Scandinavia

The Norwegian company DNO announced on Wednesday that it had sold all of its gas production from the Norwegian continental shelf over a period of four years to French utility Engie at an undisclosed price. The deal was facilitated by an American bank loan, as U.S. banks are increasing funding for the fossil fuel sector. It also said it is in talks over a similar agreement and financing facility related to its North Sea oil production. The agreement will take effect on October 1, and it covers DNO’s increased gas production following its March acquisition of assets from Sval Energi....

Petrobras, the state-run oil company in Brazil, was the biggest winner of the auction on Thursday. The sale is expected to generate revenues in excess of $5.08 billion. The amount exceeds initial Government forecasts The 25 billion reais should boost the public coffers, as the Luiz Inacio Lula Da Silva administration tries to reach its fiscal targets. The state-run company PPSA held the auction, and is responsible for selling that portion of oil which companies producing under share contracts in pre-salt fields must give to the Brazilian government according to Brazilian law. Petrobras purchased three of the seven lots that...

Travel stocks led the UK's midcaps on Tuesday as investors were encouraged by signs of eased tensions in Middle East, and a positive forecast from Carnival Cruise Lines. The domestically oriented FTSE 250 rose 1%, reaching a record high of more than a week. Carnival's UK listed shares rose 11.8%, outpacing gains in the midcap index. raised Its annual profit forecast was higher than expected and it beat the second-quarter earnings estimate. The FTSE 350 Travel & Leisure index rose 3.6% after U.S. president Donald Trump announced Israel and Iran reached a 12-day-old ceasefire. Both sides accuse each other Violations...

Igor Krasnov is the Russian Prosecutor-General, who led the government's effort to seize property valued at 2.4 trillion rubles ($31 billion). He said that foreign companies returning to Russia would be closely monitored to ensure Russia benefits. In the three years since Russia began its war in Ukraine, Moscow has taken over a dozen assets owned by foreigners under its management. This year, prosecutors have increased the seizure and confiscation of assets in Ukraine. As the economy slows down after two years of high growth, fueled by military spending, Russian officials try to strike a balance between protecting the economy...

Daimler Trucks is building up inventory to address supply problems linked to Chinese export restrictions. Daimler Trucks says it has learned lessons from the chip crisis. Recent export regulations in China are causing concern for the automotive industry. They fear that this will affect supply of rare Earths which is needed to make magnets. Exporters are required to apply for new licenses since April. These licences are being granted slowly. China is the dominant market for raw materials used in various components, from electric motors to the window mechanisms of cars and trucks. Karin Radstrom, CEO of Daimler Truck, told...

AB Volvo, a European truckmaker rival, and Daimler Truck, a European truck manufacturer, hope to reduce costs and rely less on suppliers through collaborating on implementing a software defined vehicle program. Like automakers, truck and fleet manufacturers are racing to create vehicles with advanced technology while also battling the need to cut costs. Daimler-Volvo's new venture, Coretura, aims to reduce this dependence by developing a software defined vehicle platform. Daimler Trucks CEO Karin Radstrom said that the companies were looking to create a "standard industry". Radstrom stated that they are looking to see how to move away from the current...

The sudden departure of Luca de Meo as CEO of Renault has sparked a search for a successor. Analysts have mentioned longtime insider Denis Le Vot, and Maxime Picat from Stellantis rival as candidates to continue the French carmaker's turnaround. Investors worried about Renault's future with de Meo gone, pushed the shares down by up to 8%. This was the biggest percentage drop in a single day since February 2022. Kering shares, where de Meo will be CEO, rose. Picat, the head of global procurement and supply chains for Stellantis, was in the running to be the CEO at the...

Orsted, world's largest offshore wind developer will increase its investment in Taiwan and South Korea, where it already has projects. Instead of expanding into new markets in Asia a senior official at the company said on Monday. The Danish company has lost around 80% of the value of its stock market since its peak in 2021 due to rising costs, disruptions in supply chains and a loss of investor trust in offshore wind. Per Mejnert Kristensen is Orsted's Asia-Pacific President. He spoke on the sidelines at the Energy Asia2025 conference. Orsted, which is the largest offshore developer in terms of...

Court filings show that a Russian court postponed the legal proceedings in a $2.9 Billion lawsuit brought by Rosatom, Russia's nuclear energy company, against Finland's Fortum & Outokumpu by over nine months. In May, documents filed in court and a Rosatom press release revealed that the state-controlled nuclear energy company Rosatom was seeking compensation of 227.8 billion Russian roubles (about $2.9 billion) for the termination of the contract for the Hanhikivi-1 Nuclear Power Plant in Finland. Court documents, which did not provide any further information, showed that the hearing at the Moscow City Arbitration Court scheduled for Wednesday morning has...

The ethics watchdog of Norway's $1.9 trillion fund is reviewing the practice by Israeli banks to underwrite Israeli settlers' commitments to build houses in the occupied West Bank. This review could lead up $500 million in divestments. The Council on Ethics (a public body established by the Ministry of Finance) has decided to not object to the Fund’s investments in platforms like Airbnb, which offer rentals in Jewish settlements. The Norwegian parliament has set ethical guidelines for the companies in the portfolios of the largest wealth fund in the world. Svein Brandtzaeg, the Council's head in an interview on May...

Norway's sovereign fund has said that it will vote for three out of Elliott Investment Management’s four directors in a bitter fight over board seats at Phillips 66. Norges Bank Investment Management - one of Phillips 66’s 10 largest shareholders - detailed its plans in a table posted on its website. It said it would support former ConocoPhillips executives Brian Coffman, Sigmund Cornwallelius, and former Targa Resources executive Michael Heim. Phillips 66 shareholders will decide on the winner of Wednesday's annual meeting. Elliott wants to see shareholders elect four new directors who will help to overhaul corporate strategy. Elliott is...

Statistics Norway (SSB), on Thursday, released data showing that the Norwegian economy's growth was faster than expected in the first quarter 2025. In the January-March timeframe, mainland GDP increased by 1.0% in comparison to October-December. The economists polled had predicted a growth of 0.6%. The Norwegian crown currency rose against the Euro to 11,62 at 0609 GMT, from 11,63 before the release of data. spring budget proposal The central bank of Norway had predicted that the economy on the Norwegian mainland would grow by 0.6% during the first quarter, compared to the last three months in 2024 when it contracted...

Volvo Cars, based in Sweden, reported Wednesday that sales volume had fallen for the fourth consecutive month due to trade tariffs as well as a weaker demand for electric vehicles. Volvo Cars, owned by China's Geely in majority, announced in a press release that it had sold 62 858 cars in the month of June, down 12% from a year ago. In April, the group, in response to tariffs, retracted its earnings forecasts for the next two-year period. The sales of electric vehicles fell by 26%, accounting for 22% in total sales. The sales of all electrified vehicles, including plug-in...

Greenland granted a permit for a project backed by the European Union to mine molybdenum. This metal is used in aerospace, defence, and energy, and China has placed export restrictions on it. After U.S. president Donald Trump expressed interest in buying it earlier this summer, the resource-rich Arctic Island has seen increased activity in its mining industry over the last month. The government of Greenland said that the permit was given to Toronto-listed Greenland Resources, a company supported by the European Raw Material Alliance and which holds the license to the Malmbjerg Project in eastern Greenland. According to the company,...

Autoliv, the largest manufacturer of airbags in the world, and seatbelts has set up a taskforce to combat China's You can restrict yourself to certain areas. The CEO of the company said that the group is focused on exporting rare earth magnets and doesn't expect a production halt in the next few weeks. CLEPA, the European association of auto suppliers, warned on Wednesday that more shutdowns could be expected due to the shortage of rare Earths caused by China’s export restrictions. Autoliv's factories are still operating, according to CEO Mikael Bratta in an interview at the group strategy update. When...

S&P lowered its outlook on Volvo Cars' BB+ rating to "negative" on Friday from "stable". The company said that the increased competition in China and the U.S. Tariffs were harming the growth prospects of the company. Last month, the Swedish automaker, owned by China's Geely in majority, retracted its earnings guidance. It also announced cost-cutting measures, including the layoff of 3,000 workers, mostly white-collar, due to a drop in demand. S&P stated in a press release that "the negative outlook for Volvo Cars reflects the company's large exposure to U.S. tariffs on imports, and its increasing marginalisation on the Chinese...

Volvo Cars, based in Sweden, announced on Monday that it would cut 3,000 jobs - mostly white collar - as part of the restructuring announced last week. The company is struggling with high costs and a slowdown in demand for electric vehicles as well as uncertainty about trade tariffs. Volvo Cars is owned by China's Geely Holding and announced a program to cut costs by 18 billion Swedish crowns (US$1.9 billion). The company also warned that layoffs were inevitable. According to the earnings report, 43,500 employees worked full time for the automaker and 3,000 were employed by staffing agencies. Volvo...

U.S. president Donald Trump threatened again on Friday to intensify his trade war. He recommended a 50% tariff for goods from the European Union starting on June 1, sending European stock prices crashing. Eurostat reports that the United States will be the bloc's largest export partner by 2024, accounting for 20,6% of all exports. According to data, the most important export group of the EU to the U.S. in 2024 was pharmaceuticals, followed by motor cars, aircrafts, and related equipment. Germany was the third largest exporter to the United States of the EU, with 161 billion euro worth of goods....

Greenland handed a mining permit of 30 years to a Danish and French mining group on Wednesday. The group is aiming to mine a lunar-like rock which could provide a climate-friendly option in aluminum production. Since Donald Trump, the U.S. president, expressed interest in buying it in early this year, the Arctic island, rich in minerals and oil, as well as natural gas, has attracted international attention. Greenland Anorthosite Mining, which is developing an area in western Greenland, was granted the permit. The company has the backing of French investment group Jean Boulle Group, as well as state investment funds...

Sandvik, a Swedish manufacturer of metal-cutting equipment and mining equipment, said it aimed to save 1 billion Swedish crowns (about $103.3 million) annually by 2030. The company made the announcement in advance of its Investor Days on Tuesday. Sandvik said it will split its Manufacturing and Machining Solutions into two separate business areas and plan to implement restructuring measures within the Machining Business throughout 2025-2030 in order to improve its geographical footprint and increase its regionalisation. In 2024, Manufacturing and Machining Solutions will account for about 40% of Sandvik’s revenue. In recent quarters, it has been hit by a weak...

Rosatom, a Russian company, has filed a suit in Moscow against Finland’s Fortum and Outokumpu. The lawsuit demands 227,8 billion roubles (2.8 billion dollars) as compensation for losses resulting from the termination of the contract for the Hanhikivi-1 Nuclear Power Plant in Finland. The dispute between Rosatom and the former Finnish partners over the cancelled contract dates back to May 2022. This was when the Finnish partner terminated the contract shortly after the conflict in Ukraine 2022 began. They cited significant delays, risks of political nature, and doubts regarding the feasibility of the project. Rosatom, which announced its intention to...

The court in Sweden granted permission to Heidelberg Materials Cement on Wednesday for it to continue mining the limestone at its quarry located on the island Gotland. This secures the future of this plant, which supplies 75% of all the cement produced in the country. A court in 2021 rejected an extension of the quarrying on the Slite site. This led to warnings about cement rationing, and the loss of jobs across the construction industry. Slite's future was still in doubt, but the government reversed the court decision. The company received a four-year concession for 2022. The firm has been...

Volvo Cars announced on Monday a 11% decline in April sales, to 58.881 vehicles, compared with a year ago, which sent its shares lower. Volvo Cars, owned by China's Geely and majority-owned, reported in a press release that sales of electric vehicles fell 32%, accounting for only 20% of the total volume of sales. The sales of all electrified vehicles, including plug-in hybrids and electric cars, fell by 16%, accounting for 45%. Volvo Cars under pressure from Donald Trump's new administration Tariffs Juggling is the task Working with Geely, to reduce costs and continue to sell cars to American consumers...

A U.S. delegation led by an ex-official of the Trump administration is scheduled to visit Greenland next week to explore potential investment opportunities within the vast natural resources on this Arctic island. Since Donald Trump's inauguration in January, the U.S. has become more interested in Greenland. This self-governing territory is a Danish territory. The increased interest has caused tensions between Washington and Copenhagen. Trump has refused to exclude the possibility of taking Greenland militarily if Denmark refuses to sell it. This is the first visit by a delegation from the private sector to the Arctic Island since Jens-Frederik Nielsen, the...