Economy

The problems in the clothing industry  

H&M notice: Customers have to pay more after wage increase  

 

H&M will increase the prices of Bangladeshi-made clothes in response to the increased minimum wages in the country. This is shown in a letter that the company has sent to its subcontractors, according to Bloomberg.  

 

The government of Bangladesh recently announced that the minimum wages will be increased by 56 percent to the equivalent of SEK 1,190 a month.  

 

"We support the development of fair and competitive wages in our supply chain and work to improve working conditions," H&M writes in the letter.  

 

The announcement is greeted with relief by players in Bangladesh's textile industry, who were worried that they themselves would have to take the full financial hit from the increased wages. 

 

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iPhone sales 

iPhone drops in China - domestic models hotter  

 

Apple's iPhone sales in China declined in connection with this year's Singles Day stunt. This is shown by figures from the analysis firm Counterpoint, writes Reuters. 

 

During the two weeks from October 30 to November 12, iPhone sales decreased by 4 percent compared to the previous year.  

 

During the same period, competitors Huawei's and Xiaomi's corresponding mobile sales increased by 66 and 28 percent, respectively. 

 

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Analyst: The tab costs "hundreds of millions"  

 

The mistake that caused prices to drop throughout the Nordics will be expensive for the Norwegian electricity supplier that is behind the breakdown, TT reports. 

 

The electricity supplier Kinect Energy accidentally offered the Finnish market 6,000 megawatt-hours of electricity per hour for the next 24 hours. This roughly corresponds to the production from five nuclear power reactions, notes TT. 

 

According to Merlin & Metis electricity market analyst Christian Holtz, several power producers will suffer financially from the loss, but Kinect Energy will take the biggest hit.  

 

- I haven't calculated it exactly, but it will cost them hundreds of millions, he tells the news agency.

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