STOCKHOLM, July 19 (Reuters) – Cost cuts helped Sandvik
produce record second quarter earnings on Thursday,
showing that a major overhaul of the Swedish machinery and
mining gear maker is paying off.
The manufacturer of products from stainless steel alloys to
tools for rock drilling is restructuring after losses in the
wake of the 2008/2009 financial crisis. It brought in Chief
Executive Olof Faxander last year to lead the overhaul, which
includes annualised cost-cuts of 1 billion crowns this year.
STOCKHOLM, July 18 (Reuters) – SKF, the world’s
top bearings maker and a leading indicator of manufacturing
activity, is to scale back production and make further cost cuts
this year as a global slowdown continues to tighten its grip on
The Swedish group, whose bearings are used in products from
jets to dishwashers, on Wednesday, forecast flat demand for the
third quarter, prompting it to plan for slightly lower
production levels than in the April-June period.
STOCKHOLM, July 17 (Reuters) – Atlas Copco
reported its first fall in like-for-like orders since 2009,
suggesting that the mining boom the Swedish compressor and
machinery manufacturer has been riding for the past two years
may be losing steam.
The weakening order book at one of the world’s top suppliers
of mining gear eclipsed better than expected quarterly earnings
and a reassuring forecast for unchanged demand in the near term
to send its shares down 2.3 percent to 145.7 Swedish crowns
($20.65) by 1129 GMT on Tuesday.
STOCKHOLM, July 10 (Reuters) – Sweden’s industrial sector
picked up pace faster than expected in May, in a broad-based
upturn that snapped several months of declines and eased
concerns that the economy could struggle to grow in the second
Industrial production rose 3.5 percent from April, the
statistics office said, beating a forecast of a 0.3 percent gain
by analysts polled by Reuters.
NEW DELHI/STOCKHOLM (Reuters) – India has rebuffed a request by IKEA IKEA.UL to relax rules on buying goods locally, a government source said on Friday, raising the prospect of a delay in the world’s largest furniture maker entering the Indian retail market,
IKEA, famous for its self-build flatpacks and huge stores, said last month it would invest 1.5 billion euros ($1.86 billion) and open 25 outlets, throwing a lifeline to the government in India where economic growth has slowed sharply.
STOCKHOLM, June 14 (Reuters) – Highly paid executives in the
United States and Britain take note – your Swedish counterparts
are paid much less, yet still deliver strong corporate results.
While investors around the world are rising up against
excessive executive pay in a movement dubbed “the shareholder
spring”, there has been barely a peep in Sweden – with good
STOCKHOLM (Reuters) – Iceland’s economy expanded in the first quarter at its fastest pace since its near-meltdown, powered by a surge in exports, tourism and domestic consumption.
Gross domestic product (GDP) grew 2.4 percent quarter-on-quarter in the first three months of the year to put annual economic growth at 4.5 percent in the period, the highest since the first quarter of 2008, data from the statistics office showed on Friday.
STOCKHOLM (Reuters) – Sweden’s centre-right coalition government is being too tight-fisted with public finances that are likely to remain strong for years to come, a think tank charged with evaluating policy said on Monday.
The Swedish Fiscal Policy Council, a state agency that evaluates government policy, said it saw little risk the country would breach spending ceiling rules in the coming years and instead urged the government to slacken spending constraints.
STOCKHOLM, April 26 (Reuters) – World number two truckmaker
Volvo is to increase output because demand has been
recovering in Europe where its expectations for 2012 have been
raised after its first quarter beats forecasts.
Volvo, a rival to German market leader Daimler,
said on Thursday it now expected the European market to contract
to about 230,000 units this year compared with a previous
estimate of 220,000 trucks. Last year, sales were 242,400 units.
STOCKHOLM/MOSCOW, April 24 (Reuters) – Shareholders in
Russian mobile phone firm MegaFon have agreed a deal
that gives control to the country’s richest man, Alisher
Usmanov, and nets Nordic telecoms firm Teliasonera a
return of over 18 times its original investment.
Tuesday’s deal ends a long-running dispute over strategy and
governance at MegaFon with an agreement to pay out a $5.15
billion dividend to all shareholders, and sees the exit from the
business of Russian billionaire Mikhail Fridman.