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Sweden has the world’s third most expensive Big Macs: report

Sweden has the world's third most expensive Big Macs, behind only Switzerland and Norway, the UK's Economist magazine reported in the 2017 edition of its famous global burgernomics index.

Sweden has the world's third most expensive Big Macs: report
How much will a burger set you back in Sweden? Photo: Tomas Oneborg/SvD/TT

Sweden boasts the EU's priciest Big Mac, with the ubiquitous double-decker burger now costing $5.26 (48 kronor), according to the Economist's raw Big Mac Index.

That means it costs four percent more than it would in a McDonald's restaurant in the US.

In Switzerland a Big Mac costs $6.35, and in Norway $5.67.

The Big Mac Index was launched in 1986 as a lighthearted way of working out whether a country's currency is overvalued or undervalued, based on the theory of purchasing-power parity.

However, it has been used in several economics textbooks since its invention. And one memorable advertising campaign once erected a billboard at the border between Norway and Sweden in an attempt to entice hungry Norwegians to cross the border for a cheaper burger.

The Economist last week also presented another version of the index, adjusted for the relationship between prices and GDP per person, taking into account that prices are higher in for example Sweden, but so are wages.

According to this version, Sweden still tops the list in the EU with its Big Macs overvalued by 9.4 percent against the dollar, but falls behind Brazil, Pakistan, Thailand, Colombia, Chile and Peru.

A dollar cost around 8.9 Swedish kronor on Tuesday, compared to 9.2 a month ago.

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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