But Swedish export growth is losing momentum, and the export order intake has slackened. Earlier this year, Sweden was running a huge trade surplus. The combination of higher imports and slower export growth will lower Sweden’s economic growth rate.
Sportex growth via acquisition
The Sportex sporting goods retail chain is buying Sportring, which will bring its chain up to 68 outlets with annual sales of around 700 million crowns. This marks the start of a restructuring process in the trade, which will accelerate, says Lars Åke Tollemark, Sportex’s new MD.
Guppi clothing chain under threat
The Guppi chain of children’s clothing stores is being shaken by the bankruptcy of ten or so outlets over the past year, with more in trouble. The chain is operated on a franchise basis, and its critics claim it uses ‘suicide contracts’ and that franchisees are powerless in relation to the franchiser.
SEB to move into Russia
SEB’s East European sector currently only has banks in the Baltic states and the Ukraine, and a 47 per cent interest in BOS bank in Poland. The bank now has plans to re-enter the Russian market, according to its chairman, Jacob Wallenberg, who was speaking at yesterday’s Eastern European Business Forum in Stockholm.
CSN’s foreign receivables
CSN is using Intrum Justitia (dunning agency) to collect outstanding student loans from borrowers who live abroad. More than 1,370,000 people have outstanding student loans of over 166 billion crowns. 90,000 of these debtors have had their debts sent to the official Enforcement Service for collection. 60,000 former students with debts to CSN of 8 billion crowns live abroad.
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.