Nordic States

Russian news agencies reported that Sergei Lavrov, the Foreign Minister of Russia, said on Wednesday in Beijing at a press conference that Russia was'ready to increase its energy supply to China before an expected visit by President Vladimir 'Putin. Vedomosti cited sources who said that it would be during the week of May 18th. President Xi Jinping and Lavrov met on 'Wednesday', assuring Moscow that China is a friend of Russia and saying that China and 'Russia' must work together, trust each other and protect each other's interest. Lavrov said at the press conference that Russia is ready to provide...

The government of Sweden announced a spring mini-budget that will slash fuel taxes, and increase electricity subsidies. This is to help ease the burden on households who are paying higher energy costs due to the war in Iran. The additional spending will be 7.7 billion crowns (825 million dollars) ahead of the September parliamentary elections. This is on top of an 80 billion crowns in new spending announced last September in the full year budget bill for 2026. "Sweden's on the right track." The Swedish economy remains strong despite war and uncertainty overseas. We continue to build safety barriers. Since...

Brazilian pulp giant Suzano announced on Friday that toilet paper, tissue and diaper prices will increase globally as companies try to cover higher transportation and 'chemical' costs if the U.S. and Israeli war against Iran continues. Suzano is the largest producer of pulp in the world, with a market capitalization of more than $60 billion. This pulp is used to manufacture Kimberly-Clark Cottonelle toilet papers, Kleenex tissues and sanitary products, as well as diapers, cardboard packaging, and other everyday items. The Iran War has caused a spike in oil prices, which have increased Suzano’s costs for shipping, trucking and rail....

The?defence minister of Finland reported Sunday that there was a'suspected territorial breach by unmanned aerial vehicle in the southeast?of the country. Estonia, Latvia, and Lithuania, which are nearby, said earlier this week that several Ukrainian drones crashed on their territories after they went astray while attacking Russian oil exportation facilities?on the Baltic Sea Coast. Ukraine has intensified drone attacks on Russian oil refineries, export routes and other military targets in recent weeks to try and weaken Russia's war-economy and because peace talks, mediated by Washington, are stalling. The origin of the drones that were detected in Finland was not immediately...

Online car platforms report that the spike in petrol prices caused by the war in Iran is driving consumers to switch from combustion engines. Terje Dahlgren is an analyst for?Norway’s largest used-car marketplace Finn.no. She said that there's currently a 'electric car bonanza' in the used market. The conflict, which began on February 28, disrupted an important shipping route that transports roughly 20% of the world's oil supply. The European Commission's data shows that the cost of gasoline in the European Union increased 12% between February 23 and March 16 to $1.84 ($2.12) a litre. Aramisauto, a French online used...

The minutes from the most recent meeting of the Riksbank on monetary policy showed that the future is uncertain. Erik Thedeen, Governor of the Riksbank, said that it was difficult to assess?the effects? of war but warned of the dangers of stagflation (higher inflation and lower growth). Thedeen stated in the minutes that "given the length of time the crisis has been going on and the effects already being felt by the energy infrastructure, I am concerned about the long-term impact this may have on the supply of oil and natural gas in the world." On March 19, the Riksbank...

The Italian competition regulator imposed a fine on Monday of 4 million euro ($4.6 million) against online review platform Trustpilot, and its subsidiaries for failing to verify reviews' authenticity and misleading consumers regarding the services they offer. Italian Competition Authority said that the 'platform's collection of reviews allowed businesses to choose which consumers would receive review invitations, thereby reducing the representationalness of published ratings. This was true even when the reviews were labeled as "verified". Trustpilot issued a statement saying that it "strongly disagrees with the conclusions reached in this finding of?the AGCM" (regulator). We will appeal it vigorously." The...

Denmark will hold an election on February 9th. Opinion polls show that Prime Minister Mette Frederiksen’s centre-left party has a slight lead, thanks to her defiant stance against U.S. president Donald Trump's attempt to take control of Greenland. The polls indicate that while the right-wing parties trail, the final decision about who governs Denmark could be made by the moderate?Moderates Party or even a few representatives from Greenland and the Faroe Islands. What is at stake in Denmark's election? Frederiksen is the leader of the Social Democratic Party, and has been in power since 2019. She wants to serve a...

Spanish stocks slid Wednesday following fresh threats of a trade embargo from the White House. Other regional benchmarks also climbed after a brutal global sell-off that dragged stock prices to more than one-month lows amid fears about the Middle East conflict. The pan-European STOXX 600 index was up 0.6% to 607.92 by 0939 GMT. This follows two sessions in which the index lost more than 4% since Friday's record high. The benchmark index rose the most in the Technology and Healthcare sectors. The STOXX Volatility Index, Europe's fear gauge after four sessions of gains, has slipped 2.3 points. Spain also...

Investors paused on Wednesday to re-energize themselves after a global stock market crash that sent the benchmark index plummeting more than a month ago amid fears of a prolonged and widened conflict in the Middle East. By 0810 GMT, the pan-European STOXX 600 index was up 0.6% to?607.62. Since Friday's record high, the index has lost nearly 5%. The travel and luxury stocks that were at the forefront of this sell-off were each up by more than 1%. The index was boosted by the technology and healthcare sectors. Vistry fell 22% after the UK homebuilder announced that Greg Fitzgerald, its...

Saudi Arabia closed its largest domestic oil refinery after a 'drone strike' on Monday, according to a source. Across the Middle East, oil and gas facilities were forced to shut down due to?Israeli, U.S. and Iranian retaliation? The wave of attacks in the region lasted a third consecutive day. This led to the suspension of the majority of oil production in Iraqi Kurdistan, as well as at several of the largest Israeli gas fields. Exports to Egypt were also halted. The Saudi Aramco Ras Tanura refinery that produces 550,000 barrels of crude oil per day, was closed as a precaution....

Donald Trump's Greenland trade threat and U-turn may have marked a turning point for "middle power" countries around the world. They now see a much more realistic chance of rebooting globalization, with or without Washington. In this?year the U.S. President has moved from using tariffs as a tool of territorial and militaristic leverage to using them to air longstanding trade grievances. For the first time ever, this strategy was met with retaliation and a credible resistance, which forced a retreat. Europe, Canada, and other economies continue to pursue their own trade liberalisation, even as the U.S. retreats towards protectionism and...

Analysts say that after a half dozen flat earnings seasons in the European Union, steelmakers are poised for a recovery. The first quarter of 2026 may be an inflection-point. Steel prices increased faster than anticipated in recent months, despite the fact that demand has not?recovered?to 2022 levels. This is due to rising energy prices and a decrease in imports outside of the EU as a result of the EU's newly implemented safeguards. The price of hot-rolled coils in Europe has increased by around 20% over the last six months. Oddo BHF analyst Maxime Kogge said that, excluding demand, the planets...

Copper prices fell on Friday due to concerns about the continuing 'closure of Strait of Hormuz and the lack of progress made in the 'peace talks between?U.S. Iran. In official open-outcry trade, the benchmark three-month copper price?on the London Metal Exchange?slid 0.5% to $13,290 per metric ton. Israel and Lebanon extended the ceasefire by three weeks. But President Donald Trump stated that he wasn't in a hurry to reach an agreement with Iran. Ole Hansen, head commodity strategy at Saxo Bank, Copenhagen, said: "While the threat of an escalation via military conflict is reduced for the moment, the severity and...

Greenland's Prime Minister said Tuesday that he appointed his predecessor Mute Egede to the position of?foreign ministry, giving him the task of steering the relations with the United States amidst pressure from U.S. president Donald Trump to control the island. Premier?Minister Jens Frederik Nielsen stated that Egede’s portfolio would also include those of minerals resources and business policy. Trump has repeatedly claimed that the United States is in need of Greenland, which is a part if the Kingdom of Denmark. This claim has caused a rift between European NATO allies, who have rejected it. Greenland and Denmark, as well as...

The Australian'miner' Energy Transition Minerals said that Greenland has informed it of a potential rejection of the exploration licence renewal request for its 'Kvanefjeld Rare Earths Project. Energy Transition Minerals shares fell 5.6%, to A$0.051, by 0152 GMT after trading resumed following a stoppage on Thursday. The benchmark S&P/ASX 200 index rose 1.5%. Kvanefjeld, a large-scale project to produce?rare Earths in the west, has the potential of becoming a major producer of minerals critical for consumer electronics. Energy Transition Minerals said it received a draft of a decision from the Greenland Government indicating the intention of the mineral resources ministry...

Boliden announced on Wednesday that it expected earnings for the first quarter of 2026 - before interest, taxes and depreciation - to be impacted by about 400 million Swedish crowns ($42.77m) due to production being impacted in its Garpenberg Mine because of abnormally high earthquake activity earlier this month. Swedish miner reported its first-quarter production was slightly less than 0.8 million tonnes, down from an initial?expectation that slightly more than 0.9 million tonnes. The company said that production in the worst affected part of the mine will not resume until 2026. Garpenberg said that until further notice, its production will...

Greenland's Naleraq Party, which supports rapid independence from Denmark won its first Danish seat at the general election. This sends a critic of Copenhagen-Nuuk's union to a parliamentary chamber during a crucial time in the history of the kingdom. Naleraq secured 24.6% of the vote on Tuesday, an increase of sharply from 12.2% during the 2022 elections. The election result comes amid increased international interest in Greenland after U.S. president Donald Trump's attempts to control the Arctic Island. "It's a clear signal that the status quo in Greenland will not be tolerated," said Qarsoq Hgh-Dam who won Naleraq’s seat. He...

Schindler's head, who is Swiss, told? The head of the Swiss lift maker told? Bloomberg News reported last week that TK Elevator, a subsidiary of?Finland?s?Kone?was in negotiations to purchase TK Elevator? (TKE), citing people familiar with the situation. The merger would make Schindler the second largest lift manufacturer in the world, surpassing OTIS. Schindler CEO Paolo Compagna stated that the deal would be a 'bloodbath' bound to disrupt industry as the third- and fourth-largest manufacturers of lifts would have to integrate overlapping customer bases and production sites, and also?teams. Compagna stated in the interview that she was sure that they...

Norsk Hydro announced on Thursday that its 'Qatalum' aluminium smelter, located in Qatar, would halt the curtailment begun last week. Production will be maintained at around 60% of capacity with reduced natural gas supplies. Qatalum - which has an annual smelting capability of 648,000 tons - began a controlled shut down on March 3, after it was informed that the gas supply would be cut off. QatarEnergy, a state-owned company, announced the day before that it would halt?LNG output after Iranian drones attacked its facilities. Hydro released a statement saying that Qatalum had decided to stop further curtailment after receiving...

The Iran War has exposed a growing vulnerability of the West's aluminium supply, a metal that is classified by the United States as a "critical manufacturing input" and by the European Union. The London Metal Exchange's (LME) aluminium prices hit a four-year peak of $3,418 per metric ton Wednesday, after a Gulf producer, Qatalum, a joint venture between Norsk Hydro, Qatar Aluminum Manufacturing and Qatar Aluminum Manufacturing started shutting down their smelter, and another, Aluminium Bahrain, declared force majeure. The closure of the Strait of Hormuz, which is still in place, risks further disruption of a regional hub of production...

On Wednesday, copper prices recovered from two sessions of losses due to better than expected private factory data from China, the top metals consumer. The aluminium price rose to its highest level in more than a month, on the back of supply concerns resulting from the escalating conflict in the Middle East. This region is a major producer of this metal. The benchmark three-month copper price on the London Metal Exchange rose 1.5%, to $13,150 per metric ton at 1030 GMT. LME copper has fallen 3% in the last two sessions due to fears that the Mideast conflict will hinder...

Buy expensive steel that is made using a "nascent" technology powered by green hydrogen, which barely exists? Under European Union plans, which aim to bolster the steel industry of the EU while still meeting?its environmental targets, this is what Europe's automakers face. They are already under pressure from a fiercer competition in China. The EU changed its CO2 emission targets for new cars in December to 90% by 2035, from 100%. This was a shift from the earlier 100% target. EU WANT TO BOOST EUROPEAN STAINLESS SECTOR The new proposal is tied to the EU Industrial Accelerator Act, due to...

Rare Earths Norway announced on Tuesday that the estimate of mineral resources in a mine under development by Europe's largest project for rare earths has increased by 81% from?the previous evaluation two years ago. The development of Fen in southern Norway, the company's rare earth project, would help the continent to reduce its dependence on the dominant producer China. According to a WSP statement, the project contains 15.9 million metric tonnes of total rare earth oxide in indicated and implied resources. It added that the new estimate is based on additional exploration drilling done last year, and compares to 8,8...