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☆ Assa Abloy Q1 beats forecast helped by higher sales and lower costs
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: 1 min

Operating profit fell to 3.96 billion crowns from a year-earlier 4.00 billion. Analysts polled by Refinitiv had on average expected a profit of 3.69 billion crowns. Excluding restructuring costs the operating profit grew to 5.18 billion crowns. Assa Abloy said in a statement lower material costs, higher prices to customers, cost cuts and strong sales growth at in particular its Global Technologies and Americas divisions boosted profits. Group organic sales growth was 8%.

☆ European shares fall as banking sector jitters eclipse upbeat earnings
▼ + stars: | 2023-04-26 | by ( Shubham Batra | ) www.reuters.com time to read: +3 min

The pan-European STOXX 600 index (.STOXX) fell 0.7%, as regional banking stocks (.SX7E) dropped 1.2%. Earnings from Microsoft Corp (MSFT.O) and Google's parent Alphabet Inc (GOOGL.O) beat expectations, but recessionary worries in the world's largest economy kept investor sentiment fragile. Shares of Swiss banking software company Temenos AG (TEMN.S) jumped 10.2% after it reported first-quarter earnings above consensus. Meanwhile, ASM International NV (ASMI.AS) fell 10.0% after the Dutch semiconductor equipment maker reported a drop in first-quarter orders, citing softening market conditions, despite an estimate-beating revenue. Dassault Systemes SE (DAST.PA) slid 7.4% after the French software maker reported first-quarter numbers broadly in line with estimates but with a miss on software licenses.

Order intake at the company that makes a range of military and civilian hardware doubled to 17.02 billion crowns ($1.66 billion) from 8.1 billion, while its order backlog increased to 132.66 billion crowns from 128 billion crowns. Chief executive Micael Johansson said countries are increasing stocks to improve their own resilience, as well as to support Ukraine, which had translated into a strong order intake. Demand has been particularly strong in the surveillance and dynamics businesses, which include sensors, deterrents, support weapons and missiles, he said. Analysts at Citi said it was a strong start to the year for Saab, with sales, operating profit and orders beating consensus. Shares in Saab were up around 4.5% as the market opened, but reversed course later and at 0806 GMT were down 1.5%Operating profit for the maker of the Gripen fighter jet was 928 million Swedish crowns ($90.16 million) in the quarter, compared with 654 million crowns a year earlier.

☆ German $13 bln heat pump sale dents EU green hopes
▼ + stars: | 2023-04-26 | by ( Pamela Barbaglia | ) www.reuters.com time to read: +4 min

For 106-year-old German heat pump maker Viessmann it looks like an odd move, given its technology is in demand and at the forefront of the energy transition race. Heat pumps may not be the most obvious sector to lead a revival in transatlantic cross-border M&A, down 31% so far this year. The European heat pump market rose by over a third last year, with a record 3 million units sold in 2022 after government support and soaring fossil fuel prices boosted uptake of the technology, according to the European Heat Pump Association. European Union policymakers are betting on heat pumps to reduce CO2 emissions and cut dependence on imported fossil fuels. Germany’s heat pump market grew 53% in 2022, Germany’s heat pump association BWP reported in January.

☆ Is There a Cure for I.B.S.?
▼ + stars: | 2023-04-25 | by ( Alice Callahan | ) www.nytimes.com time to read: 1 min

Q: I was just diagnosed with irritable bowel syndrome. Am I destined to deal with its symptoms forever, or is there a cure? The hallmark symptoms of irritable bowel syndrome are difficult to ignore — abdominal pain, constipation, diarrhea, bloating, gas. It’s no wonder, then, that the millions of people who have the condition in the United States may wish for a treatment that helps them to completely recover. But just as there is no cure for other chronic conditions like diabetes or high blood pressure, said Dr. Brian Lacy, a gastroenterologist and professor of medicine at the Mayo Clinic in Jacksonville, Fla., there is no cure for I.B.S.

☆ At Shanghai show, auto rivals lure drivers with in-car karaoke, crystal balls
▼ + stars: | 2023-04-20 | by ( Casey Hall | Thomson Reuters | Casey Has Reported On China'S Consumer Culture Her Base In Shanghai For More Than A Decade | ) www.reuters.com time to read: +4 min

[1/2] A Zeekr X is displayed at the Auto Shanghai show, in Shanghai, China April 18, 2023. REUTERS/Aly SongSHANGHAI, April 20 (Reuters) - Automakers keen to make a splash at the Shanghai auto show showed off vehicles boasting features from crystal balls to in-car karaoke systems and 3D dashboards, as competition to attract drivers heats up in the world's largest auto market. Chinese automakers have been grabbing market share from foreign rivals in recent years in part by courting drivers with tailored lifestyle services and by releasing new models more quickly. "So many new vehicles, so many new Chinese vehicles looking very good," said Patrick Koller, chief executive of French auto parts supplier Faurecia (EPED.PA). This costs a fortune and it doesn't give you the time to really mature innovations and technology," Koller said.

☆ EQT tries tricky private-market fundraising puzzle
▼ + stars: | 2023-04-20 | by ( ) www.reuters.com time to read: +2 min

LONDON, April 20 (Reuters Breakingviews) - When one pot of cash seems to be running low, it’s rational to seek another. That’s why EQT’s (EQTAB.ST) boss Christian Sinding is right to try raising money from rich individuals, rather than just institutions. The $24 billion Swedish private equity and real estate investor said alongside first-quarter results on Thursday that it was preparing fund structures for private wealth investors. This usually refers to people who are well-heeled but not deep-pocketed enough to have a dedicated private wealth management firm, a family office, looking after their money. EQT itself spooked shareholders in January, when it said that the fundraising for its new 20 billion euro EQT X vehicle was not happening as fast as analysts had predicted.

☆ Nokia profit misses forecast, expects stronger second half
▼ + stars: | 2023-04-20 | by ( Supantha Mukherjee | ) www.reuters.com time to read: +2 min

However, it kept its full-year outlook unchanged and said it expects profitability in the second half of the year to be stronger than the first half. First-quarter comparable operating profit fell to 479 million euros ($524.94 million) from 583 million euros last year, missing the 532.4 million euro forecast of analysts polled by Refinitiv. Net sales grew 10% in the quarter to 5.86 billion euros, beating estimates of 5.72 billion euros, Nokia said. Lundmark expects some recovery in the North American market in the second half of the year. Comparable operating margin fell to 8.2% from 10.9%.

Volvo, a rival of manufacturers such as Daimler Trucks (DTGGe.DE) and Traton (8TRA.DE), forecast 2023 heavy truck sales in Europe and North America of 320,000 for each region. Handelsbanken analyst Hampus Engellau said the raised truck outlook sent a strong message that Volvo sees the second-half of 2023 as a good market for its trucks. Gothenburg-based Volvo, which also makes construction equipment and engines, said there was pent-up demand to replace aging fleets which had helped boost order intake. Shares in Volvo, one of Sweden's biggest employers, rose 1.2% in morning trade in a flat broader market (.OMXSPI). Volvo is not the only automaker to have had a good quarter.

[1/3] BMW's concept model i Vision Dee is unveiled during an event at the Auto Shanghai show, in Shanghai, China April 18, 2023. While the battery-electric vehicle market share of German automakers in China is rising, it is still miniscule. The EV sales of all four German brands added up to only a quarter of BYD's in 2022. "The Chinese market is no longer as stable for German carmakers as it was," Thomas Luk, partner at management consultancy Kearney, said on the sidelines of the Shanghai show. Many are also adopting direct sales, an approach German automakers like BMW and Mercedes-Benz have also said in recent months they are moving towards.

OAKLAND, California, April 19 (Reuters) - Silicon Valley 5G chip startup EdgeQ Inc said on Wednesday it raised $75 million to help fund a ramp up in production as the company starts selling its technology to customers, including telecom operators. EdgeQ makes semiconductors that power base stations for 5G telecom towers and for 5G access points that can be installed inside places like factories to run robots and autonomous vehicles wirelessly, said Vinay Ravuri, CEO and co-founder of EdgeQ. The fundraising shows that companies viewed as promising by investors are able to secure financing even though funding has dried up for many startups following the collapse of Silicon Valley Bank and the ensuing banking sector turmoil in March. EdgeQ has a valuation of "hundreds of millions of dollars", said Ravuri, adding it was "definitely less than" $1 billion. The recent advent of a new open standard chip architecture called RISC-V has made it possible to design its new 5G chip more cost effectively, he said.

☆ “Angry Birds” may finally have found right nest
▼ + stars: | 2023-04-17 | by ( ) www.reuters.com time to read: +2 min

LONDON, April 17 (Reuters Breakingviews) - The winning trick of “Angry Birds” is to fire your slingshot at just the right angle to knock out the squadrons of enemy green pigs attempting to steal the birds’ eggs. Japanese gaming company Sega Sammy (6460.T) may have found that position. On Monday, Sega agreed to pay about 700 million euros in cash for Rovio Entertainment (ROVIO.HE), the maker of the “Angry Birds” franchise. The 9.25 offer price is a 63% premium to the closing price of Jan. 19, when rival suitor Playtika (8II.F)made a previous approach. Half the investors have preliminarily accepted the deal, and Rovio shares are near the offer price.

KUALA LUMPUR/SINGAPORE, April 16 (Reuters) - Malaysia plans to introduce a second 5G network from next year, four sources told Reuters, in the latest policy shake-up aimed at dismantling monopolies and promoting competition by Prime Minister Anwar Ibrahim's six-month-old administration. A recommendation by major carriers for a second 5G provider was rejected by the previous government in March last year. Fahmi also said last week 5G network coverage had reached 55% in populated areas. 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. U Mobile later joined other telco firms in signing up to access DNB's 5G network.

☆ EQT's pet-drug foray could yield tame returns
▼ + stars: | 2023-04-14 | by ( ) www.reuters.com time to read: +2 min

LONDON, April 14 (Reuters Breakingviews) - EQT (EQTAB.ST) is turning to furry friends to defy the buyout market’s record slowdown. Still, it looks a stretch to secure the sort of 20% returns buyout shops usually seek. EQT’s offer values Dechra at 27 times its EBITDA for the last 12 months. Bullishly assume the group can grow revenue at 10% annually, improve the current 28% EBITDA margin to 30%, and sell after five years at a superior 28 times EBITDA multiple. Even financing a quarter of the deal with debt at 6 times EBITDA, the deal’s internal rate of return would only amount to 17%.

☆ Truck maker Volvo posts record Q1 as sales, margins beat forecasts
▼ + stars: | 2023-04-12 | by ( ) www.reuters.com time to read: +3 min

Its adjusted operating profit rose 45% to 18.4 billion Swedish crowns ($1.76 billion) for the January-March quarter, well above the 12.9 billion expected by analysts polled by Refinitiv Eikon. Volvo's preliminary net sales for the quarter rose to 131.4 billion crowns from 105.3 billion and topped the 118.6 billion expected by analysts. Net sales in the truck segment rose to 89.6 billion crowns from 69.6 billion, beating a forecast of 79.7 billion. The division's operating profit jumped to 12.7 billion from 8.7 billion while analysts expected a decline to 8.4 billion. ($1 = 10.4303 Swedish crowns)Reporting by Terje Solsvik; editing by Sonali Paul and Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

☆ Truck maker Volvo posts record Q1 as sales and margins rise
▼ + stars: | 2023-04-12 | by ( ) www.reuters.com time to read: +1 min

OSLO, April 12 (Reuters) - Truck maker AB Volvo (VOLVb.ST) reported record first-quarter profits as revenue and margins rose, a preliminary filing showed late on Tuesday, in a sign the Swedish company had begun to overcome bottlenecks and inflation that hampered the industry. The group's adjusted January-March operating profit rose 45% year-on-year to 18.4 billion Swedish crowns ($1.76 billion), exceeding the mean expectation of 12.9 billion crowns in a Refinitiv poll of analysts. Volvo's preliminary net sales for the quarter stood at 131.4 billion crowns, up from 105.3 billion a year ago, while analysts on average predicted 118.6 billion according to the poll. The company's adjusted operating margin rose to 14.0% from 12.0% a year ago, and earnings at the group's two major divisions, truck making and construction equipment, both showed progress compared to the same quarter of 2022. ($1 = 10.4303 Swedish crowns)Reporting by Terje Solsvik; Editing by Tom HogueOur Standards: The Thomson Reuters Trust Principles.

☆ Truck maker Volvo posts record Q1 profit
▼ + stars: | 2023-04-12 | by ( ) www.reuters.com time to read: 1 min

Companies Volvo AB FollowOSLO, April 12 (Reuters) - Truck maker AB Volvo (VOLVb.ST) reported record first-quarter profits as revenue and margins rose, a preliminary filing showed late on Tuesday, in a sign the Swedish company had begun to overcome bottlenecks and inflation that hampered the industry. The group's adjusted January-March operating profit rose 45% year-on-year to 18.4 billion Swedish crowns ($1.76 billion), exceeding the mean expectation of 12.9 billion crowns in a Refinitiv poll of analysts. ($1 = 10.4303 Swedish crowns)Reporting by Terje Solsvik; Editing by Tom HogueOur Standards: The Thomson Reuters Trust Principles.

☆ Brazil may buy more Swedish Gripen fighter jets, says minister
▼ + stars: | 2023-04-11 | by ( ) www.reuters.com time to read: +1 min

RIO DE JANEIRO, April 11 (Reuters) - Brazil is analyzing the option of expanding an order for Swedish manufacturer Saab's (SAABb.ST) Gripen fighter jets, though the number of additional aircraft which could be bought has yet to be determined, Defense Minister Jose Mucio told Reuters Tuesday. In 2014, Brazil signed a deal to purchase 36 Gripen fighter jets for its Air Force with the goal of modernizing its fleet. The first aircraft have already been delivered to Brazil and the remainder are expected to be delivered by 2027. The negotiations would involve forgoing some equipment and ammunition in exchange for "credit" toward the purchase of the four additional jets. Demand is great enough that Brazil could place a second order for around 30 more jets, the source said.

☆ Saudi $5 bln gaming play only works on some levels
▼ + stars: | 2023-04-06 | by ( ) www.reuters.com time to read: +2 min

LONDON, April 6 (Reuters Breakingviews) - Saudi Arabia is defriending read more Uncle Sam on oil, while deploying its video-game war chest in his backyard. Savvy Games, owned by the country’s Public Investment Fund, announced on Wednesday that it was buying U.S. mobile games specialist Scopely for $4.9 billion. Though privately held Scopely doesn’t disclose its financials, Savvy looks to be getting a good price. Less clear is how Scopely contributes to Saudi’s aims of becoming the “ultimate global hub” for gaming and pivoting its economy away from fossil fuels. If Saudi wants to create jobs from the rapid growth of domestic game consumption, it needs to turn its games M&A into gaming boots on the ground.

☆ Volvo Car's sales up 8% in March
▼ + stars: | 2023-04-05 | by ( ) www.reuters.com time to read: +1 min

COPENHAGEN, April 5 (Reuters) - Sweden-based Volvo Car AB (VOLCARb.ST) said on Wednesday its sales increased by 8% year-on-year in March to 63,132 cars, helped mainly by the company's fully electric cars. Volvo Car, majority-owned by China's Geely Holding (0175.HK), said in a statement its fully electric models made up 41% of all its cars sold globally in the first three months of this year. In Europe, Volvo Car's fully electric models made up 62% of overall sales in the first three months of 2023. In February, the group's total car sales were up 22%, helped by a 187% month-on-month jump for its recharge models, with fully electric cars accounting for 19% of total sales. (This story has been refiled to say Volvo Car instead of Volvo Cars in paragraph 2)Reporting by Louise Breusch Rasmussen, editing by Essi LehtoOur Standards: The Thomson Reuters Trust Principles.

☆ Morning Bid: World markets leaving March like a lamb
▼ + stars: | 2023-03-30 | by ( ) www.reuters.com time to read: +4 min

A look at the day ahead in U.S. and global markets from Mike DolanIn like a lion, out like a lamb. Farmers' almanacs suggest a stormy and turbulent start to March means it's likely to end calm and serene - and so it appears with world financial markets this year. The evidence is sketchy so far and the impact on lending and credit generally will be examined forensically from here. That U-turn in thinking during the month saw wild swings in the bond and rates markets, where key volatility gauges (.MOVE) hit their highest since the 2008 crash. (.CESIUSD)Elsewhere, European markets continued to advance on Thursday, with banking stocks (.SX7P) up another 2% and credit default swaps on many banks lower too.

☆ H&M’s targets may call the peak on cost inflation
▼ + stars: | 2023-03-30 | by ( ) www.reuters.com time to read: +2 min

On Thursday, the $20 billion fast-fashion retailer said its sales rose by 3% year-on-year in the three months that ended in Feb. 28. More importantly, she is now targeting a 10% operating margin in 2024. The retailer’s operating margin halved in 2022 to 3.2% as the price of cotton, freight, staff and energy costs ate up a larger share of its revenue. Delivering a 10% operating margin next year would imply that she expects the worst to be over in terms of commodity-price inflation and a wider economic slowdown. H&M’s share price rose by 15% on Thursday.

Operating profit in the Swedish group's fiscal first quarter was 725 million Swedish crowns ($69.73 million) against a profit of 458 million crowns a year earlier. H&M's operating profit margin was 1.3%, up from 0.9% a year earlier. Helmersson said the company expects a gross margin recovery over the year and is making progress towards its goal of a 10% operating margin next year. Analysts at Credit Suisse said it would be "very challenging" for H&M to return to a 10% margin in 2024. H&M said net sales for March were expected to increase by 4% in local currencies compared with the corresponding period last year.

☆ Galderma owners delay IPO, review Credit Suisse role - source
▼ + stars: | 2023-03-29 | by ( ) www.reuters.com time to read: +1 min

The shareholders, including Swedish buyout house EQT (EQTAB.ST) and the Abu Dhabi Investment Authority (ADIA), are also reviewing Credit Suisse's (CSGN.S) role as global coordinator for the IPO, the source added, after the troubled lender agreed to be taken over by rival UBS in a government-brokered rescue. Bloomberg first reported on the IPO delay and the review of Credit Suisse's role. Galderma had been preparing to list as soon as after the Easter holidays, sources had told Reuters, having previously delayed its IPO plans because of poor market conditions. Last year, the group was forced to postpone its listing ambitions after the invasion of Ukraine and soaring interest rates ground the IPO market almost to a halt, as reported. Galderma and Credit Suisse declined to comment.

☆ Ericsson's board rebuked by shareholders at AGM for second year in a row
▼ + stars: | 2023-03-29 | by ( ) www.reuters.com time to read: +1 min

STOCKHOLM, March 29 (Reuters) - Ericsson (ERICb.ST) shareholders voted against discharging the CEO and most of the board members of liability for the tech company's actions during 2022 at the group's annual general meeting on Wednesday. Under Swedish law, if board members are not discharged of their liabilities for the previous year by shareholders owning at least 10% of the stock they can be sued by the company and its investors. Shareholders are upset with the company's perceived mishandling of alleged bribery cases. Since then we have been waiting, but the questions are still unanswered," Sverre Linton of the Swedish Shareholder's Association said at the AGM. Ericsson's board was denied discharge of liability last year too, in a rare rebuke for corporate leadership in Sweden.

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