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Order intake at the company that makes a range of military and civilian hardware doubled to 17.02 billion crowns ($1.66 billion) from 8.1 billion, while its order backlog increased to 132.66 billion crowns from 128 billion crowns. Chief executive Micael Johansson said countries are increasing stocks to improve their own resilience, as well as to support Ukraine, which had translated into a strong order intake. Demand has been particularly strong in the surveillance and dynamics businesses, which include sensors, deterrents, support weapons and missiles, he said. Analysts at Citi said it was a strong start to the year for Saab, with sales, operating profit and orders beating consensus. Shares in Saab were up around 4.5% as the market opened, but reversed course later and at 0806 GMT were down 1.5%Operating profit for the maker of the Gripen fighter jet was 928 million Swedish crowns ($90.16 million) in the quarter, compared with 654 million crowns a year earlier.

☆ Swedish bank SEB's operating profit beats forecast in Q1
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: +2 min

STOCKHOLM, April 26 (Reuters) - Swedish bank SEB (SEBa.ST) reported first-quarter operating profit above market expectations on Wednesday as higher interest rates boosted income from loans. SEB, Sweden's top corporate bank, said operating profit was 11.62 billion Swedish crowns ($1.13 billion) versus a year-ago 7.86 billion, easily beating a mean forecast of 9.49 billion, according to estimates provided by the company. Soaring inflation over the past year has seen central banks crank up key rates radically, boosting interest income for Swedish banks, while volatile markets have increased demand for risk management services. Commission income fell to 5.17 billion crowns from a year-ago 5.40 billion, below the mean forecast 5.26 billion. However, SEB said its net credit losses fell to 272 million the quarter from 535 million a year ago, below the 686 million seen by analysts.

☆ Russia seizes more Western assets, narrowing options for company exits
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: +4 min

President Vladimir Putin late on Tuesday signed a decree establishing temporary control of the Russian assets of the two European state-owned energy firms. The decree - outlining possible retaliation if Russian assets abroad are seized - showed Moscow had already taken action against Uniper's (UN01.DE) Russian division Unipro (UPRO.MM) and Fortum's assets. The European Union is looking at using frozen Russian assets to rebuild Ukraine. "Fortum's current understanding is that the new decree does not affect the title (registered ownership) of the assets and companies in Russia," the company said in a statement. Rosimushchestvo said more foreign firms' assets could come under temporary Russian control.

Companies Bp Plc FollowOSLO, April 22 (Reuters) - Norway's $1.4 trillion sovereign wealth fund, one of the world's largest investors, said on Saturday it will vote against a resolution calling on British oil major BP (BP.L) to adopt tougher greenhouse gas targets. The Norwegian fund, itself built on oil and gas revenue, owned 2.73% of BP's shares worth some $2.8 billion at the end of 2022. BP's board has recommended that shareholders vote against the resolution saying it was "unclear" what it wanted the company to do. Investor advisers ISS and Glass Lewis also recommended BP shareholders oppose the resolution, while Britain's Local Authority Pension Fund Forum (LAPFF) asked investors to back it. In February BP rowed back on plans to slash its 2019 oil and gas output levels by 40% by 2030, and now it envisages a 25% cut, angering climate activists.

☆ Norway's wealth fund posts $84 billion quarterly profit
▼ + stars: | 2023-04-21 | by ( ) www.reuters.com time to read: +1 min

OSLO, April 21 (Reuters) - Norway's $1.4 trillion sovereign wealth fund, one of the world's largest investors, on Friday posted a 5.9% return on investment for the first quarter boosted by rising equity markets. The profit of 893 billion Norwegian crowns ($83.89 billion) contrasted with a loss of 653 billion a year earlier. The fund, which saves revenue from Norway's large oil and gas industry, received 217 billion crowns in fresh government funds during the quarter. Norway's central bank manages the fund, which owns 1.5% of all globally listed shares and has stakes in 9,200 companies. It posted a record loss of 1.64 trillion crowns last year.

☆ Man sets himself on fire in front of US embassy in Denmark
▼ + stars: | 2023-04-21 | by ( ) www.reuters.com time to read: 1 min

COPENHAGEN, April 21 (Reuters) - An 18-year-old Danish man set himself on fire in front of the U.S. Embassy in Copenhagen on Friday, police said. The fire was put out and the man was taken to hospital for treatment, in a conscious state and not in a life-threatening condition, police said. Police declined to comment immediately on the man's motive. Reporting by Louise Breusch Rasmussen, editing by Terje SolsvikOur Standards: The Thomson Reuters Trust Principles.

☆ Norway sovereign fund backs Teck Resources in battle with Glencore
▼ + stars: | 2023-04-21 | by ( ) www.reuters.com time to read: +1 min

[1/3] The logo of the Canadian mining company Teck Resources Limited is displayed as people visit the Prospectors and Developers Association of Canada (PDAC) annual conference in Toronto, Ontario, Canada March 7, 2023. REUTERS/Chris Helgren/File PhotoOSLO, April 21 (Reuters) - Norway's sovereign wealth fund, one of the world's largest investors, said on Friday it will support a plan by Canadian miner Teck Resources (TECKb.TO) to spin off its metallurgical coal business and focus on copper and zinc. Glencore on Wednesday said it was willing to improve its $22.5 billion offer for Teck, raising pressure on the Canadian miner to ditch a restructuring plan and sit down at the negotiating table. But the Norwegian sovereign wealth fund, which does not own shares in Glencore due to the Swiss company's large thermal coal business, said it would vote in favour of Teck's plan. The Norwegian fund at the end of 2022, the last available data, owned a 1.48% stake in Teck Resources worth $287 million, while its share of voting rights under the miner's dual-class share structure stood at 0.59%.

☆ Nokia profit misses forecast, expects stronger second half
▼ + stars: | 2023-04-20 | by ( Supantha Mukherjee | ) www.reuters.com time to read: +2 min

However, it kept its full-year outlook unchanged and said it expects profitability in the second half of the year to be stronger than the first half. First-quarter comparable operating profit fell to 479 million euros ($524.94 million) from 583 million euros last year, missing the 532.4 million euro forecast of analysts polled by Refinitiv. Net sales grew 10% in the quarter to 5.86 billion euros, beating estimates of 5.72 billion euros, Nokia said. Lundmark expects some recovery in the North American market in the second half of the year. Comparable operating margin fell to 8.2% from 10.9%.

☆ Denmark, Netherlands to donate 14 Leopard 2 tanks to Ukraine
▼ + stars: | 2023-04-20 | by ( ) www.reuters.com time to read: 1 min

COPENHAGEN, April 20 (Reuters) - Denmark and the Netherlands will jointly donate 14 Leopard 2 tanks to Ukraine, the two countries said on Thursday. The Leopard 2A4 tanks, which will be bought from a third party and refurbished, are expected to be delivered in the first quarter of 2024, they said in a joint statement. "It is absolutely crucial for the hope of a peaceful and secure Europe that we do not let the Ukrainians fight the battle alone," Denmark's acting Defence Minister Troels Lund Poulsen said. In February, Denmark, Germany and the Netherlands also announced they will pool resources to restore at least 100 old Leopard 1 tanks from industry stocks and supply them to Ukraine this year and next. Reporting by Nikolaj Skydsgaard, Louise Rasmussen, editing by Terje SolsvikOur Standards: The Thomson Reuters Trust Principles.

☆ US looking forward to Sweden becoming NATO member before July summit: Austin
▼ + stars: | 2023-04-19 | by ( ) www.reuters.com time to read: +2 min

[1/5] Swedish Minister for Defence Pal Jonson and U.S. Secretary of Defense Lloyd Austin hold a news conference at Musko Naval Base, Sweden April 19, 2023. Sweden's accession has been held up by Turkey and Hungary, who have yet to ratify Sweden as a member. "We look forward to soon welcoming Sweden as the 32nd (member of NATO). To be clear, we look forward to that to happen before the summit in July," Austin told a news conference. Austin was in Sweden to hold talks with Defence Minister Pal Jonson about the war in Ukraine and Sweden's NATO application.

☆ SAS will not use second tranche of $700 mln Apollo loan
▼ + stars: | 2023-04-17 | by ( ) www.reuters.com time to read: 1 min

COPENHAGEN, April 17 (Reuters) - SAS (SAS.ST) will not be using the second tranche of its $700 million debtor-in-possession (DIP) term loan in the second quarter of the year, due to stronger than expected development of the airline's liquidity, the airline said on Monday. SAS may, depending on the development of its liquidity, continue discussions with Apollo regarding access to the second tranche of the DIP term loan at a later stage of the Chapter 11 process. The airline will continue to pursue other financing initiatives that could boost its liquidity at a lower cost than a near-term use of the second tranche of the DIP term loan. Reporting by Louise Breusch Rasmussen, editing by Terje SolsvikOur Standards: The Thomson Reuters Trust Principles.

☆ Sega offers $776 million for Angry Birds maker Rovio
▼ + stars: | 2023-04-17 | by ( ) www.reuters.com time to read: +1 min

HELSINKI, April 17 (Reuters) - Japan's Sega Sammy Holdings Inc (6460.T) has agreed to launch an offer for Finland's Rovio Entertainment (ROVIO.HE), the maker of the Angry Birds mobile game, for 706 million euros ($775.8 million), the companies said in a joint statement on Monday. Tokyo-based Sega will offer 9.25 euros per share for Rovio, a 19% premium over Friday's closing price of 7.775 euros. Rovio, which has been conducting a strategic review, on Saturday said it was in talks with Sega over a possible tender offer. The Wall Street Journal had reported on Friday that a deal between the two companies was imminent. Israeli peer Playtika (8II.F), had made a preliminary bid in January to buy Rovio for 683 million euros, but the Angry Birds maker confirmed last month talks had ended.

☆ Belgium's Aliaxis makes $2 bln unsolicited offer for Finnish rival Uponor
▼ + stars: | 2023-04-17 | by ( ) www.reuters.com time to read: +1 min

Aliaxis, which holds a stake of just over 5% in Uponor, said in a statement it had initially approached the Finnish group regarding a potential offer last year, but had failed to reach a deal. Uponor in a separate statement said its board would asses the contemplated cash offer, worth 25 euros per Uponor share, a 44.6% premium over Friday's closing price. At least 60% of Uponor's shareholders would have to accept the offer for any bid to proceed, Aliaxis said. "At this time, Uponor has made no decisions in respect of the potential offer," the Finnish group said. Uponor's share price rose 43% by 0816 GMT to trade at 24.70 euros, a 19-month high.

☆ Norway private-sector workers go on strike
▼ + stars: | 2023-04-16 | by ( ) www.reuters.com time to read: +1 min

OSLO, April 16 (Reuters) - Almost 25,000 private-sector workers in Norway will go on strike with immediate effect after negotiations with employers broke down, and the conflict is set to escalate next week, two major labour unions said on Sunday. Another 16,000 workers are due to strike from April 21 unless an agreement is found, and the conflict could ultimately grow to around 200,000 workers, unions have said, but is not expected to affect Norway's production of oil and natural gas. The Norwegian Confederation of Trade Unions (LO) was negotiating on behalf of 185,000 members, while the smaller Confederation of Vocational Unions (YS) represented a further 16,000 in the talks. The Confederation of Norwegian Enterprise (NHO), representing employers, argued wages should not be allowed to rise to an extent that would risk inflation spinning out of control. Norwegian headline inflation is expected to ease to 4.9% in 2023 from 5.8% last year, according to a key report from a commission with members from labour unions, employers' federations and Statistics Norway.

☆ After 18 years, Europe's largest nuclear reactor starts regular output
▼ + stars: | 2023-04-15 | by ( Essi Lehto | ) www.reuters.com time to read: +2 min

The new reactor is expected to produce for at least 60 years, TVO said in a statement on Sunday after completing the transition from testing to regular output. "The production of Olkiluoto 3 stabilises the price of electricity and plays an important role in the Finnish green transition," TVO Chief Executive Jarmo Tanhua said in the statement. Construction of the 1.6 gigawatt (GW) reactor, Finland's first new nuclear plant in more than four decades and Europe's first in 16 years, began in 2005. Russian state export monopoly Gazprom shortly after ended shipments of natural gas to the Nordic nation. Reporting by Essi Lehto; Editing by Terje Solsvik and Jan HarveyOur Standards: The Thomson Reuters Trust Principles.

☆ After 18 years, Europe's largest nuclear reactor to start regular output on Sunday
▼ + stars: | 2023-04-15 | by ( Essi Lehto | ) www.reuters.com time to read: +2 min

HELSINKI, April 15 (Reuters) - Finland's much-delayed Olkiluoto 3 (OL3) nuclear reactor, Europe's largest, will begin regular output on Sunday, its operator said on Saturday, boosting energy security in a region to which Russia has cut gas and power supplies. Construction of the 1.6 gigawatt (GW) reactor, Finland's first new nuclear plant in more than four decades and Europe's first in 16 years, began in 2005. The plant was originally due to open four years later, but was plagued by technical issues. As a result of the startup, analysts have said Finland, the only Nordic country with a large power deficit, can expect lower electricity costs. Reporting by Essi Lehto; Editing by Terje Solsvik and Jan HarveyOur Standards: The Thomson Reuters Trust Principles.

OSLO, April 13 (Reuters) - Norway is expelling 15 Russian embassy officials that the foreign ministry said on Thursday were intelligence officers operating under the cover of diplomatic positions, a move which Moscow said it would respond to. The expulsions amount to a quarter of Russian diplomats currently accredited in Oslo, the Norwegian government said. It is the latest instance of a Western nation expelling Russian diplomats since the beginning of Moscow's full-scale invasion of Ukraine last year. So far this year, Estonia, the Netherlands and Austria have also expelled Russian diplomats. The Nordic country still seeks to maintain normal diplomatic relations with Russia, and Russian diplomats are welcome in Norway, Huitfeldt said.

☆ Truck maker Volvo posts record Q1 as sales, margins beat forecasts
▼ + stars: | 2023-04-12 | by ( ) www.reuters.com time to read: +3 min

Its adjusted operating profit rose 45% to 18.4 billion Swedish crowns ($1.76 billion) for the January-March quarter, well above the 12.9 billion expected by analysts polled by Refinitiv Eikon. Volvo's preliminary net sales for the quarter rose to 131.4 billion crowns from 105.3 billion and topped the 118.6 billion expected by analysts. Net sales in the truck segment rose to 89.6 billion crowns from 69.6 billion, beating a forecast of 79.7 billion. The division's operating profit jumped to 12.7 billion from 8.7 billion while analysts expected a decline to 8.4 billion. ($1 = 10.4303 Swedish crowns)Reporting by Terje Solsvik; editing by Sonali Paul and Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

☆ Truck maker Volvo posts record Q1 as sales and margins rise
▼ + stars: | 2023-04-12 | by ( ) www.reuters.com time to read: +1 min

OSLO, April 12 (Reuters) - Truck maker AB Volvo (VOLVb.ST) reported record first-quarter profits as revenue and margins rose, a preliminary filing showed late on Tuesday, in a sign the Swedish company had begun to overcome bottlenecks and inflation that hampered the industry. The group's adjusted January-March operating profit rose 45% year-on-year to 18.4 billion Swedish crowns ($1.76 billion), exceeding the mean expectation of 12.9 billion crowns in a Refinitiv poll of analysts. Volvo's preliminary net sales for the quarter stood at 131.4 billion crowns, up from 105.3 billion a year ago, while analysts on average predicted 118.6 billion according to the poll. The company's adjusted operating margin rose to 14.0% from 12.0% a year ago, and earnings at the group's two major divisions, truck making and construction equipment, both showed progress compared to the same quarter of 2022. ($1 = 10.4303 Swedish crowns)Reporting by Terje Solsvik; Editing by Tom HogueOur Standards: The Thomson Reuters Trust Principles.

☆ Truck maker Volvo posts record Q1 profit
▼ + stars: | 2023-04-12 | by ( ) www.reuters.com time to read: 1 min

Companies Volvo AB FollowOSLO, April 12 (Reuters) - Truck maker AB Volvo (VOLVb.ST) reported record first-quarter profits as revenue and margins rose, a preliminary filing showed late on Tuesday, in a sign the Swedish company had begun to overcome bottlenecks and inflation that hampered the industry. The group's adjusted January-March operating profit rose 45% year-on-year to 18.4 billion Swedish crowns ($1.76 billion), exceeding the mean expectation of 12.9 billion crowns in a Refinitiv poll of analysts. ($1 = 10.4303 Swedish crowns)Reporting by Terje Solsvik; Editing by Tom HogueOur Standards: The Thomson Reuters Trust Principles.

☆ Estonia PM focused on defence spending and same sex marriage law
▼ + stars: | 2023-04-12 | by ( Andrius Sytas | ) www.reuters.com time to read: +3 min

[1/2] Estonian Prime Minister Kaja Kallas speaks to the media as she attends the European Union leaders summit in Brussels, Belgium March 23, 2023. REUTERS/Johanna GeronTALLINN, April 12 (Reuters) - Kaja Kallas said on Wednesday she was focused on her next term as Estonian prime minister despite media speculation she could be in the running to lead NATO, with plans including legalising same sex marriage and increasing defence spending. Taxes will be raised to fund the spending in a time of economic contraction, Kallas has said. The new government will also legislate same sex marriage equality "as fast as possible", Kallas said, becoming the first Central European country to do so. I'm the prime minister of Estonia, and I try to solve all the problems that we have here."

☆ Sweden's Alecta axes CEO after US bank losses
▼ + stars: | 2023-04-11 | by ( ) www.reuters.com time to read: +2 min

OSLO/STOCKHOLM, April 11 (Reuters) - Swedish pension fund Alecta on Tuesday fired its CEO Magnus Billing with immediate effect following the recent announcement of large losses from investments in several U.S. banks. Alecta, Sweden's largest pension fund provider, last month said it had lost 19.6 billion Swedish crowns ($1.87 billion) from its shareholdings in First Republic Bank (FRC.N), Silicon Valley Bank and Signature Bank. "The losses have severely damaged the trust in Alecta's asset management," the company said in a statement. "The board has concluded that Alecta needs new leadership in order to implement the necessary changes within the asset management and re-establish trust." The pension provider last week announced the replacement of its head of stock market asset management.

"Tomorrow we will welcome Finland as the 31st member of NATO making Finland safer and our alliance stronger," NATO Secretary-General Jens Stoltenberg told reporters in Brussels, hailing the move as "historic". Russia's invasion of Ukraine in February last year pushed Finland and its neighbour Sweden to apply for NATO membership, abandoning decades of military non-alignment. [1/2] NATO Secretary-General Jens Stoltenberg attends a news conference before a meeting of NATO foreign ministers in Brussels, Belgium April 3, 2023. REUTERS/Johanna Geron 1 2"President Putin went to war against Ukraine with the clear aim to get less NATO," Stoltenberg said. Stoltenberg pledged to work hard to get Sweden into NATO as soon as possible.

☆ Finnish centre-right eyes coalition talks as defeated Marin considers future
▼ + stars: | 2023-04-03 | by ( Anne Kauranen | ) www.reuters.com time to read: +3 min

[1/3] Finland's Prime Minister and Social Democrats leader Sanna Marin speaks during a news conference at the parliament on the day of the parliamentary elections, in Helsinki, Finland April 2, 2023. REUTERS/Essi LehtoHELSINKI, April 3 (Reuters) - Outgoing Finnish Prime Minister Sanna Marin was left to consider her future after she conceded defeat in a tight parliamentary election on Sunday that handed her centre-right rival Petteri Orpo the right to try and form a coalition. Despite gaining three seats, Marin's left wing Social Democratic Party (SDP) came third with 43 of parliament's 200 seats behind Orpo's centre-right National Coalition Party with 48 seats and the nationalist Finns on 46. In turn, Marin's Social Democrats rallied voters to support them in their defence of the Nordic welfare model of cradle-to-grave services from free education and affordable healthcare to decent pensions, against Orpo's spending cuts. During Marin's time as prime minister, Finland faced coronavirus lockdowns, the energy crisis and soaring consumer price inflation, and the country is expected to undergo a mild recession this year.

☆ Factbox: Finland's outgoing Prime Minister Sanna Marin
▼ + stars: | 2023-04-02 | by ( ) www.reuters.com time to read: +2 min

[1/3] Finland's Prime Minister and Social Democrats leader Sanna Marin speaks at the party's parliamentary election event in Helsinki, Finland April 2, 2023. Lehtikuva/Emmi Korhonen via REUTERSHELSINKI, April 2 (Reuters) - Here is a profile of Finland's outgoing Prime Minister Sanna Marin, whose left-wing Social Democrats lost a parliamentary election on Sunday, although they might still join the next coalition with election winner the National Coalition Party. Born in 1985 in Helsinki, she grew up near Finland's south-western industrial hub of Tampere with her mother and her mother's girlfriend. Only six months in, then-party chair Antti Rinne was forced to resign over his handling of labour strikes, and the Social Democratic Party (SDP) chose Marin to replace him as prime minister. Marin soon found herself managing Finland's response to the COVID-19 pandemic and then Europe's energy crunch caused by neighbouring Russia's invasion of Ukraine.

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