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CNBC: You were the first Hispanic woman to serve on one of the top five Fortune 100 corporate boards, but as of 2022, corporate boards continue to remain majority white and male. What do you see as the biggest obstacle to diversifying corporate boards? Ford director Kimberly Casiano was the first Hispanic woman to serve on a Fortune 100 top five corporate board. I also believe entrepreneurs, who have much more limited resources and leverage than major corporations, are better at compromise and subtle persuasion. Casiano: It is important to remember that gender diversity on corporate boards came years before ethnic diversity started to show its head.

☆ European stocks extend recovery as banking fears ebb
▼ + stars: | 2023-03-28 | by ( Sruthi Shankar | ) www.reuters.com time to read: +2 min

The continent-wide STOXX 600 index (.STOXX) climbed 0.4%, extending its rebound after last week's market rout caused by the collapse of Credit Suisse and two mid-sized U.S. lenders. European banks (.SX7P) rose 1.2%, adding to Monday's 1.4% gain. Credit Suisse shares rose 1.7%. The European banks index was on track for its worst monthly showing since March 2020, when financial markets were roiled by pandemic fears. Embracer (EMBRACb.ST) tumbled 13.8% to the bottom of the STOXX 600 after the Swedish gaming group pushed back dates for expected completion of several deals announced last year.

The EU has progressively tightened limits since "Euro 1" in 1992. The Commission's proposal widens real-driving emissions (RDE) testing and adds continuous testing of emissions via an on-board monitoring system. Euro 7 would take effect in mid-2025 for cars and in mid-2027 for trucks and buses. The European Commission estimates Euro 7 could add up to 150 euros to car prices and 2,600 euros for trucks and buses. A Commission spokesperson declined to comment on executives' statements, but said Euro 7's real-driving emissions tests were important because of "scandals in the past about cheating devices".

☆ US FDA classifies recall of heart devices by Getinge as most serious
▼ + stars: | 2023-03-17 | by ( ) www.reuters.com time to read: +1 min

March 17 (Reuters) - The U.S. Food and Drug Administration (FDA) on Friday classified the recall of Getinge AB's (GETIb.ST) heart devices as the most serious type, saying their use may cause injuries or death. The Swedish medical equipment maker's unit, Datascope, recalled an estimated 2,300 devices in the United States in January. Coiled cable connecting the display and base on some devices of the company may fail, causing an unexpected shutdown, according to the FDA. In January, Datascope had also recalled 4,454 units initiated back in December. Reporting by Raghav Mahobe in Bengaluru; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

☆ Volvo Buses to restructure in Europe, hitting 1,600 jobs
▼ + stars: | 2023-03-16 | by ( ) www.reuters.com time to read: +1 min

OSLO, March 16 (Reuters) - Volvo Group (VOLVb.ST) will restructure its European bus-making operation in a bid to restore it to profitability, divesting from a Polish plant and axing 1,600 jobs, the Swedish company said on Thursday. Volvo Buses will change its business model in Europe to focus on chassis production while cooperating with external companies for the bodybuilding, in line with a strategy pursued in other markets, it said. "The decision to end the production of complete buses and coaches will impact approximately 1,600 positions at Volvo Buses, whereof around 1,500 are based in Wroclaw," the group said in a statement. Volvo will still have more than 2,100 employees in Poland working at Volvo Trucks, Volvo Construction Equipment and group support functions, the company added. ($1 = 10.5567 Swedish crowns)Reporting by Terje Solsvik, editing by Gwladys FoucheOur Standards: The Thomson Reuters Trust Principles.

☆ Investors punish Zara owner Inditex over spending plans
▼ + stars: | 2023-03-15 | by ( Corina Pons | ) www.reuters.com time to read: +4 min

As the cost of making garments increased, H&M took a profit hit while Inditex was able to pass on costs to shoppers. But higher expected capital expenditure for 2023, of 1.6 billion euros, surprised investors, sending Inditex shares down more than 5% by 1140 GMT. An Inditex logo is seen at the entrance of a Zara factory, the headquarters of Inditex group, in Arteixo, northern Spain, March 9, 2016. Inditex closed stores in mainland China at double its average rate, shutting a fifth of its shops there in 2022. Meanwhile Inditex plans to continue expanding in the United States, with at least 30 new projects planned from 2023 to 2025.

☆ Zara owner Inditex invests in tech to speed future sales
▼ + stars: | 2023-03-15 | by ( Corina Pons | ) www.reuters.com time to read: +3 min

Inditex has extended its lead over Swedish rival H&M (HMb.ST), in part because of a less price-sensitive customer base. As the cost of making garments increased, H&M took a profit hit while Inditex was able to pass on costs to shoppers. In-store and online sales rose 18% to 32.6 billion euros ($34.99 billion) from 2021 and were 15% higher than in 2019, before the pandemic hit. Excluding Russia, where Inditex stores have been closed since the Ukraine conflict started just over a year ago, sales in that period were up 17.5% in constant currency terms. Inditex also delivered a surprise, but by hiking capital expenditure to 1.6 billion euros from 1.1 billion euros previously.

☆ Zara owner Inditex sees 2023 sales keep pace, but capex plans disappoint
▼ + stars: | 2023-03-15 | by ( Corina Pons | ) www.reuters.com time to read: +2 min

In-store and online sales for the world's biggest fashion retailer rose 18% to 32.6 billion euros ($34.99 billion) from 2021 and were 15% higher than in 2019, before the pandemic hit. The pace of sales continued in the first six weeks of Inditex's current fiscal year to Jan. 31, 2024. Between Feb. 1 and March 13, Inditex said sales jumped by 13.5% from the same period a year earlier. Excluding Russia, where Inditex stores have been closed since the Ukraine conflict started just over a year ago, sales in that period increased by 17.5% in constant currency terms. But Inditex surprised investors with a hike in capital expenditure to 1.6 billion euros from 1.1 billion euros in the previous year, a higher level than expected by the market.

☆ Zara owner Inditex's profit jumps in Marta Ortega's first year in charge
▼ + stars: | 2023-03-15 | by ( Corina Pons | ) www.reuters.com time to read: +2 min

MADRID, March 15 (Reuters) - Zara owner Inditex (ITX.MC) on Wednesday posted a 27% increase in net profits in 2022 as sales exceeded pre-pandemic levels in the first full year since Marta Ortega, daughter of founder Amancio Ortega, took over as company chair. Between Feb. 1 and March 13, Inditex said its sales jumped by 13.5% from the same period a year earlier. The 2022 revenues were in line with analysts' expectations as the company benefited from shoppers' appetite for fashion as COVID-19 lockdowns ended. The results may also lessen investor doubts about Marta Ortega succeeding the veteran Pablo Isla as non-executive chair in April, in a generational handover that began a decade ago when her father retired. Also on Wednesday, rival H&M (HMb.ST) reported a 12% increase in net sales for its December-February period.

☆ Fashion retailer H&M's December-February local-currency sales up 3%
▼ + stars: | 2023-03-15 | by ( ) www.reuters.com time to read: +1 min

STOCKHOLM, March 15 (Reuters) - H&M (HMb.ST), the world's second-biggest fashion retailer, reported on Wednesday a 12% increase in December-February net sales while, measured in local currencies, sales were up 3%. The Swedish group said net sales for the period, its fiscal first quarter, were up 12% from a year earlier to 54.9 billion crowns ($5.26 billion). Analysts polled by Refinitiv had on average forecast an 11% rise in net sales to 54.4 billion crowns. It said in a statement that excluding Russia, Belarus and Ukraine the rise in net sales was 16%, and in local currencies, 7%. it did not comment furhter on the quarterly sales.

☆ European shares sink as banks resume selloff, Credit Suisse hits new low
▼ + stars: | 2023-03-15 | by ( Shreyashi Sanyal | ) www.reuters.com time to read: +3 min

The pan-European STOXX 600 index (.STOXX) fell 2.5% by 1118 GMT, languishing at 10-week lows, as was the banks sector index (.SX7P) after plunging nearly 6%. The bank index is set to lose more than 120 billion euros ($127.26 billion) in market value since the close of March 8. Shares of Credit Suisse (CSGN.S) fell below 2 Swiss francs ($2.18) after the lender's biggest shareholder said it could not raise its 10% stake, citing regulatory issues. There was also a cooling of optimism that the U.S. Federal Reserve will tone down its rate-hiking spree next week in the aftermath of Silicon Valley Bank's (SVB) collapse. Retailers (.SXRP) shed 5.0% after shares of Zara-owner Inditex (ITX.MC), the world's biggest fashion retailer, fell 5.2% as it flagged higher investment spending.

Shares in H&M were down 6% in early trade, underperforming the wider Swedish market (.OMXSPI). The Swedish group said sales measured in local currencies for the period, its fiscal first quarter, rose 3% from a year earlier. Jefferies said local-currency sales, the figures most watched by markets, were significantly lighter than consensus estimates and implied that sales in reality fell 3% in February. By contrast, market leader Inditex (ITX.MC) reported on Wednesday a 13.5% increase in Feb. 1 - March 13 sales and a 27% net profit increase for its fiscal year through January. Royal Bank of Canada (RBC) said it expected continued input cost increases in the first quarter for the retailer and that it would stay under pressure into the second quarter.

☆ H&M launches U.S. resale program
▼ + stars: | 2023-03-14 | by ( Katherine Masters | ) www.reuters.com time to read: +3 min

NEW YORK, March 14 (Reuters) - Fast-fashion retailer H&M (HMb.ST) launched a resale program Tuesday in collaboration with ThredUp, an online consignment platform that has partnered with dozens of brands to run their used clothing sales, H&M told Reuters. H&M will be the largest retailer to work with ThredUp, and the partnership will mark the retailer's first resale marketplace in the United States, according to Abigail Kammerzell, head of sustainability for H&M North America. Roughly 30,000 articles of clothing will initially be available on H&M’s resale site. Some critics say that efforts by H&M and other large retailers to enter the resale market are undercut by the volume of clothing they produce. H&M does not currently plan to slow its clothing launches or reduce the overall number of items it sells, according to Kammerzell.

☆ Factbox: Global firms with exposure to collapsed SVB
▼ + stars: | 2023-03-13 | by ( ) www.reuters.com time to read: +7 min

March 13 (Reuters) - Startup-focused lender SVB Financial Group (SIVB.O) became the largest bank to fail since the 2008 financial crisis last week, sending shockwaves across global markets as billions of dollars belonging to companies and investors were left stranded. The collapse raised concerns that the end of decades-long era of cheap money would reveal cracks in the global financial system as climbing interest rates expose vulnerabilities in the economy. HSBC (HSBA.L) said on Monday it is acquiring the UK subsidiary of SVB for 1 pound, rescuing a key lender for technology start-ups in Britain. Below is a list of companies across the globe that have revealed their exposure to SVB:EUROPEAround 16 tech and life sciences companies in Europe have disclosed about $190 million in exposure to SVB in the UK and the United States. Moonpig adds that SVB UK is one of ten lenders that provide senior debt facilities to the group as part of a strong banking syndicateASIA-PACIFICNITRO SOFTWARE (NTO.AX)Australia's productivity software maker Nitro Software Ltd (NTO.AX) said it had about $12.18 million of its global cash reserves held on deposit at SVB.

☆ Factbox: Which companies are affected by SVB collapse?
▼ + stars: | 2023-03-13 | by ( ) www.reuters.com time to read: +6 min

ROKU (ROKU.O)Streaming devices maker says it has about $487 million, or 26% of its cash and cash equivalents, held in deposits with SVB. CIRCLEUS cryptocurrency firm Circle says $3.3 billion of its $40 billion of USD Coin reserves are at SVB. BLOCKFIBankrupt crypto lender BlockFi Inc has roughly $227 million in unprotected funds at SVB, the Wall Street Journal reported on Friday. VIR BIOTECHNOLOGY (VIR.O)Biotech firm says it maintains operating accounts at SVB with about $220 million as of Friday. EUROPEAround 16 tech and life sciences companies in Europe have disclosed about $190 million in exposure to SVB in the UK and the United States.

☆ Startup from ex-Apple team raises $100 million, works with OpenAI
▼ + stars: | 2023-03-08 | by ( Stephen Nellis | ) www.reuters.com time to read: +2 min

March 8 (Reuters) - Humane Inc, a startup founded by former Apple Inc (AAPL.O) employees, said on Wednesday it has raised $100 million and will release its first products this spring. Sam Altman, OpenAI's founder and a previous Humane investor, participated in funding round on Wednesday, the company said. Humane also said that Microsoft Corp (MSFT.O), which has built a massive cloud computing infrastructure specifically for AI, took part in the funding round. Humane said it will partner with Microsoft's cloud to bring Humane's software services platform to market. Reporting by Stephen Nellis in San Francisco Editing by Marguerita ChoyOur Standards: The Thomson Reuters Trust Principles.

☆ Bertarelli-backed Volta Trucks seeks $264 mln in pre-IPO round, says CEO
▼ + stars: | 2023-03-08 | by ( Pablo Mayo Cerqueiro | ) www.reuters.com time to read: +3 min

LONDON, March 8 (Reuters) - Volta Trucks, the electric-truck maker backed by billionaire Ernesto Bertarelli, is in advanced discussions to raise as much as 250 million euros ($263.58 million), its CEO told Reuters. Volta Trucks is gearing up to roll out its electric trucks, after delays in obtaining certification for its vehicles and constraints in sourcing supplies held up production, according to a company spokesperson. The company just months ago tapped investors for around 300 million euros in a deal that valued it at close to 600 million euros. Volta Trucks' existing backers include Kuwaiti supply-chain services provider Agility Public Warehousing Co (AGLT.KW), Bertarelli's family office B-Flexion, Swedish investor Byggmastare Anders J Ahlstrom (AJAb.ST) and U.S. hedge fund Luxor Capital. A spokesperson for B-Flexion said the investor remains "wholly committed" to Volta Trucks, but declined to comment further.

☆ Volvo Cars' sales rise 22% in February
▼ + stars: | 2023-03-03 | by ( ) www.reuters.com time to read: 1 min

COPENHAGEN, March 3 (Reuters) - Sweden-based Volvo Car AB (VOLCARb.ST) said on Friday sales grew 22% year-on-year in February to 51,286 cars helped by a jump for its recharge models, sending its shares up. Volvo Cars, which is majority-owned by China's Geely Holding (0175.HK), said in a statement sales of fully electric cars soared 187% to account for 19% of total sales. All recharge models, also including those not fully electric, were up 49% to account for 40% of total sales. Volvo Cars' shares rose 3% in early trade. In January, the group's total car sales were up 2% as they were held back in China by Chinese New Year calendar effects.

"We will not engage in a price war...we are aiming to become a very premium sportscar company...," chief executive Thomas Ingenlath told Reuters. "It's very clear that this is a completely different aim from where Tesla is going, with 20 million cars per year." Demand for electric cars has weakened for U.S. EV startups Rivian (RIVN.O) and Lucid (LCID.O), with both carmakers forecasting 2023 production well below analyst estimates. But Polestar reaffirmed the 2023 production outlook it gave in January of 80,000 cars, up from the roughly 51,000 it delivered in 2022. The company reported a gross profit of $61.9 million versus a loss of $0.2 million in the same quarter in 2021.

☆ Russian internet speeds drop on hardware shortage, research finds
▼ + stars: | 2023-03-01 | by ( Alexander Marrow | ) www.reuters.com time to read: +2 min

The country's largest telecoms operators, including MTS (MTSS.MM) and Megafon disputed the research, saying they had noted increased speeds in February, both in Moscow and beyond. It also said a fall in mobile internet traffic in Moscow had contributed to a rise in speeds there. MTS said it had noted increased traffic and mobile internet speeds in the regions, recording no decrease. "MTS is constantly working to expand network capacity, and telecoms operators and regulators are engaged in dialogue aimed at removing administrative barriers and stimulating the industry's development," it said. Rival Megafon said the median mobile internet speed on its network in regions excluding Moscow was 14% higher in February year-on-year, and up 18.5% in the capital.

☆ European shares fall on sticky inflation worries; UK's Ocado slides
▼ + stars: | 2023-02-28 | by ( Shreyashi Sanyal | ) www.reuters.com time to read: +3 min

The continent-wide STOXX 600 index (.STOXX) slipped 0.3% in the first hour of trading, after closing sharply higher in the previous session. Higher food prices pushed the 12-month inflation rate in France to 7.2% in February from 7.0% in the preceding month. In Spain, consumer prices rose 6.1% year-on-year in February, over a 5.9% rise in the 12 months to January. Ocado (OCDO.L) sank 9.6%, to the bottom of the STOXX 600, after the online supermarket and technology group reported a worse-than-expected full-year loss. Travis Perkins (TPK.L) fell 3.7% after Britain's biggest supplier of building materials posted a 16% decline in annual profits.

☆ European shares kicks off week on solid footing, all sectors rise
▼ + stars: | 2023-02-27 | by ( Shreyashi Sanyal | ) www.reuters.com time to read: +3 min

The blue-chip index (.STOXX) added 0.9%. It fell 1.4% last week after hotter-than-expected U.S. inflation data fuelled bets that the Federal Reserve would continue to raise rates. European retailers (.SXRP) rose 1.1%, led by a 3.1% increase in shares of Hennes & Mauritz (HMb.ST). Mould highlighted that consumer spending has been buttressed by gas prices coming down and help from government-support schemes across the single-currency bloc. Dechra Pharmaceuticals (DPH.L) tumbled 15.5%, to the bottom of the STOXX 600, as the veterinary drugs maker warned its full-year operating profit would be at the lower end of analysts' expectations.

BARCELONA, Feb 27 (Reuters) - Ericsson's (ERICb.ST) CEO says the company is still in the market for more acquisitions, albeit smaller ones, after splurging over $7 billion to buy networking company Cradlepoint and communication platform Vonage. In contrast with Nokia, which announced a new strategy focused on enterprise, Ericsson expects to continue to focus on its business of selling to communications service providers (CSPs) or telecom operators along with adding to its enterprise offerings. While the global enterprise business, which revolves around private 5G and automating factories, has yet to grow significantly, it has been a melting pot of partnerships between equipment makers, mobile operators and big technology companies. “We will need to add to our enterprise offerings, so you will see smaller acquisitions,” CEO Borje Ekholm told Reuters on the sidelines of the Mobile World Congress (MWC) in Barcelona on Monday. "We have 90% plus of sales from CSPs... we need to build on that strength that is always central [to the business]."

☆ Ericsson to lay off 8,500 employees -memo
▼ + stars: | 2023-02-24 | by ( Supantha Mukherjee | ) www.reuters.com time to read: +2 min

STOCKHOLM, Feb 24 (Reuters) - Telecom equipment maker Ericsson (ERICb.ST) will lay off 8,500 employees globally as part of its plan to cut costs, a memo sent to employees and seen by Reuters said. "The way headcount reductions will be managed will differ depending on local country practice," Chief Executive Borje Ekholm wrote in the memo. Many telecom companies had beefed up their inventories during the height of the pandemic which is now leading to slowing orders for telecom equipment makers. Verizon (VZ.N), one of the largest telecom companies, plans to spend between $18.25 billion and $19.25 billion this year, down from a capital expenditure budget of $23 billion last year. Nordic rival Nokia (NOKIA.HE) has not announced any plans to lay off employees.

☆ U.S. business equipment borrowings grow 6% in January - ELFA
▼ + stars: | 2023-02-24 | by ( ) www.reuters.com time to read: +1 min

Feb 24 (Reuters) - U.S. companies borrowed 6% more in January to finance equipment investments from a year earlier, industry body Equipment Leasing and Finance Association (ELFA) said on Friday. New business volume, however, was down 32% month-on-month after the typical end-of-quarter, end-of-year spike in new business activity. ELFA, which reports economic activity for the $1 trillion equipment finance sector, said credit approvals were 75.1%, down from 76.6% in December. Washington-based ELFA's leasing and finance index measures the volume of commercial equipment financed in the United States. The Equipment Leasing & Finance Foundation, ELFA's non-profit affiliate, said its confidence index in February stood at 51.8, an increase from 48.5 in January.

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