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.
STOCKHOLM, Sept 29 (Reuters) – A private equity fund bid 5.4
billion crowns ($787 million) on Wednesday for Swedish engineer
Munters (MTRS.ST: Quote, Profile, Research, Stock Buzz), trumping a bid from Sweden’s Alfa Laval
(ALFA.ST: Quote, Profile, Research, Stock Buzz) in the fast-recovering manufacturing sector.
The offer from Cidron, owned by private equity fund Nordic
Capital VII Limited, was recommended by the Munters board and
could lead to one of the biggest deals for a listed Swedish
company since the global financial crisis struck in 2008.
STOCKHOLM (Reuters) – Sweden’s center-right government is to remain a minority administration after the opposition Green Party on Monday refused to back the coalition.
Prime Minister Fredrik Reinfeldt and his center-right allies won 173 seats in the 349-seat parliament, two short of a majority. The anti-immigrant Sweden Democrats, which entered parliament for the first time, hold the balance of power between Reinfeldt’s bloc and the center-left opposition.