Retail sales decline
The latest retail sales reports from Statistics Sweden and the Swedish Research Institute of Trade (HUI) show that retail shares declined 1.1 per cent in October in terms of fixed prices – the first time in seven years that retail sales are down on a monthly basis. In terms of fixed prices and seasonally adjusted, retail sales were up 3.5 per cent compared to October 2003, lower than the average market consensus of an increase of 4.4 per cent year-on-year.
Eastern European markets lift Scania, Volvo
Russian, Polish and Czech haulage companies are draining Western Europe of second-hand trucks in a trend driven by the stricter environment protection laws in Eastern Europe. For Volvo and Scania, this entails a steep rise in sales.
SEB to expand eastwards
SEB is eyeing expansion eastwards, with the bank now gradually setting up in the former eastern bloc states. SEB, for instance, has bought a bank in Ukraine, says SEB Chief Executive Lars Thunell in an interview with DN. Thunell also denied rumours that Citibank was out to take over SEB.
Carnegie ownership baffling market
Carnegie’s ownership image became even more muddled after Icelandic investment group Burdarás bought a major bloc of shares in the broker, making it the biggest shareholder with a stake of 13.4 per cent. Despite speculation, there is nothing to show that Burdarás had struck an alliance with rival Kaupthing, which had earlier attempted to buy itself into Carnegie.
“They have never co-operated before,” said Jonas Fridthjofsson, analyst at Islandsbanki.
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