Business Round-up: Considerably more jobs lost due to Coronavirus Crisis

Elsewhere, Novo Nordisk provides relief to Beirut blast victims and SAS is hit by a storm of complaints

According to new figures from Danmarks Statistik, 1,295 jobs were lost in July – a whopping 84 percent increase compared to the month before.

The development was reported in the aftermath of a surge in coronavirus bankruptcries. Allan Sørensen, chief economist at the confederation for industry, Dansk Industri, said that while bankruptcies traditionally hit small businesses, the COVID-19 pandemic is having a broader effect.

“A bankruptcy is always sad for those affected. But the more established the companies are, the more people are impacted. Larger companies typically also have subcontractors and customers who are affected,” Sørensen told DR Nyheder.

READ ALSO: Copenhagen hit hardest by unemployment crisis

Most affected businesses
The entities most affected include the charter airline Jet Time and the hotels Bertrams Guldsmedenn and First Hotel. Other sectors hit hard include restaurants.

Kristian Skriver, a senior economist at the Danish chamber of commerce, Dansk Erhverv, predicted that hotels and restaurants will continue to be impacted throughout the autumn.

“Especially in Copenhagen, fewer rooms than usual have been booked,” Skriver told DR Nyheder.

“Trends have shown that it takes few months from the time the company experiences a decline in turnover until inching towards bankruptcy.”

Overall, 178 companies went bankrupt in June, which remained largely unchanged in July when 179 companies went bust.


SAS hit by a storm of complaints
Scores of customers lodged complaints against leading Scandinavian airline SAS after it was found to have reimbursed only a fraction of the cost of airline tickets in many cases. In addition, customers claimed that they had lost thousands of kroner due to cancelled flights in the wake of travel restrictions caused by the pandemic. The airline maintains that customers had cancelled the tickets before SAS itself cancelled the flight.

Pharmaceutical industry remains stable
The pharmaceutical industry in Denmark has remained largely stable despite the economic hit caused by the pandemic, said a chief economist. Pharma giant Novo Nordisk benefited from higher sales in the first half of the year when customers overstocked on medicine due to the coronavirus. During the second quarter, sales grew by double-digit percentages.

Matas discontinues sales of ‘eskimo’ fish oil
Due to the use of the word ‘eskimo’ in a Matas fish oil attracting criticism, the chemist chain has decided to suspend sales of the product. Klaus Fridorf, head of communications at Matas, said that several customers found the ‘Eskimo-3’ fish oil, prompting the chain to pull it from its shelves. Following the criticism, Matas made the producer of Eskimo-3 aware of the matter and requested to take a stand on the product’s name.

Novo Nordisk Foundation provides aid to Beirut
The Novo Nordisk Foundation has granted 1 million kroner to the International Committee of the Red Cross (ICRC) following a deadly explosion in Lebanon’s capital city of Beirut. The emergency aid is meant to assist the thousands of victims, including Syrian refugees residing in Lebanon. The blast that went off the previous week has killed at least 220 people and injured thousands more.




  • The international who shaped Copenhagen

    The international who shaped Copenhagen

    Anna Maria Indrio is one of the most important architects in Denmark, having contributed to shaping Copenhagen into what it is today. Among her best-known projects are the extension of SMK and Arken, as well as the Natural History Museum and the Darwin Centre in London. She moved here 60 years ago, when “Copenhagen was gray and dormant. Predictions suggested it would become depopulated. But putting people at the center changed everything,” she said

  • Danish government passes amendment to increase citizenship fee by 50%

    Danish government passes amendment to increase citizenship fee by 50%

    Fees were raised to reflect processing costs and curb repeat applications, creating debate over whether the new charges erect barriers to political participation for internationals.

  • Internationals’ labour contributes 361 billion DKK to Denmark’s GDP, and it is growing strongly every year

    Internationals’ labour contributes 361 billion DKK to Denmark’s GDP, and it is growing strongly every year

    According to a report by the Danish Chamber of Commerce, internationals’ contribution is 12% of the country’s GDP. In 2023, it was 322 billion DKK, and in 2008, it was 136 billion DKK. “Internationals make a gigantic difference in our prosperity and welfare,” comments Morten Langager, the Director of Dansk Erhverv.

  • Inside Denmark’s innovation engine

    Inside Denmark’s innovation engine

    With half of its staff being international, the BioInnovation Institute reflects Denmark’s broader transformation into a global innovation hub. But can the country—and Europe—keep up the pace? “If reforms are made now, we can close the gap in ten years,” explains BII’s CEO

  • Denmark launches massive investment in the navy

    Denmark launches massive investment in the navy

    Two months ago, the Danish PM announced that military equipment should be purchased in a hurry. The first plans for the sea are now ready. Additional plans for warships will follow this summer.

  • International designers struggle to find jobs in Denmark

    International designers struggle to find jobs in Denmark

    Many internationals come to Denmark to work as designers, but the field appears to be one of the hardest to break into. The Copenhagen Post spoke with two internationals struggling to find their way into the industry.

Connect Club is your gateway to a vibrant programme of events and an international community in Denmark.