Stockholm

Swedish locks group to review possible move of West Bank plant

Stockholm - Assa Abloy, a locks and security solutions group based in Sweden, said Tuesday it would consider moving a plant out of an industrial zone in an Israeli-occupied portion of the Palestinian West Bank after receiving criticism from Swedish human rights groups.

A group of Swedish human rights organizations earlier Tuesday published a report criticizing the company for operating the plant in the disputed zone in the town of Barkan.

The report, Illegal Ground: Assa Abloy's Business in Occupied Palestinian Territory, said the plant "contravenes both domestic Israeli law and a number of provisions in international law."

Iceland closer to deal with IMF on loan

IMFReykjavik, Stockholm - Iceland was reported Monday to be inching closer to secure support for a rescue package from the International Monetary Fund (IMF) and several central banks.

The online edition of the Financial Times reported that the plan was worth 6 billion dollars, and that the IMF was to provide some 1 billion dollars.

Other central banks in the Nordic region as well as the central bank of Japan were also part of the overall deal, the report said.

Sweden offers details stability plan

Sweden offers details stability planStockholm - The Swedish government Monday unveiled details in a stability plan including to establish a fund to help banks that run into problems in future.

The programme was aimed at "restoring confidence" in the financial system, Finance Minister Anders Borg said at joint news conference with Financial Markets Minister Mats Odell.

The fund was to run along the lines recently approved by Eurozone countries, and Odell said the fast-track legislation could likely be passed early next week.

Ericsson profits and sales increase in third quarter

Stockholm - Swedish telecommunications equipment maker Ericsson's pre-tax income for the third quarter 2008 grew 10 per cent while sales increased 13 per cent, the group said Monday.

Pre-tax income was 6.2 billion kronor (836 million dollars), compared to 5.6 billion kronor in the corresponding business period in 2007, the company reported, adding that operating profit was basically flat at 5.7 billion kronor.

The group reported 49.2 billion kronor in sales for the quarter.

The report had originally been scheduled for release on Friday.

Ministers: Sweden has no plans to stage referendum on the euro

Stockholm - Sweden has no immediate plans to stage a referendum on introducing the joint European currency, the euro, leading cabinet members said Friday.

Prime Minister Fredrik Reinfeldt and Foreign Minister Carl Bildt touched on the euro in speeches at a conference organized by their conservative Moderate Party, the main force in Sweden's ruling four- party coalition.

Both Reinfeldt and Bildt supported introducing the euro in 2003, but the proposal was rejected by voters in a referendum.

Reinfeldt noted that his party had agreed to respect the outcome of the 2003 referendum for a decade, suggesting that the issue was not due until earliest 2013.

Roller-coaster week for markets in the Nordic region

Stockholm/Oslo - A roller-coaster week for markets in the Nordic region drew to a close Friday with markets mainly flat.

The Stockholm bourse general index OMXS was on minus 0.5 per cent in late afternoon trading.

Telecommunications equipment maker Ericsson was up over 3.5 per cent as markets had assessed a third quarter report from mobile phone maker Sony Ericsson, the joint venture created with Sony of Japan.

Banking shares were off a few percentage points while clothes retailing giant Hennes & Mauritz was flat.

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