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IKEA founder to complain to Putin

Published: 16 Dec 2004 10:30 GMT+01:00
Updated: 16 Dec 2004 10:30 GMT+01:00

IKEA founder Ingvar Kamprad plans to meet Russian President Vladimir Putin shortly and complain about the shabby treatment Ikea is getting from local authorities. Ikea was about to inaugurate a shopping mall outside of Moscow last Friday when local authorities stopped the event.

"I would like to look President Putin in the eye and say that we both have the same interests and that what is happening now is highly unfortunate," Kamprad told DI.

Hellström no longer tax crime suspect

Former Ericsson CEO Kurt Hellström has been removed from the list of tax crime suspects but seven other ex-colleagues at the telecom group risk indictment. Hellström is no longer suspected of having engaged in bribery.

Many of Ericsson’s corporate bigwigs had been investigated for impeding tax supervision. Ericsson is accused of paying at least 3.3 billion crowns to some 30 trade agents in the late 1990s. The payments were reportedly hidden through false invoices.

Freight rates at record high levels

Freight prices have touched new record highs, a trend that appears to hold. Increasing demand in China is driving up the prices and experts predict that the prices will remain high also next year. Freight charges have risen for both oil and dry cargo and a new peak was reached last week when it cost 250,000 dollars per day to transport 300,000 tons of oil.

Swedes about to become poorer

The trend of increasingly wealthy Swedish households is about to be broken as loans continue to rise while the housing market is losing steam. At the same time interest rates head higher, rendering the private economies more vulnerable, reported DI.

Sources: Dagens Nyheter, Svenska Dagbladet, Dagens Industri

Supplied by BECK TRANSLATIONS.

With an experienced team of in-house translators, Beck specialises in translating from Swedish into English in such areas as finance and economics, marketing and advertising, biotechnology, the environment, quality, and personnel & administration.

Paul Rapacioli (paul.rapacioli@thelocal.com)

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