Swedish banks take a tumble
Published: 16 Sep 08 18:30 CET | Print version
Online: http://www.thelocal.se/14376/20080916/
Shares in Swedish banks continued to fall on the Stockholm stock exchange on Tuesday amid fears of a deepening crisis in the US financial sector.
- Riksbank unveils new board members (22 May 13)
- 'Sweden next in line for housing market crash' (17 May 13)
- Nordea tracked clients in secret 'black book' (13 May 13)
AIG, the world's largest insurance company, went into freefall in early trading before leveling out on rumours of US government intervention.
The bad news from across the Atlantic was matched by a miserable day in all sectors on the Stockholm bourse.
By close of trading the OMS index had dropped two percent to 257.5 points.
Swedbank, with ties to the bankrupt Lehman Brothers investment bank, lost 7.9 percent of its value, dropping to 99 kronor.
Nordea (-2.8 percent), SEB bank (3.6 percent) and Handselsbanken (-2 percent) also saw their shares tumble, though not to the same extent.
Tanganyika Oils took a massive nosedive, plunging by 18.1 percent to 91.75 kronor. Shares in Lundin Petroleum closed the day at 47.1 percent, a drop of 9 percent.
Riksbank unveils new board members
Sweden's central bank has appointed two new board members plucked from banking and academia to replace two outgoing members, one of whom was an outspoken critic of the Riksbank's commitment to the government's inflation goal. READ () »
350 jobs lost as Ericsson shuts Swedish factory
Swedish telecom giant Ericsson has buckled under the pressure of European competition and will turn off the switch on a cable production plant in Sweden, leaving 350 employees without jobs. READ () »
Sweden has 'lower tax burden' than Senegal
While Sweden has a reputation for having one of the most painful tax bills in the world, a new report ranks Sweden 20th when comparing the tax burden on salaries when social security payments and salary brackets are taken into account. READ () »
Ericsson probed over suspected bribes
Swedish telecom equipment maker Ericsson is suspected of having bribed ministers in Romania in connection with being awarded a contract for the country's emergency number and is now under investigation in the United States. READ () »
Warning over 'long-term' Swedish export slump
Sweden's largest business confederation has gone out guns blazing, criticizing politicians for not facing up to the challenges of "a lost year for Swedish exports" in 2012. READ () »
'Lean hospital a sign of Swedish welfare reform'
A Stockholm hospital saved from closure by private health care providers has been hailed by the Economist as one of modern's Sweden public-private success stories. READ () »
H&M mulls production in South America and Africa
Swedish clothing giant H&M is looking into the possibility of sourcing its production to South America, Central America, and even Africa, chief executive Karl-Johan Persson said on Monday. READ () »
Nord Stream plans new gas pipelines
Gas pipeline firm Nord Stream will hold an information meeting on the Baltic island of Gotland on Monday to introduce a proposal to extend its controversial gas pipeline project. READ () »
'Sweden next in line for housing market crash'
Sweden tops a list of countries that risk suffering a housing market crash, Germany's Commerzbank has warned, citing the slackening off of Swedish property prices as a harbinger of a potential downswing. READ () »
Solna voted best place to live in Sweden
Solna, a suburb just north of Stockholm, is the best place to live in Sweden, according to a new ranking published on Friday by Swedish news magazine Fokus. READ () »
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