DIRS.INFO The most relevant business & tech news

☆ Factbox: Petteri Orpo, Finland's likely next prime minister
▼ + stars: | 2023-04-02 | by ( ) www.reuters.com time to read: +1 min

HELSINKI, April 2 (Reuters) - Here is a profile of Finland's conservative National Coalition Party leader Petteri Orpo, who said he would have the first chance of forming a coalition government after his party looked set to win the most seats in parliament in Sunday's election. FISCAL CONSERVATIVEBorn in 1969 in rural south-west Finland, the 53-year-old Orpo has a university degree in political science. He has been a member of parliament since 2007 and became head of the National Coalition in 2016 after challenging his predecessor Alexander Stubb, a former prime minister, for the party leadership. Considered a moderate and a smooth negotiator, Orpo has held several government posts, including as minister of agriculture and forestry from 2014 to 2015, interior minister from 2015 to 2016 and finance minister from 2016 to 2019. Married and with two children, he is also a reserve officer in Finland's national defence force.

☆ Factbox: Finland's outgoing Prime Minister Sanna Marin
▼ + stars: | 2023-04-02 | by ( ) www.reuters.com time to read: +2 min

[1/3] Finland's Prime Minister and Social Democrats leader Sanna Marin speaks at the party's parliamentary election event in Helsinki, Finland April 2, 2023. Lehtikuva/Emmi Korhonen via REUTERSHELSINKI, April 2 (Reuters) - Here is a profile of Finland's outgoing Prime Minister Sanna Marin, whose left-wing Social Democrats lost a parliamentary election on Sunday, although they might still join the next coalition with election winner the National Coalition Party. Born in 1985 in Helsinki, she grew up near Finland's south-western industrial hub of Tampere with her mother and her mother's girlfriend. Only six months in, then-party chair Antti Rinne was forced to resign over his handling of labour strikes, and the Social Democratic Party (SDP) chose Marin to replace him as prime minister. Marin soon found herself managing Finland's response to the COVID-19 pandemic and then Europe's energy crunch caused by neighbouring Russia's invasion of Ukraine.

SummarySummary Companies Plant to supply 1.2-1.4 mln tonnes of ammonia per yearYara attracted by low US gas prices, carbon capture costProduction start up set for 2027-28OSLO, March 31 (Reuters) - Norwegian fertiliser maker Yara (YAR.OL) and Canadian pipeline company Enbridge (ENB.TO) plan to invest up to $2.9 billion to build a low-carbon blue ammonia production plant in Texas, they said on Friday. Blue ammonia, rather than green ammonia derived from renewable energy, refers to ammonia produced from natural gas, with the carbon dioxide (CO2) byproduct captured and stored. The plant will supply 1.2 million to 1.4 million tonnes of low-carbon ammonia per year. High gas prices in Europe have made the case to build in the U.S. stronger, Ankarstrand said. Many similar facilities are in development and demand for low-carbon ammonia looks strong, said Vince Paradis, Enbridge's vice president of business development.

☆ Orsted to build two wind farms offshore Taiwan
▼ + stars: | 2023-03-31 | by ( ) www.reuters.com time to read: +1 min

Companies Orsted A/S FollowOSLO, March 31 (Reuters) - Orsted (ORSTED.CO) has made a final investment decision to go ahead with its planned 920 megawatt (MW) Greater Changhua 2b and 4 offshore wind farms in Taiwan with expected completion by the end of 2025, the Danish energy group said on Friday. The offshore wind farms are expected to begin onshore construction in 2023 with fabrication of components in 2023-2024. The projects will be funded by Orsted's capital as well as debt from the domestic Taiwanese market, backed by an Orsted parent company guarantee. The company did not say how much it would invest in the wind farms. Reporting by Terje Solsvik, editing by Louise RasmussenOur Standards: The Thomson Reuters Trust Principles.

☆ Norway wealth fund to consider investing in unlisted equities
▼ + stars: | 2023-03-31 | by ( Victoria Klesty | ) www.reuters.com time to read: +2 min

OSLO, March 31 (Reuters) - Norway's $1.3 trillion wealth fund, one of the world's largest investors, should assess whether to begin investing in unlisted equities, the finance ministry said on Friday, which would be a brand new asset class for the fund. Managed by a unit of the central bank, it is invested in more than 9,200 companies globally and owns on average 1.5% of all the world's listed stocks. It could be presented to parliament next year, Finance Minister Trygve Slagsvold Vedum told Reuters. Asked whether this could increase the fund's exposure to risk, Vedum said that would be one of the questions to be examined. But when we open for this now, it's just because we want to have a thorough evaluation of that," Vedum told Reuters.

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.

☆ Finland's Marin in battle over state spending to stay in power
▼ + stars: | 2023-03-30 | by ( Anne Kauranen | ) www.reuters.com time to read: +4 min

Marin says spending on education and health services is key to securing economic growth. Her rivals, Petteri Orpo of the right-wing National Coalition Party and Riikka Purra of the nationalist Finns Party, are calling for fiscal austerity to restore government finances. Marin's Social Democrats believe economic growth will help Finland stop accruing more debt and, if need be, prefer raising taxes over spending cuts. Marin has rejected forming a government with the Finns Party, calling it "openly racist" during a debate in January - an accusation Purra sternly rejected. Her party would also push back Finland's carbon neutrality target which Marin's ruling coalition set for 2035.

☆ Sweden summons Russia's ambassador over "legitimate target" statement
▼ + stars: | 2023-03-29 | by ( ) www.reuters.com time to read: +1 min

OSLO, March 29 (Reuters) - Sweden's foreign ministry said on Wednesday it will summon Russia's Stockholm ambassador to complain about an "attempt at interference" with the Swedish NATO application process. Sweden and Finland in 2022 both sought NATO membership shortly after Russia's invasion of Ukraine, and are hoping to complete the process this year. The Russian ambassador in a statement on the embassy's web site said joining NATO made the Nordic countries "a legitimate target for Russian retaliatory measures, including those of a military nature". A Swedish foreign ministry spokesperson told Reuters the ambassador would be summoned. "The foreign ministry is summoning the Russian ambassador to protest this obvious attempt at interference," Swedish Foreign Minister Tobias Billstrom separately told news agency TT.

☆ Norway wealth fund to vote in favour of UniCredit remuneration plan
▼ + stars: | 2023-03-26 | by ( ) www.reuters.com time to read: +1 min

OSLO, March 26 (Reuters) - Norway's $1.3 trillion sovereign wealth fund, one of the world's largest investors, will vote in favour of the UniCredit (CRDI.MI) remuneration package, it said on Sunday. The Italian bank is due to hold its annual meeting of shareholders on March 31. Orcel's current pay package of up to 7.5 million euros ($8.06 million) a year makes the former head of investment banking at Swiss lender UBS (UBSG.S) one of Europe's best paid bank executives. The Norwegian fund owns 2.65% of UniCredit's shares, worth some $728 million, at the end of 2022, according to fund data. ($1 = 0.9301 euros)Reporting by Nora Buli, writing by Gwladys Fouche, editing by Terje SolsvikOur Standards: The Thomson Reuters Trust Principles.

☆ Nordic countries plan joint air defence to counter Russian threat
▼ + stars: | 2023-03-24 | by ( ) www.reuters.com time to read: +2 min

COPENHAGEN, March 24 (Reuters) - Air force commanders from Sweden, Norway, Finland and Denmark said on Friday they have signed a letter of intent to create a unified Nordic air defence aimed at countering the rising threat from Russia. The move to integrate the air forces was triggered by Russia's invasion of Ukraine in February last year, commander of the Danish air force, Major General Jan Dam, told Reuters. Finland has 62 F/A-18 Hornet jets and 64 F-35s on order, while Denmark has 58 F-16s and 27 F-35s on order. The signing at the Ramstein Air Base in Germany last week was attended by NATO Air Command chief General James Hecker, who also oversees the U.S. Air Force in the region. The Nordic air force commanders first discussed the closer cooperation at a meeting in November in Sweden.

☆ Norway wealth fund to vote for labour rights motion at Starbucks AGM
▼ + stars: | 2023-03-23 | by ( ) www.reuters.com time to read: +1 min

[1/2] A Starbucks coffee shop is seen in downtown Los Angeles, California, U.S., June 29, 2022. REUTERS/Lucy NicholsonOSLO, March 23 (Reuters) - Norway's $1.3 trillion wealth fund, one of the world's largest investors, will vote in favour of a shareholder motion calling on Starbucks (SBUX.O) to report on how it respects labour rights, the fund's manager said on Thursday. The Norwegian fund owns 1.05% of Starbucks' shares, worth $1.2 billion at the end of 2022, according to fund data. Norges Bank Investment Management (NBIM), which operates the Norwegian wealth fund, said it would vote in favour of commissioning a third-party assessment of Starbucks' commitment to freedom of association and collective bargaining rights. "Freedom of association and the right to collective wage bargaining are fundamental employee rights - and human rights," they said.

Summary Ruling has implications for oil, mineralsNon-EU Norway has sovereignty over Svalbard Arctic islandsState can sue Norway -expertOSLO, March 20 (Reuters) - Norway's Supreme Court ruled on Monday that EU ships cannot fish for snow crab off the Svalbard archipelago in the Arctic in a case also deciding who has the right to explore for oil and minerals in the region. At stake was whether EU vessels had the right to catch snow crab, whose meat is considered a delicacy by gourmets in Japan and South Korea, in the same way as Norwegian vessels did. But what is valid for the snow crab, a sedentary species living on the seabed, is also valid for oil, minerals and other resources, the Supreme Court ruled in a 2019 case. "The company does not have the right to catch snow crab on the continental shelf outside Svalbard," the Supreme Court said in its verdict, which was unanimous. "It is a domestic court decision, (so) an international court can also hear this question at a later stage."

☆ Equinor sees "a lot of interest" in long-term gas deals, CEO says
▼ + stars: | 2023-03-17 | by ( Nora Buli | ) www.reuters.com time to read: +1 min

Companies Equinor ASA FollowBERGEN, Norway, March 17 (Reuters) - Equinor (EQNR.OL) has seen significant interest among gas buyers in Europe for entering into long-term supply contracts lasting between three and 10 years, the Norwegian company's CEO told Reuters on Friday. "Long-term contracts for us means three to 10 years and we see that there is a lot of interest for long-term contracts at the moment," Equinor CEO Anders Opedal told Reuters. The visit underlines the importance of the relationship between the European Union and non-EU Norway when it comes to energy, Opedal said. "It shows how important it is that we focus both on security of supply and the security on the installations," he said. Troll alone supplies 11% of all gas consumed in the EU, according to Equinor.

☆ In show of unity, NATO and EU heads visit North Sea gas platform
▼ + stars: | 2023-03-17 | by ( Nora Buli | ) www.reuters.com time to read: +3 min

[1/3] Norway Prime Minister Jonas Gahr Stoere, European Commission President Ursula von der Leyen, NATO Secretary-General Jens Stoltenberg and Equinor CEO Anders Opedal visit the Troll A gas platform in the North Sea, Norway March 17, 2023. Ole Berg-Rusten /NTB/via REUTERSTROLL A PLATFORM, North Sea, March 17 (Reuters) - The heads of NATO and the European Commission flew on Friday to a North Sea platform to discuss the security of supplies and infrastructure, a visit underlining Norway's importance for gas shipments since Russia's invasion of Ukraine. The Troll A platform extracts gas from Norway's biggest gas field. After a drop in Russian flows, the Nordic country last year became the largest gas supplier to the EU. The field accounts for one third of daily Norwegian gas exports to Europe.

☆ Norwegian companies see stable outlook, central bank survey shows
▼ + stars: | 2023-03-16 | by ( ) www.reuters.com time to read: +1 min

OSLO, March 16 (Reuters) - Activity in the Norwegian economy is levelling off and companies expect business prospects to be stable in the first half of 2023, a central bank business survey showed on Thursday. The quarterly survey provides key input for the central bank, which in January said it would "most likely" raise its key policy interest rate in March. "Developments are slightly stronger than contacts expected in the previous survey, but there is considerable variation across sectors," Norges Bank said in a statement. "The share of contacts experiencing recruitment difficulties is much lower than in November, and fewer contacts report capacity constraints. At the same time, many contacts still report full capacity utilisation and labour shortages."

☆ 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.

☆ U.S. bank woes no threat to Swedish financial system, watchdog says
▼ + stars: | 2023-03-13 | by ( ) www.reuters.com time to read: +2 min

OSLO, March 13 (Reuters) - The collapse of Silicon Valley Bank (SVB) and some other U.S. banks is unlikely to impact Sweden's financial stability, Sweden's financial watchdog said on Monday. While the U.S. banking market was hit by a degree of turbulence, Swedish banks are regulated more tightly to ensure liquidity buffers are in place and balance sheets are protected, it added. "Our assessment is however that the stability of the Swedish financial system is not affected by this," acting FI Director-General Susanna Grufman said. Pensions group Alecta has around 12 billion Swedish crowns ($1.12 billion) in investments in Silicon Valley Bank and Signature Bank (SBNY.O), news agency TT reported. "Up to now we do not see any spread of the effects into the Swedish financial system," Wykman told Reuters.

☆ Swedbank books $3.7 mln provision over US investigation
▼ + stars: | 2023-03-10 | by ( ) www.reuters.com time to read: +1 min

OSLO, March 10 (Reuters) - Swedbank (SWEDa.ST) will book a provision of 40 million Swedish crowns ($3.72 million) related to an investigation by the U.S. Office for Foreign Assets Control (OFAC) over the bank's "historical shortcomings", the bank said on Friday. The U.S. Treasury's OFAC is investigating "transactions that the bank has notified the authority about", Swedbank said in a statement. "Swedbank is holding separate discussions with them through our U.S. legal advisors," it added. The investigations are at different stages and the bank cannot at this time determine any financial consequences, nor when the investigations will be completed. ($1 = 10.7476 Swedish crowns)Reporting by Terje Solsvik, editing by Essi LehtoOur Standards: The Thomson Reuters Trust Principles.

☆ Lithuania aims to raise $539 mln from temporary windfall tax on banks
▼ + stars: | 2023-03-09 | by ( ) www.reuters.com time to read: +1 min

VILNIUS, March 9 (Reuters) - Lithuania's finance minister proposed on Thursday a temporary windfall tax on bank profits, aiming to raise an estimated 510 million euros ($538.7 million) over a two-year period. "In large part, the policy of banks has no influence on the profits, they are due to exceptional circumstances, and are probably surprising to banks themselves," Skaiste said. The government and the central bank had previously said Lithuania was contemplating a windfall tax on the banking industry, but had not said how much this could raise. The government's proposal would impose a two-year tax of 60% on the part of a bank's interest income that is more than 50% higher than a four-year average, Skaiste said. Two Swedish-owned groups hold more than half of Lithuania's banking assets, Swedbank (SWEDa.ST), whose 2022 profits increased by 64% to 148 million euros, and SEB (SEBa.ST), whose profits were up 49% to 172 million euros.

☆ Swedish c.bank's Bunge says hike of 25 or 50 points in April still the main scenario
▼ + stars: | 2023-03-09 | by ( ) www.reuters.com time to read: 1 min

STOCKHOLM, March 9 (Reuters) - Swedish inflation is too high but an interest rate hike of either 25 or 50 basis points in April is still the main scenario, Deputy Riksbank Governor Aino Bunge said on Thursday. "Right now that is what I envision, but we will see when we approach that meeting," Bunge told reporters. Reporting by Johan Ahlander, editing by Terje SolsvikOur Standards: The Thomson Reuters Trust Principles.

Carlsberg shares have risen more than 60% during Hart's tenure, outperforming AB Inbev and Heineken, whose shares have dropped around 47% and risen around 45% respectively. Carlsberg's shares fell 3.5% at market open in Copenhagen, but later pared losses and were 0.7% lower at 1118 GMT. "Cees 't Hart has delivered remarkable results during his time at Carlsberg," Supervisory Board Chair Henrik Poulsen said. It is also seeking an option to buy back the Russian business in the future. With only around 16% of revenue coming from Eastern Europe, Carlsberg's biggest markets are Western Europe and Asia.

☆ Carlsberg CEO Hart's retirement plan triggers share fall
▼ + stars: | 2023-03-07 | by ( Nikolaj Skydsgaard | ) www.reuters.com time to read: +2 min

Hired in 2015, partly to help restore sluggish sales in its Eastern Europe division, including Russia, Hart has successfully overseen Carlsberg's SAIL'22 strategy, which focused on cutting costs and improve sales of more premium beer brands. Carlsberg said in a statement that Hart planned to leave by the end of the third quarter. "Cees 't Hart has delivered remarkable results during his time at Carlsberg," Supervisory Board Chair Henrik Poulsen said. "He has really been a significant person in the transformation that has taken place, it's been very impressive to witness," Laustsen added. It is seeking an option with the buyer to buy back the Russian business in future.

☆ Carlsberg searching for new CEO after Cees ’t Hart says to retire
▼ + stars: | 2023-03-07 | by ( ) www.reuters.com time to read: 1 min

STOCKHOLM, March 7 (Reuters) - Denmark's Carlsberg said on Tuesday Chief Executive Cees ’t Hart had decided to retire after eight years on the job, and a search for his successor was ongoing. The brewer said in a statement ’t Hart planned to leave the company by the end of the third quarter. "Staying on board for another half a year will allow me and the team to continue delivering on our challenging plans for 2023 and accomplishing the sale of the Russian business before the summer," t' Hart said. Reporting by Anna Ringstrom, editing by Terje SolsvikOur Standards: The Thomson Reuters Trust Principles.

☆ Hydrogen company Nel raises $155 mln from share sale
▼ + stars: | 2023-03-07 | by ( ) www.reuters.com time to read: +1 min

Companies Nel ASA FollowCOPENHAGEN, March 7 (Reuters) - Norwegian hydrogen company Nel (NEL.OL) late on Monday said it had raised 1.61 billion Norwegian crowns ($154.70 million) through a private placement of 108 million new shares at 14.90 crowns per share, a 9% discount to the stock's closing in Oslo. Nel intends to use the net proceeds from the private placement to partially finance the expansion of its Heroeya plant or to begin construction of a new U.S. factory, the company said in a statement. "Normally the share price after an equity issue will reflect to a certain extent the pricing in the private placement," ABG Sundal Collier analyst Haakon Amundsen said. Nel on Tuesday said it was offering to sell an additional 10 million shares to owners who were not part of Monday's share sale. ($1 = 10.4005 Norwegian crowns)Reporting by Louise Breusch Rasmussen, editing by Terje SolsvikOur Standards: The Thomson Reuters Trust Principles.

☆ Russian flag painted on base of Denmark's "Little Mermaid" statue
▼ + stars: | 2023-03-02 | by ( ) www.reuters.com time to read: +1 min

COPENHAGEN, March 2 (Reuters) - A Russian flag was discovered painted onto the base of Denmark's "The Little Mermaid" statue on Thursday in what police said was a "case of vandalism" at Copenhagen's most famous landmark and a popular tourist attraction. Denmark has been a vocal critic of Russia alongside other Western nations following last year's invasion of Ukraine. The 110-year-old bronze statue depicts the little mermaid from 19th-century Danish author Hans Christian Andersen's tale of the same name, and is sat on a rock by a waterside promenade. The white, blue and red stripes of the Russian flag were painted across the front of the stone. Reporting by Louise Breusch Rasmussen, Johannes Gotfredsen-Birkebaek, Editing by Terje Solsvik and Raissa KasolowskyOur Standards: The Thomson Reuters Trust Principles.

Search resuls for: "Terje Solsvik"

25 mentions found