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☆ Embracer gaming deal flub leaves credibility wound
▼ + stars: | 2023-05-24 | by ( ) www.reuters.com time to read: +3 min

LONDON, May 24 (Reuters Breakingviews) - A communications glitch is raising credibility questions at video game giant Embracer (EMBRACb.ST). Gaming companies occasionally make games in partnership with media giants that control popular intellectual property – like film, TV or comic book characters – but lack the knowhow to create video games. Conversely, a hot developer may sign a deal to produce exclusive content for a specific video game marketplace, like the Epic Games Store. It said on Wednesday that adjusted operating profit for the current financial year would likely be between 7 billion and 9 billion Swedish crowns ($650 million and $840 million), from 10.3 billion to 13.6 billion Swedish crowns previously. Among those is Savvy Games, owned by Saudi Arabia’s Public Investment Fund, which bought a roughly 8% stake for 103 Swedish crowns a share in June last year, versus a share price of roughly 23 Swedish crowns on Wednesday morning.

☆ Rothschild & Co targets private assets market with new unit
▼ + stars: | 2023-05-22 | by ( ) www.reuters.com time to read: +1 min

LONDON, May 22 (Reuters) - Rothschild & Co (ROTH.PA) said on Monday it had created a new private markets group within its wealth and asset management division, amid a broader push by finance firms to offer more private assets to wealthy individuals. The Paris-listed investment bank, which is being taken private by its owners, said the new team would be led by Jessica Sellam. Sellam previously led the bank's private markets and business development teams for France, Belgium and Monaco, the company said. The new team will look for investment opportunities in private equity, private debt, infrastructure and real estate, the company added. Sweden-based private equity house EQT (EQTAB.ST) also said this month it had launched a new strategy for private wealth clients to broaden its investor base.

☆ Volvo wins record order for electric trucks from Holcim
▼ + stars: | 2023-05-22 | by ( ) www.reuters.com time to read: 1 min

OSLO, May 22 (Reuters) - Volvo Trucks (VOLVb.ST) said on Monday it has signed a letter of intent to sell 1,000 electric trucks to Swiss building solutions provider Holcim (HOLN.S) for delivery in the next seven years. "The deal is the largest commercial order to date for Volvo electric trucks," Volvo said in a statement. The first 130 trucks will be delivered during the fourth quarter of 2023 and throughout 2024 to markets including France, Germany, Switzerland and Britain, among others. By replacing 1,000 diesel trucks with electric versions using green electricity could save up to 50,000 tons of carbon dioxide emissions every year, Volvo said. Reporting by Terje Solsvik, editing by Anna RingstromOur Standards: The Thomson Reuters Trust Principles.

DHAKA, May 18 (Reuters) - Apparel makers in Bangladesh are considering rare bulk exports by air to Europe and the United States, as they race to meet deadlines and avoid cancellations after a cyclone delayed shipments, caused power cuts and disrupted production. Bangladesh, the world's second-largest garment exporter, has already been hit by weakening global demand, with exports falling in both March and April. Another garment owner who supplies H&M said some of his shipments had been delayed. Power cuts in the last two months, first due to a scorching heatwave, and then the cyclone, have put more stress on apparel companies. "Now there are also chances of missing orders for the next season, as we are struggling to provide samples on time due to the regular power cuts," Ehsan said.

☆ Aston Martin stock soars after $295 million Geely investment
▼ + stars: | 2023-05-18 | by ( ) www.reuters.com time to read: +2 min

May 18 (Reuters) - Aston Martin's (AML.L) stock popped nearly 22% on Thursday, after the luxury carmaker announced a 234 million pound investment by China's Geely (0715.HK), that will see the automotive firm become its third-largest shareholder. Geely will acquire about 42 million ordinary shares from Chairman Lawrence Stroll's Yew Tree, which is currently the Aston Martin's largest stakeholder, at 335 pence apiece and subscribe for another 28 million shares at the same price. Aston Martin shares, which closed at 231.2 pence on Wednesday, were trading up to 279.4 pence at 0727 GMT. "Our decision to increase our shareholding in Aston Martin reflects our confidence in the company's growth prospects, its technologies and its management team," said Geely Chairman Eric Li. The investment gives Geely a 17% stake in the company and entitles it to one board seat, behind number two shareholder Saudi Arabia's Public Investment Fund (PIF).

☆ Factbox: Why Ukraine is bidding for F-16 jets and will it succeed?
▼ + stars: | 2023-05-17 | by ( ) www.reuters.com time to read: +5 min

WHAT KIND OF FIGHTER JETS COULD UKRAINE GET? Ukraine wants F-16s, which it says are "four or five times" more effective than Soviet-era jets it currently has. However, Polish President Andrzej Duda reiterated on Tuesday that Poland has too few F-16 jets to be able to give any to Ukraine. Britain will not send jets to Ukraine, a spokesperson for Sunak has said, since Britain does not have the F-16s that Ukraine wants. Denmark said in February it was "open" to the idea of sending fighter jets to Ukraine.

☆ These European companies cut jobs this year
▼ + stars: | 2023-05-16 | by ( ) www.reuters.com time to read: +4 min

TECH* ERICSSON (ERICb.ST): the telecom equipment maker will lay off 8,500 employees globally as part of its plan to cut costs, a memo seen by Reuters said. * NOKIA (NOKIA.HE): the Finnish telecom equipment maker said on May 3 it plans to cut up to 208 jobs in Finland. * PHILIPS (PHG.AS): the Dutch medical equipment maker on Jan. 30 said it would cut 6,000 jobs to counter falling sales and after a massive recall of its respiratory machines. * SAP (SAPG.DE): the German software company said on Jan. 26 it planned to shed 3,000 jobs, 2.5% of its global workforce, to cut costs and focus on its cloud business. * EVONIK (EVKn.DE): the German specialty chemicals producer said on April 3 it would cut 200 jobs as part of restructuring of its pet food unit.

☆ What’s a President to Do When a Nation’s Capital Is Sinking? Move It.
▼ + stars: | 2023-05-16 | by ( Hannah Beech | ) www.nytimes.com time to read: +38 min

A new capital city for a place with such disparities and diversity presents both a challenge and a chance for reinvention. Moving the Seat of Power From Java to Borneo Detail area Malaysia Nusantara Borneo Java Sea Indonesia Jakarta Java Indian Ocean Detail area Malaysia Nusantara Borneo Java Sea Indonesia Jakarta Java Indian Ocean Indonesia’s new capital, Nusantara, will be about 800 miles from the current capital, Jakarta. It cannot be overnight, it’s not like Aladdin comes with his genie,” said Bambang Susantono, the head of the Nusantara Capital City Authority. We have to prove that this will be a self-propelling city.” — Bambang Susantono, head of the Nusantara Capital City AuthorityCritics of I.K.N. Indonesia’s capital city faces sinking land and rising seas.

☆ Swedish drugmaker finds alluring poison pill
▼ + stars: | 2023-05-10 | by ( ) www.reuters.com time to read: +2 min

LONDON, May 10 (Reuters Breakingviews) - Sweden’s rare disease drug maker is experiencing unfortunate deal side effects. On Wednesday, shares in Swedish Orphan Biovitrum (SOBI) (SOBIV.ST) fell 15% after it announced a plan to buy CTI BioPharma (CTIC.O), a specialist in rare blood cancers, for $1.7 billion. The Anglo-Swedish drugmaker refused to tender its shares amid a squabble over the U.S. rights for a respiratory drug. But SOBI’s new deal, which will be funded by a rights issue backed by main shareholder Investor AB (INVEb.ST), suggests Oelkers has support for a solo future. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Iveco to fully own venture with Nikola on electric, hydrogen trucks
▼ + stars: | 2023-05-09 | by ( ) www.reuters.com time to read: +3 min

Despite Nikola's problems, battery electric trucks developed by the venture based in Ulm, Germany are already circulating in the U.S., while orders are being collected in Europe. Fuel cell hydrogen trucks are expected to hit the road next year. As part of the agreement, Iveco will focus on Europe for the further development and commercialisation of its own battery electric (BEV) and fuel cell (FCEV) electric trucks, while Nikola will concentrate its operations in North America, the two groups said in a joint statement. Iveco's overall investment, through available liquidity, will be partly in cash, for $35 million, and partly in shares, with the purchase of 20 million Nikola shares. Iveco will retain a "meaningful" amount of Nikola shares, they said.

☆ Iveco takes full ownership of JV with Nikola on electric, hybrid trucks
▼ + stars: | 2023-05-09 | by ( ) www.reuters.com time to read: +2 min

MILAN, May 9 (Reuters) - Italy's Iveco Group (IVG.MI) has agreed to buy the full ownership of its joint venture with U.S. start-up Nikola (NKLA.O) developing battery electric and fuel cell heavy-duty trucks for 44 million euros ($48 million), it said on Tuesday. Battery electric (BEV) trucks developed by the JV are already circulating in the U.S., while orders are being collected in Europe. Fuel cell hydrogen hybrid (FCEV) trucks are expected to hit the road next year. As part of the agreement announced on Tuesday, Iveco will focus on Europe for the further development and commercialisation of its own battery electric and fuel cell electric trucks, while Nikola will concentrate its operations in North America, the two groups said in a joint statement. Iveco's overall investment, through available liquidity, will be partly in cash, for $35 million, and partly in shares, with the purchase of 20 million Nikola shares.

☆ French sports deal reveals rare retail bright spot
▼ + stars: | 2023-05-09 | by ( ) www.reuters.com time to read: +2 min

LONDON, May 9 (Reuters Breakingviews) - Retreat is the most common strategy of top retail chief executives. On Tuesday, the near-$11 billion British purveyor of sportswear splashed out 520 million euros ($571 million) on French sneaker seller Courir. Regis Schultz, JD’s French boss, is planning to spend more of the company’s 1-billion-pound ($1.3 billion) cash pile on further international expansion. Sales of exercise equipment, gym wear and running shoes are set to double to $1 trillion by 2030, according to Straits Research. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

NEW DELHI, May 8 (Reuters) - Truecaller (TRUEb.ST) will soon start making its caller identification service available over WhatsApp and other messaging apps to help users spot potential spam calls over the internet, the company told Reuters on Monday. The feature, currently in beta phase, will be rolled out globally later in May, Truecaller Chief Executive Alan Mamedi said. Telemarketing and scamming calls have been on the rise in countries like India, where users gets about 17 spam calls per month on average, according to a 2021 report by Truecaller. For Truecaller, India is its biggest market with 250 million users. It has 350 million users globally and earns its revenue from advertising, subscription services, and verified listings from businesses.

☆ Assa, Spectrum Brands reach settlement with US on deal
▼ + stars: | 2023-05-05 | by ( ) www.reuters.com time to read: +1 min

May 5 (Reuters) - Sweden's Assa Abloy AB (ASSAb.ST), the world's No. The Justice Department last year sued to block the proposed deal by Assa Abloy to buy the Spectrum Brands HHI division, which makes residential door hardware, saying the deal could lead to higher prices. Assa Abloy makes Yale, August and EMTEK brands, while Spectrum's division makes the Baldwin and Kwikset brands. In a separate statement, Fortune said it will go ahead with the purchase of businesses from Assa Abloy for $800 million. Assa Abloy agreed in December to sell the businesses to Fortune in a bid to resolve the U.S. antitrust issues.

☆ Volvo Cars to axe 1,300 jobs as it steps up cost cuts
▼ + stars: | 2023-05-04 | by ( ) www.reuters.com time to read: +1 min

[1/3] lectric-powered Volvo XC40 cars are seen at the Auto Zurich Car Show 2022 in Zurich, Switzerland November 10, 2022. REUTERS/Arnd WiegmannCOPENHAGEN, May 4 (Reuters) - Volvo Cars (VOLCARb.ST) will lay off around 1,300 office-based employees in Sweden as it steps up cost cutting, the Sweden-based auto maker said on Thursday. The 1,300 positions equate to 6% of Volvo Cars' workforce in Sweden. Rowan said he could not yet specify where those jobs would be cut, but that focus would primarily remain on office-based positions. Volvo Cars shares were down 3.87% at 0848 GMT.

☆ Volvo Cars axes 1,300 jobs as it steps up cost cuts
▼ + stars: | 2023-05-04 | by ( ) www.reuters.com time to read: 1 min

COPENHAGEN, May 4 (Reuters) - Volvo Cars (VOLCARb.ST) will lay off around 1,300 office-based employees in Sweden as it steps up its cost cutting, the Swedish auto maker said on Thursday. While the group's efficiency drive had begun to show results, more was needed, Chief Executive Jim Rowan said in a statement. "Economic headwinds, increased raw material prices and increased competition are likely to remain a challenge to our industry for some time," Rowan said. About 1,100 jobs will be cut at Volvo Cars' main global operating unit, Volvo Personvagnar, while the remaining 200 positions will be identified after a review of the company's entities across Sweden, the group said. Reporting by Louise Breusch Rasmussen, editing by Terje SolsvikOur Standards: The Thomson Reuters Trust Principles.

☆ Geely's London black cab unit unveils new large EV platform
▼ + stars: | 2023-05-04 | by ( Nick Carey | ) www.reuters.com time to read: +2 min

[1/2] A worker places a taxi sign onto the roof panel of a TX electric taxi inside the LEVC (London Electric Vehicle Company) factory in Coventry, Britain, January 18, 2023. REUTERS/Phil Noble/File PhotoANSTY, England, May 5 (Reuters) - Geely (0175.HK) unit London Electric Vehicle Company (LEVC) on Friday unveiled a new, large electric-vehicle (EV) platform for vehicles ranging from people-movers to commercial vans that it said could also be used by other units of the Chinese carmaker. But executives said they could not provide details of which EVs LEVC would focus on first, when the new EVs might roll off the production line or where they will be made. As such, Geely faces complexities that larger EV makers BYD (002594.SZ) and Tesla Inc (TSLA.O) have avoided. LEVC Managing Director Chris Allen told Reuters that the brand was positioning itself within the Geely group to provide larger EVs that "give more space, more opportunities, more flexibility with a larger vehicle size."

It may explore a private sale alongside a stock market listing, they added. An IPO might not take place until next year, as market conditions remain challenging for new listings, one person said. LimaCorporate, which designs orthopedic implants, posted revenue of 248.6 million euros ($274.5 million) for 2022, and adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) of 66.2 million euros. It also reported a yearly loss of 27.9 million euros after taxes. EQT was reported in 2020 to be working with advisers on a possible IPO or sale of the business, but a transaction never materialised.

Malaysia has now decided to allow a second entity after DNB's coverage reaches 80% of populated areas, Communications Minister Fahmi Fadzil said in a statement. The government's announcement confirmed a report by Reuters last month on a plan to introduce a second 5G network from January 2024. A recommendation by major carriers for a second 5G provider was rejected by the previous government in March last year. It has said a single network would reduce costs, improve efficiency and accelerate the building of infrastructure. It was not clear how the proposal for a second 5G network would affect DNB's existing agreements with its development partner, Swedish telecoms giant Ericsson (ERICb.ST), and other mobile operators.

☆ Ending the retailers’ crisis has a high price tag
▼ + stars: | 2023-05-02 | by ( Aimee Donnellan | ) www.reuters.com time to read: +5 min

BARCELONA, May 2 (Reuters Breakingviews) - High-street retailers are facing a heavy bill to weather the cost-of-living crisis. The cost of heating stores and staff requests for pay rises are squeezing operating margins at top players like H&M (HMb.ST) and Next (NXT.L). Shrinking disposable income is making it hard for these retailers to boost sales to protect margins. Most bricks-and-mortar retailers trade on higher multiples than they did before the war in Ukraine sparked soaring inflation. But that leaves a squeezed middle of retailers like H&M exposed to the brunt of the retail crisis.

☆ China’s Midea regains outbound deal appetite
▼ + stars: | 2023-05-02 | by ( ) www.reuters.com time to read: +2 min

HONG KONG, May 2 (Reuters Breakingviews) - Midea (000333.SZ), a $58 billion Chinese white goods champion, made waves in Europe in 2016 when it bought German robot maker Kuka for nearly $5 billion. Seven years later, the company is eyeing Sweden’s home appliance brand Electrolux (ELUXb.ST), a complementary asset currently worth around $7 billion including debt. A successful tilt could mark the beginning of a revival in outbound M&A by Chinese firms after offshore deals touched a historic low of $29 billion in 2022, per EY estimates. To close the Kuka acquisition, Midea offered a 36% price premium and generous guarantees including leaving management in place until 2023. Nevertheless, it seems likely that more cash-rich Chinese companies like Midea, seeking to hedge weak domestic demand with overseas customers, will gingerly test cross-border M&A markets this year.

☆ Swedish industrial tech group Hexagon's profit rises more than expected
▼ + stars: | 2023-04-28 | by ( ) www.reuters.com time to read: +1 min

STOCKHOLM, April 28 (Reuters) - Industrial technology group Hexagon (HEXAb.ST) on Friday reported a bigger than expected rise in first-quarter adjusted profit as the company's sales increased and it managed to soften the effects of cost inflation and currency swings. The maker of measurement and positioning systems and software said adjusted operating profit came in at 372 million euros ($410 million) against a year-earlier 335 million, on organic sales growth of 8%. Analysts polled by Refinitiv had on average forecast a profit of 353 million euros. "Our operating margins remained highly resilient as the business mitigated ongoing challenges from both inflation and currency," CEO Paolo Guglielmini said in a statement. Hexagon said its adjusted operating profit margin was unchanged at 29%, positively impacted by product mix but squeezed by currency translation effects.

Cloetta AB, (CLOEb.ST) a Swedish confectioner which makes Lakerol lozenges that use gum arabic, has "ample" stock of the ingredient, a spokesperson said in an email. Global production of gum arabic is about 120,000 tonnes a year, worth $1.1 billion, according to estimates cited by Kerry Group. "Both buyers and sellers are clueless on when things will normalise.”Alwaleed Ali, who owns AGP Innovations Co Ltd, a gum arabic exporting business, said his customers are looking for alternative countries to source gum arabic. It accounts for the livelihoods of thousands of people and the more expensive variety can cost about $3,000 a tonne, according to Gum Sudan. There is a poorer quality, cheaper gum from outside of Sudan, but the preferred ingredient is only found in acacia trees in Sudan, South Sudan and Chad, Alnoor said.

☆ Geely's EV brand Zeekr jumps on the 'gigapress' bandwagon
▼ + stars: | 2023-04-27 | by ( Norihiko Shirouzu | ) www.reuters.com time to read: +5 min

REUTERS/Aly Song/File PhotoApril 27 (Reuters) - Geely's EV brand Zeekr is the latest to join a growing list of automakers that have turned to the "gigapress" die casting technique pioneered by Tesla to slash the cost of electric cars. "In the future, Zeekr will use giga-casting technology on more models," Jiang said. Metal and plastic die casting has long been used in manufacturing, but its application to large aluminium underbodies in carmaking is relatively new. The front and rear sections are then connected with large under-floor battery packs to form a three-piece EV chassis. 'MEGA-CASTING'Other automakers turning to large die casting include General Motors (GM.N), which is using the technology to help design its Cadillac Celestiq electric saloon.

Volvo Cars, majority-owned by China's Geely Holding, said operating earnings fell to 5.1 billion Swedish crowns ($494.63 million) in the quarter from a year-ago 6 billion crowns, beating a mean forecast of 3.6 billion crowns, according to Refinitiv estimates. The automaker reaffirmed its outlook for "solid double-digit growth" in retail sales this year, provided there were no major supply disruptions. While demand for the company's cars was healthy, macroeconomic conditions were challenging, CEO Jim Rowan said. Lithium prices, a large source of cost for electric cars, had started to decline, expecting the full effect to kick in a few months' time, the CEO said. ($1 = 10.3107 Swedish crowns)Reporting by Marie Mannes, editing by Essi LehtoOur Standards: The Thomson Reuters Trust Principles.

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