Bo Lundgren News
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Sweden’s Riksbank cut its benchmark interest rate for the first time since February, caving in to calls from exporters, as the krona’s strength and deepening euro crisis threaten the nation’s trade competitiveness.
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Sweden is warning that European efforts to restrict short selling may cripple debt markets in smaller countries and says it will fight “shortsighted” proposals.
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The U.K. pledged more money rescuing banks during the credit crunch than on any project in British history outside of world wars. And the cost keeps rising as the government looks for ways to get its money back.
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General Motors Co. said it reached a tentative agreement to let Russian banker Vladimir Antonov invest in Spyker Cars NV ’s Saab Automobile unit.
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A Chinese-Japanese investment group agreed to buy Saab Automobile and convert the bankrupt Swedish manufacturer into a maker of electric cars.
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Swedish Prime Minister Fredrik Reinfeldt won a second term in office, though his four-party coalition will rule as a minority after the anti-immigration Swedish Democrats won seats in parliament for the first time.
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Saab Automobile’s assets may be broken up and sold to pay debt as the unprofitable Swedish company ends more than six decades of carmaking following a bankruptcy filing.
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A sale of the British taxpayer’s 65.8 billion-pound ($107 billion) stake in Lloyds Banking Group Plc and Royal Bank of Scotland Group Plc is likely to start next year, creating a one-time budget windfall before the next election, according to four people familiar with the talks.
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Saab Automobile , the Swedish carmaker that’s been forced to halt production amid a cash crunch, said plans to raise funds by selling property have stalled because of European Investment Bank demands.
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Norway may become Europe’s next investor haven as the region’s fiscal turmoil raises the appeal of debt and currency markets in an economy with the world’s smallest default-risk.
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