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☆ Denmark Awaits New King, as Queen Margrethe to Bow Out
▼ + stars: | 2024-01-13 | by ( Jan. | At P.M. | ) www.usnews.com time to read: +3 min

People from all over Denmark are expected to crowd Copenhagen in a sign of the huge popularity the monarchy is enjoying. "It could be that she thinks Prince Frederik is prepared to take over now," said Lars Hovbakke Sorensen, a historian and associate professor at University College Absalon in Denmark. "He's 55, and maybe the queen wanted to avoid a situation where you would have a very, very old king, as you saw with Prince Charles." The British king was 73 when he ascended the throne after his mother Queen Elizabeth died in September 2022 aged 96. The new Danish royal couple will take the throne at a time of huge public support and enthusiasm for the monarchy.

Persons: Stine Jacobsen, Johannes Birkebaek COPENHAGEN, Margrethe II, Denmark's, Frederik, Danes, Margrethe, It's, Anna Karina Laursen, Hans Christian Andersen, Mary, Royce, Christian, Mette Frederiksen, Klaus Johansen, Prince Frederik, Lars Hovbakke Sorensen, Prince Charles ., Queen Elizabeth, Johannes Birkebaek, Jacob Gronholt, Pedersen, Frances Kerry Organizations: of State, Reuters, ROYAL POWER, University College Absalon, Danish Locations: Copenhagen, Danish, Denmark, Britain

☆ Eni's Vaar Energi makes Arctic gas discovery
▼ + stars: | 2022-12-23 | by ( ) www.reuters.com time to read: +1 min

OSLO, Dec 23 (Reuters) - Norway's Vaar Energi (VAR.OL), majority owned by Italy's Eni (ENI.MI), said on Friday it had made a gas discovery near the Goliat field in the Arctic Barents Sea, supporting the group's long-term plans to expand in the area. "This is the largest discovery on the (Norwegian continental) shelf this year and comes as a Christmas gift," Vaar exploration manager Alessandro Barberis said in a statement. Preliminary estimates place the size of the gas discovery between 57 million and 132 million barrels of recoverable oil equivalents, or 9 million to 21 million standard cubic metres. "The discovery could serve as another step towards realising additional gas infrastructure in the Barents Sea in the future," said Rune Oldervoll, Vaar's head of production and exploration. "We have a long-term growth strategy for the Barents Sea and will continue to chase new opportunities for value creation."

☆ Sweden faces recession lasting into 2024, finance minister says
▼ + stars: | 2022-12-22 | by ( ) www.reuters.com time to read: +1 min

"I said in October that Sweden was heading towards an economic winter and what we see now is that the winter looks to be more protracted than we thought," Finance Minister Elisabeth Svantesson told a news conference. The economy is now seen growing by just 1% in 2024, down from 2% seen previously, before recovering to growth of 2.7% in 2025, the ministry predicted. Swedish households have become increasingly gloomy in recent months, hit by rampant inflation, rising mortgage costs and record-high electricity prices. November CPIF, the inflation target measure for the Riksbank, was 9.5% in November, way above the 2% target. Reporting by Stine Jacobsen and Simon Johnson, editing by Terje Solsvik and Tomasz JanowskiOur Standards: The Thomson Reuters Trust Principles.

☆ Equinor injects $3.7 bln into its energy trading business
▼ + stars: | 2022-12-21 | by ( Stine Jacobsen | ) www.reuters.com time to read: +2 min

Soaring energy prices and extreme market volatility have forced multiple European utilities and traders to secure extra funds to cover margin call requirements. "When prices go up, so does the size of margin calls on the energy exchanges," Danske Commodities' finance chief Jakob Sorensen said in a statement. Danske Commodities, which posted a six-fold rise in 2021 operating profits to record levels, told Reuters it expected another record year for 2022 and aimed to continue to grow its business. "As such, the capital injection underlines our growth ambitions, the synergies we gain from being part of Equinor and our commitment to contributing to functioning energy markets," it said in a written comment. Equinor's gas and power chief Helge Haugane, who also chairs Danske Commodities, said he was pleased with Danske's performance.

☆ Justin Bieber slams H&M "trash" merchandise featuring his image
▼ + stars: | 2022-12-20 | by ( ) www.reuters.com time to read: +1 min

[1/2] Justin Bieber performs a medley of songs at the 2016 Billboard Awards in Las Vegas, Nevada, U.S., May 22, 2016. REUTERS/Mario Anzuoni/File PhotoCOPENHAGEN, Dec 20 (Reuters) - Pop singer Justin Bieber lashed out at H&M (HMb.ST) over clothes featuring the Canadian artist's image and lyrics, saying the Swedish fashion giant had not obtained his approval. "The H&M merch they made of me is trash and I didn't approve it," Bieber wrote in an Instagram story on Monday, encouraging his 270 million followers not to buy it. "As with all other licensed products and partnerships, H&M followed proper approval procedures," an H&M spokesperson said in a written comment to Reuters. ($1 = 7.0100 Danish crowns)Reporting by Stine Jacobsen, editing by Terje Solsvik and Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

☆ Ukraine's Zelenskiy asks European leaders for air defence, tanks, weapons
▼ + stars: | 2022-12-19 | by ( Andrius Sytas | ) www.reuters.com time to read: +3 min

"I ask you to increase the possibility of supplying air defence systems to our country, and to help speed up the relevant decisions to be taken by our partners," Zelenskiy said, addressing Sunak. "For our defence operations to be more successful we need armoured vehicles, primarily tanks," said Zelenskiy. "The sooner we restore our border control, the stronger your security will be," Zelenskiy said. "Ukrainian children in their letters to St Nicholas ask for air defence, for weapons, for victory," he said, referring to the name used for Santa Claus in Ukraine. Reporting by Andrius Sytas, editing by Terje Solsvik, Stine Jacobsen and Tomasz JanowskiOur Standards: The Thomson Reuters Trust Principles.

☆ Fortum agrees final terms for Uniper sale to Germany
▼ + stars: | 2022-12-19 | by ( ) www.reuters.com time to read: 1 min

HELSINKI, Dec 19 (Reuters) - Finland's Fortum (FORTUM.HE) on Monday said it had signed the final terms of an agreement that will allow the company to sell its shares in troubled utility Uniper (UN01.DE) to the German government. The German government in late September agreed to take over Fortum's Uniper subsidiary, effectively nationalising the gas importer to try to cover losses incurred after Russia cut supplies. Fortum on Monday said it would sell its Uniper shares to Germany for 0.5 billion euros ($532 million) and get back a parent loan of 4 billion euros, in line with the earlier agreement. ($1 = 0.9401 euros)Reporting by Essi Lehto, editing by Terje Solsvik and Stine JacobsenOur Standards: The Thomson Reuters Trust Principles.

☆ H&M shares drop as Sept-Nov sales fail to impress
▼ + stars: | 2022-12-15 | by ( Stine Jacobsen | ) www.reuters.com time to read: +3 min

H&M, which has struggled to keep up with bigger rival Zara, last month became the first big European retailer to lay off staff in response to the cost-of-living crisis as it tries to save 2 billion Swedish crowns ($196 million) a year. Net sales for September-November, H&M's fiscal fourth quarter, rose 10% to 62.5 billion Swedish crowns ($6.1 billion), up from 56.8 billion crowns a year ago. Analysts polled by Refinitiv had on average forecast 62.17 billion crowns. H&M said it had wound up its operations in Russia and Belarus during the quarter with the last stores having closed on Nov. 30. "During the quarter around 25–50 stores in China were temporarily closed due to new COVID outbreaks," it said in a statement.

☆ Fashion retailer H&M's Sept-Nov sales beat forecast
▼ + stars: | 2022-12-15 | by ( Stine Jacobsen | ) www.reuters.com time to read: +1 min

COPENHAGEN, Dec 15 (Reuters) - H&M (HMb.ST), the world's second-biggest fashion retailer, reported on Thursday a 10% increase year-on-year in September-November net sales, slightly exceeding market expectations of a 9.5% rise. Net sales for September-November, H&M's fiscal fourth quarter, stood at 62.5 billion crowns ($6.13 billion), up from 56.8 billion crowns a year ago, while analysts polled by Refinitiv had on average forecast 62.17 billion crowns. "During the quarter around 25–50 stores in China were temporarily closed due to new COVID outbreaks." Measured in local currencies, sales in the quarter were unchanged, it said. ($1 = 10.2119 Swedish crowns)Reporting by Stine Jacobsen; editing by Terje Solsvik and Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

SummarySummary Companies Maersk needed 'new energy' in CEO position - chairmanClerc takes over as shipping boom comes to an endImportant to keep costs down amid high growth - ClercCOPENHAGEN, Dec 12 (Reuters) - A.P. Moller-Maersk (MAERSKb.CO) said on Monday it had appointed company veteran Vincent Clerc as its new chief executive to lead the shipping giant through a period of slowing container demand. "The strong tail winds that benefited the supply chain industries during the pandemic are coming to an end," Maersk Chairman Robert Maersk Uggla told a press conference at the company's headquarters in Copenhagen. Shares in Maersk have roughly doubled since Skou took over as CEO in 2016. Copenhagen-based Maersk is one of the world's biggest shipping and logistics companies, handling supply chains for large customers like Walmart and Nike.

☆ Shipping firm Maersk picks Vincent Clerc as new CEO
▼ + stars: | 2022-12-12 | by ( ) www.reuters.com time to read: +1 min

Moller-Maersk (MAERSKb.CO) said on Monday it had appointed Vincent Clerc, who has been with the firm for 25 years, to replace Soren Skou as Chief Executive Officer as of Jan 1. "With an increasingly challenging outlook, the board believes Vincent holds the right experience and capabilities as CEO to pursue and oversee Maersk’s strategic and organizational development in the years to come," he added. Company veteran Clerc currently heads the company's Ocean & Logistics business. Skou, who has been in the job since 2016, oversaw the group's transformation from a conglomerate into an integrated logistics company. Reporting by Stine Jacobsen, editing by Terje SolsvikOur Standards: The Thomson Reuters Trust Principles.

☆ Latvia cancels license of Russian independent television station TV Rain
▼ + stars: | 2022-12-06 | by ( ) www.reuters.com time to read: 1 min

VILNIUS, Dec 6 (Reuters) - The Latvian broadcasting regulator cancelled the license of Russian independent television station TV Rain on Tuesday, the regulator's chairman said. "In connection with the threat to the national security and public order, (the regulator) has made a decision this morning to annul the broadcast license of TV Rain", Ivars Abolins said on Twitter, adding the broadcasts will cease on Thursday. (This story has been refiled to add the dropped word 'of' in paragraph 1)Reporting by Andrius Sytas in Vilnius and Janis Laizans in Riga, editing by Stine JacobsenOur Standards: The Thomson Reuters Trust Principles.

☆ Latvia cancels licence of exiled Russian television station TV Rain
▼ + stars: | 2022-12-06 | by ( Andrius Sytas | ) www.reuters.com time to read: +3 min

Summary Russian TV station moved to Latvia after Ukraine invasionLatvian regulator says it poses security threatTV Rain calls accusation "absurd"VILNIUS, Dec 6 (Reuters) - Latvia has cancelled the licence of Russian independent television station TV Rain after the company was branded a threat to national security, the state broadcasting regulator said on Tuesday. TV Rain said it programmes could still be seen on YouTube. Abolins said the regulator was convinced TV Rain did not understand "the essence and gravity" of its alleged violations. TV Rain apologized to its viewers and fired a presenter on Friday after Latvia's State Security Service launched an investigation into comments he made on air. TV Rain editor-in-chief Tikhon Dzyadko called the comments "misleading", tweeting last Friday: "TV Rain did not, does not, and will not act to help supply the Russian army".

☆ Volvo Cars' sales growth accelerates to 12% in November
▼ + stars: | 2022-12-02 | by ( ) www.reuters.com time to read: 1 min

STOCKHOLM, Dec 2 (Reuters) - Sweden-based Volvo Car AB (VOLCARb.ST) said on Friday its sales grew 12% year-on-year in November to 59,154 cars. "Overall underlying demand for the company's cars continues to remain robust, especially for its Recharge range of pure electric and plug-in hybrid cars," it said in a statement. The sales growth accelerated compared with October when it was 7%. Volvo Cars, which is majority-owned by Chinese automotive company Geely Holding (0175.HK), said fully electric vehicles accounted for 20% of sales, up from 15% the previous month. Recharge models, including those not fully electric, accounted for 42%, up from 37%.

☆ Sweden's H&M to lay off 1,500 staff in drive to cut soaring costs and rescue profits
▼ + stars: | 2022-11-30 | by ( Stine Jacobsen | ) www.reuters.com time to read: +3 min

The cuts by H&M, which employs roughly 155,000 people, are part of a plan laid out in September to save 2 billion Swedish crowns per year. "Keeping the lights and heating on in vast stores is becoming increasingly unaffordable with energy prices so volatile," she added. In contrast to H&M, Inditex reported in September quarterly sales growth and said it planned to hike prices to offset soaring costs. British fashion retailer Primark has announced plans to add 1,800 jobs in Spain and Britain as it expands. H&M said its savings would start to kick in from the second half of next year, while it will take a restructuring charge of 800 million Swedish crowns in the fourth quarter.

☆ Sweden's H&M first big European retailer to cut jobs as inflation hits demand
▼ + stars: | 2022-11-30 | by ( Stine Jacobsen | ) www.reuters.com time to read: +2 min

COPENHAGEN, Nov 30 (Reuters) - Swedish fashion giant H&M (HMb.ST) on Wednesday became the first big European retailer to start layoffs by announcing 1,500 job cuts owing to softening demand as consumers cope with soaring inflation. The move by the world's No.2 fashion retailer comes as surging cost of living and the blow from the Ukraine war hurt consumer spending and pressured companies across Europe and the United States to save cash. The company said the savings would start to kick in from the second half of next year, while it will take a restructuring charge of 800 million Swedish crowns ($75.80 million) in the fourth quarter. The H&M clothing store is seen in Times Square in Manhattan, New York, U.S., November 15, 2019. While high-street retailers are struggling due to stiff competition from online-only brands, British fashion retailer Primark has recently announced plans to add 1,800 jobs in Spain and Britain as it benefits from shoppers trading down in price.

☆ Fashion retailer H&M to cut 1,500 jobs in cost saving drive
▼ + stars: | 2022-11-30 | by ( ) www.reuters.com time to read: 1 min

OSLO, Nov 30 (Reuters) - Swedish fashion retailer H&M (HMb.ST) will cut some 1,500 jobs as part of its cost cutting drive and book a restructuring charge of 800 million Swedish crowns ($75.80 million) in the fourth quarter, it said on Wednesday. In September, H&M, the world's No. 2 fashion retailer, launched a plan to save 2 billion Swedish crowns per year. "We will support our colleagues in finding the best possible solution for their next step," she added. ($1 = 10.5546 Swedish crowns)Reporting by Terje Solsvik, editing by Stine Jacobsen and Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

☆ Airline SAS' losses deepen, warns bankruptcy protection will drag out
▼ + stars: | 2022-11-30 | by ( ) www.reuters.com time to read: +2 min

STOCKHOLM, Nov 30 (Reuters) - Crisis-hit Scandinavian airline SAS (SAS.ST) on Wednesday reported a much deeper loss in its August-October quarter than last year and said it will take slightly longer than previously expected to complete its bankruptcy protection process. SAS, whose biggest owners are the Swedish and Danish governments, said in a statement it aimed to complete its bankruptcy protection process during the second half of 2023. SAS hopes to cut costs by 7.5 billion crowns, raise at least 9.5 billion in new equity and convert more than 20 billion of debt into equity as part of its rescue plan. SAS, which formerly earned a large share of its profits from business travel, is refocusing towards leisure. Its full-year pretax loss adjusted for items affecting comparability widened to 7.94 bllion despite full-year sales doubling to 31.8 billion crowns, in line with guidance given in September.

☆ Fashion retailer H&M to cut 1,500 jobs in cost-saving drive
▼ + stars: | 2022-11-30 | by ( ) www.reuters.com time to read: +1 min

OSLO, Nov 30 (Reuters) - The world's No.2 fashion retailer H&M (HMb.ST) said on Wednesday it will cut 1,500 jobs to reduce costs amid softening demand as consumers cope with a surge in cost of living. The Swedish company, which employs roughly 155,000 people, had launched a plan to save 2 billion Swedish crowns per year in September. A restructuring charge of 800 million Swedish crowns ($75.80 million) would be booked in the fourth quarter, H&M said in a statement. The benefits would start to kick in from the second half of next year, H&M said. ($1 = 10.5546 Swedish crowns)Reporting by Terje Solsvik, editing by Stine Jacobsen, Louise Heavens and Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

[1/2] Offshore oil and gas platform supply vessels (PSVs) are docked at a pier in Stavanger, Norway, August 10, 2021. The decision to postpone the so-called 26th licensing round was part of the minority government's budget deal with the opposition Socialist Left Party (SV), Terje Aasland said in an interview. The deal extends an agreement the minority cabinet and SV made last year, when the government won elections, which delayed the 26th licensing round by a year. Aasland said there was "no drama" in the decision as authorities still issue licences to oil companies in a parallel licensing around called the APA round, in so-called mature areas that are already open to oil companies. The 26th licensing round grants the right to oil companies to explore and produce oil and gas in areas not explored previously.

☆ Ukraine's Zelenskiy says Europe must avoid division, set low price for Russia's oil
▼ + stars: | 2022-11-25 | by ( ) www.reuters.com time to read: +2 min

VILNIUS, Nov 25 (Reuters) - Ukraine's President Volodymyr Zelenskiy on Friday called on Europeans to remain united against Russia's war and to severely limit the price for Russian oil. This is our mission number one this year," Zelenskiy said in an address via a live video link to a conference in Lithuania. It's not helping Ukraine to stand against Russia, this is helping Europe to stand against Russian aggression", he added. We hear about (proposals to set the cap per barrel at) $60 or $70. "But I'm very grateful to our Baltic and Polish colleagues for their proposals, quite reasonable ones, to set this camp at $30 per barrel.

☆ EU preparing new Russia sanctions package, von der Leyen says
▼ + stars: | 2022-11-24 | by ( Essi Lehto | ) www.reuters.com time to read: +2 min

HELSINKI, Nov 24 (Reuters) - The European Union is pressing ahead with a ninth sanctions package on Russia in response to Moscow's attack on Ukraine, European Commission chief Ursula von der Leyen said during a visit to Finland on Thursday. "We are working hard to hit Russia where it hurts to blunt even further its capacity to wage war on Ukraine and I can announce today that we are working full speed on a ninth sanctions package," von der Leyen told a news conference. We will not rest until Ukraine has prevailed over Putin and his unlawful and barbaric war," she said. Von der Leyen did not provide details of what measures a new round of EU sanctions could contain. At a joint news conference with the prime ministers of Finland and Estonia, and the deputy prime minister of Sweden, von der Leyen said Russia's attacks on Ukrainian civilian infrastructure such as power supply amounted to war crimes.

☆ Danes won't support Infantino after armband spat, says FA
▼ + stars: | 2022-11-23 | by ( Philip O'Connor | ) www.reuters.com time to read: +1 min

Speaking at a media briefing on Wednesday, DBU president Jesper Moeller said that he was angered by FIFA's actions and that the association had ruled out voting for Infantino in next year's election. Jensen said that the English FA was then expressly told at a meeting that the team captain might receive a yellow card for wearing the armband. "We were told that at the very least we would get a yellow card. It has been discussed whether there was any authority to give us a yellow card at all. We could have got a yellow card, we could have been suspended," he told a news conference at the team's training base.

☆ Drug maker Novo Nordisk invests $744 mln to expand Danish plant
▼ + stars: | 2022-11-22 | by ( ) www.reuters.com time to read: +1 min

COPENHAGEN, Nov 22 (Reuters) - Danish drug maker Novo Nordisk (NOVOb.CO) said on Tuesday it plans to invest 5.4 billion Danish crowns ($744.09 million) to expand its existing facilities in Bagsvaerd, Denmark. Novo, the world's biggest producer of diabetes drugs, said the project is expected to be finalised in 2024 and create about 160 new jobs. "This investment in expanding our clinical API capacity in Bagsvaerd is an important step to ensure the continuous progress of our development pipeline," said senior vice president of Chemistry, Manufacturing and Control Development at Novo Nordisk, Jesper Boving. Novo Nordisk currently produces API at two facilities in Denmark and one in Clayton in the United States, a spokesperson told Reuters. ($1 = 7.2572 Danish crowns)Reporting by Rahat Sandhu and Stine Jacobsen, editing by Terje SolsvikOur Standards: The Thomson Reuters Trust Principles.

☆ Norway to fund Ukraine gas procurement with $195 mln aid
▼ + stars: | 2022-11-21 | by ( ) www.reuters.com time to read: 1 min

OSLO, Nov 21 (Reuters) - The Norwegian government on Monday said it had agreed to assist Ukraine with gas procurement for the coming winter, providing funding amounting to 2 billion Norwegian crowns ($195 million). The funds, part of a previously announced aid package of 10 billion crowns, will go via the European Bank for Reconstruction and Development (EBRD). "It is important to channel the support through an established, internationally recognised organisation, which will ensure effective and transparent use of the funding," Norway's Minister of Finance Trygve Slagsvold Vedum said in a statement. ($1 = 10.2652 Norwegian crowns)Reporting by Terje Solsvik, editing by Stine JacobsenOur Standards: The Thomson Reuters Trust Principles.

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