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☆ NATO Accession Looks to Be 'Not a Priority' for Sweden, Hungary Says
▼ + stars: | 2024-01-18 | by ( Jan. | At A.M. | ) www.usnews.com time to read: +2 min

BUDAPEST (Reuters) - Sweden has not done anything to boost confidence in its suitability for NATO membership, and has given the impression that joining the alliance is not a priority for the country, an aide to Hungary's prime minister said on Thursday. Sweden applied to join the North Atlantic Treaty Organization in May 2022 following Russia's invasion of Ukraine but the accession process, which requires the approval of all existing members, has been held up by Turkey and Hungary. Gulyas suggested that Sweden's foreign minister or prime minister should "get in touch and ask what concerns the Hungarian parliament has" about Sweden's NATO accession. Replying to a reporter's question, he said Hungary wanted to avoid being the last country to ratify Sweden's NATO accession, but "we will probably not manage to do so without Sweden's help. The Turkish parliament's general assembly may debate Sweden's NATO membership bid in the coming weeks, the ruling AK Party's parliamentary group chairman said last week.

Persons: Viktor Orban's, Gulyas, Gergely Szakacs, Anita Komuves, Marie, Alex Richardson Organizations: NATO, Atlantic Treaty Organization, Nordic, Turkish, AK, Marie Mannes Locations: BUDAPEST, Sweden, Ukraine, Turkey, Hungary, Swedish, Moscow, Budapest, Stockholm

☆ Israel Accuses Hamas of Planning to Attack Its Embassy in Sweden
▼ + stars: | 2024-01-13 | by ( Jan. | At P.M. | ) www.usnews.com time to read: +1 min

JERUSALEM (Reuters) - Israel accused Hamas on Saturday of planning to attack its embassy in Sweden as part of an expansion by the Palestinian Islamist militant group into Europe, where authorities announced the arrests of several suspects last month. In a statement following up on the arrests announced by Danish, German and Swedish authorities, Israel's Mossad intelligence agency named an alleged Hamas network member in Sweden, without specifying whether he was also in custody. The Foreign Ministry in Stockholm declined to comment on the specific security of Israel's embassy, but said: "Sweden takes its commitments under the Vienna Convention to protect foreign missions very seriously." The Mossad statement said a multi-national investigation received information that the Hamas network took orders from a group command post in Lebanon and had "intent to attack the Israeli embassy in Sweden, to procure paragliders and to activate members of criminal groups in Europe". Hamas used paragliders as part of its shock multi-pronged attack on Israel on Oct. 7 which triggered the Gaza war.

Persons: Dan Williams, Marie Mannes, Mark Potter Organizations: West Bank, Foreign Ministry, Vienna Convention, Hamas Locations: JERUSALEM, Israel, Sweden, Palestinian, Europe, Gaza, Stockholm, Vienna, Lebanon

Workers at state-owned postal company PostNord joined the strike on Nov. 20 and stopped distributing the license plates to Tesla. The state-run transport agency turned down Tesla's request to pick up the license plates itself and also declined to send them via distribution channels other than PostNord. Tesla sued both PostNord and the transport agency in two separate lawsuits, first reported by Swedish business daily Dagens Industri. It said the refusal to deliver license plates could affect "a large number of consumers who ordered a new car from Tesla". The transport agency confirmed to Reuters on Monday that Tesla had filed a lawsuit, believing the agency had not kept its obligations to deliver Tesla's license plates.

Persons: Yves Herman, PostNord, Tesla, Metall, carmaker, Seko, Marie Mannes, Louise Breusch Rasmussen, Terje Solsvik, Bernadette Baum Organizations: REUTERS, Swedish Transport Agency, U.S, Workers, Dagens, IF Metall, Reuters, Thomson Locations: Drogenbos, Belgium, Swedish, Sweden, U.S

☆ Tesla sues Sweden over blocked license plates, business daily DI reports
▼ + stars: | 2023-11-27 | by ( ) www.reuters.com time to read: +1 min

The logo of a Tesla electric vehicle is placed on a car seen outside a dealership in Drogenbos, Belgium November 25, 2023. REUTERS/Yves Herman/File Photo Acquire Licensing RightsCompanies Tesla Inc FollowCOPENHAGEN, Nov 27 (Reuters) - Tesla (TSLA.O) has filed a lawsuit against the Swedish government's Transport Agency over a workers' strike that has blocked the U.S. auto maker's requests for license plates for new vehicles, business daily Dagens Industri reported on Monday. IF Metall, Sweden's biggest manufacturing union, is locked in a fight with Tesla to get a collective bargaining agreement for its mechanics in Sweden. Members of other unions, including postal workers, dockworkers and cleaners have since joined in a sympathy action, resulting in Tesla not getting license plates distributed, among other things. The Swedish Transport Agency was not immediately available for comment.

Persons: Yves Herman, Tesla, Metall, Louise Breusch Rasmussen, Marie Mannes, Terje Solsvik Organizations: REUTERS, Swedish government's Transport Agency, Dagens, IF Metall, Swedish Transport Agency, Thomson Locations: Drogenbos, Belgium, Swedish, Sweden

☆ Swedish union blocks Tesla components as dispute intensifies
▼ + stars: | 2023-11-24 | by ( ) www.reuters.com time to read: +3 min

Around 50 workers that make specialized Tesla components at Hydro Extrusions, a subsidiary of Norwegian aluminium and energy company Hydro, will either stay at home or be given other tasks from Friday until further notice, the IF Metall union said. IF Metall, Sweden's biggest manufacturing union, is locked in a fight with Tesla to get a collective bargaining agreement for its 130 mechanics in Sweden. The U.S. carmaker has a policy to not sign collective bargaining agreements and says its employees have as good or better terms than what the Swedish union is demanding. The union says it is vital to the Swedish labour market model that all companies have collective agreements. Around 90% of all employees in Sweden are covered by collective bargaining agreements, which regulates wages, vacation, overtime pay and other conditions.

Persons: Veli, Pekka Saikkala, Tesla, Metall, Saikkala, carmaker, Torbjorn Johansson, Elon, Johansson, Johan Ahlander, Marie, Victoria Waldersee, Susan Fenton Organizations: Tesla, Hydro Extrusions, Hydro, IF Metall, Metall, LO, Marie Mannes, Thomson Locations: Berlin, Europe, Sweden, U.S, Stockholm, Victoria

☆ Union pressure on Tesla grows in Sweden as dockworkers expand strike
▼ + stars: | 2023-11-17 | by ( ) www.reuters.com time to read: +3 min

A view shows the ship Malacca Highway at shore as port workers are blocking the loading of Tesla vehicles, in Malmo, Sweden, November 7, 2023. Dockworkers joined the strike by mechanics on Nov. 7, blocking Sweden's four largest ports to Tesla cars. So far, unions in the United States and Germany have failed to force the company to accept collective bargaining agreements. In addition to dockworkers, unionised cleaners are refusing to clean Tesla buildings and postal workers have stopped delivering mail. In the 1990s, American toy company Toys "R" Us signed a collective bargaining agreement with its 130 Swedish employees after a three month strike.

Persons: Johan Nilsson, Tesla, Elon Musk, Dockworkers, Musk, Torbjorn Johansson, Norway's Fellesforbundet, Marie Mannes, Louise Rasmussen, Johan Ahlander, Johannes Birkebaek, Simon Johnson, Mark Potter Organizations: TT, Agency, Rights, U.S, Swedish, IF Metall, Hydro Extrusions, Hydro, Thomson Locations: Malacca, Malmo, Sweden, Rights STOCKHOLM, Dockworkers, United States, Germany, American

☆ Volvo Cars shares drop to record low as Geely trims stake
▼ + stars: | 2023-11-17 | by ( ) www.reuters.com time to read: +2 min

The sale of the 3.4% stake leaves Geely with a holding in Volvo Cars of 78.7%, the Chinese company said in a statement. Proceeds received by Geely Holding are intended to be used to support business development within the group," it added. It allows a wider base of shareholders to invest in Volvo Cars," the Swedish company's CEO Jim Rowan said in a statement. At 0926 GMT, Volvo Cars shares were down 10.9% at 36.38 crowns, having traded as low as 35.25 crowns. Geely Holding has committed to a lock-up period of 90 days for its remaining shareholding, "subject to customary exceptions and waivers" by the bookrunners.

Persons: Aly, China's Geely, bookrunners, Jim Rowan, Goldman Sachs, SEB, Geely, Terje Solsvik, Louise Rasmussen, Mark Potter Organizations: Volvo, Auto Shanghai, REUTERS, Rights, Swedish, HK, Volvo Cars, Geely, BNP, Marie Mannes, Thomson Locations: Shanghai, China, Rights OSLO, Swedish, Oslo, Stockholm

☆ Tesla faces pressure in Sweden as workers at supplier to strike
▼ + stars: | 2023-11-15 | by ( ) www.reuters.com time to read: +2 min

Tesla has no manufacturing plant in Sweden but its electric cars are serviced at workshops across the country, where around 130 mechanics affiliated with Swedish union IF Metall began a strike on Oct. 27. Hydro Extrusions's Vetlanda plant makes aluminium profiles - aluminium alloys transformed into shapes, and is the first Tesla supplier in Sweden to down tools in support of the mechanics' strike. The carmaker told IF Metall on Nov. 6 it did not want to sign a collective agreement, the union said. "We want Tesla Sweden to sign a collective agreement... We want this conflict to be as brief and short as possible," IF Metall spokesperson Jesper Pettersson said. German unions have pressured the carmaker to implement a similar agreement for its 11,000 workers in Gruenheide, near Berlin.

Persons: Tyrone Siu, Tesla, Jesper Pettersson, Marie Mannes, Victoria Waldersee, Johan Ahlander, Emelia Sithole Organizations: Tesla, REUTERS, Rights, U.S, Swedish, IF Metall, dockworkers, Hydro Extrusions, Hydro, IF, Thomson Locations: Taipei, Taiwan, Rights STOCKHOLM, Sweden, Vetlanda, Gruenheide, Berlin

☆ Sweden's SBB posts bigger Q3 loss
▼ + stars: | 2023-11-13 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Marie Mannes/File Photo Acquire Licensing RightsSTOCKHOLM, Nov 13 (Reuters) - Debt-laden Swedish property group SBB (SBBb.ST) reported a widening of its pre-tax loss in the third quarter on Monday. The landlord, which owns properties across Sweden including hospitals and care homes, reported a pre-tax loss of 3.13 billion Swedish crowns ($287 million) for continuing operations, compared to a loss of a revised 2.56 billion a year ago. This was weaker than Carlsquare analyst Bertil Nilsson's expectation of a loss of 2 billion crowns. SBB slashed its property values by 3.52 billion crowns in the quarter, after analysts had warned property values in the sector could continue to see pressure from high interest rates. Its net operating income came in at 0.93 billion crowns, down from revised 1.02 billion a year earlier.

Persons: Marie Mannes, Bertil Nilsson's, Greta Rosen Fondahn, Terje Solsvik Organizations: SBB, REUTERS, Rights, Brookfield, Thomson Locations: Stockholm, Sweden, Rights STOCKHOLM, Swedish

☆ Volvo Cars' promise of EV boom falls on deaf ears as shares drop 12%
▼ + stars: | 2023-10-26 | by ( Marie Mannes | Thomson Reuters | Stockholm-Based Company News Correspondent Who Mainly Covers Anything To Do With Retail | ) www.reuters.com time to read: +2 min

As the company reported third-quarter earnings, Chief Executive Jim Rowan told Reuters that he saw healthy demand for its cars, and was optimistic the margins would increase further in the fourth quarter. Volvo's BEV margins were 9% in the quarter, a sharp increase from the previous quarter's figure of 3%. Rowan said he expected the trend of falling prices of raw materials to continue, helping the company increase margins further for the fourth quarter. Investors proved unconvinced, as Volvo shares, down 10% by 1014 GMT, after having fallen as much as 12%, looked set for their biggest ever one-day drop. EV makers have engaged in stiff competition this year, after Tesla ignited a price war intensified by new Chinese players.

Persons: Aly, Jim Rowan, EVs, BEV, Rowan, Jefferies, Philippe Houchois, Houchois, Tesla, China's Geely, Marie Mannes, Greta Rosen Fondahn, Terje Solsvik, Clarence Fernandez Organizations: Volvo, Auto Shanghai, REUTERS, Rights, Reuters, Benz, Motors, Ford, Volkswagen, China's, Thomson Locations: Shanghai, China, Rights STOCKHOLM, EVs

China's decision may escalate trade disputes globally and spur other countries to prioritize research into alternative sources and materials, industry executives said. "We see China's move as a potential catalyst to highlight the urgency of improving (U.S.) graphite supply," said John DeMaio, president of Graphex Group's (6128.HK) graphene division. It has graphite supply deals with Syrah Resources (SYR.AX) and is looking for other sources, DeMaio said. Synthetic graphite could account for nearly two-thirds of the EV battery anode market by 2025, Benchmark Mineral Intelligence estimates. Chief Operating Officer Hans Erik Vatne told Reuters recently that developing synthetic graphite production is costly, but that is the price to pay to reduce reliance on China.

Persons: Fabian Bimmer, John DeMaio, Graphex Group's, DeMaio, Tesla, Hans Erik Vatne, Rob Anstey, Alvin Liu, Akash Sriram, Ernest SCheyder, Nick Carey, Christina Amann, Marie Mannes, Gilles Guillaume, Ilona Wissenbach, Ben Klayman, Josie Kao Organizations: Volkswagen, REUTERS, Syrah Resources, Magnis Energy Technologies, Mineral Intelligence, Reuters, EVs, BMO Capital Markets, BMW, Volvo, Renault, General Motors, Ford, Thomson Locations: Salzgitter, Germany, China, Warren , Michigan, West, U.S, Europe, Oslo, Norway, Bengaluru, Houston, London, Berlin, Stockholm, Paris, Frankfurt

A United Auto Workers (UAW) union member wears a pin while picketing outside Ford's Kentucky truck plant after going on strike in Louisville, Kentucky, U.S. October 12, 2023. With the United Auto Workers (UAW) strike entering its 36th day and the total economic cost pegged at more than $7 billion, companies are counting the cost of lost revenue amid an uncertain economy and persistent inflation. "The damage from the strikes will last long after UAW members return to work," University of Michigan professor Erik Gordon said. Earlier this week, consultancy firm Anderson Economic Group estimated the economic losses related to supplier wages and earnings of about $2.67 billion through fourth week of the strike. An agreement remains elusive so far and shares of automakers and suppliers have fallen since the strike began on Sept. 15.

Persons: Luke Sharrett, Erik Gordon, Gordon, Lear, John Murphy, Aptiv, Mikael Bratt, Raechel Thankam, Shivansh, Marie, Nathan Gomes, Arun Koyyur Organizations: United Auto Workers, UAW, REUTERS, Detroit Three, University of Michigan, Workers, Delta Air Lines, Detroit . Paints, PPG Industries, railroader Union, Analysts, General Motors, Ford Motor, Trucking, Magna International, Global Research, Anderson Economic Group, Reuters, EV, Auto, Marie Mannes, Thomson Locations: Ford's Kentucky, Louisville , Kentucky, U.S, Detroit, French, Forvia, Bengaluru, Stockholm

☆ Chinese, Russian vessels in vicinity of Baltic Sea links damage -vessel tracking data
▼ + stars: | 2023-10-20 | by ( Nerijus Adomaitis | ) www.reuters.com time to read: +4 min

Early on Oct. 8, a gas pipeline and a telecoms cable connecting Finland and Estonia were broken, in what Finnish investigators say may have been deliberate sabotage. The ships are: the NewNew Polar Bear, a Chinese container ship travelling between China and Europe via the Northern Sea Route in the Arctic, and the Sevmorput, a nuclear-powered cargo vessel transiting between Murmansk and St. Petersburg. Based on vessel tracking data, Reuters matched the ships' path with the locations where the damage occurred at all three sites. The time the NewNew Polar Bear crossed the pipeline matches the time when Norwegian seismologists registered a small seismic event in the pipeline's vicinity. Russian President Vladimir Putin has dismissed as "rubbish" the idea that Russia damaged the Finnish-Estonia gas pipeline.

Persons: Elisa, Vladimir Putin, Nerijus Adomaitis, Marie, Gwladys Fouche, Jonathan Oatis Organizations: REUTERS, Rights, NATO, Reuters, Estonian Navy, NewNew Shipping, Marie Mannes, Thomson Locations: Paldiski, Estonia, Handout, Rights OSLO, Russian, Gulf, Finland, Sweden, Stockholm, Tallinn, Baltic, Helsinki, Moscow, Beijing, MarineTraffic, China, Europe, Murmansk, St . Petersburg, Gulf of Finland, Swedish, Estonian, Russia, Finnish, Oslo

☆ Volvo braces for slower truck markets next year after Q3 profit beat
▼ + stars: | 2023-10-18 | by ( ) www.reuters.com time to read: +2 min

The Volvo logo is seen in truck for sale in Linden, New Jersey, U.S., May 23, 2022. Its adjusted operating profit margin widened to 14.4% from 10.3% as price hikes made up for higher costs. The company predicted the European and North American heavy truck markets would total 290,000 vehicles each in 2024. "We expect our major truck markets to continue to be strong throughout this year as we continue to deliver from our large order books to customers, but (we) forecast lower market levels for next year," Lundstedt said. Reporting by Marie Mannes and Marta Frąckowiak; editing by Anna Ringstrom and Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

Persons: Andrew Kelly, Martin Lundstedt, Lundstedt, Hampus Engellau, Marie Mannes, Marta Frąckowiak, Anna Ringstrom, Jason Neely Organizations: Volvo, REUTERS, LSEG, Thomson Locations: Linden , New Jersey, U.S, STOCKHOLM, Swedish, American, Gothenburg, Russia, North America, Europe

STOCKHOLM/HELSINKI, Oct 17 (Reuters) - A Baltic Sea telecom cable connecting Sweden and Estonia was damaged at roughly the same time as a Finnish-Estonian pipeline and cable were earlier this month, but remains operational, Sweden's civil defence minister said on Tuesday. The damage to the Swedish-Estonian cable was sustained outside the territorial waters and exclusive economic zone of Sweden, the country's civil defence minister, Carl-Oskar Bohlin said, and the cable had continued to function since then. VESSELS IN AREAEurope and NATO have become increasingly concerned about the vulnerability of critical infrastructure around and under the Baltic Sea. The latest incidents follow explosions in September 2022 that ruptured the Nord Stream pipelines under the Baltic Sea and cut Europe's supply of Russian gas. Finland said on Oct. 8 that the Balticconnector subsea gas pipeline and a telecommunications cable connecting Finland and Estonia had been damaged in what may have been a deliberate act.

Persons: Carl, Oskar Bohlin, Arelion, Ewa Skoog Haslum, NBI, Atomflot, Ulf Kristersson, Nerijus Adomaitis, Niklas Pollard, Simon Johnson, Marie, Gleb Stolyarov, Andrew Gray, Gwladys, Bill Berkrot, Mark Potter, Jonathan Oatis Organizations: Estonian Economic Affairs, Communications Ministry, NATO, Reuters, National Bureau of Investigation, NewNew Shipping, Sweden's, Joint Expeditionary Force, Marie Mannes, Thomson Locations: STOCKHOLM, HELSINKI, Sweden, Estonia, Finnish, Estonian, Russian, Swedish, Finland, Hiiumaa, NATO, Baltic, Europe, Rosatom, Oslo, Stockholm, Brussels

Swedbank estimates the current shortfall for Heimstaden Bostad could be roughly 30 billion crowns ($2.7 billion). Sweden's financial regulator launched an inquiry into why and how Alecta had invested $4.5 billion in the property giant, in the first place. "If interest rates continue to rise and it's coupled with unemployment, that's what we are afraid of." With interest rates still climbing, analysts such as Marcus Gustavsson of Danske Bank, believe the worst is not yet over. "With rising interest rates, that funny money has turned into real money and it is painful."

Persons: Heimstaden Bostad, Alecta, Christian Dreyer, Karolina Ekholm, Heimstaden's Dreyer, we're, Dreyer, Niklas Wykman, Heimstaden, David Perez, Marcus Gustavsson, Andreas Cervenka, Sweden, Simon Johnson, Johan Ahlander, Greta Rosen Fondahn, Chiara Elisei, John O'Donnell, Hugh Lawson Organizations: International Monetary Fund, GOVT, Sweden's, Financial, Reuters, SBB, Danske Bank, Thomson Locations: STOCKHOLM, Nordic, Stockholm, Berlin, Sweden, Heimstaden, Germany, Gdansk, London

☆ Airline SAS extends deadline for equity fundraising
▼ + stars: | 2023-09-11 | by ( ) www.reuters.com time to read: +2 min

TT News Agency/Johan Nilsson via REUTERS/File Photo Acquire Licensing RightsSept 11 (Reuters) - Scandinavian airline SAS (SAS.ST), battling to emerge from bankruptcy protection, said on Monday it was extending the deadline for final bids for its equity fundraising by a week to Sept. 25 at the request of bidders. SAS said in May the U.S. court had approved a revised plan to raise equity. Denmark has said it is willing to increase its stake in SAS to around 30% from around 22%, if others investors were to take a majority stake. Reuters reported in May that U.S. asset manager Apollo Global Management Inc (APO.N) planned to apply for approval from Swedish and Danish regulators to take a majority stake in SAS as part its rescue plan. Earlier this month, SAS, which has been under bankruptcy protection since July 2022, posted its first quarterly pretax profit since late 2019.

Persons: Johan Nilsson, Jacob Pedersen, Pedersen, Urvi Dugar, Gokul, David Evans, Mark Potter, Susan Fenton Organizations: SAS Airbus, Kastrup, Scandinavian Airlines, TT News Agency, REUTERS, Scandinavian, SAS, Reuters, Apollo Global Management Inc, Marie Mannes, Thomson Locations: Kastrup, Denmark, Sweden, Bengaluru, Stockholm

☆ Family of Swede detained in Iran calls for international support
▼ + stars: | 2023-09-10 | by ( ) www.reuters.com time to read: +2 min

STOCKHOLM, Sept 10 (Reuters) - The family of a Swedish EU employee detained in Iran have urged the international community to help secure his release after over 500 days of incarceration for alleged spying, his family said on Sunday. "The family, friends, and supporters of Johan are calling for urgent international attention to secure his immediate release and safe return to Europe," the family wrote on a weabite dedicated to his release, on his 33rd birthday. They said that starting in February 2023 Floderus was restricted to making short phone calls once a month. For years, Iran's elite Revolutionary Guards have arrested dozens of dual nationals and foreigners, mostly on espionage and security-related charges. He was sentenced to life in prison last year, prompting Iran to recall its envoy to Sweden in protest.

Persons: Josep Borrell, Johan Floderus, Johan, Floderus, Marie, Mark Heinrich Our Organizations: Revolutionary Guards, Marie Mannes, Thomson Locations: STOCKHOLM, Swedish, Iran, Islamic Republic, Europe, Tehran, Stockholm, Sweden

☆ Swedish EV maker Polestar's loss narrows as supply chain snags ease
▼ + stars: | 2023-08-31 | by ( Marie Mannes | Thomson Reuters | Stockholm-Based Company News Correspondent Who Mainly Covers Anything To Do With Retail | ) www.reuters.com time to read: +2 min

STOCKHOLM, Aug 31 (Reuters) - Swedish electric vehicle (EV) maker Polestar's operating loss narrowed in the second quarter as the auto industry slowly recovers from pandemic-related supply chain bottlenecks. Delayed production starts, job cuts and mounting competition from new Chinese rivals have meant a tough year for the company. While some have cut prices to boost demand from consumers grappling with higher living costs, Polestar has maintained its premium pricing. The company posted a net loss per share of $0.14 in the quarter, compared with $0.12 a year ago. Cash and cash equivalents at the end of the quarter were $1.06 billion, compared with $884.3 million in the preceding three-month period.

Persons: China's Geely, Polestar, Thomas Peter Acquire, Thomas Ingenlath, Marie, Arsheeya, Alexander Smith, Mark Potter Organizations: Volvo, Beijing International Automotive, Auto, REUTERS, Reuters, U.S, Marie Mannes, Thomson Locations: STOCKHOLM, Swedish, Auto China, Beijing, China, Stockholm, Bangalore

☆ Tomb Raider games group Embracer lags forecast, maintains outlook
▼ + stars: | 2023-08-17 | by ( ) www.reuters.com time to read: +1 min

STOCKHOLM, Aug 17 (Reuters) - Swedish gaming group Embracer (EMBRACb.ST) on Thursday reported a weaker than expected operating profit for the April to June period but reiterated its full-year guidance as its restructuring program was on track. Adjusted operating profit for the fiscal first quarter stood at 1.67 billion Swedish crowns ($152.75 million), lagging the 1.78 billion expected in a company-provided poll of analysts, but up from 1.32 billion crowns a year ago. "We now have increased confidence regarding earnings this year and we are on track to deliver on the restructuring program," CEO Lars Wingefors said in a statement. Wingefors said operating costs increased due to inflation and the run-rate impact of prior-year recruitment. ($1 = 10.9332 Swedish crowns)Reporting by Jesus Calero and Marie Mannes; Editing by Terje Solsvik and Edmund KlamannOur Standards: The Thomson Reuters Trust Principles.

Persons: Lars Wingefors, Wingefors, Jesus Calero, Marie Mannes, Terje Solsvik, Edmund Klamann Organizations: Thomson Locations: STOCKHOLM, Swedish

Factors such as cheaper airfares and weaker currencies in Scandinavia could play a role, but one of the world's biggest tour operators TUI (TUI1n.DE) said on Wednesday that climate change will also drive more tourists northbound. Tour operators in places like northern Norway also see an increased demand. This had resulted in more direct flight routes to Northern Norway being created, it said. Heather Storgaard, a Scottish tourist, planned her summer vacation this year in Denmark, with a stop in Northern Germany. Wissenbach is often in Italy due to work but said she preferred the north for holidays.

Persons: Sebastian Ebel, Ebel, TUI, Fabio Scaglione, Diego Bruno, Bruno, Heather Storgaard, we'd, Margit Wissenbach, Joanna Plucinska, Marie Mannes, Rachel More, Alberto Chiumento, Mark Potter, William Maclean Organizations: Mastercard, TUI's, Stockholm, Thomson Locations: Europe, Denmark, Finland, Netherlands, Norway, Sweden, Scandinavia, Poland, Belgium, Greece, Rhodes, Northern Norway, Turin, Italy, Italian, Spain, Scottish, Northern Germany, France, Germany, Switzerland, Gothenburg, Wissenbach

☆ Storm continues to sweep over the Nordics, causing landslides
▼ + stars: | 2023-08-08 | by ( ) www.reuters.com time to read: +1 min

[1/4] A view shows damaged residential buildings in the aftermath of Storm Hans in Valdres, near Oslo, Norway August 8, 2023. NTB/Cornelius Poppe via REUTERSSTOCKHOLM, Aug 8 (Reuters) - Norwegian emergency services evacuated hundreds of people in various locations on Tuesday, the second day that heavy rains caused landslides, with the risk of more, as a storm sweeps over the Nordics. Strong winds, intense rain and landslides hit parts of the Nordic region, knocking out power lines, flooding villages and bringing public transport to a standstill in the worst-affected areas. The storm, which has been called "Hans," hit Sweden late on Sunday and reached Norway on Monday, with parts of Denmark and Finland also affected. In southern Norway, floods and landslides blocked roads and halted key train services.

Persons: Storm Hans, NTB, Cornelius Poppe, Hans, Marie Mannes, Leslie Adler Organizations: REUTERS, Thomson Locations: Valdres, Oslo, Norway, REUTERS STOCKHOLM, Nordic, Sweden, Denmark, Finland, Hemsedal, Swedish

☆ Sweden's Ericsson sued by some shareholders for $170 million, Dagens Industri reports
▼ + stars: | 2023-08-04 | by ( ) www.reuters.com time to read: +1 min

A logo of Ericsson is seen outside the company's office in Kanata, Ontario, Canada April 17, 2023. REUTERS/Lars Hagberg/File PhotoOSLO, Aug 4 (Reuters) - Some 37 Ericsson (ERICb.ST) shareholders are suing the Swedish telecoms company for a total of 1.8 billion crowns ($170 million), business daily Dagens Industri reported on Friday. The shareholders, which include several investment firms and pension funds, have filed separate lawsuits with a Swedish court but their actions are coordinated, the paper reported. According to Dagens Industri, the shareholders are demanding compensation for the 33% fall in value in Ericsson shares between Feb. 16, 2022, and March 2. On Feb. 15, 2022, Ericsson CEO Boerje Ekholm had talked to Dagens Industri about an internal, and until then, secret report about the company's activities in Iraq, the paper said in a published interview.

Persons: Lars Hagberg, Dagens Industri, Boerje Ekholm, Dagens, Gwladys Fouche, Louise Heavens Organizations: Ericsson, REUTERS, Dagens, Marie Mannes, Thomson Locations: Kanata , Ontario, Canada, OSLO, Swedish, Iraq, Oslo, Stockholm

Even so, Koran burnings took place in both countries on Monday. In Denmark, anti-Muslim protesters burned the Koran outside the Saudi Arabian embassy in Copenhagen, with several more planned for later in the day. The Nordic countries have deplored the burnings of the Koran but cannot prevent it under constitutional laws protecting freedom of speech. OIC foreign ministers convened in an extraordinary session on Monday to discuss the recent developments where it strongly condemned the Koran burnings. The foreign ministries of Denmark and Sweden were not immediately available for comment after the OIC meeting had ended.

Persons: Rasmussen, Tobias Billstrom, Islamophobic, Nikolaj Skydsgaard, Johan Ahlander, Moaz Abd, Alaziz, Adam Makary, Marie Mannes, David Evans, Bill Berkrot Organizations: Nordic, Saudi, of Islamic Cooperation, OIC, Thomson Locations: COPENHAGEN, STOCKHOLM, Sweden, Denmark, Stockholm, Iraqi, Saudi Arabian, Copenhagen, Swedish

☆ How the ghost of 1990s property crash returned to haunt Sweden
▼ + stars: | 2023-07-28 | by ( John O'Donnell | ) www.reuters.com time to read: +4 min

SummaryCompanies Swedish house market tumbles as rates riseSwedes dusting down 1990s blueprint to contain crisisBanks say willing to seize collateralFRANKFURT, July 28 (Reuters) - Long before Europe faced its debt crisis, Sweden struggled through its own 1990s property crash. At the centre of the fallout is a $13 billion property group, SBB, which borrowed to buy public property including social housing, government offices, schools, hospitals and police stations. While property doubled in value in the five years leading up to the 1990s crash, prices have since risen five-fold. Sweden's bruising experience in the 1990s, when banks seized swathes of property underpinning loans, hardened its approach and gave it a blueprint for coping with crises. Swedbank has 1 trillion crowns ($97 billion) in mortgages and loans to tenant owner associations and a further 240 billion crowns in loans to property management companies.

Persons: Jens Henriksson, Price, Karolina Ekholm, Swedbank's, Swedbank, Carl Cederschiold, Masih Yazdi, Bo Lundgren, Lundgren, John O'Donnell, Marie, Alison Williams Organizations: SBB, Sweden's, Marie Mannes, Thomson Locations: FRANKFURT, Europe, Sweden, rocketed, Stockholm, Swedish

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