- Sweden edition
- Change edition:
- France |
- Germany |
- Norway |
- Switzerland
February 14, 2012
Ikea swindled out of 1.5 billion in Russia
Published: 20 Jun 09 10:30 CET | Double click on a word to get a translation
Online: http://www.thelocal.se/20172/20090620/
Ikea has been swindled out of 1.5 billion kronor ($189 million) in Russia, company founder Ingvar Kamprad revealed on Sommar, a show on Sveriges Radio P1.
- Stealthy snake hid inside hotel trouser press (3 Feb 12)
- Ikea affirms bid to ditch Swedish food brands (24 Jan 12)
- Ikea puts India expansion plans on ice (23 Jan 12)
Ikea currently has eleven stores in Russia.
Kamprad also revealed that during a recent board meeting he had put forth the idea of establishing an Ikea location in Iran, but this was set aside due to opposition by other board members.
What do you think? Leave your comment below.
Fark It!
Digg This
Share everywhere
Send to a friend
Printable version
Twitter This
Swedish recruiters check jobseekers on the net
40 percent of recruiters are checking potential employee’s social networking pages during the hiring process, a figure which has shot up from last year, according to a recent report. READ (1 COMMENT) »
Rise in polls 'Löfven-effect': political expert
Since the new Social Democrat party leader Stefan Löfven took up the post, the party is gaining strength in the polls, causing political experts to speak of a ”Löfven-effect”. READ »
Saab shares dive despite strong 2011 report
Swedish defence group Saab on Friday reported a major boost in earnings for 2011 thanks to winning several major contracts, but a drop in orders left investors jittery, sending Saab's stock price down nearly 10 percent. READ (3 COMMENTS) »
Mats Sundin in massive kid's health research gift
Mats Sundin, the ex-Swedish hockey great, has made a donation supporting research into children's health at Karolinska Institutet in Stockholm and the University of Toronto. READ (5 COMMENTS) »
H&M under fire over Cambodia mass faintings
H&M has been criticized for choosing not to attend a hearing to highlight poor conditions for textile workers in Cambodia, where hundreds of employees at a plant run by the Swedish fashion giant mysteriously passed out in August. READ (6 COMMENTS) »
SAS earnings hit by Spanair bankruptcy
The bankruptcy of Spanair pulled SAS into the red for 2011, despite improved operating profits, the Scandinavian airline reported on Wednesday. READ (2 COMMENTS) »
Saab to cut Swiss Gripen fighter price: report
Swedish defence group Saab have announced that it will cut the price on its Gripen fighter jet to secure its Swiss order after a threat by French planemaker Dassault to undercut them. READ (6 COMMENTS) »
Few Swedes ready to work until they're 75: poll
An overwhelming majority of Swedes disagree with Swedish prime minister Fredrik Reinfeldt's suggestion that workers should be ready to stay on the job until they are 75, a new poll shows. READ (34 COMMENTS) »
Several bids for Saab: administrator
Several companies are interested in buying Saab, confirmed the bankrupt Swedish carmaker's administrators on Tuesday, while currently unwilling to disclose the identities of the bidders. READ (2 COMMENTS) »
US ISPs block hacker probes: Swedish police
The Swedish National Police Board has called for new international laws to catch hackers on the internet, after US internet service providers refused to divulge information on the weekend's attack on government websites. READ (5 COMMENTS) »
- 06/02 Fire brigade slammed for 'renting out' rooms (2 comments) »
- 03/02 New bidder in the Saab saga shows its hand (8 comments) »
- 03/02 Volvo group announces record sales for 2011 »
- 03/02 TeliaSonera reports profit drop for 2011 »
- 02/02 Electrolux profits plunge amid weak demand »
- 02/02 AstraZeneca job cuts hit Södertälje hard (7 comments) »
- 02/02 Europe's banks set for years of 'shrinkage': Borg (2 comments) »
- 01/02 'Underclass-safari' post lands official in trouble (1 comment) »
- 01/02 Supreme Court denies Pirate Bay right to appeal (10 comments) »
- 31/01 ABB irked by link to Norwegian killer (2 comments) »
20 things to know before moving to Sweden
As diverse as Sweden is, there are a few societal norms that are distinctly Swedish. Understanding a handful of them will hopefully prepare you culturally before you relocate. When you're invited home to a Swede, you better be on time and take your shoes off, writes expat Lola Akinmade-Åkerström. Read more »
How far can English take you in Sweden?
Sweden is a country where almost everyone can speak English. So why bother to learn Swedish? Edina Varnagy from Hungary managed with English for a whole year but then found that Swedish could open doors – to a job, a social life and greater understanding. Read more »
| 13/02 | Inside Sales Assistant TEMP-TEAM |
Upplands Väsby |
| 13/02 | Mobility Area Responsible Academic Search |
Göteborg |
| 13/02 | Risk agent to Klarna's new team, Payment Operations Klarna |
Stockholm |
| 13/02 | Falck is looking for a dynamic and dedicated Country Manager Falck TravelCare AB |
Stockholm |
| 13/02 | Desktop Area Responsible Academic Search |
Göteborg |
| 13/02 | Accountant (m/f) EOS GmbH Electro Optical Systems |
Göteborg |
| 13/02 | Line Manager EA DICE |
Stockholm |
| 13/02 | Office Manager to Hansoft Hansoft |
Uppsala |
| 13/02 | HR Business Partner Bombardier Transportation |
Stockholm |
| 13/02 | YOUNG TALENT PROGRAM - AUTOMATION ENGINEER -- AUTOMATION PLATFORM Tetra Pak |
Lund |
- 13/02 Deutsche Bank 'to pay €800 mln' in Kirch case »
- 13/02 Greece leaving the euro not so scary - Germans »
- 10/02 Berlin defies EU over copyright deal »
- 10/02 Germans don't trust Greece to tighten belt »
- 09/02 Tourists flock to Germany in 2011 »
- 09/02 Daimler books record €6-billion profit »
- 08/02 Exports top €1 trillion despite euro crisis »
- 08/02 GM threatens major job cuts at Opel »
- 07/02 Court caps Jewish ghetto pension claims »
- 06/02 Industrial orders rise amid eurozone gloom »
- 05:35 Skattereduktion after buying an apartment
- 00:31 What does that mean?
- 00:27 Baseball in Gothenburg?
- 23:26 Pop tarts in Stockholm
- 23:19 Had problems with my boyfriend
- 23:09 Working with no knowledge of Swedish?
- 22:46 Tax deductible for rented property
- 21:04 Which song are you currently listening to?
- 20:45 Should I ask her on a date or not?
- 20:10 Irish Girl has just moved to Sweden!
Individuals & Couples - Stockholm Beth Rogerson PhD - Clinical, Marriage & Family Therapist
Click or call 08-5580 1266 now
Therapy in English in Stockholm Trained in California Individuals & Couples (08) 93 81 48 FREE phone consultation
Visit anxiousorblue.se
The new Online Tennis Store with the largest selection of Babolat Products in Sweden
http://www.babolatshop.se
Turning Point Counselling centre offers the international community of Stockholm a safe space for personal development, counselling and coaching.
http://www.turning-point.se/show.asp
Swedish Down Town PR Consulting and Productions is an innovative business company which provides valuable assistance with Public Relations and Communications in the swedish and the international market.
www.swedishdowntown.com
Find products and services that are specifically focused on English speakers living in Sweden!
FULL DETAILS
British-Australian Male Counsellor. Counselling Therapy for Depression, Mental Health, Sex, Relationship & Expat Issues
08-559 22 636 or CLICK HERE
Your comments about this article:
The comments below have not been moderated in advance and are not produced by The Local unless clearly stated. Readers are responsible for the content of their own comments. Comments that breach our terms and conditions will be removed.
its 1.5 billion kr not dollars , hauhr , maybe learn to read
The numbers are for Swedish currency. US currency is for US only. They use different currencies in diferent countries.
Also as we are in Europe, maybe the local would consider curency equivalent in Euros as it is our nearest large currency.
Some details about what actually happened would be nice.
Its a dodgy place now under Putins corrupt regime.
Lots of companies have been trying to pull out as fast as possible with what assets they can for the last year or so.
There is little faith or trust in what he might do next.
It might be wise for I.K.not to haggle over it or he could end up losing out on more than his electric bills.
They also rule the streets in most of the ex Soviet Block countries in addition to having a Worldwide influence.
They are bad news wherever they go,making a fortune out of various rackets and that suits Putin.
However there are signs that he may be killing the goose that lays the golden egg as ppl.come to fully recognise him for what he is.
The $189m hit is not a threat to the financial health of IKEA as a whole, or probably even to IKEAs Russian operations where they have a very sizeable sourcing operation.
If they have their day in court then either the reputation of IKEA management or the reputation of Russia as an attractive place to invest will take a hit.
No doubt more companies will be taking note of which way the wind is blowing in Russia, as some already have.
Did read a report that Kamprad was softening up in his old age and was thinking of giving funds from his own "charity" to real charity.
Just hope this setback doesnt change his mind.
By the way, what is ahppening to articles on this site? Are we going for the shortest with minimum information jounalistic prize or something?
Ingvar really thinks he's going to get a fair trial in Moscow huh? I suspect his attorney's retainer will correspond with the value he places on his life on this blue earth.
who knows what his 'charities' will eventually get up to ... but don't hold your breath for real charity anytime soon!
Click Here