The crisis in the Red Sea involving the Houthi rebels in Yemen has put significant pressure on Sweden’s forest industry, an industry of significant importance to the country’s economy. Annually, forestry products of 25 billion SEK value pass the Suez canal. The geopolitical situation has led to a 100-200% increase in transport costs for the industry. And the 10-20% usual revenue marginals have vanished. This has led to Sweden’s trade minister Johan Forssell inviting representatives of the industry to a meeting.

SAAB’S STOCK MARKET VALUE PASSES 100 BILLION SEK

Following a successful report and a series of recommendations from analysts, the stock market value of Swedish defense company SAAB passed 100 billion SEK this monday. In the report that was published this past Friday, SAAB increased their goal for organic growth from 10 to 15%. During Monday, SAAB grew some 6% on the Stockholm stock exchange.

PRIME MINISTER MEETS BANKING EXECUTIVES FOLLOWING WAVE OF FRAUD

Sweden’s prime minister Ulf Kristersson has called a meeting with Sweden’s banking executives and the Police following a wave of defrauding crimes targeting elderly people. According to an investigation by Sweden’s public service television SVT, a Swedish criminal enterprise based in Spain has defrauded elderly people in Sweden and stolen their savings. The prime minister now hopes that the banks will take responsibility to prevent these crimes and that they strengthen their cooperation with the police.

ASTRA ZENECA INVESTS 2.8 BILLION SEK IN AMERICAN FACILITIES

The Swedish-British pharmaceutical company Astra Zeneca will invest 300 million USD, or 2.8 billion SEK, in a production facility in Rockville, Maryland. The facility will produce the next generation of cell therapy, according to the company.