Word: electrolux
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When London Trader Stephen Raven checked a stock listing on his computer screen last week, then bought 1,000 shares of Electrolux from a New York dealer, he was not just making an investment. He was making history. As chairman of the International Markets Committee of the London Stock Exchange, Raven was executing the first transaction using a new transatlantic computer link...
...that if the country votes no, the Swedish krona will weaken, interest rates will rise and the country will have to adopt structural reforms to compete in Europe. While most businessmen share this view, some important voices have spoken out against it. Rune Andersson, chairman of the board of Electrolux, the giant producer of washing machines and dishwashers that is Sweden's fourth-largest business, says he favors keeping an independent krona and central bank for Sweden, even though the company loses out when export receipts are converted back from euros. "We now have had 11 years of a floating...
...value per share almost halved last year as core holdings, including mobile-phone giant Ericsson and ABB, a Swedish-Swiss engineering firm, ran into serious trouble. The Wallenbergs' strategy: to use market weakness to boost their stakes in core holdings, among them bank SEB, Ericsson, ABB and appliance maker Electrolux. The Wallenbergs are making new investments in technology and have fostered a venture-capital arm. Those investments so far are losing money. But the young Wallenbergs hold to the motto used by their grandfather: "To move from the old to what is about to come is the only tradition worth...
EUROBLUES Cleaning Up Nature abhors a vacuum, and at the moment, markets are not very pleased with the people who make them either. Last week, Stockholm-based Electrolux, the world's largest appliance maker, announced it was eliminating 5,091 jobs worldwide, about 6% of its workforce. Stock markets, which often applaud such "restructuring" moves, instead were sour; one Swedish investment bank even put a rare "sell" recommendation on Electrolux stock. What's ailing the maker of Eurekas and WeedEaters? CEO Hans Straaberg blames heavy competition and certain "under-performing" areas, notably room air conditioners, for which labor and supply...
...seem merely funny. But misunderstandings can hit the bottom line. In 1997--at risk of a worldwide boycott by Muslims--Nike recalled 38,000 pairs of its "Bakin" basketball shoes because the logo resembled the word Allah in Arabic. And it's not just English speakers who miscommunicate. If Electrolux made shoddy vacuum cleaners, it wouldn't be one of the world's most successful home-appliance makers. But the Swedish company first entered the English-speaking market with this boast: "Nothing sucks like an Electrolux...