Telia admits bribery

Telia is being fined USD 965, around SEK 7.7 billion, for having bribed those in power in Uzbekistan. The company has reached agreement with the American authorities over corruption accusations and has admitted paying bribes of around SEK 2.6 billion.

The sum is in line with expectations and the company has made provisions for it. The sum is made up of a fine of around SEK 4.4 billion and a further SEK 3.6 billion for profits that they are considered to have made from paying the bribes.

CEO Johan Dennelind writes in a press release that the deal puts an end to a sad chapter in Telia Company’s history.

Trump policy hitting Swedish export companies

After almost five months in the White House, Donald Trump’s trade policy is still unclear. This uncertainty is affecting Swedish export companies.

“The only concrete things we have seen is that he wants to renegotiate the North American free trade agreement Nafta, and that he has withdrawn the USA from TPP, the deal with Asia. We do not know more than this,” says Anna Stellinger, director general for the National Board of Trade. She continues, “Uncertainty is never positive. Not for trade and not for companies that want to invest.”

Anna Stellinger points out how important a market the USA is for Swedish companies. The board has calculated that 139,000 Swedish jobs are linked to Swedish exports to the USA.

Malmström surprised by French move

French President François Hollande does not intend to support a trade deal with the USA in its present form, he said at a press conference and demanded that negotiations end.

His comments have surprised European Commissioner Cecilia Malmström, who says, “The negotiations are underway and I have a telephone meeting with the USA’s trade minister today.”

According to Matthias Fekl, France’s trade minister, there is no longer political support for the negotiations and he is planning to propose, at the meeting of trade ministers in Bratislava in September, that the negotiations are ended so that they can start again on a solid foundation. This comes several days after German vice chancellor Sigmar Gabriel claimed negotiations had stranded.

Malmström says: “You must remember that in France and Germany, but also in Austria and Belgium, there is very strong opposition to TTIP, and that is affecting the debate and the ministers’ approaches. However the German government is completely behind TTIP and the majority of the countries support it.”