Economy

Boeing workers demand 20 percent pay raise

The first strike in nearly three decades threatens Boeing's defense plants around Saint Louis after the union rejected the company's new offer, writes Bloomberg.

Around 3,200 union members could shut down operations on Monday after they voted down the proposal for a 20 percent pay raise and increased pension benefits.

- They deserve a deal that reflects their expertise, commitment and the crucial role they play in our nation's defense, says local union leader Tom Boelling in a statement.

Tesla's future
Elon Musk receives Tesla shares worth 281 billion kronor

The board of electric car manufacturer Tesla has approved that CEO Elon Musk be granted the right to subscribe for 96 million shares in the company. The shares are worth more than $29 billion, equivalent to more than 281 billion kronor, at Friday's closing price.

Tesla shares closed Friday at $302.63 per share. The stock package gives Musk the right to acquire the shares at a price of $23.34 per share, equivalent to just over $2.2 billion or approximately SEK 21.6 billion.

“Elon has not received meaningful compensation in eight years,” the company wrote in a message on X.

“It is more important than ever to keep Elon.”

The stock package has been developed as an alternative to Musk’s previous compensation package of $56 billion – the largest ever in the United States – which was stopped by a court in Delaware at the end of last year. The board writes that the new stock package may be withdrawn if Musk wins his appeal that the original compensation package be paid. The stock package is also associated with certain other conditions – among other things, Musk must remain in a senior position at Tesla for the next two years.

Tesla is trading up about two percent in pre-market trading on Wall Street after the announcement.

Volvo Cars future
Volvo Cars sales down 14 percent – shares fall

Automotive giant Volvo Cars' global sales fell by 14 percent in July compared to the same month last year. This is according to a press release.

Plug-in hybrids and fully electric cars made up a total of 45 percent of sales, but also decreased by 21 percent on an annual basis.

A total of 49,273 cars were sold in July, of which the best-selling model was the XC60.

Volvo Cars shares fell around 2 percent on a green Stockholm Stock Exchange.

Problems in the clothing industry
Shein fined for misleading information

Italy fines Shein's European website 1 million euros for false and misleading claims about the e-commerce giant's environmental work.

Italy's equivalent of the competition authority, AGCM, writes that the e-commerce giant had a misleading communication strategy about the environmental impact of its goods. In particular, information about the recyclability of the goods is highlighted as “false or at least misleading”.

It is the company responsible for Shein’s European website that is being fined.