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Swiss officials investigate bribes at Ericsson

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22:16 CET+01:00
The Swiss authorities have opened investigations into Ericsson's payment of one billion crowns from Switzerland via Austria to Russia in connection with a railway building project that was never implemented. Ericsson classified the money as a loss allowance, but upon investigation reversed it.

Weaker dollar hits exporters

The US dollar fall is affecting the sales and profits of Swedish export firms. Ericsson, Electrolux, SCA and Sandvik are among those most affected by the decline.

Electrolux, for example, reported in 2003 that 45 per cent of its sales went to North America and that the company had lost 10 per cent of its sales revenue as a result of the stronger crown.

Morgan Stanley has already warned that the weakening of the dollar can lead to Sandvik revising its profit growth to a profit fall in just one year.

LFV concerned over aviation fuel prices

Lars Rekke, director general of the Civil Aviation Administration (LFV) expressed concern over the high fuel prices yesterday, warning that some airlines may go broke. There are two causes for concern, according to the director general. Not only will airlines have to compensate for high fuel costs, high oil prices also curb growth in industry, which has an indirect impact on the number of people flying.

ABB invest in India

ABB plans to invest USD 100 million in a plant for the manufacture of transformers in Vadorada and for the manufacture of other power equipment in Bangalor and Nashik, India.

Wilh Sonesson acquires Friggs

Consumer healthcare company Wilh Sonesson is to acquire health food group Friggs from Semper for 170 million crowns. Friggs posted a turnover of 196 million crowns for the 2003/2004 financial year and net operating income of 22 million crowns.

EU Commission gives go ahead

The European Commission has approved the sale of Skanska subsidiary Skanska Services to British venture capitalist 3I for 1.2 billion crowns.

Swedish consumers becoming more cautious

Swedish consumers have become more cautious with their money and are investing less in shares. They are instead placing their money in traditional savings accounts.

At the end of Q3, 29 per cent of household savings were invested in interest-bearing assets, 27 per cent in equity-related assets and 44 per cent in property.

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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