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.

Val d'Isere, France/Stockholm - Swedish ski star Anja Paerson Friday said she would continue to race at the ongoing alpine skiing world championships in France despite a second failed event.

Paerson, who appeared to suffer from pain in a knee, declined to offer details about her physical condition when interviewed by Swedish radio.

"I'll keep on racing," she said. "So far it is still possible to ski."

Stockholm- As Sweden moves to introduce same-sex marriage legislation, a majority of bishops in the Church of Sweden Friday said the church should no longer handle legal registrations of marriage.

With proposed changes in marriage legislation underway, nine of the 13 bishops said "it makes sense that the state also handles the legal matters (for registration) without involving religious or civil rites."

Stockholm - Swedish heavy-vehicle maker Volvo on Friday reported a pre-tax loss of 2.5 billion kronor (303 million dollars) for the fourth quarter of 2008, a quarter when truck orders plunged 82 per cent.

In the corresponding business period of 2007, the Volvo group, which does not include the Ford-owned car division, posted pre-tax income of 5.6 billion kronor.

Net sales declined 9 per cent to 76.9 billion kronor, while net income fell from 4.1 billion kronor to 1.3 billion kronor.

For full-year 2008 sales increased 6 per cent to 303 billion kronor while pre-tax income declined 35 per cent to 14 billion kronor.