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The power of banks and the financial sector – let the old continue to reign

Barclays bank in the UK recently was fined £290m ($450m) for trying to manipulate a key bank interest rate which influences the cost of loans and mortgages. Each day the British Bankers' Association and the European Banking Association publish the Libor and Euribor rates by taking an average of the estimated rates submitted to them by leading banks.

Between 2005 and 2008, the Barclays staff who submitted estimates of their own interbank lending rates were frequently lobbied by its derivatives traders to put in figures which would benefit their trading positions, in order to produce a profit for the bank.

The pain here now is that lots and lots of deals involving clients of Barclays used the interest rate into which Barclays was feeding this information, about its own borrowing costs, to determine the profit and loss on their own deals.
Source: BBC

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Finnish Euro project - is it on the lines and will it cause a domino effect

Nokia boss acknowledge mistakes stressing critics’ view that the company had no strategy despite its size.

Friday, 29 June 2012
Nokia's CEO Stephen Elop admitted on Thursday that the company failed to anticipate the rapidly changing mobile industry and that it is one of the reasons behind its decline.

Alfa Laval wins a Skr 60 million unique energy efficiency order from AkzoNobel

Thursday, 28 June 2012
Alfa Laval has won an order to supply a unique evaporation system to an AkzoNobel chemical plant in Germany, according to a press release.

Finnish airliner, Air Finland goes bankrupt

Wednesday, 27 June 2012
The airliner, Air Finlandis keeping all its flights on the ground and then  after
10-years in the package tour operator  files for bankruptcy.

LinkedIn very popular with Swedish professionals as One million Swedes get on board.

Monday, 25 June 2012
The Social media site more popular for the Swedish professionals today is LinkedIn. One-fifth of Sweden's labour force is now registered on the career network site.

Moody's hit hard at 15 big banks as the Euro-zone risk fears grow

Friday, 22 June 2012
As the global financial market has been struggling in the past months as a result of the financial crisis and the Euro crisis, the banks will likely be dragging it down once again.

The unlikely support for Norwegian strategy as an unexpected SAS’s growth strategy turns to green light for the Norwegian low cost carrier

Thursday, 21 June 2012SAS
As SAS decides to cut down international routes and limits long hauls, Norwegian. Its Nordic rival which wants to expand into that section just got the green light and sees this as a blessing from SAS.

The march to dominance in the fashion sector continues for H & M as earnings beat expectations

Wednesday, 20 June 2012
Clothing giant H & M reported a gross profit and gross margin that beats analysts' expectations. Previous adverse effects from the price of cotton have been neutralized, according to H & M.

Fall in British inflation rate to 2.8percent in May driven by price slump

Tuesday, 19 June 2012
The British rate of inflation fell last month to a two-and-a-half year low owing to slowing fuel and food prices, reports the BBC referring to official figure from the Official of National Statistic. - See details here from the  BBC

Intel to invests in Swedish Company Monday, 18 June 2012
The world's leading processor maker, Intel is investing nearly Skr200 million in FlatFrog Laboratories, a company based in Lund, Sweden.

How Volvocar’s profits become a loss

Friday, 15 June 2012
Volvo's profit for 2011 was a loss of Skr7.3 billion - not a profit of Skr1.6 billion as CEO Stefan Jacoby reported in early May.

It is officially confirmed that the remnants of Saab automobile has been sold to Nevs

Wednesday, 13 June 2012
Just as we wrote yesterday, it has now been confirmed that Saab automobile that went into bankruptcy has now been purchased.

Explosion in the levels of Smuggled cigarettes into Sweden

Monday, 11 June 2012
The proportion of smuggled cigarettes into the Swedish market has increased by 25 percent this past year.

An H&M insider, closest to Persson leaves the clothing giant to American competitor

Monday, 11 June 2012
After 15 years, global sales manager Stefan Larsson leaves H & M. and goes to competitor Gap brand Old Navy.

Ikea furniture names in Thailand suffer from missing in translation - some bed name means sex in Thai.

Friday, 08 June 2012
The difficulties in dealing with international business has Swedish Ikeaseen it all. Just like any big company operation in different countries with different cultures, name-given to their furniture is causing problems. A nice Scandinavian names are interpreted in Thai as slang for sex.

University of Miami initiates clinical trial of XM-ONE®

Friday, 08 June 2012
The transplantation unit at Jackson Memorial Hospital and the University of Miami, FL, USA has entered into a research project with the Allenex group company AbSorber.

Defence group Saab plans to place a bid on Dutch firm Hitt

Thursday, 07 June 2012
Defence group Saab plans to make a bid for the Dutch company, Hitt, which develop solutions for improved security at airports and marine environments.

Insolvencies and bankruptcies in Sweden at a stable level despite persistent economic uncertainty

Tuesday, 05 June 2012
In May 640 companies in Sweden went bust and out of business, an increase of less than one percent compared with July 2011, when 636 companies went bankrupt.

Nordea stop speculating on food prices

Monday, 04 June 2012
Speculation on food prices has been criticized by many including the United Nations and it has been determined to be responsible in contributing to price rises in world prices of food.

Samsung Company buys Swedish Nanoradio Company

Monday, 04 June 2012
Samsung Electronics announced today that it has acquired Nanoradio AB, a developer of ultra low power Wireless LAN chipsets for high-speed wireless access in mobile phones. 

Alfa Laval wins order to supply equipment for the world’s first FLNG facility

Friday, 01 June 2012
Alfa Laval  has won an order from a Technip Samsung Consortium (TSC) to supply Alfa Laval equipment to Shell’s Prelude FLNG (floating liquefied natural gas) facility.

Resolution on the Sale of Saab automobile business can take longer

Thursday, 31 May 2012
Any agreement related to how to move foreword with bankrupt Saab Automobile is reported to be delayed, according to sources very close to the dealings.

Moody's downgrades Danish banks – two blows in one day

Wednesday, 30 May 2012
Credit rating agency, Moody's down grades ratings of nine Danish banks, adding more pain to the Danish ailing financial sector.

Stockholm and most European major markets crush barrier on Friday as the EU summit give better than expected solution for the Spanish economy

Friday, 29 June 2012
Surprising news from the EU summit was good for risk appetite in the Stockholm stock market on Friday and it ended in a crushing highest level ever seen this year.

Where are the jobs? – Sweden

Friday, 29 June 2012
Sweden has about 8.1 percent unemployment at this moment but the economy is crying out for mining engineers, programmers and surgical nurses. These are some of the sectors where there is a strong demand for skills, but on the flipside, sailors, photographers and stock brokers, for example have a bleak future in Swedish job market today.

Saab defence group receives a strong order from the Swedish military.

Friday, 29 June 2012
Saab has received four orders from the Swedish Defence Materiel Administration, FMV, for Gripen development, support and maintenance through 2016.

A Swedish leading hard hitter businessman, Percy Barnevik arrested in London for sexPercy-Barnevik offence

Friday, 29 June 2012
A very ‘untouchable’ Swedish business man, Percy Barnevik, is reported to have been arrested in London, on Thursday on suspicion of sexual offenses.

Swedish Youth with immigrant background (skin colour) find it hardest to get an income

Thursday, 28 June 2012
Despite the rapid improvement of the Swedish economy after the crisis year of 2009 the proportion of Swedish youths that have been placed on the margin of the Swedish economy has grown by 2010 – 2011. A new survey by Swedish National Board for Youth Affairs will present today.

IMF Public Information Notices: Dark cloud continues to hang over Sweden’s economy

Thursday, 28 June 2012
The economic outlook for the Swedish economy is still dark and the risks to the growth leans towards the downside. This was the view of the International Monetary Fund, IMF, in a report on Wednesday.

Sweden’s Social Democrats Join the Swedish Premier to criticise EU transfer of power proposals

Wednesday, 27 June 2012
The Swedish Social Democrats, just like the Swedish Prime Minister, (pictured) are critical of the far-reaching proposals made by the EU such as those now under discussion, to give more power to the EU and Brussels. "That will not solve the problems in the EU," said Fredrik Reinfeldt, Swedish PM (pictured above).

Accountability, hypocrisy or just arrogance? How the Swedish Economic Crime Authority got away with luxury trip to the U.S.

Wednesday, 27 June 2012
The top officials of the Swedish Economic Crimes Authority went on a field trip to Miami Beach in the USA with a price tag of about Skr50,000 per person. They who are supposed to be holding others accountable got away with squandering state funds.

Need for more to work more in Sweden if the welfare system is to survive
Wednesday, 27 June 2012
The fractured and segregated Swedish job market must integrate but necessity of the country is to maintain its welfare system in the future.

China unleashes its big plans for Sweden and the Nordic region as regional giant bank to be launched

Wednesday, 27 June 2012
China is getting more and closer to Sweden and is now getting ready to open a branch of one of its most powerful financial houses in Stockholm, Sweden’s capital.

Finnish organisation, Finn Watch follows SwedWatch to decry the inhuman working conditions in Chinese factories

Wednesday, 27 June 2012
When westerners cry that most of their jobs have been outsources to China and China on the other side boast that it is recording 8 to 10 percent economic growth, and also Western firms report huge corporate profits, all that comes down to the slavish ways the Chinese workers are put through.

Swedish companies identifying the benefits of

work place diversity

Tuesday, 26 June 2012
Companies that show aspects of work place diversity are more likely to be profitable, according to except of a survey conducted by polling organisation, TNS Sifo.

Trouble in Stockholm as Masked men set cars on fire

Monday, 25 June 2012
Three cars were burned and masked men threw fire gear on the road before they fled the scene. The events occurred shortly after each other on Monday evening.

Alaarm as a loose Norwegian, trained in a Yemeni terrorist training camp on the loose to strike in Europe

Monday, 25 June 2012
A Norwegian man in his 30s reported to have received terrorist training from al-Qaeda camp in Yemen and is ready to attack a target in the West, in reported to be on the loose.

Sweden can not guarantee that Assange will not be extradited to the USA

Monday, 25 June 2012
The fears Assange had that he could be extradited to the USA if he came to Sweden for his case on sexual assault seem to hold water when Sweden said that he could not receive any diplomatic guarantee from Sweden that he will not to be extradited to the United States.

Swedish people want draconian moves to attach obesity – along Danish Lines

Monday, 25 June 2012
More Swedish people want their government to take more hawkish attitudes towards attacking the problem of obesity in the country. They feel that though the other Nordic countries such as Denmark are already taxing sugar and butter, Swedish politicians are doing nothing.

In the Eyes of credit rating organisation, Fitch: Finland retains top credit rating

Monday, 25 June 2012
Fitch Ratings organisation Fitch has confirmed the best possible AAA rating for Finland's long-term loans, said the Ministry of Finance.

Drives for religious education to be quarantined in Finnish schools

Monday, 25 June 2012
Religion Hours in primary schools in Finland are poised to be can be reduced after 2016, a report in Finnish media hold. The lower number of religion classes are part of the new distribution of lesson hours in basic education.

The EU threatens Sweden with court action over non adoption of laws protecting agency workers
Friday, 22 June 2012
The European Commission is threatening to refer Sweden to court for not having adopted the new EU regulations on employment agencies in time.

'Freedom and democracy! what freedom when the police is listening to all our conversations'

Friday, 22 June 2012

The number of people in Sweden whose telephone conversations are secretly intercepted and monitored by the police is on the increase, a new report show.

Sweden accused of being too lax on dealing with corruption – especially by Swedish companies abroad

Thursday, 21 June 2012

Sweden is weak in dealing suspected cases of corruption and bribery, the economic cooperation organization, OECD condemned.

Growing housing shortage in Sweden – a wide spread problem

Thursday, 21 June 2012
The construction of new houses in Sweden has reduced and the demand for logging is on the rise not only in the capital, Stockholm but nationwide. More than six out of ten Swedes now live in a county where housing shortage is the norm.

Swedish Channel TV 4 in disarray as the company tries to stem losses

Thursday, 21 June 2012
There is an atmosphere of uncertainty in Swedish TV 4 News as the company struggles to cut workforce and perks in order to stem growing looses. But the move by management has ignited bad blood between workers and management.

Statoil has gained 26 licenses in the Gulf of Mexico as it looks to tap into US hail boom

Thursday, 21 June 2012
Statoil has received some 26 licenses in the first licensing round in the central Gulf of Mexico since the blowout on the Deepwater Horizon two years ago as it sees the USA as a future growth region.
Swedish economic out look show more of a gloomy faces than otherwise. The Nordic tiger economy being tamed?
Wednesday, 20 June 2012
The Swedish economy is not performing well and various Swedish economic analytical houses are giving their verdicts and recommendations: The governement should do more in the way of stimulants.

Up to 800 jobs to go at the Karolinska

Wednesday, 20 June 2012
Karolinska University Hospital (KS) in Solna and Huddinge are considering cutting its full time workforce by 700 – 800 people.

Though economic mayhem, Swedish people added their tally of dollar millionaires

Tuesday, 19 June 2012
As the global economy implodes gradually internally, in Sweden, there is life as usual and it seems nothing is worrying any one.  Evidence of this is the amount of millionaires that have grown in this country while several countries' economies are in crisis.

Swedish state budget balance is zero as

moderate growth determined on fragile ground

Tuesday, 19 June 2012
The deficit in public finances this year stood at Skr22 billion, or 0.6 percent of gross domestic product (GDP).

Deadly Shooting in Påmark, Finland

Tuesday, 19 June 2012
Four people found shot to death in Satakunta, Finland as gun problems continues to worry the country.

Following dietary advice may improve and lengthen life - but few do it

Tuesday, 19 June 2012
The dietary guidelines given by the Swedish National Food Agency (NFA) or Livsmedelsverkets has been determined in Sweden as the best pathway to a better, healthy and longer life, But a recent study show that few people follow it.

Swedish unemployment is growing more than expected in the wrong direction

Tuesday, 19 June 2012
Swedish Unemployment was 8.1 percent in May, not seasonally adjusted, according to data from Statistic Sweden’s Labour Force Survey (LFS). This growth of unemployment was going in the wrong direction.

Pack wolves devour a zoo keeper in Kolmarden, Sweden

Monday, 18 June 2012
A pack wolves devour a zoo keeper in Kolmarden Sweden (pictured above) in what authorities describe as unexplained death. Question have emerged one more about the relationship between man and wild animals.(Image above is of Swedish television reporter kissing a wolf)

How the Conservatives in Sweden are gradually being pushed out of power by the Red – Green coalition

Monday, 18 June 2012
As the rest of Europe celebrate the success of the conservatives there in last night’s election. It turns out that Conservative politics if getting less popular today that before. In Sweden they are gradually being pushed out of power.

A new medical method may help vascular disease

Friday, 15 June 2012
Researchers at the Sahlgrenska University Hospital in Göteborg have managed to implant a blood vessel made from a patient’s own stem cells in a ten year old, sick girl. After this success, it looks like a new method to avoid the pains of bypass surgery has been discovered.

Bonus is great to spur improved productivity but it should not be for all workers- only for chief executives

Thursday, 14 June 2012
Swedish companies continue to roll out bonus program which on the first look at things it is great for it would spur economic vitality and productivity. But there is a problem the bonus programs are increasingly aimed only at managers and top executives.

The over priced Swedish housing market start seeing red again?

Thursday, 14 June 2012
The recovery in the Swedish housing market was behaving as if there was going to be a steady rebound but that seem to have been wishful thinking as worry in the sector seem to be returning.

Rumour that Nokia could be leaving Finland countered by CEO Elop

Thursday, 14 June 2012
There has been persistent rumour that Nokia could be wiped out of Finland. But the company's CEO, Stephen Elop says that most important product development work and headquarters will remain in the country.

Swedish state coffers constricted by recession now state finances stand at minus Skr100 billion

Wednesday, 13 June 2012
As the Swedish economy continues to feel the Debt Office is talking of making a borrowing requirement for Skr47 billion for the period 2012 – 2013. Tax intake has been predicted to fall while the economic growth drops.

World Health organisation shoot Swedish truck maker in the arm - Diesel Causes Cancer

Wednesday, 13 June 2012
Swedish heavy truck and heavy duty vehicles makers such as Volvo and Scania will start having sleepless nights after World Health organisation (WHO) said that exhaust from diesel can cause cancer.

Swedish People’s Party want to impose stricter immigration requirements to meet it integration target

Tuesday, 12 June 2012
Swedish People’s Party's three ministers, Erik Ullenhag, Nyamko Sabuni and Jan Bjorklund
The issue of immigration and the plights of the immigrants in Sweden has become a talking point in Sweden recently, even with the Prime Minister recently attributing the high unemployment in the country to immigrants who are unemployable. This has increased the debate about the life of the immigrant in Sweden and the reality of their “Swedish dream”.

China rejects Norwegian diplomat entre visa

Tuesday, 12 June 2012
October 2002, there was good relation as hen Prime Minister Kjell Magne Bondevik met with China's then president and party leader Jiang Zemin.(Img Aftonposten)
Former Norwegian Prime, Minister Kjell Magne Bondevik, has been denied a visa to China. Bondevik leads Oslo Center for Peace and Human Rights, the World Council of Church's Commission for International Affairs.

Nobel Prize cash award reduced by 20 percent to meet future budget shortfall

Monday, 11 June 2012
The Nobel Foundation is lowering the cash prize money for the Nobel Prizes awards by twenty percent, an adjustment to meet pressures caused by budget shortfall.

Danish exports reached a new record in April despite stormy European economy

Monday, 11 June 2012
Denmark's export to foreign countries was up in April in spite of the problems in the EU area.

How clean is Sweden of corruption? How institutions find it hard to detect corruption in Sweden though it exist

Monday, 11 June 2012
Not only nepotism, corruptions also exist in Sweden but if Sweden looks like a squeaky clean country, it is because much of the corruption is not reported. The non – reporting is also due to that it may be hard to detect the corruption or that those who are suppose to know just leave it slides by, while the public and journalists talk about it - it remains a contradicting issue.

Oops – British leader Cameron forgot his daughter in a pub
Monday, 11 June 2012
This is a no joke story – it can be stressful to be the father of young children and then Prime Minister of Great Britain at once.

The sale of Saab automobile seems fully confirmed but what type of car is the new company, NEVS plans to produce?

Friday, 08 June 2012

More and more evidence suggests that the ultimate purchaser of the bankrupt Saab Automobile is an electric car consortium Nevs, National Electric Sweden AB.

Sweden needs to import garbage to meet the need to generate energy from it as incineration facilities expand.

Thursday, 07 June 2012
Billion of kronor are being invested in Sweden to build new incineration facilities, and interests in expanding existing facilities are great. But Sweden's garbage is not enough for fuel, according to reports.

Swedish scientists close to designing a perfect Vaccine for Alzheimer’s

Wednesday, 06 June 2012
Imag. SVT
Swedish scientists are one step closer to designing a breakthrough that could provide cure for severe dementia, Alzheimer's disease. It is shown in a results of a Swedish study published in the medical journal The Lancet Neuology today.

More political tension in Norway as Man arrested for death threats against PM Stoltenberg

Wednesday, 06 June 2012
Norway's premier, Stoltenberg (pictured) is under enormous pressure as more threats to his life is being registered.

Growth in the market of luxury products as global income inequality gap widens

Tuesday, 05 June 2012
A new economic phenomenon we’ll have to accept to live with – which is also probably the brain child of capitalism is to accept that those who have more and those who have little or nothing is a way the human race supposed to be.

As Swedish people are getting fatter at a record rate, so the increase in the purchase of more saturated fat

Tuesday, 05 June 2012
Contrary to nutritional recommendations that there should be as low as possible the consumption of saturated fats, fewer Swedish people buy more real saturated fatty products.

Swedish residents jailed for 12 years in Denmark for terror offenses

Monday, 04 June 2012
Four men who lived in Sweden and who carried out a planned attacks on The Danish Newspaper, Jyllands-Posten were found guilty of terrorism offenses in Denmark and were sentenced to 12 years in prison.

The Swedish far rights party, Sweden Democrats is gaining ground blamed on the premier, Reinfeldt
Monday, 04 June 2012
Swedish far right party has remained strong in the Swedish political landscape to almost a whole parliament. Today it as been boosted on a new opinion poll thanks ti the utterances of the Prime Minister  Fredrik Reinfeldt ( Pictured Jimmie Åkesson - Leader of Sweden Democrats (far right)

Swedish people continue to save at record levels but earning low due to banks’ hawkish rate policy. A price way may be on the way.

Monday, 04 June 2012
Swedish people are not spending. They tend to carry out an almost synchronised model of increased saving meaning that domestic consumption is expected to be lower. How this affects production remains to be seen.

Fall in Sweden’s Service Production Index  

Monday, 04 June 2012
Swedish service production decreased by 0.5 percent in volume and working day adjusted figures in April 2012, compared to April 2011.

Clinton visits Stockholm and stresses the value of one voice on Syria

Sunday, 03 June 2012
US secretary of state was in Sweden for a visit and she was talking much Syria. Speaking in Stockholm on Sunday, she said that “we are concerned that the situation in Syria could develop into a full-scale civil war that could drag the rest of the region.”

Margot Wallstrom is coming back to Sweden’s political scene with a very unpopular reminder "Sweden ought to have joined the euro”.

Sunday, 03 June 2012
EU Commissioner Margot Wallström, is ready to accept new assignments within the Social Democrats.

Danish Municipalities invest in corrupt countries but minister hit hard at them

Sunday, 03 June 2012
Danish municipalities have been accused of investing their money in corrupt regimes. Horsens, Skanderborg and Randers are among 11 Danish municipalities that invest in non-democratic countries in Africa.

Snow fall in Sweden in June – global warming, global cooling, climate change we don’t know!

Friday, 01 June 2012
On the calendar, today is the first of June which supposed to be a real summer day. This means that we were supposed to have great sunshine and would be our side in the gardens basking – if not at work though.

Swedish PMI fell in May - Slowing manufacturing activity as orders fail

Friday, 01 June 2012
The purchasing manager’s index for the Swedish industrial sector fell to 49.0 in May from 50.2 months before. The corresponding month last year, the purchasing managers index 56.1.

Which are best places (counties) in Sweden to make a live in

Thursday, 31 May 2012
Sweden is generally classified as one of the best countries in the world to live in. But it is not all parts of Sweden that is accommodating in various aspects, especially what the person does and who that person is.

Swedish exports expands while imports fell as the economy continues to strategically grow

Thursday, 31 May 2012
Sweden continues to strategically placing it self to resist the current global economic turbulence with an impressive growth in exports and reduction in imports.

Expensive mortgages should be expected in the nearest future – SEB CEO Annika Falkengren

Thursday, 31 May 2012
The CEO of the Swedish bank, SEB Annika Falkengren wants to heap more pressure on cost to customers in a new move which is being described as the banks shifting cost away as means of expanding their profit line.

Denmark risks ending up like Spain – called to fix its housing market

Wednesday, 30 May 2012
Denmark has been warned that it should try and put down its astronomical real estate debt or risk becoming the next Spain. They are called to remember that very good economies can fall flat on their backs just because the market and computers are left to run the economy.

High demand for breasts implantation and plastic surgery among Danish women

Wednesday, 30 May 2012
More Danish women are putting themselves under the knife to fulfil their dream of bigger breasts. The number of breast enlargement operations in 10 years increased by over 2000 percent from the 60 operations performed by private specialists in 2001 to 1349 in 2010 figures from the National Patient Register and the National Health Register.

Rapid growth in Iceland’s property sector makes analysts fear for another crash looming

Wednesday, 30 May 2012
Iceland’s crisis-management policies are creating the island’s next property bubble less than four years after its banking meltdown threw the economy into its worst recession.

Julian Assange could be delivered to Sweden

Wednesday, 30 May 2012
Wikileaks founder Julian Assange has lost his UK Supreme Court fight against extradition to Sweden to face accusations of sex offences, reports the BBC.

Swedish premier, Reinfeldt visits troubled region Malmo patrol

Wednesday, 30 May 2012
Like visiting a war zone to give support to troops, the Swedish prime minister made a nocturnal and with the police had a patrol along troubled streets in Malmö to see the work the police are doing on the ground in this trouble region

Sweden falls back in child poverty and now stand worse compared to other Nordic countries

Tuesday, 29 May 2012
The fight to improve child welfare in Sweden and reduce poverty is resistant to the government struggles.

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