STOCKHOLM (Reuters) – For many Swedish businesses and prosperous households, years of falling taxes and reforms that put maids in middle class homes and fed a consumer boom in luxury cars and holidays in Asia may be drawing to a close.
Elections on Sept. 14 look set to throw out a center-right government as many voters rebel against welfare cuts, stubbornly high unemployment, poor school results and tales of hospitals straining to care for patients.
STOCKHOLM, Aug 21 (Reuters) – The head of the world’s
biggest maker of bearings, Sweden’s SKF, will step
down at the end of the year after a decade in charge, succeeded
by returning company veteran Alrik Danielson.
Tom Johnstone, a Scotsman and one of just a handful of
foreigners at the helm of a Swedish blue-chip business, tried to
make SKF less prone to sharp swings in profitability by pushing
into services, adding new product areas such as lubrication
systems and exiting some activities including engineering steel.
STOCKHOLM, Aug 20 (Reuters) – Chinese-owned Volvo Car Group
raised its outlook for 2014 sales after returning to profit in
the first half as strong growth in China and a moderate upturn
in Europe more than offset lingering weakness in the United
Gothenburg-based Volvo, one of Sweden’s top exporters and
employers though a small player in the global autos industry,
saw demand gain traction during the end of last year and figures
on Wednesday showed momentum had carried into 2014.
STOCKHOLM (Reuters) – Truck maker AB Volvo (VOLVb.ST: Quote, Profile, Research) posted core earnings well below expectations on Friday as it struggled with slow demand for European trucks at the start of the second quarter and a weakening market for construction equipment in China.
The profit miss raises pressure on Sweden’s biggest company by sales – and the country’s top private sector employer – to show that a sweeping three-year plan to boost profitability is starting to boost its bottom line significantly.
STOCKHOLM (Reuters) – Global truck maker Volvo posted a smaller than expected rise in core earnings on Friday as a slower than expected pick-up in demand in its biggest market, Europe, had left it with over-capacity in its production.
But the company, Sweden’s biggest by sales and top private sector employer, also said it was slightly ahead of plan with efforts to secure better prices for its trucks and bolster profit margins in its biggest unit.
STOCKHOLM, July 18 (Reuters) – Global truck maker Volvo
posted a smaller than expected rise in core earnings
on Friday as a slower than expected pick-up in demand in its
biggest market, Europe, had left it with over-capacity in its
But the company, Sweden’s biggest by sales and top private
sector employer, also said it was slightly ahead of plan with
efforts to secure better prices for its trucks and bolster
profit margins in its biggest unit.
STOCKHOLM, July 16 (Reuters) – Mining equipment and
compressor maker Atlas Copco AB said it had detected
more a more optimistic tone in the mining sector, raising the
prospect of a recovery in the industry from a two-year slump and
sending its shares to a record high.
The Swedish company’s mining customers have been retrenching
after a decade of heady expansion, as softer metals prices and
an investor backlash at the scale of investment forced major
players such as Rio Tinto and BHP Billiton to
slash billions of dollars in spending.
STOCKHOLM, June 4 (Reuters) – Based in high-cost Sweden and
serving a global auto industry notorious for forcing down
prices, Autoliv , the world’s top car safety
equipment maker, still achieves margins that some of its
customers and rivals can only dream of.
To defend its position as car safety undergoes a revolution
that will see the introduction of night vision and crash
avoidance systems – so-called active safety technology – Autoliv
is betting on its do-it-yourself approach to research and
development and to production.
STOCKHOLM (Reuters) – An unexpected contraction in the Swedish economy in the first quarter of 2014 due to subdued exports and lower inventories fueled expectations that the central bank will cut interest rates at its next policy meeting in July.
Unexpectedly weak growth also highlighted the country’s dependence on its vast export industry, including global blue chips Volvo and Ericsson, which face lackluster demand across much of Europe – its top market.
STOCKHOLM (Reuters) – Swedish film director Malik Bendjelloul, whose documentary “Searching for Sugar Man” won an Oscar last year, has killed himself, his family said, triggering tributes for a man who “chased the world for stories to tell.” He was 36.
Police said Bendjelloul died late Tuesday in the Stockholm area. His brother later confirmed local media reports that he had committed suicide.