The resignation of Sweden’s Prime Minister Stefan Lofven has thrown open a leadership race in the country as it grapples with a rise in violent crime and a potential new wave of Covid-19.
Analysts expect a “turbulent autumn for Swedish politics” as parliament squabbles over the budget with the government holding a fragile majority.
Mr Lofven’s Finance Minister Magdalena Andersson is seen as an early frontrunner after Sweden’s strong finances helped it to weather the pandemic.
Health Minister Lena Hallengren is another potential candidate for the top job, after Mr Lofven announced on Sunday he would step down in November.
Sweden has attracted much scrutiny by rejecting lockdowns and mostly relying on voluntary measures to combat the spread of the virus.
The strategy has had mixed results, with Sweden’s death rate lower than in many European countries but higher than that of its Nordic neighbours.
Public health officials issued a warning on Monday that the virus was likely to spread more quickly in the autumn with more people needing hospital care.
“All our three scenarios point to increased spread during the autumn,” the public health agency said.
A party congress in November will elect a successor to Mr Lofven as leader of the Social Democrats. That person will then seek approval from parliament.
A great deal can change in Swedish politics
Nicholas Aylott
The position in parliament is precarious after Mr Lofven lost a confidence vote in June but was reinstated when his opponents failed to form a majority.
Nordic bank Nordea said in a commentary that Mr Lofven’s resignation “could make the already tricky political situation even more complicated”.
Passing a budget for 2022 will require difficult negotiations between smaller parties who tolerate Mr Lofven’s government.
Sweden faces a challenge to fix its cherished welfare state after what King Carl XVI Gustaf described as a failure to protect older people from Covid-19.
“Much suggests that it will be a turbulent autumn for Swedish politics,” said Nordea analyst Torbjorn Isaksson.
Sweden’s next election is due in September 2022. The previous poll in 2018 ended in stalemate after gains for the anti-immigrant Sweden Democrats.
The rise of the far-right party, which blames liberal immigration policies for a rise in violent crime, makes it difficult to form majorities in parliament.
The party has spent recent days warning against an influx of migrants from Afghanistan and raising fears of extremists seeking terrorist training there.
“Sweden faces numerous contemporary policy challenges, not least a rather horrifying level of criminal violence,” said political scientist Nicholas Aylott in an analysis of Mr Lofven’s tenure.
“A great deal can change in Swedish politics now that he's had enough.”
Runners and riders
An early poll for newspaper Aftonbladet showed Ms Andersson favoured by 26 per cent of voters, with the next-most popular candidate on 13 per cent.
Ms Andersson has yet to confirm whether she will seek to replace Mr Lofven. She or Ms Hallengren would be Sweden’s first female prime minister.
Fellow ministers Mikael Damberg, Anders Ygeman, Morgan Johansson and Ibrahim Baylan have also been tipped to run.
Mr Lofven said in his resignation speech that he hoped a new leader would give the Social Democrats fresh momentum.
“Everything has an end and I want to give my successor the very best conditions,” he said.
“I’m also convinced that a new party leader will give the party and the labour movement new energy, which will be needed.”
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Evacuations to France hit by controversy
- Over 500 Gazans have been evacuated to France since November 2023
- Evacuations were paused after a student already in France posted anti-Semitic content and was subsequently expelled to Qatar
- The Foreign Ministry launched a review to determine how authorities failed to detect the posts before her entry
- Artists and researchers fall under a programme called Pause that began in 2017
- It has benefited more than 700 people from 44 countries, including Syria, Turkey, Iran, and Sudan
- Since the start of the Gaza war, it has also included 45 Gazan beneficiaries
- Unlike students, they are allowed to bring their families to France
How to keep control of your emotions
If your investment decisions are being dictated by emotions such as fear, greed, hope, frustration and boredom, it is time for a rethink, Chris Beauchamp, chief market analyst at online trading platform IG, says.
Greed
Greedy investors trade beyond their means, open more positions than usual or hold on to positions too long to chase an even greater gain. “All too often, they incur a heavy loss and may even wipe out the profit already made.
Tip: Ignore the short-term hype, noise and froth and invest for the long-term plan, based on sound fundamentals.
Fear
The risk of making a loss can cloud decision-making. “This can cause you to close out a position too early, or miss out on a profit by being too afraid to open a trade,” he says.
Tip: Start with a plan, and stick to it. For added security, consider placing stops to reduce any losses and limits to lock in profits.
Hope
While all traders need hope to start trading, excessive optimism can backfire. Too many traders hold on to a losing trade because they believe that it will reverse its trend and become profitable.
Tip: Set realistic goals. Be happy with what you have earned, rather than frustrated by what you could have earned.
Frustration
Traders can get annoyed when the markets have behaved in unexpected ways and generates losses or fails to deliver anticipated gains.
Tip: Accept in advance that asset price movements are completely unpredictable and you will suffer losses at some point. These can be managed, say, by attaching stops and limits to your trades.
Boredom
Too many investors buy and sell because they want something to do. They are trading as entertainment, rather than in the hope of making money. As well as making bad decisions, the extra dealing charges eat into returns.
Tip: Open an online demo account and get your thrills without risking real money.
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Investors: Technology Development Fund, Silicon Badia, Beco Capital, Vostok New Ventures, Endeavour Catalyst, Crescent Enterprises’ CE-Ventures, Saudi Technology Ventures and IFC
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- Lack of clear information, vague language, no access to audited financials.
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Global state-owned investor ranking by size
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United States
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China
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UAE
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Japan
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Norway
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Canada
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Singapore
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Australia
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Saudi Arabia
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South Korea
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Genoa 1 (Kouame 40)
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