Sweden Cuts 2025 Growth Forecast in Half as Recovery Stalls
Sweden's government lowered this year's economic growth forecast for the second time in three months, citing a weaker outlook for consumption and risks linked to U.S. trade policy.
In the past months, hopes of a clearer rebound in the largest Nordic economy from a soft patch in the last three years have fizzled out, largely due to geopolitical concerns, prompting the Riksbank to return to monetary easing last week.
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Associated Press
30 minutes ago
- Associated Press
A hard-liner follows a fellow right-winger as head of Greece's migration and asylum ministry
Athens, Greece (AP) — A hard-right lawmaker has replaced a fellow right-winger and political heavyweight accused of fraud as migration and asylum minister in Greece's government, a government spokesman announced Saturday. Thanos Plevris, 48, is succeeding Makis Voridis, 60, who resigned Friday to defend himself against allegations that he was possibly involved in an organized fraud scheme to provide farm subsidies to undeserving recipients. The European Public Prosecutor's Office, which has investigated the case, passed on a hefty file to the Greek Parliament that includes allegations of possible involvement of government ministers. Members of Parliament enjoy immunity from prosecution in Greece that can only be lifted by parliamentary vote. In his resignation letter, Voridis denied acting illegally and said he is resigning to clear his name. He noted that during his tenure as agricultural development and foods minister from July 2019 and January 2021, he capped individual subsidies and launched a record number of investigations. His detractors say those very actions are proof that he was aware of the corrupt subsidies system and did nothing to reform it. On Friday, four other lawmakers, three of whom had formerly served as deputy ministers in the Agricultural Policy Ministry, as well as a current deputy minister, also resigned. Their replacements were also announced Saturday by government spokesman Pavlos Marinakis, who added they will be sworn in Monday. No changes are expected to be seen in Greece's tough migration policy under Plevris who, like Voridis and current health minister Adonis Georgiadis, joined the conservative New Democracy in 2012, leaving the right-populist Popular Orthodox Rally, or LAOS. Before LAOS, Voridis had been the leader of the youth wing of the far-right National Political Union, appointed to the post by jailed former dictator George Papadopoulos. He had replaced Nikos Michaloliakos, who went on to found the neo-Nazi Golden Dawn party and who is currently serving a prison term for leading what courts termed a 'criminal gang.' Voridis founded his own far-right party, Hellenic Front, and took part in several municipal and national elections between 1994 and 2004. In 2000, he allied himself with Plevris' father Konstantinos, a lawyer, far-right activist and self-styled 'proud fascist.' Voridis joined LAOS in 2006 and has been a lawmaker since 2007. Voridis is considered a political heavyweight and, if not for his far-right and sometimes violent past, he would have been considered a possible conservative leader, politicians and pundits agree. He now describes himself as an economic liberal and a 'non-extreme' nationalist.
Washington Post
31 minutes ago
- Washington Post
A hard-liner follows a fellow right-winger as head of Greece's migration and asylum ministry
Athens, Greece — A hard-right lawmaker has replaced a fellow right-winger and political heavyweight accused of fraud as migration and asylum minister in Greece's government, a government spokesman announced Saturday. Thanos Plevris, 48, is succeeding Makis Voridis, 60, who resigned Friday to defend himself against allegations that he was possibly involved in an organized fraud scheme to provide farm subsidies to undeserving recipients.
Yahoo
an hour ago
- Yahoo
Tesla fires longtime insider as Europe slump deepens
Tesla fires longtime insider as Europe slump deepens originally appeared on TheStreet. It's safe to say all the chatter about robots, AI, and Musk's President Trump drama has masked Tesla's () core: an electric vehicle company that's now stumbling big time. Over the past few years, most earnings calls have hyped AI, robotaxis, and what Tesla could be. 💵💰💰💵 What it actually is, though, is a lagging AI player that continues to see a steep drop in vehicle sales. Mr. Market hasn't taken those declining sales reports kindly, either, with Tesla stock down more than 20% year to date. Moreover, the drama's now spilled over, with recent C-suite shakeups hinting that things are blowing up behind the scenes. Tesla and its unpredictable CEO, Elon Musk, have always landed in hot water, but the past few months have been uniquely messy. Early in 2025, Musk found himself in an unlikely alliance with the Trump administration as a special advisor. The move prompted backlash from progressive shoppers and lawmakers in no time, with massive 'Tesla Takedown' protests hitting showrooms in major U.S. cities and media chatter had buyers holding off vehicle purchases, and some states even started looking into unfair labor claims. With Tesla taking the hits, Musk told Reuters in April that he'd cut his Trump gig to just a day or two a week. Then in late May, after an ugly fallout with President Trump, he ditched the role entirely, promising to get back to Tesla's core business. The PR mess bruised Tesla's equity and precipitated some of its worst sales drops ever. Particularly in Europe, Tesla's foothold has been visibly slipping. Registrations have tanked by more than 40% early in the year and then by nearly 30% in the spring. In contrast, the broader European EV market expanded at an encouraging pace. By mid-2025, Tesla's share there had fallen to under 1% — a steep drop from the 1.6% it held a year earlier. More Tech Stock News: Circle's stock price surges after stunning CEO comment Robotaxi rivalry heats up as new cities come online Analyst reboots AMD stock price target on chip update Amid this decline, Chinese EV brands like BYD and SAIC's MG charged ahead with aggressive pricing and wider model options. In North America, Tesla's deliveries held up better, but Musk's public profile cooled off a lot of that enthusiasm. Meanwhile, the Tesla robotaxi trials started last week in Austin, attracting mixed reviews so far. Early influencer videos showed jerky braking and lane slip-ups, catching the National Highway Traffic Safety Administration's eye. On the flip side, longtime Tesla bull Dan Ives still isn't rattled and remains bullish. Tesla has reportedly fired Omead Afshar, its head of North American and European operations, following a massive drop in European EV deliveries, according to Forbes. Afshar is a veteran Tesla engineer and has climbed the ranks since joining in 2011. Putting things in perspective, in May, Tesla sold just 8,729 EVs in Europe, down 40.5% from the prior-year period, with its market share shrinking to 0.9% from 1.6% year-over-year. Similarly, YTD registrations were at 46,312 units, a sharp 45% drop from 84,215 a year ago, while European EV demand climbed 12% in the first five months of 2025. In contrast, from January through May 2025, BYD's European registrations jumped fivefold from about 8,500 in Q1 2024 to over 37,000 in Q1 went up a notch in April, when BYD beat Tesla for the first time with 7,231 BEVs sold versus Tesla's 7,165. European BYD customers seem to be enjoying the company's aggressive pricing strategy, fresh hybrid models, and bigger dealer network. Meanwhile, Tesla's North American performance looks a lot better, but not bulletproof. In Q1 2025, Tesla delivered 128,100 EVs in the U.S, an 8.6% drop from a year ago, but it maintained the lion's share at 44%. The contrast reflects its home turf advantage, backed by a massive Supercharger network and loyal Model Y and Model 3 buyers. Nevertheless, automotive titans like GM, Ford, and Volkswagen are all gaining ground fast. All eyes are on Q2 as Tesla reports earnings on July 16, 2025. Wall Street's looking for GAAP EPS of 35 cents, down from 40 cents a year ago. In the last four quarters, Tesla's only topped EPS once in Q3 2024 and beat sales estimates just once, too. Analysts have also slashed EPS estimates 20 times in the past 90 days. On the deliveries front, the street's betting Tesla moved about 393,000 vehicles globally in Q2, down 11% year-over-year but up 17% from fires longtime insider as Europe slump deepens first appeared on TheStreet on Jun 27, 2025 This story was originally reported by TheStreet on Jun 27, 2025, where it first appeared.
