Economy

The cutbacks at Telia 

Telia launches large savings program - 3,000 can go

Telia is launching a savings program with the goal of achieving annual savings of at least SEK 2.6 billion.

"Subject to union negotiations, Telia intends to reduce its workforce by 3,000 positions in 2024, which affects all units within Telia," the company writes in a press release.

About half of the cuts are expected to affect the Swedish operations.

CEO Patrik Hofbauer describes it as a tough decision, but believes that it is necessary to ensure the company's long-term success. The savings will help Telia "generate enough cash flow so that we can make the necessary investments and cover our dividend," he says. 

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The unions are raging: "Short-term solution for better profitability"

The union received information that Telia will reduce a total of 3,000 positions during the year in connection with this morning's press release. This is what Pär Axelsson, chairman of the local Sekoklubben, told DN.

- Our spontaneous reaction is that it feels like a short-term solution is being made now to improve profitability.

Martin Sääf, chairman of the Academicians union, tells Ekot that 15 percent of the workforce will be cut, but that all employees will be affected.

- It affects all normal people. You feel it, you suffer with them.

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Experts: The stock market fears a faster slowdown in the US

The US stock markets and Nvidia fell dramatically on Tuesday, among other things after new data showing that the US industrial sector is doing worse than expected, writes TT.

- There is a concern that growth in the US is about to slow down and there is a fear that it will go faster than expected, says Danske Bank's strategist Maria Landeborn.

Nordea's chief economist Annika Winsth calls the stock market decline a correction.

- The market is now very responsive to how the Fed should act. Then you look not only at labor market data but also at economic data.

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The industrial ventures in the north
Review: Northvolt cooperates with Beijing company

Northvolt has entered into collaborations with the company Wuxi, which is closely connected to the Chinese regime. This despite the battery company stating that it wants to create independence from China, DN reports.

Since 2020, 574 people from Chinese companies have come to work at Northvolt, a majority of whom are employees of companies that can be linked to the Beijing regime.

Oscar Almén, who researches Chinese influence in the business world at FOI, tells DN that the collaborations can open to "potential pressure and industrial espionage".