The lowest number of union members in 50 years – Swedish Dagbladet

– We have had tough years behind us in the LO, not least the last decade’s been tough. Happily, we see that we are finally beginning to catch up and not lose so many new members, says the LO chairman Karl-Petter Thorwaldsson to SVT.

Meanwhile, the unions of academics and officials, the opposite trend, they get more new members. According Thorwaldsson LO had difficulty recruiting new members and adapt to the new world of work, with temporary employment.

– Those who work for a week with the care of the park, next week doing a painting job at a school, third, week is out on something at the airport, they we very hard to get into the compartment. They are also the most exploited in the labor market and would have to slot the most.

Nordea’s chief analyst Torbjorn Isaksson – Dagens Industri

          Nordea’s Chief Analyst Torbjorn Isaksson
           
         
       

 The Riksbank will lower the repo rate at the next monetary policy meeting, on 2 July. Depending on how the exchange rate development may be a rate cut to come already in May.
 

“So was prepared action also between the monetary policy meetings, such as the Executive Board meetings that are not advertised as monetary policy meetings ( 8 May 18 May 1 June and 22 June. “

He notes that The National Bank surprised markets by leaving the repo rate unchanged on Wednesday, although it also announced new government bond purchases in line with Nordea’s forecast.

Wednesday’s statement suggests, under the Nordea economists, an altered Governor Strategy. The Riksbank continues to stress that it is ready to do more, but it now appears to be more on the sidelines with a more reactive stance than before.

“That means that instead of acting proactively and surprise markets to introduce strong measures in the short term seems the bank is now more inclined to act when necessary, “wrote Torbjorn Isaksson.

He notes that krona strengthened after the Riksbank announcement,” and this trend can now continue “

” This, together with Bank clear relief bias, suggesting that the bank will cut interest rates again. We expect that the repo rate will be lowered by 15 basis points, and the bottom at -0.40 percent, “wrote Torbjorn Isaksson.

A further expansion of the program of government bond purchases can not be ruled out, but Nordea believes that a program of loans to companies, through banks, is a more likely next step for the Riksbank.

Greece’s credit rating: Worse than junk status – Swedish Dagbladet

downgrade from credit rating of Caa1 to Caa2 means that Greece’s sovereign debt falls even deeper in the category of junk status. This decision reflects growing skepticism regarding Athens’ ability to stitch together a compromise with the international lenders – while the economy is on the brink of collapse.

Between January and March, tax revenues have fallen sharply and is now 5 percent below the government target. The government is therefore forced raiding funds in the social security system and in the municipalities. But no one knows how long that’s enough.

Unclear is especially all how Athens should be able to scrape together € 3.6 billion needed to pay interest and amortization of between 1 May and 30 June.

Prime Minister Alexis Tsipras knows he has the knife against the throat. But he is still looking for a way out of January’s generous campaign promises, which runs counter to the lenders’ demands for everything from rapid privatization for further savings.

The legislative proposals that Tsipras so far put in Parliament yesterday largely left the party’s voters to meet with, among other things, raising the minimum wage and tax exemption for incomes of less than 12 000 euros a year.

Probably he is prepared to put some of these in the future. But he must take into account hard-line leftist politicians in his own party and in the government that refuses to compromise and would rather risk that Greece may leave the euro zone.

Just as in Greece it is in the rest crisis countries policies that drive development. The difference is that in Italy, Spain, Portugal and Ireland rather concerns growing confidence and not decay.

In Cyprus, as in spring 2013 received an emergency loan of 10 billion euros, clubbed Parliament last week a new Bankruptcy opening for faster forced auctions. Markets assessment was consistently positive. When Cyprus early in the week issued a seven-year loan of over a billion euros were investors content with an interest rate of 3.875 percent – while Greece will pay over 20 percent of two-year loan.

In Spain thunders , the economy is now in full swing after the recent reforms including labor. During the first quarter of 2015, GDP increased by 0.9 percent from the previous quarter. On Thursday wrote economists at Barclays up the growth rate in 2015 to 3 percent. Here too the political risks subsided.

– The probability that the radical Left Podemos get a government majority in the local and regional elections on 24 May is the low, believe Antonio Garcia Pascual.

The rise in Spain began last year with exports and automobile industry as a growth engine. But now also rising domestic demand in the wake of increasing confidence, improving real wages and declining income.

– We see a positive spiral of confidence and rising private consumption, noted at the end of last week the rating agency Fitch affirmed Spain long-term credit rating of BBB +.

There are three grades above junk status.

Even in Italy is the policy that accelerates the recovery. The statistical office ISTAT recent report published this week is confidence in the manufacturing industry at its highest level since May 2011 and retail at the highest since December 2010.

The main reason is Matteo Renzi, the Prime Minister who took over in in February 2014 and since then has challenged the established political networks, which for years held back Italy’s growth forces.

Nokia dotted earnings expectations – but margins were weak – Private Businesses

Nokia reports earnings per share, excluding extraordinary expenses (non-IFRS) at 0:05 euros for the first quarter of 2015th

Analysts’ expectations were at a Profit at 0:05 euros per share, according to SME Direkt.

The reported earnings per share were EUR 12:05 against the anticipated 0:04 euros per share.

The turnover ended at 3 2 billion for the quarter. The analysts’ average expectations lay on a turnover of 2.99 billion euros.

Networks pressured earnings

A clearly weaker profitability in Nokia Networks pressured earnings in the first quarter.

Lower software sales, lower gross margin in the systems integration business and a short-term negative impact of new strategic businesses has helped to squeeze profitability.

Nokia also refers to higher operating expenses as a result of currency effects, increased investment in LTE, 5G and the cloud and the more challenging market conditions.

Networks operating profit, excluding exceptional items, fell 61 percent to EUR 85 million (216). The operating margin of 3.2 percent was completed lower-than-expected 8.9 percent, according to SME Direkt.

SCA “prioritize – Swedish Dagbladet

The SCA was the big winner on the Stockholm Stock Exchange following a report in which both profit and sales rose. Moreover, the hygiene side of the company to benefit from falling oil prices that are expected to have a positive effect in the summer and autumn. However beats a strong dollar against the company.

Are you satisfied with the results?

– Yes, I think it’s a good start to the year. We show good growth in sales and earnings, and we are pleased with, says Magnus Groth.

SvD Business has been in a long series of articles revealed an extensive use of the company’s business aviation and entertainment pursuits, culture criticized by including SCA’s institutional owners.

How would you describe the culture?

– I have two priorities, restore confidence and cultural affairs is one of them . We keep close contact primarily with the Swedish organization and we will regularly report the initiatives we take, where we left back an aircraft is one such. It is important for us in the lead to be role models, every day.

Is there a problem with the culture of SCA?

– We have 44,000 employees and in essence, we have a great culture of SCA. People take responsibility and work hard every day. The measures we are taking for that which I have talked about, and we take seriously. We are undergoing a sharp change from forest companies to hygiene and forest company and then we must also work contemporary with representation and with our cost management.

How would you describe your first time as president?

– I have focused on the business so that we do not lose momentum. I have traveled a lot to take the temperature in the organization and it has been fun and stimulating.

The company is doing well, which is visible on the report. But at the same time, you find yourself in what you might describe as a crisis. How are you to maneuver in such a situation?

– The key is the two priorities, operations and performance, and to work to restore confidence and work with cultural issues.

You are now leaving back an aircraft. How are the sales of the other?

– We have had a leased aircraft and we have an airline with Industrivärden and Sandvik, which has two planes, of which we use one. The structure we are reviewing along with the other partners and it takes a little longer, but it is our aim to sell them.

Börspoddare convicted of price manipulation – Business World

     John Skogman. Photo: Jörgen Appelgren
     

Exchange Podcasts Comforter John Skogman, who stood accused of market manipulation, was convicted on Thursday of a judgment of the District Court of Stockholm.

John Skogman, who together with Johan Isaksson runs the popular stock-oriented Börspodden, was two weeks ago before the railing in the Stockholm District Court. The indictment was suspected price manipulation, market manipulation, in trade with ITAB shares in December 2012.

– Throughout this procedure has Skogman lycktas earn 2157 crowns, said Jan Leopold’s son, prosecutor in the financial chamber at the Economic Crimes Bureau , to the right.

The Swedish Economic Crime Authority submitted in its 95 pages comprehensive preliminary investigation protocol that John Skogman in batches, and every few seconds purchased 5 shares at a time to progressively higher rates. Sellers at the shops where the liquidity provider Remium automatic robot trading system that responded to the progressively higher purchases by raising spreads and hence bid price by several percent at a time.

John Skogman had after the initial Small purchases turned things around and sold some major Items shares, 300 pieces, to Remium. According to the prosecutor’s opinion, had Skogman thereby intentionally deceived the automatic trading, which according to him is not commercially justified and hence illegal. He would thus have earned 2 157 SEK.

– John Skogman denies the offense. These purchases have taken place in order to get to any omkvotering of the spread. The purpose of the smaller purchases have been aware of it in the market was no seller, said Forest’s lawyer, Leif Gustafson at trial.

The district court, however, goes to the prosecutor’s line and writes that John Forest’s claim that he bought the shares for To obtain information on another player is not consistent with his actions:

“To John Skogman despite their very good knowledge of trading would not have understood that he acted against the company’s liquidity in this case does not seem unlikely “writes the court in Thursday’s ruling.

In an overall assessment of the circumstances therefore finds the district court that it is shown that John Skogman acted in order to induce the liquidity provider to raise the price of the shares and then selling a larger number shares.

The law also says that John Skogman have realized that his conduct was likely to unduly influence the market price of the shares and mislead buyers and sellers of shares:

“His agerandehar not been consistent with market practice. The prosecution for market manipulation, intentional crime, is proven, “writes law.

Skogman sentenced to probation and to 60 day fines of 390 crowns. Total 23 400 crowns.

John Skogman runs with Johan Isaksson the popular Börspodden. They are also day traders. If you are a subscriber can read the Business World reports about publicly podcasts are here.

Greece’s credit rating lowered again – the Swedish newspaper Svenska Dagbladet

As a motif stated uncertainty about whether Greece will agree with its international lenders. The EU and the International Monetary Fund (IMF) has stopped the disbursement of emergency loans, and require an agreement with the new left government on economic reform.

Several rating agencies raised last year, Greece’s rating, since the economy has shown signs of recovery after six years of recession. But the new government’s stalemate with the euro zone and the IMF have sown doubts about Greece’s prospects to get away state bankruptcy.

Nokia’s earnings fell slightly – Vasabladet

Nokia’s comparable operating profit before non-recurring items fell to EUR 237 million in January-March. During the same period a year ago the result was 242 million euros.
 

The company’s turnover increased from 2.7 billion to 3.2 billion.

The operating profit of Nokia’s networks unit decreased to one third compared with last year’s first quarter. However improved mapping service Heres results significantly and sales increased by 25 percent compared with the year before.

Nokia outweigh its best to sell Here, but for now the company has not released new information about the sales plans.

Nokia CEO Rajeev Suri said in his statement that he is very pleased with the Here-service results. He thinks Here is a bright future, whatever it is Nokia or with a new owner.

Less on US stock exchanges – Dagens Industri

Less on US stock exchanges

                  2015-04-29 22:04
             

New York stock exchanges remained below zero throughout the trading day. The US central bank, the Fed, as expected, leaving interest rates unchanged. The Fed noted that the US economy has slowed down during the winter and that the inflation target has still not been reached.

There are no signals from the Fed when interest rates will be raised. According to analysts, a decision on the rate hike likely in September.

Earlier on Wednesday the statistics showed that US GDP grew by only 0.2 percent in the first quarter, which was significantly lower than expected.

The Dow Jones industrial index fell 0.4 percent, while the Nasdaq composite index fell 0.6 percent.

The Riksbank spurs the wage negotiations – Swedish Radio

The Riksbank sounds unexpected key rate to remain at minus 0.25 percent. The krona strengthened quickly after the announcement.

– We see good prospects for inflation to rise towards the target of two per cent, says Governor Stefan Ingves.

– We have had an inflation target now for 20 years. It has been a successful strategy for the Swedish economy. You should be a little on the inflation target is met, said Mr Ingves.

The Riksbank did not lower interest rates in the morning, which remains at historically low minus 0.25 percent. And the Riksbank believes in a return to 2 per cent inflation target.

But in the second half of 2016 expected rate slowly increased. At the same time expanded program of purchases of government bonds by a further 40-50 billion. The aim is to drive down interest rates for companies and households.

Now put interest rates off on wage negotiations. In autumn, the social partners to come up with their demands in wage negotiations. And they are very far apart in terms of how to calculate inflation.

How much eat up the wage growth? Nothing, perhaps, inflation’s zero today. Or two per cent, the Riksbank wants it to be? This requires higher pay increases to wages should not be hollowed out.

A percentage of the wage does not sound like much, but in the wage negotiations it is about big money, overall. Employers would expect zero inflation we have now, but the unions adhere to the Riksbank’s target of 2 percent. Karl-Petter Thorvaldsson is LO’s chairman.

– We do not intend to adapt wage negotiations to this low inflation we have had now for the last few years, it would be very dangerous for the Swedish economy. And it is precisely because we should avoid fluctuations, so that if we would have inflation of 3-4 percent, then it is clear that in that case also tvåprocentsinflationen as the basis for our wage.

But the Swedish business think the opposite. Christer Agren is vice president of Swedish Enterprise.

– Now we have figured with two percent inflation in the contract negotiations the last six years without even reaching up to half. I think you still need to have a realistic assessment there. Here it is very much about Swedish companies have a chance to compete so that we can boost production and employment.

Jonas Fredén
jonas.freden@sverigesradio.se

SJ reduced the compensation to passengers for late trains – Metro

From the first of May, SJ change the rules regarding travel time guarantee for travelers who require money back after a train has been delayed, reports SR .

The new rules mean, among otherwise it traveling on a one-way ticket only will be able to get a quarter of the compensation received today, whoever has caused the delay. It will also only be able to get compensation in cash.

Today, says rules that one hour of delays with the day trains or more gives one hundred percent reimbursement of their tickets – something which from 1 May will therefore be changed to 25 percent of the fare.

Maricka Berggren, the press officer at SJ, told SR that the new rules is about to “simplify the system for the company” and says that it is not about that they want to lower the cost.

– We see it rather as an opportunity to reduce costs internally. Since the regulations are simplified to make it easier for our staff to manage these applications coming in, says Maricka Berggren to SR.

She says that the compensation previously has varied depending on whether it has been SJ been reason for the delay or whether it was due to some other operator or infrastructure.

– There has also varied if it has received payment in the form of vouchers or cash payment. All this taken together made handling complex and slow and it was difficult for customers to get an overview when they would be entitled to compensation or not.

Here You can read more about SJ the new rules.

Pilot won against Norwegian – Helsingborgs Dagblad

– Auditors has taken a position on whether Norwegian Air Shuttle is still the employer’s responsibility after the pilots were transferred to the subsidiary Norwegian Air Norway.

The judgment may great importance, also believe paired Vice Chairman Vegard Einan.

– It will to give employees a completely different connection to the parent company, he claims.

The district court in Asker and Baerum refers to a judgment of the Norwegian Supreme Court in 1990, which says that the Norwegian Working Environment Act does not prevent several companies may have employer responsibility for an employee.

Norwegian has not has taken a position on whether the district court judgment should be appealed. The company was also ordered to pay the costs.

Anders Borg: The blast comes where you least expect – Business World

     Former Finance Minister Anders Borg. Photo: Izabelle Nordfjell / TT
     

According to former Finance Minister Anders Borg is no doubt about it – we will get an asset price bubble, and it bursts within a few years.

Anders Borg believes that the low interest rates in several countries, including Sweden, is an” experiment “is going on and that the world did not have a clue what it means.

– There is a very great risk that money starts chasing assets, and that we have an asset-price inflation, he says to the business world.

The problem is, however, to solve the macro instruments, says Anders Borg. It will be achieved by having more capital in banks, raising the repayment requirement and lowering the interest deduction.

According to Anders Borg, we are build up a substantial asset price bubble.

– One should never underestimate how long an imbalance can be built up and you should never underestimate how quickly the then pulled together, said Anders Borg.

He believes that we are in the early stages of the global recovery. He therefore believe that we are likely to see at least one to two years of decent growth going forward – but will ultimately asset price bubble to burst.

– All these kinds of bangs come in any area where they had not expected. And it will certainly not where it hit last time.

Strong revenue growth of Nordea – Realtid.se

Today presents Nordea’s first quarter report for 2015. CEO Christian Clausen begins her comments with the words: “the beginning of 2015 was exceptional.”

He refers to the sharp rise in volatility and customer activity in the capital markets.

Nordea’s revenue surged by 11 percent in local currencies compared to the same period in 2014.

Loan growth was 3 percent in local currencies compared to the same period in 2014.

The net interest margin is down 5 basis points to 103 basis points from the same period in 2014, due to pressure on deposit margins, says Christian Clausen.

He also states that assets under management have risen by 21 percent to 290 billion in twelve months. This is due to a “record high” net inflow.

He said that the net inflow into Nordea’s international fund sales are record high and the beginning of the year, noted Nordea Stable Return Fund, the highest net flow of all European funds.

Gross written premiums rose by 34 percent to 2.7 billion euros.

The article continues below

Net result from items at fair value in the Wholesale Banking other, ie income from risk management in customer transactions, increased to 207 million euros from 37 million in the previous quarter.

Nordea’s FICC business (Fixed Income, Currencies and commodites) quoted one of its strongest quarter since the financial crisis, says Christian Clausen

Expenses decreased by 2 percent in local currencies compared with the first quarter of 2014.

“We are well in sync with our goal to reduce costs by 5 percent between 2013 and 2015. The cost / income ratio improved by 5 percentage points to 43.6 percent, “writes Christian Clausen.

The return on equity improved by 2.9 percentage points to 14.3 percent.

Net profit amounted to 1.082 billion euros, compared with 831 million euros the same period last year, which is a change of 30 percent.

The core tier the relation has improved by 100 basis points in twelve months to 15.6 percent.

The government must do something “- Swedish Dagbladet

Financial Supervisory drug , last week returned the proposal to the amortization requirements and Nordea CEO Christian Clausen require new initiatives to dampen household debt.

– Now the government must do something. With negative interest rates and a rising housing market, something must happen. We would welcome that politicians acted, says Christian Clausen.

The question is especially emergency, says Clausen, since not only the FSA has his hands bound, but also the banks. The Competition Authority has namely said no to the banks themselves develop a common policy on amortization.

“The Swedish economy does not need lower interest rate”

Nordea CEO Christian Clausen

In addition to the effects on the housing market and household debt is the negative interest rate is a millstone around the banks’ necks.

Handelsbanken newly appointed CEO Frank Vang-Jensen told on Wednesday that the last three years of decline in interest rates has reduced net interest income in the Swedish branch operations of 1.3 billion (first quarter 2015 compared with fourth quarter 2011).

So far, banks have been compensated themselves, partly thanks to strong performance of the stock market and growing lending, particularly in mortgages.

On Wednesday, were expected Riksbank add insult to injury by a new reduction the repo rate but no decrease was not.

– It is a wise decision. The Riksbank is in a difficult dilemma. When you do not get any reward for saving ceases investments. Therefore, the Swedish economy is not lower interest rates, said Nordea CEO Christian Clausen to SvD in connection with Wednesday’s press conference.

What does the negative interest rate for you?

– Negative interest rate gives very negative pressure on our deposit income.

The Swiss central bank’s decision to drop the Swiss franc linked to the euro led to speculation that Denmark would do the same.

Suggesting this the increased concern among your clients?

– No, it is a healthy reaction where there is considerable volatility, says Christian Clausen.

Handelsbanken’s growth will increasingly from markets outside Sweden. For example, net interest income declined in Sweden by 1 percent while it rose 4 percent for the group and 38 percent in Britain.

It is also in markets outside Sweden, Handelsbanken’s new CEO Frank Vang-Jensen sees future growth .

– We can always advance our positions, develop our business and make things better, but it is nevertheless true that in Sweden we have a large market share. So it does not look at the five other markets where we are.

Do you need new product to grow or is it mainly in the geographical expansion that potential is there?

– You should not make it more complicated. We will operate the bank in a way we recognize and we have done that by constantly establish ourselves in new areas and countries. We have 831 offices on six home markets and there is still much we can do, says Vang-Jensen.

Despite strong reports fell both Nordea and Handelsbanken’s shares on the stock exchange. Nordea’s shares dropped about 4 percent and Handelsbanken more than 1 percent.

With Nordea and Handelsbanken presentations on Wednesday, all the major banks released their quarterly results. Total made the four banks an operating profit of approximately SEK 29 billion, compared with about 25 billion for the first quarter of 2014.

Borg on the mistakes behind the election defeat – Expressen

Here’s Anders Borg tips for how governments can implement structural reforms – and at the same time get re-elected.

“A hint: we did not follow the reform strategy which I sketch out,” writes Borg self-critical.

first The most important first.

The reforms that increase labor supply, decreasing job security and open protected markets to foreign competition means that some groups will get affected in the short term. But in the longer term it will instead real wages to rise and jobs are increasing for more than those who suffer in the short term. In addition, reforms to increase the state’s financial ability to fund election promises in the next election campaign.

“If reforms are implemented immediately after the election, there is space to spend in the re-election campaign,” the Borg.

second Keep it simple.

Focus on reforms that the government can control. Complicated changes in legislation risk getting stuck in the legal bureaucracy. Policy proposals that require cooperation with local politicians ground often broken at the local level or fail in general.

“The risk is greater to fail for all strategies based on the idea that unions and other interest groups should be constructive,” the Borg.

third Remember Keynes.

A successful economic policy must have a clear imprint of the economist John Maynard Keynes’ ideas, then the state should invest in bad times to boost the ekomin, but keep in coins during boom to smooth out the fluctuations.

Since the fiscal space is often limited, according to Anders Borg important to use monetary policy and exchange rates to stimulate the economy.

“The economic reforms I implemented in Sweden was undoubtedly well-balanced, but a substantial decline in the exchange rate between 2008 and 2010 did not hurt,” the Borg.

4th Do not lower taxes for the rich – at election time.

To the voters to accept structural reforms, it is important to think about how they beat against various groups. Some reforms have a greater positive effect on certain groups of income than others. If you get an equally high growth effect of lowering marginal tax rate for the highest income as a tax deduction for single moms, choose the latter, writes Borg.

“If you have to cut taxes for the rich, as we did with wealth tax in 2007, ensure that there is no choice at the time and try to combine it with other measures of wealth, “writes Anders Borg.

5th “May The Force Be With You”.

Anders Borg uses Star Wars phrase “May The Force Be With You” when he sums up his proposals and ask self-critically:

“But if these suggestions works, why am I not finance anymore?”.

He will then get back to it was a mistake to try to negotiate with the union on apprenticeship schemes for young people instead to “go forward with reforms the job security and other measures to make the labor market more flexible. “

” This is the most obvious explanation for why the government lost the elections in 2014, “writes Borg.

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Nordea’s results better than expected – Private Businesses

Nordea reported operating income of 1.408 billion euros in the first quarter. That compares with the expected 1.165 billion euros, according to SME Direkt.

Net interest income was 1.288 billion euros, against expected 1.32 billion euros, and loan losses amounted to EUR 122 million. Expected, credit losses, net 143 million.

Strong revenue growth

Nordea’s first quarter of the year was marked by increased customer activity and strong income growth. It writes CEO Christian Clausen Interim Management Statement.

“The extremely low interest rates causes pressure on our net interest margins, but also creates greater demand for our products and services in other parts of the bank. The increased volatility leading to greater demand for our risk management solutions among our corporate and institutional clients, and interest continues to be very big for our savings and investment deals throughout Europe, “writes Christian Clausen.

Nordea’s assets under management rose to a new record level of 290 billion euros , while expenses fell as expected, credit quality remains solid, according to the president.

Falkengren can become new Chairman of the Volkswagen – Business World

     Annika Falkengren. Photo: TT
     

Volkswagen across the board are now on the hunt for a new chairman after the 78-year-old Ferdinand Piech at the weekend left the post after losing a power struggle in which he tried to dedicate the vehicle manufacturer’s CEO Martin Winterkorn. It writes Automotive News.

The former union leader Berthold Huber took over as acting president. He will lead the AGM on 5 May in Hannover, but is not seen as a likely successor to Piech.

It will not be an easy fight to find a candidate that both satisfy both sides in the Porsche Piech- family, who together have 51 percent of the vote, while the state of Lower Saxony owns 20 percent and gulfstaten Qatar owns 17 percent. Traditionally, unions have also a great influence in Volkswagen.

Martin Winterkorn is a logical candidate to become president, but the problem is that then there will be a vacuum in the CEO post to be replaced. One possible candidate as president, the 71-year-old Wolfgang Porsche, a cousin of Ferdinand Piech.

Volkswagen complete board consists of full 20 persons and the neutral candidates are few. It’s really just Annika Falkengren, CEO of SEB, which is not associated with any of the three major owners or unions. She lacks the engineering background and has only been on the board since 2011.

Another name mentioned as a strong candidate is the 66-year-old Wolfgang Reitzle. He has experience from the automotive industry with leadership positions in BMW and Ford and is now chairman of the supplier Continental. No new president is not expected to have time to get ready before the Annual General Meeting on May 5

Hall: “More political risk and less market risk” – Swedish Dagbladet

Low prices for electricity and high cost for producing nuclear electricity makes Vattenfall is now planning to put down Ringhals 1 and 2 during the period 2018-2020. According to earlier plans, the two reactors extinguished around by 2025.

– If we had not had the tax on nuclear power, we had not made this decision, said Vattenfall CEO Magnus Hall when he presented the results for the first quarter on Tuesday .

But Prime Minister Stephen Löfven does not believe that the government’s decision altitude nuclear power tax had any significance.

– This is the low price of electricity that you specify as the big reason. It also requires considerable investment in these reactors, and given their life, so well that a large part of the explanation, says Stefan Löfven according to TT.

Also Energy Ibrahim Baylan denies that the Government’s proposals for a tax increase would have a direct link to the previously laid demise.

Vattenfall owns 70 per cent of the two reactors, the remaining 30 percent is owned by Eon who must say yes before we can proceed with closure.

The expected electricity price for the 2018 stage directly with a penny when Vattenfall announced that it would close two reactors prematurely. The expected average price rose from 27 to 28 cents per kilowatt hour, according to TT.

The Centre Party is in favor of the plans to close the Ringhals 1 and 2 outs. Party leader Annie Lööf is on the same line as Ibrahim Baylan, it depends on market forces and not policy decisions.

Liberal Party leader Jan Björklund regrets the Government’s decision on the height of power tax. He believes that it jeopardizes the December agreement.

– The government plays gambler December agreement, says Jan Björklund.

In Swedish Enterprise There is no doubt that the planned the tax increase has affected Vattenfall’s decision to close the reactors ahead of schedule.

– It is clear that what is happening now is a politically driven economic decommissioning of nuclear power, which actually said more or less straight out in the spring budget, writes Maria Suner Fleming, head of climate and energy issues at the Confederation of Swedish Enterprise.

Waterfalls are compressed and will now reduce its staff by the equivalent of 1 000 posts. Since 2010, Vattenfall has slashed 2500 services, and today the Group has some 30 000 employees.

CEO Magnus Hall does not rule out further cuts in the future.

– If the electricity market continues to be so This pressured, we must reduce our costs in the future and it will affect our employees, says Magnus Hall.

While Waterfall is aiming to close down reactors are working at full speed to sell the carbon-based operations in Germany.

One goal is to become less dependent on the tight electricity market.

– the future we make money on things that are less linked to electricity prices, to such as district heating. Wind power is not at all based on the common market without the support systems and special bargains. Investing in wind energy is very profitable, says Magnus Hall.

Do not do that you become more dependent on political decisions?

– Yes absolutely, it is more political risk and less market risk in the business judgments that we have to do in the future, says Magnus Hall.

Behind the worse earnings in the first quarter is that Vattenfall protection from falling prices , in the form of forward contracts, expiring gradually. It allows low electricity prices will increasingly impact on Vattenfall’s earnings.

The government is now proposing that the so-called power reserves shall be extended by five years to 2025. The Swedish power network currently has a mandate to ensure that there is a power reserve so that extra electricity can be produced if necessary.

About Ringhals 1 and 2 closed prematurely reserve will be needed for a longer period, according to Energy Minister Ibrahim Baylan.

Vattenfall’s net sales decreased slightly and stayed at SEK 45.4 billion during the first quarter, against 45.9 billion in the corresponding period in 2014.

The operating profit, with temporary results disturbing factors not counting, was 7.7 billion crowns, against 9.1 billion a year earlier.

Electricity generation decreased and was 46.4 TWh against 50.1 TWh a year earlier.

Ringhals reactors may be closed earlier than planned – Swedish YLE

Ringhals nuclear power plant. Ringhals nuclear power plant. Photo: EPA / Björn Larsson Rosvall SWEDEN OUT

In Sweden are planning energy company Vattenfall to close two reactors at the Ringhals nuclear power plant earlier than planned.

According to previous schedules would Ringhals reactors shut down in 2025 – but now Waterfall sight on the years 2018-2020 instead.

The reason is that electricity prices fall and production costs increase, reported Swedish Television.

Vattenfall has two additional reactors at Ringhals, plus three at Forsmark nuclear power plant – and they are scheduled to be operated until the 2040s. In addition, there are also three reactors at the nuclear power plant Oskarshamn.

During the government negotiations in Sweden last autumn promised Green Party to ensure that at least two nuclear reactors shut until until 2018.

The ten nuclear reactors in Sweden account for about 40 percent of energy production.

Published 04/28/2015 – 17:56

Falkengren can become the new chairman of Volkswagen – Business World

     Annika Falkengren. Photo: TT
     

Volkswagen of Administration is now on the hunt for a new chairman after the 78-year-old Ferdinand Piech at the weekend left the post after losing a power struggle in which he tried to dismiss the vehicle manufacturer’s CEO Martin Winterkorn. It writes Automotive News.

The former union leader Berthold Huber took over as acting president. He will lead the AGM on 5 May in Hannover, but is not seen as a likely successor to Piech.

It will not be an easy fight to find a candidate that both satisfies both sides in the Porsche Piech- family who together have 51 percent of the vote, while the state of Lower Saxony owns 20 percent and gulfstaten Qatar owns 17 percent. Traditionally, unions have also a big influence in Volkswagen.

Martin Winterkorn is a logical candidate to become president, but the problem is that then there will be a vacuum on the CEO post that needs to be replaced. One possible candidate as president, the 71-year-old Wolfgang Porsche, cousin Ferdinand Piech.

Volkswagen complete board consists of as many as 20 people and the neutral candidates are few. It’s really just Annika Falkengren, CEO of SEB, which is not associated with any of the three major owners or unions. She lacks the engineering background and has only been on the board since 2011.

Another name mentioned as a strong candidate is the 66-year-old Wolfgang Reitzle. He has experience from the automotive industry with leadership positions in BMW and Ford and is currently the Chairman of the subcontractor Continental. No new president is not expected to have time to finish before the Annual General Meeting on May 5

The march toward a nuclear-free Sweden has started – Aftonbladet

Vattenfall’s decision is historic.

The march toward a nuclear-free Sweden has begun.

In the not too distant time, it becomes unprofitable.

Barsebäcks two reactors shut down in 1999 and 2005 had nothing to do with the environment, climate and economics to do. The reason was purely political.

Unable longer to explain to the neighbor Denmark why Sweden had placed a potential meltdown just a few kilometers from Copenhagen.

Historic decision

Therefore, Vattenfall’s decision to close two reactors at Ringhals for three to five years instead of ten years’ history. For the first time decommissioned nuclear power in Sweden because it is not profitable.

– It is regrettable to close properly functioning production but sometimes it is inevitable, says Torbjörn Wahlberg, director of Vattenfall.

No longer profitable

There are two main reasons that electricity from Ringhals 1 and 2 become, or may already be, unprofitable. The first is that electricity prices plummeted in recent years, mainly due to the decline in oil prices.

The second reason is that the aggregates are becoming åldersstigna. When Torbjörn Wahlberg says they are properly functioning, it is a truth with modifications. The truth is that none of them are in production right now.

Ringhals 1 is off since mid-April for the annual audit, review. According to plans, production resumed in early June.

Ringhals 2 is also shut down, but since long. After extensive repair of a bottom plate reactor should be restarted in November.

March against nuclear-free

A third reason is that politicians tighten the thumbscrews on nuclear power. On August 1, raised the tax on the thermal effect of nuclear reactors. Admittedly, with just 250 million per year, but the margin is the money even for the energy giants in the nuclear market.

What we are witnessing is thus the start of the march towards a nuclear-free Sweden.

Already Alliance Government agreed that new nuclear power would not receive any government subsidies, which the Center slyly thought would close the door to new nuclear power.

They were more than right. It also led to what is known as premature liquidation of the old nuclear power.

Joined billion loss

To the present government, the Green Party and economic partner, the Left would have a different view is excluded.

Waterfalls is a partner in even the Ringhals 3 and 4 and Forsmark 1, 2 and 3. The company states that they will be in operation 2040th

But what speaks for it? Right now nothing more than they cost less to keep going than Ringhals 1 and 2.

The remaining reactors, nuclear power plant in Oskarshamn, owned by Eon and Fortum. It’s been 2.5 billion in losses over the past two years and it would be very surprising if not they will soon reach the same conclusion as Waterfall.

Will challenge

In the short term does Vattenfall’s decision nothing for Sweden’s energy supply. Nine out of a total of 451 terawatt-hours produced in the oldest parts of Ringhals and currently export Sweden electricity.

But in the long term must shortfall from nuclear power replaced by electricity which is not too expensive. It’s a challenge and it must be kicking off almost immediately. 2040 is only 25 years away.

Vattenfall owns 70.4 percent of Ringhals and the decision must be confirmed by the other shareholder, the energy giant Eon.

Hall: “More political risk and less market risk” – Swedish newspaper Svenska Dagbladet

Low prices of electricity and the high cost of producing nuclear electricity makes Vattenfall is now planning to put down the Ringhals 1 and 2 during the period 2018-2020. According to earlier plans, the two reactors extinguished around by 2025.

– If we had not had tax on nuclear power, we had not made this decision, said Vattenfall CEO Magnus Hall when he presented the results for the first quarter on Tuesday .

But Prime Minister Stefan Löfven does not believe that the government’s decision altitude nuclear power tax had any significance.

– It is the low price of electricity that you specify as the big reason. It also requires substantial investments in these reactors, and given their life so well that a large part of the explanation, says Stefan Löfven according to TT.

Also Energy Ibrahim Baylan deny that the government’s proposals for a tax increase would have a direct link to the previously laid aside.

Vattenfall owns 70 per cent of the two reactors, the remaining 30 percent is owned by Eon who must say yes before we can proceed with demise.

The expected price of electricity 2018 steps directly with a penny when Vattenfall announced that it would close two reactors prematurely. The expected average price rose from 27 to 28 cents per kilowatt hour, according to news agency TT.

The Centre Party is in favor of the plans to close the Ringhals 1 and 2 outs. Party leader Annie Loof are on the same line as Ibrahim Baylan, it depends on market forces and not on political decisions.

Liberal Party leader Jan Björklund regrets the Government’s decision to raise capacity tax. He believes that it jeopardizes the December agreement.

– The Government plays gambler December agreement, says Jan Björklund.

In Swedish Enterprise There is no doubt that the planned the tax increase has affected Vattenfall’s decision to shut down the reactors prematurely.

– It is clear that what is happening now is a politically driven economic decommissioning of nuclear power, which actually said more or less straight out in the spring budget, writes Maria Suner Fleming, head of climate and energy issues at the Confederation of Swedish Enterprise.

Waterfall is pressed and will now reduce its staff by the equivalent of 1 000 posts. Since 2010, Vattenfall has slashed 2500 services, and today the group has about 30 000 employees.

The CEO Magnus Hall does not rule out further cuts in the future.

– If the electricity market continues to be so This compressed then we have to reduce our costs in the future, and it will affect our employees, says Magnus Hall.

While Waterfall is aiming to put down the reactors are working at full speed to sell the carbon-based operations in Germany.

One goal is to become less dependent on the pressed electricity market.

– the future we make money on things that are less linked to the price of electricity, to such as district heating. Wind power is not at all based on normal market prices without the support systems and special bargains. Investing in wind energy is very profitable, says Magnus Hall.

Do not do that you become more dependent on political decisions?

– Yes absolutely, it is more political risk and less market risk in the commercial assessments that we must do in the future, says Magnus Hall.

Behind the worse results in the first quarter is also Vattenfall protection against falling prices in the form of forward contracts expire gradually. It allows low electricity prices will increasingly impact on Vattenfall’s earnings.

The government is now proposing that the so-called power reserves shall be extended by five years until 2025. Swedish power grid today has the task of ensuring that there is a power reserve so that extra electricity can be produced if necessary.

About Ringhals 1 and 2 is closed prematurely, the reserve will be needed for a longer period, according to the Energy Minister, Ibrahim Baylan.

Vattenfall’s net sales decreased slightly and stayed at SEK 45.4 billion in the first quarter, against 45.9 billion in the corresponding period in 2014.

The operating profit, with temporary results confounders been subtracted, was 7.7 billion crowns, against 9.1 billion a year earlier.

Electricity generation decreased and was 46.4 TWh to 50.1 TWh a year earlier.

FP: “It is an unfortunate decision” – Swedish newspaper Svenska Dagbladet

According to Björklund, the decision can have consequences for the December agreement, where energy policy is included as a possible area of ​​cooperation between the opposition and Stefan Löfvens government.

– The Government wanted into that energy policy would be subject for calls, but they have not yet started and still take the decision to raise output tax, he said.

In addition, the People’s Party leader a clear stand against the decision to close down the Ringhals five to seven years earlier than planned.

– It is an unfortunate decision that Vattenfall had to make. To close nuclear power plants prematurely has effects on climate and jobs, he said.

Moderates nutritional political spokesperson, Lars Hjälmered, he is also critical of the government’s actions.

– The agreement says is that we will hold talks, it is not that it automatically should buy tax increases on energy or other individual proposals, he says to SvD Business continues:

– I do not think it is wise to unilaterally go in and make changes in the near future that have long-term effects on the Swedish energy.

The Green Party notes waterfall themselves have decided to close units prematurely.

– Even the Liberal Party knows a long time that Swedish nuclear power is getting old. What happens is that the market closes down some of the worst reactors, says Lise Nordin (MP) to SvD Business.

Hjälmered mean in turn that the political conditions are crucial for the energy market, and the need to reach a long-term agreement on energy.

– Ultimately it is about how we get an energy system that ensures businesses and jobs in Sweden, and there I am not exactly impressed by this government so far. For us it is important to safeguard nuclear energy is crucial for jobs and businesses, he said.

While the government wants raise the tax on the thermal effect of nuclear power, which Sweden Democrats believe threatens job opportunities in the energy industry.

“That just trying penalty underestimate away nuclear power is a direct threat to jobs and growth in energy-intensive industries. The entire Swedish basic industry depends on stable electricity prices to maintain their competitiveness vis-à-vis the outside world, “writes the party’s energy political spokesperson Mattias Bäckström Johansson in a statement.

tray at Ringhals join in the criticism .

– I’m disappointed. There are political decisions that led to this, it has made the business hard to get profitable, says Åke Wallin, attorney at Ringhals for leaders at Ringhals, said.

– But it is a long process. When it comes to jobs, on the operating side, it will probably not be of any importance until 2020, says Wallin.

Contrary to Björklund and Hjälmered celebrates Annie Loof (C) Vattenfall’s decision to shut down prematurely.

“Vattenfall’s own and business decisions that you want to close the Ringhals 1 and 2 a few years earlier is welcome,” wrote the former Minister commented on twitter.

“But it underlines that we need to create even more opportunities for renewable grow. I therefore look with great concern that the government wants to introduce a special förnybarhetsskatt on, inter alia, electricity from photovoltaics,” continues her .

The proposal for increased tax on nuclear power production will bring the Treasury SEK 104 million this year and 250 million next year, according to the Spring Bill.

Both Forsmark and Ringhals, which is wholly or partly owned by the state company Vattenfall, were critical to raise because they have no profitability with current market prices.