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AMF Pension CEO named Sweden’s top businesswoman

Ingrid Bonde, the head of Swedish pension firm AMF Pension, has been named Sweden’s most powerful businesswoman by a leading business magazine.

AMF Pension CEO named Sweden's top businesswoman

As head of AMF Pension, Bonde overseas a company with assets worth nearly 300 billion kronor ($32.2 billion) and 3.8 million customers, something which the Veckans Affärer magazine believes puts her in a unique position.

But the humble Bonde doesn’t see why she deserves any special attention.

“No, I don’t see it as power, but rather a responsibility and a great deal of trust to be able to manage the pensions of the Swedish people,” she told the TT news agency.

Bonde has a wide range of experience, having worked at Sweden’s National Debt Office (Riksgälden), Scandinavia airline SAS, and the Swedish Financial Supervisory Authority (Finansinspektionen).

She took over of AMF Pension – which is jointly owned by the Confederation of Swedish Enterprise (Svenskt Näringsliv) and the Swedish Trade Union Confederation (LO) – in December 2008.

“With unique ties to every camp, she was the perfect choice to manage the company,” writes Veckans Affärer in explaining the motivation for giving the award to Bonde.

Bonde told TT she wished more executives moved between the public and private sector in their careers because it allows people to have a better understanding of both sides.

Her advice to others who want to succeed is simple.

“Be who you are. That usually pays off in the long run,” she said.

ABB

Swedish engineering giant ABB to quit Russia over Ukraine

Swedish-Swiss engineering giant ABB said on Thursday it will quit Russia as a result of the war in Ukraine and the related international sanctions against Moscow.

Swedish engineering giant ABB to quit Russia over Ukraine

Russia accounts for only one or two percent of ABB’s overall annual turnover and the decision to pull out will have an estimated financial impact in the second quarter of around $57 million, the group calculated.

“ABB has decided to exit the Russian market due to the ongoing war in Ukraine and impact of related international sanctions,” the group said in a statement.

Russia accounts for only one or two percent of ABB’s overall annual sales and the decision to pull out will have an estimated financial impact in the second quarter of around $57 million, the group calculated.

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A large number of major western companies have pulled out of Russia since Moscow invaded its pro-Western neighbour on February 24.

“When the war broke out, ABB stopped taking new orders in Russia,” the group said.

At the same time, it said it continued to fulfill “a small number of existing contractual obligations with local customers, in compliance with applicable sanctions.”

Most of ABB’s dedicated Russian workforce has been on leave since March “and the company will do its best to support them as it realigns its operations in a controlled manner,” it said.

ABB has about 750 people in Russia and two production sites in the country located in the Moscow region and Lipetsk, as well as several service centres.

Separately, the group said that its net profit fell by 50 percent to $379 million in the second quarter, largely as a result of one-off charges, but also the cost of withdrawing from Russia.

Sales, on the other hand, grew by six percent to $7.2 billion in the period from April to June, ABB said.

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