (Reuters) – World number two truck maker Volvo (VOLVb.ST: Quote, Profile, Research, Stock Buzz) said it expects no growth in European and U.S. markets next year, after orders and earnings plunged in the third quarter.
The European debt crisis and a faltering U.S. economic recovery have sapped demand for heavy-duty trucks.
STOCKHOLM (Reuters) – Car maker Volvo has ditched its chief executive for a former trucks boss who faces the daunting task of turning around flagging sales and accelerating a push into the home market of its Chinese owner.
Former MAN SE (MANG.DE: Quote, Profile, Research) boss Hakan Samuelsson, a Swede, replaces German Stefan Jacoby, who suffered a mild stroke last month and whom sources say was at loggerheads with the effective head of the board.