PARIS/STOCKHOLM (Reuters) – STMicroelectronics and Ericsson will close their loss-making mobile chip joint venture ST-Ericsson by dividing parts of the business between them and shutting the rest with the loss of about 1,600 jobs.
The announcement ends months of speculation about the future of ST-Ericsson, which has been hit by a big drop in orders from top customer Nokia as the phone maker lost market share to Apple and Samsung.
STOCKHOLM/OSLO, March 10 (Reuters) – Executive excess need
not be etched in stone. Just look at the Nordic region, where an
egalitarian tradition and a high quality of life leave top
managers content with lower paychecks.
Though corporate pay scandals do occur and the gap between
executive and average salaries has risen, company bosses in
Sweden, Denmark, Finland and Norway earn lower wages on average
than in the United States and elsewhere in Europe, data show.
STOCKHOLM (Reuters) – Swedish truck maker Volvo (VOLVb.ST: Quote, Profile, Research, Stock Buzz) warned of a rough start to 2013 after weak demand in its main markets left factories running at half speed and pushed it into a heavier than expected quarterly earnings fall.
Volvo, which only weeks ago laid claim to have dethroned Germany’s Daimler (DAIGn.DE: Quote, Profile, Research, Stock Buzz) as the world’s biggest manufacturer of heavy trucks on the back of a joint venture in China, said that weak orders at the end of 2012 meant the first quarter would be difficult.
STOCKHOLM, Jan 30 (Reuters) – World number one bearings
maker SKF, sensing an end to the slide which helped
cut fourth-quarter earnings by 40 percent, said it planned to
restore some cuts in production and end the rundown in its own
The output increase by the manufacturing bellwether in the
first quarter of 2013 was only the second time in two years it
has flagged a quarterly rise over the previous three months and
appeared to be a nod to stabilising markets.
STOCKHOLM, Jan 30 (Reuters) – Truck maker Scania
is cutting production and jobs in Europe after sluggish demand
in its biggest market led it to miss quarterly profit forecasts
despite a surge in orders from Brazil.
The Swedish group, majority-owned by Germany’s Volkswagen,
, said on Wednesday it was reducing daily production
in Europe by 15 percent in the first quarter, with the loss of
around 700 jobs.
STOCKHOLM, Jan 22 (Reuters) – Export-reliant Sweden’s
avoidance of the worst problems of the euro zone crisis may have
come at a price: A strong crown risks dampening economic growth
by dragging on exporters, who need a favourable exchange rate.
The economy has been steadily slowing, and growth this year
is set for a relatively anaemic 1 percent, according to the
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.