Stockholm - Swedish banking group Swedbank fourth-quarter 2008 operating profit declined 23 per cent, the group said Thursday, announcing a write-down of its subsidiary in Ukraine.

Fourth-quarter operating profit was 2.4 billion kronor (294 million dollars), while total income in the quarter increased 26 per cent to 10.34 billion kronor.

The write-down in Ukraine totalled 1.4 billion kronor. In a comment Swedbank chief executive Jan Liden, who is to leave the bank in April, said that "although the short-term outlook in Ukraine is challenging, we are convinced of a positive long-term future."

Stockholm - The Swedish government Wednesday welcomed the unity government formed in Zimbabwe, and hoped it "would provide a step towards resolving the crisis" in the southern African nation.

In a statement issued after Morgan Tsvangirai, leader of the Movement for Democratic Change (MDC) was sworn in as prime minister, International Development Cooperation Minister Gunilla Carlsson said it was "key that the goverment can agree on a comprehensive reform agenda."

Stockholm - The Carnegie Investment Bank AB, taken over by the Swedish state in November, has been sold to two investment groups, the Swedish National Debt Office said Wednesday.

The National Debt Office said it would sell the shares in Carnegie Investment Bank AB and Max Matthiessen Holding AB for a total of 2.27 billion kronor (278 million dollars).

The deal with buyers Altor Fund III and Bure Equity AB included some future repayments of some loans awarded by Carnegie.

Stockholm - The grandson of the founder of Swedish clothes retailer H&M was named the new chief executive of the group on Wednesday.

Karl-Johan Persson is set to assume the position as chief executive on July 1, replacing the retiring Rolf Eriksen. The pair will work closely together in the run-up to to the handover, the group said.

Persson is grandson of founder Erling Persson, and the son of Stefan Persson, the largest H&M shareholder with a 36-per-cent stake. Stefan Persson has been chairman of the board since 1998.

Stockholm - Nordic telecommunications group Telia Sonera on Wednesday posted higher pre-tax income for the fourth quarter of 2008, citing higher sales for its mobile and broadband operations.

The group said earnings before interest, taxes, depreciation and amortization (EBITDA) was 8.2 billion kronor (1 billion dollars), up 15 per cent year-on-year.

Sales in the quarter increased 13 per cent to 28 billion kronor.

Chief executive Lars Nyberg said the group had "to be prepared for a potentially drawn-out economic downturn that may affect consumer and corporate behavior."

Stockholm - Nordic Banking Group Nordea on  Tuesday said it would strengthen its capital base by 3 billion euros (3.89 billion dollars), by offering a 2.5-billion-euro rights issue and lowering its dividend.

The announcement was made as the bank released its fourth quarter 2008 results in which operating profits dropped 28 per cent to 781 million euros.

Total operating income in the quarter increased 5 per cent to 2.25 billion euros, while loan losses totalled 320 million euros in the quarter. The losses were mainly attributed to Denmark, but also to other Nordic markets and the Baltic states, Nordea said.