Money Buzz! Europa

Category: Gothenburg

  • Skanska invests USD 65 M in its first Los Angeles office development project

    Skanska invests USD 65 M in its first Los Angeles office development project

    Skanska invests approximately USD 65 M in its first Los Angeles office development project located in Beverly Hills.

    The construction contract is worth about USD 33.3 M and will be included in the US order bookings for the fourth quarter 2020.

    Located at 9000 Wilshire Boulevard in Beverly Hills, California, Skanska plans to develop and build a four-story, 4,270 square meter office building with roof top terrace and four below grade parking levels. The project will target LEED Platinum certification.

    Skanska expects to begin construction in the end of October 2020 and the project is scheduled to be completed in third quarter of 2022.

    Since 2009, Skanska USA Commercial Development has invested more than USD 2 billion in office and multi-family projects, and has developed office headquarters for tenants including, Waste Management Inc., Bank of America, Brooks Sports, PricewaterhouseCoopers and Tommy Bahama.

  • Amazon launched a website for Swedish customers

    Amazon launched a website for Swedish customers

    Amazon launched a website for customers in Sweden, adding it to the list of countries where it offers full services, according to DPA, MarketWatch and Reuters.

    Amazon offers Swedish customers over 150 million products, including tens of thousands of products from local companies.

    Until now, Swedes could shop at Amazon through sites in other European countries, including the United Kingdom and Germany, but delivery costs were higher.

    Amazon Sweden features images of famous Scandinavian buildings, including Stockholm City Hall and Turning Torso, a skyscraper in Malmo.

    Last week, the American giant announced that it would invest in a renewable energy project in western Sweden, to supply energy for its local data centers.

  • Electrolux, record high operating income of SEK 3,220m in Q2 2020

    Electrolux, record high operating income of SEK 3,220m in Q2 2020

    Electrolux net sales amounted to SEK 32,004m (30,330). Organic sales increased by 15.2% in Q3 2020, an interim report shows.

    There was registered a record high operating income of SEK 3,220m (1,063), corresponding to a margin of 10.1% (3.5), mainly driven by strong volumes and prices.

    Income for the period amounted to SEK 2,356m (610) and earnings per share was SEK 8.20 (2.12).

    The company registered a significant market recovery driven mainly by pent-up demand and government stimulus programs.

    Electrolux Board proposes to reinstate a dividend for 2019 of SEK 7.00 (8.50) per share, to be paid in one instalment.

  • Sweden bans Huawei and ZTE brand equipment from future 5G networks

    Sweden bans Huawei and ZTE brand equipment from future 5G networks

    The Swedish telecommunications regulator banned the use of equipment produced by Chinese companies Huawei and ZTE in future 5G networks on Tuesday.

    The decision comes ahead of the tender for the allocation of frequencies that will take place next month, Reuters reports.

    The Swedish Post and Telecom Authority (PTS) said the ban was a consequence of the new law passed earlier this year and assessments by the Swedish armed forces and intelligence services to ”ensure that the use of frequencies does not endanger Sweden’s security.”

    PTS added that companies that will take part at the allocation tender of 5G frequencies must remove the current Huawei and ZTE equipment from the central parts of their networks by January 1, 2025.

    The regulator approved the participation of four operators in the second round of the tender procedure for the allocation of 2.3 and 3.5 Gigahertz frequencies, crucial for the launch of future 5G networks: Hi3G Access, Net4Mobility, Telia Sverige and Teracom.

  • Stora Enso forest assets, between EUR 6.5 billion and EUR 7.0 billion

    Stora Enso forest assets, between EUR 6.5 billion and EUR 7.0 billion

    Stora Enso has decided to start using a valuation method for its forest assets in the Nordics based on market transaction data and change the accounting policy from the fourth quarter of 2020 onwards. 

    Preliminary estimations, based on transactions in those areas in which Stora Enso has forest land, indicate that the value of the group’s forest assets, including leased land, will be between EUR 6.5 billion and EUR 7.0 billion, compared with the end of Q3/2020 book value of EUR 5.4 billion.

    The review of the fair value will be completed during the fourth quarter and will take into account also the latest transaction prices.

    Forest assets are defined as standing growing trees and the related forest land.

    From the fourth quarter of 2020 onwards, forests assets in Sweden will be valued by using a market approach method based on the forest market transactions in the areas where Stora Enso’s forests are located. 

    For the Finnish forest assets (through Stora Enso’s 41% ownership in Tornator), the market approach is not considered a reliable valuation method as the market data is not available with enough details, for example in terms of forest cubic meters of the traded estates.

    As a result, there is no change in valuation method for biological assets.

    For the plantation forests, there will not be any change in the valuation method as there is no reliable market transaction data available.

  • Swedish company Evolution to supply content and services for the US market

    Swedish company Evolution to supply content and services for the US market

    Evolution, a Sweden based provider of Live Casino solutions, has entered into a partnership with Wynn Sports Interactive for the supply of Live Casino content and services for the US market.

    The partnership will see Wynn Sports offer Evolution’s live games initially in New Jersey with additional states to follow.

    The Evolution live games offered to Wynn Sports players include a wide selection of games streamed live from Evolution’s Atlantic City studio: Roulette, Blackjack, Infinite Blackjack, Baccarat, Three Card Poker, Ultimate Texas Hold’em, and the Dream Catcher money wheel game show.

  • IKEA invests in nyris, a German deep-tech start-up company

    IKEA invests in nyris, a German deep-tech start-up company

    IKEA has made a minority investment in nyris, a Germany-based deep-tech start-up company, which provides visual intelligence technology. 

    IKEA customers can already today experience the nyris technology, in the IKEA Place app, providing intelligent, responsive information to the customer, based on its requests and commands.

    This is only the first in a range of upcoming solutions offering to support the customers in their IKEA experience.

    For example; to make product assembling responsive and easier, and the possibility to match home furnishing styles and specific products for the specific customer.

  • Farfetch to use Bambuser’s Live Video Shopping

    Farfetch to use Bambuser’s Live Video Shopping

    Bambuser has entered into a pilot agreement with Farfetch launching Live Video Shopping with the leading global platform for luxury fashion.

    The agreement gives Farfetch the right to use Live Video Shopping at a fixed cost of 35.000 GBP (approx 0.4 MSEK), with support for English, Japanese, Chinese and Arabic languages during the pilot phase, which lasts for six months. 

    Bambuser’s primary product, Live Video Shopping, is a cloud-based software solution that is used by customers such as global e-commerce and retail businesses to host live shopping experiences on websites, mobile apps and social media. 

  • Castellum income from property management increased by 9% this year

    Castellum income from property management increased by 9% this year

    Castellum income from property management amounted to MSEK 2.588 (2.380), corresponding to SEK 9.48 (8.71) per share – an increase of 9%.

    Castellum income for the period January-September 2020 totalled MSEK 4.488 (4.343 for the corresponding period last year).

    Castellum net income after tax for the period amounted to MSEK 2.549 (3.637), corresponding to SEK 9.33 (13.31) per share.

    Changes in value on properties amounted to MSEK 816 (2.505) and on derivatives to MSEK -212 (-417).

    Net lettings for the period amounted to MSEK 191 (-38).

    Net investments amounted to MSEK 1.996 (741) of which MSEK 317 (2.789) pertained to acquisitions, MSEK 1.800 (2,061) to new construction, extensions and reconstructions, and MSEK 121 (4.109) sales.

  • NAG Studios raise $1m pre-seed round

    NAG Studios raise $1m pre-seed round

    NAG Studios has raised $1M in pre-seed funding to produce a Super Bowl spectacle. The round was led by games sector titan LVP with participation from Antler.

    Founded by games industry veteran Peter Stahl (ex-DICE & Resolution Games) and esports expert Johan Skott (ex-Tobii, Survivors Esports, Co-Op.gg), NAG is dedicated to creating the next generation of competitive experiences for gamers.

    With their first game, NAG will integrate community professionals (pro-players, teams, broadcasters and streamers) from day one making a product truly meant for the new gaming culture.

    Eight-time Counter Strike world champion and founder of the team Ninjas In Pyjamas, Emil “HeatoN” Christensen says: ”What these guys are building, I want to play now. To be integrated as part of the advisory group inside the dev team from the beginning is unheard of, and [I have] goosebumps all over.”

  • Pricer sales registered in Q3 2020 an astonishing growth of 143%

    Pricer sales registered in Q3 2020 an astonishing growth of 143%

    Swedish company Pricer, supplier of systems and solutions for in-store digitalization, has had a record high delivery activity during the third quarter.

    Net sales in the third quarter of 2020 are estimated to amount to approximately SEK 565 million, which corresponds to a growth of 143% compared with the third quarter of 2019.

    The operating profit for the third quarter of 2020, which has not yet been finally determined, is estimated to amount to approximately SEK 75 million corresponding to approximately 13% in operating margin, compared with SEK 24.8 million for the third quarter of last year.

    This corresponds to an increase in operating profit of approximately 200%.

    The order intake for the third quarter of 2020 amounted to SEK 440 million, to be compared with SEK 222 million for the same period of last year.

  • H&M customers in Sweden can transform unwanted garments into new fashion favourites

    H&M customers in Sweden can transform unwanted garments into new fashion favourites

    H&M customers in Sweden have the possibility to transform unwanted garments into new fashion favourites with the help from a new garment-to-garment recycling system, Looop.

    Looop opens to the public in one of H&M Drottninggatan stores in Stockholm on October 12. This is the first time this garment-to-garment recycling system is shown in store by a fashion retailer.

    Looop uses a technique that dissembles and assembles old garments into new ones. The garments are cleaned, shredded into fibres and spun into new yarn which is then knitted into new fashion finds.

    The system uses no water and no chemicals.

    The cost is 100 Swedish kronor (around 10 euros) for members of H&M loyalty club. For non-members the fee is 150 Swedish kronor (around 15 euros).