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☆ Industrial tech group Hexagon flags positive momentum
▼ + stars: | 2023-01-24 | by ( ) www.reuters.com time to read: +2 min

STOCKHOLM, Jan 24 (Reuters) - Industrial technology group Hexagon (HEXAb.ST) on Tuesday proposed a 9% increase to its dividend, with the Swedish company's new CEO flagging "good momentum" going into 2023. The maker of measurement and positioning systems and software had released fourth-quarter earnings on Monday after information security concerns prompted it to report results earlier than planned. Hexagon said on Monday that it had discovered an isolated event of unauthorised access on one email account containing information related to the results. We are well placed to deal with the global economy's many challenges and will continue to invest in new technologies." The former chief operating officer has been CEO since the end of 2022, succeeding Ola Rollen, who is set to become group chairman from May.

☆ Nokia signs 5G patent agreement with Samsung
▼ + stars: | 2023-01-23 | by ( ) www.reuters.com time to read: +1 min

[1/2] A view of the logo at the headquarters of the Finnish telecoms company Nokia in Espoo, Finland March 16, 2021. Lehtikuva/Heikki Saukkomaa via REUTERSSTOCKHOLM, Jan 23 (Reuters) - Finnish telecom equipment maker Nokia (NOKIA.HE) on Monday said it has signed a new multi-year agreement to license its 5G patents to Samsung (005930.KS) following the expiry of the previous pact in December. Samsung will make payments to Nokia from Jan. 1, but the companies did not disclose the terms of the deal. Nordic rival Ericsson (ERICb.ST) last year also reached an agreement on 5G patents with Samsung, ending a dispute that hit its quarterly revenue. Nokia's patent portfolio is made of around 20,000 patent families, including over 4,500 patent families declared essential to 5G.

Bought from McLaren by private equity firm Greybull Capital in 2021, McLaren Applied has adapted an efficient inverter developed for F1 racing for EVs. Fry says McLaren Applied is working with around 20 carmakers and suppliers, and the inverter will appear in high-volume luxury EV models starting January 2025. NO TIME TO LOSESome suppliers like Cambridge, Massachusetts-based Actnano have had long relationships with EV pioneer Tesla (TSLA.O). Coakley said CelLink was working with U.S. and European carmakers, and with a European battery maker on battery wiring. But it has now also developed battery packs, electric powertrains, e-axles and is working with around 20 customers, including carmakers and an electric vertical take-off and landing (eVTOL) aircraft maker.

☆ Analysis: Europe Inc earnings season a test for market optimism
▼ + stars: | 2023-01-23 | by ( Joice Alves | ) www.reuters.com time to read: +4 min

In a sign analysts were unprepared for such optimism, Citi's economic surprise indicator for the euro zone (.CESIEUR) jumped last week to its highest since July 2021. "Companies are telling us that it's going to be harder to pass on rising costs to customers in 2023 as economic growth slows," said Nigel Bolton, co-chief investment officer of BlackRock Fundamental Equities. Fourth-quarter earnings for STOXX 600 companies are forecast to have grown by 10.7% year-on-year, the slowest in two years, according to Refinitiv I/B/E/S data. Earnings are seen bouncing back to growth of 11.4% in the final quarter of the year. Analysts downgrade earnings forecastsReporting by Joice Alves Editing by Josephine Mason and Mark PotterOur Standards: The Thomson Reuters Trust Principles.

☆ Hexagon Q4 profit up 12%, results released after "unauthorised access"
▼ + stars: | 2023-01-23 | by ( ) www.reuters.com time to read: +1 min

OSLO, Jan 23 (Reuters) - Swedish industrial technology group Hexagon (HEXAb.ST) said on Monday its adjusted fourth-quarter operating profit had risen 12% year-on-year to 418 million euros ($455.54 million) and that sales were up 15% in the same period. Analysts had on average expected an adjusted EBIT of 420 million euros, according to Refinitiv Eikon. Operating net sales amounted to 1.40 billion euros in the fourth quarter while analysts on average had expected 1.39 billion. "Hexagon had a strong finish to 2022, moving into the new year with good momentum," Chief Executive Paolo Guglielmini said. ($1 = 0.9176 euros)Reporting by Terje Solsvik, editing by Essi LehtoOur Standards: The Thomson Reuters Trust Principles.

☆ Exclusive: Geely plans to turn maker of London black cabs into EV powerhouse
▼ + stars: | 2023-01-23 | by ( Nick Carey | ) www.reuters.com time to read: +4 min

"Geely will make consistent investments into LEVC because this is a very unique project." Nan said LEVC and Geely would seek to attract other investors to its zero-emission portfolio and would look to partner with other carmakers to develop new technology. "Geely fully supports the new transition strategy laid out by LEVC's board and executive team," Geely said in a statement. As such, Geely faces a complexity that larger EV makers BYD (002594.SZ) and Tesla (TSLA.O) have avoided. Allen said LEVC was exploring a range of commercial and passenger car models on a common electric platform.

☆ Analysis: Lula confronts Brazil military's pro-Bolsonaro lean with carrot and stick
▼ + stars: | 2023-01-23 | by ( Anthony Boadle | ) www.reuters.com time to read: +6 min

But at a Friday meeting the commanders of the armed forces, Lula did not bring up the attack, according to a government official who witnessed the meeting. The armed forces' strategic plans to modernize its equipment included developing a nuclear-powered submarine contracted with France's Naval Group, a subsidiary of defense contractor Thales (TCFP.PA). GENIE OUT OF THE BOTTLEWhether a splurge on military hardware will help tamp down pro-Bolsonaro sentiment in the armed forces is open to question. "Lula wants this to go away as soon as possible," he added. "Starting to punish members of the armed forces for what happened may be legally the right thing to do but politically it would open a Pandora's box."

☆ “Angry Birds” buyout may have more levels to beat
▼ + stars: | 2023-01-20 | by ( ) www.reuters.com time to read: +2 min

LONDON, Jan 20 (Reuters Breakingviews) - Remember “Angry Birds”? Finland-listed Rovio Entertainment (ROVIO.HE) has used the round-headed creatures to create a long series of mobile games, two films, plush toys and more. That makes strong long-time brands like “Angry Birds” more attractive. Rovio’s share price was hovering around 7.50 euros on Friday morning, or 20% below Playtika’s bid. That’s probably because Rovio’s board, which said it learnt about the offer “nearly simultaneously” with its public release, sounded unimpressed.

☆ Ericsson earnings miss as slowing U.S. market hits margins
▼ + stars: | 2023-01-20 | by ( Supantha Mukherjee | ) www.reuters.com time to read: +2 min

It has also announced plans to cut costs by 9 billion crowns ($880 million) by the end of 2023. Ericsson expects a margin fall seen in its Networks business to persist through the first half of 2023 but the effect of cost savings to emerge in the second quarter. The company's fourth-quarter adjusted operating earnings excluding restructuring charges fell to 9.3 billion Swedish crowns ($902 million) from 12.8 billion a year earlier. Net sales rose 21% to 86 billion crowns, beating estimates of 84.2 billion. A settlement of a patent deal with Apple (AAPL.O) last month resulted in revenue of 6 billion crowns, but Ericsson also took 4 billion crowns in charges, including a provision for a potential fine from U.S. regulators and divestments.

☆ Ericsson shares slide as fourth-quarter earnings disappoint
▼ + stars: | 2023-01-20 | by ( Supantha Mukherjee | ) www.reuters.com time to read: +3 min

The company has already announced plans to cut costs by 9 billion crowns ($880 million) by the end of 2023. The company's net sales rose in the fourth quarter, but margins, net income and core earnings fell. The company's fourth-quarter adjusted operating earnings, excluding restructuring charges, fell to 9.3 billion Swedish crowns from 12.8 billion a year earlier. Net sales rose 21% to 86 billion crowns, beating estimates of 84.2 billion. A settlement of a patent deal with Apple (AAPL.O) last month resulted in revenue of 6 billion crowns, but Ericsson also took 4 billion crowns in charges, including a provision for a potential fine from U.S. regulators and divestments.

The pan-European STOXX 600 (.STOXX) climbed 0.3% at 0936 GMT, boosted by gains in banks (.SX7P) and industrials (.SXNP). European shares were on track to snap a two-week winning streak, thanks to the worst single-day selloff so far this month on Thursday following disappointing earnings reports, weak U.S. economic data and hawkish comments from central bankers. Energy stocks (.SXEP) gained 0.8%, tracking firm crude prices on hopes of demand recovery in the world's second-biggest economy. "Europe has more exposure to China reopening and luxury is a big part of the European market," said Jamie Mills O'Brien, investment manager at Abrdn. "Some of the big players are pure China reopening bets."

The pan-European STOXX 600 (.STOXX) was up 0.1% by 0910 GMT, extending gains for a sixth straight day on boost from rate-sensitive technology stocks (.SX8P) and industrials (.SXNP). Richemont (CFR.S) rose 2% on reporting higher quarterly sales as tourists returned to Europe and Japan. Still, the luxury group missed market estimates after sales in China plunged by almost a quarter. "For luxury, China is quite important with more hopes of rebounding activity in the first half of this year," said Emmanuel Cau, head of European equity strategy at Barclays Investment Bank. Reporting by Bansari Mayur Kamdar and Ankika Biswas in Bengaluru; Editing by Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.

☆ Why Mark Cuban called 'B.S.' on a 'Shark Tank' company that was on track to bring in $14 million last year
▼ + stars: | 2023-01-18 | by ( Megan Sauer | ) www.cnbc.com time to read: +4 min

Like Cabinet Health, Cuban's company Cost Plus Drugs offers generic drugs at a fraction of the cost charged by major pharmaceutical companies. Cuban put those instincts to work on Friday's episode of ABC's " Shark Tank ," when the billionaire told sustainable wellness company Cabinet Health's founders he was suspicious of their lack of profit. Cabinet Health, which launched in October 2019, wants to reduce and eventually eliminate single-use plastics in medicine. The co-founders entered negotiations seeking $500,000 for a 2.5% stake in Cabinet Health, which would value the company at $20 million. He offered $500,000 for 10% of Cabinet Health, which would value the company at $5 million.

☆ Factbox: European companies cut jobs as economy sputters
▼ + stars: | 2023-01-17 | by ( ) www.reuters.com time to read: +5 min

REUTERS/Stephane MaheJan 17 (Reuters) - Decades-high inflation and the impact of war in Ukraine have forced companies across Europe into lay-offs or hiring freezes. * HUSQVARNA (HUSQb.ST): the garden equipment and tools maker announced in late October it will cut 1,000 jobs, the vast majority of them related to the shift from petrol to battery-powered tools. * SIEMENS GAMESA (SGREN.MC): the Spanish wind turbine maker in late September said it plans to cut 2,900 jobs, mostly in Europe, as part of a plan to return to profitability. * CLAS OHLSON (CLASb.ST): the Swedish hardware store chain said in December it would cut about 85 full-time jobs amongst other measures to deliver cost savings and reduced depreciation. BANKS AND FINANCIALS* KLARNA: Dagens Industri reported in May the Swedish payments company would lay off about 10% of its 7,000 employees.

Follow @KatrinaHamlin on TwitterloadingCONTEXT NEWSHong Kong-listed Apollo Future Mobility said on Jan. 12 that it had agreed to buy Chinese electric-car maker WM Motor Global for HK$15.9 billion ($2.02 billion). To fund the acquisition of its larger peer, Apollo will issue 28.8 billion new shares at HK$0.55 each. Apollo shares fell 8.6% and were trading at HK$0.23 by market close on Jan. 12. WM Motor Global filed for a Hong Kong initial public offering in May 2022, but the application lapsed in November. WM Motor Global’s owner, WM Motor Holdings, is the largest shareholder in Apollo Future Mobility, and WM Motor founder Freeman Shen sits on the latter’s board as co-chair.

☆ Ericsson's provision for U.S. probe hints of smaller fine, shares jump
▼ + stars: | 2023-01-12 | by ( ) www.reuters.com time to read: +2 min

Ericsson had in 2019 settled bribery allegations with U.S. authorities and agreed to be under review for three years. But it failed to fully disclose results of an internal investigation about potential payments to the Islamic State militant group in Iraq, leading to more regulatory scrutiny. Ericsson's announcement indicates that a resolution is nearer than the market expected, which removes much of the overhang to the investment case, Rosendal said. The Swedish telecom equipment maker said it believes its provision was based on a sufficiently reliable estimate of the financial penalty associated with any potential breach resolution. "The Company's internal investigation and its cooperation with authorities in relation to the allegations in the 2019 Iraq-related internal investigation report remain open and ongoing," Ericsson said.

☆ Ericsson makes $220 mln Iraq provision over US probe, shares rise
▼ + stars: | 2023-01-12 | by ( ) www.reuters.com time to read: +1 min

STOCKHOLM, Jan 12 (Reuters) - Ericsson (ERICb.ST) said on Thursday it would book a 2.3 billion Swedish crown ($220 million) provision for an expected fine from the U.S. justice department over the company's handling of an earlier settlement related to its operations in Iraq. Ericsson had in 2019 settled bribery allegations with U.S. authorities and agreed to be under review for three years. But it failed to fully disclose results of an internal investigation about potential payments to the Islamic State militant group in Iraq, leading to more regulatory scrutiny. "The provision is significantly below both our and S&P's base case of about 10 billion SEK," he said. ($1 = 10.4692 Swedish crowns)Reporting by Anna Ringstrom, editing by Terje SolsvikOur Standards: The Thomson Reuters Trust Principles.

[1/3] U.S. Air Force F-35 Lightning IIs fly side by side with Republic of Korea Air Force F-35s as part of a bilateral exercise over the Yellow Sea, Republic of Korea, July 12, 2022. OTTAWA, Jan 9 (Reuters) - Canada finalized a deal to buy 88 F-35 fighter jets from U.S. defense company Lockheed Martin Corp (LMT.N) on Monday in a C$19 billion ($14.2 billion) project to replace its aging fleet of fighter aircraft. Anand said it was the largest investment in the Royal Canadian Air Force in 30 years. The F-35 fighter announcement coincides with Prime Minister Justin Trudeau's trip to Mexico on Monday for the North American leaders' summit where he will meet U.S. President Joe Biden. Canada is part of a consortium that helped develop Lockheed Martin's F-35 and Ottawa will pay the same amount for the aircraft as the other participants, including the United States.

☆ Private equity acquires a taste for drug development
▼ + stars: | 2023-01-09 | by ( David Carnevali | ) www.reuters.com time to read: +6 min

Jan 9 (Reuters) - Private equity firms that deemed drug development too risky for their liking in the past are increasingly investing in the sector, raising dedicated funds and coming up with deals that compensate them for the uncertainty involved. These deals are not structured as the leveraged buyouts that private equity firms are mostly known for. In most cases, the drug makers start paying the money back to the private equity firms when the drug is being developed, either by issuing equity, tapping cash on hand or borrowing. They also share a slice of the newly developed drug's revenue with the private equity firms once it's approved. Private equity firms also provide capital to spin out drugs into new companies.

☆ Geely's EV brand Zeekr aims to double sales in 2023, expand in Europe
▼ + stars: | 2023-01-05 | by ( Joseph White | ) www.reuters.com time to read: +2 min

REUTERS/Carlos Barria/LAS VEGAS, Jan 5 (Reuters) - Chinese electric vehicle brand Zeekr aims to double sales in 2023 to about 140,000 vehicles and plans to expand sales in Europe, Chief Executive Andy An told Reuters on Thursday. Zeekr, a brand created by Chinese automaker Geely (0175.HK), sold 72,000 vehicles in 2022, mostly in China. A second Zeekr model, the 009, will go into production this month. Later this year, Zeekr plans to begin selling vehicles there with assisted driving systems engineered with Mobileye (MBLY.O), he added. An said Zeekr plans to build vehicles for Waymo in China, but U.S. production is a possibility, "depending on the market situation."

☆ Ericsson's Cloud Software and Services unit books $76 mln charge
▼ + stars: | 2023-01-04 | by ( ) www.reuters.com time to read: +1 min

STOCKHOLM, Jan 4 (Reuters) - Ericsson (ERICb.ST) on Wednesday announced a 800 million crown ($76 million) fourth-quarter charge linked to dropping some contracts and products at its loss-making Cloud Software and Services business. Its cash flow would take a 700 million crown hit from the action, mainly in 2023, it added. Shares in Ericsson, which is due to report fourth-quarter earnings on Jan. 20, were up 1.2% at 1259 GMT. "That said, we still view Ericsson as a strong trade for 2023." ($1 = 10.5121 Swedish crowns)Reporting by Anna Ringstrom and Supantha Mukherjee, editing by Terje Solsvik and John StonestreetOur Standards: The Thomson Reuters Trust Principles.

☆ Upbeat economic data powers European shares to third day of gains
▼ + stars: | 2023-01-04 | by ( Bansari Mayur Kamdar | ) www.reuters.com time to read: +3 min

The pan-European STOXX 600 (.STOXX) rose 0.8%, while France's CAC 40 (.FCHI) added 1.3%. Data on Wednesday showed euro zone business activity contracted less than initially thought, suggesting the bloc's recession may not be as deep as feared. Further, preliminary data showed inflation in France slipped in December from a record high in the previous month, tracking a slew of encouraging data from improving euro zone manufacturing numbers to a slowdown in Germany's inflation. The STOXX 600 index has risen 3% in the first three trading days of the new year, helped by strong economic data, easing of natural gas futures and hopes of a post-COVID recovery in China despite surging cases. Meanwhile, data showed fresh food prices at British supermarkets in early December were 15.0% higher than a year earlier, weighing on UK sentiment.

☆ Colombia's plan to replace fighter planes hits a snag
▼ + stars: | 2023-01-02 | by ( ) www.reuters.com time to read: +2 min

BOGOTA, Jan 2 (Reuters) - Initial negotiations between Colombia, France's Dassault Aviation (AM.PA) and Sweden's Saab AB (SAABb.ST) to replace part of the South American country's aging air force fleet have collapsed, the defense minister said on Monday. Colombia, which uses about 20 Israeli-made Kfir aircraft purchased three decades ago, has said replacing the planes is a priority so it can continue to defend its territory, fight organized crime and conduct aerial surveillance. There will be continued efforts this year to see if a purchase is possible, Velasquez said. There have been efforts by various Colombian administrations to replace the Kfir planes for at least 12 years, though the change has been stymied by financial limitations. (This story has been refiled to say Swedish instead of Swiss in reference to Saab in paragraph 3)Reporting by Luis Jaime Acosta in Caracas Writing by Julia Symmes Cobb Editing by Matthew LewisOur Standards: The Thomson Reuters Trust Principles.

☆ China's Huawei sees 'business as usual' as U.S. sanctions impact wanes
▼ + stars: | 2022-12-30 | by ( Josh Horwitz | ) www.reuters.com time to read: +2 min

"U.S. restrictions are now our new normal, and we're back to business as usual," Xu wrote in the letter that was addressed to staff and released to media. Revenue for the year is expected to be 636.9 billion yuan ($$91.53 billion), according to Xu. That represents a tiny increase from 2021, when revenue hit 636.8 billion yuan, and marked a 30% year-on-year sales tumble as the U.S. sanctions on the company took effect. The company continues to generate revenue via its networking equipment division, which competes with Nokia (NOKIA.HE) and Ericsson (ERICb.ST). The company began investing in the electric vehicle (EV) sector as well as green technologies around the time sanctions took effect.

☆ H&M agrees to pay a 500 euro bonus to 4,000 workers in January
▼ + stars: | 2022-12-21 | by ( ) www.reuters.com time to read: +2 min

MADRID, Dec 21 (Reuters) - Swedish fashion retailer H&M (HMb.ST) agreed to pay a 500 euro ($530) bonus to some 4,000 shop workers in Spain in January, two unions said on Wednesday, after its arch-rival Inditex (ITX.MC) offered 1,000 euros to its home country shop assistants. The world's biggest fashion retailers are responding to demands from their workers for higher pay to offset soaring consumer prices. The Sweden-based fashion retailer will pay 500 euros to all its shop workers who have been employed in Spain at least since January 2022. The company will pay 250 euros to those who have worked at least six months. Soaring consumer prices have pushed unions in Spain to press sometimes reluctant employers for pay raises.

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