Economy

China's two richest have lost over 170 billion a week

China's two richest men have lost more than 170 billion kroner in connection with record price falls for two of the country's largest consumer companies, writes Bloomberg.

Zhong Shanshan saw around 30 billion kroner go up in smoke when his beverage company Nongfu Spring was traded down 10 percent on Wednesday.

Colin Huang's fortune fell by SEK 143 billion on Monday as e-commerce giant PDD Holdings hit a record low after a weak forecast.

The billion-dollar deals underscore a growing concern about Chinese consumption, where many companies are seeing declining demand and are being forced to cut prices.

- It is probably worse off in China's economy than people think if consumer companies like Nongfu and PDD do not do well. They represent segments where demand is expected to be resilient — beverages and value products, says Vey-Sern Ling, CEO of Union Bancaire.
Swedish law enforcement

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Säpo warns: Great risk of money laundering in niche banks

Digital niche banks run a high risk of being exploited for money laundering and terrorist financing. This is what the Security Police warns about in an annual report.

The police point to the niche banks' "simplicity, speed and anonymity" as something that makes it easier for criminals to launder the proceeds of crime.

- Neobanks are at risk of becoming an increasingly common tool in criminal activity, says Annie Frohm, chair of the coordination function, in a comment.

One shortcoming is that it is easier to get around the banks' controls with falsified ID documents, according to the police.

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SAS CEO: The ambition is to make a profit next year

SAS emerges from the reconstruction better equipped to become profitable, says CEO Anko van der Werff in interviews with TT and DI. With new owners, new capital and lower debts, the ambition is to make a profit in the next financial year, DI reports.

- It's an ownership structure we really believe in. We have venture capital as an owner, which of course means that we have to be business-like. We have Air France-KLM and they know airlines, he tells TT.

In the interview with the news agency, van der Werff says that SAS will remain in Sweden as long as it is profitable. At the same time, he criticizes the flight tax and calls on the Swedes to "think again when it comes to the politics around aviation".