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☆ ‘They will not win’: Sweden’s finance minister insists Ukraine cannot lose the war
▼ + stars: | 2024-04-18 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via Email‘They will not win’: Sweden’s finance minister insists Ukraine cannot lose the warSwedish Finance Minister Elisabeth Svantesson tells CNBC's Karen Tso that Europe can’t afford to let Russian win its war with Ukraine as it would lead to troubling events in the coming years.

Persons: Elisabeth Svantesson, Karen Tso Organizations: Swedish, Russian Locations: Ukraine, Europe

☆ Sweden plans new nuclear reactors by 2035, will share costs
▼ + stars: | 2023-11-16 | by ( Simon Johnson | ) www.reuters.com time to read: +2 min

By 2045 the government wants to have the equivalent of 10 new reactors, some of which are likely to be small modular reactors (SMRs), smaller than conventional reactors. Energy Minister Ebba Busch said the government was planning a "massive build out" of new nuclear power by 2045. "It's decisive for the green transition, for Swedish jobs and at heart for the welfare of our citizens," she told reporters. Countries like Poland, the Czech Republic, and Britain are looking at expanding nuclear power as societies transition to a fossil-fuel free future. Sweden voted to get rid of nuclear power in 1980, and has only six of an original 12 reactors still in production.

Persons: Tom Little, Ebba Busch, Elisabeth Svantesson, Busch, Finland's, Germany's Uniper, Simon Johnson, Chizu Nomiyama, Elaine Hardcastle Organizations: Rights, Energy, EDF, Thomson Locations: Swedish, Stockholm, Sweden, Rights STOCKHOLM, Poland, Czech Republic, Britain

☆ EU agrees deal on final leg of Basel bank capital rules
▼ + stars: | 2023-06-27 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

LONDON, June 27 (Reuters) - The European Union on Tuesday reached a deal to implement the final batch of tougher bank capital rules agreed internationally following the global financial crisis over a decade ago, with additions to contain risks from the crypto sector. The remaining leg of the 'Basel III' global accord, agreed among G20 and other nations, includes safeguards such as limits on big banks using their own internal models to calculate capital buffers. The collapse of Silicon Valley Bank and other lenders in the United States, whose fallout rippled through Europe, and the forced takeover of Credit Suisse by UBS has thrown a spotlight on bank capital and liquidity. The deal between EU states and the European Parliament phases in some elements in the Basel III accord from 2025, two years after the deadline agreed globally. The EU is the first major jurisdiction to reach a deal on the remaining Basel III rules, ahead of Britain and the United States.

Persons: Elisabeth Svantesson, Gilles Boyer, Huw Jones, Christina Fincher Organizations: European Union, Basel III, Silicon Valley Bank, Credit Suisse, UBS, EU, Thomson Locations: Basel, Silicon, United States, Europe, Sweden, Britain

☆ Sweden sees 'cause for concern' on retailer margins as food prices surge
▼ + stars: | 2023-06-26 | by ( Marie Mannes | Thomson Reuters | Stockholm-Based Company News Correspondent Who Mainly Covers Anything To Do With Retail | ) www.reuters.com time to read: +4 min

Sweden's competition authority on Tuesday will publish the initial findings from an investigation into food prices and competition requested by Sweden's finance ministry in March. "When we look at the margins on the retail and wholesale side, we see some cause of concern in terms of how they're developing," Martin Mandorff, head of market abuse at the competition authority, told Reuters. The agency is investigating the whole food supply chain from producers, wholesalers to the retail sector and has collected data from Sweden's main supermarkets on prices and margins. Premium food chain ICA had a 53% market share in 2022 according to the competition authority. "We have a frequent and constructive dialogue with the Swedish Competition Authority and look forward to the conclusions of the investigation," the company said.

Persons: Anders Wiklund, Martin Mandorff, Mandorff, Coop, discounter Lidl, Elisabeth Svantesson, Svantesson, Axfood, Marie Mannes, Helen Reid, Simon Johnson, Greta Rosen Fondahn, Conor Humphries Organizations: TT News Agency, Reuters, ICA, Finance, SVT, Swedish Competition Authority, Thomson Locations: Stockholm, Sweden, STOCKHOLM, Hungary, Ukraine, Swedish

☆ EU states approve world's first comprehensive crypto rules
▼ + stars: | 2023-05-16 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

(Reuters) - European Union states on Tuesday gave the final nod to the world’s first comprehensive set of rules to regulate cryptoassets on Tuesday, piling pressure on countries such as Britain and the United States to play catch up. REUTERS/Dado Ruvic/IllustrationAn EU finance minister meeting in Brussels approved rules that were thrashed out with the European Parliament, which gave its approval in April. Regulating crypto has become more urgent for regulators after the collapse of crypto exchange FTX. Crypto firms say they want certainty in regulation, putting pressure on countries to copy the EU rules, and on regulators to come up with global norms for a cross-border activity. The United States has focused on using existing securities rules for enforcement action in the sector while it decides on whether to introduce bespoke new rules and who would apply them.

☆ Sweden's economic gloom goes from bad to worse as government predicts steeper GDP contraction
▼ + stars: | 2023-04-17 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +5 min

JONATHAN NACKSTRAND / Contributor / Getty ImagesThe Swedish government is now predicting a deeper than expected GDP contraction in 2023, according to data released Monday, worsening an already gloomy outlook for the country's economy. Sweden's Ministry of Finance estimated in December that GDP would shrink by 0.7%, but it now predicts a 1% downturn as it reassesses the "challenging economic environment." "We face major challenges, but we will get through them together," Sweden's Minister for Finance, Elisabeth Svantesson, said in a press release Monday. The latest CPI data shows inflation is finally starting to slow, but wages are limping behind and house prices are facing a serious downturn. Eroding real wagesMost European countries are experiencing sky-high inflation, leaving real wages lagging behind.

☆ Sweden faces recession lasting into 2024, finance minister says
▼ + stars: | 2022-12-22 | by ( ) www.reuters.com time to read: +1 min

"I said in October that Sweden was heading towards an economic winter and what we see now is that the winter looks to be more protracted than we thought," Finance Minister Elisabeth Svantesson told a news conference. The economy is now seen growing by just 1% in 2024, down from 2% seen previously, before recovering to growth of 2.7% in 2025, the ministry predicted. Swedish households have become increasingly gloomy in recent months, hit by rampant inflation, rising mortgage costs and record-high electricity prices. November CPIF, the inflation target measure for the Riksbank, was 9.5% in November, way above the 2% target. Reporting by Stine Jacobsen and Simon Johnson, editing by Terje Solsvik and Tomasz JanowskiOur Standards: The Thomson Reuters Trust Principles.

STOCKHOLM, Oct 31 (Reuters) - The Swedish economy is heading into a recession next year, driven by rampant inflation and the war in Ukraine, the country's new finance minister said on Monday. "Sweden's economic outlook is gloomy and we're heading for a tough winter," Svantesson told a news conference, adding that there was a high risk developments will be even weaker than the main scenario. Svantesson pledged to stick to Sweden's fiscal policy framework under which public finances are run at a 0.3% of GDP surplus over an economic cycle. "For us and me, it is important that fiscal policy in this situation is well balanced, that fiscal policy does not fuel inflation. And we will stick to the fiscal policy framework, and thereby ensure that we have room for manoeuvre if next year becomes even more difficult," she said.

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