The head of Swedish-based telecommunications giant Ericsson says he believes the company is well placed to come through the economic crisis despite suffering a slump in profits. Ericsson last week reported a 56 percent drop in second quarter net income to 831 Swedish kronor ($111 million), largely due to losses in its Sony Ericsson cellphone and ST Ericsson chipmaker joint ventures and restructuring costs. But Ericsson CEO Carl-Henric Svanberg told CNN the downturn in the company's fortunes was "much the ...

Ericsson boss Carl-Henric Svanberg has been unveiled as energy giant BP's new chairman, replacing Peter Sutherland. BP said Svanberg, who is Ericsson's chief executive and also chairman of Sony Ericsson and a non-executive director of Melker Schörling AB, would join the board as chairman designate on September 1. He would take over fully from Sutherland on January 1 next year, ending his seven-year tenure at Ericsson. Svanberg, 57, who will move from Sweden to London, said BP was a world ...