Economy & Business in The Nomad Today

FILED - 27 April 2019, Spain, Palma: A Norwegian plane takes off from Palma airport. Low-cost airline Norwegian Air Shuttle plans to cancel thousands of flights due to the spread of the coronavirus. Norwegian Airlines called for additional financial aid on Friday, saying it would not survive into 2021 due to huge losses stemming from the coronavirus pandemic. Photo: Clara Margais/dpa.

AIRLINES

Budget carrier Norwegian Air to drop long-distance routes

The Nomad Today/dpa 1/15/21

The move will mean job cuts since the carrier was to file for bankruptcy for its subsidiaries in Britain, Finland, Italy, and the United States.

AIRLINES

CEO of airline SAS announces plans to step down after 10 years

The Nomad Today/dpa 1/12/21

The airline serving as the flag carrier for Denmark, Norway and Sweden is performing strongly in the Scandinavian market.

AIRLINES

Shareholders approve Norwegian Air rescue plan

The Nomad Today/dpa 12/17/20

Trading in shares was briefly halted on the Oslo stock exchange during the session, which was held online.

CORONAVIRUS CRISIS

Covid-19 pandemic weighs on clothing retailer H&M sales

The Nomad Today/dpa 12/15/20

Sales, measured in local currencies, dropped 10% year-on-year in the September-to-November period

A Norwegian plane landing. Photo: Jørgen Syversen.

AIR TRAFFIC CRISIS

Norway court approves Norwegian Air reconstruction application

The Nomad Today 12/9/20

Last month, the carrier reported a third quarter net loss of 980 million kroner (108 million dollars), as the coronavirus pandemic caused a sharp drop in demand for air travel.

US-CHINA TRADE WAR

Huawei sells budget smartphone brand Honor amid US sanctions

The Nomad Today/dpa 11/17/20

Washington in May tightened sanctions to prevent any company worldwide from using US technology to make chips for Huawei.

Alibaba offices. Photo: Alibabagroup.com.

BUSINESS

China's Singles Day: New record for world's largest shopping festival

The Nomad Today/dpa 11/11/20

The unofficial holiday began as a tongue-in-cheek celebration for single university students in the 1990s, spreading nationwide from Nanjing as a day for young bachelors — known as 'bare…

AIR TRAFFIC CRISIS

Norwegian Air's losses grow due to coronavirus pandemic

The Nomad Today/dpa 11/10/20

Norwegian flew almost 1 million passengers in the third quarter, a drop of 91% year-on-year, and operated only 25 aircraft out of its 140-strong fleet.

AIR TRAFFIC CRISIS

Oslo refuses to approve additional financial support for Norwegian

The Nomad Today/dpa 11/9/20

The decision is "a slap in the face," the CEO of Norwegian said on Monday. The company’s shares were down about 14% in late morning trading.

BUSINESS

Uber reports a billion dollar loss in the third quarter

The Nomad Today/dpa 11/6/20

The world's biggest ride-sharing app has struggled with the impact of the coronavirus pandemic on its business.

Nokia-mobile-phone-smartphone-woman-nails by Pixabay.

BUSINESS

Nokia's third quarter net profit more than doubled

The Nomad Today 10/31/20

Net sales in the period stood at 5.3 billion euros, down 7% year on year.

RETAIL

Amazon launches a new online shop in Sweden

The Nomad Today/dpa 10/28/20

Customers would be offered "more than 150 million products, including tens of thousands of products from local Swedish businesses," said Alex Ootes, vice president of EU expansion at Amazon.

FINNO-UGRIC PEOPLES

Komi Republic appeals to Nordic consumers with organically produced food and drinks

The Nomad Today 10/27/20

The cuisine of the Komi people is rich and includes some traditional products highly appreciated by the Finns and other Nordic peoples, such as reindeer meat, chicken, all kinds of berries,…

TECH GIANT

Sweden's Ericsson returned to profit in third quarter

The Nomad Today/dpa 10/21/20

Over 80% of Ericsson's almost 100,000 employees still working from home due to the coronavirus pandemic.

FILED - Patrick Schanowski, research assistant, communicates during a press conference at the TU Darmstadt with robot "Alfie", a Moral Choice Machine, during the Center for Artificial Intelligence (AI) Presentation. Photo: Arne Dedert/dpa.

ARTIFICIAL INTELLIGENCE

EU Parliament recommends stricter liability rules for AI operators

The Nomad Today/dpa 10/21/20

The proposal would see increased liability risks for the companies using high-risk AI, for example in medical care or self-driving cars.

FINNO-UGRIC PEOPLES

Komi arts, fashion and crafts hit the Nordic markets

The Nomad Today 10/20/20

Gloves, socks, sweaters, dresses, wallets, bags, household items and calendars are some examples of the products most purchased by Nordic customers.

FINNISH TECHNOLOGY

Nokia to build first mobile network on the moon for NASA

The Nomad Today 10/19/20

The technology would be deployed late in 2022.

01 October 2020, Belgium, Gent: An employee works on the first Volvo full-electric car at the Volvo Car plant of the electric vehicles. Photo: Kurt Desplenter/dpa.

PANDEMIC

IMF: Global economy to shrink less than expected this year

The Nomad Today/dpa 10/13/20

The fund warned that recovery is not assured while the coronavirus continues to spread, forcing shutdowns and preventing economic activity from returning to normal.