Commission forecasts robust economic growth
European Union Economic and Monetary Affairs Commissioner Joaquin Almunia said on Tuesday that rising oil prices would impact negatively on EU growth next year.
Almunia does, however, forecast robust economic growth for Sweden and an improved labour market. Growth is forecast to be around 3.6 per cent in Sweden both in 2005 and 2006.
Retail sales show strong increase
Retail sales rose by 5.2 per cent in September year-on-year with sales on consumer durables up by 9.3 per cent.
Orrefors up for sale again
After a loss of some 50 million crowns for the 2003/2004 fiscal year, Orrefors Kosta Boda is up for sale. Royal Scandinavia, the Danish owner, aims to sell the group within a year of two, preferably to a Swedish investor.
SCA’s interim report
Forest products group SCA posted a pre-tax profit of 1.4 billion crowns for the third quarter, down 14 per cent on the previous quarter. The result includes capital gains of 70 million crowns from a sale of shares. The group now intends to lay off some 1,200 employees in a bid to save 1 billion crowns.
“We are not happy with the Q3 result,” said SCA chief executive Jan Åström.
SCA’s share price fell by 3.1 per cent to 268 crowns following the release.
Engineering group Trelleborg posted a pre-tax profit of 137 million crowns for Q3, which may be compared with a pre-tax profit of 165 million crowns for Q3 2003. High commodity prices and a weak market impacted on the Automotive business area. Trelleborg will now transfer wheel production from Trelleborg to Italy.
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