Swedish growth
The recession deepens: “Recovery is delayed”
The recession in Sweden is deepening and is not expected to turn until some time into 2025, according to the National Institute of Economic Research’s latest forecast.
“The most important factor for the delay in the recovery is continued restraint among households,” the agency writes.
GDP is expected to increase by 0.5 percent this year, 1.2 percent next year and 3.1 percent in 2026. In September, KI predicted that GDP would increase by 0.7 percent this year, 1.8 percent next year and 3.0 percent in 2026.
The barometer indicator for the entire economy was unchanged at 97.5 in December, but the household confidence indicator fell sharply by 4.9 points to 96.7, driven by reduced optimism about both the country’s own economy and Sweden’s.
The recession deepens: “Recovery is delayed”
The recession in Sweden is deepening and is not expected to turn until some time into 2025, according to the National Institute of Economic Research’s latest forecast.
“The most important factor for the delay in the recovery is continued restraint among households,” the agency writes.
GDP is expected to increase by 0.5 percent this year, 1.2 percent next year and 3.1 percent in 2026. In September, KI predicted that GDP would increase by 0.7 percent this year, 1.8 percent next year and 3.0 percent in 2026.
The barometer indicator for the entire economy was unchanged at 97.5 in December, but the household confidence indicator fell sharply by 4.9 points to 96.7, driven by reduced optimism about both the country’s own economy and Sweden’s.
The future of defense
Saab receives additional order for Gripen worth 466 million
Saab has received an additional order for its Gripen C/D contract from the Swedish Defense Materiel Administration worth 466 million kronor, according to a press release.
The extension involves updates and studies of future fighter and attack weapons.
Volkswagen crisis
VW and union agree: 35,000 jobs to be cut
Volkswagen and unions have agreed to cut a total of 35,000 jobs in the coming years. The German automotive giant confirmed this on Friday evening, according to news agencies.
Union leaders describe the agreement as a "Christmas miracle" after 70 hours of tough negotiations, writes Reuters.
IG Metall states that the 5 percent wage increase agreed in November will be scrapped, but that none of VW's ten factories in the country will be closed completely.
VW states that the measures will result in savings of 15 billion euros per year.
– After low and intensive negotiations, the agreement is an important signal for the future competitiveness of the Volkswagen brand, says the group's CEO Oliver Blume in a statement.
Saab receives additional order for Gripen worth 466 million
Saab has received an additional order for its Gripen C/D contract from the Swedish Defense Materiel Administration worth 466 million kronor, according to a press release.
The extension involves updates and studies of future fighter and attack weapons.
Volkswagen crisis
VW and union agree: 35,000 jobs to be cut
Volkswagen and unions have agreed to cut a total of 35,000 jobs in the coming years. The German automotive giant confirmed this on Friday evening, according to news agencies.
Union leaders describe the agreement as a "Christmas miracle" after 70 hours of tough negotiations, writes Reuters.
IG Metall states that the 5 percent wage increase agreed in November will be scrapped, but that none of VW's ten factories in the country will be closed completely.
VW states that the measures will result in savings of 15 billion euros per year.
– After low and intensive negotiations, the agreement is an important signal for the future competitiveness of the Volkswagen brand, says the group's CEO Oliver Blume in a statement.
New obesity drugs
Eli Lilly rises on the stock market after Novo's disappointment
The pharmaceutical company Eli Lilly rises 5 percent on Wall Street after competitor Novo Nordisk presented study results for its obesity drug cagrisema, which did not meet expectations.
Cagrisema is intended to be the new generation of obesity drugs and competes with Eli Lilly's weight loss drug Zepboun
Eli Lilly rises on the stock market after Novo's disappointment
The pharmaceutical company Eli Lilly rises 5 percent on Wall Street after competitor Novo Nordisk presented study results for its obesity drug cagrisema, which did not meet expectations.
Cagrisema is intended to be the new generation of obesity drugs and competes with Eli Lilly's weight loss drug Zepboun
New obesity drugs
Novo Nordisk records record fall after study failure
Novo Nordisk achieved its primary goal in its phase 3 study for the obesity drug cagrisema, as stated in a press release. Patients saw an average weight loss of 22.7 percent after 68 weeks. But the market was expecting a weight loss of at least 25 percent, Reuters notes.
The share fell as much as 29 percent on the Copenhagen Stock Exchange after the announcement. According to Bloomberg, it was the share's biggest intraday drop ever. At the close, the share was down 20.7 percent – the biggest one-day decline since 2002.
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