Economy

The World Bank classifies Russia as a high-income country

The World Bank is upgrading Russia from an upper-middle-income country to a high-income country in its annual classification, writes The Moscow Times.

"Russia's economic activity has been affected by a large increase in military-related activity in 2023," writes the World Bank on its website.

Ukraine has moved from being a lower-middle-income country to upper-middle-income after the country's economic activity resumed in 2023. The Russian invasion of Ukraine in 2022 had significantly worsened the country's economy.

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Polestar makes another billion loss

The troubled electric car manufacturer Polestar makes a new loss of billions in the first quarter, the company's delayed financial statements show. The profit after tax landed at a loss of 274.3 million dollars, at the same time that turnover plummeted around 37 percent.

At the same time, the company increased deliveries by 80 percent in the second quarter compared to the previous quarter.

In the report, the company points to strong momentum, but at the same time warns of short-term pressure, among other things after the EU's increased punitive tariffs on Chinese electric cars in combination with continued price pressure on the electric car market globally.

Based on that, Polestar states that the business plan will be adapted with additional measures, with updated guidance later this year.
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The new obesity drugs
Biden attacks Novo: "Robbing us - lower the prices"

President Joe Biden is demanding that Novo Nordisk lower the prices of its obesity and diabetes drugs Ozepmic and Wegovy in the US. He writes this in an opinion piece together with Senator Bernie Sanders in USA Today.

He calls on both Novo and competitor Eli Lilly to stop "robbing" Americans.

"If Novo Nordisk and other pharmaceutical companies refuse to lower prices in our country and put an end to greed, we will do everything we can to put an end to them," writes Biden.

Novo Nordisk retreated at most 2 percent on the Copenhagen stock exchange on the news.