Swedish National Bank

Sveriges Riksbank, or simply Riksbanken, is the central bank of Sweden. It is the world's oldest central bank and the 3rd oldest bank still in operation. It is sometimes called the Swedish National Bank or the Bank of Sweden (not to be confused with Swedbank, a retail bank).

History

The Riksbank began operations in 1668. Previously, Sweden was served by the Stockholms Banco (also known as the Bank of Palmstruch), which was founded by Johan Palmstruch in 1656. Although the bank was private, it was the king who chose its management: in a letter to Palmstruch, he gave permission to its operations according to stated regulations. But Stockholms Banco collapsed as a result of the issuing of too many notes without the necessary collateral. Palmstruch, who was considered responsible for the bank's losses, was condemned to death, but later received clemency. On 17 September 1668, the privilege of Palmstruch to operate a bank was transferred to the Riksens Ständers Bank ("Bank of the Estates of the Realm") and was run under the auspices of the parliament of the day. Due to the failure of Stockholm Banco, the new bank was managed under the direct control of the Riksdag of the Estates to prevent the interference from the king. When a new Riksdag was instituted in 1866, the name of the bank was changed to Sveriges Riksbank.

Alfred Nobel

Alfred Bernhard Nobel (/noʊˈbɛl/; Swedish: [ˈalfrɛd nʊˈbɛl]  listen ; 21 October 1833 – 10 December 1896) was a Swedish chemist, engineer, innovator, and armaments manufacturer.

He was the inventor of dynamite. Nobel also owned Bofors, which he had redirected from its previous role as primarily an iron and steel producer to a major manufacturer of cannon and other armaments. Nobel held 355 different patents, dynamite being the most famous. After reading a premature obituary which condemned him for profiting from the sales of arms, he bequeathed his fortune to institute the Nobel Prizes. The synthetic element nobelium was named after him. His name also survives in modern-day companies such as Dynamit Nobel and AkzoNobel, which are descendants of mergers with companies Nobel himself established.

Life and career

Born in Stockholm, Alfred Nobel was the fourth son of Immanuel Nobel (1801–1872), an inventor and engineer, and Carolina Andriette (Ahlsell) Nobel (1805–1889). The couple married in 1827 and had eight children. The family was impoverished, and only Alfred and his three brothers survived past childhood. Through his father, Alfred Nobel was a descendant of the Swedish scientist Olaus Rudbeck (1630–1702), and in his turn the boy was interested in engineering, particularly explosives, learning the basic principles from his father at a young age. Alfred Nobel's interest in technology was inherited from his father, an alumnus of Royal Institute of Technology in Stockholm.