Outokumpu to acquire full ownership in Neumayer
(30.12.03)Outokumpu has signed an agreement whereby it will acquire the remaining 50% ownership in Neumayer GmbH, which is a subsidiary of Outokumpu Copper, fabricating various alloy wire products in Leobersdorf, Austria. In 2002, Neumayer generated net sales of EUR 11 million and it employs 90 people. The transaction is aimed to be completed at the end of February 2004, once the approvals from the relevant competition authorities have been obtained. Purchase value is estimated at 3.3 Million EUR.
Separately, Outokumpu announced that Boliden and Outokumpu today have completed the transaction whereby Boliden acquires Outokumpu's mining and smelting operations within zinc and copper and sells its fabrication and technology sales operations to Outokumpu. New Boliden becomes one of the world-leading mining and smelting companies within zinc and copper. New Boliden starts operations on January 1, 2004.


TeliaSonera and Tele2 buys spectrum from Orange
(2003-12-29) The company Svenska UMTS-nät AB, jointly owned by TeliaSonera and Tele2, has agreed with Orange Sverige AB to purchase the fourth 3G license in Sweden.
"We believe the mobile Internet - email and web surfing from mobile phones - is going to go over big with our customers. And when it does, we will need the extra capacity that this license gives us", says Marie Ehrling, CEO of TeliaSonera Sweden.
TeliaSonera and Tele2 already share one license through the jointly-owned Svenska UMTS-nät AB. The new license will not change the modalities of their cooperation. The cost of the extra build-out will be less than the efficiency gains that are realized since the investment in extra frequencies can replace a more concentrated infrastructure.
The final closing of the deal is contingent on the approval of the transaction by the authorities and the approval of the Boards of all involved companies.


Investments in and of Neurosearch
(29.12.03) In a string of operations Danish Biopharmaceutical company Neurosearch has received funds through a development alliance with GlaxoSMithKline and then extended their investments in Sophion Biosciences AS and Nsgene AS.
NeuroSearch is a Biopharmaceutical company focused on medical needs within diseases in the Central Nervous System and other diseases treated primarily through ion channel modulation. The deals include :
- NeuroSearch and GlaxoSmithKline (GSK) announced a five-year research and development alliance. The alliance comprises a number of research programmes within ion channels and the treatment of diseases of the central nervous system (CNS) including depression, anxiety, and schizophrenia. The option agreement gives GSK access to new drug candidates from NeuroSearch's research and development within the defined area. This includes the Phase II triple monoamine re-uptake inhibitor NS2359, the Endovion programme. Under the terms of the five-year agreement NeuroSearch will receive a total of EUR 82 million (DKK 610 million) in guaranteed payments. On signing the agreement, NeuroSearch will receive EUR 46.8 million (DKK 348 million), comprising EUR 29.1 million (DKK 217 million) of up-front and research payments, and EUR 17.7 million (DKK 132 million) for 616,000 new NeuroSearch shares to be issued to GSK.
- NeuroSearch and a number of existing shareholders have completed a capital increase of DKK 25 million in Sophion Bioscience A/S with the aim of securing the necessary capital for the commercialization of the first phase of the ion channel screening system Qpatch 16. The financing was effectuated as a convertible loan. NeuroSearch also has participated in the capital increase with DKK 6.8 million.
- NeuroSearch A/S and several other existing shareholders of NsGene A/S have invested a total of DKK 18 million in NsGene. NeuroSearch's contribution amounts to DKK 5.8 million. NsGene focuses on research and development within cell and gene based products ("biopharmaceutical drugs") for the treatment of neurological disorders like Alzheimer's and Parkinson's disease.


Liquor and shopping prices boost Öresund ferry traffic.
(23.12.03) Low liquor prices in Denmark and low priced shopping has boosted the trans-border shopping in the Öresund region, increasing passenger traffic over the Helsingborg - Helsingör waterway by a quarter of a million passengers since October this year according to an report in Danish business daily Börsen Online.
The news source quotes Henrik Rørbæk, route manager for the Helsingborg - Helsingör ferry line : «The common belief is that the high traffic growth is due only to Swedish passengers travelling to Helsingör to buy beer, wine and liquor. This is not the whole truth. Danes are to a high degree travelling to southern Sweden to purchase groceries in for example Helsingborg, which is one of the cheapest shopping centers in northern Europe ».


North Sea contract of 56 million EUR to Subsea 7
Subsea 7, Norwegian underwater contractor, has been awarded a North Sea contract of USD 70 million. Few details have been released other than that the contract will take place in three stages and will be completed in August 2005. Detailed engineering will be undertaken by Subsea 7’s engineering department. The first and second phases of the offshore installation will take place in 2004.
Subsea 7 expects to release further details in January 2004.


TietoEnator acquires energy business operation from OMHEX
(21.12.03)TietoEnator has acquired the energy business operation of Retail System, an OMHEX business unit. The acquisition gives TietoEnator access to a Customer Information System (CIS) adapted for the energy sector, POMAX Customer. It also means that about 45 employees will be transferred to TietoEnator in Norway and Sweden.
The agreement becomes effective from February 1, 2004.Retail System operates in Sweden, Denmark and Norway. The head office is situated in Halden, Norway. The energy sector is one of TietoEnator's prioritized industries and the acquisition will strengthen the Group's market position as an IT solutions provider to the Nordic electricity industry. Today, TietoEnator is a leading provider of IT services and solutions for the Oil & Gas production industry.
"POMAX Customer Retail System is a perfect fit for TietoEnator's electricity IT solutions and will now be integrated with our product portfolio and further developed for the global market," says Per Bakseter, Senior Vice President of the Energy business
unit at TietoEnator


New study shows significant reduction in blood transfusion needed in trauma patients
(19.12.03) Novo Nordisk today announced the first results from its phase 2 studies of the safety and efficacy of NovoSeven® in trauma patients. The study shows that patients receiving treatment with NovoSeven® needed significantly less red blood cell transfusion than patients receiving conventional treatment.
Furthermore, results indicate that patients treated with NovoSeven® had fewer complications and spent less time in intensive care units than patients receiving conventional treatment and, further, that overall mortality was lower in the group treated with NovoSeven®. However, as the study was not designed to show differences in these parameters, these findings need to be investigated further in a subsequent study.
Lars Rebien Sørensen, president and chief executive officer of Novo Nordisk, said: “The proof of concept for the use of NovoSeven® is a major breakthrough in the treatment of patients with trauma and one of the most important events in Novo Nordisk’s R&D pipeline in recent years.”


Rail & Road investments of 2.7 Billion EUR brought forward
(19.12.03) The Swedish government today presented an effort to kick-start some transport related infrastructure investments which are part of the overall infrastructure plan for the period 2005 -2015. The prioritized projects include an extension of rail capacity through central Stockholm as well as an upgrade of the road network in western Sweden, specifically the E6 north of Gothenburg - the main roadlink from Oslo to the continent and which has been highly accident-prone. The overall project includes investments of about 364 billion SEK (abt 40 Billion EUR) and the kick start part, at 25 billion SEK (2,75 billion EUR) is financed through "alternative financing" - loans.


Scandinavian Airlines outsources IT
(18.12.03) The SAS Group today signed an agreement covering the sale of the Scandinavian IT Group (SIG) to U.S.-based Computer Sciences Corporation (CSC). SAS is selling all the shares in the company and concurrently is signing a five-year outsourcing agreement for the purchase of IT services from CSC and the Scandinavian IT Group. This agreement will include options for SAS to extend the contract for up to four additional years.
The total value of the transaction is slightly more than MSEK 2000 and comprises the purchase price and future reductions in the SAS Group’s IT costs over the base five-year contract period.
As a result of this transaction, the positive effect on the SAS Group cash liquidity, including the first contract year, is estimated to MSEK 800, with a corresponding positive effect on the SAS Group’s net debt.
Under the terms of the outsourcing contract, CSC will provide IT consulting, systems integration, application development and maintenance, and IT infrastructure services for mission-critical SAS business needs, including booking and ticket reservation systems, ticket-less travel technologies, self-service check-in, flight maintenance and cargo control systems.


Framatome/Siemens wins Finnish nuclear power plant contract.
(18.12.2003) Olkiluoto 3 nuclear power plant investment decision made.
Teollisuuden Voima Oy (TVO) has today resolved to make an investment decision on the new nuclear power plant unit Olkiluoto 3 and signed with the Framatome ANP – Siemens consortium a contract concerning the construction of a new nuclear power plant unit with a pressurized water reactor of about 1,600 MW. More than 60 Finnish companies will participate in the investment and have a share of the electricity to be produced by the unit starting commercial operation in 2009.


Nationwide emergency radio communications network to be set up
(18.12.03) The Swedish government today gave the go ahead for a nationwide emergency communications radio network. The network is intended to improve co-ordination between emergency services such as police, fire brigade, Coast Guard, Customs and ambulance services which has been found to be faltering in larger incidents.
The network will be rolled out over the country from 2004 to 2009, from south to north. Up to 2.3 BSEK in funds have been made available.


Favorable winds for Danish DONG and Norwegian Statkraft in the UK
(18.12.03) Together with Norwegian Statkraft, the Danish energy company DONG has been awarded a wind turbine licence off the island of Walney in the Irish Sea between England and Ireland in the Round 2 UK Offshore Windfarm Tender. DONG is the operator. The licence covers an area of about 75 square kilometres, about 15 kilometres offshore. With an expected capacity of about 450 MW, this will thus be one of the world's largest offshore windfarms.
The awarded licence initially covers the site investigation phase. An actual application for construction of the windfarm must subsequently be lodged in the year 2006 at the latest.
This is the second time that DONG and Statkraft participate in the development of wind power in the UK. Earlier this year, DONG and Statkraft, jointly with the UK energy company Centrica, acquired Barrow Offshore Windfarm, which is situated about 10 kilometres from the Walney licence.


Czechs say Yes to Jas Gripen
(18.12.03)The government of the Czech Republic at a cabinet meeting today has confirmed the recommendation of its evaluation committee to select Gripen, the Swedish fighter jet, as the interim air defence solution to meet the Czech Republic’s national and NATO needs.
Gripen will replace the Russian MIG 21 aircraft currently operated by the Czech Air Force.
FMV (Swedish Defence Materiel Administration) will now, on behalf of the Swedish government, embark on a period of negotiation with our Czech partners in order to achieve successful implementation of this contract.
Sweden has offered the Czech Republic to lease 14 new Gripen aircraft of the latest version (twelve single seater and two dual seater) for a period of up to ten years. The offer also includes training of Czech pilots and maintenance personnel as well as a logistic package. The Czech Republic is the second NATO nation to select Gripen for its air defence. Hungary became the first with its decision in 2001. Subject to successful contract negotiations, Czech Air Force Gripen fighters will be delivered between April and August in 2005.


deCode finds ways to predict patients responsivenss to drugs.
(17.12.03) Scientists at deCODE's pharmacogenomics and clinical trials subsidiary Encode have developed gene expression assays that can predict responsiveness to common treatments for asthma and hypertension. In the Icelandic cohorts studied, the research assays predicted, with an average accuracy of 85%, which patients would or would not respond to leading classes of drugs used to treat these diseases. The companies are working together to validate these findings and to turn these assays into novel diagnostic tests. Such tests could provide physicians and their patients with information that can be used to select individualized treatment options.


Norges Bank reduces interest rates
(17.12.03) Norges Bank’s Executive Board decided today to reduce the interest rate on banks’ deposits with Norges Bank, the sight deposit rate, by 0.25 percentage point to 2.25 per cent with effect from 18 December 2003.
The interest rate on banks’ overnight loans is being reduced correspondingly. According to Norges Bank’s assessment, with a sight deposit rate of 2.25 per cent at present, the probability that inflation two years ahead will be lower than 2½ per cent is greater than the probability that it will be higher.


Pills against allergy
(17.12.03)ALK-Abelló has established clinical proof of concept for the tablet based allergy vaccine against grass pollen allergy. This is the main preliminary conclusion drawn from the largest allergy vaccination study ever performed – a phase IIb-III clinical trial of the grass allergy tablet.
The phase IIb-III study was a multi-centre, randomized, double-blind, placebo-controlled trial designed to evaluate the efficacy and safety of the tablet.The trial comprised 855 patients suffering from grass pollen induced allergic rhinitis (hay fever). It was carried out at 57 allergy clinics in Austria, Belgium, Canada, Denmark, Germany, Norway, Sweden and the United Kingdom.
The study established clinical proof of concept demonstrating dose dependent results. Specifically in the high-dose treated patients beginning treatment eight weeks prior to the season, the grass allergy tablet achieved statistically significant reductions in both allergy symptoms and in the use of traditional symptom relieving allergy medication in the range of 20-30%.


Stora Enso awards 100 MEUR contract to Kvaerner
(15.12.03) Kvaerner Power has signed a contract for the supply of equipment, machinery and services to Stora Enso's Skoghall Mill in Sweden, worth a combined total of more than EUR 100 million.
Stora Enso is modernizing its Skoghall board mill located in Central Sweden to ensure the cost effective production and to achieve world class environmental and energy efficiency performance.
Kvaerner Power will supply a new RECOX(TM) recovery boiler rated at 2,200 tons dry solids/day.
The mill's present evaporation plant will be replaced with a new evaporation plant from Kvaerner Power. It is designed for evaporation of black liquor and liquor from the CTMP process and the total evaporation capacity will be 750 tons of water/hour.
The recovery boiler and evaporation plant will be completed by autumn 2005 and the power boiler conversion will be commissioned in the summer of 2006.
The supply involves the joint resources of Kvaerner Power's units in Sweden and Finland.


Wind Power merger when Vesta and NEG Micon unite
(12.12.03) Danish wind technology leader Vestas AS is set to merge with danish NEG Micon, leading supplier of wind turbines.
The merge will create one of the leading wind power corporations in the world, with a pro-forma 2002 turnover of 2.2 bilion Euro and 8.500 employees. Management of the two companies say that synergies will be found in the geographic complementarity of the companies as well creating a better resource base when adresssing major on- or off-shore wind power projects. The companies expect the merge to generate cost synergies of about 67 MEUR according to a release to the Copenhagen Stock exchange.
The deal will be based on a stock swap which will give NEG Micons stockholders 20% and Vesta stockholders 80% of the new entity. The companies are projecting a 2004 turnover of about 2.7 -2,8 Billion Euro. The merged company which has an installed base of over 13.000 MW will be called Vesta Wind Systems As and have its head office in Randers Denmark. NEG Micon surged some 37% on the Copenhagen Stock exchange in Friday morning trading.


Stora Enso invests over 600 MEUR
Stora Enso's Board of Directors has approved the plans for building a new paper machine at Kvarnsveden, Sweden, initially announced on 25 October 2002 and for major improvement of energy efficiency at Skoghall Board Mill, Sweden
Stora Enso will build a new paper machine at Kvarnsveden Mill in Sweden to improve its competitiveness in uncoated magazine paper production. The total investment is estimated at approximately EUR 450 million, and the aim is that the investment cost per tonne should be below EUR 1 000. The annual production capacity of the machine will be about 420 000 tonnes of high-quality super-calendered (SC) papers. The machine is expected to start up at the end of 200.
Also, Skoghall Mill's Energy 2005 investment project aims to secure the future base for board production and strengthen the mill's energy supply. This will enable cost-effective production with low emissions in both the short and long term. The project includes a new recovery boiler area, evaporation plant and conversion of an oil boiler into a biofuel boiler. The new evaporation plant and recovery boiler will start up in autumn 2005 and the biofuel boiler in summer 2006.


deCODE Isolates Two Major New Obesity Genes
(11.12.03) deCODE genetics today announced that it has isolated two new genes as part of its alliance with Merck & Co, Inc. to develop drugs for the treatment of obesity.
deCODE scientists have discovered common versions of two genes that significantly predispose individuals to obesity. The companies are now analyzing the genes and the biological pathways they delineate to select optimal targets for the development of new drugs.
The genes were identified through population- and genome-wide linkage scans and association analyses utilizing genetic and clinical data from the 17,000 participants in deCODE's obesity program in Iceland. The versions of the gene linked to obesity, were found in more than one in four individuals with high BMI(Body Mass Index), and were three times more common in these individuals than in control groups. This gene, which the companies believe is involved in regulating how the body stores and uses energy, implicates a novel pathway in human obesity.
The versions of the second gene, which was identified through analysis of 125 families that include multiple women with a high percentage of body fat (PBF), were carried by 22% of those with high PBF. These haplotypes increase the risk of obesity by a factor of five. This gene appears to contribute to obesity through the regulation of appetite.
deCODE is using population genetics to create a new paradigm for healthcare. With its uniquely comprehensive population data, deCODE is turning research on the genetic causes of common diseases into a growing pipeline of products and services in pharmaceuticals, gene and drug discovery, DNA-based diagnostics, pharmacogenomics, bioinformatics, and clinical trials.


Finland to switch over to digital television in 2007
(10.12.03) A parliamentary working group proposes that all television broadcasting in Finland be digital as of 31 August 2007.
The starting point of the proposal is that all Finns will have an opportunity to access digital television services at reasonable cost and without difficulty in good time before the switching. The working group expressed a wish that the construction of the digital distribution network be accelerated so that the entire country would be covered by the autumn of 2005.
In 1999, Government proposed the year 2006 for the switching-over time. The working group is of the opinion that a little longer period is necessary.


Fisheries profits down in '03, up in 04' according to Iceland MoF.
(10.12.03) Following two profitable years, 2001 and 2002, it appears that prospects for the Fisheries industry will dim this year, mainly because of the stronger exchange rate, lower export prices for fish products, higher oil prices and reduced catches, Icelands Minsitry of Finance projects.
Prospects are expected to improve next year due to increased fishing quotas and declining oil prices in the world market. EBITDA-profits are expected to run close to 17 per cent of revenue in 2003 and net profits before tax close to 2 per cent of revenue. Although the industry as a whole is expected to turn a profit, individual sub-sectors, such as shrimp and scallop fisheries, are not doing as well.
For 2004 as a whole, net profits before tax are projected at 5 per cent of revenue, half of the 2002-figure.


Telenor becomes sole owner of SONOFON in Denmark
(10.12.03) Telenor has today signed a definitive agreement with BellSouth to acquire the remaining 46.5% equity interest in SONOFON. Telenor will pay the equivalent of DKK 3,050 million in cash, which is equivalent to an equity value of DKK 6,559 million.
"The mobile markets in Scandinavia are increasingly becoming one market, and SONOFON is an important strategic asset for Telenor in this region » said Chief Executive Officer of Telenor Mobile, Arve Johansen. « The benefits resulting from economies of scale within our home market will be improved with SONOFON as a fully owned subsidiary of Telenor. A strong position in the home market is an important prerequisite for our international operations. »
SONOFON is the second largest mobile operator in Denmark with a market share of 24% in terms of subscribers and 27% in terms of revenue. SONOFON holds a particularly strong position in the business segment, and has the highest usage per subscriber.


Festivities in Stockholm and Oslo as Nobel Prizes are awarded.
December 10th, the Anniversary of Alfred Nobels death, is since 1901 the day when the Nobel Prizes are awarded to the Nobel laureates.
As stipulated in the will of the Swedish-born inventor and international industrialist Alfred Nobel, which was opened after his death in 1896, the Nobel Prizes in Physics, Chemistry, Physiology or Medicine and Literature are awarded in Stockholm, Sweden, while the Nobel Peace Prize is awarded in Oslo, Norway. Since 1969 an additional prize is awarded at the ceremony in Stockholm, the Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel. The festivities include the awards ceremony (13:00 in Oslo, 16:30 in Stockholm) followed by a gala dinner for thousands of guests. More info and a webcast of the ceremony is available here.


Finlands GDP grew in the third quarter.
(09.12.03) In the third quarter of 2003, the volume of Finland's gross domestic product grew by 0.8 per cent compared to the second quarter of 2003. Compared with the third quarter of 2002, GDP was up by 1.6 per cent. In the January to September period GDP was by 1.5 per cent overall year-on-year. This is indicated by the preliminary National Accounts data compiled by Statistics Finland.
Growth of the national economy has been driven by the consumption of households. In the third quarter of 2003 households' final consumption expenditure went up by 4 per cent.


Securities markets join hands across the Baltic
(09.12.03) In a step to further enhance the integration of the Nordic and Baltic securities market, HEX Integrated Markets, the marketplace division of OMHEX, and NOREX today announce that HEX Integrated Markets will join the NOREX Alliance.
« By including HEX Integrated Markets, NOREX will cover the whole Nordic region and two thirds of the Baltic area, in total seven exchanges, four clearinghouses and three central securities depositories (CSDs). Our common vision is to create a joint, fully integrated market place for financial instruments, including shares, bonds and derivatives, which in sum will be one of the worlds most efficient securities markets, comments Hans-Ole Jochumsen, President and CEO of Copenhagen Stock Exchange.
« The integrated trading platform and harmonization of rules and practices will generate many benefits to our customers, including increased liquidity, more efficient member access, broader service range and lower costs when connecting to Nordic markets. An integrated Nordic and Baltic market will also attract new members, issuers and investors », adds Kerstin Hessius, Chairman of NOREX and President of Stockholmsbörsen.
The Nordic exchanges common objective is to create a fully integrated Nordic and Baltic securities market and thereby to further improve the competitiveness of the Nordic region.


Stora Enso and Korsnäs to restructure its forest ownership
(08.12.03) Stora Enso's Board of Directors has approved a plan to restructure ownership of the Group's forestlands in Sweden. The plan is a further step in the Group's strategy of freeing up capital and increasing financial flexibility in order to develop its core businesses paper, packaging and forest products.
The Swedish forestlands provide about 30% of Stora Enso's wood supply in Sweden. The forthcoming transaction will be structured so as to secure the supply of wood to the Group's Swedish mills. Stora Enso's partner in this transaction will be Korsnäs, a Swedish forest industry company controlled by the Kinnevik Group. The Swedish forests of Stora Enso and Korsnäs will be transferred to a new company named Bergvik Skog AB to be established by Stora Enso and Korsnäs, which will retain minority shareholdings of 44.9% and 5% respectively in the new company. The rest of the company's shares will be placed with institutional investors. Bergvik Skog will also be financed with a syndicated bank loan (arrangers Handelsbanken and Nordea). It is intended to close the deal during the first quarter of 2004.
Stora Enso will transfer to the new company its 1.9 million hectares of Swedish forests (of which 1.5 million hectares is productive forestland) and Korsnäs its 0.4 million hectares (of which 0.3 million hectares is productive forestland). Bergvik Skog will enter into long-term wood sale contracts to grant Stora Enso and Korsnäs approximately 5.5 million cubic metres (solid under bark) per year of cutting rights at market prices.
Bergvik Skog will have about fifty employees. The personnel of the new company will be recruited from the present Stora Enso and Korsnäs employees. Torbjörn Larsson, M.Sc. in Forestry and MBA, has been appointed Managing Director of the company.


Power outages in Norway, Sweden as winter storm hits Scandinavian peninsula
(08.12.03) Nordic energy ministers had but finished a meeting on the stability of the power supply in the Nordic energy nets last Thursday before winter storms left thousands of homes and industries without electricity.
At the meeting of Nordic energy ministers within the framework of the Nordic Council, Leif Pagrotsky, Swedish Minister of Trade and Industry and chair of the Nordic Council of Ministers for Energy 2003 said that "...society's increasing vulnerability to power cuts necessitate a revision of the regulations for the level and dependability of supplies".
And almost as they left the meeting winter storms began pounding Norway and Sweden with high winds and snow felling trees over power lines. Northern Norway was first hit, closing down the airport at Tromsö and later Saturday thousands of homes in eastern Norway and western Sweden were left without power. Monday morning some 2000 homes in the province of Värmland were still waiting to be reconnected.


FINNAIR’S SANTA EXPRESS
(06.12.03) Finnair, calling themselves "the Official Airline of Santa Claus", will fly some 12.000 tourists on its non-stop scheduled flights to Lapland from four European destinations this winter season.
A total of 86 non-stop services will be flown from Zurich, Paris, Amsterdam and Milan to Kittilä, Ivalo, Kuusamo and Rovaniemi in Lapland.
Activities suggested are, apart from meeting Santa himself on the Arctic Cicrle, skiing, snowmobiling, trying to see the Aurora Borealis and of course cooling off after a Finnish sauna by rolling in the snow. Average winter temperature is in the region of -8 degrees Celsius
The first non-stop Finnair flights from Europe to Lapland this winter will operate on December 5 from Milan to Rovaniemi.


High interest for NextgenTel public offering.
(06.12.03) Norwegian broadband operator NextGenTels public offering is overbooked before closing on Monday at 17:00 hours, according to a report in Dagens Naeringsliv.
"Interest has been high " explains analyst Glen Rodland at First Securities to the paper, "at least if you judge by the number of investors having requested information". NextGenTel expects to bring in about 150 MNOK (abt 18 MEUR) which is highly needed among other things to address a short term debt of 50 MNOK (abt 6 MEUR).


Classified ad website sold for 183 MSEK (20 MEUR)
(06.12.03)The company Finnmer AB, controlled by the Schibsted subsidiary Aftonbladet Hierta AB has today acquired 100% of the shares in the classified ad service www.blocket.se run by Blocket AB. The purchase price is SEK 183 mill.
Blocket has been running since 1996 and is the leading marketplace for private car sales and miscellaneous on the net in Sweden. The acquisition will thus strengthen and compliment Schibsted's position on the classified advertising market. The combined entity of Blocket and Finnmer will be the leading site for classified ads on the net in Sweden. Blocket is expected to generate revenues of SEK 34 mill. in 2003, giving a profit of SEK 13 mill.

Digging for Gold in the cold
(05.12.03) Dragon Launches Construction Of Us $12.25 Million Swedish Gold Project
Dragon Mining NL of Australia is set to make the transition to gold producer within 8 months after commencing construction of its Svartliden Gold Project in northern Sweden. The occasion was celebrated at the weekend at a formal ceremony on site - held in the early winter sub-artic snow and attended by over a hundred locals, construction contractors and government officials.
The Australian-based Company expects to pour its first gold at the 80%-owned Svartliden Project in the rather different climatic environment of the northern summer. The Project is located at a remote site 150 kilometres south of the Arctic Circle.
Svartliden will commence production at an initial rate of 70,000 ounces per annum from an open cut mining operation and on-site, 300,000 tonne per annum treatment facility.


66 Billion NOK to be invested in 'Long Snake' gas field
(2003-12-04) The plan for the development and operation of Ormen Lange gas field (meaning « Long snake », traditonal viking ship name) , the largest Norwegian development project of our time, was submitted by Norsk Hydro to Norwegian Minister of Petroleum and Energy Einar Steensnæs today.
"This is a great day for Hydro," said President and CEO Eivind Reiten. "Today we have submitted the development plan for Hydro's largest single project ever, and we do so with full support from all the partners involved."
The giant project is estimated to cost NOK 66 billion and the first gas will be delivered to the market in October 2007. NOK 19.5 billion of this has been allocated to the transport system. This also will involve Langeled the world's longest subsea export pipeline, which will run 1200 kilometres from Aukra in Nyhamna municipality to Easington in England. Contracts valued at 12 Billion NOK has been awarded over the last two months.
The Ormen Lange field is the largest gas field under development on the Norwegian continental shelf.
It is situated at a depth of 1100 metres in the Norwegian Sea, 100 kilometres north west of the Møre coast.
Once production starts, export to England is expected to account for 20 percent of Norway's gas exports.
The gas from the Ormen Lange-field will cover 20 percent of the UK's demand for gas. When production from the Ormen Lange field starts in 2007, there will be no installations visible on the surface. The wellstream will be taken to Aukra in Nyhamna for processing before export to England. (www.norskhydro.com)


« More Fun for Life » when MTV Finland goes mobile
MTV Finland will expand into mobile connectivity during 2004. The company has signed a co-operation agreement with Radiolinja (Elisa Mobile), part of the Elisa group, under which Elisa Mobile will supply mobile network services to MTV while MTV will offer customers mobile communications services under its own name.
« Mobile Connections offers MTV an interesting new channel for distributing its content. We share the general perception in the telecoms sector that mobile phone user behaviour will focus increasingly on services and media-based use of content », says Juha Juosila, Director of Business Development, MTV Oy's Mobile Connections business. « The agreement with Elisa Mobile gives MTV an outstanding opportunity to provide consumers with a new type of mobile phone connection centred around comprehensive services and content, good customer service, and high-quality network services. MTV Mobile Connections truly embodies our slogan: More Fun for Life », Juosila states.
The mobile connections business forms an important part of MTV's new consumer strategy which includes its Pay-TV, Internet and Content businesses already in operation. The purpose of Mobile Connections and other new business operations Is to bring MTV3 and TV viewers into closer and deeper contact by offering new channels of distribution for MTV's content and services.


Denmarks GDP down in 3rd quarter
(04.12.03) GDP figures for the third quarter released by Statistics Denmark show a slight fall of 0.3 % (adjusted) in the third quarter.
Reduction of stocks, lower exports and rising imports are said to be the reasons behind the drop. Compared to the third quarter last year GDP is down 0.8% (unadjusted). Year-to-date figures have shows the economic activity down by 0.2%.


Ericsson selected by Maxis Malaysa
(04.12.03) Ericsson has been selected by Maxis Communications Berhad (Maxis) as its new wireless partner for 2G and 3G deployment to ensure the smooth evolution of Maxis' network to new technologies. Ericsson will upgrade Maxis' present 2G network, as well as prepare networks in high growth areas for future 3G deployment to ensure a fully integrated GSM/GPRS/EDGE/WCDMA solution.
The contract with Maxis covers both 2G and 3G core and radio access network. In addition to infrastructure supply, Ericsson will provide a comprehensive portfolio of professional services including network design and systems integration.
Ericsson will also set up a joint Application Development Environment with Maxis to jumpstart the development of exclusive multimedia
products and services for its customers, in particular those which take advantage of streaming capabilities such as interactive TV, live concerts and sports, news-on-demand, and many more


SWECO to acquire PIC Engineering of Finland
(03.12.03) SWECO, the Swedish construction consultancy, has signed an agreement to acquire Finland's second largest engineering consultancy, PIC Engineering Oyj, with 900 employees. The transaction will further expand SWECO's presence in the Nordic region. Earlier this year SWECO acquired the Norwegian consulting engineering firm of Statkraft Grøner.
PIC Engineering is one of the Nordic region's leading industrial consulting companies with an annual turnover of more than €60 million. The company provides consulting services for the processing, engineering, manufacturing, electronics and marine technology industries. In addition to Finland, PIC Engineering has operations in Sweden, Estonia and Hungary.
"From an industry standpoint, the acquisition of PIC Engineering is a sound move. It will enable us to consolidate our position in the Nordic market at the same time that we reinforce our existing industrial consulting business. Above all, we will gain a strategically valuable platform in Finland and will continue to build a strong international consulting engineering company", says Wigon Thuresson, Managing Director and CEO of SWECO.


Nokia's networks doubles Russia's second operators GSM coverage.
(1.12.2003)Nokia will extend VimpelCom's GSM/EDGE network in western and central Russia in 70 million USD deal
Russian GSM operator VimpelCom has chosen Nokia to supply an EDGE-capable GSM/GPRS network to expand its GSM coverage and capacity for aggressive growth in key cities in Russia's Central and North West Regions. The deal is valued at an estimated 70 million USD.
Under an extension of an existing framework agreement, Nokia will supply a complete GSM system with EDGE-capable base stations, GPRS and GSM core network equipment.
The frame agreement originally covered areas in Central and Black Earth Region of Russia. The new extension will extend the Nokia-supplied network to new areas in the Central and North West regions, doubling the number of subscribers served by Nokia equipment.
Deliveries will start immediately, with the system to be inaugurated in different cities starting from the end of 2003 onwards.


Bavarian Nordic establishes its own production of vaccines.
(02.12.03) The facility will be one of Europe's largest production sites for vaccines with the capacity to produce up to 120 million doses per year.
Bavarian Nordic has entered into an agreement with Orion Pharma to acquire over the Finnish pharmaceutical company's production facility and administrative offices located in Kvistgaard, 30 kilometres north of Copenhagen.
The total investment in property and buildings along with the planned re-construction will be approximately DKK 250 million. This newly-created production facility will bring Bavarian Nordic up among the largest vaccine producers in Europe.
Another milestone for Bavarian Nordic Peter Wulff, CEO and President commented, "It is an important milestone for Bavarian Nordic's transformation from a biotech company to a biopharmaceutical industrial company that we have secured our own production facility. This guarantees that we can meet the growing international demand for our safe MVA vaccines, first and most importantly against HIV, but also against tropical diseases and smallpox"


Moderate growth in Norwegian economy
(02.12.03) Figures from Statistics Norway Quarterly National Accounts show that growth in the mainland economy picked up throughout the summer this year. Gross Domestic Product (GDP) for mainland Norway increased by 0.8 per cent from the 2n d to the 3r d quarter against 0.5 per cent in the previous quarter.
The growth in the 3r d quarter can mainly be attributed to growth in several service industries, though manufacturing also experienced growth. Within the service industries, wholesale and retail trade and business services were the main contributors to the growth. Manufacturing's value added increased by 1.4 per cent in the 3rd quarter, after decreases of 2.5 and 0.9 per cent in the 1s t and 2nd quarters. The upturn in the 3r d quarter can be primarily attributed to increased export production of pulp, paper and paper products and food and beverage products.
The preliminary figures show an increase of 0.9 per cent in household consumption expenditure from the 2n d to 3r d quarter, after an increase of 1.2 per cent from 1s t to 2n d quarter. The growth in households' goods consumption was 1.1 per cent in the 3r d quarter, while the growth in service consumption was 0.5 per cent. The strong growth in households' purchases of clothing and footwear throughout the first half of 2003 continued in the 3r d quarter, contributing to the increase in the consumption of goods.


Czech Republic recommends Gripen
(01.12.03) The Czech evaluation commission for aircraft procurement has today recommended Gripen to its government ahead of several other competitors.
The Swedish offer constitutes a loan from the Swedish state to the Czech state.
Today’s decision is a stage in the decision-making process ahead of the Czech government’s final decision.
Sweden is offering to loan the Czech Republic 14 new Gripen fighter aircraft for five or 10 years. The Gripen fighters are fully NATO interoperable and were originally intended for delivery to the Swedish Air Force.
If the Czech Republic chooses the Gripen the Swedish state will fully cover any costs associated with the loan.
If the deal does go ahead, Saab will need to perform some modifications and support to match Czech requirements, although the aircraft will be virtually identical to the 39 C standard designed for the Swedish Air Force.
Gripen International with its owners Saab and BAE Systems have also offered industrial co-operation equivalent to 150% of the contract value.
Delivery is planned to begin in the summer of 2005.


Danish railways chugging along nicely.
(26.11.03) DSB (Danish Railways) has made a positive adjustment of its expectations for the year 2003 by DKK 200 million.
"It is positive that the company has achieved a better result than expected through strong control of expenses. Consequently, the DSB Group will see a satisfactory profit for the year", says Chairman of the Board, Executive Vice President Mogens Granborg. The principal elements in the report for the third quarter 2003 are:
- a positive adjustment of the profit before tax for 2003 by DKK 200 million to DKK 700 – 800 million excluding one-off items. This follows an improvement beyond expectations in the third quarter profit.
- DSB saw an increase in passenger revenues amounting to DKK 88 million, corresponding to 3 per cent, in the first nine months of 2003 compared to the corresponding period in 2002 (adjusted).
- lower profit compared to 2002 due to an increase in expenses to improved customer services, loss of revenue in connection with the transfer of the Central and West Jutland lines, one-off items in 2003 for the restructurings and an increase in provisions for holiday allowances .


Bidders sharpening their knives in Hackman offer.
(25.11.03) Ali Group to submit an offer for all shares in kitchen- and houseware maker Hackman.
The Board of Directors of Hackman Oyj Abp has received an announcement from the Italian manufacturer of commercial and institutional foodservice equipment Ali S.p.A. that ALI Group intends to submit a tender offer for all the issued and outstanding shares in Hackman at a price of 37.50 euro per share payable in cash.
Considering that the price offered by ALI Group is higher than the price offered by Nordic Capital in its public tender offer, the Board of Directors of Hackman has decided, for now, to withdraw its recommendation of October 13, 2003, concerning an earlier offer from Nordic Capital.
ALI Group has stated to Hackman that ALI Group's primary interest in Hackman is Metos. As ALI Group is focused on the commercial and institutional foodservice equipment industry iittala would not form
part of the core operations of ALI Group in the future. The intention of ALI Group would be to divest iittala in due time when an agreeable solution has been found in cooperation with the present management team. Metos would be combined with ALI Group to form the leading European company within professional kitchen equipment and services.


Amer Group negotiates pull out from its tobacco business
(18.11.03)Amer Group Plc is reviewing the possibility of withdrawing from its non-core tobacco business and initiating employer/employee negotiations concerning Amer Tobacco Ltd in Finland.
Amer Tobacco Ltd has an exclusive right to produce and sell Philip Morris cigarettes in Finland. Transferring the license to a third party is not possible without permission from the licensor. According to the licensing agreement, the license can be terminated at the end of 2005 at the earliest, if not otherwise agreed between the licensee and the licensor.

Amer Group is negotiating with Philip Morris the possibility of terminating the license agreement prematurely, during the spring of 2004.

"Our strategy is to develop our sports equipment business and to become the number one sports equipment company in the world. We think that now is the right time to negotiate the possibility of withdrawing from the tobacco business", says Mr. Roger Talermo, President and CEO of Amer Group. "We estimate that the profitability of the tobacco business will decline due to the enlargement of the European Union, among other reasons."

Negotiations with staff will commence on 26 November 2003 and will apply to Amer Tobacco Ltd's entire workforce, totaling approximately 320 persons.

In 2002 Amer Tobacco reported net sales of EUR 114.4 million.

Carlsberg Sweden drops production in Stockholm
(18.11.03)The Board of Carlsberg Sweden has decided to transfer the production of beer and soft drinks from the brewery in Stockholm to Falkenberg and to a lesser extent to Copenhagen. The transfer of the production will take place gradually, and the process is to be completed during October 2004. It is expected that this decision will improve Carlsberg Sweden's operating profit with approx. 70 million SEK annually with full effect from 2005.
As a result, approx. 300 jobs will be shed in Stockholm, however, approx. 60 new jobs will be created in Falkenberg. One-time costs related to the restructuring cannot yet be specified.

The reason given for the decision are the past years' weak development in Carlsberg Sweden's sales and earnings in a market characterized by a very high level of excise duties on beer, substantial parallel import and increasing consumption of discount beer.

As to rationalisation of administration in Sweden, a decision is expected to be made during December 2003.



Karo Bio to consolidate research operations to Sweden
(18.11.03) Karo Bio has decided to reduce its presence in North Carolina USA. Technologies, key projects and other research activities will be transferred immediately. The consolidated research organization will be located at the Company’s headquarters in Huddinge, Sweden. Through this action, Company headcount will be reduced by 26 to reach 100 persons.
US based Novalon Pharmaceutical Corporation was acquired by Karo Bio in 2000. The acquisition focused upon access to novel drug discovery technologies developed by Novalon such as the BioKey® screening systems and Molecular Braille® compound characterization and selection system. These technologies have been successfully integrated into the Karo Bio drug discovery platform. The US subsidiary has been involved in the earlier stages of drug discovery through screening of compound libraries and assay development. Now, Karo Bio will consolidate its research in Sweden and focus on advancing selected projects into later stages of drug discovery and pre-clinical research.

“This is a necessary step for Karo Bio to create a lean organization without losing momentum in the most prioritized projects” says Bjorn Nilsson President of Karo Bio. ”We regret that excellent people in the US will need to leave the Company but it is essential that we focus our resources on the most promising areas and activities.”



Metro launches new edition in Spain and takes the lead
(18.11.03) Metro, the international newspaper group with Swedish roots, today announced that it has launched its fifth edition in Spain and will subsequently become the largest newspaper in Spain with a daily circulation of over 600,000 copies. The 29th edition of Metro was launched today in the city and region of La Coruna, which has a population of one million and is Spain's fourth largest advertising market with annual newspaper advertising spend of approximately US$ 100 million.
The new launch follows the expansion of Metro into Seville and Zaragoza in Spain in September. Metro was launched in Barcelona and Madrid during 2001. Metro is now published in five of Spain's largest advertising markets and covers a distribution area that encompasses more than a third of Spain's population and attracts 55% of Spain's annual newspaper advertising spend of over US$ 3 billion. The new edition will be distributed by hand and from racks in the centre of La Coruna and the surrounding region.

Pelle Törnberg, President and CEO, commented: "Our Spanish editions reported a combined profit in the nine months to the end of September and we have established a strong position in each of the city markets that we have entered. Our five Spanish editions make us the largest newspaper in Spain, which further enhances the unique reach that we can offer advertisers with a high proportion of young and female readers."



Skanska to construct airport terminal in Prague
(17.11.03) Skanska has been contracted to construct a new terminal at the Ruzyne International Airport in Prague. The contract is valued at a total of SEK 886 M. Skanska's share of the contract is 72.5 percent, corresponding to SEK 643 M. The customer is the Czech Airports Authority.
The contract is one of the largest public projects in the Czech Republic in recent years. Financing is being arranged through the European Investment Bank (EIB).

The new Terminal North 2 at the Prague Ruzyne International Airport is being constructed on two levels, with an area of 28,690 square meters. The building will house departure and arrival halls and will be linked with existing terminal buildings.

The contract is included in order bookings for the fourth quarter of 2003.



Norsk Hydro out of Scanraff
(16.11.03) Norsk Hydro has signed an agreement relating to the sale of the company's 25 percent share in the Scanraff oil refinery at Lysekil in Sweden to the oil company.
Preem, which already owns the remaining 75 percent of the refinery. Scanraff is the largest refinery in the Nordic region, and one of the most modern in Europe, with an annual processing capacity of 10 million tonnes.

The sales proceeds from Hydro's share in Scanraff is approximately NOK 1.4 billion, inclusive of transfer of debt. In addition, Preem will assume the inventory relating to the refinery operations at market price, valued at the transaction date. The transaction is expected to reduce the capital employed in the Segment by approximately NOK 1.8 billion.

The deal is expected to be concluded in the course of the fourth quarter of this year, pending approval from the authorities. The transaction is expected to result in a profit for Hydro of approximately NOK 600 million. There will be no tax effect for Hydro.

After this sale, Hydro will no longer hold an ownership interest in the refining business. Hydro will meet the requirement for refined products for its Swedish retail marketing by means of a long-term supply agreement signed with Preem.



Urban Bäckström new CEO of Skandia Liv
(23.10.03) Former head of Riksbanken (the Swedish Central Bank) Urban Bäckström has been named has been cosen to take the helm as new President and CEO of Swedish Life Insurance Policy giant Skandia Liv. Skandia Liv has been rocked in the past weeks by allegations of misappropriate distribution of apartments in Skandia owned building to executive siblings, and on top of this, general anxiety that Skandia Liv was not performing as expected. Bäckström will take office on 1 November.
Urban Bäckström comments from the Press conference:
"I am grateful for the confidence that the board has shown in me. At the same time, I am clearly aware that the true challenge will be in winning the policyholders' confidence. I have witnessed the anger and disappointment that many customers have expressed recently, and I have a great understanding for it. I realise that restoring the policyholders' confidence will be an painstaking task."

He went on to say "I have to say that I hesitated before taking on this job. I also demanded that a number of conditions be met before I would accept."

"First, I wanted to be assured that the questions surrounding Skandia Liv and the relationship between Skandia and Skandia Liv are sorted out thoroughly, seriously and sincerely. I have had in-depth conversations with Skandia Liv's chairman, Lars Eric Ericsson, as well as with Skandia's chairman, Bengt Braun, and I feel I have seen such a will to get to the bottom of things."

"Second, I wanted assurances that Skandia Liv will have a clear and distinct mission from its owner - Skandia - to independently do what the company is supposed to do, namely, manage long-term retirement savings for its customers at a low cost and with favourable returns and reasonable risk exposure. No other business or considerations can be allowed to come in the way of this mission. On this point I am satisfied with the intentions shown behind the owner instructions that the parent company Skandia is currently drafting. Such instructions bind Skandia Liv firmly to its mission and protect its integrity and independence in executing it."

"Third, I wanted to be assured that Skandia Liv and its management have a clear mandate to organize Skandia Liv's operations and focus so that they are in accord with its mission. This applies to the view of risk management, investment focus, fairness between various collective groups of savers and, naturally, the company's organization and operations as well as competent asset management. I have had this mandate confirmed by Skandia Liv's board as well as by the parent, Skandia. It is in view of the fact that these demands have been met that I decided to answer Yes to the question of whether I could consider serving as CEO of Skandia Liv. It is an interesting, stimulating and important assignment; but I do not want to make light of the fact that I also see it as a difficult challenge," concludes Urban Bäckström."


The A-Train finds new owner down under
(10.10.03) The Stockholm Arlanda airport link, the A-Train, and it's owners - NCC, Vattenfall, Alstom and Mowlem - have concluded an agreement with Macquarie Bank of Australia regarding the sale of all of the shares in A-Train.
According to the agreement, the sale consideration will consist of a cash portion of SEK 70 million, the assumption of commitments towards financiers corresponding to SEK 200 million and collateral of approximately SEK 130 million for train-leasing agreements, making a sum total of about SEK 400 million.

"The final sale still awaits the final approval of the Swedish government´s holding company A-banan Projekt AB and A-Train's financiers. If the purchaser fails to complete the transaction, it will pay the sellers SEK 50 million. The final date for completing the transaction is December 31, 2003.

Macquarie Bank intends to transfer A-Train to its recently created Macquarie European Infrastructure Fund.

A-Train operates Arlanda Express, the express rail service between Stockholm Central Station and Stockholm Arlanda Airport. A-Train, whose traffic operations were launched in November 1999.<



Volvo Buses sells city buses for Tunis
(25.10.03) Volvo Buses' International business region has secured an agreement for 91 buses for urban transport in Tunis.
The Tunisian city bus company SNT (Société Nationale de Tunis) and Volvo Buses have signed two contracts, one for 49 B10MA, and one for 42 standard version B7R 4x2 for urban transport.

The chassis of the buses will be delivered from Volvo Buses' factory in Brazil before the end of November. Volvo Buses' importer and bodybuilder, Setcar-Magrimex, will produce the bodies, and the buses are estimated to be ready for delivery to the end customer between January and March 2004.

"We believe in Tunisia and the country's growth potential and it is already one of the most important markets for our International business region", says Håkan Sjöberg, sales manager for the Middle East and North Africa.


Magnet wins 'Best UK Retail Interior'
(25.10.03) Swedish Nobia's British business unit Magnet has been awarded the prestigious title of 'Best UK Retail Interior 2003' for its new concept store in Chester. The prize is awarded by the Retail Interiors Magazine, and is given for a store interior that is simply outstanding in all respects.
Designed by a team of in-house designers, the new Chester branch was chosen by Magnet as the first of its stores to showcase the new retail concept interior. The store offers customers an aspirational retail experience, and is designed to correspond to today's experience-oriented purchasing pattern.

The kitchen showroom features state of the art materials and 'gadgets' such as a 42" plasma screen on which customers can see their kitchen designs. To allow customers to be self sufficient if they desire, there are interactive screens in-store that are linked to Magnet's new website. As a large proportion of Magnet's core customers have families, the store has a specially designed children's area complete with a Nintendo playstation, a mini-kitchen and a number of games.

The Retail Interiors Magazine is an international magazine aimed at specifiers and buyers within retail groups, architects, shop fitters and interior designers.


The Swedish Sports Confederation chooses IP-telephony from Norwegian Ementor
(18.09.03) In a bid between five providers, the Swedish Sports Confederation chose Ementor to implement and service the confederation's new IP-telephony solution, where Cisco is the main hardware supplier. At the present time, the implementation covers 800 connections, but will later, when all 21 confederations are connected, handle 1 600 connections.
"We chose Ementor because they are able to deliver the functionality we need from the date required, and because they take full responsibility for the service of the system", says Göran Larsson, Head of Administration at the Swedish Sports Confederation. "We assume that the transfer to IP-telephony will reduce our costs related to maintenance, and we are looking forward to have extension numbers to all connections within all the confederations", he continues.

"Advantages such as lower costs, user-friendliness and better functionality are factors contributing to IP-telephony solutions today being installed in both large and small businesses and organisations. This, combined with Ementor's competency and focus upon IP-telephony, gives the Swedish Sports Confederation a safe solution for the future", says Thomas Kylander, Marketing Manager at Cisco Systems in Sweden.

"The new agreement proves that Ementor has a strong position as an end-to-end provider. The agreement with the Swedish Sports Confederation covers hardware, as well as consulting services", says Johan Rittner, Managing Director Ementor Sverige AB.


Tele2 passes 20 million customers mark
(18.09.03) Tele2 today announced that the company passed the 20 million customer mark at the beginning of September. This suggests that the customer intake during the third quarter will be the highest in the company's history. At the end of June, Tele2 had 18.7 million customers.
"Reaching 20 million customers is an important milestone in the development of the company, but only the beginning of the journey. The momentum we have gained in customer intake and lower churn is the main reason for the large customer intake, although the summer months typically have a lower customer intake", said Lars-Johan Jarnheimer, CEO of Tele2.

"The Fink family from Düsseldorf in Germany, are the 20 millionth customer to choose Tele2's good value, smart and flexible communication solutions. The family recently became a Tele2 pre-select customer", concludes Lars-Johan Jarnheimer.


OLT GmbH, Germany Orders Second Saab 2000 to provide international service into the UK
(18.09.03) OLT GmbH, Germany has acquired a second 50-seater Saab 2000 for service between Finkenwerder (Hamburg area), Bremen, and Filton in the UK.
"We selected the Saab 2000 because we consider it an outstanding aircraft. The 2000 offers our customers high speed operation and allows us to provide them with business class service and comfort levels," said OLT President Gerd Weber.

The second Saab 2000 will initially be operated between Filton-UK, Finkenwerder and Bremen for its customer, Airbus.

The Saab 2000 was delivered to OLT and placed into service in late August. OLT's fleet consists of one Saab 340A, two Saab 2000s and four Metros. The airline offers more than 65 flights per week mainly concentrated from its Bremen operational hub.



Nokia scores title sponsorship of Nokia African Cup of Nations
(11.09.03) Nokia has today in Nairobi, Kenya announced that it will be the title sponsor for the African Cup of Nations football tournament in 2004. The Nokia African Cup of Nations is a football tournament organized every two years on the African continent. From its start in 1957, the tournament has grown and developed into the largest sporting event in Africa. This is the first time the Cup has a title sponsor.
"Football is the most popular sport in Africa, and the Nokia African Cup of Nations tournament connects the continent, its countries and people in an involving and entertaining way," said Pekka Rantala, Vice President, Marketing Services, Europe and Africa, Nokia Mobile Phones. "This sponsorship is a natural extension of Nokia's focus on new growth markets, and is a perfect example of an event incorporating the core philosophy of the Nokia brand, Connecting People. We are looking forward to an amazing tournament, with a full schedule of enthralling games."

Nokia is supporting the sponsorship with a stimulating youth programme in various African countries. The goal of the programme is to present African youth the exciting future of mobile connectivity through fun and interactive shows and demonstrations. The youth programme is designed to offer participants an opportunity to learn about mobile technology while also having fun with friends in entertaining football events.

This year, the official draw for the Nokia African Cup of Nations will take place in Tunis on September 20. .


SAS Group acquires 49 percent of Estonian Air
(11.09.03) SAS AB has signed an agreement with Danish Maersk Air A/S to acquire 49 percent of the shares in the Estonian airline Estonian Air. The other shareholders of Estonian Air are the Estonian Government with 34 percent and the Estonian investment banking firm AS Cresco with 17percent.
SAS has also signed an agreement with Cresco covering a possible increase of SAS shareholding in Estonian Air. In addition to Estonian Air, SAS AB acquires 100 percent of the shares of Maersk Air Maintenance Estonia AS, a company based in Tallinn providing technical maintenance for aircraft. The total purchase price is MSEK 180.

"Estonian Air is a profitable, strong and growing company in a strategically highly attractive region. Traffic to and from Estonia is expected to increase by at least 8-10 percent annually," says Gunnar Reitan, Executive Vice President, Subsidiary & Affiliated Airlines.

The acquisition is expected to have a neutral effect on the SAS Group's earnings during 2003 and a positive effect in 2004.


TeliaSonera takes over Swedish Post Office's electronic ID operations
(11.09.03) TeliaSonera has signed an agreement with the Swedish Post Office (Posten) to take over Posten's CA business - the Posten unit that issues certificates for electronic identity. With this agreement, TeliaSonera is now the market leader in Sweden when it comes to services and products in the e-security area.
By taking over Posten's CA operations, TeliaSonera is now the leading issuer of electronic identities in Sweden. "In strategic terms, this is a particularly important agreement for TeliaSonera because we believe that the need for electronic identification will increase as authorities eventually become open on a 24-hour basis," says Anders Gylder, head of TeliaSonera Sweden's Large Corporate Customers segment.

"By taking over this business, we are taking yet another step towards standardising security solutions. This is especially important for customers who are about to make substantial investments in the e- security area, who have also been waiting to see how industry solutions would develop," adds Anders Gylder.

According to Anders Gylder, customers who are using Posten's electronic identification services can continue to use these services backed by effective support from TeliaSonera. "TeliaSonera and Posten are more or less utilising the same technical platform and we have the same regulations and security requirements for managing these operations," says Anders Gylder.


Stora Enso Timber to build a second sawmill in Latvia
(28.08.03) Stora Enso Timber will build a new sawmill at Krustpils, near Jekabpils in Latvia, as part of the expansion programme announced in August 2002 when it acquired a majority shareholding in Sylvester's five sawmills and a component mill in Estonia and Latvia. The total investment will be EUR 50 million.
"The Krustpils Sawmill will concentrate on European construction markets, complementing our product range in the timber frame business. It will also support the co-ordination our wood procurement, especially log supply, in the Baltic States together with Launkalne Sawmill in northern Latvia and Alytus Sawmill, which will start production in September 2003 in southern Lithuania," comments Peter Kickinger, Executive Vice President, Stora Enso Timber.


TeliaSonera to step up ownership in Omnitel
(26.08.03) TeliaSonera AB today announced that its wholly owned subsidiary Amber Mobile Teleholding AB, has reached an agreement with Motorola Lithuania Telecom Inc, a wholly owned subsidiary of Motorola Inc., to acquire Motorola's 35-percent shareholding in UAB Omnitel of Lithuania. TeliaSonera agreed to pay USD 117 million for Motorola's shares. The final closing of the deal is contingent on the approval of the transaction by the Lithuanian Competition Council. When the transaction is concluded, TeliaSonera will hold 90 percent of the shares in Omnitel.
Since the merger between Finnish Sonera and Swedish Telia in December 2002, TeliaSonera has pursued its aim of strengthening TeliaSonera as the leading mobile and fixed-line telecom operator in its core market, the Nordic-Baltic region. "Our aim has been to strengthen TeliaSonera's ownership position. The Omnitel deal is a clear manifestation of our strong long-term commitment to the region," TeliaSonera's CEO Anders Igel stated.

As previously announced, Motorola has decided to exit the network management business and focus on their core competencies. Motorola remains committed to the Lithuanian market and will continue to supply Omnitel with infrastructure equipment and handsets.


Tele2 launches its fifth GSM-network in Russia
(26.08.03) New York and Stockholm - Tele2 AB, the leading alternative pan-European telecommunications company, today announced that it has launched a GSM-network in Omsk, its fifth in Russia under the Tele2 brand.
The population covered by the GSM-license in Omsk is two million and the region's mobile penetration is approximately 13%. Tele2 is the third mobile operator to launch GSM-services in the region. As in Irkutsk, Rostov, St Petersburg and Kemerovo, the GSM-network in Omsk was launched based on the GSM1800 standard, having similar coverage per base station as the GSM900 standard by using a phased array antenna solution from Radio Components.

Lars-Johan Jarnheimer, CEO of Tele2 said; "The GSM-launch in Omsk follows on from our successful launches in Irkutsk, Rostov, St Petersburg and Kemerovo. The Russian mobile market offers substantial growth potential for Tele2 and we are very satisfied with our progress thus far."


SCA buys into Chilean hygiene products company
(25.08.03) SCA has acquired 50% of the privately owned Chilean hygiene products company Papeles Industriales S.A. (PISA) for a transaction value on a debt-free basis of about SEK 470 M.
PISA is currently Chile's second largest producer of tissue, with a market share of about 25%, and holds a growing position in baby diapers. The acquisition is a complement to SCA's positions in the hygiene markets in Mexico, Colombia, Ecuador and other neighboring countries. SCA is already engaged in a joint venture in Chile for the sale of feminine hygiene products.

Growth in the Chilean tissue market during the past ten years has amounted to nearly 6% annually and is expected to continue at a high level. PISA's tissue operations in Santiago comprise two paper machines with a combined annual capacity of about 40,000 tons and a modern and efficient converting plant.



Skanska hits paydirt in Hong Kong valued at SEK 2.4 billion
(25.08.03) Gammon Skanska has been awarded another contract for the new link between Hong Kong and Shenzhen. The new contract, which includes a highway bridge, is valued at a total of SEK 2.4 billion. Skanska's share of the contract is 42.5 percent, or HKD 935 M, corresponding to about SEK 1 billion.
The contract involves a 3.5-kilometer dual three-lane highway, of which 3.2 kilometers is being constructed over water. The new highway, the Hong Kong- Shenzhen Western Corridor, will link Hong Kong and southern China. This is Gammon Skanska's second billion-HKD contract on the Hong Kong side of the new link.

The Gammon Skanska's new project comprises of a 460-meter cable-stayed bridge with a span of 210 meters, a 2.7-kilometer elevated approach viaduct constructed in pre-cast segments and a 330-meter highway on land that will connect with Gammon Skanska's project on the northern section of the new Deep Bay Link.

In addition, a temporary 2-kilometer steel access bridge structure will be constructed to facilitate building the approach viaduct. A unique heavy lift floating crane will be used in conjunction with construction of the permanent bridge to ensure that marine traffic is not disturbed. In the planning and construction of the cable-stayed bridge, Gammon Skanska will apply the combined bridge-building expertise available within other Group companies. The Chinese company Zhongtie Major Bridge Engineering (MBEC) is also engaged in the project, accounting for 15 percent of the total contract amount.



Stora Enso Timber opens first sawmill in Russia
(20.08.03) Stora Enso Timber's first sawmill in Russia is offically opened today at Impilahti in the town of Pitkäranta in the Republic of Karelia. The event marks the Company's entry into the Russian wood products industry. A second greenfield sawmill in the village of Nebolchi in the Novgorod region is scheduled to begin operations later this year.
"The start-up of Impilahti Sawmill and other investments related to sawmilling and wood procurement will create and strengthen the basis for Stora Enso's industrial development in Russia. The start-up of local production also demonstrates our growing interest in Russian markets," says Arno Pelkonen, Senior Executive Vice President, Forest Products.

The wood procurement area for Impilahti Sawmill will be partly in Karelia and partly in other regions of Russia. The sawmill will use only smaller spruce logs. It has an estimated production capacity of 100 000 cubic metres per year, and it will employ 54 people. The total investment is EUR 8 million.



Nokia releases play, share and compete via the N-Gage Arena
(20.08.03) Online and mobile game play has become a reality today, as Nokia reveals the N-Gage Arena service. Available globally, the N-Gage Arena will be the home for the worldwide virtual community of gamers, to share their experiences and to find other players for mobile online fun. The service will go live on October 7, 2003.
"Mobile online elements form a key strategy in the Nokia N-Gage total games experience. The N-Gage Arena will be the place where gamers meet and create virtual communities, share their experiences, find new challenges and make friends with players all over the world," said Ilkka Raiskinen, Senior Vice President and the Chief N-Gager, Nokia Mobile Phones. "For the first time, a gamer sitting in a park in London can find another player and 'shadow race' against a player in Los Angeles or even Singapore, who has posted a shadow image of his game character in the N-Gage Arena. The London gamer can in turn post a clip of the game on the site, showing his victory and simultaneously challenge the rest of the game community. We are incredibly thrilled by the versatility of opportunities by this virtual games arena."

The ability to play, share and compete over the air makes the N-Gage Arena unique in the mobile industry, complementing the games experience and extending business strategies for operators and publishers alike. Nokia will host the service and it will be offered to the gamers through operators. Nokia will also provide publishers and developers the tools to create new and compelling online content for their games.



ReadSoft signs up SAS
(20.08.03) Scandinavian Airlines, SAS has decided to implement ReadSoft's software for electronic invoice processing. The ReadSoft software will cut down on invoice handling costs and increase invoice processing efficiency. The new agreement concerns implementing the INVOICES technology within the SAS group.
Eager to increase efficiency, SAS has decided to implement electronic invoice handling by using ReadSoft's patented technology. In the initial stage, INVOICES will process some 200,000 invoices per year. The software will be connected to an account authorization system from Component Software and thereafter integrated with a business system.

"Airlines are like many other businesses depending heavily on paper which makes our solution very suitable. It is very rewarding to be able to help SAS strengthen their business processes by this group agreement. We will monitor the roll-out of INVOICES within SAS carefully to assure customer satisfaction," says Jan Andersson, MD at ReadSoft.

Ulla Edlund, VP Corporate Accounting at SAS, explains:"There is a great potential for efficiency increases, especially if you consider that we previously handled our invoices manually. Electronic invoice processing has many advantages and it is a great relief to finally get rid of the piles of paper invoices. Choosing ReadSoft came naturally as it is a well-reputed company which has helped us taking a leap forward with this new way of working.



GETINGE acquisition gives world-leading position in respirator technology
(15.08.03) Getinge AB has today signed a binding agreement for the acquisition of Siemens Life Support Systems. The acquisition is conditional upon approval from the relevant competition authorities.
Siemens LSS is expected to generate a sales turnover of around EUR 205 million during the current financial year, which ends on 30 September. Siemens LSS employs around 720 people worldwide, of which around 400 work at the headquarters in Solna, Sweden, where the division's centre for product development, manufacturing and marketing is also located. Siemens LSS sells medical technology equipment to around 100 countries annually, having its own sales companies on all significant markets.

"The acquisition of Siemens LSS is a unique opportunity for Getinge to integrate one more world-leading medical technology business into our most expansive area, Surgical Systems. Siemens LSS meets all the criteria we consider important for an acquisition - a strong product range, wide-ranging skills and focus, a strong market position and a broad geographic platform. In addition, its business has a strong Swedish base, making this deal even more pleasing," says Johan Malmquist, Getinge's CEO.

Siemens LSS, a division of Siemens Medical Solutions, is one of the largest suppliers to the healthcare industry in the world.



Carlsberg Breweries increases foothold in Vietnam
(14.08.03) Carlsberg Breweries A/S acquires the Danish Industrialization Fund for Developing Countries' (IFU) shareholdings of 25 per cent in South-East Asia Brewery Ltd. in Hanoi and 15 per cent in Hue Brewery Ltd. in the central part of Vietnam for a total of DKK 95 million.
Carlsberg Breweries already owns 35 per cent of the two Vietnamese breweries and hence increases its shareholding to 60 per cent and 50 per cent, respectively. The remaining share capital in South-East Asia Brewery is owned by a Vietnamese state owned company, and the local government of Hue owns the remaining shares in Hue Brewery. The acquisition is subject to approval by local authorities.

South-East Asia Brewery brews and sells both the premium brand Carlsberg and the local brand Halida. Hue Brewery brews and sells the local brand Huda. In total, the two breweries hold a market share of about 9%. The yearly market growth rate over the past three years has been approx. 4%, and with a yearly per capital consumption of only 9 litres there is a large growth potential.

Carlsberg has been co-operating with IFU in Vietnam since 1993.


Biotech Pyrosequencing Acquires Personal Chemistry
(13.08.03) Pyrosequencing's acquisition of Personal Chemistry creates critical mass, gives a broader product portfolio and platform for continued consolidation
"The acquisition creates a world leader among biotechnology companies with a strong customer base among both commercial and academic customers. The two companies are each world leaders in their own fields and we see great opportunities for expansion into new fields. Consolidation is on the way in the biotechnology industry, and this constellation creates a basis for playing an active role in further consolidation. The new company will have cash assets of over SEK 400 million, and this will make it possible to acquire complementary companies. We estimate that the yearly cost synergies will amount to SEK 50-70 million and it is our ambition to reach profitability in the new company as soon as possible," concludes Jeff Bork, Chairman, Pyrosequencing

"A merger between Pyrosequencing and Personal Chemistry is a logical stage in the development of the companies, since global market processing and sales now have the highest priority. As long as efforts were principally directed towards research, development and initial market processing, the focus that the existence of two separate companies gave was a major benefit. However, what is needed now is to reach critical mass," comments Ove Mattsson, Chairman of Personal Chemistry

The transaction is supported by the principal shareholders of Personal Chemistry, i.e. HealthCap, Investor Growth Capital, 3i, SEB Företagsinvest, Sören Nygren, Bankinvest, SEB fonder and Mr Bengt Falk.



Kemira buys majority of US water treatment company Kemiron
(13.08.03) Kemira has taken a significant step forward in it's water treatment business by expanding the present holdings in the US-based company Kemiron Companies Inc. from 15 % to 60%. The parties have also agreed on the terms, whereby Kemira is obliged to buy the remaining 40 % of shares.
"The United States are the world's largest market for water treatment chemicals and positive development for Kemiron is expecte