The Swedish government has set aside 1.5 billion kronor ($211 million) for unemployment support after several large industries announced job cuts, a government spokeswoman said Thursday.

Volvo Car, owned by U.S. automaker Ford Motor, said on Wednesday it plans to shed 3,300 jobs in addition to cuts announced earlier this year due to a drastic decline in auto markets.

World number two truck maker Volvo said on Tuesday it was scaling back production and cutting about 1,400 jobs as the crisis in financial markets hit demand in Europe, its biggest market.

Ford Motor warned on Thursday that it no longer expects to meet a key target of returning to profitability in 2009 and would cut production through this year in response to a slumping U.S. auto market.

The destruction of the orange sedan with its slapdash paintwork may have been intentional but it was far from wanton.

Chief executives from Europe discussed earnings, opportunities and challenges their companies face in 2008 with CNBC Europe Friday.