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"Sweden needs more bankruptcies"

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13:21 CET+01:00
The number of bankruptcies in Sweden fell by 21 per cent in October year on year, which is not a good sign since it indicates a low level of risk in the economy and this in turn impedes growth, according to official receiver Rolf Åbjörnsson.

Åbjörnsson blames the banks for the low level of bankruptcies, claiming that they do not wish to take risks.

"They make huge profits and don't need to declare companies bankrupt. They give soft loans or postpone payments," he says and suggests that by so doing they allow bad companies to live on.

Systembolaget chief executive calls for tax cut

Anitra Steen, chief executive of the Swedish Alcohol Retailing Monopoly, says to news programme Ekot that she believes the alcohol tax needs to be cut by some 40 per cent if Systembolaget's sales are to pick up.

The fact that Pär Nuder, Sweden's new finance minister, does not know whether the alcohol tax will be cut, and if so by how much, Steen describes as a "lack of insight".

Ericsson takes first step towards a new age

Television via your mobile phone will be the next fad, according to Ericsson chief executive Carl-Henric Svanberg who believes that the entire mobile sector is poised on the brink of a new era as new technology will make it possible to introduce new mobile services.

Saab wins appeal

The county administrative court in Stockholm has rejected Motorola and OTE's apeal against the Sweden Defence Matériel Administration's procurement process for a communications network to be used by the police force and customs authorities. Saab, Nokia and Sweden Networks signed a framework agreement with the Administration to extend the network back in April.

Sandvik report

Engineering group Sandvik posted net income of 1.07 billion crowns for the third quarter, up from 788 million crowns a year earlier. The operating margin rose to 13.1 per cent in Q3 with a 26 per cent increase in orders as demand continues to increase in Asia, North and South America and Europe.

So far this year the group has recruited 885 employees and now has a workforce of some 37,600.

Sources: Dagens Nyheter, Svenska Dagbladet, Dagens Industri

Supplied by BECK TRANSLATIONS.

With an experienced team of in-house translators, Beck specialises in translating from Swedish into English in such areas as finance and economics, marketing and advertising, biotechnology, the environment, quality, and personnel & administration.

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