• Still negative inflation rate in Sweden

• Björn Borg will make 'aggressive investments' after net profit fell 20 percent

• Sweden wants EU bonus cap on hedge funds

• Vattenfall not decided on sale of Swedish grid

• Fifth death from swine flu hits Sweden

• Industrial production swelled in September

• Swedbank will make a loss next year, Sweden's financial watchdog said

• Nordea said its peer Swedbank was an attractive merger partner

• Finance minister Anders Borg raised the forecasts for Sweden's economy

• A U.S. tobacco company is in talks to buy a Swedish maker of nicotine gum and mouth sprays

• Niklas Zennström and Janus Friis buy back 14 percent of Skype

• SAS said that October passenger traffic fell 13.5 percent

• Swedish debt office to OK Saab guarantees

 

Ericsson to cut 700 jobs in Britain

LONDON (AFP) - Swedish telecom equipment giant Ericsson said Tuesday it would axe 700 jobs and close a key facility in Coventry, central England, by the middle of next year.

Related news:
• Ericsson hit by tough market conditions

The news came on a grim day for Britain's jobs market, after the state-controlled Lloyds Banking Group had already outlined plans to axe about 5,000 positions in 2010.

"These proposals represent sad news we have for our employees in Ansty Park, Coventry," said Mats Granryd, head of Ericsson's North Western Europe market division, in a company statement.

"We have to work continuously to increase efficiency and lower our cost base whilst ensuring we deliver solutions designed to meet our global customers' needs."

Unite, Britain's biggest trade union, said the announcement was a "shock" to employees because the Ansty Park facility had only opened in May.

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Last Updated (Tuesday, 10 November 2009 21:47)

 
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