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☆ Nobel Peace Prize 2024 awarded to Japanese atomic bomb survivor organization Nihon Hidankyo
▼ + stars: | 2024-10-11 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +2 min

Japanese atomic bomb survivor organization Nihon Hidankyo won the Nobel Peace Prize on Friday in recognition of the organization's efforts to achieve a world free of nuclear weapons. "Gradually, a powerful international norm developed, stigmatising the use of nuclear weapons as morally unacceptable. The Norwegian Nobel Committee said it had not been able to contact Nihon Hidankyo yet, but that "it hoped to do so very soon." The committee has previously sought to spotlight the issue of nuclear weapons, awarding the peace prize to the International Campaign to Abolish Nuclear Weapons (ICAN) in 2017. Winners of the Nobel Prize typically receive 11 million Swedish krona ($1.06 million), although multiple winners share the sum.

Persons: Kido Suechi, Nihon Hidankyo, Nihon, Alfred Nobel Organizations: Nuclear, Austrian, International Locations: Japan, Vienna, Austria, Norwegian, Hiroshima, Nagasaki, Oslo, Norway, Swedish

☆ Sweden told people to open their hearts to immigrants 10 years ago. Its U-turn has been dramatic
▼ + stars: | 2024-10-07 | by ( Holly Ellyatt | ) www.cnbc.com time to read: +8 min

Sweden registered 81,301 asylum seekers in 2014, data shows. Jonas Ekstromer | Afp | Getty Images"It pains me that Sweden is no longer capable of receiving asylum seekers at the high level we do today. Since then, Sweden's immigration policy has been on a one-way street. A decade ago, all member states of the European Union were encouraged to welcome asylum seekers and refugees fleeing conflict zones in the Middle East, notably Syria but also Iraq and Afghanistan. This year, Sweden is expected to have its lowest number of asylum seekers since 1997.

Persons: Laurie Noble, Sweden's, Fredrik Reinfeldt, Jonas Ekstromer, Stefan Löfven, Jimmie Akesson, Ulf Kristersson, Ebba Busch, Johan Pehrson, Kristersson, Linnea Rheborg, Jacob Lind, " Lind, Lind, Lesbos Spencer Platt, Migration Maria Malmer Stenergard Organizations: Stone, Getty, Afp, Sweden Democrats, Sweden, Moderate, Liberal, Christian Democrats, Malmö University, CNBC, European, UN Refugee Agency, Swedish Migration Agency, EU, Migration, Nurphoto Locations: Stockholm, Sweden, Europe, Syria, Malmo, Iraq, Iran, Somalia, Afghanistan, Swedish, Sundbyberg, Germany, Lesbos, Stockholm City

☆ Buy now, pay later firm Klarna swings to first-half profit ahead of IPO
▼ + stars: | 2024-08-27 | by ( Ryan Browne | ) www.cnbc.com time to read: +1 min

Klarna said it posted a profit in the first half of the year, swinging into the black from a loss last year as the buy now, pay later pioneer edges closer toward its hotly anticipated stock market debut. In results published Tuesday, Klarna said that it made an adjusted operating profit of 673 million Swedish krona ($66.1 million) in the six months through June 2024, up from a loss of 456 million krona in the same period a year ago. On a net income basis, Klarna reported a 333 million Swedish krona loss. However, Klarna cites adjusted operating income as its primary metric for profitability as it better reflects "underlying business activity." Klarna is one of the biggest players in the so-called buy now, pay later sector.

Persons: Klarna, Sebastian Siemiatkowski Organizations: PayPal Locations: U.S, onboarding

☆ Sweden's central bank chief says 2 to 3 more rate cuts this year is a 'forecast not a promise'
▼ + stars: | 2024-06-27 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

"Two or three cuts is a forecast, it's not a promise, and we will adapt monetary policy according to incoming information," Thedéen told CNBC's Arabile Gumede. "Our inflation forecast is pointing to a good inflation outlook, we're still already now very close to our target and our forecast has pointed to 2% inflation in the coming months and years," Thedéen said. In order to deliver more rate cuts, "we don't need to have a super positive surprise, we need to have data coming in in-line overall. So I think that would be the main message," Thedéen told CNBC. Headline inflation in Sweden was 3.7% in May, slightly higher than the 3.5% forecast in a Reuters poll of economists.

Persons: Sweden's Riksbank, Erik Thedéen, Thedéen, CNBC's Arabile, we're Organizations: CNBC Locations: Norway, Swedish, Sweden

☆ Klarna scores major payment deal with Uber ahead of hotly anticipated IPO
▼ + stars: | 2024-04-24 | by ( Ryan Browne | ) www.cnbc.com time to read: +3 min

Rafael Henrique | SOPA Images | LightRocket via Getty ImagesKlarna on Wednesday announced a global partnership with Uber to power payments for the ride-hailing giant's Uber and Uber Eats apps. The partnership will see the Swedish financial technology firm added as a payment option in the U.S., Germany, and Sweden, Klarna said in a statement. In the U.S., Germany, and Sweden, Klarna will roll out its "Pay Now" option, which lets customers pay off an order instantly in one click, in the Uber and Uber Eats apps. The company will also offer an additional payment option for Uber users in Sweden and Germany which allows users to bundle purchases into a single, interest-free payment that gets taken out of their monthly salary. The firm recently launched a monthly subscription plan in the U.S. to lock in "power users" ahead of its anticipated IPO.

Persons: Rafael Henrique, Uber, giant's Uber, Klarna, Sebastian Siemiatkowski, Siemiatkowski, SoftBank Organizations: Getty, Wednesday, Klarna, Bloomberg News, CNBC, Nike, Instacart Locations: Swedish, U.S, Germany, Sweden, Ukraine

☆ H&M shares jump 14% as profit smashes expectations
▼ + stars: | 2024-03-27 | by ( Jenni Reid | ) www.cnbc.com time to read: +2 min

(Photo by Budrul Chukrut/SOPA Images/LightRocket via Getty Images)Shares of H&M leapt 14% in early deals on Wednesday, after the Swedish retailer significantly beat profit expectations for its fiscal first quarter. Operating profit rose to 2.08 billion Swedish krona ($196 million), versus the 1.43 billion krona forecast in a LSEG poll of analysts. The company's operating margin rose to 3.9% from 1.3%, as it reiterated its target of a 10% operating margin this year. Net sales fell year-on-year in the first quarter, hitting 53.7 billion krona from 54.9 billion krona. Credibility was lent to the company's 10% operating margin target by positive sales momentum in the early spring/summer season, the Jefferies note added.

Persons: Budrul Chukrut, Inditex, Daniel Ervér, Helena Helmersson, Ervér, Jefferies Organizations: Getty, M Locations: HONG KONG, CHINA, Swedish, Hong Kong, Zara

☆ I live in the Philippines but was committed to seeing Taylor Swift in Singapore. I'm spending $1,600 and making a whole trip out of it.
▼ + stars: | 2024-03-04 | by ( Marielle Descalsota | ) www.businessinsider.com time to read: +4 min

Eunice Mecija, a Taylor Swift fan from the Philippines, shared how she budgeted for the Eras Tour in Singapore. AdvertisementThis as-told-to story is based on a conversation with Eunice Mecija, a 24-year-old graphic artist and Taylor Swift fan from the Philippines. I've been a Taylor Swift fan for as long as I can remember. I decided to book a flight from Manila to Kuala Lumpur with AirAsia instead for 14,000 Philippine pesos, or around $250. Mecija has been a fan of Taylor Swift since she was in elementary school.

Persons: Eunice Mecija, Taylor, splurging, —, Taylor Swift, It's, I've, Taylor Swift's, Nicky Loh, I'm, Mecija Organizations: Service, Getty, United Overseas Bank, Singapore ., Singapore Airlines, AirAsia Locations: Philippines, Singapore, Malaysia, Manila, Southeast Asia, Kuala Lumpur, Malaysian, Stockholm, Swedish

☆ The dollar is back. It’s not all good news
▼ + stars: | 2024-02-09 | by ( Krystal Hur | ) edition.cnn.com time to read: +6 min

New York CNN —The greenback is strengthening again after a bumpy 2023, as Wall Street accepts that interest rate cuts are coming later than previously expected. The US Dollar Index, which tracks the dollar against the British pound, euro, Swiss franc, Japanese yen, Canadian dollar and Swedish krona, is up 2.8% for the year as of Friday morning. “All of a sudden the interest rate differential kicks in — if that is slower than the Fed or faster,” said Krosby. Higher interest rates tend to garner more international capital to flow into a country, raising demand for the currency and thus its value. Still, Todd Jones, chief investment officer at Gratus Capital, says he expects the dollar to trend lower eventually as the Fed gets closer to cutting rates.

Persons: Jerome Powell, Christine Lagarde, Quincy Krosby, ”, Neel Kashkari, Todd Jones, Jones, Anna Cooban, Richard Meade, Janet Yellen, Alicia Wallace, Yellen, ” Yellen Organizations: CNN Business, Bell, New York CNN, Swiss, Canadian, Federal Reserve, European Central Bank, LPL, Treasury, Minneapolis, Gratus, Fed, Hamas, Lloyds, CNN, Banking Committee Locations: New York, Swedish, Iran, Suez, Asia, Europe

☆ There's another missing submersible: A $3.6 million vessel mysteriously disappeared near Antarctica's 'Doomsday Glacier'
▼ + stars: | 2024-02-07 | by ( Ellyn Lapointe | ) www.businessinsider.com time to read: +5 min

The submersible was exploring the Thwaites Glacier to study its potential effects on sea-level rise. Ran's disappearance is a tragic loss for climate change research as scientists were using the autonomous machine to study the melting activity of Thwaites Glacier, also known as the "Doomsday Glacier." AdvertisementThat's why Wåhlin and her team chose Ran to check out Thwaites Glacier because it's actively melting. The Thwaites Glacier is one of the largest in the world and could raise global sea levels significantly if it collapses entirely. AdvertisementA gigantic cavity nearly 1,000 feet tall growing at the bottom of Thwaites Glacier in West Antarctica.

Persons: Ran, Thwaites, It's, Anna Wåhlin, Olof Lönnehed, University of Gothenburg Ran, Wåhlin, NASA Thwaites, Louise Newman, Jeremy Harbeck, Aaron, Newman Organizations: University of Gothenburg, Service, Titan, NASA, University's Department of Marine Sciences Locations: Antarctica, West Antarctica

☆ Volvo shares jump 24% on higher sales, plans to stop Polestar funding
▼ + stars: | 2024-02-01 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

Volvo Cars shares surged more than 24% Thursday after the Swedish automaker announced that it will stop funding subsidiary Polestar Automotive. Volvo earlier in the day reported a 10% year-on-year increase in fourth-quarter net sales to 148.1 billion Swedish krona ($14.16 billion), bringing its full-year 2023 total to 552.8 billion krona. Adjusted operating income jumped to 18.38 million krona from 12.17 million for the same period in 2022. The group announced that it may hand stewardship of ailing luxury car brand Polestar over to majority Volvo shareholder Geely Holding . "We are therefore evaluating a potential adjustment to Volvo Cars' shareholding in Polestar, including a distribution of shares to Volvo Cars' shareholders.

Organizations: Volvo, Volvo Cars, Polestar Automotive, Geely, Geely Sweden Holdings Locations: Seoul, South Korea, Swedish, Polestar, Geely Sweden

☆ H&M shares tumble 8% after weaker sales and surprise CEO exit
▼ + stars: | 2024-01-31 | by ( Jenni Reid | ) www.cnbc.com time to read: +2 min

Shares of Swedish retailer H&M were down 8% at 09:05 a.m. London time on Wednesday, after the company announced weaker sales and the surprise departure of its chief executive. H&M sales were 1% lower for 2023 in local currencies, and 4% lower year-on-year in the fourth quarter. In an unexpected leadership shake-up at the H&M group, Helena Helmersson, who has been in the CEO role for four years, will be replaced by Daniel Ervér. "The H&M group is in a strong position, with a positive profitability trend and good conditions to make further improvements in 2024," group chair Karl-Johan Persson said. "Daniel is a competent, experienced and respected leader and has the qualities needed to continue to develop the H&M group."

Persons: Helena Helmersson, Daniel Ervér, Helmersson, Ervér, Karl, Johan Persson, Daniel Organizations: Oxford Street, Regent Locations: London, United Kingdom, Zara

☆ How Nobel economists spend their $1 million winnings
▼ + stars: | 2023-11-20 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +5 min

Every year, researchers in economics are awarded the Nobel Prize, alongside a hefty sum in winnings. All you have to do is bag a Nobel Prize. Franco Modigliani, an MIT professor who nabbed the Nobel in economics in 1985 , got about $225,000 in winnings. But, ultimately, he wanted to spend his winnings according to his own research on people's saving and spending habits. So when he was asked how he'd spend what was, in 2017 dollars, around $1.1 million in winnings, Thaler told reporters : "I will try to spend it as irrationally as possible."

Persons: —, Alfred Nobel, Claudia Goldin, it's, Goldin, Lars Heikenstein, Franco Modigliani, Modigliani, I'm, Modigliani isn't, Elinor Ostrom, Oliver E, Williamson, Esther Duflo, Abhijit Banerjee, Michael Kremer, Sir Angus Deaton, Richard Thaler, he'd, Thaler Organizations: Service, Sveriges, Economic Sciences, Guardian, Nobel Foundation, MIT, Washington Post, Indiana University, National Academy of Sciences, Fund for Research, Development, Harvard University, Boston Globe, University of Chicago Locations: Stockholm, United States of America

☆ Foreign exchange funds double average returns due to the biggest divergence in central bank rates since 2008
▼ + stars: | 2023-11-08 | by ( Aruni Soni | ) www.businessinsider.com time to read: +2 min

Foreign exchange funds are headed for an annual return of around 7%, according to Bloomberg. AdvertisementAdvertisementCurrency investors are seeing big returns this year as differences in interest rates across the top 10 global economies are at their widest since 2008. Foreign exchange funds are looking at an annual return of around 7%, according to data from BarclayHedge cited by Bloomberg. Currency carry trades are one of the most popular trades in the foreign exchange market, but they have been quaking as returns have become harder to maintain. Many foreign exchange funds have closed over the years, unable to defend paltry growth.

Persons: — Organizations: Bloomberg, Service, Nomura's Group, US Federal, Bank of Japan

☆ ESG is 'as crowded as ever,' AllianceBernstein says, naming 'high conviction' stock ideas to play it
▼ + stars: | 2023-10-19 | by ( Amala Balakrishner | ) www.cnbc.com time to read: +2 min

ESG is "as crowded as ever," according to AllianceBernstein, which revealed "high conviction" stock ideas to play it. Here are some of their "high conviction" stock ideas to play the theme. 'High conviction' stock ideas AllianceBernstein likes German athletic apparel company Adidas for its "best-in-class" ESG credentials. They gave the firm an outperform rating at a price target of 151 Swedish krona ($13.83), which represents an upside of around 57%. American fast food chain Chipotle Mexican Grill was also given an outperform rating, and a price target of $2,300 – representing upside of around 26%.

Persons: Ann Larson, AllianceBernstein, ESG, — CNBC's Michael Bloom Organizations: Adidas Locations: North America, Europe, Asia, American, Swedish, U.S

[1/2] Euro and U.S. dollar banknotes are seen in this illustration taken March 10, 2023. The euro fell 0.19% to $1.0566 but the dollar index , a measure of the U.S. currency against six others, retreated 0.16% after earlier trading higher. The Japanese yen , another traditional safe-haven currency, edged higher 0.57% higher to 148.47 per dollar. Net long positions on the dollar rose to a one-year high, according to U.S. Commodity Futures Trading Commission data released on Friday. The value of the net long dollar position was $10.55 billion for the week ended Oct. 6.

Persons: Dado Ruvic, Benjamin Netanyahu, Brad Bechtel, Bechtel, Marc Chandler, I'm, Chandler, Sterling, Swedish krona, Paul Mackel, Herbert Lash, Joice Alves, Rae Wee, Christina Fincher, Mark Potter, Will Dunham, Leslie Adler Organizations: U.S, REUTERS, Bank of Israel, FX, Jefferies, Hamas, Bannockburn Global, U.S ., Canadian, New, Norwegian, U.S . Commodity Futures, Commission, Federal Reserve, Group, HSBC, Golden, Reuters, Thomson Locations: Israel, Palestinian, Gaza, Israeli, New York, Japan, Bannockburn, New Zealand, Swedish, U.S, Asia, London, Singapore

☆ Nobel economics prize awarded to U.S. economist Claudia Goldin for work on women in the labor market
▼ + stars: | 2023-10-09 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: 1 min

The winner of the 2023 Prize in Economic Sciences in Memory of Alfred Nobel American economist Claudia Goldin is seen on a display at the Royal Swedish Academy of Sciences, in Stockholm on October 9, 2023. The Nobel economics prize was on Monday awarded to Professor Claudia Goldin of Harvard University for her research on women in the labor market. Goldin provided the first comprehensive account of women's earnings and labor market outcomes through the centuries, the Nobel committee said in the prize announcement while announcing the prize. Her research reveals new patterns, identifies causes of change but also speaks to the main sources of the remaining gender gaps. The winners of the award, which is officially titled the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, receive 10 million Swedish krona ($907,000) between them.

Persons: Alfred Nobel, Claudia Goldin, Goldin Organizations: Economic Sciences, Royal Swedish Academy of Sciences, Harvard University, Sveriges Locations: Stockholm

☆ The billionaire son of H&M's founder owns a sprawling English country estate with over 100 cottages, a distillery, and a pub that sells his own beer
▼ + stars: | 2023-09-17 | by ( Grace Dean | ) www.businessinsider.com time to read: +4 min

Stefan Persson, the son of H&M's founder, owns a 19,000-acre country estate in southern England. In 1997, Persson splurged some of his fortunes on a 3,000-acre country estate in Wiltshire, southern England, which went on to become Ramsbury Estates. Ramsbury Estates has about 7,000 acres of farmland, with a focus on wheat and barley alongside a small herd of cattle. Geography Photos/Universal Images Group via Getty ImagesLike many modern farms, Ramsbury Estates has diversified. Ramsbury Estates declined to comment on exactly what the "agency" portion of its business is comprised of.

Persons: Stefan Persson, H, Persson, Erling Persson, Stefan, Persson splurged Organizations: M's, Service, 101st, Bloomberg, Invest, –, Ramsbury Estates, Getty, Ramsbury, M Locations: England, Wall, Silicon, Sweden, Wiltshire, Ramsbury, Monki

☆ Buy now, pay later firm Klarna cuts losses in first half but falls short of profit
▼ + stars: | 2023-08-31 | by ( Ryan Browne | ) www.cnbc.com time to read: +4 min

Swedish buy now, pay later firm Klarna reduced its losses by roughly 67% in the first half of 2023, as the company dramatically cut costs in a bid toward profitability. The company reported overall net operating income of 9.2 billion Swedish krona ($843.5 million), up 21% year-over-year. Failing to record a half-year profit, the firm posted a net loss of 2.1 billion Swedish krona for the period, down 67% from 6.4 billion krona between January to June 2022. Credit losses, a measure of how much the company sets aside for customer defaults, sank by 39% to 1.8 billion krona from 2.9 billion. Buy now, pay later, or BNPL, firms allow shoppers to defer payments to a later date or purchase things over installments on interest-free credit.

Persons: Klarna, Sebastian Siemiatkowski, Siemiatkowski, —, OpenAI's, David Sandstrom Organizations: CNBC, PayPal Locations: Helsinki, Finland

☆ Q&A With Volvo Group’s Karin Svensson
▼ + stars: | 2023-08-29 | by ( Rochelle Toplensky | ) www.wsj.com time to read: +8 min

Karin Svensson, chief sustainability officer of Volvo Group. We were setting the new strategy for the Volvo group. The numbers of electric trucks we sell are still quite small, but it’s a huge increase. It’s really really important that we really decrease our emissions by 2030, so we have set interim targets for all our business areas. We are now [testing] fuel-cell electric trucks and expect to have an offer ready toward the second half of this decade.

Persons: Karin Svensson, can’t, Bo Hakansson, Svensson, ’, It’s, Rochelle Toplensky Organizations: Volvo, Volvo Group, Employees, Rochelle Locations: Swedish, Paris, Sweden, “

☆ Zelenskyy says Ukraine is working with Sweden to produce 'cool vehicles' like CV90s: 'Just what is needed at the front'
▼ + stars: | 2023-08-20 | by ( Katherine Tangalakis-Lippert | ) www.businessinsider.com time to read: +4 min

Ukrainian President Zelenskyy on Sunday said he was partnering with Sweden to create new CV90s. The armored combat vehicles, usually made in Sweden, will now also be created in Ukraine. "Everything powerful that serves us now, we must localize and produce," Zelenskyy said. He added: "Armored vehicles – СV90, cool vehicles. "Everything powerful that serves us now, we must localize and produce," Zelenskyy said Sunday.

Persons: Zelenskyy, Volodymyr Zelenskyy, Bradley, Marder, С . Organizations: Service, Sunday, Russian, Sweden Ministries of Defense, Gripen Locations: Sweden, Ukraine, Wall, Silicon, Ukrainian, Stockholm, Germany, France, Denmark, Netherlands

☆ Why is the US dollar losing its shine?
▼ + stars: | 2023-07-28 | by ( Krystal Hur | ) edition.cnn.com time to read: +4 min

CNN —The US dollar’s decline has gained speed this month as investors pare back their interest rate expectations. Last week, that helped lead the US Dollar Index, which tracks the dollar versus the British pound, euro, Swiss franc, Japanese yen, Canadian dollar and Swedish krona, to its lowest level in more than a year. The dollar’s decline could offer some support to tech earnings, further boosting those stocks and in turn the broader rally. Gold prices have risen over 6% this year, supported by sliding Treasury yields and a decline in the dollar. The Dow slips to snap 13-day rallyThe Dow Jones Industrial Average index fell Thursday, cutting short a historic 13-day streak of gains.

Persons: pare, ”, Kathy Jones, Charles Schwab, Jones, Seema Shah, “ It’s, Shah, Gold, Dow, Read, Barbie ”, “ Oppenheimer, Matt Egan, “ Barbie, “ Oppenheimer ” Organizations: CNN Business, Bell, CNN, Federal, Swiss, Canadian, Fed, Microsoft, Apple, Asset Management, Japan, European Central Bank, Dow Jones, Nasdaq, Bank of America, Warner Bros Locations: Swedish

☆ Greta Thunberg fined for disobeying police after climate protest
▼ + stars: | 2023-07-24 | by ( Amy Cassidy | ) edition.cnn.com time to read: +1 min

CNN —A Swedish court has fined environmental activist Greta Thunberg after finding her guilty of disobeying law enforcement, a Malmö City Court spokesperson told CNN Monday. The court imposed a fine of approximately $144, in the form of 30 daily fines of 50 Swedish krona ($4.80), according to the Malmö City Court spokesperson. CNN has reached out to the Greta Thunberg Foundation for comment. Irma Kjellström, spokesperson for activist group Ta Tillbaka Framtiden, which organized the June protest, said Thunberg was one of many young people blocking oil tankers. In January, Thunberg was detained by police during a protest in the village of Lützerath, Germany, over the expansion of a coal mine.

Persons: CNN —, Greta Thunberg, Thunberg, Greta, Irma Kjellström, ” Organizations: CNN, Prosecutors, “ Locations: Malmö, Swedish, Lützerath, Germany

☆ Tumbling US dollar a boon to risk assets across the globe
▼ + stars: | 2023-07-14 | by ( Saqib Iqbal Ahmed | ) www.reuters.com time to read: +5 min

NEW YORK, July 14 (Reuters) - Cooling U.S. inflation is accelerating a decline in the dollar, and risk assets around the world stand to benefit. Because the dollar is a linchpin of the global financial system, a wide range of assets stand to benefit if it continues falling. Raw materials, which are priced in dollars, become more affordable to foreign buyers when the dollar declines. "For markets, the weaker dollar and its underlying driver, weaker inflation, is a balm for everything, especially for assets outside the U.S.," said Alvise Marino, foreign exchange strategist at Credit Suisse. Reuters GraphicsIn the world of monetary policy, the dollar's decline may be a relief to some countries, as it removes the urgency for them to support their falling currencies.

Persons: Russell, Alvise Marino, Karl Schamotta, Paresh Upadhyaya, Upadhyaya, Kenneth Broux, Helen, pare, it's, Saqib Iqbal Ahmed, Dhara Ranasinghe, Ira Iosebashvili, Leslie Adler Organizations: YORK, U.S, Federal Reserve, Investment, Goldman Sachs, Credit Suisse, Treasury, Fed, Colombian, Kazakhstan tenge, Uruguayan, Reuters Graphics, Traders, Generale, stoke, Monex USA, Thomson Locations: U.S, Polish, Corpay, Kazakhstan, Japan, Swedish

☆ Sweden’s krona hits new record low as central bank hikes and plays down currency intervention
▼ + stars: | 2023-06-29 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +1 min

Sweden's currency briefly hit a record low Thursday morning after the central bank raised interest rates. Bloomberg | Bloomberg | Getty ImagesSweden's krona hit a new record low Thursday after the country's central bank raised rates and played down the possibility of market interventions as the currency falls and the economy slows. The Swedish currency dropped to 0.0844 krona to the euro by early afternoon Thursday, after the Riksbank announced it would raise interest rates by 25 basis points. One option available to the Swedish central bank is currency intervention, and it looked as though the Riksbank might have been leaning in that direction after it started to look at the possibility of hedging a portion of its foreign exchange reserves. But the Riksbank's Governor Erik Thedeen said this type of move was "not a covert currency intervention," speaking at a press conference Thursday according to a Reuters translation.

Persons: Erik Thedeen Organizations: Bloomberg, Getty, greenback, Reuters, ING Locations: Swedish

☆ Fintech firm Klarna halves net loss in first quarter as it races toward profitability
▼ + stars: | 2023-05-26 | by ( Ryan Browne | ) www.cnbc.com time to read: +2 min

Klarna, the Swedish buy now, pay later fintech company, halved its net loss in the first quarter, recording a significant improvement in its bottom line after a major cost-cutting drive. The company posted a net loss of 1.3 billion Swedish krona ($120.7 million), down 50% from the 2.6 billion krona loss in the same period a year ago. Klarna reported total net operating income of 5 billion Swedish krona, up 22% year-over-year. The results show how Klarna is making "significant strides" toward profitability on a monthly basis, the firm said. Buy now, pay later firms, which allow shoppers to defer payments to a later date or pay over installments, have been particularly impacted by souring investor sentiment on technology, amid a worsening macroeconomic environment.

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