Ericsson Net Profit Beats Despite China Sales Drop and Supply-Chain Issues
Ericsson AB on Tuesday posted a third-quarter net profit that beat expectations, as strong sales of 5G equipment in North America, Europe and Latin America helped offset a hefty sales decline in mainland China.
The telecommunications-equipment company reported second-quarter net profit attributable to shareholders of 5.75 billion kronor ($665 million) compared with SEK5.35 billion for the year-earlier period.
Danone 3Q Sales Rose; Reiterates 2021 Guidance
Danone SA said Tuesday that sales rose in the third quarter, with strong growth across geographies, and reiterated guidance for the full year.
The French food company said quarterly sales came in at 6.16 billion euros ($7.14 billion) compared with EUR5.82 billion for the previous-year period. An analysts' consensus compiled by the company had forecast the figure at EUR6.06 billion.
BHP First-Quarter Iron Ore, Copper Output Falls
BHP Group Ltd. produced less iron ore, copper and steelmaking coal in its first fiscal quarter mostly because of planned maintenance work at its operations.
The world's biggest mining company by market value said it produced 63.3 million metric tons of iron ore in the three months through September, down 4% year-over-year and 3% lower than the quarter immediately prior.
Iberdrola to Invest $8.2 Bln in UK Offshore Wind Farms
Iberdrola SA on Tuesday said that it plans to invest 6 billion pounds ($8.24 billion) in offshore wind farms through ScottishPower's hub off the east cost of England, its largest project investment globally.
"Our GBP6 billion planned investment in East Anglia hub will be a significant step towards ensuring offshore wind produces enough clean electricity to power every U.K. home by 2030," Chief Executive Ignacio Galan said. "The hub is testament to how business can support the government's net-zero ambitions."
UK Govt to Investigate Parker Hannifin's $8.65 Bln Planned Takeover of Meggitt
The U.K. Government said late Monday that it was investigating Parker Hannifin Corp.'s planned 6.3 billion pound ($8.65 billion) takeover of Meggitt PLC on national security grounds.
The Secretary of State for Business, Energy and Industrial Strategy on Monday issued a public interest intervention notice on the deal and asked the U.K. Competition and Markets Authority to report on it by March 18.
Chip-Designer Arm Sees Chip Shortage Lasting Through Next Year
The boss of chip-design specialist Arm Holdings says the semiconductor shortage will persist through next year, joining the growing list of executives forecasting that crippling supply pressures won't disappear soon.
"What we're seeing from our licensees is that they could all be selling more, if only...there was more capacity to go around. Everyone is seeing huge demand," Arm Chief Executive Simon Segars said Monday at The Wall Street Journal's Tech Live conference.
Tele2 Backs FY Guidance After Posting 3Q Net Profit Beat
Tele2 AB on Tuesday reported a forecast-beating third-quarter net profit and backed full-year guidance.
The Sweden-based telecom company posted a net profit for the quarter of 1.04 billion kronor ($120.2 million) down from SEK1.14 billion a year earlier.
European Life Sciences Investor Sofinnova Partners Raises $548 Million
European venture-capital firm Sofinnova Partners has raised EUR472 million, equivalent to $548 million, to invest in life sciences startups, the latest in a series of healthcare funds the firm has closed recently.
Sofinnova, based in Paris, London and Milan, raised this latest fund, Sofinnova Capital X, to invest in early-stage biotechnology and medical-device companies. In July, Sofinnova said it had raised a EUR63 million pool to launch medical-technology startups, and in March, it disclosed a EUR445 million crossover fund targeting later-stage companies.
Springer Replaces Bild Editor
BERLIN-German publisher Axel Springer SE on Monday said it had replaced the editor in chief of its Bild tabloid, Europe's largest-circulation newspaper, over allegations that the man had intimate relations with junior employees even after the completion of an internal investigation into his behavior.
The move comes days before Axel Springer's $1 billion takeover of Washington, D.C.-based digital publisher Politico, the latest step in its ambitious U.S. expansion plan, is set to be completed.
German Fintech N26, Newly Valued at $9 Billion, Again Draws Regulator's Eye
N26 Bank GmbH, a Berlin-based digital bank that is now as valuable as the country's second-largest lender, said Germany's financial regulator had temporarily capped the number of new customers it can sign up, the third regulatory action in six months aimed at improving controls at the startup.
N26 on Monday said the regulator, BaFin, had ordered it to limit new European customers to 70,000 a month. A spokeswoman declined to disclose its monthly sign-up numbers, though N26 said it has added more than 2 million customers in the past year.
Toyota, Stellantis to Build EV-Battery Factories in North America
Toyota Motor Corp. and Jeep parent Stellantis NV said separately Monday they would build battery factories in North America, the latest in a string of big-ticket investments by auto makers looking to sell more electric cars.
Stricter fuel-efficiency targets set by the Biden administration, combined with broader efforts around the globe, are pushing car companies to spend tens of billions of dollars collectively on new factories for electric vehicles and the batteries to power them.
U.S. Afghan Envoy Stepping Down After Failure of Talks
Zalmay Khalilzad, the Biden administration's special representative for Afghanistan, who for nearly two years tried unsuccessfully to negotiate a peace deal with Taliban officials before the group seized control of the country in August, is stepping down from the role, the State Department said Monday.
Mr. Khalilzad, who has held a range of roles under several administrations, including U.S. ambassador to Afghanistan and Iraq, said in a letter viewed by The Wall Street Journal that "the political arrangement between the Afghan government and the Taliban did not go forward as envisaged."
U.S. Lawmakers Step Up Pressure to Adopt Tougher Tech Laws
WASHINGTON-Legislation to curb the influence of big technology companies, including putting new restrictions on online content, is starting to gain traction in Congress as lawmakers narrow their targets and seek to build on public attention.
A bipartisan group of senators including Amy Klobuchar (D., Minn.) and Chuck Grassley (R., Iowa) came out last week in favor of legislation that would prohibit dominant platforms from favoring their own products or services, boosting similar efforts already under way in the House.
Yellen Says Debt-Limit Deal Will Keep Government Funded Through Dec. 3
Treasury Secretary Janet Yellen on Monday said the debt-limit deal enacted by Congress last week will allow the government to keep paying its bills through Dec. 3.
In a letter to Capitol Hill leaders, Ms. Yellen said the deal "provides only a temporary reprieve" and urged lawmakers to take further action to ensure that the government can continue to borrow money.
Behind the Energy Crisis: Fossil Fuel Investment Drops, and Renewables Aren't Ready
An energy price shock is serving as a reminder of the world's continued dependency on fossil fuels-even amid efforts to shift to renewable sources of energy.
Demand for oil, coal and natural gas has skyrocketed world-wide in recent weeks as unusual weather conditions and resurgent economies emerging from the pandemic combine to create energy shortages from China to Brazil to the U.K.
Global Climate Finance Falling Short of What Is Needed, Report Suggests
Global investment in climate-change-related projects rose in 2019 and 2020, but remained far below the level that would be needed to finance the transition to a low-carbon economy and minimize the impacts of climate change, new data showed.
The Climate Policy Initiative, a nonprofit research group that publishes a survey of climate finance every two years, identified $623 billion of climate-related investment in 2019 and $640 billion in 2020. Those were record figures, but growth has slowed, according to the CPI. It monitors a broad spectrum of public and private spending, spanning areas such as electric-car purchases and infrastructure funding.
North Korea Fires Ballistic Missile off East Coast, South Korea Says
SEOUL-North Korea fired what was suspected to be a submarine-launched ballistic missile off its east coast on Tuesday, Seoul's military said, the first test of its kind in two years.
Photos or video of the weapons test-the Kim regime's eighth of the year-weren't immediately released by North Korean state media. But at a January military parade, North Korea unveiled a new submarine-launched ballistic missile that it called "the world's most powerful weapon."
Biden Administration to Constrain Use of Sanctions in Foreign-Policy Shift
WASHINGTON-The Biden administration plans to limit the use of economic and financial sanctions in a shift that Treasury Department officials said should strengthen the impact of a tactic that U.S. foreign policy has relied on in recent years.
After a nine-month Treasury-led audit of sanctions policy, the officials said Monday that sanctions will remain a critical policy tool but need to be better calibrated. To that end, the officials said, the interagency vetting process for sanctions will be refocused to more heavily weigh the potential for unintended harm to vulnerable groups, resistance from allies and other economic and geopolitical fallout.
FDA Nearing Approval for Mixing and Matching Covid-19 Booster Shots
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October 19, 2021 06:39 ET (10:39 GMT)Copyright (c) 2021 Dow Jones & Company, Inc.