Sweden Financial News

Vodafone Idea is likely to begin investing in 5G roll-outs in the coming quarters. Mirtillio said Ericsson is in talks with Vi for the 5G rollout.

Mint explains: Up until early August, only Cruise autonomous cars with a “safety driver" (human) could charge cab fares for rides in California at night. Cruise driverless cars could take passengers without humans but not charge any fare. Alphabet-owned Waymo, another fully autonomous car, couldn’t charge without a human driver either.

MADRID (Reuters) — Zara owner Inditex (BME:ITX), the world's largest clothing retailer, said on Friday its suppliers would buy 2,000 metric tons of a raw material made out of cotton textile waste by Swedish company Renewcell.

(Reuters) — European shares slipped on Wednesday as investors digested a slew of mixed earnings reports from the region, while weakness in energy firms on lower crude prices added to the declines.

Euroclear has launched a digital securities issuance service and settled a 100-million-euro ($106 million) digital World Bank bond. This is the first step in the Brussels-based settlement house’s digital infrastructure strategy, it said.

Official results in Switzerland election show that the anti-immigration Swiss People’s Party has rebounded from searing losses four years ago to cement and expand its hold as the largest faction after the parliamentary election

Recep Tayyip Erdogan has submitted a protocol for Sweden's admission into NATO to Turkey's parliament for ratification, his office said Monday. Erdogan had been delaying ratification of Sweden's membership, accusing Stockholm of being too soft on Kurdish militants and other groups he considers to be security threats. Turkey also was angered by a series of Quran-burning protests in Sweden.

Oct. 13-19, 2023

Gale-force winds and floods have struck several countries in Northern Europe as the region braces for more heavy rain

By Nerijus Adomaitis

Bitpanda, the largest European cryptocurrency exchange, has announced that it has secured a license to offer virtual asset services (VASP) in Norway, expanding its regulatory approvals.

One of the largest European crypto exchanges, a Vienna-based BitPanda, became one of the first foreign entities to receive a virtual assert service provider license in Norway. The announcement came on the company’s official X (former Twitter) account on Oct. 19. 

Germany’s state-owned railway operator, Deutsche Bahn, says it has agreed to sell its European public transport subsidiary, Arriva, to U.S.-based infrastructure investor I Squared Capital

Climate activist Greta Thunberg has been charged with a public order offense after being arrested at a demonstration against an oil industry conference in London

USD/JPY, one of the year’s favorite currency plays, could be on track to a 36-year high in favor of the US dollar, though the Japanese component of the pair could regain some strength in the near term.

Brussels police arrested a suspected gunman accused of shooting dead two Swedish football fans in what Belgium's prime minister condemned as an act of «terrorist madness». Officials said police opened fire and the suspect was «neutralised» during the arrest, which followed an intensive overnight manhunt in the Belgian capital for an assailant armed with an automatic rifle. There were conflicting accounts of the suspect's condition after his arrest which took place in the Schaerbeek district of central Brussels. Prime Minister Alexander de Croo earlier said the detained man was of Tunisian origin and had been living in the country illegally. He added that someone claiming responsibility for the killings had posted on social media that he was inspired by the Islamic State extremist group. «The terrorist attack that happened yesterday was committed with total cowardice, the attacker chose as a target two Swedish football fans,» de Croo told a news conference, adding that a third person — a taxi driver — was seriously wounded. «Terrorism strikes indiscriminately,» he said.

Ericsson on Tuesday said it expected the uncertainty impacting its mobile networks business to persist into 2024, after reporting a fall in third-quarter revenue as demand for 5G equipment fell in North America. The company, which pre-announced its results last week and took a $2.9 billion impairment charge on its Vonage acquisition, said it expects current quarter results to be similar to the third quarter. «We are not going to guide for 2024 specifically, because the timing of the recovery of the market is uncertain,» Chief Financial Officer Carl Mellander told Reuters. Gear makers such as Ericsson and Nokia have been hit by a slowdown in spending by telecoms companies. Mellander said the company had increased its previously announced 2023 cost saving target of 11 billion Swedish crowns ($1.01 billion), including the laying off 8,500 employees, to 12 billion crowns. «We have proven that cost cutting is something we are good at...should the market and our financial performance require it, we can do more,» he said. Networks organic sales in North America were down by 60% from last year as telecoms customers adjusted their inventory and were slower to roll out new equipment.

Brussels on Monday night, and a man who identified himself as a member of the Islamic State claimed responsibility in a video posted online. The suspected assailant fled the scene after the shooting as a football match between Belgium and Sweden was about to start, triggering a massive manhunt and prompting Belgium to raise its terror alert to the highest level. A Belgian federal prosecutor said there was no evidence that the attacker, who was still on the loose, had any link to the recent renewed conflict between Israel and Palestinian militants. The likely motive for the attack was the Swedish nationality of the victims, the prosecutor said. Sweden in August raised its terror alert to the second-highest level, warning of an increase in threats against Swedish interests abroad, after Koran burnings and other acts in Sweden against Islam's holiest text outraged Muslims and triggered threats from jihadists. The suspected assailant, calling himself Abdesalem Al Guilani, claimed in a video on social media that he was a fighter for Allah. The federal prosecutor said the third victim, who was wounded but whose condition was not in life-threatening, was a taxi driver.

Private equity likes the look of family-owned waste management business JR Richards & Sons.

European shares climbed on Monday, with miners in the lead on optimism around demand from top consumer China, although trading was cautious as investors weighed prospects of an escalation in the Middle East conflict. The STOXX 600 was up 0.4% by 0707 GMT. The mining index rose 1.3% as prices of base metals were lifted by hopes of stronger demand from China after data last week signalled some signs of stabilisation in the world's second-largest economy. Also boosting the index was a nearly 4% gain in shares of SSAB after JP Morgan upgraded the Swedish steel company to «overweight» from «neutral». Global risk sentiment was still on shaky grounds over concerns that the Israel-Hamas conflict would spill over to the broader region, gaining steam after Iran warned Israel of escalation. Among other single stocks, Frankfurt-listed shares of BioNTech fell nearly 5% after partner Pfizer on Friday slashed its full-year revenue forecast on lower sales of its COVID-19 vaccine and treatment.

Indian Biogas Association (IBA) during the recently held Renewable Energy India Expo 2023. Talking to PTI, IBA Chairman Gaurav Kedia said «Indian Biogas Association (IBA), an industry association comprising operators, manufacturers, and planners of bioenergy plants, has received a commitment of investment worth Rs 2,755 crore during the Renewable Energy India Expo 2023.» The association has signed joint ventures (JVs), MoUs (memorandum of understanding) and received LoIs (letter of intent) commitments during the recently concluded Renewable Energy India (REI) Expo held at Greater Noida from from October 4 to 6.