Business

Sandra Linder, a popular influencer and mother of five, has been dismissed from her role at SBAB due to her social media activities, which included discussing bank competitors. SBAB claims she failed to report these activities as a side business, despite Linder's assertion that she followed company policy.

Swedish investment firms Movestic and Lysa are profiting from the blacklisted Israeli arms company Elbit, despite global concerns over human rights violations. Movestic has invested 14 million SEK in Elbit, while Lysa holds over two million SEK. This comes amid calls from UN human rights experts for an arms embargo against Israel. Movestic has announced plans to divest.

SJ's chairman, Kenneth Bengtsson, retracts his statement about CEO Monica Lingegård's dismissal being age-related, calling his comment 'unusually stupid'. The controversy arose after Bengtsson suggested Lingegård's age was a factor in the decision, sparking accusations of age discrimination. Bengtsson clarifies that age was not a factor, attributing the decision to typical career transitions.

Monica Lingegård, CEO of the Swedish state-owned train company SJ, is stepping down following a board decision. She will receive a severance package of 6.6 million SEK. The board seeks a younger CEO for long-term continuity, citing Lingegård's approaching retirement age. Lingegård expressed her desire to continue, while anonymous whistleblower letters have criticized her leadership.

Richard Bergfors, CEO of the Swedish fast-food chain Max, is stepping down after 23 years, fulfilling a personal promise to leave the role before turning 50. Martin Oppenheimer, the current COO, will succeed him. Bergfors will continue as chairman of the board, focusing on strategic roles and family foundations. The decision comes amid recent scrutiny of the company, which Bergfors believes can be overcome with the right actions.

A new book by journalist Jan Almgren reveals details of Cristina Stenbeck's 2009 meeting with Vladimir Putin in Sochi, discussing Tele 2's expansion in Russia. The meeting, facilitated by former Swedish minister Björn Rosengren, was seen as a strategic move to shield against Russian corruption. Despite initial success, the venture's outcome was mixed, highlighting the risks of engaging with Russia at the time.

Prince Carl Philip's company, Bernadotte & Kylberg Retail AB, has been fined 5,000 SEK for failing to submit its annual report on time, despite state reminders. The company, co-founded with Oscar Kylberg, faces further penalties if the report isn't submitted by October 9. Meanwhile, their sister company reported a significant profit increase.

As summer heat envelops Sweden, AB Roberts in Örebro has already begun producing the beloved Christmas soda, julmust. The company, a key supplier to nearly all breweries in the country, starts its production in August to meet the high demand. Despite the early start, the festive drink won't hit the shelves just yet.

L’Oréal has sparked controversy by partnering with OnlyFans model Ari Kytsya as an ambassador for its Urban Decay brand. The collaboration has drawn criticism for potentially conflicting with the company's values against pornographic content. Despite the backlash, L’Oréal defends the decision, highlighting Kytsya's transparency about her industry. The campaign has gained significant attention, with nearly 20 million views on TikTok.

Swedish Energy and Business Minister Ebba Busch expresses optimism about American company Lyten's interest in acquiring Northvolt, but warns of potential challenges ahead. She emphasizes that while the partnership seems promising, the transition will not be without its difficulties.

In a significant development, American company Lyten has acquired the bankrupt Swedish battery manufacturer Northvolt for approximately 50 billion kronor. This acquisition includes Northvolt's facilities in Skellefteå, Västerås, and Heide, Germany. The deal is expected to revive Northvolt's operations and rehire a significant portion of its former workforce, marking a positive turn for Sweden's energy sector and its role in Europe's energy independence.

The National Institute of Economic Research (KI) has revised its forecast for Sweden's economic growth, citing ongoing uncertainty in U.S. trade policies. The Swedish export market is expected to grow slowly this year and next, with GDP growth projected at 0.7% in 2025. Unemployment is anticipated to be 8.7% this year, slightly lower than previous estimates.

Danish investors remain undeterred by a significant market crash, continuing to buy shares in Novo Nordisk despite a sharp drop in stock value. The pharmaceutical giant's recent revenue forecast adjustment and leadership change led to a 25% stock plunge, yet new investors are seizing the opportunity, indicating a potential rebound.

In July, food prices in Sweden remained stable, with minimal fluctuations. However, Coop increased its prices by 0.4%, diverging from other retailers. Notable price hikes were seen in throat lozenges, chocolate drinks, and meat, while fruits and olive oil became cheaper. The scarcity of berry pickers is expected to drive up berry prices. Despite a stronger krona and lower energy costs, food prices remain historically high, prompting increased consumer price awareness.

The Swedish royal family's investment company, Gluonen AB, reported a profit of 3.04 million SEK after tax last year, despite a cautious approach to trading. Meanwhile, Princess Sofia's company, SKB Sweden AB, faced a loss of 307,861 SEK. The royal portfolio, valued at approximately 70 million SEK, primarily consists of Swedish stocks, including significant holdings in Investor and Volvo.

Tesla's board has approved a substantial stock package for CEO Elon Musk, granting him 96 million shares valued at approximately 300 billion SEK. This decision aims to retain Musk as CEO until August 2027, despite recent controversies affecting Tesla's stock performance.

Spotify has announced a price increase for its subscription services, with Premium rising by 10 SEK to 129 SEK per month. Duo and Family plans will see a 20 SEK increase, while the Student plan will go up by 5 SEK. This marks the third price adjustment since 2021, reflecting local market conditions and economic factors.

Novo Nordisk's shares continue to decline, dropping an additional 4.3% on the Copenhagen Stock Exchange following Donald Trump's call for lower drug prices. The Danish pharmaceutical giant has lost 1,000 billion SEK in market value over the past week. Meanwhile, AstraZeneca also sees a 3.9% drop on the Stockholm Stock Exchange as Trump gives pharmaceutical companies 60 days to reduce prices for the U.S. market.

The collaboration between Vinted and Postnord, which offered free reusable packaging to promote eco-friendly logistics, has been paused by Vinted. This decision has disappointed many sellers, as the initiative was seen as a step towards sustainable transport solutions.

The U.S. has announced new 15% tariffs on EU imports, which could affect Swedish consumers and businesses. While experts suggest there's no immediate cause for concern, the tariffs may impact Swedish exports, particularly in the automotive and tech industries. The stock market has shown resilience, but Swedish investors are advised to diversify their portfolios.

The EU and USA have reached a new tariff agreement, setting import duties at 15% on EU goods entering the US. Despite initial tensions, President Trump and EU Commission President Ursula von der Leyen negotiated the deal, which Trump describes as the 'biggest ever'. The agreement aims to reduce trade uncertainty and avoid potential economic repercussions.

A surge in demand for fans due to the recent heatwave has led to a shortage in many Swedish stores. Ica Maxi locations in Falun, Sundsvall, Umeå, and Stockholm have run out of stock, with customers often disappointed by the lack of availability. Bauhaus also reports a similar trend, with cheaper fans sold out in northern Sweden.

Tesla's stock has dropped nearly 8% as the company faces global competition from cheaper Chinese alternatives and reduced demand due to policy changes in the U.S. and Europe. The company's revenue fell by 12% in the second quarter, marking its largest setback in a decade.

A little-known shopping trick allows Swedish consumers to find cheaper prices online through Google's algorithm. By searching for products like Billie Eilish's perfume on Google, shoppers can find lower prices than those listed on retailer websites. This strategy, used by companies like Lyko, is part of a broader advertising approach to stay competitive.

Ryanair reports a record net profit of 820 million euros for the first quarter, significantly surpassing analyst expectations. The airline's sales rose by 20% to 4.34 billion euros, driven by strong demand for air travel during the summer season.

Percy Barnevik, a towering figure in Swedish business, passed away at 84. Despite stepping back from the limelight, he continued to earn millions, which he invested in his charity, Hand in Hand. Known for his leadership roles at ABB and Astra Zeneca, Barnevik also donated his properties to his children. His legacy is marked by philanthropy and a significant impact on global poverty alleviation.

Ica Maxi in Borås faces criticism after a customer fell ill from consuming mislabeled fish. An inspection revealed the store had altered expiration dates to extend shelf life, a practice deemed illegal by local authorities. The store promises corrective measures to prevent future incidents.

Percy Barnevik, a towering figure in Swedish business, has died at the age of 84. Known for his leadership at ABB and Investor, Barnevik was a transformative force in the corporate world. Despite controversies, including a massive pension scandal, he later dedicated his efforts to philanthropy. His legacy in the business community remains significant.

Beauty giant Lyko reports impressive growth with a near doubling of profits in the latest quarter. The company expands with new stores in Helsinki and a mobile popup concept in Norway, while planning further expansion in Stavanger this fall.

Swedish small business owners are raising concerns over the financial burden of covering sick leave for employees undergoing cosmetic surgeries. The current regulations do not differentiate between medical and cosmetic procedures, leaving employers to bear the initial costs. This issue has sparked debate about the fairness of public funds covering such expenses.

Melinda Jacobs addresses backlash regarding her hair care line, Heart for heart, launched with influencers under Bobbys hair care. Criticism arose over the brand's marketing, which some felt insensitively referenced a tragic case involving a foster child. Jacobs clarifies the brand's mission to support children's rights and announces a pause in donations to reassess their impact.

A recent price analysis reveals that nine out of ten products at Arlanda's tax-free shops are more expensive than online. The study, conducted by Prisjakt, found that 433 out of 500 compared items, including skincare, perfume, and sunglasses, were cheaper online. On average, tax-free items were 38% more expensive, with some products costing up to 2,777 SEK more at the airport.

Scandic Hotels forecasts increased room rates in the coming months due to improved bookings compared to last year. Despite geopolitical uncertainties, the company sees no significant impact on its operations. The second quarter saw a slight drop in operating profit, influenced by late Easter and high demand from events like Taylor Swift's concert and Eurovision.

President Trump's 30% trade tariffs pose challenges but are manageable for companies, says economist Frida Bratt. Despite potential impacts on export-dependent sectors like manufacturing, the market remains optimistic, interpreting the situation as less severe than initially feared.

The Swedish burger chain Brödernas, once valued at 1 billion SEK, is facing a downturn with five more restaurants filing for bankruptcy. The chain, co-owned by NHL player Mika Zibanejad, has seen significant financial losses, leading to multiple closures across Sweden.

Swedish Match's snus factory in Gothenburg is facing a multi-million kronor lawsuit after the union took the company to the Labor Court. The union claims that over a hundred workers have been denied shift allowances for eight years, demanding retroactive compensation and damages.

In Söderhamn, 152 apartments owned by Faxeholmen are set to be demolished as demand plummets. The decision comes as more residents prefer villa-like homes, leaving 13% of apartments vacant compared to the national average of 2%. Faxeholmen is considering innovative solutions like 'tiny houses' to attract new residents.

McDonald's in Denmark has introduced 'night prices,' increasing the cost of popular items like cheeseburgers from midnight to 6 AM. This move, aimed at covering the costs of late-night operations, is not planned for widespread implementation in Sweden, according to McDonald's Sweden.

An Ica store in Västerås used AI to sell ice cream boats, leading to a mix-up where a customer accidentally ordered 324 ice creams. The AI bot required specific comment formats to process orders, causing misunderstandings. Store manager Joakim Ericson is reviewing the situation.

Scandic Hotels will start charging separately for breakfast, offering guests more flexibility. This change, already standard in some locations, aims to make room prices more competitive.

Sweden's inflation unexpectedly rose to 2.9% in June, surprising economists and potentially impacting future interest rate decisions by the Riksbank. While some experts urge calm, the sudden increase could complicate plans for further rate cuts.

Sweden is experiencing a significant shortage of beef, with the number of cattle at its lowest since the 1800s. The 2018 drought marked the beginning of challenging years for meat production, exacerbated by the pandemic and geopolitical tensions. Despite increased demand for Swedish meat, supply struggles to meet it. Industry leaders urge consumers to explore alternative cuts as the sector works towards recovery.

Markus Jonasson from Simrishamn invoiced a company for 'torture' after enduring an hour-long phone queue to dispute a reminder fee. Surprisingly, the company paid him, highlighting a unique protest against poor customer service.

Pangeo planet, a Swedish lottery company, has filed a lawsuit against Svenska Spel, accusing them of plagiarizing their lottery concept. The dispute centers around a game where players place pins on a globe, with winners drawn weekly. Pangeo claims Svenska Spel launched a similar game, 'Lyckoplatsen', after initially rejecting their idea. The lawsuit seeks to establish a breach of agreement and potential damages.

The Stockholm Stock Exchange closed the trading week with a broad decline, mirroring other major European markets. Despite the downturn, the week ended positively overall for the exchange.

Systembolaget in Borgholm has reopened after a sewage explosion forced its temporary closure. The incident, which occurred on Thursday evening, led to the disposal of contaminated goods. The store resumed operations on Friday afternoon after extensive cleanup efforts.

As food prices drop for the first time in two years, a heatwave in Europe threatens to reverse this trend. Frank Elderson from the European Central Bank highlights the link between climate change and economic indicators like inflation. Researchers note that rising temperatures can negatively impact agriculture, potentially leading to higher food prices and influencing future ECB interest rate decisions.

Mortgage rates in Sweden are on the decline, with major banks reducing their fixed rates. Borrowers are encouraged to negotiate actively to benefit from these reductions. Financial expert Felicia Schön advises staying proactive and informed to secure the best rates. As the economic outlook remains uncertain, further rate cuts are anticipated.

Willys, a major Swedish grocery chain, is phasing out snus coolers in favor of cabinets to save energy. Despite minimal customer backlash and unchanged snus sales, the move has sparked criticism from the Snusarnas Riksförbund, which argues that the change affects snus quality.

In June, Sweden saw a 0.2% decrease in food prices, marking the largest drop since April 2023. This decline, driven by lower prices for coffee, fruits, and berries, comes after months of minor price increases. Despite this, food prices remain 2.5% higher than a year ago. The strong Swedish krona and improved harvests have contributed to the price drop, although meat prices continue to rise due to a shortage of livestock.

William Lindquist from HUI criticizes the Swedish Competition Authority's report on food prices, arguing that the profitability in the grocery sector is low compared to other industries. He disputes claims of excessive price hikes and criticizes political figures like Nooshi Dadgostar for misrepresenting the situation.

Prince Carl Philip's design company, Bernadotte & Kylberg, has turned a significant profit of 3.1 million SEK, following a previous loss. The company's success is attributed to its focus on developing its own brand, which includes high-end products like drink cabinets and brass candle holders. All profits are being reinvested into the company.

Gekås Ullared, a popular Swedish department store, has started selling Christmas decorations in July to meet customer demand. Despite the summer heat, the store offers a full range of holiday items, catering to visitors who travel long distances and shop only once a year.

Housing prices in Sweden continue to decline, with no signs of recovery, according to SBAB's chief economist Robert Boije. Despite lower mortgage rates, the market remains cautious due to global factors like US tariffs and geopolitical tensions. The trend is particularly evident in Stockholm, where house prices dropped by 3.2% in June. Further interest rate cuts may be needed to stimulate the market.

Unionen is suing Telia, claiming an employee was unjustly dismissed from the customer service department. The union argues that the dismissal lacked proper grounds and is seeking compensation for the former employee.

Ikea has filed a lawsuit against Biltema, seeking four million kronor for alleged copyright infringement. The dispute centers around two products that Ikea claims are copies of its iconic designs. Despite multiple warnings, Biltema continues to sell these items, prompting Ikea to take legal action.

Coop, once the largest retailer in the Nordics, has seen its losses more than double to 2.7 billion SEK in 2024. With shrinking market shares and no assets left to sell, the situation is dire, especially for Coop Syd in Skåne and Blekinge. The main organization, KF, also reported significant losses due to operational challenges at a new warehouse.

Klarna is accelerating its transformation into a digital bank, akin to Revolut or Chime, as it prepares for a second attempt at a U.S. IPO. The company has launched new products, including a payment card in collaboration with Visa, to strengthen its business model amid market challenges.

A heated debate erupted between Ica's vice CEO Fredrik Söderberg and Vänsterpartiet leader Nooshi Dadgostar over rising food prices at Almedalen. Dadgostar accused Ica of creating a private monopoly and threatened to break up the company if prices don't drop. Söderberg countered, stating Ica is not making record profits and is working hard to reduce prices.

The McDonald's in Töcksfors, Sweden, has been rated the worst in the country, with a Google rating of 2.3 out of 5. Guests criticize the restaurant for poor service and cleanliness. A member of the management team posted a positive review, which was later removed. The restaurant acknowledges the feedback and aims to improve.

Petter Stordalen, a prominent hotel owner, reveals his unique investment in a dog kennel, Kustmarken, which breeds guide dogs. He has even frozen his beloved dog's sperm to ensure a perfect future companion. Stordalen emphasizes the joy and non-monetary returns from this venture, highlighting his passion for helping others.

Chris O'Neill, husband of Princess Madeleine, launched Belgravia Advisors AB when the family returned to Sweden. Despite its focus on financial advisory, the company reported zero revenue for 2024, as anticipated by O'Neill.

Global markets are experiencing turbulence after a U.S. attack on Iran, with rising oil prices and a stronger dollar. Investors are anxious about Iran's potential response, which could disrupt oil traffic through the Hormuz Strait, affecting global inflation and growth.

Volvo has initiated an investigation after images surfaced of the Russian national ski team posing with a new Volvo truck, despite the company's halted sales to Russia. The truck, valued at up to three million kronor, raises questions about potential smuggling routes through the Middle East and Central Asia. Volvo is examining the truck's origins and considering actions against any contractual breaches.

Swedish electricity consumers are paying billions in fees, yet the funds are accumulating at the government agency Svenska kraftnät. Despite record-high bottleneck revenues due to regional price differences, the agency struggles to utilize the funds effectively. The current EU regulations restrict the use of these funds to grid improvements, not production, highlighting a need for policy change to enhance local energy production and ensure a robust power system.

Skistar reports a strong winter season despite warm spring weather, maintaining stable prices for the upcoming winter. The company saw a 10% profit decrease in Q3 but experienced a 7% increase in operating profit over nine months, driven by a rise in international guests. New flight routes to Sälen and increased summer bookings highlight growing interest in Swedish mountains.

McDonald's Sweden is reaching out to 123,206 high school seniors with 'The Green Envelope', offering ten practical tips to help them transition into the workforce. This initiative addresses the knowledge gap revealed by a survey, where many students feel unprepared for employment. The effort aims to provide clarity on job expectations and employee rights, fostering a smoother entry into professional life.

Coffee prices, which have soared due to inflation and poor harvests, are expected to decline, according to analyst Torbjörn Iwarson. The surge in prices, partly driven by increased demand in China, reached a peak in February. With new growers entering the market and economic conditions stabilizing, coffee prices are predicted to decrease by 2026.

Billionaire Sunjay Kapur, a friend of Prince William, tragically died after swallowing a bee during a polo match in Windsor. The incident led to an allergic reaction causing his heart to stop. Kapur, CEO of Sona Comstar, was valued at $1.2 billion and was known for his connections with royalty and his philanthropic efforts. His sudden death has left a significant impact on his community and the business world.

A recent survey reveals that 7 out of 10 HR managers in Sweden believe working at McDonald's is valuable for future careers. The fast-food giant is praised for teaching young employees leadership skills and providing a gateway into the workforce. Maria Lindqvist, HR manager at Hjelte AB, highlights McDonald's inclusive environment and the success stories of employees who have advanced within the company or used it as a stepping stone to other careers.

The Swedish government plans to ease mortgage amortization requirements, as revealed by Finance Market Minister Niklas Wykman. While a complete pause on amortization will not be implemented, the proposal aims to adjust and lighten the current rules. This move is seen as a balanced approach to maintaining financial stability while addressing the challenges faced by certain groups in the housing market.