Hi, this is Charles in Stockholm. Welcome to our weekly newsletter on what’s shaping economies and investments from the Arctic to the Baltic Sea. You can subscribe here . Missing Mojo This morning, H&M cut the ribbon on a new flagship store in central Stockholm, symbolic of the fresh start the Swedish fashion retailer needs — in more ways than one. The spacious venue on Hamngatan, a top shopping s...
Hi, this is Charles in Stockholm. Welcome to our weekly newsletter on what’s shaping economies and investments from the Arctic to the Baltic Sea. You can subscribe here . Missing Mojo This morning, H&M cut the ribbon on a new flagship store in central Stockholm, symbolic of the fresh start the Swedish fashion retailer needs — in more ways than one. The spacious venue on Hamngatan, a top shopping street, sits on a site originally occupied by a popular dance hall. It has an unusually upmarket feel compared to a typical H&M outlet: think Scandinavian wooden accents and bold artworks adorning the walls throughout. It’s also one of the first locations where the company’s upcoming collaboration with Stella McCartney will be available later this spring. H&M’s biggest-ever fashion store project in its home country comes at a time when Chief Executive Officer Daniel Ervér is trying to convince investors that the group has turned a corner. From its 2015 peak, H&M shares have lost roughly half their market value, erasing tens of billions of dollars in value. Just two years earlier, it had been Stockholm’s most valuable listed company. How H&M gets its mojo back will also depend on the founding Persson family, a billionaire clan controlling more than 86% of the company’s voting rights — something that’s sparked speculation the fashion retailer will eventually be taken private. For now, H&M’s tepid sales growth and high inventory continue to unnerve investors amid competition from Zara-owner Inditex on the higher end of the global apparel market, as well as from cutthroat price-driven competitors like Shein and Primark. “I think we are at the beginning of the journey, but it is a long-term journey,” Ervér said in an interview with Bloomberg. Candy Capital Fazer’s chocolate ‘mignon’ eggs are eaten by more than a million Finns young and old over the Easter weekend. The product hasn’t changed much since it first appeared in 1896 — a mix of almond and hazelnut nougat that’s hand-pou...
Electric trucks are gaining ground as diesel costs rise — but high prices, limited charging and infrastructure gaps mean the transition is far from complete.
Electric trucks are gaining ground as diesel costs rise — but high prices, limited charging and infrastructure gaps mean the transition is far from complete.
UBS Group AG won dismissal of a money-laundering case it inherited from its troubled former rival Credit Suisse linked to the so-called Mozambique tuna-bond scandal. Switzerland ’s Federal Criminal Court ruled on April 8 that UBS couldn’t be held liable for alleged wrongdoing in the affair, which dates back years before its government-brokered takeover of Credit Suisse in 2023. “Transferring crimi...
UBS Group AG won dismissal of a money-laundering case it inherited from its troubled former rival Credit Suisse linked to the so-called Mozambique tuna-bond scandal. Switzerland ’s Federal Criminal Court ruled on April 8 that UBS couldn’t be held liable for alleged wrongdoing in the affair, which dates back years before its government-brokered takeover of Credit Suisse in 2023. “Transferring criminal liability to UBS, coupled with its conviction and the payment of a fine as a criminal penalty, would violate the principle of culpability” and run contrary to both the Swiss constitution and European Convention on Human Rights, the court said in a statement released on Friday. UBS said that it welcomes “the court’s recognition” that it “cannot be held liable in this matter, as such liability cannot be transferred to a legal successor through a merger.” In October, 2023, UBS reached a separate settlement with Mozambique over Credit Suisse’s role in the scandal. That agreement brought a close to a London case that began a decade ago when Credit Suisse first financed the construction of a new coastal patrol force and tuna fishing fleet for Mozambique. Credit Suisse had already agreed in 2021 to pay almost $475 million to resolve multiple investigations around the world into its role in the scandal, where Mozambique alleged the Swiss bank ignored red flags and the corruption of its own bankers in deals struck as part of $2 billion worth of bond deals. Read more: Credit Suisse Hit With Laundering Charges in Mozambique Case But Swiss prosecutors continued building a separate case, culminating in a December indictment of the bank, when it was charged with failing to prevent suspected money laundering of service fees linked to the suspicious loans. Under Swiss law, a company can be criminally charged for failing to prevent crimes such as money-laundering, a statute that Swiss prosecutors have used with growing success in recent years. The case against a former Credit Suisse com...
Any prediction about stocks' future performance should be taken with a grain of salt. The following prediction is no exception (but it is an educated guess). I think the one sector best positioned to outperform the S&P 500 this year is industrials. Surprised? It would be a little surprising if you weren't. There's always the chance that artificial intelligence (AI) tech stocks could get their seco...
Any prediction about stocks' future performance should be taken with a grain of salt. The following prediction is no exception (but it is an educated guess). I think the one sector best positioned to outperform the S&P 500 this year is industrials. Surprised? It would be a little surprising if you weren't. There's always the chance that artificial intelligence (AI) tech stocks could get their second wind, or that investors may rush to the safety of consumer staples . And perhaps that's how things will pan out. Image source: Getty Images. Continue reading
SAP SE has extended the contract of its Chief People Officer Gina Vargiu-Breuer months after internal criticism of her department over what many employees described as a flawed bonus system. Vargiu-Breuer’s new contract runs through January 2030, SAP said in a statement on Friday. Her current term expires early next year. Vargiu-Breuer had overseen the roll-out of a new bonus system earlier this y...
SAP SE has extended the contract of its Chief People Officer Gina Vargiu-Breuer months after internal criticism of her department over what many employees described as a flawed bonus system. Vargiu-Breuer’s new contract runs through January 2030, SAP said in a statement on Friday. Her current term expires early next year. Vargiu-Breuer had overseen the roll-out of a new bonus system earlier this year that ended up rewarding underperforming managers while holding lower-ranking workers to a higher standard for their payouts. This prompted outcry from employees and leaders at the German software company, Bloomberg reported in February. Read More: SAP’s New Bonus System Rewarded Underperforming Bosses SAP’s Chief Executive Officer Christian Klein told Vargiu-Breuer’s team to rework the stock-based compensation after the complaints and the company set aside millions of euros to appease angered staff and make improvements to the system. SAP did not immediately comment on whether it had made the improvements. SAP Chairman Pekka Ala-Pietilä said Vargiu-Breuer had strengthened “how we attract, develop and lead our people” and the company was “convinced she will further drive SAP’s transformation into the age of AI,” according to a statement Friday. Klein is adapting SAP’s business model for the artificial intelligence era amid pressure from capital markets. He warned yesterday that the company’s AI transition would be as painful as its shift to the cloud. Vargiu-Breuer joined SAP in 2024 from Siemens Energy .
Designer said to be considering options for his 40% stake in fashion house ahead of negotiations with bank lenders Stefano Gabbana left his post as chair of Dolce & Gabbana at the start of this year, the design house he co-founded with his then partner, Domenico Dolce, in 1985 has said. The Italian luxury fashion house said Gabbana had tendered his resignation, effective as of 1 January, “as part ...
Designer said to be considering options for his 40% stake in fashion house ahead of negotiations with bank lenders Stefano Gabbana left his post as chair of Dolce & Gabbana at the start of this year, the design house he co-founded with his then partner, Domenico Dolce, in 1985 has said. The Italian luxury fashion house said Gabbana had tendered his resignation, effective as of 1 January, “as part of a natural evolution of its organisational structure and governance”. Continue reading...
Maurizio Paolo Grassi Eni ( E ) is investing $70M in Nouveau Monde Graphite ( NMG ), a Canadian firm focused on natural graphite, as part of NMG's larger $297M capital raise announced on Thursday. Eni ( E ) is expected to hold about 11.5% of the company and secure a board seat, alongside the option to negotiate exclusive supply agreements for graphite and related materials. The deal will give Eni ...
Maurizio Paolo Grassi Eni ( E ) is investing $70M in Nouveau Monde Graphite ( NMG ), a Canadian firm focused on natural graphite, as part of NMG's larger $297M capital raise announced on Thursday. Eni ( E ) is expected to hold about 11.5% of the company and secure a board seat, alongside the option to negotiate exclusive supply agreements for graphite and related materials. The deal will give Eni ( E ) access to natural graphite—an essential input for lithium-ion batteries used in energy storage and electric mobility—while positioning the company within the critical minerals value chain. Italy's energy company also signed a letter of intent for up to 15,000 tonnes per annum of graphite offtake. The proceeds will fund development of the Matawinie graphite mine and support operations across the supply chain, including refining at the Bécancour battery materials plant in Quebec. The deal is subject to approval from Nouveau Monde Graphite ( NMG ) shareholders at its annual meeting in the latter half of May 2026. More on ENI, Nouveau Monde Graphite Inc. Eni Returned Over 100% Since My Buy Call: Here Is How Much Upside Is Left Eni S.p.A. (E) Analyst/Investor Day - Slideshow Eni S.p.A. (E) Analyst/Investor Day Transcript Nouveau Monde Graphite secures $297 million equity financing to advance Matawinie project Libya unveils oil and gas discoveries with Eni, Repsol, and Sonatrach