Sweden

Sweden: US Senate rejection of loan package increases uncertainty

Stockholm - The Swedish government said Friday it was concerned over the US Senate's failure to agree on a loan package for the troubled US car industry, which owns Swedish carmakers Volvo and Saab.

The news from Washington also impacted the Stockholm bourse that dropped some 3.5 per cent in early trading.

Speaking to Swedish televison news on the sidelines of a European Union summit in Brussels, Swedish Prime Minister Fredrik Reinfeldt said there was "more uncertainty" after the US decision.

Carmaker Volvo is owned by US auto giant Ford while Swedish-based Saab is owned by General Motors. Both US giants have posted huge losses and have said they were considering selling their Swedish subsidiaries.

Swedish government presents package for vehicle industry

Sweden FlagStockholm - The Swedish government unveiled a 28-billion- kronor (3.4 billion dollars) package Thursday aimed at securing the long-term viability of Swedish-based vehicle makers.

The government was to reserve 3 billion kronor for a research and development institute "to develop vehicles customers want," Deputy Prime Minister Maud Olofsson said.

There was demand for vehicles with lower emissions that could run on new fuels and electrical vehicles, she said.

Some 5 billion kronor was to be used for "rescue loans" for companies that were part of the vehicle cluster.

Snubbed Swedish defence group questions Norwegian assessment

SwedenStockholm- Swedish defence group Saab on Wednesday questioned some of the assessments made by Norway in its recent decision to select a US-made jet fighter over the Sweden's JAS Gripen.

Norway last month said it would buy the US F-35 Joint Strike Fighter (JSF) when it replaces its aging fleet of 48 F-16 jet fighters.

The US jet fighter fulfilled all criteria set up by Norway and also had a lower price tag than the JAS Gripen, Oslo said.

Saab is vying to supply jets to other countries and has some concern that the Norwegian assessment will impede those efforts.

Ball-bearing group SKF to cut 2,500 jobs worldwide

SKF LogoStockholm - Ball-bearing maker SKF that also makes seals and lubrication systems said Wednesday it planned to shed 2,500 jobs worldwide, citing lower demand from the car industry and other industrial sectors.

The group has some 42,800 employees.

SKF, which has headquarters in the Swedish west coast city Gothenburg, said the cuts would mainly impact plants in the United States, France, Italy, Ukraine, Brazil and Argentina.

Swedish clothes retailer Hennes & Mauritz plans stores in Israel

Swedish clothes retailer Hennes & Mauritz plans stores in Israel

Nobel committee selectors accepted sponsored trips to China, Japan

Nobel committee selectors accepted sponsored trips to China, Japan Stockholm - Members of the committees that select Nobel prizes for chemistry, physics and medicine said Tuesday they had second thoughts about the propriety of having accepted Chinese state- sponsored trips to China.

The ministry of education in China on two occasions, most recently in January 2008, paid for the trips and hotel costs, Swedish radio news reported.

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