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Today in Sweden: A roundup of the latest news on Thursday

The Local Sweden
The Local Sweden - [email protected] • 25 May, 2023 Updated Thu 25 May 2023 05:50 CEST
Today in Sweden: A roundup of the latest news on Thursday
Swedish gaming giant Embracer has lowered its outlook for the year ahead. Photo: Jessica Gow/TT

Swedish gaming giant's shares fall after broken deal, krona hits weakest point against euro since financial crisis, brothers suspected of plotting terror attack on church in Sweden and Lidl announces further price cuts. Here's the latest news.


Swedish krona at weakest point against euro since financial crisis

The value of the Swedish krona has dropped steadily against the euro since summer 2021, hitting its weakest point since the beginning of 2009 on Wednesday.

A euro now costs 11.49 kronor, up from around 10 kronor in summer 2021. This means the krona has lost around 15 percent of its value against the euro in just under two years.

Discounting the 2009 valuation – which was a short-term dip – the value of the krona has never been lower than it is now.

At the same time, one dollar costs 10.66 kronor, which has remained relatively stable. In March one dollar cost over 10.70 kronor and last autumn one dollar would have cost you 11.40 kronor.

Swedish vocabulary: value – värde


Child suspected for causing death of ten-year-old who fell from school roof

A child is suspected for causing the death of the ten year old girl who fell from a school roof in Svedala, P4 Malmöhus reports.

The girl fell around ten metres, according to emergency services. Her death was previously believed to be an accident, but prosecutor Pernilla Nilsson has now said that a child is being investigated under a law with special provisions for youth offenders.

The police and local education chief both said that children climbing onto the roof was a known problem.

Swedish vocabulary: causing another's death/involuntary manslaughter – vållande till annans död

Lidl announces further price cuts

When low-price supermarket Lidl announced plans to lower and freeze prices on over a hundred items in March, Finance Minister Elisabeth Svantesson voiced her approval, sparking fellow supermarkets Ica and Coop to follow Lidl's lead.

Lidl's prices were originally due to be frozen "for at least two months", but the supermarket has announced in a press statement that it will now be extended to "at least the end of June".

Prices will also be cut and frozen on at least 50 other items from June 1st.

Swedish vocabulary: to cut and freeze prices – att sänka och frysa priser


Brothers suspected of plotting terror attack on Swedish church

Two brothers from Syria, who were arrested a month ago in Germany, are suspected of having planned to carry out a terror attack on a church in Sweden, the prosecutor said on Wednesday.

German prosecutor Liddy Oechtering said the plans were believed to be in retaliation of Quran burnings in Stockholm last winter by right-wing extremist Rasmus Paludan.

"If the information is correct it is serious and confirms what the Security Service have previously said, that the Quran burnings have fuelled threats against Sweden," Swedish Justice Minister Gunnar Strömmer told the TT newswire in a text message.

Swedish vocabulary: a church – en kyrka

Swedish gaming giant's shares fall after broken deal

Shares in Sweden's Embracer plunged on Wednesday after the publisher of hit video games said a major strategic partnership had fallen through and that it was lowering its outlook.

"Late last night, we were informed that one major strategic partnership that has been negotiated for seven months will not materialise," Embracer CEO Lars Wingefors said in a comment quoted by the AFP news agency.

Wingefors added that the decision by the unnamed prospective partner to pull out was "unexpected".

Embracer is now expecting to generate seven to nine billion kronor ($657 million to $845 million) in adjusted EBIT (earnings before interest and taxes) for the year, compared to the previously expected 10.3 to 13.6 billion kronor.

When the Stockholm stock exchange closed Wednesday, shares in Embracer were down by more than 44 percent.

Swedish vocabulary: unexpected – oväntat


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