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Music streaming service Spotify says its active monthly user base had grown to 100 million, with some 30 million paying listeners.
Founded in 2006, it’s now the world’s leading music streaming service, with almost three times more listeners than its closest rival, Apple Music. In fact, Spotify has more users than the five largest competitors combined.
Reuters said that the Swedish firm pays more than 80 percent of its revenue to record labels and artists and has not yet shown a profit as it spends to grow internationally. Last year, it made an operating loss of 184.5 million euros ($209 million), widening from 165.1 million in 2014.
The tech sector employs 18% of workers—far above the 10% said to be typical in most European capitals.
“The XC90 contributed a lot,” said Håkan Samuelsson, chief executive of Volvo Cars.
With more billion-dollar startups than any other European city, Stockholm has emerged as a global tech titan.
Tech firms in Stockholm have helped enhance Sweden's reputation for business all over the world, and it's not surprising that a record amount of money was invested in Swedish startups last year.
Swedish parents in search of the latest Disney toy to treat their child will no longer have to leave the country to visit an official store.
The Swedish capital has a reputation for being an environmental technology pioneer.
Stockholm has proved particularly attractive for companies within the financial industry, information technology and telecommunications.
“I failed to see the warning signs", Anders Hamsten says.
Despite the fact that the country’s economy is booming, the central bank cut its main repo rate by 15 basis points to minus 0.5 percent.
Declining economic freedom was reported in 74 countries, including 19 advanced economies such as the United States, Japan, and Sweden.
Concern is raising over two Swedes who, independently of each other, have been detained in China on unclear accusations.
Jerusalem has rejected comments by Sweden’s foreign minister Margot Wallström as “irresponsible and delusional,” and claims that she encourages terrorism.
The reaction came after Wallström on Tuesday called for an investigation to determine if Israel was guilty of extrajudicial killings of Palestinians during the recent wave of violence.
"It is vital that there is a thorough, credible investigation into these deaths in order to clarify and bring about possible accountability," Wallstrom said during a parliamentary debate, according to news agency TT .
Israel’s Foreign Ministry fired back in a statement later in the day, calling Wallstom’s comments “irresponsible and delusional,” and claiming they served to “encourage violence and terrorism.”
Sweden recognized the state of Palestine on October 30, 2014, a move that was widely criticized by Israel.
Volvo Car Group, owned by China’s Geely, said on Friday it sold a record 503,127 cars last year, up 8 percent from the previous year.
"Now, with a successful 2015 behind us, Volvo is about to enter the second phase of its global transformation," Volvo Car Group Chief Executive Hakan Samuelsson said in a statement.
"Once completed, Volvo will have ceased being a minor automotive player and taken its position as a truly global premium car company."
For 2016 Geely Auto is aiming for a sales increase of 18% to 600,000 units which will be achieved by further strengthening the brand, introduction of several new key models, including SUV's, Crossovers and sedans and strengthening domestic and international sales networks, it said.
Sales were boosted by demand for its new flagship XC90 SUV model and strong growth in the United States and Europe.
Sweden’s Riksbank said it has decided to hold its key rate at a super-low minus 0.35 percent, as developments in the economy had been “somewhat stronger than expected”.
It was a cheerful note that kicked the krona higher.
The Riksbank also highlighted that a growing number of immigrants will support economic activity.
“The sharp increase in the number of asylum seekers coming to Sweden is expected to lead to an increase in public expenditure, which will contribute to higher GDP growth and lower unemployment in the coming years”, it said.
Sweden has long been Europe's top destination for asylum seekers per capita, with a record 190,000 applications expected this year.
However, growing segregation is emerging as a major concern in the country. About half of all refugees in Sweden are unemployed after seven years and only 60 percent find work after 15 years, according to Statistics Sweden.
The Stockholm-Uppsala region is famous for its advanced life science sector. GE Healthcare, which is a unit of General Electric, has announced plans to invest $100 million to expand its facilities in Uppsala, a city in the Stockholm region.
When Amazon Web Services (AWS) first launched its cloud-computing platform a decade ago, Swedish companies were among the quickest to adopt the service. Today, many of Stockholm’s most successful tech companies base their businesses on Amazon’s cloud web facilities.
Services like Uber and Airbnb are two major examples of young companies using new platforms to shake up established markets. It is no surprise that traditionally tech-savvy Swedes are embracing them.
The legacy of Alfred Nobel is more than just dynamite and the prizes awarded in his name. It’s also about innovation, creativity and entrepreneurship. These are values still visible in Stockholm, Nobel’s birthplace, with a multitude of cutting edge tech startups, like Spotify, Mojang and Skype.
The legacy of Alfred Nobel is of innovation and how to find solutions to current and future global issue that may arise. A new event platform – the Nobel Prize Series – aims to tackle issues such as how innovation can stimulate sustainable growth and how education systems have to change to meet future challenges.
Swedish authorities has confirmed that a legal agreement with Ecuador that would allow Swedish prosecutors to question WikiLeaks founder Julian Assange over alleged sexual offenses at the Latin American country’s embassy in London could be adopted as early as this week.
The Ecuadorean Foreign Ministry said the agreement would clear the way for “the interrogation of Mr. Assange in the Embassy of Ecuador in London”, the Wall Street Journal reports.
"The agreement guarantees, among other things, the application and respect of the national legislation and principles of international rights, particularly those related to human rights, and the full exercise of national sovereignty, in any case of legal assistance between Ecuador and Sweden", he said.
Assange fears Sweden would extradite him to the United States.
Swedish car maker Volvo plans to put self-driving cars on the roads in two years, ahead leading rivals like of Google and Ford.
Volvo Car Group, owned by Zhejiang Geely Holding Group Co, and Microsoft reasently announced that they are working together to have an autonomous vehicle on the streets of Sweden by 2017.
“Volvo Cars is a pioneer in car safety and is leading the way when it comes to connected cars and autonomous driving. It has announced a programme called Drive-Me in which 100 self-driving and connected cars will be given to real customers on real roads around the Swedish city of Gothenburg by 2017, the world’s largest autonomous driving experiment”, it said.
Sweden’s Prime Minister Stefan Löfven said his country has been naive about the risk of an attack on its soil and plans to beef up security measures, including surveillance of encrypted communications, AFP reports.
"Sweden has probably been naive in this regard. Perhaps it has been difficult for us to accept that there are, in our open society, people, Swedish nationals, who sympathise with the killers and with Islamic State," Löfven told reporters in Stockholm.
The statement came as a terrorist suspect was arrested in northern Sweden by the Swedish intelligence agency Säpo. Majid is belived to be a member of the terror organisation Islamic State and that he arrived in Sweden with the purpose of committing acts of terror in Europe or against Swedish interests locally or abroad.
Löfven said the government wanted to give security authorities the right to eavesdrop on electronic communications such as Skype and Viber.
Sweden has raised its threat level by one notch to the second-highest level.
Terrorist group ISIS said it had killed the two men, identified as Norwegian citizen Ole Johan Grimsgaard-Ofstad and Chinese national Fan Jinghui, in its English-language online magazine Dabiq.
"We have no grounds to doubt the contents of the photos that have been published," Norway’s Foreign Minister Boerge Brende told Reuters.
The U.N. Security Council added their voice to the outrage on Friday, and called on all countries to cooperate with China and Norway to help bring those responsible for the killings to justice, CNN said.
China’s president Xi Jinping vowed to bring ISIS to justice.
Reuters said emergency laws tightening Norway's asylum rules came into force on Friday as the government tries to stem a sharp rise in the number of people arriving that has led support among voters for an anti-immigration party to surge.
"The debate over refugees has shifted significantly during the autumn, from a discussion marked by sympathy and compassion to one concerned with the problems that refugees and immigrants bring," political scientist Johannes Bergh of the Institute for Social Research told a local newspaper.
The Nordic country of 5.2 million people, which is a member of the passport-free Schengen area but not of the European Union.
Sweden’s Prime Minister Stefan Löfven joined world leaders in expressing shock and pledges of solidarity for France after attacks in Paris that killed more than 120 people, including one Swede.
“Today Sweden and the Swedish people are grieving," Löfven told a press conference Saturday.
"We think of the victims and their relatives, of parents who have lost their children. One Swede is dead and we have information that another Swede has been wounded in a shooting. We are in touch with their families," he continued.
Swedes, members of the French community in the capital, ministers and ambassadors gathered in the Sergels Torg square in central Stockholm on Saturday to show solidarity with France, thelocal.se said.
French President Francois Hollande said on Saturday the attacks were “an act of war” organised from abroad by Islamic State.
President Barack Obama said the U.S. shares the values of France as he expressed support the country after the Paris attacks.
“We’re going to do whatever it takes to work with the French people and with nations around the world to bring these terrorists to justice and to go after any terrorist networks that go after our people,” Obama said in an address at the White House.
China’s president Xi Jinping said Saturday China is ready to join France and the international community in stepping up security cooperation and combating terrorism.