Wallenberg attacked for “jobless growth” remarks

SEB Chairman Jacob Wallenberg, heir apparent to the Wallenberg corporate dynasty, has drawn sharp reactions from Metal Workers Union leader Göran Johnsson and Industry and Trade Minister Thomas Östros for his remarks on "jobless growth" in Sweden.

“I find his statement pretty passive. It is not particularly good leadership to make such a remark. Personally, I had hoped that he would have a vision for what the companies in his sphere have for role and significance to jobs and growth,” said Göran Johansson.

Östros shared Johansson’s criticism of Wallenberg’s view on the future of Swedish industry.

Östros said jobs are created in a period of economic upswing although it could take time. He also said that moving jobs and production abroad wouldn’t cripple jobs creation.

In Tuesday’s DI issue, Jacob Wallenberg said that he doesn’t see jobs arising in Sweden in the coming year and that the Swedish industry had shifted to increased productivity without need for new recruits – or the so-called “jobless growth”.

Vattenfall goes green

Energy company Vattenfall is to unveil today plans to invest in wind power in Sweden after the company was harshly criticised for its coal investments in Germany.

While Vattenfall describes itself as the biggest wind power producer in the country, this source of energy is marginally used. The company has 40 wind power plants that generate about 0.05 terawatts per hour TWh (billions of kilowatts per hour) annually.

Sustained growth to create 75,000 jobs

The crown is seen strengthening against both the dollar and the euro and employment is expected to grow with 75,000 new jobs next year, according to the latest forecasts from SEB’s economic analysts. SEB also sees GDP growth at 3.5 per cent this year and at 2.9 per cent in the next two years.

Lear Corp to exit Sweden

Subcontractor giant Lear Corporation is the next in a string of companies planning to move business from Sweden, reported DI. “Sweden is not competitive,” says Jörgen Moschini, Lear President in Sweden. The company, based in Tanum and has 600 employees, is set to move operations to Poland.

Clothing sales down in October

Clothing sales in Sweden fell 3.8 per cent in October year on year due to the rainy weather and falling prices, according to the shoe and textile retailers’ index. The October decline was the first monthly drop in a period of two years.

Sources: Dagens Nyheter, Svenska Dagbladet, Dagens Industri


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