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Jan 28, 2015

Electrolux shares hit record after profit beat and upbeat outlook

STOCKHOLM, Jan 28 (Reuters) – Home appliances maker
Electrolux AB has raised its growth forecast for
European markets this year after cost cuts powered it to a
bigger than expected rise in quarterly earnings, sending its
shares to a record high.

The Sweden-based group, which makes fridges and dish washers
under brands such as AEG and Zanussi as well as its own name,
saw cost cuts in 2014 from years of plant closures kick in to
fortify earnings amid tepid demand outside a firmly expanding
U.S. market.

Dec 4, 2014

Swedish far-right makes big gamble to shed pariah status

STOCKHOLM (Reuters) – Sweden’s far-right is gambling its political future in pitching the country into snap elections, calculating disaffection with established parties and fears over immigration can further its meteoric rise from a pariah-like obscurity to mainstream power.

But voters may yet punish the Sweden Democrats, who want to cut asylum seekers by 90 percent, for tipping the balance in a vote over the budget on Wednesday and forcing a Social Democrat-Green coalition to call polls after only 2 months. Turmoil is an alien spectacle in Swedish political culture.

Dec 3, 2014

Swedish PM calls first snap vote in 50 years after far-right force budget defeat

STOCKHOLM, Dec 3 (Reuters) – Sweden called its first snap
election for more than half a century in March after a far-right
party helped defeat the centre-left minority government’s first
budget in parliament on Wednesday.

Formed after a fractured September election that handed the
anti-immigration Sweden Democrats the balance of power, Prime
Minister Stefan Lofven’s Social Democrat-Green coalition has
been widely viewed as Sweden’s weakest government in decades.

Nov 23, 2014

Sweden’s Wallenberg dynasty prepares for sixth generation

STOCKHOLM, Nov 23 (Reuters) – Jacob Wallenberg, the
58-year-old head of one of Europe’s most enduring family
dynasties, is trying to work out how the empire controlling much
of Sweden’s economy could look with a woman or someone without
the family name at the helm.

Roughly 30 members of the sixth generation, aged between 15
and 30, are contenders to see if they could one day run
Wallenberg’s Investor holding company and several foundations
with major stakes in Electrolux, Atlas Copco and Ericsson.

Nov 20, 2014

Electrolux sees resurgent U.S. boosting demand in 2015

CHARLOTTE, North Carolina/STOCKHOLM, Nov 20 (Reuters) -
S weden’s Electrolux said on Thursday it expected a
resurgent U.S. economy and cheaper raw materials to slightly
boost global demand for home appliances next year.

Electrolux, vying for market leadership with U.S. rival
Whirlpool Corp and China’s Haier Electronics Group Co
Ltd, also estimated savings of 1 billion Swedish
crowns ($135 million) in 2015 from its latest round of cost
cuts, including layoffs and plant closures.

Nov 19, 2014

Atlas Copco stands by outlook for slightly higher demand

/STOCKHOLM, Nov 19 (Reuters) – Compressor and
machinery maker Atlas Copco affirmed its outlook for
slightly higher demand in the near term on Wednesday and said it
stood ready to adapt its business wherever needed to shifts in
market activity.

The Swedish company, which held a capital markets day for
investors on Wednesday in Charlotte, North Carolina, and a tour
of its plant in Rock Hill, South Carolina, usually defines “near
term” as the current quarter.

Nov 19, 2014

Volvo Cars plots U.S. resurgence with model overhaul

STOCKHOLM, Nov 19 (Reuters) – Chinese-owned Volvo Car Group
said on Wednesday a sweeping overhaul of its model range over
the next five years would propel its long-suffering sales
volumes in the United States back above 100,000 cars per year.

Strong growth in China and more modest gains in Europe have
helped Volvo grow sales for 16 straight months. However,
turnover in the United States, once its biggest market but now
eclipsed by China, has been eroding over the past decade.

Oct 29, 2014

Riksbank has no safety margin as Sweden flirts with deflation

STOCKHOLM, Oct 29 (Reuters) – Sweden’s central bank believes
it can avoid Japan’s deflationary fate after cutting interest
rates to zero; critics say it no longer has any safety margin
should a shock hit the economy, and even compare its record with
U.S. policy mistakes of the 1930s.

Defying conventional economics, Sweden is enjoying one of
the healthiest growth rates in Europe even though the consumer
price index has been flat or fallen in every month but one this

Oct 24, 2014

Cost cuts pay off for Volvo with surprise profit rise

STOCKHOLM (Reuters) – Global truck maker Volvo posted a surprise rise in core quarterly profit on Friday as deep cost cuts more than made up for lackluster demand in some major markets, sending its shares up 10 percent.

The group, which vies for market leadership with Germany’s Daimler and Volkswagen’s Scania and MAN brands, said it would take out more costs to boost profitability that has often lagged its rivals.

Oct 20, 2014

Electrolux sees anemic growth in Europe as cost cuts lift profit

STOCKHOLM (Reuters) – Global home appliances maker Electrolux (ELUXb.ST: Quote, Profile, Research, Stock Buzz) struck a note of caution over its European business, predicting market growth at the low end of its forecast range after reporting slightly better than expected quarterly profit on Monday.

The Swedish group, vying for market leadership with U.S. rival Whirlpool (WHR.N: Quote, Profile, Research, Stock Buzz) and China’s Haier (1169.HK: Quote, Profile, Research, Stock Buzz), said it expected demand in Europe, which accounts for around a third of sales, to grow about 1 percent this year, at the bottom of its expectations for expansion of 1-3 percent.