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☆ Sweden's economic gloom goes from bad to worse as government predicts steeper GDP contraction
▼ + stars: | 2023-04-17 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +5 min

JONATHAN NACKSTRAND / Contributor / Getty ImagesThe Swedish government is now predicting a deeper than expected GDP contraction in 2023, according to data released Monday, worsening an already gloomy outlook for the country's economy. Sweden's Ministry of Finance estimated in December that GDP would shrink by 0.7%, but it now predicts a 1% downturn as it reassesses the "challenging economic environment." "We face major challenges, but we will get through them together," Sweden's Minister for Finance, Elisabeth Svantesson, said in a press release Monday. The latest CPI data shows inflation is finally starting to slow, but wages are limping behind and house prices are facing a serious downturn. Eroding real wagesMost European countries are experiencing sky-high inflation, leaving real wages lagging behind.

☆ Facebook depends on local partners to flag hateful content. In Ethiopia, those partners say they were ignored.
▼ + stars: | 2023-04-15 | by ( Tekendra Parmar | ) www.businessinsider.com time to read: +31 min

Trusted partners say warnings were ignoredInsider spoke with six current and former trusted partners from Ethiopia who said that Facebook routinely ignored their pleas to take down content that they deemed hateful or likely to incite violence. Some of the trusted partners declined to be named because they've faced death threats and fear for their own safety. Multiple trusted partners in Ethiopia said hate speech is still proliferating on the platform. Rafiq Copeland, a senior adviser at InterNews, one of Meta's longest-standing trusted partners globally, told Insider that the core complaints of trusted partners in Ethiopia have come up in other Rest of World countries. Even in Addis Ababa, it seemed that everyone knew about the Facebook posts, and many people now saw him as a traitor.

Such efforts to attract foreign investment come as the pandemic and geopolitical tensions push companies to diversify their supply chains away from China. The Commerce Ministry said Thursday that for the first time, it would launch events for an "Invest in China Year." Apple later said the Zhengzhou factory disruptions would delay deliveries of some iPhone 14 models. He also noted "serious challenges" to attracting foreign investment. Those include unfair competition with local players in China due to industrial policies, lack of legal protection for foreign business in China and geopolitical risks, Wang said.

NEW DELHI, Feb 28 (Reuters) - New Delhi city authorities have warned Uber (UBER.N) and its rival Ola for allegedly violating local transport rules by providing two-wheeler bike taxis, a senior government official told Reuters on Tuesday. As of Tuesday, bike taxis continue to be available for booking on Uber and Ola apps in New Delhi. Uber says in 2022, more than 1.9 million trips took place to and from metro rail stations in Delhi on Uber Moto, its bike taxi service. For drivers of bike taxis, the penalties could be as high as 10,000 rupees ($121) and a jail term of up to one year. The enforcement of rules for bike taxis by Delhi government follows similar moves by Maharashtra and Karnataka states.

☆ Uber says Delhi's plans to allow only electric bike taxis to impact millions
▼ + stars: | 2023-02-24 | by ( ) www.reuters.com time to read: +2 min

Companies Uber Technologies Inc FollowBENGALURU, Feb 24 (Reuters) - Uber Technologies Inc (UBER.N) said on Friday plans by the local government in India's Delhi city to only allow electric vehicles to function as bike taxis would risk "finishing off the sector" and impact the mobility needs of millions. Uber, in a blogpost, said any such move would put at risk the livelihood of over 100,000 drivers in the city. Uber has set a 2040 target for 100% of its rides to be in zero-emission vehicles, public transport or with micro-mobility, including in India. Earlier this month, Uber announced plans to introduce 25,000 EVs over three years in India. Uber, which offers bike rides in Delhi and many other states in India, did not respond to a Reuters request for a comment on the advertisement.

☆ Mercedes-Benz cars to have 'supercomputers', unveils Google partnership
▼ + stars: | 2023-02-22 | by ( ) www.reuters.com time to read: +3 min

But the car companies also want to keep control over their customer relationships as well as valuable data generated by their cars. Mercedes-Benz is moving from a patchwork approach of integrating software from a range of suppliers to controlling the core of its software. Under the Google partnership, Google Maps will be Mercedes-branded and provide drivers with Google traffic information and automatic rerouting, as well as the ability to watch YouTube on the cars' entertainment system when the car is parked, or in Level 3 autonomous driving mode. Google and Mercedes-Benz also agreed to explore further collaboration with Google Cloud data and artificial intelligence capabilities. Others carmakers like General Motors, Renault (RENA.PA), Nissan (7201.T) and Ford (F.N) have embedded an entire package of Google services into their vehicles, offering features like Google Maps, Google Assistant and other applications.

☆ VW, Mercedes-Benz urge Berlin to accelerate EV charging network expansion, report says
▼ + stars: | 2023-02-19 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Fabian BimmerBERLIN, Feb 19 (Reuters) - German carmakers Mercedes-Benz (MBGn.DE) and VW (VOWG_p.DE) have urged the government to do more to scale up the number of electric vehicle charging stations across the country, German paper Bild am Sonntag wrote on Sunday. "To speed up the change (to electric vehicles), we need to be sure that the charging station infrastructure is being built up," Mercedes-Benz Chief Executive Ola Kallenius was quoted as saying by the paper. VW Chief Executive Oliver Blume agreed more speed was needed and that the construction of charging stations was "a common task of the economy, federal government and communes". Industry associations, which have long complained the government has not kept pace with the rapid expansion of electric vehicles, said the implementation of the proposals was key. "The future of the car is electric," Kallenius was quoted as saying.

☆ Ola plans $920 mln India investment in electric cars, batteries
▼ + stars: | 2023-02-18 | by ( ) www.reuters.com time to read: +1 min

CHENNAI, Feb 18 (Reuters) - SoftBank Group-backed (9984.T) Ola Electric would invest $920 million in the southern Indian state of Tamil Nadu to manufacture electric cars and batteries for electric vehicles (EVs), a state government statement said on Saturday. Ola will invest 76.14 billion rupees ($920 million) through its subsidiaries Ola Electric Technologies and Ola Cell Technologies, drawn to the growing demand for EVs in India. The company's cumulative production numbers topped 100,000 in November, and it plans to annually make 140,000 cars and hire 3,111 workers in Tamil Nadu through the new investment. In September, Ola said it was looking to expand into Latin America, ASEAN and European Union countries after entering India's neighbour Nepal first. ($1 = 82.7500 Indian rupees)Reporting by Praveen Paramasivam in Chennai; editing by Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

☆ Mercedes-Benz flags market uncertainty despite 2022 earnings boost
▼ + stars: | 2023-02-17 | by ( ) www.cnbc.com time to read: +2 min

The Mercedes star logo is seen in front of the Mercedes-Benz customer center in Sindelfingen, southwestern Germany, on February 13, 2023. Mercedes-Benz Group on Friday beat analysts' forecasts with annual earnings of 20.5 billion euros ($21.80 billion), but the premium carmaker warned of lower earnings this year due to economic uncertainty. The company hit its forecast of a 13%-15% adjusted return on sales in the cars division, reporting a 14.6% margin for 2022. But it forecast a lower adjusted return of 12%-14% on sales for the cars division in 2023 and group earnings slightly below 2022, even though sales at the Mercedes-Benz Cars business are expected at the same level. Roughly 50% of the company's annual portfolio is financed, he said, meaning that higher rates will have an impact.

☆ Mercedes presented record FY results in challenging environment, says CEO
▼ + stars: | 2023-02-17 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMercedes presented record FY results in challenging environment, says CEOOla Kallenius, CEO of Mercedes, discusses the company's strong earnings reported for 2022, despite the challenges of the global energy crisis and supply chain shortages.

☆ From Apple to VW, CEOs Gradually Returning to China After Its Reopening
▼ + stars: | 2023-02-12 | by ( Dan Strumpf | Yoko Kubota | ) www.wsj.com time to read: 1 min

Volkswagen CEO Oliver Blume was among the first top executives from a multinational company to visit China since it scrapped most of its border restrictions. BEIJING—Top executives from multinational companies are trickling back into China with the country’s reopening, as Beijing seeks to restore confidence from global businesses in its struggling economy and attract investments. Volkswagen AG’s chief executive visited China from late January to early February, the company said, while Apple Inc. CEO Tim Cook and Pfizer Inc. CEO Albert Bourla are expected to visit next month, people familiar with the matter said. Ola Källenius , Mercedes-Benz Group AG’s chairman, also plans a visit to China, the company said.

☆ 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.

☆ Mercedes to drop EQ product brand -Handelsblatt
▼ + stars: | 2023-01-12 | by ( ) www.reuters.com time to read: 1 min

BERLIN, Jan 12 (Reuters) - Mercedes-Benz (MBGn.DE) is set to drop the EQ product brand for battery-electric cars as soon as the next generation of compact cars, set to be on the market from the end of 2024, German daily Handelsblatt said on Thursday, citing company sources. The decision is based on Chief Executive Ola Kaellenius' focus on electric-only cars, making the EQ brand redundant as Mercedes turns away from the combustion engine, Handelsblatt cited the sources as saying. The German carmaker now markets its all-electric model series under the EQ brand, first announced in 2016, with its first model, the EQC electric SUV, launched in 2019. Mercedes did not immediately respond to a request for comment. Writing by Miranda Murray; Editing by Clarence FernandezOur Standards: The Thomson Reuters Trust Principles.

☆ India is learning to love electric vehicles — but they're not cars
▼ + stars: | 2023-01-09 | by ( Charmaine Jacob | ) www.cnbc.com time to read: +6 min

Electric vehicle charging stations from Tata Power can be found on 350 of the 600 highways in India. Puneet Vikram Singh, Nature And Concept Photographer, | Moment | Getty ImagesWhen most people think about electric vehicles, they think cars. From brands like Tesla and Rivian in the United States, to Nio and XPeng in China, global sales of electric vehicles have surged. But in India, two-wheel vehicles such as scooters, mopeds and motorbikes, dominate the market. The starting price of electric two-wheel vehicles can be as high as 160,000 rupees.

☆ The 10 most active European and US investors betting on India as Asia's tech powerhouse, as it hits 100 startups worth $1 billion or more
▼ + stars: | 2022-12-21 | by ( Riddhi Kanetkar | ) www.businessinsider.com time to read: +3 min

Funding from US and European HQ'd investors into Indian startups. 2021 was a banner year, with nearly 75% of the total funds into Indian startups coming from foreign investors. Foreign investor traction in India remains strong, said Draganov, who expects US and European venture capitalists to maintain their presence in India in the coming years. Using data from Dealroom and PitchBook, Insider profiled the most active investors that are headquartered in Europe and the US that have backed Indian startups since 2016. Based on the deal volume and size of investments into Indian startups since 2016, here are the top European and US firms investing into Indian startups, in alphabetical order.

☆ Navalny: mercenary boss visited his jail to recruit for Ukraine war
▼ + stars: | 2022-12-21 | by ( ) www.reuters.com time to read: +2 min

Dec 21 (Reuters) - Jailed Russian opposition leader Alexei Navalny said on Wednesday that Yevgeny Prigozhin, founder of the Wagner private military company that has taken a major part in the Ukraine war, had visited his prison to recruit convicts. He did not say when the alleged visit took place. The Wagner Group, which Prigozhin has said he founded in 2014, has become increasingly prominent during the Ukraine war, including during a brutal, long-running battle for the small city of Bakhmut. In his Twitter post, he said the recruitment of convicts to fight in Ukraine showed the corrosion of the Russian state. In his response, Prigozhin took issue with the fact that many of Navalny's supporters had been allowed by the state to flee abroad.

☆ Lula's Victory Could Boost Hopes of Saving the Amazon Rainforest
▼ + stars: | 2022-11-18 | by ( Catherine Boudreau | ) www.businessinsider.com time to read: +4 min

He slashed funding for environmental enforcement and halted government efforts to demarcate Indigenous' peoples lands. He is executive coordinator of the Articulation of Indigenous Peoples of Brazil, a group advocating for land rights and greater representation in Brazil's government. Bolsonaro's actions legitimized an increase in violence against Indigenous peoples, Tuxá told Insider on the sidelines of COP27. A slice of the funding was set aside for securing land rights for Indigenous people. Still, nearly $2.6 billion was spent in 2021, including at least $321 million to help secure land rights for Indigenous peoples, according to progress reports.

☆ Mercedes CEO: 'absolutely inconceivable' to write off China
▼ + stars: | 2022-11-07 | by ( ) www.reuters.com time to read: +1 min

FRANKFURT, Nov 7 (Reuters) - Mercedes-Benz (MBGn.DE) Chief Executive Ola Källenius on Monday spoke out against distancing oneself from China, saying it was "absolutely inconceivable" to write off the country. The comments came days after German Chancellor Olaf Scholz led a delegation of business leaders to China, urging German companies to diversify should the relationship between the two countries sour. Källenius, speaking at an event at Berlin's ESMT business school, said he was deeply convinced of the benefits of globalization and that it was absolutely right for Scholz to be the first Western leader to visit President Xi Jinping recently after his term extension. "To back away from China because something might happen would be the wrong direction," Källenius said. Reporting by Ilona Wissenbach; Writing by Tom Sims; Editing by Richard ChangOur Standards: The Thomson Reuters Trust Principles.

☆ Ethiopia: Warring parties agree to a truce in two-year civil war. Here's what to know
▼ + stars: | 2022-11-03 | by ( Eliza Mackintosh | ) edition.cnn.com time to read: +16 min

CNN —When Ethiopian Prime Minister Abiy Ahmed received the Nobel Peace Prize in 2019, he was lauded as a regional peacemaker. A year later, he launched a conflict that spiraled into a brutal civil war, spawning one of the worst humanitarian crises in the world. In November 2020, Abiy ordered a military offensive in Ethiopia’s northern Tigray region and promised that the clash would be resolved quickly. Yasuyoshi Chiba/AFP/Getty ImagesThe Tigray conflict has its roots in tensions that go back generations in Ethiopia. For months at the start of the conflict, Abiy denied that civilians were being harmed or that soldiers from Eritrea had joined the fight.

☆ Ethiopian government accused of deadly air strikes on Oromiya region
▼ + stars: | 2022-10-27 | by ( ) www.reuters.com time to read: +4 min

Summary Oromo groups say hundreds killed in air strikesNo comment from government and army spokespersonsAlleged strikes come as Tigray peace talks startNAIROBI, Oct 27 (Reuters) - Two organisations from Ethiopia's Oromiya region have accused the army of conducting air strikes there in recent days which they said had killed hundreds of civilians, just as peace talks on the separate Tigray conflict were about to start. read moreIn statements sent to Reuters by text message and email and in posts on Twitter, the OLF and the OLA listed locations in Oromiya where they said a series of deadly air strikes had taken place between Thursday of last week and Tuesday this week. We've been going to funerals this whole time," he said, adding that another air strike had hit a nearby school on Monday, but no one had been killed as it was empty at the time. On Thursday morning, Reuters asked Ethiopian government spokesman Legesse Tulu, military spokesman Colonet Getnet Adane, Prime Minister Abiy Ahmed's spokeswoman Billene Seyoum and Oromiya regional government spokesman Hailu Adugna for comment on the alleged air strikes. OLA spokesman Odaa Tarbii posted a video on Twitter on Tuesday that purported to show the aftermath of an air strike in West Shewa.

☆ Sunflowers, war and drought: Why the price of margarine and butter spiked 32%
▼ + stars: | 2022-10-17 | by ( Greg Iacurci | ) www.cnbc.com time to read: +6 min

Margarine prices swelled by about 4% in the month from August to September, meaning they've continued to trend upward in the short term. 1 producer and exporter of sunflower oil, which accounts for 9% of all vegetable oil produced globally. "Supplies of these alternatives are expected to be tight in the 2021/22 marketing year, contributing to elevated vegetable oil prices." Palm oil accounts for 35% of all vegetable oil made globally, the largest share relative to the aforementioned oil commodities. Annual oil prices — and those of its byproducts, like gasoline and diesel — skyrocketed as a result.

☆ Mercedes CEO says Europe’s gas crisis will accelerate its shift to renewables
▼ + stars: | 2022-10-17 | by ( Michelle Toh | ) edition.cnn.com time to read: +5 min

Hong Kong CNN Business —Europe’s gas crisis will be “a catalyst” for Mercedes-Benz to push deeper into clean energy, says its CEO. The German government had already set in motion a crisis management plan that could see rationing gas to businesses if that happened. The group has also signed on to use a wind energy facility in the Baltic Sea that will “add another 25%” of capacity, said Källenius. “We’re going to diversify, we’re going to make ourselves more resilient, and of course we’re going to go carbon-free,” he added. The company unveiled the electric vehicle Sunday at the Paris Motor Show, as part of efforts to further diversify its lineup.

☆ Mercedes CEO: Sales in China robust despite 'zero Covid' policy
▼ + stars: | 2022-10-17 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMercedes CEO: Sales in China robust despite 'zero Covid' policyDiscussing the automaker's sales performance in China, Mercedes-Benz CEO Ola Kallenius said "all operations are quite stable."

☆ Mercedes-Benz CEO: 'Momentum building' for EVs despite rising cost of electricity
▼ + stars: | 2022-10-16 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMercedes-Benz CEO: 'Momentum building' for EVs despite rising cost of electricityOla Källenius discusses the launch of Mercedes' new EQE SUV in the latest push toward versatile electric vehicles amid a period marring the auto industry with ongoing challenges in supply chain shortages and a worsening European energy crisis.

☆ Mercedes-Benz CEO says luxury drivers will help spur the transition to electric vehicles
▼ + stars: | 2022-10-06 | by ( John Rosevear | ) www.cnbc.com time to read: +2 min

A charging port is seen on a Mercedes Benz EQC 400 4Matic electric vehicle at the Canadian International AutoShow in Toronto, Ontario, Canada, February 13, 2019. "I really believe that in this decade, we will flip from being based upon high tech internal combustion engines to going dominant electric, if not all electric, in the luxury segment." Mercedes plans to sell its electric vehicles alongside internal-combustion models for at least several more years. But Kallenius expects that most of Mercedes' affluent customers will favor the electric versions in time. "As long as you give the customer a superior product to what they had before, they're open minded for a switch" to electric models, he said.

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