Volvo Car Swings to Net Loss on Hit From Restructuring and Impairments Charges
The Swedish car maker—which is majority owned by China's Zhejiang Geely Holding Group—had already withdrawn guidance for this year and next as it grapples with growing market uncertainties that have seen lower volumes, increased price pressure and tariffs hitting profits.
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Europe Inc swerves Trump trade war 'hurricane' but laments higher tariffs
LONDON (Reuters) -European companies were left wondering on Monday whether to cheer a hard-won U.S. trade deal or lament a still sharp jump in tariffs versus those in place before President Donald Trump's second term. A day earlier, European leaders heralded a framework trade deal with the United States that would impose a 15% import tariff on most EU goods, averting a spiralling battle between two allies which account for almost a third of global trade. Although the deal is better than the 30% rate threatened by Trump and will bring clarity for European makers of cars, planes and chemicals, the 15% baseline tariff is well above initial hopes of a zero-for-zero agreement. It is also higher than the U.S. import tariff rate last year of around 2.5%. "Those who expect a hurricane are grateful for a storm," said Wolfgang Große Entrup, head of the German Chemical Industry Association VCI, calling for more talks to reduce tariffs that he said were "too high" for Europe's chemical industry. "Further escalation has been avoided. Nevertheless, the price is high for both sides. European exports are losing competitiveness. U.S. customers are paying the tariffs." The deal, which also includes $600 billion of EU investments in the United States and $750 billion of EU purchases of U.S. energy over Trump's second term, includes some exemptions, even if details are still to be ironed out. Carmakers Volkswagen and Stellantis, among others, will face the 15% tariff, down from 25% under the global levy imposed by Trump in April. Stellantis shares rose 3.5% and car parts maker Valeo was up 4.7% in early trade. German pharma group Merck KGaA gained 2.9%. Aircraft and aircraft parts will be exempt - good news for French planemaker Airbus - as will certain chemicals, some generic drugs, semiconductor equipment, some farm products, natural resources and critical raw materials. Shares in the world's biggest chip maker ASML rose more than 4%, among the biggest gainers on the pan-European STOXX 600 index. STILL TO BE NEGOTIATED Dutch brewer Heineken cheered the deal, with CEO Dolf van den Brink welcoming the certainty it brought. The world's No.2 brewer sends beer, especially its namesake lager, to the U.S. from Europe and Mexico, and has also suffered from the indirect effect on consumer confidence in important markets like Brazil. The rate on spirits that could impact firms such as Diageo, Pernod Ricard and LVMH, is still being negotiated though. "It seems that in coming days there could be negotiations for certain agricultural products, zero for zero, which is what the European and U.S. sectors have been calling for," said Jose Luis Benitez, director of the Spanish Wine Federation. Benitez added that a 15% rate could put Europe at a disadvantage versus other wine exporting regions subject to 10% tariffs. "If there are any exceptions, we hope that the (European) Commission understands that wine should be one of them." Lamberto Frescobaldi, the president of Italian wine body UIV, said on Sunday that 15% tariffs on wine would result in a loss of 317 million euros ($372.63 million) over the next 12 months, though the group was waiting to see the final deal text. Others said that the agreement- which followed on the heels of a similar one with Japan - helped bring greater clarity for company leaders, but still threatened to make European firms less competitive. "While this agreement puts an end to uncertainty, it poses a significant threat to the competitiveness of the French cosmetics industry," said Emmanuel Guichard, secretary general of French cosmetics association FEBEA, which counts L'Oreal, LVMH and Clarins among its members. ($1 = 0.8507 euros)
Bloomberg
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GM, Severn Trent Seize on Risk-on Mood With Impromptu Bond Sales
General Motors Financial Co Inc. and UK utility Severn Trent are seizing on a rally in European markets to bring euro debt offerings. General Motors is selling a four-year euro-denominated benchmark senior unsecured bond at about 125 basis points above midswaps, while Severn Trent Utilities Finance Plc is offering a euro benchmark sustainability bond due in 12 years at about 160 basis points above swaps, according to two separate people with knowledge of the offerings.
Fast Company
21 minutes ago
- Fast Company
What content strategy looks like in the age of AI
There's an air of panic in the media world. The specter of AI has been looming large for a couple of years now, but the threat now appears to be solidifying. Publishers are reporting that search traffic is in free fall, and there's overwhelming evidence that AI chatbots give very little in terms of referrals. What to do about 'Google Zero' has gone from a theoretical destination to a reality that the media world must contend with. Of course, panicking is never a good strategy. But pivoting can be, and there's been no shortage of that lately. Both Wired and The Verge announced this week a stronger push into newsletters, one of the more reliable ways to connect directly with readers. When Business Insider recently announced layoffs, it also said it would invest in live events. And even publishers that already charge for subscriptions are doubling down on them: Newsweek will launch new types for both consumers and businesses, and The Guardian now has a new, cheaper tier for readers who want to opt out of personalized ads. While AI may be the impetus behind a lot of these changes, they're all directionally pushing toward building direct relationships with audience members. That is smart, but at a more basic level, they're appealing to human desires that go beyond just getting information—a task AI fulfills very effectively. Offerings like newsletters, memberships, and events give a sense of belonging, encourage reading habits through consistency, and emphasize voice—either that of the brand or the individual writer. Within all this is the beginnings of a post-Google content strategy for media. But really, it's only half a strategy because it only accounts for humans. Much of internet activity in the future will be the result of bots, whether they're hoovering up data to inform AI models or acting as agents on behalf of individual users. Data from TollBit indicates bot crawling is already comparable to what the big (non-AI) search engines do—when everyone has their own AI agent, I would wager it will be the majority. Any forward-looking content strategy needs to take into account both humans and machines. The new organic audience Let's start with the people. A few months ago, I hosted a webinar on the types of content that are most resilient to AI summarization. AI does a great job of summarizing news, but it struggles with voice and unique perspectives. The consequence: If you want good opinion and analysis, you'll need to click through. Visual and interactive content is poorly conveyed by AI. And because AI is well known to hallucinate sometimes, anything that might inform a crucial decision for a reader—like context for health, legal, or financial decisions—will likely motivate readers to check the original source. Certainly, memberships and subscriptions are important mechanisms to build a loyal audience, but they also need to be centered around something readers can't get anywhere else. That usually means narrowing the lens of focus rather than widening it. Niche subjects—even within a more general brand—will typically see higher engagement and more loyalty than general ones. Then there's the stickiness of interactivity. One thing that emerging media platforms like Substack and TikTok do well is encouraging direct conversation between content creators and audience members. But being interactive doesn't always have to be so hands-on: Semi-automated features like polls, quizzes, and games are all effective habit-builders—and cannot be substituted by AI. Rise of the machines If you think about it, there's a kind of a 'well, duh' quality to all the reports that confirm people don't click through to sources when they use AI. (Pew Research just put out another, by the way.) That's because removing the need to click is largely the point. Why go and read a whole bunch of articles when bots can do it for you? But that reveals the other side of the coin: Bots are now doing the searching and the clicking, and that activity is traceable, measurable, and potentially monetizable. In other words, the inevitable rise in bot traffic represents both an unprecedented threat and a massive opportunity. First, there's the obvious idea of charging bots to scrape your site. Putting in paywalled endpoints—where AI bot operators pay a small fee to access content—may work, especially now that Cloudflare is leading the charge in empowering website owners to block bots. However, it greatly depends on the scrapers acting in good faith—and even if they do, it's doubtful if the fee per scrape that publishers charge would ever be enough to build a sustainable business. What could help is winning the next SEO war: AIEO, or artificial intelligence engine optimization. Being one of the primary sources in an AI Overview or a ChatGPT answer might not seem like much of a prize, given the low click-through rates. But if you pair it with both a pay-per-crawl mechanism and a content strategy that focuses on the AI-resilient content types discussed earlier—the ones that have a higher chance of audiences seeking them out—the benefits could end up being more than mere bragging rights. This kind of AI-first content strategy does require a more sophisticated approach. You'd have to make use of the full search and AI toolbox, including things like Google snippets to ensure AI crawlers highlight the most enticing parts of your content without giving the store away, and MCP servers that can ensure bots have direct access to the content you green-light for them. While that can be technically cumbersome, the market is already adapting, with AIEO specialists like Scrunch AI offering one-stop-shop packages that essentially make a bot-friendly copy of your website so that crawlers can feast while humans enjoy your regular site. Smaller, better . . . robot-ier? The truth about the future of media is that the audience, the human audience, will be smaller for pretty much everyone. As more people get their information from AI portals, publishers will need to make the most of the few people who come directly to them. That isn't necessarily a bad thing. Going small can ultimately be part of a healthier brand of journalism, as I argued in my very first column. But the parallel trend is that the bot audience is rising fast, and it undoubtedly will be a dominant force in the way information is distributed. Harnessing that force will be essential for the media. And though there are still a lot of unknowns—the best practices, the legal framework, even the potential rewards—at least it's easy to see what not to do: wait.
