Latest news with #ElisabethSvantesson
The Sun
2 days ago
- Business
- The Sun
Sweden parties back govt's defence spending hike
STOCKHOLM: Sweden's government said Thursday it had gained the support of all parties in parliament for a massive boost in defence spending, as the United States pressures Europe take more responsibility for security. The 300 billion kronor ($31 billion) boost over the next decade, first announced in March and due to be finalised in forthcoming budget decisions, will be the nation's biggest rearmament push since the Cold War. The Nordic country dropped two centuries of military non-alignment and applied for NATO membership after Russia's full invasion of Ukraine in 2022, becoming the alliance's 32nd member in March last year. US President Donald Trump has demanded NATO allies commit to spending five percent of GDP on defence, and members will try to reach a deal at a meeting next week. The Swedish investment -- which will bring defence spending to 3.5 percent of GDP by 2030, up from the current 2.4 percent -- will be financed through loans, Finance Minister Elisabeth Svantesson told a press conference. Flanked by government colleagues and representatives of other parties, she praised everyone for standing 'united' on a plan that is expected to raise Sweden's debt-to-GDP level by three percentage points. Defence Minister Pal Jonson told the same press conference the 'broad consensus' was 'virtually unique' in the world. The Nordic country drastically slashed defence spending after the Cold War ended but reversed course following Russia's 2014 annexation of Crimea. 'To put it bluntly, (the investment) is also about making sure that our children and grandchildren don't have to learn to speak Russian,' Svantesson said. NATO chief Mark Rutte is urging members to commit to 3.5 percent on direct military spending by 2032, and an additional 1.5 percent on broader security-related expenditure.
Local Sweden
2 days ago
- Business
- Local Sweden
All Swedish parties back 300 billion kronor boost to defence spending
Sweden's government said on Thursday it had gained the support of all parties in parliament for a massive boost in defence spending, as the United States pressures Europe to take more responsibility for security. Advertisement The 300 billion kronor boost over the next decade, first announced in March and due to be finalised in forthcoming budget decisions, will be the nation's biggest rearmament push since the Cold War. The Nordic country dropped two centuries of military non-alignment and applied for Nato membership after Russia's full invasion of Ukraine in 2022, becoming the alliance's 32nd member in March last year. US President Donald Trump has demanded Nato allies commit to spending five percent of GDP on defence, and members will try to reach a deal at a meeting next week. The Swedish investment ‒ which will bring defence spending to 3.5 percent of GDP by 2030, up from the current 2.4 percent ‒ will be financed through loans, Finance Minister Elisabeth Svantesson told a press conference. Flanked by government colleagues and representatives of other parties, she praised everyone for standing "united" on a plan that is expected to raise Sweden's debt-to-GDP level by three percentage points. Defence Minister Pål Jonson told the same press conference the "broad consensus" was "virtually unique" in the world. Advertisement The Nordic country drastically slashed defence spending after the Cold War ended but reversed course following Russia's 2014 annexation of Crimea. "To put it bluntly, (the investment) is also about making sure that our children and grandchildren don't have to learn to speak Russian," Svantesson said. Nato chief Mark Rutte is urging members to commit to 3.5 percent on direct military spending by 2032, and an additional 1.5 percent on broader security-related expenditure.
Local Sweden
5 days ago
- Politics
- Local Sweden
More than half a million living in Sweden without a personnummer
At least half a million people are living in Sweden without a personnummer, according to the Tax Agency (Skatteverket). And 110,000 or more aren't registered at all. Advertisement At the turn of the year, 10,587,700 people were listed in Sweden's population register, an increase of around 36,000 people on the year before, according to the Tax Agency. It found 485,028 people with active coordination numbers – a number given to newly arrived immigrants who do not yet qualify for a personnummer, the ten-digit identity code that unlocks a wide range of Swedish services, from banks to gym cards. Around 110,000-185,000 people are living and working in Sweden without either a personnummer or coordination number, according to the Tax Agency's estimate. There can be perfectly legitimate reasons why someone doesn't have a personnummer (for example you don't qualify for one unless you can show that you intend to live in Sweden for at least a year), but the Tax Agency also found a few discrepancies. Around 116,000 people are living in Sweden at an address different from the one they're registered as living at, despite the law demanding that the two match. READ ALSO: At least 79,000 people are in the population register without living in Sweden, and around 24,000 living in Sweden are eligible for a personnummer, but don't have one. Advertisement The figures were presented on the government's request, after it tasked the Tax Agency with presenting an annual report shedding light on population data in Sweden. "We now have the best picture of the population in modern times. It is really important, both to keep tabs on who is in Sweden and to stop cheating, errors and crime," Finance Minister Elisabeth Svantesson said in a statement after receiving the report.
Yahoo
12-06-2025
- Business
- Yahoo
Crypto Regulation Around the World: What Every Crypto Enthusiast Needs to Know
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. If you've been in the crypto space for a while, you've probably noticed something big happening: governments everywhere are finally getting serious about regulating digital assets. Gone are the days when crypto felt like the Wild West. Today, from Washington to Brussels to Tokyo, lawmakers are crafting rules that will shape how we buy, sell, and use cryptocurrencies. This shift isn't happening in a vacuum. The collapse of major players like FTX and several crypto-linked bank failures sent shockwaves through traditional finance, pushing regulators to act faster than many expected. While this might feel overwhelming, understanding these changes can actually help you make better decisions as a crypto investor or enthusiast. Don't Miss: — no wallets, just price speculation and free paper trading to practice different strategies. Grow your IRA or 401(k) with Crypto – . Let's take a friendly tour around the world to see what's happening with crypto regulation and what it means for you. The U.S. has been talking a big game about crypto regulation, and in 2023, it looked like we might finally get some clarity. Two important bills made headlines: the Financial Innovation and Technology for the 21st Century Act and the Blockchain Regulatory Certainty Act. These bills promised to answer some burning questions that have puzzled crypto users for years: When is a cryptocurrency considered a security versus a commodity? Which government agency is in charge of what? Unfortunately, while these bills were introduced with great fanfare, they've since stalled in Congress. What this means for you: If you're a US-based crypto user, you're still navigating a somewhat uncertain regulatory landscape. The good news? This gives the industry more time to mature and for regulators to better understand the technology before implementing potentially restrictive rules. The European Union deserves credit for being first out of the gate with comprehensive crypto regulation. In May 2023, the EU implemented the Markets in Crypto-Assets Regulation. Here's what MiCA means in practical terms: Licensing requirements: Any company issuing or trading crypto needs an official license Enhanced tracking: Starting in January, all service providers must collect sender and recipient information for every transaction, regardless of amount Wallet verification: If your self-hosted wallet holds more than €1,000 ($1,100), you'll need to verify ownership for transactions Swedish Finance Minister Elisabeth Svantesson, explained that FTX's collapse highlighted 'the urgent need for imposing rules which will better protect Europeans who have invested in these assets.' What this means for you: If you're trading crypto in Europe, expect more paperwork and verification steps, but also potentially greater consumer protection. The days of completely anonymous transactions are numbered in the EU. Asia presents a fascinating patchwork of crypto regulations, reflecting the diverse attitudes across the region. Japan has been remarkably progressive, recognizing cryptocurrency as both a type of money and legal property. The Financial Services Agency oversees both crypto and yen transactions, giving citizens freedom to own and invest in digital assets. Recently, Japan has tightened rules around information sharing between exchanges to combat money laundering. South Korea enacted the Virtual Asset Users Protection Act in 2023, focusing heavily on protecting everyday users through better record-keeping and transparency requirements. Financial authorities are expected to publish new guidelines for listing virtual assets soon. China remains one of the most restrictive countries, maintaining bans on exchanges, trading, and crypto mining. If you're in China, crypto activities remain largely off-limits. India's journey has been particularly interesting. After banning crypto, the Supreme Court lifted the ban in 2020. Now, a Cryptocurrency and Regulation of Official Digital Currency Bill is working its way through parliament, though it has faced delays. What this means for you: Your experience with crypto will vary dramatically depending on which Asian country you're in. Japan and South Korea offer relatively friendly environments, while China remains restrictive. Trending: New to crypto? on Coinbase. Brazil implemented crypto regulation in June 2023, making the central bank the supervisor for crypto assets through the Cryptoassets Act. This move came as Brazil saw cryptocurrency imports rise nearly 45% in the first eight months of 2023, totaling $7.4 billion. Interestingly, Roberto Campos Neto, who was the governor of Brazil's central bank at the time, noted that local demand had shifted toward stablecoins, with people using crypto more for payments rather than solely for investment. What this means for you: Brazil's approach shows how countries are adapting to actual usage patterns. As crypto becomes more of a payment method rather than just a speculative investment, regulations are evolving accordingly. The UK is actively constructing crypto rules with a balanced approach. Any company offering digital currency services must be authorized by the Financial Conduct Authority, regardless of where they're located if they serve UK customers. The Bank of England and FCA have also proposed specific regulations for stablecoins, aiming to 'harness the potential benefits stablecoins could provide to UK consumers and retailers, in particular by making payments faster and cheaper' while maintaining consumer protection. What this means for you: The UK appears to be striking a balance between innovation and protection, potentially creating a model that other countries might follow. Perhaps most importantly, international organizations are recognizing that crypto's borderless nature requires coordinated global approaches. The International Organization of Securities Commissions has issued 18 recommendations for global crypto rules, emphasizing the need for consistency across borders. The World Economic Forum has gone even further, stating that international alignment on crypto rules is 'not just desirable but necessary.' As someone interested in crypto, here are the key takeaways: Expect more structure: The days of completely unregulated crypto markets are ending. This isn't necessarily bad – clearer rules can mean greater mainstream adoption and institutional investment. Prepare for more paperwork: Whether it's KYC requirements, transaction reporting, or wallet verification, expect to provide more information about your crypto activities. Geographic differences matter: Where you live will significantly impact your crypto experience. Consider this when making investment decisions or choosing platforms. Compliance is becoming crucial: Choose exchanges and services that prioritize regulatory compliance. They're more likely to survive and thrive in this new environment. Innovation continues: Despite increased regulation, innovation in the crypto space continues. Regulations often lag behind technology, leaving room for new developments. The regulatory landscape might seem daunting, but remember that clearer rules often lead to greater mainstream adoption, institutional investment, and ultimately, a more mature and stable crypto ecosystem. While we're still in the early stages of this regulatory evolution, staying informed about these changes will help you navigate the crypto world more confidently. The key is to stay adaptable and informed. Regulations will continue evolving as governments learn more about this technology and its applications. By understanding these trends, you're better positioned to make smart decisions in your crypto journey. Read Next: A must-have for all crypto enthusiasts: . Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing — Image: Shutterstock This article Crypto Regulation Around the World: What Every Crypto Enthusiast Needs to Know originally appeared on
CNBC
06-06-2025
- Business
- CNBC
Sweden is feeling the heat from Trump tariffs — and there's more to come
Sweden's economy and households are feeling the heat from U.S. trade tariffs, the Scandinavian country's finance minister told CNBC — before the full force of the levies has even come into play. "Our economy and the public finance are very solid. We have a low debt and we can cope with quite a lot. But eight of 10 Swedes save or invest their money in funds, stock markets and so on. So when ... the market has gone up and down, that has been costly for households," Finance Minister Elisabeth Svantesson told CNBC Tuesday. "[U.S. President Donald] Trump is really playing a high stakes here, and it's a game with no winners, really, and it's costly for households, and that makes me sad," she added. Uncertainty around the U.S.' trade policy has left its mark on Swedish and international financial markets. Sweden's central bank, the Riksbank, noted last week that the sharp shifts in U.S. trade and security policy were causing "substantial market movements during the spring and entail greater uncertainty than usual." Other signs have emerged that the threat of tariffs is affecting the wider Swedish economy, with government data released last week showing the economy shrank 0.2% in the three months to March, on a quarterly basis. Sweden's finance ministry revised its 2025 and 2026 growth forecasts downwards last month, predicting a 1.8% expansion this year and 2.3% next year, saying tariffs and uncertainty are dampening the country's growth prospects. "We don't know whether tariffs will end, but the uncertainty and the unpredictability — that hurts our economy," Svantesson told CNBC. Market volatility is having a significant effect on savers in Sweden, a country renowned for its high level of household savings in investment funds among its 10.5 million population. The nation has actively encouraged retail savings in capital markets for decades, enabling citizens to invest in shares and investment funds and making the practice far more commonplace than in other European countries, like the U.K. Assessing the distribution and demographics of savers in Sweden, financial watchdog Finansinspektionen noted in March that savers on the younger and older ends of the spectrum tend to put their money into savings accounts. A larger portion of new savings for middle-aged Swedes is in shares and investment funds, ranging from pension schemes and fixed-income to sustainable and technology-focused funds. Swedish households held liquid financial savings — assets in bank accounts, funds, shares or other savings that generate a cash return — totaling 268 billion Swedish kronor ($27.8 billion) in 2024, with 138 billion Swedish kronor ($14.3 billion) held in investment funds, Sweden's statistics agency said in March, with the average Swede saving around 1,000 Swedish kronor every month in such funds last year. At the end of the first quarter of 2025, the total fund assets in Swedish investment funds amounted to 7.75 trillion Swedish kronor, according to the latest data from Sweden's statistics body. "Eight out of every ten Swedes save in funds, and if mandatory premium pension savings are included, we are all fund savers," the Swedish Investment Fund Association (Fondbolagens förening) — which aims to promote and protect confidence in funds as a savings format — says on its website, describing the country as a "world leader in fund saving." Trump's announcement in April that he would impose import tariffs on a wide range of trading partners, friend and foe alike, has proven a major source of market and economic uncertainty, and it's making some Swedish fund savers nervous, the association told CNBC. "Swedish fund savers are used to equity investments going up and down in the short run and have a long investment horizon," Fredrik Pettersson, chief analyst at Fondbolagens förening, told CNBC Wednesday. "Having said that, in our statistics we can see that in the beginning of this year, until now, active fund savers have sold U.S. funds, and bought European and Swedish funds," he noted. Morten Lund, Scandinavia chief economist at JPMorgan, told CNBC on Wednesday that Trump tariffs are " having a pretty clear impact on household sentiment" and that this could feed into the wider economy. "So what we can see is that household confidence has moved around the U.S. election, from being the highest across the developed markets to now it's actually plummeted to being the lowest. So it's been a pretty significant shock, and I think it's fair to say that this is very much related to tariffs uncertainty," he said. Low household confidence could filter through to consumption, Lund said, judging from the latest growth data. "We do think that there will be a hit. We did get the first GDP numbers from the first quarter, they declined, and that was a clear disappointment, and based on where the confidence numbers are now, we should also see a pretty weak number here in the current quarter," Lund noted. Sweden is an export-dependent country: exports amounted to around 55% of the national gross domestic product (GDP) in 2024, according to the country's central bank, making its wider economy vulnerable to tariffs imposed on the EU by President Trump. The move — and tariffs on other trading partners — was predicated on what Trump sees as unfair trading practices by the bloc, which it denies, and persistent trade deficits that the U.S. runs with the EU. Trump initially imposed 20% duties on the EU as part of his sweeping "reciprocal tariffs" announced in early April, before slashing the rate to 10% for 90 days on April 9 to give time for both sides to negotiate new trading terms. The EU and U.S. have been locked in talks to try to reach a trade deal, but Trump said in late May that he was recommending a straight 50% duty on goods coming from the bloc amid stalling negotiations. European Commission President Ursula von der Leyen managed to persuade the president to give talks more time but, as things stand, the EU has until July 9 to reach a deal with Washington. Sweden's largest exports to the U.S. are autos, machinery, pharmaceuticals, paper products and iron, steel — which is now subject to a 50% U.S. import tariff — and iron ore. Most Swedish exports go to other Nordic or European countries, but the U.S. is the third largest single exporting country, the Riksbank notes. "Of course, we are very dependent on exports," Sweden's finance minister told CNBC's "Europe early Edition." "With this uncertainty, companies are holding back, waiting for investments, because they don't know what will happen. Will the tariff be 10 or 20%, or something else?" she asked.
