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Analysts downgrade Ericsson

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20:10 CEST+02:00
Ericsson's record high profit of 7 billion crowns for Q3 has done little to impress the market and since the release of the interim report last Friday, the telecommunications equipment maker has seen its share price fall by 10 per cent. Not one single investment bank has raised its recommendation on the company since the release of the report and on Monday four went so far as to lower their recommendations.

EU Commission rejects grounds for monopoly

In a letter addressed to the Swedish government, the European Commission has rejected the grounds for Swedish gambling legislation and the state gambling monopoly concerning gaming machines.

ABB transfers production to China

ABB chair and CEO Jürgen Dormann said yesterday that the group would be relocating part of its production from Europe to low-cost countries such as China. The engineering group has plans to invest in a manufacturing plant in Xiamen and a research and development centre in Peking and to recruit some 5,000 in China.

Textile maker sets up production in Czech Republic

Gothenburg-based Texla Industri, producers of laminated fabrics for the automotive industry, is to set up a production plant in the Czech Republic as of next year, as demand for their products grows in Eastern Europe.

Orange relinquishes hopes

Orange has relinquished all hope of selling its licence for 3G mobile telephony in Sweden and has submitted an application to the Post and Telecom Agency (PTS) requesting that PTS withdraws its licence.

Trade surplus

According to preliminary figures from Statistic Sweden, foreign trade gave a surplus of 17.9 billion kronor in September. The value of visible exports amounted to SKr 81.9 billion while the value of visible imports totalled 64.9 billion crowns.

Rosenberg predicts continued strong growth

Speaking in Stockholm yesterday, Irma Rosenberg, deputy governor of the Riksbank, forecast that international growth would continue to be healthy. While high oil prices push up inflation, the utilisation of resources in the economy is low so inflation will not be in excess of 2 per cent over a 2-year-period, according to the deputy governor. Rosenberg also predicted that Swedish growth would be above 3 per cent in the coming years.

Sources: Dagens Nyheter, Svenska Dagbladet, Göteborgs Posten, Dagens Industri

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