Twenty-five years after a group of friends decided to get into the whisky business during an apres-ski hot tub party, Sweden’s Mackmyra Distillery has filed for bankruptcy, WhiskyCast.com reported. The petition was filed yesterday in Gävle District Court, with a trustee to be appointed soon. In a statement on the Mackmyra web site, chairman Petter Ski said that the decision to shut down the distillery was not an easy one. “It is with great sadness that we must state that it is unfortunately not possible to continue the company’s operations," Ski said.
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Sweden’s Riksbank lowered borrowing costs for a second time since May and sketched out more easing than previously expected as inflation has fallen below its target and the largest Nordic economy is sputtering, Bloomberg News reported. The central bank, which cut its benchmark rate to 3.5% from 3.75% in a decision announced on Tuesday, said it could consider as many as three more reductions this year. Its previous guidance had implied a maximum of two cuts after today.
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Sweden’s economy has, in many ways, suffered from the same tribulations as the rest of Europe: recent bouts of crushing inflation and recession, and now the prospect of meager growth in a world split by geopolitical and economic conflict. Nevertheless, the Nordic country has a roster of high-tech entrepreneurs that is the envy of its neighbors, according to a New York Times analysis. Spotify and Skype are globally recognized brand names.
Sweden's Oscar Properties avoided bankruptcy on Monday after reaching a settlement over financial claims made by a housing association, a lawyer representing the creditor said, Reuters reported. The creditor, housing association Innovationen, owner of a residential tower in Stockholm that Oscar Properties developed, requested last month that the company be declared bankrupt over unpaid claims of around 15 million crowns ($1.4 million). "We recall the bankruptcy application after the parties reached an agreement," said Patrik Kalman, lawyer for the housing association.
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