Business leaders have also pointed out the drawbacks of a weak
krona: for example the risk that Swedish assets will be sold off at a discount.
The recent appreciation of the
krona has cast a spotlight on how such a development affects the real economic development in the Sweden.
"We are looking at the Norwegian
krona and the Canadian dollar," a spokesman for the Iceland Chamber of Commerce told Gulf News yesterday.
The Swedish chain, which has 2,297 stores worldwide including more than 180 in the UK, reported a 23 per cent drop in pre-tax profits in the six months to May 31 to 9.3 billion Swedish
krona (pounds 900 million).
But its future looked far more bleak on October I o last year, when the country was forced to withdraw entirely from the world currency markets, its
krona utterly devalued.
In its latest interim report, Swedbank estimated the value of these vehicles at 700 million Swedish
krona (70.4 million euros).
But they did depend on easy credit at home and abroad, and as Iceland's currency, the
krona, tanked--losing 35 percent of its value against the euro over the past year--the house of IOU's came down.
Last year H&M said revenues lifted 14% to 71.8bn Swedish
Krona (pounds 5.2bn), while net profit rose to 9.2bn Swedish
Krona (pounds 668m) from 7.3bn Swedish
Krona (pounds 531 m) during the previous year.
Speciality steel and tool maker Sandvik posted quarterly profits in line with expectations on Wednesday - and said it would pay 6.7 billion
krona to shareholders through dividends and share redemptions.
Investment by a Swedish fund could lift annual sales to 150 million Swedish
krona (750 million baht.).
Four award recipients will split the 2 million
krona (about $223,000) prize.
Krona-FR is a fire-retardant insulation material born of a joint venture between
Krona Industries (Carmangay, Alberta, Canada) and Fire & Thermal Protection Engineers, Inc.
In addition, Electrolux had to contend with strengthening of the
krona and the Italian lira, which adversely affected its export-oriented operations in those countries.
