SKF replaces chief executive

Article Abstract:

AB SKF board has announced its move to replace chief executive officer Peter Augustsson with Sune Carlsson. The board's decision to name a new CEO is to ensure that the ongoing restructuring programs of SKF, a ball-bearing giant, would be carried out efficiently. Mats Larsson, an analyst who follows SKF for FoereningsSparbanken in Stockholm, Sweden, said that it was clear Augustsson failed to raise the company into becoming profitable enough. Carlsson is executive vice president at electrical engineering company ABB Asea Brown Boveri Ltd. SKF's restructuring program, which began in 1997, includes plans for 4,000 layoffs and targets to boost operating earnings by 1.5 billion kronor by 2001.

Comment:

Its board announces its move to replace CEO Peter Augustsson w/ Sune Carlsson to carry out the co's ongoing restructuring

Ball & Roller Bearings, Ball and Roller Bearing Manufacturing, Machinery industry, SKF AB

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European markets rise despite Ericsson rumors

Article Abstract:

The rumors that Sweden-based Ericsson will issue a profit warning did not affect European markets. For instance, Milan, Italy's MIBtel Index experienced a 1.8% increase, while the Financial Times-Stock Exchange 100 Share Index in London, UK, saw a slight gain. The Paris CAC-40 Index and the Xetra DAX Index in Frankfurt, Germany, closed higher. Ericsson's shares dived by 11.50 kronor or 6.8% tp 158.50 kronor ($20.42). This happened even if brokerage house Salomon Smith Barney started coverage with an Outperform rating.

Comment:

The rumors that the company will issue a profit warning did not affect European markets

Sales, profits & dividends, Telecommunications Equipment, Communications Equipment Manufacturing, Telecommunications systems, Telefonaktiebolaget LM Ericsson

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S-E-Banken unit hires 3 executives in bid to be top European equity firm

Article Abstract:

Enskilda of Sweden has hired three executives from Alfred Berg in a move to become one of the five leading equity companies. Enskilda CEO Lars Linder-Aronsson stated that the company aims to become dominant in certain sectors and industries in terms of analysis and service quality. Among the appointments, Per-Anders Ovin is set to head the Enskilda's international business area, Henric Falkenberg is set to operate equities operations and Bjoern Jansson is to become international head of equity research.

Comment:

Hires 3 executives from Alfred Berg in a move to become one of the five leading equity companies

Securities Brokerage, Stockbrokers, Enskilda (Sweden)

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