Economy

Media cuts
Report: BBC cuts – one in ten employees to be laid off

The BBC plans to reduce its workforce by around 2,000 positions, the Financial Times reports. The cuts correspond to around a tenth of the media company's employees and will be announced to staff at a meeting on Wednesday afternoon, according to the newspaper's sources.

The measure is part of a savings program of around 10 percent over three years, equivalent to around 500 million pounds. The BBC is also negotiating with the government about future funding via the television fee.

The flood of reports
Luxury shares fall on weak reports

Luxury shares fall on a broad front in European trading after Hermes' report this morning and Kering's interim figures yesterday after the stock market close, CNBC reports.

Hermes falls 8.6 percent, whose report came in line with expectations but was weaker than the comparison quarter.

– Wholesale was significantly affected by the reduced sales to stores in concession areas, especially in the Middle East and at airports, the company says.

Gucci owner Kering in turn falls 9.9 percent, where the company reported a larger sales loss than expected on Tuesday. Companies such as LVMH, Burberry and Moncler are dragged down and fall between 0 and 2 percent.

Amazon's future
Amazon buys Globalstar for 106 billion

E-commerce giant Amazon confirmed on Tuesday that it is buying satellite company Globalstar in a deal worth 11.6 billion dollars, equivalent to approximately 106 billion kronor, Bloomberg reports.

According to the agreement, Amazon offers Globalstar shareholders either 90 dollars in cash per share or 0.3 Amazon shares at a value of no more than 90 dollars per share. The cash portion is limited to 40 percent.

The deal gives Amazon access to Globalstar's network of more than 20 satellites in the company's effort to challenge Space X Starlink and is expected to be completed in 2027. 

The development of electric cars
Volvo: New electric truck can drive 700 kilometers on a single charge

Volvo's new electric truck will be able to drive 700 kilometers on a single charge, the company writes in a press release. "It is a breakthrough for heavy electric trucks and for transporting goods over really long distances," the truck manufacturer writes.

- We stand firm in our belief that electric vehicles will account for a large part of the world's truck transport in the future. With the impressive performance of all our new trucks, it is easy to understand why, says Volvo Trucks CEO Roger Alm in the press release.

The new FH Aero Electric model will go on sale gradually in 2026