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H&M deemed world class

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23:28 CET+01:00
Clothing chain H&M is one of the world's 50 fastest growing retail giants according to accounting firm Deloitte. H&M sales have increased by just over 16 per cent per year since 1998.

"H&M's success lies in a strong focus on clothes. Retailers who take on too many concepts have not been so successful," explained Lars Egenäs at Deloitte in Sweden.

Insurance firms count cost of tsunami

Insurance companies are estimating costs of 500-600 million crowns as a result of the tsunami disaster in South Asia, and costs of between 3 and 4 billion crowns after the storm in southern Sweden.

Shareholders worried about Skanska

Two profit warnings in the USA and UK for a total of 1.3 billion crowns within the space of a month have got shareholders in building company Skanska worried. Despite its president, Stuart Graham, taking action by sacking the US CEO, AMF Pension, which owns 6 per cent of the shares in Skanska, is expressing concern.

Poor end to year for OMX

Stockholm Bourse owners OMX reported a weak end to 2004 with sales for the fourth quarter dropping by 7 per cent excluding figures for the purchase of Finnish stock market owners Hex. The loss before tax for the quarter amounted to 40 million crowns. But OMX has big plans for growth in 2005, particularly within the Technology division, which sells trading systems to stock markets and securities brokers.

Biotech road show in USA

Swedish biotechnical companies are on tour in the USA to pick up some business and make contacts. New York was the first port of call, with some advice from Stelios Papadopoulos of American investment bank SG Cowen.

"If the 200 Swedish biotechnical companies were consolidated into ten companies then maybe some of them would be good companies," said Papadopoulos.

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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