Economy

The Future of the EU
EU considers tax on oil and gas company profits

The European Commission is considering introducing a tax on the "excess profits" oil and gas companies are making due to price surges linked to the war in Iran. Revenue from the tax could help EU citizens burdened by high energy costs, according to Dutch politician Wopke Hoekstra, the EU Commissioner responsible for climate and taxation, speaking to Reuters.

He plans to appoint a working group to investigate the feasibility of introducing such a tax.

"Citizens, and especially the most vulnerable, are facing dramatic increases in their energy bills. At the same time, some companies are making huge excess profits," he says.

A number of countries, including Germany and Spain, have called on the EU to investigate a common tax. When the EU introduced a similar tax following Russia's invasion of Ukraine, the union was sued by the energy company Exxon—a legal case that is still ongoing. 

Midterm Elections  US Election Campaign
Elon Musk makes record donation to Republicans

Tech entrepreneur Elon Musk has donated the equivalent of 1.5 billion kronor to Republican groups ahead of the midterm elections, the *New York Times* reports.

The donation is one of the largest in US political history. To contribute such amounts, he channeled the funds through a so-called "super PAC"—an organization permitted to accept unlimited donations to finance activities such as political advertising campaigns.

Musk, currently the world's richest person, has donated a total equivalent to approximately 3.6 billion kronor during the 2025–2026 election cycle. 

The Future of the Automotive Sector
Scania’s growth slower than expected – US boosts Traton

Truck manufacturer Scania increased deliveries by 3 percent to 22,100 vehicles during the third quarter. This was 5 percent lower than analysts had expected, according to Direkt.

According to its German parent company, Traton, Scania benefited from increased production at its new factory in China and a government loan program in Brazil.

Traton’s total deliveries rose by 10 percent to 78,900 vehicles, driven primarily by a strong recovery in the US.

Truck sales are viewed as a key economic indicator, as investments by transport companies can offer clues regarding demand. At the same time, Traton’s figures reveal significant disparities in performance across the group’s various business units.

Traton shares rose just under 1 percent on the Stockholm stock exchange, while shares of competitor AB Volvo gained 0.5 percent.

Luxury group LVMH posts weaker-than-expected results

Luxury group LVMH—whose portfolio includes brands such as Louis Vuitton and Dior—reported a 5 percent drop in sales for its fashion and leather goods division in the third quarter compared to the same period last year. This decline was steeper than anticipated, according to Bloomberg.

The French luxury giant points to a weaker market in China. The fact that the Chinese middle class has seen its financial situation deteriorate is part of the explanation—but it does not account for the entire decline, Deutsche Bank analyst Adam Cochrane tells Barron’s.

“Chinese consumers have become significantly more discerning. They want to see something new,” he says regarding the collections from LVMH brands.

Another factor is that LVMH sued the Chinese company Molly Tea for trademark infringement, a move that angered consumers in the country, reports E24.

Next week’s earnings reports from competitors Hermès and Gucci owner Kering may reveal whether the drop is due to the popularity of LVMH brands or a broader trend in luxury consumption.