Sweden’s central bank hits back at critics

Deputy Riksbank Governor Villy Bergström went on the offensive lat last week against detractors who blame the central bank for Sweden’s rising unemployment.

“I think it is weak of public officials, trade union economists and labour leaders to blame the Riksbank without any basis for tens of thousands of people being out of work,” said Bergström in a speech on Thursday.

“There is no clear link between monetary policy and employment.”

It was the third time in recent months that a member of the Riksbank executive board has hit back at critics who claim that the central bank’s high interest rate levels have cost up to 75,000 jobs.

Stricter rules on insider trading

8,000 top executives of Swedish listed companies may only trade shares in their own companies four times a year, according to a proposal from the Economic Crimes Bureau and the Swedish Financial Supervisory Authority to tighten rules on insider trading in connection with the release of interim reports.

The proposal came on the heels of an insider trading scandal at Alfa Laval, reported DI.

Insiders are presently banned from trading in shares a month prior to the quarterly report. Under the proposal, this prohibition is extended to two months prior to the release of an interim report.

Securitas report

Securitas beat market expectations when it posted a pre-tax profit of 626 million crowns for Q3, up 152 million crowns compared to a year ago. Sales rose 4 per cent to 15,182 million crowns despite a dull market.

“60 per cent of Securitas is now in full swing,” said CEO Thomas Berglund, who has managed to speed up growth in the company’s guarding business in Europe. However, he refrained from predicting profit for the problem-ridden cash handling operation in Germany. Securitas’ share rose 1.3 per cent to 98.50 crowns.

Sources: Dagens Nyheter, Svenska Dagbladet, Dagens Industri


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