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Aftonbladet - Sweden | Thursday, January 22, 2009

Ericsson axes jobs despite profits

The Swedish telecommunications company Ericsson has announced unexpectedly high profits for the final quarter of 2008. But company boss Carl-Henric Svanberg has nonetheless announced around 5,000 layoffs. The Stockholm tabloid Aftonbladet comments: "It is immoral to lay off 5,000 people when the company is earning billions for its owners. It is short-sighted to slim down an already lean organisation, particularly in a branch where with each new day the top manufacturers are overtaken by technical developments. But there is a problem. Svanberg's task is not to uphold moral standards, and only few in his position can afford to act on long-term goals. His job is to produce strong results, new dividends and rising share prices. That's the way quarterly report capitalism works."

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