Sweden

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...

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...

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...

Hazeltree, a data and technology firm, said that shortsellers had targeted a broader range of equity sectors before President Donald Trump announced his "Liberation Day", or April 2, tariff announcement. They also raised negative bets against a group of large tech stocks. Super Micro Computer was the most popular security. It knocked oil and gas producer Chevron from the top spot it held for two months. Prior to this, tech stocks dominated the top 10 list of most-shorted U.S. Large Caps. Hazeltree reported that only five of the top 10 stocks most shorted in March were tech shares, compared to...

These are the most popular stories from the Financial Times. These stories have not been verified and we cannot vouch their accuracy. Headlines Volvo Cars brings former boss back to provide a'steady' hand Trump threatens to impose secondary tariffs on Russian Oil if there is no agreement on Ukraine Isar declares launch of rocket a success, despite first-time failure to reach orbit Task force urges to eliminate oil and gas windfall taxes before 2030 View the full article Volvo Cars has appointed Hakan Samuelsson as its new chief executive after warning last month of a potentially challenging 2025. Donald Trump,...

At a Beijing business forum on Sunday, Chinese Premier Li Qiang called for countries to expand their markets in order to combat the "rising uncertainty and instability" as China prepares to face further U.S. trade tariffs. State media reported that Li said, "In an increasingly fragmented and uncertain world, with rising instabilities and uncertainties, it's more important for countries to open their markets and enterprise... to resist challenges and risks." He was speaking to dozens of visiting U.S. Republican senator Steve Daines and dozens other foreign CEOs at the China Development Forum. Sources previously said that foreign CEOs, including Tim...

Cognite, a Saudi Aramco-backed software company for industrial applications in Bengaluru in southern India, opened its AI service center on Wednesday and announced that it was exploring possible contracts with the top conglomerates of the country. The company declined to give further details, but said that it had signed agreements with two major automobile companies and a large industrial-cement company. Hakon Bjerke, chief strategy officer at Cognite, said that the company is "betting on India" and investing millions of dollars in India. Cognite produces software to help companies improve the safety and operation of industrial installations such as oil and...

Microsoft's director of AI Infrastructure, who is responsible for the data centres, said that Microsoft will shift its strategy so as to be driven more by power availability than by user demand or supply. The Nordic region, he added, would be a great place to have emission-free capability to support artificial intelligence. Microsoft, which has about 300 data centres around the world and will invest an additional $80 billion in them before the end of the month, is aiming to be carbon-negative by 2030. This means it must find a renewable energy source that emits no emissions to support the...

The Finnish utility Fortum reported on Tuesday that its fourth-quarter operating profit was below analysts' expectations. It cited lower volumes of hydro and nuclear power and weaker prices. Fortum says that the fall in Nordic spot prices was partially offset by the ongoing recovery of Nordic power demand. According to a poll conducted by the company, analysts had expected 280 million euro in operating profit. Fortum CEO Markus Rauramo stated in a press release that the comparable operating profit of the Generation segment decreased due to lower volumes for hydro and nuclear and lower spot and hedge price. Operating profit...

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...

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...

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...

The latest earnings estimates showed that the outlook for European corporate health is improving. According to data from LSEG, European companies will report an average increase of 1.9% for their first quarter earnings. This is better than the 0.4% analysts had predicted a week earlier. This improvement comes after 59.6% STOXX600 companies have already exceeded analyst expectations in the first quarter. LSEG data shows that at the time of Donald Trump's inauguration, in January, forecasts called for a 3.5% rise in earnings for the first quarter. However, this was reversed following Trump's announcements on tariffs in April, with expectations of...

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...

The weak market and lower prices in North America have impacted the operating profit of Swedish steelmaker SSAB by 57%. The operating profit fell to 1,35 billion Swedish crowns (140.29 millions) from 3,16 billion crowns in the quarter January-March, compared with 3.16 billion crowns one year ago. The European steel industry is now facing increased import duties from the United States, in addition to being under pressure by cheap Chinese steel and rising energy costs. SSAB which has steel businesses in both Europe and America, stated in a press release that the tariffs imposed by President Donald Trump on the...

Volvo Cars, a Swedish automaker, announced cost reductions of 18 billion Swedish crowns (1.8 billion dollars) on Tuesday after its operating profit dropped sharply amid the difficult automotive market conditions. The operating profit of the company, owned by China's Geely in majority, was 1.9 billion Swedish Crowns from January to March, compared with 4.7 billion crowns the previous year. The company announced that the cost reductions, which are part of its new "cost-and-cash action plan", include layoffs, and a greater decrease in investment than previously expected. It also said it had withdrawn the financial guidance for the following two years....

Trelleborg, a Swedish industrial group, said that it sees only a small direct impact of the U.S. tariffs. It expects to manage this through production adjustments and increased prices. Trelleborg will tackle tariff challenges by optimising and localising production, managing prices and ensuring flexibility in global operations. In a recent earnings report, the company said that indirect effects, such as disruptions in supply chains and higher costs of raw materials, could still have a negative impact on business. According to LSEG, the adjusted operating profit before amortization rose to 1,62 billion Swedish Crowns ($169 millions) in the third quarter, which...