Economy

Strait of Hormuz
Oil prices fall – hope for agreement between the US and Iran

The fall in oil prices accelerated in the afternoon as hopes for an agreement between the US and Iran strengthened. This is reported by Bloomberg.

At 7:30 p.m., a barrel of Brent oil was trading at $84, the lowest level in two weeks.

The commodity market kept an eye on the meeting between US President Donald Trump and Israeli Prime Minister Benjamin Netanyahu that was held in the evening, Swedish time. However, no news has yet emerged about what the leaders came up with.

But optimism in the commodity market is limited.

– We continue to be cautious about any potential agreement that does not concretely resolve the issue of the Strait of Hormuz, Ryan McKay, commodity strategist at TD Securities, told the news agency. 

Fuel prices
Haulage companies save thousands of kronor by refueling in Sweden

Foreign haulage companies are adjusting their routes to refuel diesel more cheaply in Sweden. According to Sydsvenskan, refueling in Sweden can mean savings of many thousands of kronor.

“Of course, people refuel where it is cheapest, haulage companies are under great pressure,” says Tina Thorsell, head of social policy at the Swedish Transport Companies, to TT.

After the tax cuts on petrol and diesel, Swedish prices are among the lowest in the EU.

On 23 July, it cost 16,300 kronor to refuel 1,000 litres of diesel in Sweden. A Finnish haulier then saved 7,500 kronor by refueling here, while the figure for a Danish haulier was 5,800 kronor and for a Norwegian 4,000 kronor, according to the Swedish Transport Companies. 

The future of the automotive sector
Weak China market puts pressure on Mercedes and its Swedish CEO

Mercedes-Benz car sales fell 8 percent in the second quarter and in the important China market they plummeted by 30 percent, according to Tuesday's interim report.

The adjusted operating profit for the car division fell 26 percent compared to the same period last year.

At the same time, Mercedes-Benz is lowering its full-year forecast for the entire group's turnover and for car sales volume.

The report puts further pressure on the company's Swedish CEO Ola Källenius, writes Bloomberg. Just like other European car manufacturers, Mercedes-Benz faces tough competition from domestic manufacturers in China, which has put pressure on prices.