InfoAnda - Sweden to come to rescue of struggling carmakers Saab and Volvo

Pakistanis angry over detentions in Times Sq. case
Monday, May 24, 2010
ISLAMABAD – Relatives of three men detained by Pakistan for alleged links to the suspect in the attempted Times Square bombing say the men are innocent.
They

Taiwan denies boycotting Australian film festival
Thursday, August 6, 2009

AFP - Thursday, August 6TAIPEI (AFP) - - Taiwan's Beijing-friendly government on Wednesday denied boycotting an Australian film festival amid a row over the e

Merkel's support dips, regional ally resigns International
Thursday, September 3, 2009

By Sarah Marsh and Noah Barkin

BERLIN (Reuters) - Chancellor Angela Merkel suffered a double blow on Thursday as a senior party ally in east German

Minister seeks closure of anti-Berlusconi websites
Wednesday, December 16, 2009
ROME (AFP) - – The Italian government moved Tuesday to close down Internet sites encouraging further violence against Prime Minister Silvio Berlusconi, who

Asian markets mixed after Wall Street rally
Wednesday, March 18, 2009

By ELAINE KURTENBACH,AP Business Writer AP - Wednesday, March 18SHANGHAI - Asia's stock market rally seemed to be running out of steam Wednesday, despite an

Lavish Chinese police wedding sparks outrage | 5 January 2010
Daughtry claims second No. 1 on U.S. album chart | Entertainment | | 23 July 2009
Indonesian president vows 'no immunity' for torturers | 1 November 2010

Syrian forces head for second northern protest town | | 14 June 2011

">Forum Views () ">Forum Replies ()

Read more with google mobile : Sweden to come to rescue of struggling carmakers Saab and Volvo

Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Search Search: Sweden to come to rescue of struggling carmakers Saab and Volvo AFP - 43 minutes ago STOCKHOLM (AFP) - - Sweden will come to the rescue of its US-owned carmakers crippled by the financial crisis, Saab and Volvo, to secure the future of an automobile industry which accounts for 15 percent of exports, officials say. "Of course the Swedish government is committed to supporting the carmakers. We can guarantee that we will have car manufacturing in Sweden because it is an important part of our economy," Frank Nilsson, a spokesman for the enterprise and energy ministry, told AFP. Volvo Cars' owner, US giant Ford, said Monday it was considering selling the marque given the challenges facing the US auto sector, clouding the future for the Swedish brand. But no matter who ends up as the owner, the government is committed to supporting the industry, well aware that Volvo and Saab and their hundreds of suppliers are "big employers" in Sweden with "lots of know-how," Nilsson said. "We want to keep that here and to protect it," he said, adding that Enterprise and Energy Minister Maud Olofsson had developed "close connections and a close dialogue" with the Swedish manufacturers and their US owners, General Motors for Saab, and Ford for Volvo. The Swedish car industry employs 140,000 people in a country of just nine million. It counts some 700 companies, including internationally renowned truckmakers Volvo Trucks and Scania, as well as airbag and safety belt manufacturer Autoliv, special steels maker SSAB and the world's leading manufacturer of ballbearings, SKF. In recent months, as the financial crisis has widened in Europe and the United States, the sector has seen numerous savings and restructuring programmes involving thousands of job cuts. At the end of July, Autoliv announced 3,000 jobs would go. Volvo Cars, which was sold to Ford in 1999, has announced it will slash 6,000 jobs, including 3,900 in Sweden, out of 24,400 employees worldwide. Ford and GM, as well as the third largest US carmaker Chrysler, have been hit head-on by a collapse in demand for their gas-guzzling models and this week will ask US lawmakers for a bailout of 25 billion dollars in government-backed low-cost loans. Ford said the possible sale of loss-making Volvo Cars was part of its restructuring efforts. "Given the unprecedented external challenges facing Ford and the entire industry, it is prudent for Ford to evaluate options for Volvo as we implement our ONE Ford plan," Ford president and chief executive Alan Mulally said in a statement. A poll published at the weekend showed that seven of 10 Swedes want the state to take over Volvo Cars temporarily. Volvo group chairman Finn Johnsson recently told Swedish financial daily Dagens Industri that his company was not interested in buying back Volvo Car and voiced opposition to calls for the government to acquire it. "The state knows nothing about the car industry and Volvo needs an owner that can increase sales and cooperate with suppliers on components and development," he said, suggesting French carmaker Renault. Volvo Cars has been hit hard by declining sales, as interest for its big, costly models dwindles. In the third quarter, the company posted a net loss of 458 million dollars, nearly three times its full-year 2007 loss of 164 million dollars. Meanwhile, Saab, fully-owned by GM since 2000, has tried to avoid lay-offs at its Trollhaettan plant in southwestern Sweden, which employs some 1,200 people, by reducing its two shifts to one. "We have held intense negotiations with the Swedish government," Saab spokesman Eric Geers told AFP, adding that the centre-right government planned to increase its subsidies for research and development. According to Nilsson, these subsidies will amount to 450 million kronor (55 million dollars, 43 million euros) annually for 2009-2012, compared to 430 million this year. The government also has other measures already in place -- since 2007, it has given car buyers a 10,000 kronor rebate if they buy an environmentally-friendly car, an offer that is scheduled to expire at the end of 2009. "It is extremely important for us to get demand going. So anything that would increase demand like (incentives to) scrap old cars" would help, Geers said, noting that Sweden "has one of the largest old car markets in Europe." Nilsson meanwhile ruled out aid similar to the bank rescue packages, saying the Swedish government would prefer to see "joint action in Europe. "Each country needs to keep in mind that it's important to follow the rules of competition," he stressed. Spain and France last week announced plans to aid their ailing automotive industries. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Enlarge Photo File photo shows a Saab assembly line in Trollhaettan, Sweden. The national government is set to come to the rescue of its US-owned carmakers, Saab and Volvo, which have been crippled by the financial crisis in a bid to secure the future of an automobile industry which accounts for 15 percent of exports and employs 140,000 people in a country of just nince million. Most Popular – Top Stories Viewed Wall Street plunges as recession becomes reality World AIDS Day highlights big challenges 20 years on Saudi king says 75 dollar oil price 'fair' Love handles increase death risk: study World's oldest person dies at 115 years View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

Other News on Monday, 1 December 2008
Three Nobels launch prize for Spanish-language woman writers
US to use Web 2.0 to win "war of ideas": US image-maker
Paris auction of Impressionist works falls short
Films on 'Che' Guevara top Latin American film festival
'Four Christmases' tops record holiday box office charts
French first lady becomes global AIDS ambassador
Britney Spears is queen of Yahoo searches in 2008
Iraq: Key figures since the war began
007's amphibious Lotus fetches 110,000 pounds at auction
Raconteurs call on Ricky Skaggs for new recording
Australia says Qantas to stay 51 pct locally owned
Ultra-Orthodox websites thrive after Mumbai tragedy
Mumbai attack puts focus on Pakistan militant link
China: 6 babies may have died from tainted milk
Bedroom Bach? YouTube starts a cyber symphony
Former Wallaby rugby boss Jones slams 'crazy' England
Britney Spears tops Yahoo searches
Mumbai returns to life after attacks
India demands strong action from Pakistan
`Cadillac Records' plays song you've heard before
Singapore shares open lower led by Wilmar, properties
Iraq: Bombs kill more than 30 in Baghdad, Mosul
India demands Pakistan act decisively on Mumbai attack | International |
Sweden to come to rescue of struggling carmakers Saab and Volvo
South Korea ends Iraq deployment, troops head home
Staff suspended over child abuse case that shocked Britain
Canada opposition signs deal to defeat government | International |
Iraq bloodshed leaves several dozen dead
Wall Street plunges as recession becomes reality
Sanyo to launch new electric hybrid bicycle
Bomb kills one at Thai airport; court hears key case | International |
France calls for urgent EU talks on DR Congo force
Bomb attacks near Iraq police acadamy kill 15
Mixed picture for retailers as US holiday season opens
Interpol taps into the YouTube generation
Chavez launches new bid for reelection | International |
Suicide blast kills 10 in Afghanistan
Venice suffers worst flooding in 22 years
Aer Lingus rejects 748-mln-euro bid from Ryanair
Israeli warships block Libyan aid boat near Gaza
Ten wounded in train bomb blast in India Assam state | International |
Aer Lingus rejects new Ryanair bid
Taliban attack on NATO trucks depot in NW Pakistan kills two
Governments tackle HIV stigma on World AIDS Day
U.S. to press NATO for Georgia, Ukraine boost | International |
Obama picks Clinton for secretary of state
Jewish settlers and Palestinians clash in Hebron | International |
AVA lifts ban on Julie’s biscuits
US cruise line confirms pirate attack off Somalia
Obama to formally name Clinton secretary of state
Earthquake rattles Taiwan, no reports of damage | International |
Chinese media says 20 people killed in road crash
NZ dollar lower on stocks plunge; bonds firm
Hawkish Obama names Clinton as top diplomat
UN calls for 'massive' economic stimulus to ease global crisis
Powerful earthquake strikes Taiwan
China raises death estimate from tainted milk to six | International |
US military deaths in Iraq war at 4,207
Markets plunge on US recession data, global gloom
RPT-GLOBAL MARKETS-Asia stocks slide as global outlook darkens
Brazil describes new plan to slow deforestation
Tribal politics key to building bridges in Afghanistan | International |
China hopes talks with US boost coordination
India demands strong action from Pakistan
Quest for new climate treaty begins in earnest
Nokia says interesting launch due | Technology |
US envoy to NKorea talks heads to Asia
Coca-Cola's bid for Chinese juice maker under review: companies
NUS High School’s pioneer students graduate
Climate change juggernaut on the horizon, UN talks told
Qualcomm ruling affirmed, vacated in part: U.S. court | Technology |
Nikkei index falls sharply after US plunge
Blast kills protester as Thai court verdict looms
Climate change boosts potential for conflict, UN talks told
US Citigroup to buy Sacyr's Itinere highway operator: company
South Korea won cuts losses as intervention cited
Time Warner Cable CFO sees tougher 2009 | Technology |
China reports huge increase in children sickened by tainted milk
NZ will have new climate law next year: leader
Iran to back US-Iraq pact after referendum
South Korea says may cut 2009 growth forecast
Clearwire may slow WiMax build to cut funding gap | Technology |
Curtain set to rise on marathon climate talks
Taiwan dollar near 2-wk low on economic worries
Mobile phones distract drivers more than passengers | Technology |
UN: Financial crisis delaying green projects
S.Korea injects $4 bln to banks via Fed credit
Nokia seen outlining smartphone, services push | Technology |
Korea Hot Stocks-Doosan Heavy, carmakers
Halo Trilogy soundtrack set previews new game | Technology |
Oil tumbles below $50 as recession is called
Spears and Obama lead Yahoo top 10 searches | Technology |
Iranian state TV: OPEC cut of 1.5M barrels likely
Fortune telling is big business for Japan Web firm | Technology |
OPEC chief says cartel may decide 'major' output cut
Arrest made in Jennifer Hudson family murders | Entertainment |
Ivana Trump, fourth husband split | Entertainment |
Panda earns 16 Annie Awards nominations | Entertainment |
Classical musicians get shot at fame on YouTube | Entertainment |
Nicole Kidman still has 'beautiful stories' to tell
Rock act Creed in talks to reunite | Entertainment |
William Shatner aims to get under the skin of celebrities | Entertainment |
Luciano Pavarotti tribute hits cinemas, DVD | Entertainment |
Favorite Mark Leckey wins UK's Turner art prize | Entertainment |
Small things Frost/Nixon could do without | Entertainment |
Estranged relative arrested in Hudson killings
Former UCLA hospital worker admits selling records
Kylie wows fans at first Beijing concert | Entertainment |
Dutch "magic mushroom" ban enters into force
Mario Lopez in talks to host Miss America again
Report: NKorean leader visits Pyongyang zoo
Bill Clinton kicks off conference in Hong Kong
Official: Bomb blast kills 2, wounds 30 in India
China: 6 babies may have died from tainted milk
Family of executed Chinese scientist thanks EU for support
Riots leave 35 dead in Pakistan's port city Karachi
SKorea activists scuffle over anti-Pyongyang leaflets
Israeli settlers riot in Arab neighborhood
Thirteen Palestinians wounded in settler riot: medics
Palestinian killed by Israeli troops in West Bank
All eyes on Canada's PM after opposition revolt | International |
Bashir's Darfur peace promises are empty: groups | International |
Leftist coalition to grab power from Canada's Conservatives
Australian jockey Munce 'shocked' by ban
Activists scuffle over anti-North Korean leaflets
Australian gets 10 mths jail in Singapore over drugs
Thailand postpones ASEAN summit over crisis
Hawkish Obama names Clinton as top diplomat
Nikkei index tumbles after US plunge
Thailand postpones ASEAN summit because of crisis
SIA unit to buy Singapore Food for S$478 mln
S Korea faces challenge as global slump hits exports: president
CORRECTED
Court dissolves Thai government for election fraud
CORRECTED
S.Korean won ends down 1.7 pct on econ worries
Thai premier banned from politics, ruling party dissolved: court
Philippines stock index tumbles 4.7 percent
Taiwan chip-maker TSMC lowers sales forecast
Blanchett opens doors to Sydney theatre
iTunes: Coldplay, Leona Lewis topped sales in 2008
Australian TV man jailed 10 months in Singapore for drugs
Weather forecast for the Asia-Pacific region
Official: India received intel on Mumbai attacks
New ez—link cards that run on new payment system to roll out from December
Thai leader keeps out of capital in airport crisis
India asks Pakistan to hand over suspects
"Love Blossoms 2"
Greece at new risk of being pushed off euro
Bodies of missing Tenn. mom, Jo Ann Bain, and daughter found
Female Breasts Are Bigger Than Ever
AMD Trinity Accelerated Processing Units Now in Volume Production
The Avengers (2012 film), made the second biggest opening- and single-day gross of all-time
AMD to Start Production of piledriver
Ivy Bridge Quad-Core, Four-Thread Desktop CPUs
Islamists Protest Lady Gaga's Concert in Indonesia
Japan Successfully Broadcasts an 8K Signal Over the Air
ECB boosts loans to 1 trillion Euro to stop credit crunch
Egypt : Mohammed Morsi won with 52 percent
What do you call 100,000 Frenchmen with their hands up
AMD Launches AMD Embedded R-Series APU Platform
Fed Should not Ignore Emerging Market Crisis
Fed casts shadow over India, emerging markets
Why are Chinese tourists so rude? A few insights

USD EUR - 1 year graph		BlogMeter 1.01