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Sunday, March 23, 2025

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https://nordictimes.com/economy/ferrari-to-accept-crypto-payments-in-europe/

Economy

Ferrari to accept crypto payments in Europe

Published 27 July 2024
– By Editorial Staff
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Luxury car manufacturer Ferrari is now extending the ability to pay with cryptocurrency to European customers. After testing the payment solution in the US for a year, the company is now ready to introduce this modern payment method to other markets.

From the end of July, European customers will be able to use cryptocurrencies such as bitcoin to buy a Ferrari.

The payment solution is part of Ferrari’s strategy to offer its customers flexible and innovative payment options.

– We see an increasing interest in cryptocurrencies among our customers and by offering this payment option we hope to best meet their needs, said a Ferrari spokesperson.

By the end of the year, the system is expected to be available in all international markets where cryptocurrency trading is permitted.

Approved in the US

Ferrari began accepting cryptocurrencies in the United States in mid-May last year and has since seen a positive market response. In 2024, the company plans to expand the system to other regions where cryptocurrencies are legally accepted.

The company says that the majority of its European retailers have already adopted or are in the process of adopting the new payment system.

Although Ferrari has not yet revealed which payment providers will be used in Europe and other regions, the initiative reflects a broader trend in the luxury goods sector.

Several other companies in the industry are also looking for innovative ways to meet customer demand and improve the shopping experience. One example is Tesla founder Elon Musk, who previously considered similar solutions, although he later withdrew the proposal.

Editorial Staff
editorial@nordictimes.com

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https://nordictimes.com/economy/swedish-food-retail-in-few-hands-ica-and-axfood-dominate/

Economy

Swedish food retail in few hands – ICA and Axfood dominate

Published 20 March 2025
– By Editorial Staff
The discount chains that exist in many parts of Europe have never managed to establish themselves in Sweden.
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In Sweden, only five players control 98% of food sales, an unusually high level of market concentration compared to the rest of Europe. Experts say the limited competition makes it difficult for smaller companies to enter the market and can drive up prices.

Food prices in Sweden have risen by 25% in just three years, while grocery chains are posting high profits and their executives are receiving million-dollar bonuses. Over the past week, Swedes have been urged to boycott the major food chains in protest at the high prices, which the campaigners say are due to a lack of competition.

Sweden stands out in Europe with an unusually high concentration of ownership in the food industry. A handful of players dominate 98% of the market, with ICA and Axfood being the largest with 49.9% and 21.9% respectively in 2023. Coop accounted for 17%, while Lidl and City Gross had a market share of 6.4% and 3.2% respectively in 2023. Axfood includes Willys, Hemköp, Tempo and last year, in 2024, City Gross was also bought by the group.

Few countries have a food market dominated by such a small number of players, according to Christian Jörgensen, PhD in economics and researcher at the Agrifood Economics Center at Lund University.

– This is partly due to Sweden’s many sparsely populated areas, where larger players find it easier to establish themselves. Partly because the low-price chains, which are found around Europe, have never really gained a foothold in Sweden, he says to TV4 News.

Swedish prices increasing faster than Finnish

Food prices have increased in several European countries, including Slovakia, Estonia and Lithuania, where they have risen at record rates. However, there is a big difference between Sweden and neighboring Finland, where prices have risen the slowest in the EU. In comparison, prices in Sweden have risen two and a half times as fast as in Finland, according to the Finnish public broadcaster Yle.

According to Jörgensen, the high food prices in Sweden cannot be attributed to a single cause, but several factors may be at play. It is also difficult to determine whether some operators are charging unjustifiably high prices. At the same time, he believes that the concentrated market may well contribute to higher prices.

– It is incredibly difficult for smaller players to break into the market, and the fewer players, the higher the risk of a lack of competition, which can increase prices, he says.

Editorial Staff
editorial@nordictimes.com

https://nordictimes.com/economy/russian-goods-gain-popularity-in-china/

Economy

Russian goods gain popularity in China

Published 19 March 2025
– By Editorial Staff
Following Western sanctions, China has become an increasingly important economic partner for Russia.
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Russian goods are becoming increasingly common in China, with honey and chocolate now topping the sales charts. At the same time, the number of companies trading in Russian goods has increased significantly since 2022.

The number of shops selling Russian goods is growing rapidly in China. In recent years, pop-up shops focusing on Russian-made products have become an increasingly common sight. Since 2022, 2,500 new businesses have started trading in Russian goods, almost half of which were registered last year.

After the West imposed sanctions on Russia, China has become an important economic partner for the country, CNN reports. The biggest Russian exports to China are gas, oil and coal, but vodka, Matryoshka dolls, honey and chocolate have also become popular products.

Russian goods are marketed as healthy and of high quality, which is appreciated by Chinese consumers.

– The best seller is Russian honey – it’s a big hit. And this chocolate is pure. They’re all very good, says a shop assistant in Beijing.

Entrepreneur Su, 20, has opened three stores with Russian products since September 2023 and believes they suit the local taste better than goods from Australia and Sri Lanka.

– China and Russia have maintained pretty good relations in recent years, and personally, I have a fairly positive view of Russia as a country, she says.

Editorial Staff
editorial@nordictimes.com

https://nordictimes.com/economy/new-us-steel-tariffs-in-force-eu-responds-with-countermeasures/

Economy

New US steel tariffs in force – EU responds with countermeasures

Donald Trump's USA

Published 13 March 2025
– By Editorial Staff
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On Wednesday, the Trump administration’s new steel tariffs entered into force. In response, European Commission President Ursula von der Leyen announces the imposition of tariffs amounting to €26 billion.

In February, Donald Trump announced the new tariffs on steel and aluminium, stressing that no exemptions would be granted. The 25% tariffs came into force on Wednesday morning and affect all countries, including former close US allies such as Australia, South Korea and the EU.

In retaliation, the EU is reimposing tariffs on US goods such as boats, motorcycles and bourbon. In total, the EU’s new tariffs are said to amount to €26 billion, although it is not clear over what time period this is calculated.

The measures are similar to those imposed in 2018 and 2020 in response to Trump’s steel tariffs during his first term, but this time they will be stronger. The EU announced the reintroduction of the tariffs on April 1, with further measures scheduled for April 13.

– The counter measures we take today are strong but proportionate, said European Commission President Ursula von der Leyen, according to Reuters.

Editorial Staff
editorial@nordictimes.com

https://nordictimes.com/economy/northvolt-files-for-bankruptcy-only-available-solution/

Economy

Northvolt files for bankruptcy: “Only available solution”

Published 12 March 2025
– By Editorial Staff
The parent company's liabilities are currently estimated at around €5.3 billion.
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Struggling battery manufacturer Northvolt has filed for bankruptcy with the Stockholm District Court, putting its 3,500 employees at risk of losing their jobs.

“This is the only available solution”, the company stated, as the collapse is being described as one of the largest industrial failures in Swedish history.

For a long time, Northvolt was hailed by politicians, business leaders and the establishment media as a pioneering effort to bring about the “green transition” that those in power believe is necessary. However, it was never a success and after billions in losses, the threat of bankruptcy that has long hung over the company has also become a reality.

The decision to file for bankruptcy on Wednesday morning was taken at an extraordinary board meeting on Tuesday evening, and officials say there were simply no longer any realistic alternatives.

“Despite having exhausted all available options to negotiate and implement a financial restructuring, including a Chapter 11 process in the US, and despite liquidity support from our lenders and key counterparties, the company was unable to secure the necessary financial conditions to continue in its current form”, they wrote in a press release.

– This is an incredibly difficult day for everyone at Northvolt. We set out to build something groundbreaking – to drive real change in the battery, electric vehicle and wider European industry and accelerate the transition to a green and sustainable future, commented interim chairman Tom Johnstone.

The bankruptcy affects Northvolt AB, Northvolt Ett AB, Northvolt Labs AB, Northvolt Revolt AB and Northvolt Systems AB.

“Dark day for all of us”

Today, the battery manufacturer has around 3,500 employees – most of them based in Skellefteå, Västerås and Stockholm. All of them are now at risk of unemployment and analysts say that Norhtvolt’s bankruptcy is one of the worst single industrial crashes in the country’s history.

A bankruptcy trustee will be appointed by a Swedish court to manage the sale of the business and its assets. The parent company’s liabilities are currently estimated at around SEK 58 billion (€5.3 billion).

– It is of course a heavy message and a very dark day for all of us who have worked hard every day and hoped that the company will get through this tough time, says Shaneika Jeffrey, Shaneika Jeffrey, vice chairman of the Unionen club at Northvolt Ett in Skellefteå.

It can further be noted that Northvolt Germany and Northvolt North America have not filed for bankruptcy.

Editorial Staff
editorial@nordictimes.com
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