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Record day for Swedish stock exchange
Published: 19 Sep 08 15:30 CET | Print version
Online: http://www.thelocal.se/14454/20080919/
The good times kept rolling on the Stockholm stock exchange on Friday afternoon, with the OMXS-index up 7.9 percent on the day, the largest one day jump since 1992.
- Stockholm stock exchange heads north (19 Sep 08)
Much of the market’s rise is attributed to measures taken in the United States to help stabilize the banking and financial sector there.
Stock exchanges across Europe rejoiced on the news, with bank stocks leading the way in Sweden.
“After investors earlier moved away from everything risky, now the venture capitalists have returned to the stock market,” said Henrik Mitelman, a head analyst with the SEB bank, to the TT news agency.
“We’ll see how long it lasts.”
Mitelman drew parallels between the crisis package being offered by US authorities and the situation for Sweden’s banks in the early 1990s, when Sweden suffering a major banking crisis of its own.
“They’ve moved a huge amount of risk from the financial system over to the American state. It reminds me very much of how [then deputy finance minister] Bo Lundgren and Stefan Ingves managed the Swedish banking and financial crisis, which was very successful,” he said.
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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