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☆ UAW workers reject Mack Trucks contract, will strike
▼ + stars: | 2023-10-09 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

A United Auto Workers union member holds a sign outside Stellantis Sterling Heights Assembly Plant, to mark the beginning of contract negotiations in Sterling Heights, Michigan, U.S. July 12, 2023. About 73% of workers voted against the deal covering 4,000 workers in Pennsylvania, Florida and Maryland, the UAW said. The proposed Mack deal had included a 19% pay hike, a $3,500 ratification bonus, improved retirement benefits, additional vacation for some employees and a reduction in the time needed to get to top pay. "We clearly demonstrated our commitment to good faith bargaining by arriving at a tentative agreement that was endorsed by both the International UAW and the UAW Mack Truck Council," Roy said. "As you are aware, UAW members and workers across the economy are mobilizing to demand their fair share," the UAW said in a letter to Mack.

Persons: Rebecca Cook, Mack Trucks, Mack, Shawn Fain, Stephen Roy, Roy, Fain, Ford, David Shepardson, Jacqueline Wong, Jamie Freed, Michael Perry Organizations: United Auto Workers, Sterling Heights Assembly, REUTERS, Volvo Group, UAW, Unions, FedEx, Detroit Three, General Motors, Ford, Chrysler, International UAW, UAW Mack Truck Council, Volvo, Detroit, Kaiser Permanente, Thomson Locations: Sterling Heights, Sterling Heights , Michigan, U.S, Pennsylvania, Florida, Maryland, North, United States

☆ Volvo Cars September sales rise 25%, demand up in China
▼ + stars: | 2023-10-05 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Aly Song/File Photo Acquire Licensing RightsSTOCKHOLM, Oct 5 (Reuters) - Volvo Cars' (VOLCARb.ST) sales rose 25% in September from a year earlier to 61,666 cars as sales grew in China as well as in the U.S. and Europe, the Sweden-based group said on Thursday. In August, the group's total sales were up 18% on the back of increased demand in Europe and the U.S. while sales fell in China. Sales of fully electric cars were up 52% to account for 15% of all its cars sold in the month. All recharge models - also including hybrid cars - grew 37% to account for 34% of total sales. Shares in Volvo Cars, which targets double-digit retail sales growth for the full year, were up 2% in early trade.

Persons: Aly, China's Geely, Anna Ringstrom, Essi Organizations: Volvo, Auto Shanghai, REUTERS, Rights, China's, HK, Thomson Locations: Shanghai, China, Rights STOCKHOLM, U.S, Europe, Sweden

REUTERS/Rebecca Cook/File Photo Acquire Licensing RightsDETROIT, Oct 5 (Reuters) - General Motors (GM.N) said on Thursday it had made a counteroffer to the United Auto Workers (UAW) in a bid to end a strike by the union against the U.S. automaker. Separately, UAW President Shawn Fain plans an update on the status of the talks with the Detroit Three automakers at 2 p.m. EDT (1800 GMT) on Friday in the three-week-old strike. The first-ever targeted strike against the Detroit Three automakers, including Ford (F.N) and Stellantis (STLAM.MI), began on Sept. 15. The UAW said on Monday it presented a new contract offer to GM. In addition to Ford, talks with Chrysler parent Stellantis and have been active in recent days, sources said.

Persons: Rebecca Cook, Shawn Fain, Fain, Ford, Stellantis, Mack Trucks, David Shepardson, Ben Klayman, Joseph White, Chizu Nomiyama, Matthew Lewis Organizations: General Motors, REUTERS, Rights, United Auto Workers, UAW, U.S . automaker, Detroit Three, Ford, GM, Reuters, Chrysler, Detroit automakers, Wednesday, Volvo Group, Thomson Locations: Detroit , Michigan, U.S, Detroit

☆ Suse drops out of SDAX, Krones to take its place
▼ + stars: | 2023-10-05 | by ( ) www.reuters.com time to read: 1 min

Oct 5 (Reuters) - Software provider Suse (SUSEG.DE) is to drop out of the German small-caps index SDAX (.SDAXI) following an announcement by Deutsche Boerse (DB1Gn.DE), with packaging and bottling machine maker Krones AG (KRNG.DE) to take its place. The German stock exchange operator said late on Wednesday that Suse no longer met the basic criteria required to remain in the selection indices after its free float dropped below 10%. Last August, private equity firm EQT AB (EQTAB.ST) said it was planning to take Suse private, in a deal to be funded by a special dividend issued by the Frankfurt-listed software company. Suse's stock was down 0.59% at 0707 GMT whereas Krones rose 0.37%. Reporting by Tristan Veyet in Gdansk, Editing by Rachel MoreOur Standards: The Thomson Reuters Trust Principles.

Persons: Tristan Veyet, Rachel More Organizations: Deutsche Boerse, Krones, EQT, Thomson Locations: Frankfurt, Gdansk

☆ Mack Trucks workers get 19% raise over 5 years in UAW contract
▼ + stars: | 2023-10-05 | by ( David Shepardson | ) www.reuters.com time to read: +1 min

[1/2] Striking United Auto Workers (UAW) members from the General Motors Lansing Delta Plant picket in Delta Township, Michigan U.S. September 29, 2023. REUTERS/Rebecca Cook/File Photo Acquire Licensing RightsOct 5 (Reuters) - Workers will receive a 19% pay hike over five years under an agreement with Volvo Group-owned Mack Trucks and the United Auto Workers, according to a summary of the tentative agreement seen by Reuters. The agreement includes an immediate 10% pay hike upon ratification. "The terms of this tentative agreement would deliver significantly increased wages and continue first-class benefits for Mack employees and their families," Mack President Stephen Roy said in a statement earlier this week. Mack, founded in 1900, is one of North America's largest manufacturers of medium-duty and heavy-duty trucks, engines and transmissions.

Persons: Rebecca Cook, Mack Trucks, Mack, Stephen Roy, David Shepardson, Chizu Nomiyama, David Gregorio Our Organizations: United Auto Workers, UAW, General Motors Lansing Delta Plant, Michigan U.S, REUTERS, Workers, Volvo Group, Reuters, Volvo, Thomson Locations: Delta Township, Michigan, North America's

UAW President Shawn Fain has transformed the rituals of contract talks with General Motors(GM.N), Ford(F.N) and Chrysler parent Stellantis (STLAM.MI) into a high-stakes, made-for-media game. GM and Ford said Monday they were indefinitely laying off another 500 workers at four Midwestern plants, citing the impact of the walkouts. Analysts looking ahead to third-quarter financial results this month are starting to reckon the costs of what the UAW calls "Stand up strikes." Ford plans four EV battery plants in the U.S. - three under joint ventures with South Korean battery maker SK On(096770.KS). GM's joint venture battery plants also have separate status and GM has declined to include them in negotiations.

Persons: Shawn Fain, Mack Trucks, Ford, JP Morgan, Fain, Harley Shaiken, Mary Barra, Jim Farley, Farley, CATL, GM's, . Company bargainers, Joseph White, Ben Klayman, David Shepardson, David Gregorio Our Organizations: DETROIT, United Auto Workers, Detroit Three, UAW, General Motors, Ford, Chrysler, Volvo Group, GM, Chevrolet, University of California Berkley, automaker's, automaker's Michigan Assembly, SK, . Company, ”, Thomson Locations: Escalade, automaker's Michigan, U.S, Korean, Marshall , Michigan

☆ GM, Ford furlough another 500 workers due to UAW strike
▼ + stars: | 2023-10-02 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

Striking United Auto Workers (UAW) members from the General Motors Lansing Delta Plant picket in Delta Township, Michigan U.S. September 29, 2023. REUTERS/Rebecca Cook/File Photo Acquire Licensing RightsOct 2 (Reuters) - General Motors (GM.N) and Ford Motor (F.N) on Monday said they are laying off another 500 workers at four Midwestern plants because of the impact on some of the facilities of the United Auto Workers strike in its 18th day. Ford said last month it temporarily laid off about 600 workers at a Michigan auto plant because of the strike. UAW President Shawn Fain on Friday expanded the first-ever simultaneous strike against the Detroit Three to a GM Lansing, Michigan plant and a Ford Chicago assembly plant, but Stellantis was spared after last-minute concessions. The GM and Ford CEOs on Friday blasted the UAW, hours after the union escalated the strike.

Persons: Rebecca Cook, Ford, GM's, Stellantis, Shawn Fain, Mack Trucks, David Shepardson, Bernadette Baum, David Gregorio, Bill Berkrot Organizations: United Auto Workers, UAW, General Motors Lansing Delta Plant, Michigan U.S, REUTERS, General Motors, Ford, GM, Chrysler, Ohio Metal Center, Marion , Indiana Metal Center, Buick Enclave, Chevrolet Traverse, Detroit, Volvo, JPMorgan, Anderson Economic Group, Thomson Locations: Delta Township, Michigan, Chicago, Lima , Ohio, Parma, Marion ,, GM's Lansing Delta, GM's Missouri, Fairfax , Kansas, Ohio, Indiana, Lansing , Michigan, Ford Chicago

In the past year, clothing retailers have sought to clear excess stock that had piled up due to a shift in consumer demand to essentials from discretionary items like clothing. But with fourth-quarter temperatures expected to start off warm, according to weather tracking firm Weather Trends International, stores carrying winter styles and gear could find themselves loaded with inventory at the end of the season. European company Pepco Group (PCOP.WA) also noted that the landing of its autumn and winter clothing inventory had coincided with persistent record-warm weather in its core Central and Eastern European markets. In the United States, temperatures could rise by 2 to 12 degrees Fahrenheit on average in the October-December period compared with last year, according to Weather Trends International. Abercrombie & Fitch (ANF.N) also said there was strong demand for "seasonless products" in the second quarter, particularly in the men's category, as customers picked out year-round clothing items and styles.

Persons: Helena Helmersson, Andy Bond, Bill Kirk, Clodagh, David Swartz, Robert Woods, Kristen D'Arcy, Abercrombie, Simon Wolfson, Ananya Mariam Rajesh, James Davey, Helen Reid, Matthew Lewis Organizations: Reuters, Pepco, Amazon.com, REUTERS, Walmart, Dick's Sporting, Costco Wholesale, Morningstar Research, Vision Brands, Fitch, Thomson Locations: United States, Europe, Cos, Eastern, Grafton, Dublin, Ireland, outerwear, Bengaluru, London

The first phase of the construction of the Northvolt Six factory just outside Montreal will begin this year and it is expected to be operational in 2026. Northvolt will invest $3.2 billion of the total with the local and federal government each contributing $1 billion, Northvolt Co-Founder Paolo Cerruti told Reuters. "We looked at 70 different sites at the beginning of this process," Cerruti said. The $369-billion U.S. Inflation Reduction Act (IRA) passed last year has prompted companies including Northvolt to look across the Atlantic, attracted by hefty subsidies and cheaper energy. "This size of investment and project can not happen if you don't have an anchor customer," he said.

Persons: Northvolt, Paolo Cerruti, Cerruti, Supantha Mukherjee, Divya Rajagopal, Kirsten Donovan Organizations: Reuters, Northvolt, Canada, Ontario, BMW, RIC, Volvo, Thomson Locations: STOCKHOLM, TORONTO, Swedish, Quebec, Canadian, Montreal, Northvolt North America, United States, Canada, Scania, North America, Stockholm, Toronto

☆ H&M blames warm weather for September sales slide
▼ + stars: | 2023-09-27 | by ( Helen Reid | トムソンロイター | London-Based Reporter Covering The European Retail Sector Through A Global Lens. Focusing On Companies Including Adidas | ) www.reuters.com time to read: +3 min

H&M, whose biggest rival is Zara owner Inditex (ITX.MC), said September sales would be down 10% year-on-year measured in local currencies. That compares with Inditex reporting sales between Aug. 1 and Sept. 11 that were up 14%. Operating profit in the Swedish group's third quarter jumped to 4.74 billion crowns ($431 million) from a year-earlier 902 million. The year-ago figure included a one-off cost of 2.1 billion crowns for the group's exit from Russia, which also accounted for four percentage points of the 10% September sales decline. H&M announced a share buyback programme starting on Wednesday, planning to buy back up to 3 billion crowns of stock by March 31 next year.

Persons: サマリー, Inditex, Vera Diehl, Nicolas Champ, LSEG, Richard Chamberlain, Anna Ringstrom, Helen Reid, Jan Harvey, Mark Potter Organizations: Union Investment, Barclays, RBC, HK, Tmall Locations: STOCKHOLM, Zara, Swedish, Russia, JD.com, China's Xinjiang, Alibaba's

☆ United Steelworkers union chief Tom Conway dies at 71
▼ + stars: | 2023-09-25 | by ( Reuters Staff | ) www.reuters.com time to read: +2 min

(Reuters) -Thomas Conway, international president of the United Steelworkers (USW) union that represents 850,000 North American steel, paper, health, education and oil workers, has died at the age of 71, the USW said on Monday. Slideshow ( 2 images )Conway joined the union in 1978 at a Bethlehem Steel plant in northwestern Indiana and became its top negotiator and later president in 2019. “Any company that had gone up against Tom in negotiations knew they would not get away with any B.S.,” said Wright. In 2017, he told a union convention that workers must be prepared to act on their demands. But when the fights do come, we can win those fights,” Conway said.

Persons: Thomas Conway, Conway, Michael Wright, “, Tom, ”, Wright, ” Conway, Jess Kamm Broomell, “ Tom, David McCall Organizations: Reuters, United Steelworkers, Bethlehem Steel, U.S . Air Force, ”, Cleveland Cliffs, U.S . Steel, Steel Locations: American, Indiana, Ohio, Pittsburgh

☆ Yen falls to fresh 11-month low against dollar, focus on intervention risks
▼ + stars: | 2023-09-25 | by ( Joice Alves | ) www.reuters.com time to read: +4 min

Japanese yen and U.S. dollar banknotes are seen with a currency exchange rate graph in this illustration picture taken June 16, 2022. REUTERS/Florence Lo/Illustration/File Photo Acquire Licensing RightsLONDON, Sept 25 (Reuters) - The dollar rose against the yen to an almost 11-month high on Monday following last week's gains, keeping traders focused on Japan intervention risks. The Japanese currency remained within striking distance of 150, a level which some market watchers saw as a line in the sand that would spur forex intervention from Japanese authorities similar to that of last year. A yen overshooting would be seen by many as a catalyst for renewed interventions to strengthen the Japanese currency, similarly to last year, she added. EURO FACES GROWTH FEARSThe euro edged 0.1% lower to $1.0633, moving towards a six-month low of $1.0615 touched on Friday against a stronger dollar.

Persons: Florence Lo, Kazuo Ueda, Esther Reichelt, Nick Rees, we've, Reichelt, Francois Villeroy de Galhau, Sterling, Joice Alves, Alun John, Ed Osmond, Bernadette Baum Organizations: U.S, REUTERS, Commerzbank, Federal Reserve, FX, Monex, SBB, European Central Bank, Bank, Thomson Locations: Japan, Swedish, Monex Europe, London

The UK goal was ahead of the 2035 ban in the European Union, where most British-made cars are sold. "The timing sends the message that things can change again, making it difficult for companies to manage their investment strategies." Under the new mandate that the government could make public as early as this week, the 80% 2030 electric target should remain - with the other 20% a mixture of fossil fuel models and hybrids until 2035. "In Britain, there's no industrial strategy, no intent for industrial strategy and no desire for an industrial strategy," Palmer said. "The UK (fossil fuel ban) delay is not a good sign in terms of stability, but they have realigned with EU regulation," said Denis Schemoul, director of European vehicle forecasting at S&P Global Mobility.

Persons: Rishi Sunak, Christopher Furlong, Boris Johnson, Sunak, it's, Philip Nothard, ZEV, Andy Leyland, Adrian Keen, Keen, Andy Palmer, Aston Martin, Palmer, Denis Schemoul, Nick Carey, Barbara Lewis Organizations: Britain's, Rover, Industry, Union, EV, European Union, Cox Automotive, Volvo, Ford, EU, P Global Mobility, Thomson Locations: Warwick , England, British, Britain, EVs, Europe, Spain

☆ SBB shares up 37% on cash infusion, end of strategy review
▼ + stars: | 2023-09-25 | by ( ) www.reuters.com time to read: +1 min

OSLO, Sept 25 (Reuters) - Shares of Swedish property group SBB (SBBb.ST) rose 37% in early trade on Monday after it announced on Sunday it would reorganise its business, securing an 8 billion crown ($719 million) cash boost and ending a strategic review. "The fact that SBB is freeing up 8 billion crowns must be seen in a very positive light. In a crisis, it is almost all about having liquidity, and SBB is getting it now," Carlsquare analyst Bertil Nilsson said. SBB, which has seen its shares plunge 95% since early 2022 on concerns over the group's viability, also on Sunday presented a decentralised structure to boost its transparency and funding options. ($1 = 11.1296 Swedish crowns)Reporting by Terje Solsvik and Jesus Calero, editing by Anna RingstromOur Standards: The Thomson Reuters Trust Principles.

Persons: Bertil Nilsson, Terje Solsvik, Jesus Calero, Anna Ringstrom Organizations: SBB, EduCo, Brookfield Asset Management, Brookfield, Core Infrastructure Partners, Thomson Locations: OSLO, EduCo, Brookfield, Swedish

☆ SBB sells 1.16% of education unit, receives $700 million as part of loan repayment
▼ + stars: | 2023-09-24 | by ( Rishabh Jaiswal | ) www.reuters.com time to read: +2 min

Sept 24 (Reuters) - Swedish property group SBB (SBBb.ST) on Sunday divested 1.16% of its education subsidiary EduCo to Brookfield Super-Core Infrastructure Partners for around 242 million Swedish crowns ($21.73 million) as it looks to bolster its finances. SBB will hold approximately 49.84% of EduCo after the divestment, following which EduCo will be controlled by Brookfield. As part of the deal announced on Sunday, EduCo will repay part of its inter-company loan from SBB, resulting in the Stockholm-based company receiving approximately 7.8 billion Swedish crowns ($700.46 million) in cash. SBB's remaining loan to EduCo will be around 5.5 billion Swedish crowns. Brookfield Super-Core Infrastructure Partners is the infrastructure fund of Canada's Brookfield Asset Management(BAM.TO).

Persons: EduCo, Brookfield, Rishabh, Barbara Lewis, Sharon Singleton Organizations: SBB, Sunday, Brookfield, Core Infrastructure Partners, International Monetary Fund, Brookfield Asset Management, Community, Thomson Locations: Brookfield, Sweden, Stockholm, EduCo, Bengaluru

☆ Ericsson partners with Deutsche Telekom for network APIs
▼ + stars: | 2023-09-20 | by ( ) www.reuters.com time to read: 1 min

[1/2] A logo of Ericsson is seen outside the company's office in Kanata, Ontario, Canada April 17, 2023. REUTERS/Lars Hagberg/File photo Acquire Licensing RightsSTOCKHOLM, Sept 20 (Reuters) - Sweden's Ericsson (ERICb.ST) said on Wednesday it has partnered with Deutsche Telekom (DTEGn.DE) to offer software tools for developers and business customers that will allow telecom operators to get more revenue. Known as network application programming interface (API), the software will use the Vonage platform -- a company Ericsson bought for $6.2 billion in 2022 -- to help developers create new use cases based on a mobile network. Reporting by Supantha Mukherjee in Stockholm, editing by Terje SolsvikOur Standards: The Thomson Reuters Trust Principles.

Persons: Lars Hagberg, Sweden's, Supantha Mukherjee, Terje Solsvik Organizations: Ericsson, REUTERS, Rights, Sweden's Ericsson, Deutsche Telekom, Thomson Locations: Kanata , Ontario, Canada, Rights STOCKHOLM, Stockholm

☆ Volvo to end diesel car production by early 2024
▼ + stars: | 2023-09-19 | by ( Nick Carey | ) www.reuters.com time to read: +1 min

Volvo reveals their new Volvo EX30 fully-electric small SUV vehicle during an event in Milan, Italy June 7, 2023. REUTERS/Claudia Greco/File Photo Acquire Licensing RightsLONDON, Sept 19 (Reuters) - Volvo Cars (VOLCARb.ST) said on Tuesday that it will end production of any remaining diesel models by early 2024 as it heads towards becoming an all-electric carmaker. "In a few months from now, the last diesel-powered Volvo car will have been built, making Volvo Cars one of the first legacy car makers to take this step," the Swedish company said in a statement. Sales of diesel models have declined rapidly in Europe since Volkswagen's (VOWG_p.DE) emission-cheating scandal and carmakers have been gradually reducing the number of diesel models available in their model lineups. Diesel vehicles comprised more than 50% of Europe's new car sales in 2015, but accounted for just over 14% of sales in July.

Persons: Claudia Greco, China's Geely, Nick Carey, Louise Heavens Organizations: Volvo, REUTERS, HK, Diesel, Thomson Locations: Milan, Italy, Swedish, Europe

☆ Saab wins expanded U.S. contract for anti-armour system
▼ + stars: | 2023-09-18 | by ( ) www.reuters.com time to read: 1 min

The logo of Swedish manufacturer Saab is seen on a car in Prague June 13, 2012. REUTERS/David W Cerny/File Photo Acquire Licensing RightsCOPENHAGEN, Sept 18 (Reuters) - Swedish defence equipment maker Saab (SAABb.ST) said on Monday the U.S. Department of Defense has expanded a framework deal for AT4 anti-armour systems and Carl-Gustaf ammunition, and placed a new order worth $104.9 million for delivery from 2024 to 2026. The extension of the agreement, which was originally signed in 2019, will allow the U.S. to buy Saab's close combat solutions for up to $422 million, including the new order announced on Monday, Saab said. The latest order will support the U.S. army, U.S. Special Operations Command and the U.S. Marine Corps, Saab said. Reporting by Louise Breusch Rasmussen, editing by Terje SolsvikOur Standards: The Thomson Reuters Trust Principles.

Persons: David W Cerny, Gustaf, Louise Breusch Rasmussen, Terje Solsvik Organizations: Saab, REUTERS, Rights, U.S . Department of Defense, U.S ., Special Operations Command, U.S . Marine Corps, Thomson Locations: Swedish, Prague, Rights COPENHAGEN

United Parcel Service's (UPS) newly launched electric delivery truck is seen in Compton, California, U.S., September 13, 2023. Collectively, zero-emission delivery startups have raised around $1 billion so far, according to Pitchbook and data collected by Reuters. H&M, the world's second-largest fashion retailer, said it is scaling up a number of zero-emission delivery initiatives "through a variety of partnerships like the one... with Liefergrun." "Some customers are pushing very, very hard for as many zero-emission deliveries as possible," Hoed said. DHL's Zou said zero-emission delivery startups are not a threat, but added "we are always keen to look at them either for a commercial partnership or working together."

Persons: Lisa Baertlein, Germany's Liefergrun, Niklas Tauch, Tauch, Yin Zou, Tristan Thomas, DutchX, Marcus Hoed, Hoed, DHL's Zou, Sven Etzelsberger, Thomas Goldsby, Goldsby, Rob King, Zedify, King, Nick Carey, Ben Klayman, David Gregorio Our Organizations: REUTERS, LOS, Reuters, FedEx, Deutsche Post DHL Group, United Parcel Service, Mercedes, Benz, DHL, Deutsche Post DHL, Amazon, Foods, IKEA, University of Tennessee, UPS, Thomson Locations: Compton , California, U.S, New York, Berlin, Germany, Austria, Netherlands, London, Liverpool, Birmingham, Manchester, Europe, Manhattan, Philadelphia, California

Swedbank estimates the current shortfall for Heimstaden Bostad could be roughly 30 billion crowns ($2.7 billion). Sweden's financial regulator launched an inquiry into why and how Alecta had invested $4.5 billion in the property giant, in the first place. "If interest rates continue to rise and it's coupled with unemployment, that's what we are afraid of." With interest rates still climbing, analysts such as Marcus Gustavsson of Danske Bank, believe the worst is not yet over. "With rising interest rates, that funny money has turned into real money and it is painful."

Persons: Heimstaden Bostad, Alecta, Christian Dreyer, Karolina Ekholm, Heimstaden's Dreyer, we're, Dreyer, Niklas Wykman, Heimstaden, David Perez, Marcus Gustavsson, Andreas Cervenka, Sweden, Simon Johnson, Johan Ahlander, Greta Rosen Fondahn, Chiara Elisei, John O'Donnell, Hugh Lawson Organizations: International Monetary Fund, GOVT, Sweden's, Financial, Reuters, SBB, Danske Bank, Thomson Locations: STOCKHOLM, Nordic, Stockholm, Berlin, Sweden, Heimstaden, Germany, Gdansk, London

☆ H&M looks out of sync with shoppers’ reality
▼ + stars: | 2023-09-15 | by ( ) www.reuters.com time to read: +2 min

The H&M clothing store is seen in Times Square in Manhattan, New York, U.S., November 15, 2019. REUTERS/Mike Segar Acquire Licensing RightsMILAN, Sept 15 (Reuters Breakingviews) - H&M (HMb.ST) CEO Helena Helmersson is feeling the heat. H&M has probably been operating under the illusion that it could maintain pricing power while consumers are being hit by inflation. Its $120 billion rival Inditex (ITX.MC), whose Zara brand is considered more upmarket than H&M, has started to pause price increases. Right now, H&M trades on the same 20 times forward earnings multiple than Inditex.

Persons: Mike Segar, Helena Helmersson, “, That’s, Shein, Inditex's, Lisa Jucca, George Hay, Streisand Neto Organizations: REUTERS, Reuters, RBC, X, Thomson Locations: Manhattan , New York, U.S, Swedish

☆ Many Boards Are Playing Catch-Up on ESG and Green Issues
▼ + stars: | 2023-09-14 | by ( Rob Sloan | ) www.wsj.com time to read: +9 min

Other findings were that most believed sustainability efforts had brought real benefits and said ESG engagement with investors had been mostly positive. They also reported that while about half of big companies had ESG targets—many linked to executive compensation—smaller, private companies lagged behind. For public companies investors were most influential, followed by regulators, while directors of private businesses ranked their customers as top with investors in second place. “You had a wind that was giving companies and boards energy, and now you have a countervailing wind of political backlash,” Smith said. Despite those changes, half of respondents believe ESG will continue to be an important driver of their business decisions and strategy.

Persons: aren’t, —, ”, Kristin Campbell, Campbell, “, Alan Smith —, Smith, ” Hilton’s Campbell, ” Smith, ESG, ” Campbell, — hadn’t, Rob Sloan Organizations: Pro, National Association of Corporate, ESG, Hilton Worldwide Holdings, Regency Centers, HSBC, Estates, Sustainable Business, rob.sloan@wsj.com Locations: U.S

☆ H&M to sell second-hand clothes at London store
▼ + stars: | 2023-09-13 | by ( ) www.reuters.com time to read: +1 min

LONDON, Sept 13 (Reuters) - H&M (HMb.ST) plans to sell second-hand clothes and accessories at its flagship store in London from Oct. 5, as pressure increases on fast fashion companies to curb their environmental impact by encouraging the reuse and recycling of garments. It will be the second H&M store to offer second-hand clothes, after Barcelona which opened earlier this year. H&M also has an online second-hand offering in Sweden and Germany. H&M launched a clothing rental service at its Regent Street store in November last year. Zara (ITX.MC) last week launched its online second-hand service in France, having trialled it in Britain since November last year.

Persons: Helen Reid, Alison Williams Organizations: European Union, M's, Regent, Thomson Locations: London, Cos, Monki, Barcelona, Sweden, Germany, Europe, United States, Zara, ITX.MC, France, Britain

☆ China's Huawei says it has reached global patent licensing deal with Xiaomi
▼ + stars: | 2023-09-13 | by ( ) www.reuters.com time to read: +1 min

A logo of Huawei Technologies is seen at its exhibition space, at the Viva Technology conference dedicated to innovation and startups at Porte de Versailles exhibition center in Paris, France June 15, 2022. REUTERS/Benoit Tessier/File Photo Acquire Licensing RightsBEIJING, Sept 13 (Reuters) - China's Huawei Technologies inked on Wednesday a global patent cross-licensing deal with Xiaomi Inc (1810.HK), according to a statement from Huawei. The deal covers communication technologies including 5G, it said, and marks the resolution of a patent licensing dispute between the two firms. Local Chinese media reported in March that Huawei was suing Xiaomi for alleged infringement of four registered patents mainly related to wireless communication technology, smartphone photography and screen lock technology. Huawei also has patent license agreements with other tech players such as Oppo and South Korea's Samsung (005930.KS).

Persons: Benoit Tessier, Xiaomi, Clarence Fernandez, Tom Hogue Organizations: Huawei Technologies, Viva Technology, Porte de, REUTERS, Rights, Xiaomi Inc, HK, Huawei, Local, Samsung, Ericsson, Beijing, Thomson Locations: Porte, Paris, France, Rights BEIJING, South

☆ Sweden to consider sending fighter jets to Ukraine, SR radio reports
▼ + stars: | 2023-09-12 | by ( Louise Rasmussen | ) www.reuters.com time to read: +1 min

[1/2] Sweden's jet fighter JAS 39 Gripen E flies over the Gotland island in the Baltic Sea, May 11, 2022. TT News Agency/Henrik Montgomery via REUTERS/File Photo Acquire Licensing RightsCOPENHAGEN, Sept 12 (Reuters) - The Swedish government is considering donating Gripen fighter jets to Ukraine to help it fight Russia, Swedish public radio (SR) reported on Tuesday, citing unnamed sources. The government wants to know, among other things, how a handover would affect Sweden's defence capabilities and how quickly Sweden could get new Gripen fighters, SR reported. The Netherlands and Denmark have led a push to supply Ukraine with U.S.-made F-16 fighter jets to help counter Russia's air superiority in the war. According to the SR report, Ukraine hopes to receive one division of Gripen jets, made by Sweden's Saab <SAABb.ST>, or 16-18 planes.

Persons: JAS, Henrik Montgomery, Sweden's, Gripens, Louise Breusch Rasmussen, Terje Solsvik, Kevin Liffey Organizations: TT News Agency, REUTERS, Rights, Gripen, Sweden's Saab, NATO, Thomson Locations: Gotland, Baltic, Rights COPENHAGEN, Swedish, Ukraine, Russia, Sweden, Netherlands, Denmark, U.S, Turkey, Hungary

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