Eight in ten Swedes feel effects of crisis

Nearly 80 percent of Swedish households say they are feeling the effects of the current financial crisis, according to a study by Swedish life insurance company SEB Trygg Liv.

Eight in ten Swedes feel effects of crisis

However, only one in ten respondents to the poll felt that they had been affected to a large or very large degree, while about 70 percent said the effects so far had been moderate or somewhat large, reports the Dagens Nyheter (DN) newspaper.

The study also shows that nearly one in three Swedes plan on delaying major purchases like cars and expensive home electronics, while 22 percent expect to reduce daily expenditures on things like food and other living expenses.

“There appears to be a wise view about all of this. Most see themselves as being affected by the turbulence, but don’t see it as constituting a catastrophe,” said Jens Magnusson, a welfare economist with SEB, to DN.

Two thirds of the survey’s respondents also believed that the current downturn in financial markets would affect the level of their pensions in the future, while a large majority of the respondents who have already retired didn’t believe the crisis would affect them a great deal.

“There’s a chance that has to do with a misunderstanding. That they are not aware that the level of public pensions is tied to the economic growth in the country even after they’ve retired,” said Magnusson.

Ten percent of of those polled said they planned to decrease the amount of money they saved each month, while 12 percent indicated they planned to increase their savings rate as a result of the financial crisis.

And 15 percent said they planned to reduce expenditures on travel.

The poll consisted of telephone interviews with 1,000 Swedes carried out by the Demoskop polling firm.


Deutsche Bank to pay $130m to settle US bribery probes

Deutsche Bank will pay $130 million to settle a foreign bribery probe and fraud charges in precious metals trading, US officials announced on Friday.

Deutsche Bank to pay $130m to settle US bribery probes
A woman walks past the offices of Deutsche Bank in London. Photo: Tolga Akmen / AFP
The bribery case relates to illegal payments and to false reporting of those sums on the bank's books and records between 2009 and 2016, the Department of Justice said in a press release.
The bank “knowingly and wilfully” kept false records after employees conspired with a Saudi consultant to facilitate bribe payments of over $1 million to a decision maker, the DOJ said.
In another case, the bank paid more than $3 million “without invoices” to an Abu Dhabi consultant “who lacked qualifications… other than his family relationship with the client decision maker,” the DOJ said.
In addition to criminal fines and payments of ill-gotten gains, Deutsche Bank agreed to cooperate with government investigators under a three-year deferred prosecution agreement.
In the commodities fraud case, Deutsche Bank metals traders in New York, Singapore and London between 2008 and 2013 placed fake trade orders to profit by deceiving other market participants, the DOJ said.
The agreement took into account Deutsche Bank's cooperation with the probes, DOJ said.
“Deutsche Bank engaged in a criminal scheme to conceal payments to so-called consultants worldwide who served as conduits for bribes to foreign officials and others so that they could unfairly obtain and retain lucrative business projects,” said Acting US Attorney Seth D. DuCharme of the Eastern District of New York.
“This office will continue to hold responsible financial institutions that operate in the United States and engage in practices to facilitate criminal activity in order to increase their bottom line.”
“We take responsibility for these past actions, which took place between 2008 and 2017,” said Deutsche Bank spokesperson Dan Hunter, adding that the company has taken “significant remedial actions” including hiring staff and upgrading technology to address the shortcomings.