Increasingly, though, they are importing parts and then assembling them for re-export. Two-thirds of Swedish exports go to Europe, and only 8-9 per cent to Asia.
Saab demand: longer hours for same pay
Saab at Trollhättan is demanding that its work force work three more hours a week for the same pay along with measure to reduce “sick leave”, according to Svenska Dagbladet.
Cloetta Fazer beaten by private brands
Cloetta Fazer is to close its confectionery factory in Norrköping. The main reason, according to MD Åsa Magnusson, is competition from private brands on the shelves of leading food chains.
Clothes chain refuses to pay for unsold goods
RnB, the owner of Polarn & Pyret, Solo, Champagne and Saks is now refusing to pay its suppliers for garments before they are sold. It is the first retailer in Sweden to adopt such an aggressive and trend-breaking approach (although it is widely used in the USA), which will have serious consequences for the sector.
Benetton drive in Sweden
Benetton plans to expand in Sweden via company-owned and partner-owned stores. It will open its first outlet in Gallerian in Stockholm.
Wallenius Lines to build three more ships
Wallenius Lines plans to invest 3.3 billion crowns in enlarging its fleet of transoceanic car carriers. It believes 2004 will be one of its best years ever, according to MD Christer Olsson. The company has ordered three giant car carriers, each capable of taking 8,000 vehicles.
The rainy summer has resulted in a sharp fall in electricity prices, both spot and forward, at least on the Nordic electricity exchange Nord Pool.
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