Dramatic end to bourse week
Published: 15 Mar 08 10:16 CET | Print version
Online: http://www.thelocal.se/10500/20080315/
The Stockholm bourse ended the week in dramatic fashion following bad news from New York. Stockholm's OMXS index closed 1.2 percent down on Friday.
- New Telia CEO 'excited' about the job (17 Jun 13)
- Frenchman to take over as AstraZeneca CEO (28 Aug 12)
- Astra Zeneca slashes 400 more jobs in Sweden (15 May 12)
Confirmation an hour later that US investment bank Bear Stearns was experiencing liquidity problems darkened the mood however. The bank has been obliged to secure financing from JP Morgan Chase & Co and the Federal Reserve department in New York.
The OMXS index started to fall and closed down 1.2 percent to 305.1 points. Shares worth 20.6 billion kronor ($3.4 billion) changed hands during the day.
Swedish steel firm SSAB bucked the negative trend after news that it had sold its north American pipe operation Ipsco Tubulars to Evraz for 24 billion kronor. The money will be used to reduce SSAB's debt burden. SSAB A share closed up 4.8 percent.
Telecom firm Telia Sonera fell 1.3 percent to 46.50 kronor and pharmaceuticals giant Astra Zeneca fell 3.1 percent to 221 kronor.
Other European stock markets succumbed to the dark mood with London's FTSE 100 down 1.07 percent to 5,631.70, Frankfurt's DAX 30 down 0.75 percent to 6,451.90, and the Paris CAC 40 down 0.82 percent to 4,592.15.
New York's Dow Jones Industrial closed down 1.6 percent to 11,951.09 while the Nasdaq Composite completed the rout, down 2.26 percent to 2,212.49.
Pay deal averts Midsummer train chaos
Midsummer revellers can breathe a sigh of relief after employers and unions agreed a new pay deal and averted a train strike that promised to wreak havoc over the holiday weekend. READ () »
H&M blames long winter for profit drop
Swedish clothes manufacturer H&M posted a larger than expected drop in quarterly profit on Wednesday, citing the unusually harsh winter in Europe and North America. READ () »
Sweden sells 6.4-percent stake in Nordea
The Swedish government announced on Wednesday that it had sold 6.4 percent of its stake in Nordic banking giant Nordea, reducing its holding to 7.0 percent. READ () »
Aid cuts would be 'devastating'
Criticism of the government's foreign aid policy is mounting as Swedish ambassadors, aid organizations and politicians slam Development Aid Minister Gunilla Carlsson's announcements that development assistance to several countries may be slashed. READ () »
Swedish forestry firm cuts 2,500 jobs
Forestry giant Stora Enso plans to let another 2,500 employees go, of whom 750 work in Sweden, citing weak markets and deflating profits. READ () »
Sweden among winners in future EU-US deal
Sweden is second in line to benefit the most from an EU free-trade deal with the US, for which negotiations were finally given the all-clear in a move welcomed by pro-business groups in Sweden. READ () »
New Telia CEO 'excited' about the job
TeliaSonera's new head Johan Dennelind believes he is the right man to restore the Swedish telecom giant's reputation after the company's Uzbek bribery scandal. READ () »
ABB board unanimous in pick of CEO
Swiss-Swedish engineering giant ABB has appointed a new CEO, who has a background in oil and gas, utilities, telecoms and automotive industries and who was a key player in the acquisition of Baldor. READ () »
Wine pulled because it was 'too good': supplier
Sweden's state-run liquor store monopoly has sent back 6,000 bottles of a Spanish wine because it tasted better than expected, according to a Swedish alcohol supplier. READ () »
Sweden may cut aid to Palestinian territories
Development aid minister Gunilla Carlsson has said that the Swedish government may reduce development assistance for the Palestinians since they have failed to reach a peace agreement with Israel. READ () »
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