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High debts, rising interest rates and a wilting economy has produced a toxic cocktail for Sweden's commercial property companies, with several cut to junk by rating agencies. Sweden and Germany are among the worst affected by a widening property slump on the continent, according to Eurostat. Swedish officials are worried that banks could compound property companies' troubled by cutting credit, triggering firesales that would further drag down the market. Financial markets minister Wykman said he had held discussions with banks, property companies and investors about the entire commercial property market. This week, analysts at JP Morgan said big banks in Sweden, which had 1 trillion Swedish crowns of property exposure, were 'ill-prepared' for losses.

Persons: Niklas Wykman, Wykman, Ilija Batljan, Batljan, JP Morgan, Finland's, SEBa.ST, Chiara Elisei, Sinead Cruise, John O'Donnell, Toby Chopra Organizations: Organisation for Economic Cooperation, Development, Financial, Reuters, Eurostat, OECD, Reuters Graphics, SBB, JP, Thomson Locations: STOCKHOLM, FRANKFURT, Europe, Sweden, Germany, Stockholm, Swedish, Spain, Ireland, London

STOCKHOLM, June 15 (Reuters) - H&M (HMb.ST) reported weaker than expected second quarter sales on Thursday as chilly weather held back demand in key markets, although the Swedish clothes group said June had started well and its shares rose by 3% in early trading. "Sales in the second quarter were affected by unfavourable weather conditions compared to the corresponding period last year on several of the H&M group's large markets" H&M said. Zara owner Inditex (ITX.MC), whose largest market is warmer Spain, has a smaller share of sales in northern Europe and the U.S. and is also less affected by weather swings. Inditex, which has coped better than H&M in sluggish markets, last week said net sales in its quarter through April were up 13% and, in May, up 16%. H&M, whose single-biggest market is Germany, is due to publish its full quarterly earnings report on June 29.

Persons: Jefferies, Inditex, Richard Chamberlain, Marie Mannes, Anna Ringstrom, Terje Solsvik, Alexander Smith Organizations: Reuters, Royal Bank of Canada, Thomson Locations: STOCKHOLM, Swedish, Europe, Zara, Spain, U.S, Germany

☆ Fashion retailers resilient despite consumer fears
▼ + stars: | 2023-06-15 | by ( ) www.reuters.com time to read: +2 min

Shares in H&M gained 6% as analysts forecast a stronger third quarter after flat sales from March to May. Bank of America analysts said H&M's sold-out collaboration with luxury brand Mugler could also help boost half-year earnings expected on June 29. Despite sales falling, it said its focus on profit per order was paying off. The online retailer, bruised by shoppers' return to physical stores post-pandemic, has cut stock by 15% since the start of the year and said it was removing unprofitable brands from its platform. "While cracks are clearly visible in the U.S. consumer environment and to a lesser extent in Europe, Hugo Boss has been immune so far," Citi analysts said.

Persons: Sweden's, Inditex, M's, ASOS, Hugo Boss, Helen Reid, Marie Mannes, James Davey, Linda Pasquini, Sharon Singleton Organizations: Bank of America, Citi, Thomson Locations: U.S, Europe, China, Zara, London, Stockholm, Gdansk

☆ Private equity risks gorging on its secret sauce
▼ + stars: | 2023-06-14 | by ( Liam Proud | ) www.reuters.com time to read: +7 min

Investors prefer pedestrian but steady management fees over the lumpy share of fund profit that is the industry’s special sauce. Private equity firms with a public listing funnel some of the carry to employees and some to shareholders. TPG (TPG.O) last year went public with a similar strategy of paying around two-thirds of performance-related revenue to employees. Assuming the general idea is to keep overall earnings steady, then higher fee-based income for shareholders must be matched by lower cash compensation for employees. It suggests that for KKR, TPG and the rest, there is a limit to just how much of their own secret sauce employees can eat.

Persons: Steve Schwarzman, Carlyle, Blackstone’s, Schwarzman, Henry Kravis, George Roberts, EQT, Blackstone, Harvey Schwartz, Rowe Price, Thoma Bravo, Jeffrey Goldfarb, Sharon Lam, Oliver Taslic Organizations: Reuters, Blackstone, KKR, Apollo Global Management, JPMorgan, Reuters Graphics, TPG, Apollo, Reuters Graphics Reuters, Alpha, Bain Capital, Thoma, Ares Management, Thomson Locations: BlackRock

The pan-European STOXX 600 index (.STOXX) closed 0.6% higher, tracking the global market rally. The European Central Bank will hold its policy meeting on Thursday, where it is expected to hike rates by another 25 basis points to tame stubborn inflation. Industrial metal prices rose after the People's Bank of China (PBOC) lowered a short-term lending rate for the first time in 10 months to prop up risk sentiment. Meanwhile, German consumer prices, harmonised to compare with other European Union countries, rose by 6.3% on the year in May, data showed. Shares of Admiral (ADML.L) slid 5.1% after traders said Citi downgraded the British motor and home insurer to "sell."

Persons: Steve Sosnick, Antonio Villarroya, Richemont, Denmark's, Shreyashi Sanyal, Siddarth, Rashmi Aich, Richard Chang Organizations: Miners, Citigroup, Reserve, Interactive Brokers, Traders, European Central Bank, Santander CIB, People's Bank of China, Union, Bank of England, Denmark's Maersk, Nvidia, Citi, Thomson Locations: China, U.S, South Korea, Denmark, Swedish, Bengaluru

☆ Shares get a tech boost; dollar dithers ahead of inflation data
▼ + stars: | 2023-06-13 | by ( Amanda Cooper | ) www.reuters.com time to read: +4 min

[1/2] The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, June 9, 2023. REUTERS/StaffLONDON, June 13 (Reuters) - Global shares rose on Tuesday, taking their lead from an upbeat session on Wall Street ahead of key U.S. inflation data that could shape the outlook for Federal Reserve monetary policy. Money markets show traders now anticipate a peak in UK rates at around 5.6% by February, up from a terminal rate of 4.85% by November a month ago. In currencies, the dollar index , which measures the performance of the U.S. currency against six others, fell 0.2% to 103.32. Sterling rose 0.4% against the dollar to $1.2567 after the UK wage data , while the euro rose 0.4% to $1.0796.

Persons: Michael Hewson, it’s, BoE, we've, Fiona Cincotta, Farouq Suleiman, Julie Zhu, Christopher Cushing, Jamie Freed, Simon Cameron, Moore, Conor Humphries Organizations: REUTERS, Staff LONDON, Federal Reserve, Nvidia, Nikkei, Nasdaq, Amazon, Apple, Reserve Bank of Australia, Bank of Canada, Fed, ECB, Bank of England, European Central Bank, Bank of, Sterling, Thomson Locations: Frankfurt, Germany, Europe, Swedish, Bank of Japan, London, Hong Kong

The pan-European STOXX 600 index (.STOXX) rose 0.3%. The rate-sensitive tech sector index (.SX8P) added 1.6%, while miners (.SXPP) jumped 1.8% to a seven-week high. Industrial metal prices rose after the People's Bank of China (PBOC) lowered a short-term lending rate for the first time in 10 months to prop up risk sentiment. Embracer (EMBRACb.ST) jumped 5.2% to the top of the STOXX 600, after the Swedish games group announced a restructuring programme to slash costs and investments, including development of new products. Shares of Admiral(ADML.L), meanwhile, slid 6.1% to the bottom of the STOXX 600 after traders said Citi cut its rating on the British motor and home insurer to "sell."

Persons: Stuart Cole, Shreyashi Sanyal, Rashmi Aich Organizations: Miners, U.S . Federal, People's Bank of China, Equiti, Traders, European Central Bank, Union, Nvidia, Citi, Thomson Locations: China, Swedish, Bengaluru

☆ Tech stocks lead European shares higher ahead of Fed rate decision
▼ + stars: | 2023-06-13 | by ( ) www.reuters.com time to read: +1 min

June 13 (Reuters) - European shares opened higher on Tuesday led by the gains in technology stocks, amid growing optimism that the U.S. Federal Reserve would skip raising interest rates in its policy meeting. The pan-European STOXX 600 index (.STOXX) rose 0.5% as of 0715 GMT, with the rate-sensitive tech sector index (.SX8P) up 1.5%. Embracer (EMBRACb.ST) jumped 5.2% to the top of the STOXX 600, after the Swedish games group announced a restructuring programme to slash costs and investments, including in the development of new products. Swedish industrial technology group Hexagon's (HEXAb.ST) shares gained 4.3%, after it announced a collaboration with the world's most valuable chip firm Nvidia Corp (NVDA.O). Reporting by Shreyashi Sanyal in Bengaluru; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

Persons: Shreyashi Sanyal, Rashmi Organizations: U.S . Federal, Nvidia Corp, Thomson Locations: Swedish, Bengaluru

☆ Embracer’s standalone pitch hits the right buttons
▼ + stars: | 2023-06-13 | by ( ) www.reuters.com time to read: +2 min

The $3 billion video-game holding company announced on Tuesday that it would slash costs and investments to achieve a more “stable future”. The new strategy is to rely on its own free cash flow, rather than partnerships or capital hikes, to fund the business. Wingefors wants to cut overhead costs by at least 10% compared to the last quarter’s annual run rate. At least Wingefors’ new standalone survival strategy gives him a stronger negotiating hand if a bid comes along. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Lars Wingefors, it’s, Wingefors, Oliver Taslic, Liam Proud, Pranav Kiran Organizations: Reuters, Investors, Twitter, Thomson Locations: India, Teck, China

☆ Tomb Raider games group Embracer to slash spending
▼ + stars: | 2023-06-13 | by ( ) www.reuters.com time to read: +1 min

STOCKHOLM, June 13 (Reuters) - Swedish games group Embracer (EMBRACb.ST) announced on Tuesday a restructuring programme to slash costs and investments, including in the development of new products, boosting the company's shares. Embracer has been hit by development delays, weaker demand, bad reception for some new games and, last month, the fall-through of a large planned strategic partnership. Shares in the developer, which last year bought several development studios and the intellectual property rights to a new Tomb Raider edition and other games, on Tuesday rose 4% by 0705 GMT. "The figures include capex related to internal and external game development projects and other intangible assets, as well as tangible assets," it said in a statement. The group's earnings could be hit by one-offs such as potential severance payments and writedowns related to game development projects as part of the restructuring, it said.

Persons: Embracer, Anna Ringstrom, Terje Solsvik Organizations: Thomson Locations: STOCKHOLM

"This would be the nail in the coffin for Huawei in Europe," said Paolo Pescatore, an analyst at PP Foresight. China has asked for Huawei to be one of the main points on the agenda, one of the sources familiar with the matter said. Germany's China hawks expressed outrage in March when a Reuters story revealed that German state rail operator Deutsche Bahn was using Huawei gear to digitalise its operations. Berlin in 2021 passed a law setting high hurdles for makers of telecommunications equipment for the "critical components" of 5G networks. It is estimated it would cost billions of euros to rip out and replace Huawei equipment in European countries, potentially burdening telecom companies already sitting on huge debts.

Persons: Paolo Pescatore, Andrew Small, Mikko Huotari, Sweden's, Sarah Marsh, Andreas Rinke, Supantha Mukherjee, Foo Yun Chee, Sergio Goncalves, Mark Potter Organizations: European, Huawei, Deutsche Telekom, Foresight, Deutsche Bahn, Mercator Institute for China Studies, Telecom, Nokia, Sweden's Ericsson, Thomson Locations: BERLIN, STOCKHOLM, Germany, Brussels, Berlin, Beijing, Europe, China, China's, Denmark, Portugal, West, U.S, Stockholm, Lisbon

☆ From ‘Pariah’ to Partner, Saudi Leader Defies Threats to Isolate Him
▼ + stars: | 2023-06-10 | by ( Ben Hubbard | ) www.nytimes.com time to read: +1 min

President Biden vowed during his quest for the White House to make the Saudi crown prince, Mohammed bin Salman, a “pariah” over the killing and dismemberment of a dissident. He threatened the prince again last fall with “consequences” for defying American wishes on oil policy. Mr. Biden, visiting Saudi Arabia last year, fist bumped Prince Mohammed when they met and regularly dispatches officials to see him — including his secretary of state, Antony J. Blinken, this past week. Senator Graham grinned next to the prince — known by his initials M.B.S. — during a visit to Saudi Arabia in April.

Persons: Biden, Mohammed bin Salman, Lindsey Graham, Prince Mohammed, “, Jay Monahan, —, Antony J, Graham grinned, Monahan, LIV, ”, Abdullah Alaoudh Organizations: White, Republican, PGA Tour, PGA, LIV Golf, Freedom Initiative Locations: Saudi, Saudi Arabia, Washington

BERLIN, June 8 (Reuters) - Reality star Kim Kardashian's arrival at a gathering of the globe's top deal brokers in Berlin failed to dispel their dark mood as the rising cost of money puts the brakes on the private equity industry. But private equity is currently experiencing one of its toughest runs since coming of age in the 1980s as rapid rises in interest rates to combat inflation make the debt that underpins the industry scarce and expensive. "It has been easier in the past, deal flow is reduced significantly...we have to pedal harder," said Jose Pfeifer, who leads Investcorp's European private equity group, on the sidelines of SuperReturn. "Europe is doing better than expected...we are seeing opportunity in corporate carve-outs," said Marco De Benedetti, co-head of Europe private equity at Carlyle (CG.O). Emmanuel Laillier, head of private equity at Tikehau Capital, said that makes it hard to read the level of competition, although there is more flexibility in the M&A process.

Persons: Kim Kardashian's, Kardashian, Jose Pfeifer, Hythem, Marco De Benedetti, Sellers, Emmanuel Laillier, Christian Sindig, Jay Sammons, Emma, Victoria Farr, John O'Donnell, Kirsten Donovan Organizations: European Central Bank, Bundesliga, TA Associates, Carlyle, Tikehau, Thomson Locations: BERLIN, Berlin, Europe, SuperReturn

☆ Volvo Cars launches EX30 electric SUV with focus on affordability
▼ + stars: | 2023-06-07 | by ( ) www.reuters.com time to read: +2 min

The EX30, launched in Milan, is the smallest SUV to date from the Sweden-based manufacturer and follows the unveiling of the larger electric EX90 in November. Volvo Cars' CEO Jim Rowan has said the group didn't need to follow Tesla on EV price cuts as market demand was healthy. "Customers get a premium fully electric SUV for a similar price to combustion engine-powered equivalents," it said. It said that, based on initial data in two markets, the total cost of ownership for the new model was lower than that of any other of its fully electric cars and of most competitors in the electric, small SUV segment. The EX30's entry price is comparable to that of the EV version of Jeep's (STLAM.MI) Avenger small SUV.

Persons: MILAN, Tesla, Jim Rowan, Giulio Piovaccari, Marie, Mark Potter Organizations: NMC, Volvo, Tesla, EV, BMW, Mercedes, Audi, Marie Mannes, Thomson Locations: Milan, Italy, Sweden, U.S, Europe, Stockholm

In-store and online sales rose 13% to 7.6 billion euros in the first quarter, in line with the 13.5% seen in the first six weeks of the financial year. The company said it plans to invest 1.6 billion euros to increase gross store space in 2023 by about 3%. Inditex closed its over 500 stores in Russia in March 2022 following Moscow's invasion of Ukraine in February and subsequent Western sanctions. Inditex has begun to charge for online returns in more countries with no impact on sales, the company said. Inditex is also invested in more self-scanning checkouts and is replacing hard anti-theft tags with chips sewn into garments to avoid checkout queues.

Persons: Inditex, Massimo Dutti, Anne Critchlow, Jelena Sokolova, Zara, Corina Pons, Helen Reid, Charlie Devereux, Matt Scuffham, Josephine Mason, Elaine Hardcastle Organizations: Spain Company, Societe Generale, Inditex, Group, Morningstar, Thomson Locations: Spain, MADRID, LONDON, Zara, United States, Mexico, Saudi Arabia, U.S, Europe, Russia, Ukraine, UAE, France, Germany

Net profit came in at 1.2 billion euros ($1.24 billion) for the quarter that ended in April, exceeding analysts' average expectations of 980 million euros in a Refinitiv poll. Inditex reported solid sales, in line with analyst expectations of 7.56 billion euros, even after selling its profitable Russian division in 2022 and absorbing higher labour costs. Part of Inditex's strategy, which also owns Pull&Bear and Massimo Dutti, is to maintain higher prices outside the Eurozone. STEADY MARGINSThe gross margin reached a record 60.5%, showing it has been able to pass on higher prices to shoppers. Analysts believe only the strongest global fashion retailers will gain market share in an environment where consumers are becoming more discerning.

Persons: Inditex, Massimo Dutti, Corina Pons, Helen Reid, Charlie Devereux, Matt Scuffham, Josephine Mason Organizations: Thomson Locations: MADRID, LONDON, Zara, Spain, United States, Mexico, Saudi Arabia, U.S, Europe

The pan-European STOXX 600 index (.STOXX) ended 0.4% lower after a survey showed the U.S. services sector barely grew in May, while factory orders rose less than expected. "There's a bit of profit taking after some of the moves we've had recently," said Steve Sosnick, chief strategist at Interactive Brokers. "The economic reports that we've gotten around the world (signal) a somewhat slowing economy." Shares of Indivior Plc (INDV.L) jumped 7.8% to top the STOXX 600 index after the drugmaker agreed to pay $102.5 million to settle a lawsuit for its opioid addiction treatment Suboxone. Reporting by Shreyashi Sanyal in Bengaluru; Editing by Sherry Jacob-Phillips, Dhanya Ann Thoppil and Richard ChangOur Standards: The Thomson Reuters Trust Principles.

Persons: we've, Steve Sosnick, Christine Lagarde, Joachim Nagel, Shreyashi Sanyal, Sherry Jacob, Phillips, Dhanya Ann Thoppil, Richard Chang Organizations: PMI, Interactive, U.S . Federal, European Central Bank, Amazon.com Inc, Indivior Plc, Trendyol, Viaplay, Volvo, Copenhagen Stock Exchange, Thomson Locations: U.S, Alibaba, Swedish, Sweden, Bengaluru

☆ Volvo Cars sales up 31% in May
▼ + stars: | 2023-06-05 | by ( ) www.reuters.com time to read: 1 min

HELSINKI, June 5 (Reuters) - Sweden-based Volvo Cars (VOLCARb.ST) on Monday posted a 31% rise in monthly sales figures year-on-year, saying it had sold 60,398 cars in May. The car manufacturer, majority-owned by China's Geely (0175.HK), saw May sales of fully electric cars double to 10,826. In the company's biggest market Europe, sales rose 40% while sales were up 49% in China and 14% in the United States, the Volvo Cars said in a statement. Reporting by Essi Lehto, editing by Terje SolsvikOur Standards: The Thomson Reuters Trust Principles.

Persons: China's Geely, Essi Lehto, Terje Solsvik Organizations: Volvo, HK, Thomson Locations: HELSINKI, Sweden, Europe, China, United States

HONG KONG, June 5 (Reuters Breakingviews) - Shein is threading the world’s trickiest geopolitical needle. But rising American pressure is forcing it to tweak its business model right as it tries to list there. Last year, its top line surged 46% to $23 billion, per the Wall Street Journal, surpassing $22 billion at H&M and outpacing the 18% growth at Inditex. A Boston Consulting Group report notes that this model allows Shein to keep inventory turnover at just 40 days. That will be expensive; the company's net profit margin was a razor-thin 3.5% last year, according to the Wall Street Journal, far below bricks and mortar rival Inditex's 13%.

Persons: Shein, Bernstein, Chris Xu, Xu, Mubadala, Pete Sweeney, Katrina Hamlin Organizations: Reuters, U.S ., Rivals, Street, Financial Times, Boston Consulting, Morningstar, Securities and Exchange Commission, Wall Street, ’, Singapore, Sequoia Capital, General Atlantic, Thomson Locations: HONG KONG, Zara, China, Inditex, Guangdong, U.S, Xinjiang, Nanjing, Singapore, Mexico, Brazil, India

☆ Knocked-down EQT pet buyout will get over the line
▼ + stars: | 2023-06-02 | by ( ) www.reuters.com time to read: +2 min

Private equity firm EQT (EQTAB.ST) on Friday announced a new deal that values the Cheshire-based company at 4.9 billion pounds ($6.1 billion) including debt. The offer took a 5% bite out of the original bid from April, mainly because Dechra subsequently released a poor trading update. Shares in the target, led by company veteran Ian Page, shot up on Friday but are 6% below the EQT takeout price. For starters, board directors have backed the deal and committed to tender their, admittedly small, slither of shares. Breakingviews calculated in April that the buyer would earn a so-so 17% gross return at the original price, even using very generous growth assumptions.

Persons: Dechra, Ian Page, Liam Proud, Aimee Donellan, Streisand Neto Organizations: Reuters, Dechra Pharmaceuticals, RBC, Twitter, Toyota, Thomson Locations: Cheshire, Saudi, East

☆ Mercedes won't join Renault's new electric van project-sources
▼ + stars: | 2023-06-02 | by ( ) www.reuters.com time to read: +1 min

PARIS, June 2 (Reuters) - Mercedes Benz Group (MBGn.DE), a longtime partner of Renault (RENA.PA) in vans, won't take part in the French company's FlexEvan electric project and will focus instead on its own premium electric vehicle VAN.EA, two sources with knowledge of the matter said. A spokeswoman of Mercedes confirmed that the group had no plan to launch a mid-sized van or a large one on a different platform than VAN.EA. Renault has long sought to expand its cooperation in vans with Mercedes, but in vain. "It is true that for light commercial vehicles, the bulk (of the cooperation with Mercedes) has been done", one of the sources said. Reporting by Gilles Guilaume; Editing by Silvia Aloisi and David HolmesOur Standards: The Thomson Reuters Trust Principles.

Persons: FlexEvan, Mercedes, Luca de Meo, Carlos Ghosn, Gilles Guilaume, Silvia Aloisi, David Holmes Organizations: Mercedes Benz Group, Renault, Nissan, Renault Trucks, Sweden's Volvo, Mercedes, Daimler, Thomson Locations: U.S

☆ European shares touch two-month low on dismal China data
▼ + stars: | 2023-05-31 | by ( ) www.reuters.com time to read: +1 min

May 31 (Reuters) - European shares hit an over two-month low on Wednesday as weak economic data from China fuelled concerns about a global slowdown and countered optimism from signs of easing inflation in some of the major euro zone economies. The pan-European STOXX 600 index (.STOXX) fell 0.7% to hit its lowest level since March 31. Both the indexes were also trading at a two-month low on Wednesday. China is Germany's main trading partner. Shares of troubled Swedish real estate firm SBB (SBBb.ST) sank 7.6% to a near seven-year low.

Persons: Sruthi Shankar, Sherry Jacob, Phillips Organizations: FTSE, CAC, SBB, Thomson Locations: China, Paris, Europe, Westphalia, Swedish, Bengaluru

But rival European battery groups are still scarce, and global carmakers have more to gain than lose. Chinese battery suppliers like Contemporary Amperex Technology (CATL), SVOLT, Envision, and most recently EVE Energy (300014.SZ), are shaking up Europe’s e-mobility supply chains. At 4.5 billion euros, investments in projects to build new plants in Europe overtook spending on mergers and acquisitions. European battery makers will struggle to compete. Given the chance, Chinese battery makers can power up Europe’s own supply chains, and its auto companies too.

Persons: CATL, It’s, Bernstein, Emmanuel Macron, Tesla, Elon, Lisa Jucca, Thomas Shum Organizations: Reuters, Volkswagen, BMW, Volvo, Technology, EVE Energy, Shanghai Putailai, Energy Technology, Mineral Intelligence, Companies, Wall Street, LG, Samsung SDI, Union, Commission, EU, United, Mercedes, Benz, Elon Musk’s, Mercator Institute for China Studies, Thomson Locations: HONG KONG, China, People’s Republic, Europe, Shanghai, People’s, Sweden, United States, EU, Hungary, Spain

☆ European shares rise on US debt deal optimism
▼ + stars: | 2023-05-29 | by ( ) www.reuters.com time to read: +1 min

May 29 (Reuters) - European shares rose on Monday as investors drew comfort from a tentative deal reached by U.S. lawmakers to raise the debt ceiling and avert a default. The euro zone stocks index (.STOXXE) climbed 0.4% by 0715 GMT, with the bloc's banks (.SX7E) among the top gainers. Trading volumes were light, with markets in the United States, the UK and several European countries closed. U.S. President Joe Biden on Sunday finalised a budget agreement with House Speaker Kevin McCarthy to suspend the $31.4 trillion debt ceiling until Jan. 1, 2025, and said the deal was ready to move to Congress for a vote. Reporting by Sruthi Shankar in Bengaluru; Editing by Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.

☆ Portugal moves closer to banning Chinese suppliers from 5G
▼ + stars: | 2023-05-26 | by ( Sergio Goncalves | ) www.reuters.com time to read: +2 min

LISBON, May 26 (Reuters) - Portugal's cybersecurity council CSSC has issued a resolution that could formally bar telecom operators from using Chinese equipment in their high-speed 5G mobile networks as well 4G platforms on which the new technology is based. The CSSC is the prime minister's consultative body and its document, dated May 23, is another blow to efforts by Chinese technology giant Huawei (HWT.UL) to enter the 5G market in Portugal and possibly extend existing contracts. Portugal's existing 5G networks are not standalone and still largely based on 4G technology and equipment. Its opinion is based on an undisclosed report that evaluated the safety of equipment in public electronic communications networks involving 5G technology. Reporting by Sergio Goncalves Editing by Andrei Khalip and Mark PotterOur Standards: The Thomson Reuters Trust Principles.

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