Business Brief

Nordea forecasts two years of prosperity

Both the Swedish and the global economies have peaked, according to Nordea in its latest economic forecast.

Nevertheless, the bank is anticipating two more years of prosperity, despite elements of uncertainty such as oil prices, terror threats and developments in China. The bank also forecasts that the Riksbank will raise the key interest rate to 4 per cent within the next two years.

Swedish exports, particularly within the telecom and automotive sectors, are pushing up growth, which is expected to be 3.4 per cent this year.

Nordea believes that companies will need to recruit staff within the coming year with visible unemployment falling from 5.7 per cent this year to 4.8 per cent in 2006.

JC plans to streamline

Loss-ridden fashion chain JC is planning cost-cutting measures after posting losses of 111 million crowns and 72 million crowns in the past two years.

It is primarily JC’s wholly owned subsidiaries’ Brothers and Sisters that are bleeding and, according to DI sources, job cuts are in the offing.

Cosmetics chain plans new offensive

Cosmetics chain Kicks plans a new offensive with 85 new stores to open within the next five years.

The chain, which currently operates 65 stores, plans to have 150 stores by 2009 and will need to recruit some 300-350 people in order to implement the plan.


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