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Wednesday, August 13, 2025

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https://nordictimes.com/economy/astrazeneca-invests-billions-in-the-us/

Economy

AstraZeneca invests billions in the US

Published 23 July 2025
– By Editorial Staff
1 minute read
Editorial Staff
editorial@nordictimes.com

AstraZeneca plans to invest $50 billion in the USA. The investment comes in the wake of Donald Trump’s threats of import tariffs, and includes a new pharmaceutical factory in Virginia.

The Swedish-British pharmaceutical company announced on Monday that the plan is to reach an annual revenue of $80 billion by 2030, where half of the revenue should come from the USA. To achieve this, the company will invest $50 billion, on American soil, announced CEO Pascal Soriot during a visit to Washington, writes Reuters.

The investment includes a new pharmaceutical factory in the state of Virginia, which will also become AstraZeneca’s largest single manufacturing investment ever. Furthermore, it also includes expansions in Maryland, Texas and Massachusetts.

Threat of import tariffs

The investment in the country is the latest in a series of similar measures from other pharmaceutical companies after President Donald Trump threatened import tariffs and expressed demands for increased domestic production. Trump has repeatedly threatened tariffs on the pharmaceutical sector, but signaled earlier this month that companies would have one to 18 months to “get their act together” before any fees take effect.

Among others, pharmaceutical company Johnson & Johnson, which operates in over 150 countries, also plans to invest $55 billion in the country over the next four years. The Swiss company Roche also plans to invest $50 billion in the USA.

Already last year, the USA accounted for more than 40 percent of AstraZeneca’s revenue. In total, the company currently has 19 facilities and offices in the USA with over 18,000 employees.

Editorial Staff
editorial@nordictimes.com

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https://nordictimes.com/economy/swedish-banks-urged-to-take-responsibility-for-failing-cash-system/

Economy

Swedish banks urged to take responsibility for failing cash system

The war on cash

Published today 13:53
– By Editorial Staff
Every fourth ATM has been closed in recent months, leading to demands that banks take responsibility for cash handling.
2 minute read
Editorial Staff
editorial@nordictimes.com

About one in four ATMs from Bankomat has been closed during recent months. Now the Cash Revolt movement (Kontantupproret) is demanding that Swedish banks take responsibility.

Bankomat AB is owned by Sweden’s major banks: Swedbank, Handelsbanken, Nordea, Danske Bank, and SEB. For several months, the company has experienced major problems with its ATMs, with approximately 25-30 percent of all machines in the country being shut down. In some smaller towns, such as Söderhamn in central Sweden, all ATMs in the entire municipality were closed.

— We can do nothing but apologize. This is completely unacceptable, said Jenny Danielsson, press officer at Bankomat, to Söderhamns-kuriren.

The cause stems from the company taking over cash transport to and from the machines themselves at the beginning of the year, a service they had previously outsourced. However, this proved to be a more “complex task” than initially expected, with the main problem being that the system used for counting money is not functioning properly, as the company has explained on its website.

Now the Cash Revolt movement (Kontantupproret) is demanding that the bank owners take responsibility for cash handling and open their bank branches when ATMs are not functioning.

— Nordea, Swedbank, SEB, Handelsbanken and Danske Bank together have a large network of offices across the country. They should agree to keep at least one of their offices open in locations where there are problems. In the past, all bank branches handled cash, so it’s not particularly difficult for them. It’s about time they started taking their social responsibility and helped people access cash, says Björn Eriksson, chairman of the Cash Revolt movement, in a press release.

Government must act

Behind the organization, which describes itself as the voice of cash in society, are groups including the youth organization Förbundet Vi Unga, rural advocacy group Hela Sverige ska leva, Sveriges Konsumenter, and the Federation of Swedish Small Businesses. The Cash Revolt movement believes that cash supply issues should be handled through democratic processes rather than left to the private banking system to decide.

If banks don’t take action and open their offices, the Swedish government should intervene, the organization argues.

— It’s strange that banks don’t act voluntarily. The problems with Bankomat have been ongoing for a long time and also show how vulnerable our cash system is today. It’s as if bank management has become too comfortable in their offices and doesn’t care how ordinary people are affected. The government must start pointing the finger, says Eriksson.

Editorial Staff
editorial@nordictimes.com

https://nordictimes.com/economy/eu-and-us-reach-agreement-on-tariffs-and-energy-cooperation/

Economy

EU and US reach agreement on tariffs and energy cooperation

Published 28 July 2025
– By Editorial Staff
Ursula von der Leyen and Donald Trump in connection with yesterday's press conference.
3 minute read
Editorial Staff
editorial@nordictimes.com

The EU and US have reached agreement on a comprehensive trade deal that involves 15 percent American import tariffs on the majority of EU goods. The agreement marks an important step toward stability and predictability in transatlantic trade.

After months of tense negotiations, a new trade agreement between the EU and US was announced yesterday.

The agreement means that the US will impose a general tariff rate of 15 percent on the majority of EU exports to the US, including products from the automotive industry. Exceptions are made for steel and aluminum, which continue to be regulated under separate quota systems.

European Commission President Ursula von der Leyen and US President Donald Trump presented the agreement after meetings in Scotland, where they described it as “all inclusive” and a breakthrough that creates stability in an uncertain global economic situation.

– I think this is the biggest deal ever made, Trump said during a press conference celebrating the agreement.

The agreement also includes significant energy cooperation where the EU commits to investing in and purchasing American energy worth $750 billion.

European Commission President Ursula von der Leyen commented on the agreement in positive terms: – We have a trade deal between the two largest economies in the world, and it’s a big deal. It’s a huge deal. It will bring stability. It will bring predictability.

Agreement faces criticism: “Unbalanced”

Additionally, the EU plans to make investments of $600 billion in the US over a longer period. This includes liquefied natural gas (LNG), oil and nuclear fuel, which is seen as part of the EU’s ambition to reduce dependence on Russian energy.

The trade agreement further includes tariff-free trade on selected strategic products such as aircraft, aircraft parts, semiconductors and certain chemicals, which is expected to benefit both parties’ industrial sectors. However, some uncertainty remains regarding tariff rates on certain agricultural products and beverages.

The agreement averts a looming tariff conflict where the US had previously threatened up to 50 percent import tariffs on European goods, a level that was later reduced to 30 percent before the final agreement was reached.

Many in Europe still consider the baseline level of 15 percent too high, particularly in light of original hopes for a zero-to-zero agreement.

Criticism also comes against what many consider a worse deal for EU member states compared to the agreement concluded between the US and the UK – a UK that moreover stands outside the EU.

Bernd Lange, a German Social Democrat and chair of the European Parliament’s trade committee, sees the tariffs as “unbalanced”. He warns that the extensive EU investments now directed toward the US will likely come at the expense of the EU itself.

European companies largely welcome the agreement, which is expected to contribute to increased trade and investment across the Atlantic, while the agreement signals new opportunities for cooperation in energy and technology.

Editorial Staff
editorial@nordictimes.com

Fact box: WTO, tariffs and trade conflicts

  • WTO's role: The World Trade Organization (WTO) regulates international trade and aims to minimize tariffs and other trade barriers between member countries.
  • Tariffs: Taxes on imported goods that affect prices and competitiveness. High tariffs can reduce trade and lead to negative economic effects globally.
  • Trade wars: Escalated tariff increases between countries, which the US and EU came close to initiating, can damage exports and imports, worsen relations and create market uncertainty.
  • Economic effects: Stability and low tariffs promote investment and growth. The agreement between the EU and US is expected to reduce the risk of trade tensions and enable long-term planning for companies on both sides.
  • Energy and geopolitics: The energy component of the agreement is linked to Europe's energy transition and its ambition to reduce dependence on Russian gas and oil through American energy sources.

https://nordictimes.com/the-nordics/sweden/sweden-discovers-strategic-metals-crucial-for-future-technologies/

Sweden

Sweden discovers strategic metals crucial for future technologies

The energy crisis in Europe

Published 22 July 2025
– By Editorial Staff
Swedish mining company LKAB hopes that with the new discovery, Sweden will become less dependent on foreign actors regarding rare earth metals. NOTE: Archive image.
3 minute read
Editorial Staff
editorial@nordictimes.com

Sweden could play a key role in Europe’s efforts to reduce its dependence on China for strategically important metals. Swedish mining company LKAB’s major discovery of rare earth metals in Kiruna, northern Sweden, is now being highlighted as a potential solution to the EU’s growing raw materials problem.

The European Commission has recently granted the LKAB project “strategic” status under the EU’s Critical Raw Materials Act, which means simplified permit processes and priority handling, reports Dagens Industri (Swedish business daily).

After in-depth investigations, the mineral resources in what is called the Per Geijer deposit are now estimated at approximately 1.2 billion tons, with up to 2.2 million tons of rare earth metals and high levels of iron and phosphorus – making the deposit the largest of its kind within the EU.

Rare earth metals are crucial in the manufacturing of electric vehicles, wind turbines and advanced electronics, among other things. Today, China dominates production, which has created concerns about supply chains as demand increases globally.

The EU’s new raw materials law aims to ensure that at least 10 percent of needs can be met within the union by 2030.

Significant step – but long road to extraction

Despite the large resources, extensive assessments remain before extraction can begin. LKAB has started environmental assessments, technical investigations and economic analyses, but both the company and Swedish authorities emphasize that the process is expected to take several years.

– The next major energy issue will be rare earth metals where China has positioned itself over the past 30-40 years. Without them, we cannot manufacture electric cars, fighter jets or iPhones. Then the question is whether we want to let Xi Jinping decide that or not, says Jan Moström, CEO of LKAB.

The extraction of rare earth metals could take place in parallel with iron ore mining, which increases the project’s profitability and reduces dependence on global monopoly-like structures.

– What we did for many years in Sweden was to export our environmental, climate and landscape impact to other countries and didn’t care about it when we imported these materials. That worked as long as we had free trade. Then the question is whether we should go back to using wood and stone or secure the materials and resolve these conflicting goals, Moström argues.

Political and industrial support

Both the Swedish government and the European Commission are now highlighting the Kiruna discovery as an important step toward a more self-sufficient Europe.

The project is expected to contribute to the “green transition” that requires large quantities of strategic metals, while also creating new jobs and strengthening Swedish mining industry.

At the same time, questions remain about environmental impact, coexistence with reindeer herding and local opinion – factors that have already delayed previous mining projects in Sweden.

How quickly LKAB can move from prospecting to production will determine whether Europe has the opportunity to reduce dependence on non-European suppliers in time for the next technological leap.

Editorial Staff
editorial@nordictimes.com

The Per Geijer deposit

According to LKAB (Swedish state-owned mining company), the deposit contains mineral resources of 734 million tons of iron ore with high iron content as well as phosphorus and more than 1.3 million tons of rare earth metals.

The concentrations of rare earth metals in the Per Geijer deposit are ten times higher than in the Kiruna ore where LKAB currently operates mines.

The Per Geijer area is intended to become LKAB's next mining site. Previously, it has been estimated that it could take 10–15 years before mining could become viable. This is primarily due to obtaining the necessary permits.

Source: LKAB via Dagens Industri

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