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ECONOMY

Analysts downgrade Ericsson

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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ECONOMY

Swedish bank’s IT fault puts customer accounts in the red

A technical problem at Sweden's Swedbank on Thursday night gave customers a nasty surprise, with their account balances inexplicably going negative, payments impossible, and Swish payments no longer working.

Swedish bank's IT fault puts customer accounts in the red

By 11.30pm, more than 2,000 Swedbank customers had reported the fault to the site Downdetector, and the problem was still not solved by 17.00pm on Friday. 

“We have an ongoing IT disruption where certain customers see an incorrect balance on their accounts,” a message on the bank’s app read. “The reason is a planned update to our internal systems which went wrong. We apologise, of course, for that and are working as quickly as possible to fix the problem.” 

The Swish payment service has also been affected, with the service, which is owned collectively by Swedish banks, reporting on its site that there was a “technical disruption at Swedbank and Sparbank which might affect Swish payments from these banks”. 

Some Swedbank customers posted their negative account balances on Twitter, expressing shock at the incorrect figures. 

The disruption comes at the worst possible time for many Swedes. Many people are paid on the 25th of the month, meaning this Friday marks the start of the payday weekend. Many will have also scheduled their bill payments for this Friday. 

Marko Saric from Malmö saw his account balance drop by 1.2 million kronor, going half a million kronor into the red. 

“It’s just totally crazy,” he told SVT. “We were going to go out and shop for the weekend. It’s lovely weather and the kids want to go out, but we can’t use our card. We’ve got no cash. Everything is in the bank.” 

“You’re just completely blocked. Colleagues need to make emergency food parcels for you. It’s just crazy that something like this should happen.” 

In its statement, the bank assured customers that their money was “secure”, and that the bank still had the correct information on what their account balance should be. 

“Customers who feel that they have suffered economic damage as a result of the disruption should contact the bank,” the message said.

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