DIRS.INFO The most relevant business & tech news

☆ Volvo Cars sales up 21% year-on-year in July
▼ + stars: | 2023-08-03 | by ( ) www.reuters.com time to read: +1 min

An employee at a Volvo car dealer, wearing a protective mask is seen in the showroom, amid the coronavirus disease (COVID-19) outbreak in Brussels, Belgium May 28, 2020. REUTERS/Yves Herman/File PhotoOSLO, Aug 3 (Reuters) - Sweden's Volvo Cars (VOLCARb.ST) on Thursday reported a 21% rise in car sales in July from a year earlier, selling 54,165 vehicles, the company's 11th consecutive month of year-over-year growth. In the first seven months of 2023, Volvo sold 395,856 cars globally, a rise of 18% compared with the same period of 2022, led by soaring demand for fully-electric or plug-in-hybrid models. The manufacturer, which is majority-owned by China's Geely (0175.HK), said it sold 64,764 fully-electric cars year-to-date, up from 23,803 in the year-ago period. Shares in the company were up 0.4% at 0714 GMT, outperforming a 0.5% drop in Stockholm's benchmark index (.OMXS30).

Persons: Yves Herman, China's Geely, Terje Solsvik, Gwladys Organizations: Volvo, REUTERS, HK, Thomson Locations: Brussels, Belgium, OSLO

☆ Klein's UK SPAC deal is more swan song than encore
▼ + stars: | 2023-08-02 | by ( ) www.reuters.com time to read: +3 min

The northern English county is the home of serial acquirer CorpAcq, led by the brother of “Take That” singer Jason Orange, which Klein’s Churchill Capital Corp VII (CVII.N) special-purpose acquisition company vehicle now hopes to buy. The deal, which values the investor in plumbing to fork-lift leasing groups at $1.6 billion including debt, may struggle to relight the fire of the depressed SPAC sector. Klein’s planned deal comes amid a growing lack of patience by SPAC investors. CorpAcq could yet be magic for SPAC investors. Churchill’s sponsors, including Klein, will waive most of their founder shares, which typically vest when a deal is done.

Persons: Peter Rawlinson, Michael Klein, acquirer, “, Jason Orange, Klein’s, SPACs, Klein, Simon Orange’s, Pamela Barbaglia, Aston Martin, Neil Unmack, Streisand Neto Organizations: Lucid, Churchill Capital Corp, Nasdaq, Lucid Motors, Reuters, Blank, Cotton Traders, Twitter, Thomson Locations: New York City , New York, U.S, Cheshire, Stockholm, Brexit, Japan

☆ SiriusXM tops quarterly revenue estimates on strong radio demand from auto tie-ups
▼ + stars: | 2023-08-01 | by ( ) www.reuters.com time to read: +1 min

Aug 1 (Reuters) - SiriusXM (SIRI.O) topped market estimates for quarterly revenue on Tuesday as the radio company's tie-ups with automakers helped draw users to its audio product services while on the road. The company also partnered with Volvo (VOLCARb.ST) in the quarter to continue to be the standard across the automaker's vehicle lineup. The audio entertainment company reported second-quarter revenue of $2.25 billion, beating estimates of $2.24 billion, according to Refinitiv data. After reporting better-than-expected free cash flow of $323 million in the quarter, the company also raised its expectation for the full year. It now expects annual free cash flow to be around $1.5 billion, compared with $1.1 billion it had previously expected.

Persons: SiriusXM, Samrhitha, Shweta Agarwal Organizations: Volvo, Spotify, YouTube, Thomson Locations: Bengaluru

☆ Republicans struggle to diverge from Bidenomics
▼ + stars: | 2023-08-01 | by ( Ben Winck | ) www.reuters.com time to read: +4 min

Florida Governor and Republican U.S. presidential candidate Ron DeSantis attends a barbecue hosted by former diplomat Scott Brown, as part of his "No B.S. WASHINGTON, Aug 1 (Reuters Breakingviews) - Republicans with ambitions to move into the White House have a love-hate relationship with Bidenomics. A continued push for true “energy independence” probably would look more like Biden’s strategy than anything else. The agenda includes 10 core tenets, including greater independence from China, energy independence and promoting domestic investment. He called for “aggressive new restrictions” on Chinese ownership of U.S. infrastructure in a Jan. 18 campaign video and emphasized domestic energy independence in a Feb. 9 video.

Persons: Ron DeSantis, Scott Brown, Bidenomics, Donald Trump, Joe Biden’s, DeSantis, “, Biden, Trump, ”, Jeffrey Goldfarb, Sharon Lam Organizations: Republican U.S, Reuters, Economic, Federal Reserve, Trump, Energy Information Administration, “, Florida, Former U.S, Thomson Locations: Florida, Rye , New Hampshire, U.S, WASHINGTON, ”, Ukraine, Beijing, China, Bidenomics, New Hampshire

☆ EQT’s India IVF buyout hits on fertile themes
▼ + stars: | 2023-08-01 | by ( ) www.reuters.com time to read: +2 min

MUMBAI, Aug 1 (Reuters Breakingviews) - Private equity giant EQT (EQTAB.ST) is buying a majority stake in the country’s largest fertility clinic chain Indira IVF via its Asian unit BPEA EQT, valuing the firm at $1.1 billion. Indira IVF serves some of the 15% of Indian couples experiencing infertility, a problem on the rise in the world’s most populous country as people marry later and air pollution stifles the ability to conceive naturally. EQT’s deal also is another bet on the changing demands of the South Asian nation’s middle class. Thanks to the gradual maturing of the private equity business, both purchases come with the added benefit of the buyer taking control. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Indira, EQT’s, Shritama Bose, Steve Cohen, ’, Una Galani, Aditya Munjuluru Organizations: Reuters, Blackstone, HDFC, Twitter, Sequoia, Walmart, Thomson Locations: MUMBAI, Temasek

Such was the first day of DeSantis' "reboot" of his campaign in New Hampshire, the No. Before DeSantis began his speech, Michael Lunder, a 67-year-old businessman, said he was "probably going to support (DeSantis) financially." "I learned a few things that I didn't agree with, but, in general, I think I might support him," Lunder concluded. CAMPAIGN REBOOTIn the last two weeks, the DeSantis campaign has undergone a shake-up both in style and personnel, according to several people close to the campaign. He disagreed with DeSantis' position that support for Ukraine in its war with Russia is not a vital U.S. national security interest.

Persons: Ron DeSantis, sidled, Donald Trump, DeSantis, Scott Brown, Michael Lunder, Lunder, Frank Cimler, Joe Biden, Cimler, Gram Slattery, Ross Colvin, Howard Goller Organizations: Republican, U.S, Reuters, Democratic, Ukraine, Thomson Locations: RYE , New Hampshire, Florida, New Hampshire, Iowa, Trump's, COVID, Russia, U.S

☆ DeSantis claims Biden would beat Trump. The voters he is wooing disagree
▼ + stars: | 2023-07-31 | by ( Kevin Breuninger | ) www.cnbc.com time to read: +2 min

"I beat Biden in Georgia, Trump doesn't. I beat Biden soundly in Arizona, Trump doesn't," DeSantis said of Trump in a Fox News interview. The likely Republican primary voters also told the pollsters that they considered Trump to be more electable against Biden than DeSantis. Asked whether the phrase "Able to beat Joe Biden" better described Trump or DeSantis 58% of those respondents picked the former president, versus 28% who chose the governor. Fox's Bret Baier asked DeSantis, "You don't believe that former President Trump could win a general election against Joe Biden?"

Persons: Ron DeSantis, Scott Brown, Donald Trump, Joe Biden, Biden, Trump, DeSantis, Fox's Bret Baier Organizations: Republican U.S, Florida Gov, GOP, Fox, The New York Times, Siena College, Trump, Republican, Democratic, NBC News Locations: Florida, Rye , New Hampshire, U.S, Georgia, Arizona

☆ Europe’s listless IPOs are red flag for big floats
▼ + stars: | 2023-07-31 | by ( Pamela Barbaglia | ) www.reuters.com time to read: +4 min

And so far, the performance of the floats that have got away has been relatively poor. It’s a major red flag for larger IPO candidates, like CVC Capital Partners or EQT’s (EQTAB.ST) Galderma. Only 65 companies decided to brave choppy stock markets in Europe, raising $6.6 billion in overall proceeds, according to Dealogic data. Italian betting group Lottomatica (LTMC.MI) and German web-hosting company IONOS (IOSn.DE) priced at the bottom of their initial ranges. Dealogic data shows that IPOs in the region raised a total of $6.6 billion between the start of 2023 and July 20.

Persons: Breakingviews, Thyssenkrupp, Nucera, Hidroelectrica, Liam Proud, Oliver Taslic Organizations: Reuters, Capital Partners, underwriters, Bankers, Swiss, Reuters Graphics Reuters, Thomson Locations: Europe, Romanian, Saudi, Swedish

☆ DeSantis' new economic plan targets 'woke' ESG, China trade policy and student loans
▼ + stars: | 2023-07-31 | by ( Kevin Breuninger | ) www.cnbc.com time to read: +3 min

Ron DeSantis on Monday unveiled a lengthy economic agenda aimed to spur growth by upending the U.S. trade relationship with China, reversing Biden administration regulations and confronting corporations deemed to be pushing "woke" ideals. "The goal of our Declaration of Independence is simple," DeSantis said as he detailed the plan in Rochester, New Hampshire. Both Trump and DeSantis, for instance, have vowed to decouple the U.S. economy from China and reverse trade deficits with Beijing. DeSantis' agenda would also seek to address Chinese intellectual property theft and ban China from purchasing "strategic assets" in the U.S., according to a fact sheet from the DeSantis campaign. DeSantis "will not tolerate woke corporations using ESG," his campaign said, referring to the investing principles that consider environmental, social and governance factors.

Persons: Ron DeSantis, Scott Brown, DeSantis, Donald Trump, Trump Organizations: Republican U.S, Florida Gov, Republican, Economic, New York Times, Siena, Trump, Federal, of Justice Locations: Florida, Rye , New Hampshire, U.S, China, Rochester , New Hampshire, Beijing, New Hampshire, Concord, Iowa

The combined business comprises over 9,000 professionals in more than 50 jurisdictions, EQT said in a statement. BPEA EQT had tapped Goldman Sachs to be the lead adviser on the merger of the two companies, Reuters reported. Simon Webster, who joined Vistra as CEO in November 2022, will be the CEO of the combined business, EQT said. BPEA bought Tricor from private equity firm Permira in 2021 for $2.8 billion. EQT agreed last year to buy BPEA or Baring Private Equity Asia in a deal worth 6.8 billion euros ($7.5 billion), creating BPEA EQT.

Persons: EQT, BPEA, BPEA EQT, Goldman Sachs, Lazard, Simon Webster, Webster, Vistra, Tricor, Gokul, Nivedita Bhattacharjee, Mark Potter Organizations: Reuters, Barclays, HSBC, Vistra, Baring Private Equity Asia, Thomson Locations: Hong Kong, China, Vistra, Bengaluru, Yantoultra, Singapore

☆ Intel, Ericsson to work together on custom 5G chip
▼ + stars: | 2023-07-25 | by ( Stephen Nellis | ) www.reuters.com time to read: +1 min

July 25 (Reuters) - Intel Corp (INTC.O) on Tuesday said that it will work with Swedish telecommunications gear maker Ericsson (ERICb.ST) to make a custom chip for Ericsson's 5G networking gear, using the most advanced manufacturing technology Intel has disclosed. Intel has lost its lead in manufacturing the smallest and most power-efficient semiconductors to rivals such as Taiwan Semiconductor Manufacturing Co (2330.TW). A key piece of Intel Chief Executive Pat Gelsinger's plan announced in 2021 to regain that lead and turn the company around has been to pack five generations of chip manufacturing advances into four years. Intel said that the new Ericsson chip will use Intel's "18A" manufacturing technology and is among the first chips from outside customers that Intel has will use the technology. Intel and Ericsson did not provide details on when the chip will hit the market, but Intel has previously said that its 18A manufacturing technology will be ready by 2025.

Persons: Pat Gelsinger's, Stephen Nellis, Nick Zieminski Organizations: Intel Corp, Ericsson, Intel, Taiwan Semiconductor Manufacturing, San, Thomson Locations: Swedish, San Francisco

☆ 'Barbie' buzz likely just a flash in the pan for toymaker Mattel
▼ + stars: | 2023-07-24 | by ( Savyata Mishra | ) www.reuters.com time to read: +3 min

July 24 (Reuters) - The fanfare around Margot Robbie-starrer "Barbie" could jolt the iconic Mattel (MAT.O) doll's sales out of a year-long slump, but Wall Street thinks the party in pink will be short-lived. While Mattel will report second-quarter results on Wednesday, days after the theatrical release of the movie, analysts say the boost for Barbie sales will be most pronounced in the quarter ending Sept. 29 before tapering off. Retailers worldwide have also pitched in, with brands from Zara (ITX.MC) to H&M (HMb.ST) and Gap rolling out themed merchandise like Barbie hoodies, perfumes and toothbrushes. But its gross billings - or the amount invoiced to customers - fell behind Hot Wheels in the first quarter of 2023. Mattel's forward 12-month price-to-earnings multiple (P/E), a common benchmark for valuing stocks, is 16.01, higher than 13.6 for Hasbro.

Persons: Margot Robbie, Barbie, Arpiné Kocharyan, Kocharyan, Ryan Gosling, Ken, Warner Bros, Zachary, Carol Osborne, Savyata Mishra, Devika Organizations: Mattel, UBS, Warner, Sunday, Reuters Graphics Reuters, CFRA Research, University of South, Muma College of Business, Hasbro, Thomson Locations: Zara, United States, Canada, Bengaluru

☆ Global retailers cash in on Barbie movie craze
▼ + stars: | 2023-07-21 | by ( Helen Reid | Thomson Reuters | 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

REUTERS/Arriana McLymoreJuly 21 (Reuters) - Shoppers are snapping up Barbie hoop earrings, perfume, jumpsuits, and dresses as retailers seek to cash in on Friday's Barbie film release, reigniting the craze for the plastic doll and her hot pink, sequin-adorned universe. Mattel says the Barbie movie is expected to boost global sales of Barbie dolls, which declined last year from record growth during the pandemic. A Gap Barbie hoodie for women was available only in size XXS online, while a pair of Barbie Crocs, priced at $59.99 - $10 more than normal Crocs - was sold out on the Crocs website. Luggage brand Beis had a waiting list for all three sizes of suitcases in a Barbie pink, priced at a premium to its usual colour range. Walmart pitched Barbie dolls in varying skin tones and hairstyles at $45 to collectors.

Persons: browses, Arriana, Friday's, Barbie, Jo Ashdown, Ryan Gosling, Ken, Zara Barbie, hoodie, Barbie Crocs, Barbie toothbrushes, James Zahn, that's, Helen Reid, Savyata Mishra, Siddharth Cavale, Nick Zieminski Organizations: REUTERS, Mattel, WPP, Walmart, Hyatt Hotels, Hilton, Thomson Locations: Zara's Soho, New York City, U.S, Bogota, Colombia, Kuala Lumpur, Malaysia

☆ Ericsson investigates reports of Iraq revoking work permits
▼ + stars: | 2023-07-21 | by ( ) www.reuters.com time to read: +1 min

STOCKHOLM, July 21 (Reuters) - Ericsson (ERICb.ST) is investigating reports Baghdad has suspended employees' work permits in Iraq and the potential implications for customers and staff in the country, the Swedish telecom gear company said on Friday. On Thursday, Iraq expelled the Swedish ambassador in protest at a planned burning of the Koran in Stockholm that prompted protesters to storm the Swedish embassy in Baghdad. Two protesters in Stockholm on Thursday kicked and partly destroyed a book they said was the Koran but did not set it alight. Ericsson, which has around 30 full-time employees in Iraq, said the safety of its staff, partners, and customers was its top priority. Iraq is a relatively small market by sales for Ericsson.

Persons: Supantha Mukherjee, Anna Ringstrom, Jason Neely, Barbara Lewis Organizations: Ericsson, Thomson Locations: STOCKHOLM, Baghdad, Iraq, Swedish, Stockholm, Sweden

☆ European earnings add weight to economic bear case
▼ + stars: | 2023-07-20 | by ( ) www.reuters.com time to read: +2 min

LONDON, July 20 (Reuters Breakingviews) - It’s only early in the financial-reporting season for European companies. But macro bears will already be able to find all the doom and gloom they could ever want. But pricey recipe kits and premium toilet paper are relatively easy ways for pinched consumers to save money. Before the results, all three companies were priced at a premium to the STOXX Europe 600 Index (.STOXX) using 12-month forward price to earnings multiples, suggesting possible shareholder complacency. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: napping, Liam Proud, whir, Neil Unmack, Oliver Taslic Organizations: Reuters, Twitter, Thomson Locations: Europe

STOCKHOLM, July 20 (Reuters) - Sweden-based automaker Volvo Cars (VOLCARb.ST) reported a 54% fall in second-quarter operating earnings on Thursday as the year-ago period's profit was boosted by a one-off gain, and it forecast healthy demand for its vehicles despite pricing pressures. Volvo Cars, majority-owned by China's Geely Holding (GEELY.UL), said earnings before interest and taxes (EBIT) fell to 5.0 billion Swedish crowns ($488.62 million) from a year-ago 10.8 billion. Volvo said its sales performance was driven by improved production output and that it expected supply and demand to continue to normalise in the wider markets. The company added that the normalisation would bring some additional pricing pressures, but that demand for its cars were expected to be healthy despite high interest rates squeezing its customers and overall market. Volvo reiterated its guidance of solid double-digit growth in retail sales for the full year.

Persons: China's Geely, Refinitiv, Marie Mannes, Anna Ringstrom, Jacqueline Wong Organizations: Volvo, China's, Thomson Locations: STOCKHOLM, Sweden, China, Gothenburg

☆ Tesla, ABB, TSMC get Q2 earnings off to downbeat start
▼ + stars: | 2023-07-20 | by ( ) www.reuters.com time to read: +4 min

The news cast a pall over stocks as second-quarter earnings season ramps up. ABB said its orders in China, its second-biggest market, fell 9% in the three months to the end of June, with its electrification, motion and robotics divisions all seeing lower demand. Analysts have warned easing input costs will put pressure on companies to start cutting prices, or they may lose business. Swedish hygiene product maker Essity's (ESSITYa.ST) second-quarter earnings missed market expectations, hit by wage inflation, bigger marketing costs in its consumer goods unit, and lower volumes after price hikes. Investors punished the companies' shares.

Persons: TSMC, Elon Musk, Aly, Musk, Electrolux, Josephine Mason, Sharon Singleton Organizations: ABB, LONDON, Nasdaq, Shanghai, REUTERS, Europe's, Investors, Netflix, Revenue, Reuters, Thomson Locations: China, Germany, Shanghai, Europe, lockdowns, United States

☆ Electrolux swings to loss as shoppers shift to cheaper appliances
▼ + stars: | 2023-07-20 | by ( ) www.reuters.com time to read: +1 min

[1/2] Interiors of Electrolux R&D facility are pictured at their plant in Pordenone, Italy, March 27, 2019. REUTERS/ Giulio PiovaccariSTOCKHOLM, July 20 (Reuters) - Electrolux (ELUXb.ST), Europe's biggest home appliances maker, swung to a loss in the second quarter as cash-strapped shoppers opted for cheaper products and demand from residential property builders slowed. The Swedish group said organic sales fell 8% as sales volumes shrank significantly due to continued weak demand. "Lower residential construction and remodeling activity caused significantly weaker demand within the built-in kitchen category, mainly impacting us in Europe," he said. It reported a second-quarter operating loss of 124 million crowns ($12.1 million) against a year-earlier profit of 560 million.

Persons: Giulio Piovaccari STOCKHOLM, Jonas Samuelson, Electrolux, Anna Ringstrom, Louise Breusch Rasmussen, David Evans Organizations: REUTERS, Europe's, Thomson Locations: Pordenone, Italy, Swedish, Europe

[1/4] President and CEO of AB Volvo Martin Lundstedt is seen on the day of the presentation of Volvo Group's Q2 2023 earnings report, in Gothenburg, Sweden, July 19, 2023. Adam Ihse/TT News Agency/via REUTERSCompanies Volvo AB FollowSTOCKHOLM, July 19 (Reuters) - Swedish truckmaker AB Volvo (VOLVb.ST) on Wednesday logged a better-than-expected 57% jump in second-quarter adjusted operating profit, helped by price hikes. "We have been successful in improving margins while managing cost inflation and increased disturbances in the supply chain," Chief Executive Martin Lundstedt said in a statement. Operating profit before restructuring charges and legal claims surged to 21.7 billion crowns ($2.1 billion), beating a Refinitiv consensus estimate of 18.4 billion crowns. Reporting by Marie Mannes; editing by Anna Ringstrom, Jason Neely and Edwina GibbsOur Standards: The Thomson Reuters Trust Principles.

Persons: Volvo Martin Lundstedt, Adam Ihse, Martin Lundstedt, Lundstedt, Marie Mannes, Anna Ringstrom, Jason Neely, Edwina Gibbs Organizations: Volvo, TT, Agency, REUTERS Companies Volvo, STOCKHOLM, truckmaker, JPMorgan, Thomson Locations: Gothenburg, Sweden, Europe, North America, Stockholm

☆ Factbox: Corporate debt woes are on the rise
▼ + stars: | 2023-07-18 | by ( ) www.reuters.com time to read: +4 min

Size of debt: 14 billion pounds ($18.33 billion). The firm said earlier in July shareholders would provide 750 million pounds, but warned it would need an extra 2.5 billion pounds between 2025-2030. Size of debt: 6.4 billion euros ($7.19 billion) in net debt. What's at stake: Casino faces 3 billion euros of debt repayments in the next two years, with rating agencies Moody's and Standard & Poor's warning a default is likely. Deadlines to watch: Casino aims to secure an agreement with creditors by July 27.

Persons: Toby Melville, What's, Jean, Charles Naouri, Casino, Daniel Kretinsky, Kretinsky, Chiara Elisei, Dhara, Christina Fincher Organizations: Thames, REUTERS, Water, Casino, SBB, Thomson Locations: London, Britain, LONDON, Sweden, France, England, Czech, Brookfield, Spain, Barcelona

LONDON, July 18 (Reuters) - The spectre of rising corporate debt defaults exacerbating a global economic slowdown has for months been largely brushed aside by resilient credit markets. Now, long-feared corporate debt woes are starting to hit home, while more companies are being downgraded to a junk credit rating - facing higher borrowing costs as a result. Retailer Casino, with 6.4 billion euros ($7.19 billion) of net debt, is in court-backed talks with creditors; Britain's Thames Water is in the headlines with its 14 billion pound ($18.32 billion) debt pile. For FACTBOX: Corporate debt woes are on the rise, click here. Nonetheless, not all firms may be able to survive the challenges of vast debt, higher interest and business costs and declining profits.

Persons: Julius Baer's, Markus Allenspach, Guy Miller, Miller, it's, Aymen Mahmoud, McDermott Will, Emery, Elena Lieskovska, Chiara Elisei, Dhara, Christina Fincher Organizations: SBB, P Global, U.S, Reuters, ICE, Zurich Insurance, ABN AMRO, European Central Bank, London Finance, Bain Capital, Thomson Locations: Swedish, Spain, Europe

☆ Nokia issues profit warning, rival Ericsson delivers 'lukewarm' results
▼ + stars: | 2023-07-14 | by ( Martin Coulter | ) www.reuters.com time to read: +3 min

Nokia's shares dropped 7.8% in early trade to their lowest since April 2021, while Ericsson shares were down 7.7%. Nokia reported preliminary second-quarter sales of 5.7 billion euros ($6.4 billion), while analysts polled by Refinitiv had estimated sales of 6 billion euros on average. Nokia said it now expects 2023 sales of 23.2-24.6 billion euros ($26.1-$27.6 billion) against 24.6-26.2 billion euros estimated previously. Meanwhile, Ericsson reported a 62% fall in second-quarter adjusted operating profit, slightly above market expectations. The Swedish telecom equipment maker's operating profits, excluding restructuring charges, fell to 2.8 billion Swedish crowns ($271 million), compared with 7.4 billion crowns the previous year.

Persons: Refinitiv, Börje Ekholm, Ericsson's, Richard Webb, Webb, we’ll, Martin Coulter, Anna Ringstrom, Krishna Chandra Eluri, Tom Hogue Organizations: Nokia, Ericsson, Markets, Reuters, 5G, CSS Insight, Thomson Locations: North America, India, Swedish

☆ 5G push catches European telecom kit makers short
▼ + stars: | 2023-07-14 | by ( ) www.reuters.com time to read: +2 min

LONDON, July 14 (Reuters Breakingviews) - The race to roll out faster 5G networks in the past two years has turned into a trap for telecom kit makers in Europe. The Finnish telecom gear group surprised investors with a profit warning; it cut its full-year net sales guidance to between 23.2 billion euros and 24.6 billion euros ($26.05 billion and $27.62 billion) from 24.6 billion euros to 26.2 billion euros previously. Mobile networks in big markets like the United States invested aggressively to roll out 5G equipment in 2021 and 2022, ending up with excessively high inventories. Yet this came just as mobile equipment makers’ customers started to rein in spending on the back of inflation, exacerbating their problem. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Karen Kwok, Lisa Jucca, Oliver Taslic Organizations: Reuters, Nokia, Ericsson, U.S, Twitter, Cathay, Thomson Locations: Europe, Swedish, Scandinavian, United States, India

Now it is at the epicentre of a property crash that threatens to engulf the Nordic state's economy. It has said it plans on selling roughly 6 billion Swedish crowns worth of assets this year. Speculators are betting that the stock price has further to fall. SBB shares are subject to more short-selling - a bet that the stock price will drop - than any other Swedish company, according to data from the financial regulator. "If, on the other hand, the SBB will be bought up, then the small shareholders will probably lose everything."

Persons: Maria De Geer, who've, Ilija Batljan, Batljan, Robert Bergqvist, SEB, Leiv Synnes, pare, De Geer, Pablo Mayo, Elaine Hardcastle Organizations: SBB, Swedish Shareholders Association, Organisation for Economic Cooperation, Development, Asset Management, SBB Treasury Oyj, Reuters, Thomson Locations: STOCKHOLM, FRANKFURT, Sweden, Swedish, Cerqueiro, London

☆ Geely, Renault strike deal to develop gasoline engines, hybrid technology
▼ + stars: | 2023-07-11 | by ( ) www.reuters.com time to read: +2 min

[1/2] The Geely logo is seen at a car dealership in Shanghai, China August 17, 2021. REUTERS/Aly SongJuly 11 (Reuters) - China's Geely Automobile Holdings (0175.HK) and French car maker Renault SA (RENA.PA) on Tuesday said they will invest up to 7 billion euros ($7.71 billion) in a new equally held joint venture to develop gasoline engines and hybrid technology for automobiles. The JV aims to have an annual production capacity of up to five million internal combustion, hybrid and plug-in hybrid engines and transmissions, Renault added. Saudi Aramco (2222.SE), which signed a letter of intent with Renault and Geely in March, is evaluating a strategic investment in the new company, Renault said. Big oil firms have worked with automakers to develop sustainable fuels and hydrogen engines in recent years.

Persons: Aly Song, Eric Li, Harish Sridharan, Nivedita Bhattacharjee, Eileen Soreng Organizations: REUTERS, Geely Automobile Holdings, HK, Renault SA, Geely Holding, Renault, Volvo, Proton, Nissan, Mitsubishi Motors, Torino, JV, Reuters, Saudi Aramco, Geely, Aramco, Thomson Locations: Shanghai, China, Saudi, Bengaluru

Search resuls for: "B.Ş"

25 mentions found