BASTAD, Sweden (AP) — Rafael Nadal recovered from a tumble and a 4-1 deficit in the second set to beat fifth-seeded Cameron Norrie 6-4, 6-4 in the second round of the Nordea Open on Thursday.
Nadal fell over in the first game of the second set after attempting to slide on the clay, and needed treatment on a couple of bleeding scrapes. He then went a break down before winning the last five games of the match to reach his first quarterfinal since January.
“Great feelings, it’s been a while without playing on the tour since Roland Garros and I had a chance to compete against a great player like Cameron,” Nadal said. “It’s part of the journey today. I haven’t been competing very often so matches like today help and holding the pressure on the opponent for the whole game is something I need to improve on because I haven’t played enough.”
Nadal is playing at the tournament in Sweden for the first time since he won the title as a 19-year-old in 2005 as he prepares for the Olympic tournament on clay at Roland Garros in Paris.
He beat Leo Borg, the son of Swedish tennis legend Bjorn Borg, in the first round on Tuesday. That was his first singles match since he lost in the first round of the French Open to Alexander Zverev. He teamed up with Casper Ruud on Monday to win a first-round doubles match.
The 38-year-old Nadal skipped Wimbledon as he didn’t want to switch surface to grass and then back to clay and risk injury. He has been dealing with hip and abdominal injuries over the past 1 1/2 years.
When LOVE Park was renovated between 2016 and 2018, skaters mourned the loss of the ledges, steps and planters that made it the perfect place to shred. But the old skating destination is now getting a second life across the Atlantic in Sweden.
The city of Malmö, located along the southern coast of the country, will open a re-created version of the park on Saturday. LOVE Malmö was constructed with granite slabs and ledges, a lamppost and two trash cans salvaged from the Philadelphia site and designed according to the original 1965 blueprints by Edmund Bacon and Vincent Kling. The project is the culmination of a years-long collaboration between the two cities, as well as Skate Philly and Bryggeriet, Malmö’s skateboarding association.
According to the Swedish city’s officials, skateboarders from Philadelphia have already arrived in Malmö to be the first to skate the reconstruction.
The old LOVE Park was a beloved spot for skateboarders around the world, despite the city ban on skating there. It inspired photography books and even appeared in “Tony Hawk’s Pro Skater” — with the famous Robert Indiana LOVE sculpture altered to spell “THPS.”
Philly’s redesign significantly flattened the space, removing the granite tiers and edges that appealed to skaters. Just before the city began construction on the new park in February 2016, Mayor Jim Kenney temporarily lifted the ban on skateboarding to give the community one last chance to grind.
LOVE Malmö will occupy a section of the city square, making it not quite a skatepark but “part of the Malmö streetscape,” according to a release. Its opening weekend coincides with the arrival of a skateable sculpture by South Korean artist Koo Jeong A at the Malmö Konsthall art museum.
The Swedish Gambling Authority (Spelinspektionen) has published an official response to FI2024/00442, a government measure that would ban gambling on credit. The credit card ban has been discussed for several months now and is a measure that has the regulator’s backing.
According to director general Camilla Rosenberg, the Spelinspektionen believes that the ban on gambling on credit should extend to all forms of gambling. The authority suggested that it should also be able to grant exceptions in specific cases.
In its official statement, the Spelinspektionen confirmed that it backs the proposal. The Swedish trade association BOS previously slammed the measure and suggested that it would devastate the legal market. On that note, the regulator admitted that there is no official proof of how the measure would affect operators that sell tickets digitally.
An additional concern was certain ambiguity that made it unclear how the ban would affect players paying wagers with account credits. Since credits linked to a bank account are also account credits, the Spelinspektionen noted that this could mean that licensees must ensure that credit limits are not used for payments with debit cards.
Since the original proposal does not obligate licensees to investigate such matters, however, the Spelinspektionen concluded that it does not interpret the wording as requiring gambling companies to check whether users’ debit cards have a credit limit.
Banning gambling with credit cards would align Sweden with other modern regulated markets, such as Australia, Ireland, Norway and the United Kingdom.
The Spelinspektionen concluded that the proposal outlined in the memorandum is consistent with the regulator’s proposal.
The Regulator Continues to Watch over the Market
In other news, the Spelinspektionen just banned another skins gambling website. WiseAvant OÜ, the company in question, provided games of chance to Swedish customers without possessing the necessary license.
This came a few months after the authority cracked down on three gambling companies, namely Galaktika NV, Newera Frozen PTE Limited and Aprodi Ltd, two of which also offered skins gambling.
In other news, ATG’s chief executive officer, Hans Lord Skarplöth, recently suggested that the government might be willing to amend its GGR tax hike proposal. The tax hike has been a controversial measure, which, according to BOS, would be a gift to the black market, if implemented.
Swiss singer Nemo won the 68th Eurovision Song Contest on Saturday night with “The Code,” an operatic ode to the singer’s journey toward embracing their nongender identity.
Nemo beat Croatia’s Baby Lasagna to the title by winning the most points from a combination of national juries and viewers around the world.
“Thank you so much,” Nemo said after the result was announced. “I hope this contest can live up to its promise and continue to stand for peace and dignity for every person.”
Nemo of Switzerland on stage after winning the Eurovision Song Contest Grand Final at Malmo Arena on May 11, 2024, in Malmo, Sweden.
Martin Sylvest / Getty Images
The victory in the Swedish city of Malmo followed a turbulent year for the pan-continental pop contest that saw large street protests against the participation of Israel that tipped the feelgood musical celebration into a chaotic pressure cooker overshadowed by the war in Gaza.
Hours before the final, Dutch competitor Joost Klein was expelled from the contest over a backstage altercation that was being investigated by police.
Nemo bested finalists from 24 other countries, who all performed in front of a live audience of thousands and an estimated 180 million viewers around the world. Each contestant had three minutes to meld catchy tunes and eye-popping spectacle into performances capable of winning the hearts of viewers. Musical styles ranged across rock, disco, techno and rap — sometimes a mashup of more than one.
Though Eurovision’s motto is “united by music,” this year’s event has proven divisive. Protests and dissent overshadowed a competition that has become a campy celebration of Europe’s varied — and sometimes baffling — musical tastes and a forum for inclusiveness and diversity with a huge LGBT following.
Thousands of pro-Palestinian demonstrators marched for the second time in a week on Saturday through Sweden’s third-largest city, which has a large Muslim population, to demand a boycott of Israel and a cease-fire in the seven-month Gaza war that has killed almost 35,000 Palestinians, according to the health ministry in the Hamas-run territory.
Several hundred gathered outside the Malmo Arena before the final, with some shouting “shame” at arriving music fans, and facing off with police blocking their path. Climate activist Greta Thunberg was among those escorted away by police.
The contest returned to Sweden, home of last year’s winner, Loreen, a half century after ABBA won Eurovision with “Waterloo” — Eurovision’s most iconic moment. ABBA did not appear in person in Malmo, though their digital “ABBA-tars” from the “ABBA Voyage” stage show did.
A trio of former Eurovision winners — Charlotte Perrelli, Carola and Conchita Wurst — came onstage to sing “Waterloo” as votes were being cast and counted.
Sweden’s entry, identical twins Marcus and Martinus, opened the competition with their optimistically named song “Unforgettable,” followed by Ukrainian duo alyona alyona & Jerry Heil with “Teresa & Maria,” a powerful tribute to their war-battered country.
Eurovision organizers ordered a change to the original title of her song, “October Rain” — an apparent reference to the Oct. 7 attack by the militant group Hamas that killed about 1,200 people in Israel and triggered the war in Gaza.
The show was typically eclectic Eurovision fare: Lithuania’s Silvester Belt was an affable young crooner, while Estonia’s 5Miinust x Puuluup offered a pop-zombie folk hybrid featuring the talharpa, a traditional stringed instrument. Greek singer Marina Satti and Armenia’s Ladaniva both merged folk song and dance elements with power pop, while Britain’s Olly Alexander offered upbeat dance track “Dizzy.”
Contenders also included the goofy 1990s nostalgia of Finland’s Windows95man, who emerged from a giant onstage egg wearing very little clothing. Ireland’s gothic Bambie Thug summoned a demon onstage and brought a scream coach to Malmo, while Spain’s Nebulossa boldly reclaimed a term used as a slur on women in “Zorra.”
Nemo had been a favorite going into the contest, alongside Baby Lasagna, whose song “Rim Tim Tagi Dim” is a rollicking rock number that tackles the issue of young Croatians leaving the country in search of a better life.
Klein, the Dutch performer, was ejected from the competition after a female member of the production crew made a complaint, competition organizer the European Broadcasting Union said. The 26-year-old Dutch singer and rapper had been a favorite of both bookmakers and fans with his song “Europapa.”
Singer Joost Klein representing Netherlands with the song “Europe” poses during a press conference before the final.
Jessica Gow via Getty Images
Dutch broadcaster AVROTROS, one of dozens of public broadcasters that collectively fund and broadcast the contest, said that as Klein came offstage after Thursday’s semifinal, he was filmed without his consent and in turn made a “threatening movement” toward the camera.
The broadcaster said Klein didn’t touch the camera or the camera operator, and called his expulsion “disproportionate.”
Tensions and nerves were palpable in the hours before the final. Several artists were absent from the Olympics-style artists’ entrance at the start of the final dress rehearsal, though all appeared at the final.
Powerhouse French singer Slimane cut short his ballad “Mon Amour” at the dress rehearsal to give a speech urging people to be “united by music, yes — but with love, for peace.” He did not repeat the speech during the evening final.
Several competitors made reference to peace or love at the end of their performances.
Loreen, last year’s Eurovision champion, said world events were “traumatizing,” but urged people not to shut down the “community of love” that is Eurovision.
“What heals trauma … Does trauma heal trauma? Does negativity heal negativity? It doesn’t work like that,” she told The Associated Press. “The only thing that heals trauma for real — this is science — is love.”
The Swedish Trade Association for Online Gambling (BOS) has backed the Swedish Consumer Agency’s (KV) and the Consumer Ombudsman’s (KO) evaluation regarding the daily scratch card commercial “Trisskrapet” featured on TV4. The consensus is that the segment should be recognized as advertising rather than an editorial feature, marking a significant development in the ongoing debate surrounding the program.
Most Industry Stakeholders Reached a Consensus
“Trisskrapet” has long been a prominent feature on TV4 Nyhetsmorgon, offering viewers the chance to participate in scratch card activities with the potential to win substantial prizes. However, questions arose regarding the segment’s classification, prompting scrutiny from regulatory authorities. This case has caused concern among industry stakeholders who fear that improper categorization could cause gambling harm.
A recent Supreme Court ruling agreed with points raised by the Swedish Consumer Agency, affirming the importance of transparency in distinguishing advertising content. Gunnar Wikström, litigation counsel at the Swedish Consumer Agency, expressed relief at the ruling, emphasizing the significance of accurately identifying advertising to ensure robust consumer protection measures.
We are relieved by the Supreme Court’s ruling because a prohibition would have had devastating consequences for the authority’s ability to review companies’ marketing.
Gunnar Wikström, Swedish Consumer Agency litigation counsel
BOS echoed the sentiments of KV and the KO, highlighting the importance of clarity in distinguishing between advertising and editorial content. Gustaf Hoffstedt, representing BOS, stressed that consumer protection lies at the core of the gambling industry’s integrity. Clear identification of advertising content is essential to prevent any confusion among viewers and ensure a safe gambling environment.
Svenska Spel Must Abide by Strict Advertising Standards
The association urged Svenska Spel, the operator behind “Trisskrapet,” to adhere to advertising regulations promptly. Failure to comply with the provisions outlined in the Marketing Act and the Gambling Act could jeopardize consumer trust and undermine efforts to foster a secure gambling environment. Such measures align with Sweden’s mission to be a global leader in customer safety.
BOS called upon the KO to enforce mandatory consumer protection labeling for “Trisskrapet,” emphasizing the urgency of implementing stringent measures to safeguard consumers. The absence of such labeling could compromise the integrity of the gambling market and hinder efforts to promote responsible gambling practices in an increasingly complex regulatory environment.
Every day and every “Trisskrapet” that does not contain the mandatory consumer protection label is another lost day for a safe and secure gambling market.
Gustaf Hoffstedt, BOS general secretary
Moving forward, Svenska Spel must prioritize compliance with advertising regulations while authorities remain vigilant in upholding consumer protection standards. The resolution of the “Trisskrapet” controversy underscores the importance of transparency and accountability in gambling advertising, ensuring that consumers can make informed decisions in a regulated environment.
What are the top 20 happiest countries in the world? How do mental health and well-being trends look in the United States and Canada? The 2024 World Happiness Report is in!
The World Happiness Report is a research initiative to compare happiness levels between different countries.
The project first launched in 2012, surveying more than 350,000 people in 95 countries asking them to rate their happiness on a 10-point scale.
Each year they release a new report and the 2024 full report was just published a few weeks ago. There are some interesting findings in it that are worth highlighting.
First let’s look at the happiness rankings by country.
Top 20 Happiest Countries
Here are the top 20 happiest countries in 2024 according to the report.
The scores are on a scale of 1-10. Each participant was asked to think of a ladder, with the best possible life for them being a “10” and the worst possible life being a “0.” They were then asked to rate their current lives. The final rankings are the average score for each country.
(By the way, this simple test for measuring subjective well-being is known as the “Cantril Ladder,” it’s a common tool used in public polling especially the Gallup World Poll.)
The results:
1. Finland (7.741) 2. Denmark (7.538) 3. Iceland (7.525) 4. Sweden (7.344) 5. Israel (7.341) 6. Netherlands (7.319) 7. Norway (7.302) 8. Luxembourg (7.122) 9. Switzerland (7.060) 10. Australia (7.057) 11. New Zealand (7.029) 12. Costa Rica (6.955) 13. Kuwait (6.951) 14. Austria (6.905) 15. Canada (6.900) 16. Belgium (6.894) 17. Ireland (6.838) 18. Czechia (6.822) 19. Lithuania (6.818) 20. United Kingdom (6.749)
The top 10 countries have remained stable over the years. As of March 2024, Finland has been ranked the happiest country in the world seven times in a row.
There was more movement in the top 20 rankings. Most notably, this is the first year that the United States dropped out of the top 20 (from rank 15 to 23 – an 8 place drop).
More alarming are the age gaps in happiness reports. In both the U.S. and Canada, those above the age of 60 report significantly higher rates of happiness than those below 30.
Above age 60, the U.S. ranks 10 overall on the world happiness rankings. Below age 30, the U.S. falls to rank 62, just beating out Peru, Malaysia, and Vietnam.
Could this be a sign of a continuing downward trend in places like the U.S. and Canada?
Potential Factors Behind Life Evaluation
How to measure happiness is always a controversial topic.
To this day, psychologists and social scientists don’t really have a reliable way to determine happiness besides simply asking someone, “How happy are you?”
However, the World Happiness Report attempts to take the above findings and break them down into six main factors that contribute to overall life evaluation on a societal level.
These factors don’t influence the final rankings, they are just a way to make sense of the results:
GDP per capita – A general measure of a country’s overall wealth.
Life expectancy – A general measure of a country’s overall health.
Generosity – The level of a country’s trust and kindness through charity and volunteering.
Social support – The level of a country’s social cohesion and community.
Freedom – The level of a country’s freedom to live life as a person sees fit.
Corruption – A general measure of government competence and political accountability.
Each factor helps explain the differences in overall happiness between countries, with some countries performing better in certain areas over others.
One benefit of this model is that it looks beyond GDP (or “Gross Domestic Product”) which has long been the overall benchmark for comparing countries in the social sciences. The U.S. has the highest GDP in the world and frequently ranks in the top 10 per capita, but the happiness rankings show there is more to the picture.
Conclusion
The World Happiness Report is a good guideline for comparing happiness and well-being between different countries. How does your country rank? It will be interesting to see how these rankings change over the next few years, do you have any predictions?
Enter your email to stay updated on new articles in self improvement:
The Swedish Trade Association for Online Gambling (BOS), representing 18 prominent gambling companies in the Swedish market, has voiced its opinion on the Swedish government’s latest initiative to combat match-fixing. In a statement released today, BOS expressed its support for increased cooperation between gambling operators, sports associations, and law enforcement authorities to maintain the integrity of the gaming market.
Match Fixing Hurts the Entire Sector
BOS emphasized the importance of a transparent and trustworthy gaming environment, which remains vital for consumer confidence and industry sustainability. While BOS member companies already employ effective measures to prevent match-fixing, the association acknowledged the need for collaborative efforts to combat illegal activities effectively. BOS general secretary Gustaf Hoffstedt stressed that integrity was vital to consumer trust.
No game consumer, except the game consumer who has a criminal agenda, wants to place its bets on a market whose integrity cannot be trusted.
Gustaf Hoffstedt, BOS general secretary
The memorandum proposed by the government offers an enhanced framework for information sharing regarding legal violations, a move welcomed by BOS and its members. Transparency and cooperation among stakeholders are crucial in identifying and addressing instances of match-fixing, thus safeguarding the integrity of sports events and betting markets.
Furthermore, BOS stressed the significance of channelization in the gaming market, urging the government to uphold the target of at least 90% channelization to licensed gambling operators. Channelization ensures that data sharing occurs exclusively among licensed entities, enhancing oversight and accountability in the industry. Failing to meet this benchmark could lead to the proliferation of black market operators, threatening consumer safety.
Improved Channelization Remains a Priority
Despite initial progress following the introduction of the gambling license market in 2019, BOS noted a decline in channelization rates in recent years. The association urged the government to reaffirm its commitment to the initial channelization target and implement strategies to crack down on unregulated entities and educate consumers on making informed decisions.
BOS emphasized that achieving the channelization goal requires a comprehensive approach, including measures to enhance the competitiveness of licensed operators relative to unlicensed counterparts. The association called on the government to prioritize initiatives that promote channelization and deter illicit gambling activities. While Sweden regularly issues IP bans on offending companies, violators often find ways to circumvent these restrictions.
The government must intensify its work for strengthened channelization, as it will never be enough to focus solely on so-called repressive measures.
Gustaf Hoffstedt, BOS general secretary
In conclusion, BOS reaffirmed its commitment to fostering a secure and transparent gaming environment in Sweden. The association remains actively engaged in collaborative efforts to combat match-fixing and uphold the integrity of the gaming industry, advocating for policies that support responsible gambling and channelization and urging the government to take a more proactive stance.
The Swedish Gaming Authority (SGA) has levied a SEK300,000 ($28,350) fine against Yggdrasil for supplying software to an online gambling operator that lacked a Swedish license, marking the first such penalty under the new B2B licensing requirements. This case serves as a warning to the broader industry, signaling that the SGA will not tolerate licensed entities collaborating with the unregulated sector.
The SGA Highlighted the Severity of Yggdrasil’s Offense
The introduction of B2B licensing requirements on 1 July 2023 mandated that companies with a gaming software license refrain from providing software to parties lacking the necessary Swedish license. This measure aims to bolster channelization to the regulated market and curb illegal gambling activities. This newest fine indicates the SGA is willing to enforce its regulations even against high-profile companies.
The SGA’s investigation, conducted in January 2024, closely examined the websites of several operators prohibited from offering games in Sweden. It found that Yggdrasil had provided software to an operator without a local license. The SGA had banned the operator since October 2021, raising questions regarding Yggdrasil’s involvement with a known black-market entity.
Upon learning of the violation, Yggdrasil swiftly took corrective action on 23 January, ceasing to supply gaming software to unlicensed operators. The supplier attributed the illegal provision to a contractual breach by a partnering retailer. While acknowledging Yggdrasil’s prompt response and cooperation, the SGA deemed the violations significant enough to warrant a financial penalty and an official warning.
Sweden Remains Beset by Black-Market Operators
According to the SGA, frequent violations of that caliber could result in a license suspension for the offending supplier. Fortunately for Yggdrasil, the company’s clean track record and cooperation with the authorities limited the scope of the corrective action. As per Swedish regulations, the SEK300,000 fine was calculated according to Yggdrasil’s turnover from the past financial year.
While the SGA taking action against offending operators is frequent, going after a supplier sets a new precedent and could result in more investigations of a similar nature. Such measures should hopefully help the country’s ongoing battle against black-market operators, giving them fewer options to source content while channeling more users to the regulated sector.
The warning against Yggdrasil corresponds with rising concern regarding an increasing number of payment providers catering to the needs of unregulated operators. While the SGA can block payments to offending parties, black-market entities have become adept at bypassing restrictions. Unfortunately, Sweden’s fight against the unregulated sector still appears locked in a stalemate.
According to a new government mandate from the Swedish authorities, the country’s gambling authority, Spelinspektionen, has been asked to assess all the risks tied to gambling accounts that are used for money laundering and other similar types of criminal activities.
Proposals to Be Drafted After the Assessment
At the end of the thorough reviewing process prompted by task Fi2023/03186, the Swedish Gambling Authority, responsible for guaranteeing the legality, safety, and reliability of the country’s gaming and gambling market, will draft a series of proposals based on Sweden’s socio-economic landscape.
The drafts will explain whether there is an additional need to strengthen the current regulatory framework against the respective risks and also how to counteract these potential risks.
Spelinspektionen’s assignment will also need to evaluate whether gambling accounts should be covered by the account and safe deposit box system while analyzing the possible effects of gambling accounts added to the system.
The perspective system has been created to simplify the authorities’ access to information regarding the identity of holders of accounts and safes at financial companies.
The Swedish Tax Agency currently displays Mechanism, which is a technical platform that offers connected authorities the chance to directly and immediately get the information they need regarding accounts and safe deposit boxes at credit institutions and investment companies.
The results of the tasks will need to be reported to the Government Office by May 31, 2024, at the latest.
Cost Calculation Necessary
The assignment also stated that Spelinspektionen needed to report a calculation of the extra costs triggered by the expansion of the account and safe deposit box system in such a manner that it would also include gambling accounts.
The authority had by March 15, 2024, to report the calculation by relying on data gathered from the Swedish Tax Agency and making sure that the expansion would occur cost-effectively.
The calculation was reported to the Ministry of Finance on March 7, 2024.
In mid-January, the Swedish Gambling Authority inked a memorandum of understanding with the International Betting Integrity Association that would allow the duo to share information regarding suspicious betting activity identified during Swedish sporting events.
In September, the country’s government proposed a rise in the money allocated to the Spelinspektionen and Finansinspektionen for 2024 following plans to improve the supervision of the gambling market. Two months later, Spelinspektionen gave the green light to proposals asking for increased customer protection and a crackdown on financial crime in the gambling industry.
An employee checks the external casing with a spirit level in a modular house at the Tophat factory in Foston near Derby, UK, on Tuesday, Sept. 12, 2023.
Bloomberg | Bloomberg | Getty Images
The idea of using pre-assembled components in housebuilding is far from new.
Modern tech-enabled versions of modular housing promise a faster, more sustainable solution to housing crises, according to experts. But the sector has seen better adoption in some countries compared to others where it has failed to scale — such as the U.K.
Prefabrication has existed in many forms, from the defenses used by William the Conqueror in his invasion of England in 1066 to Sears’ mail-order homes in the U.S. in the early 1900s.
Fast forward a century and entire modules can be built in factories to then be combined to create houses in just weeks. Speed is just one advantage that modular homes offer compared with traditional construction, a factor which is key in countries such as the U.K. which continues to face shortages of affordable housing.
The fact that modular housing is also made in a controlled factory environment means less waste is generated, while also resulting in more energy-efficient homes. Andrew Shepherd, managing director at British modular developer TopHat Communities, told CNBC that the firm’s factory had sent “zero waste to landfill” in the last three years.
Building entire sections in one place also means fewer delivery trips to sites, Shepherd explained. A 2022 report from industry group Make UK Modular highlighted that 80% fewer vehicle movements were needed to development sites with modular building.
Another study by academics at the University of Cambridge and Edinburgh Napier University, published in 2022, found that modular home construction can result in 45% less embodied carbon. This refers to the emissions generated in the construction process, including the making and transportation of materials.
Despite these benefits, the sector has seen a number of setbacks in recent years and it remains relatively nascent in the U.K. and U.S.
In January, it was reported that U.K. firm Modulous had entered into liquidation after failing to find a buyer. In the U.K. last year, Ilke Homes collapsed, while Legal & General moved to wind down its modular housing factory. One of the most high-profile failures in the sector was SoftBank-backed Katerra in the U.S., which filed for bankruptcy in 2021.
Jonatan Pinkse, professor of sustainable business at King’s College London, highlighted that part of the challenge for modular construction firms is that they first have to spend money on building a factory in which to construct modules and then need to have the projects in the pipeline to pay for this investment.
He suggested that this presented more difficulty when coupled with the headwinds that also affected the wider construction sector, including higher energy costs and interest rates, as well as a cost-of-living crisis in many nations prompting people to hold off on house buying.
“And if you then can’t profit from a market that is actually going up, but instead is going down, then the problem is simply that [firms] can’t earn back their money fast enough, and investors then lose their trust in the business model,” Pinkse told CNBC.
Pinkse was one of the co-authors on research, published last year, which highlighted some of the issues limiting the use of modular, also known as 3D (volumetric) factory-manufactured modular homes, as the most advanced form of modern methods of construction (MMC).
Suzanne Peters, who also co-authored the research and is a research associate at Alliance Manchester Business School, told CNBC that the construction sector more broadly is a “very tough business” with a higher amount of failures versus other industries. Provisional data from the U.K.’s Insolvency Service, published in January, showed that the construction industry experienced the highest number of insolvencies of any sector in England and Wales in 2023, with 4,371 companies going bust. This equated to nearly one in five insolvencies.
Similarly, Daniel Paterson, director of government affairs at Make UK Modular, said that the modular housing sector had faced a “series of unfortunate events,” as the industry had essentially only launched in the U.K. in its current format in 2016/17. He explained that firms then need around 18 months to build factories, meaning it wasn’t long before the Covid-19 pandemic hit, along with the economic headwinds that followed.
Perceptions based on previous versions of prefabrication was another issue, according to Richard Valentine-Selsey, head of European living research and consultancy at Savills Research.
He told CNBC that, in the U.K., there is the “1960s hangover from prefabrication and the kind of connotations that has with lower quality, things that don’t last and all the kind of negative impacts of that from the building boom post-war.”
In addition, he said that the “construction industry is quite a conservative beast and finds it very challenging at times to change and think forward and innovate unless their forced to do it, which has kind of led to flirtation with new methods but no kind of wholesale change towards delivering using modular.”
Sweden and Japan are the countries cited as leaders in prefabrication. Savills Research highlighted in 2020 that 45% of homes in Sweden were built using offsite construction. In Japan, it said MMC was used in building 15-20% of new homes, though that still equated to between 150,000 and 180,000 homes a year.
By comparison, a Make UK Modular report published last year said more than 3,000 modular homes were being built in the U.K. annually, though there was capacity to build five times that number. A 2023 McKinsey & Company report, meanwhile, said that less than 4% of current U.S. housing stock had been built using modular methods.
In Sweden, one of the major players in this space is BoKlok, which is jointly owned by construction firm Skanska and homes and furniture company Ikea, and has been around since the mid-1990s.
A crane lifts a prefabricated residential housing module onto an apartment block at a modular rental property construction site, operated by Vonovia SE, in Berlin, Germany, on Thursday, Sept. 26, 2019.
Bloomberg | Bloomberg | Getty Images
Shepherd pointed out that Sweden is also “not a country where you can build 12 months of the year.”
“They have very deep winters with limited daylight, so there is an incentive to look at an alternative construction process to keep people working all year, to get houses delivered at the volume needed,” he explained.
Valentine-Selsey said that in Japan there was also a difference in the approach to residential buildings. “In Japan, the value of the building depreciates over about 30 years, so by the end of that you kind of knock it down and rebuild it because it is worthless,” he explained, making new building methods useful, given that the delivery of new homes is higher.
Looking at these examples, could methods such as modular help tackle the U.K.’s affordable housing shortage?
The current U.K. government has the target of building 300,000 homes a year, but 234,400 were built in 2022-23. Keir Starmer, the leader of the U.K.’s opposition Labour party, has pledged to build 1.5 million homes within a five-year term if his party is elected.
“That’s 300,000 houses a year, and there is zero chance … of that happening if there is not some form different approach adopted,” Shepherd said.
Looking ahead, Valentine-Selsey said he was an “optimist” in his outlook for the modular sector. “I think we’re probably going to see an uptake again over the next five to 10 years,” he said.
However, he believed that greater adoption of other types of MMC, such as panelized solutions, was more likely, but thought “modular will form part of that new mix of delivery.”
Hungary’s parliament voted 188 to 6 in favor of allowing Sweden to join NATO, the final hurdle standing in the way of the Scandinavian country becoming the 32nd member of the military alliance, one year after neighboring Finland was admitted. What do you think?
“That’s gonna be a big help when we pull out next year.”
Lucy Moss, Grimoire Expert
Biden Gives Americans Nuclear Launch Codes In Case Anything Ever Happens To Him
“I feel better knowing Russia will think twice before attacking ABBA.”
Austin Mabuza, Monologue Editor
“I finally understood geopolitics and now I have to start all over again.”
Sweden is in the news again. But digging deeper, is just a frosty nanny state?
Sweden is home to the Northern Lights, Abba, incredible nature and wildlife, cold winters and cool classic design. IKEA, Ericsson and Volvo are among the global companies who started in Sweden. It is a democracy with a parliament and a ceremonial monarch (who are related to the British Royal Family). But it is also a nanny state? The country is rough on alcohol and even rougher on cannabis. In today’s world, it is a bit of a surprised Sweden and marijuana aren’t a good match.
The traditional toast of skål is also a call of good cheer, but drinking in Sweden takes a bit of an effort. Sweden has a long and complicated history with alcohol, from problems with everyone always being slightly drunk to today’s intense state control. Sweden has created a national alcohol monopoly, removing the right of private businesses and citizens to produce and sell alcohol. This has lead to very high prices which has lead to systematic changes in how the population drinks.
Not surprisingly, Sweden is very anti marijuana legalization, they do not even have a medical marijuana program. Cannabis is illegal in Sweden, which the government strictly enforces. This includes all personal use or possession, both of which are considered criminal offenses. While there are very slim exception for medical, the government takes a very negative stance on any cannabis.
In the United States and Canada, over 85% of the population are pro some form of marijuana legalization, in the EU, the number is slightly around 55%. In Sweden, the government has supported a long campaign it is a dangerous drug and can ruin your life.
In a country which has waged a long campaign against drinking, hoping for a change in marijuana remains small. While not at the bottom, Sweden has a lower than European average of alcohol consumption.
The Stockholm Medical Cannabis Conference took place in 2022. The patient advocacy group Aureum Life bravely facilitated the event, inviting the Swedish press to cover the conference. With over 300 attendees, co-founder and CEO Angelica Örnell was hopeful. “We are proud to have organized the first medical cannabis conference in Sweden,” she said. “It’s one step forward in informing the public and healthcare professionals about the many benefits of cannabis as medicine.”
The government definitely has a nanny feel when it comes to intoxicants. But, there is some hope on bringing at least science based medical information to the public.
A HUNTER who was mauled by a bear has revealed how his son saved his life – by shooting the beast dead and turning it into kebab meat.
The pair had been hunting in a forest in Sweden when a bear hurtled towards Pär Sundström, 42, knocking him to the ground and gnawing on his face.
3
A Swedish father has had to have his face reconstructed after he was mauled by a bear
3
Pär credits his 14-year-old son with saving his life – he escaped with a handful of wounds
3
The pair enacted the ‘ultimate revenge’ – by eating the beast that attacked it
Pär said that the shots he fired through the bear’s body did nothing to stop the attack, and it was only when his son Evert, 14, karate chopped the enraged animal’s head.
“I got so terribly angry and thought I had to do something,” Evert told Swedish media after the incident.
“I practice karate and I ran forward and hit the bear’s head as hard as I could with my clenched hand. Then I don’t remember anymore.”
Pär compared the ensuing scene to a wrestling match.
He revealed how the bear had turned it’s attention to the teenager – sinking it’s sharp incisors into Evert’s arm and using brute force to throw him around.
Yet, Pär’s resilient son continued to hit the bear over the head with his other arm.
The brutal scene sent shock waves through the wounded father, who was subsequently able to regain control over himself and pick up his rifle.
“I needed to wait for the right sight to shoot, so that Evert wouldn’t be behind the bear and risk being hit,” Pär said.
It was only after Pär tried to take aim that he realised how injured he was.
“It splattered like hell, there was blood everywhere,” he recalled.
The recoil from the shots hit Pär directly in a gaping hole under his right eye, but the shots were effective this time and Evert was able to shake the bear.
The father-son duo were left scrambling to pick up parts of Pär’s face from the forest floor, before Evert called emergency services.
Pär says he is incredibly grateful to have such a wise son, crediting his decision to have him airlifted to hospital for saving his life.
“I’m happy about that today, that I have a very wise son,” he said.
“I think Evert is a hero because I think he saved my life right then and there, simply because he reacted as quickly as he did and tackled the bear.”
Pär was rushed into a 13-hour surgery where doctors were able to reconstruct part of his face by using skin from his thigh.
The pair revealed how they then got the “ultimate revenge”, with Pär describing how they used the bear’s body for kebab meat.
He said: “Stuffing a taco with the meat of a bear that bit me in the face was truly the ultimate revenge in my eyes.
“The meat is dark, coarse, sweet and requires lots of spices. This bear lived mainly on grasses and herbs; the meat is good to eat.”
“If a bear has eaten carrion, it’s not possible to eat. Then the meat smells like surströmming (fermented herring).”
Having frozen the leftovers from their feast, Pär said his family has enough kebab and taco meat to last them months.
This isn’t the first time that a man has wrestled a bear and lived to tell the tale.
During the first two weeks of January some 1,200 people applied to the force, four times as many as during the same period in 2023.
“Fifteen years ago many people viewed the Home Guard as a hobby, like hiking or hunting,” Raaum said. “Now they realize that it’s a crucial part of our security.”
Konrad Lindblad, who joined the Home Guard seven years ago after completing his military service in 2004, said friends and acquaintances had suddenly begun asking him how to join. Lindblad has also seen his own motivation evolve.
“When I joined, I wanted to do something different than what I do during the workday in the office, and I since I had enjoyed doing military service, I knew the Home Guard suited me,” he said. “But once I was part of it, I realized that that the Home Guard is also a serious undertaking, aligned with the rest of the armed forces. And I started thinking about why I was doing it. I do it because I’m able to contribute to our defense. If people like me don’t do it, who will? We can’t take for granted that Sweden will have freedom and democracy.”
So many people now want to join, in fact, that the Home Guard is having trouble keeping up.
Applicants must be assessed, and if they haven’t done military service (which many haven’t, although Sweden reinstated the draft on a limited basis in 2018), they have to undergo a military crash course. And then space must be found for them in nearby units.
“Our vacancies are not so numerous that we can accommodate lots of people,” Lindblad said. “We’d need new units in order to accommodate a significant number of new members, but that takes time, especially since you can’t stand up new units consisting only of new people. On the other hand, if you keep people waiting they lose interest.”
Macron’s comments come as European nations grapple with the looming consequences of Donald Trump’s potential return to the White House, with the NATO-skeptic ex-president on track to win the Republican nomination. In the U.S., further military aid for Ukraine is also stalled in Congress, with Republican lawmakers reluctant to continue funding Kyiv. Ukraine has been fending off Russian President Vladimir Putin’s full-scale invasion for almost two years now.
“This is a decisive and testing moment for Europe. We must be ready to act to defend and support Ukraine whatever it takes and whatever America decides,” Macron said during a speech at Sweden’s Military Academy Karlberg.
Ahead of a key European summit this week focused on Ukraine, Macron also said the EU will have “to accelerate the scale” of its support, given that the costs “of a Russian victory are too high for all of us.”
EU leaders are hoping to agree on a €50 billion aid package for Ukraine at a European Council summit this Thursday, but fears are growing that Hungarian Prime Minister Viktor Orbán will use his veto to block the funds for Kyiv.
Macron is currently on a two-day visit to Sweden to discuss partnerships in areas from energy to defense. French Armed Forces Minister Sébastien Lecornu and his Swedish counterpart Pål Jonson are expected to sign letters of intent on air defense and air surveillance systems.
France and Sweden are among the very few European countries with a wide-ranging defense industry that can also manufacture their own fighter jets — France’s Rafale by Dassault Aviation, and Sweden’s JAS 39 Gripen made by Saab.
“We both have a very strong model in terms of production,” Macron told the audience, listing equipment, weapons, missiles and ammunition. Cyber and space, he added, are “clearly two areas of conflictuality for the future where there’s a lot to do together.”
The partnership between the French and Belgian armies — dubbed CaMo — is a model that could be replicated between France and Sweden, Macron added.
Svenska Spel Sport & Casino, Sweden’s state-owned gaming operator, has renamed its horse games to Svenska Spel Hästar following a dispute with ATG over the name of its trotting venture. The Patent and Market Appeal Court announced the judgment on 25 January, prompting the company to implement this change. This incident marks another setback for the operator, but it remains well-positioned for further growth.
The Name Change Should Have No Ill Consequences
The transition to Svenska Spel Hästar aims to maintain service continuity while complying with the court’s judgment regarding the name dispute. Svenska Spel remains committed to delivering a top-notch trotting experience for its users, incorporating emerging technologies to ensure lasting customer engagement while remaining true to its safe gambling commitment.
Svenska Spel Sport & Casino CEO and business area manager Fredrik Wastenson did not hide his disappointment with the court’s ruling, expressing confusion at how the judges considered that descriptive words for a business could have such high protection. He nevertheless acknowledged the decision and vowed to make the transition as smooth as possible.
“We are proud of our fantastic offer on horses, which will be available just like before, but now under Svenska Spel Hästar.”
Fredrik Wastenson, Svenska Spel Sport & Casino CEO and business area manager
Svenska Spel Hästar provides various betting options, including bets on high-stakes games like High Five, Duo, and other formats like Winner and Place in French competitions. The platform also allows users to follow all races live. An upcoming highlight of the French trotting season, the Prix d’Amérique, is scheduled for 28 January at Vincennes.
Sweden’s Land-Based Sector Continues to Struggle
While the rebranding of Svenska Spel’s horse games is a relatively minor issue for the operator, it may compound with several other recent setbacks. The company recently announced it could close two land-based venues, Casino Cosmopol in Gothenburg and Malmö. Svenska Spel confirmed it intends to close the two venues while seeking to “limit losses.”
These challenges originate from the decreasing share of the land-based sector within the gaming vertical in the country. The state-owned operator explained that a substantial shift toward the online gambling sector occurred in 2019 with the reregulation of the industry, further exacerbated by the pandemic. However, Svenska Spel has implemented measures to increase revenues, hopefully achieving a more balanced market.
Svenska Spel’s state-owned status means the operator is significantly more resilient to market downturns and can more easily implement measures to tackle rising industry challenges. It also plays a vital role in spearheading gambling harm prevention research and ensuring that the country’s gambling sector remains safe and sustainable.
Turkey’s President Recep Tayyip Erdoğan today signed into law Sweden’s accession to NATO.
“Welcome Türkiye’s approval of the ratification of Sweden’s NATO accession,” Swedish Prime Minister Ulf Kristersson tweeted. “With this, a key milestone has been reached in Sweden’s path towards NATO membership.”
All NATO members, except Hungary, have ratified Sweden’s application to join the military alliance, prompted by Russia’s war of aggression against Ukraine.
Shortly before Erdoğan’s move, U.S. Ambassador to Ankara Jeff Flake said he expected the rapid sale of F-16 fighter jets to Turkey.
Financially ailing carmaker Polestar is on the ropes, and analysts at investment bank Bernstein argue the only thing that may still save it is if parents Volvo and Zhejiang Geely of China, which together own nearly 88% of the stock, agree to take the company private just two years after shares began trading.
“We would like to see the concept and brand survive, but think it would make more sense for Polestar to eventually fold back into the Volvo Cars-Geely ecosystem,” Bernstein wrote, according to a research note cited by Bloomberg.
The company did not immediately provide a comment to Fortune.
Despite Polestar’s modern Swedish design and premium positioning—matched with a low-cost manufacturing base in China—the EV brand has been unable to scale to volume fast enough with its two pricey models, an upscale mid-size sedan and full-size SUV (a new crossover coupe sandwiched in between the two, the Polestar 4, just recently launched).
In November, the company revealed it needed to plug a $1.3 billion funding gap until 2025 when it expects it will no longer burn through cash.
Swedish bank SEB subsequently assigned zero value to the 48% stake in Polestar held by Volvo, itself controlled by Geely.
“The end of ’23 was a particularly tough situation where the competition has gone to discounts at a level which we just simply said no to,” CEO Thomas Ingenlath told Reuters in an interview last week.
In a rapidly expanding global EV market, Polestar eked out just 6% growth in 2023 after 80% in the previous year.
The 54,600 vehicles—built in China’s Chengdu and Taizhou and sold to customers worldwide—fell well short of the initial 80,000 it had aimed for at the start of last year. It even missed the company’s revised minimum target of 60,000.
Taking Polestar private would mark a full turn from the strategy Wall Street favored during the zero interest rate days when it urged legacy carmakers to spin off and float their loss-making EV brands like Polestar.
They argued listing these startups on the stock market could raise much-needed capital for the subsidiary while providing price transparency for investors in the parent.
If all went well, both would benefit as many analysts argued that wholly-owned EV brands were not treated fairly by the market, leaving their true value unlocked.
Polestar complied, announcing in September 2021 plans to go public via a reverse merger with Gores Guggenheim, a special purpose acquisition company (SPAC).
Back then interest rates were still at rock bottom, inflation was deemed transitory and the market rewarded growth above profits.
Polestar offered the alluring chance to invest on the ground floor in a pure-play premium EV brand unencumbered by the baggage of stranded legacy assets like combustion engine car models.
Ingenlath even took a unique approach of licensing production of Polestar vehicles to third parties like Geely and now Renault, rather than weigh its balance sheet down with costly manufacturing plants.
Yet Polestar proved imminently unkind to investors with the stock marking its all-time high of around $13 a share on the first day trading in late June 2022.
Ever since it has been on a steady decline, losing 84% of its value to last change hands at $2.10 per share, giving it a market cap of just $4.4 billion.
Subscribe to the Eye on AI newsletter to stay abreast of how AI is shaping the future of business. Sign up for free.
In the high-stakes world of corporate leadership, Spotify CEO Daniel Ek may seem to occupy one of the most coveted positions—that of a founder CEO.
Traditionally, these figures assume a quasi-royal role in steering their companies, leveraging their almost mythical status as founders to make bold decisions and commanding the voting power to enforce their leadership.
On the surface, it’s easy to slot Ek into this category, given his instrumental role in elevating the company from a little-known Swedish entity to the world’s preeminent music streaming platform over 18 years.
But according to the Spotify boss, that couldn’t be further from the truth.
What is the Scandinavian leadership model?
Speaking at a live recording of the In Good Company podcast in Oslo earlier this month, Ek said he was often forced to correct people when they came to him with requests about the company.
“I often hear the phrase ‘you should go directly to the CEO’… where a lot of people think that you’re magically going to be able to enact some kind of decision,” Ek said.
The Spotify boss said there were examples of companies where the CEO did have ultimate control, namedropping Tesla’s Elon Musk.
But Ek, who according to the group’s last annual financial statement is also Spotify’s largest shareholder, says this is not the case at his streaming group thanks to the Swedish labor model his company employs.
“It’s more the Scandinavian leadership model, where you delegate decision-making, you allow your leaders to make it. So, in many ways, I’m probably the least powerful person in Spotify and I probably make the least amount of decisions in Spotify.”
Instead of hyping up the cult of the leader, Ek instead sought to highlight the work of assistants, who he said are usually overlooked.
“Almost all powerful people have assistants of some kind and they are the ones who decide who this person is meeting or not meeting and can really help shape whatever happens in that person’s day,” Ek said.
The Scandinavian model of leadership encourages a flat style of management where employees are encouraged to take their own decisions and bosses often delegate tasks.
Spotify tries to instill several Scandinavian-inspired working models for its employees. The group has a generous parental leave policy and emphasizes flexibility for its staff with a work-from-anywhere policy.
However, based on the company’s latest filings, Ek’s comments on installing a Scandinavian style of leadership sound more like management rhetoric than being reflective of how Spotify operates in practice.
In addition to being the group’s biggest shareholder, Ek has the second-highest voting power at Spotify behind fellow co-founder Martin Lorentzon. The pair control a combined 74% of the company’s boardroom votes.
A representative for Spotify declined to comment further on Ek’s remarks.
Ek facing Spotify challenge
Still, Ek might have good reason to distance himself from the perception that he has carte blanche to enact his vision at Spotify.
The streaming giant announced its biggest-ever round of layoffs in December, saying goodbye to 1,500 staffers, equivalent to 17% of the group’s workforce.
The CEO disclosed that the company was doing too much “work around the work” and suggested the layoffs would bring efficiency back to the company.
Not long after, Spotify announced CFO Paul Vogel would be departing. Vogel cashed in $9 million worth of stock in the wake of layoffs that helped the company’s share price soar.
Those layoffs and the departure of Vogel came after the company made long-term bets that didn’t fully pay off.
Spotify splashed more than $1 billion on its podcast division with big deals for the likes of Barack and Michelle Obama, and Prince Harry and Meghan.
They have since chosen not to renew deals with some of its major stars, with Ek saying the group would be “very diligent” about future big-money content deals.
While Spotify says those deals intended to bring in long-term podcast listeners before switching to investment in higher-margin podcasts, it has made the group’s quest for consistent profitability a long one.
A third-quarter operating profit last year of €32 million ($34.5 million) was the company’s first since 2021. The company has fought with high costs since its inception linked to pricey deals with record labels to acquire streaming rights.
However, there are signs Spotify is beginning to turn the ship around.
While shares are still well below their 2021 peak, the group has doubled in value in the last 12 months as the group managed to push through an increase to its subscription price.
Spotify announced an update to its royalties model that would help funnel $1 billion to “legitimate artists,” as the company looks for ways to placate performers who are becoming increasingly frustrated with the group’s revenue distribution model.
Subscribe to the new Fortune CEO Weekly Europe newsletter to get corner office insights on the biggest business stories in Europe. Sign up for free.
An increasingly belligerent Russian President Vladimir Putin could attack the NATO military alliance in less than a decade, Germany’s Defense Minister Boris Pistorius warned.
“We hear threats from the Kremlin almost every day … so we have to take into account that Vladimir Putin might even attack a NATO country one day,” Pistorius told German outlet Der Tagesspiegel in an interview published Friday.
While a Russian attack is not likely “for now,” the minister added: “Our experts expect a period of five to eight years in which this could be possible.”
Following the Kremlin’s full-scale invasion of Ukraine, Russia has upped its aggressive rhetoric against some of its neighbors — including the Baltic countries and Poland, which are all members of NATO, and Moldova — prompting top European defense officials to warn of the risk of a major conflict.
On Wednesday, the chair of NATO’s military committee of national chiefs Admiral Rob Bauer said the military alliance faced “the most dangerous world in decades” and called for a “warfighting transformation of NATO.”
Earlier this month, Sweden’s commander-in-chief General Micael Bydén similarly called on Swedes to “prepare themselves mentally” for war.
The same day, Sweden’s Minister for Civil Defense Carl-Oskar Bohlin also warned that “war could come to Sweden.”
In his interview with Der Tagesspiegel, Pistorius said the Swedish warnings were “understandable from a Scandinavian perspective,” adding that Sweden faced “an even more serious situation,” given its proximity to Russia. It is also not yet a member of the NATO alliance, waiting for approval from Turkey and Hungary to join.
“But we also have to learn to live with danger again and prepare ourselves — militarily, socially and in terms of civil defense,” Pistorius warned.
Poland, which is spending more than 4 percent of its GDP on defense this year, is also worried about Russia’s unpredictability following the unexpected attack on Ukraine in 2022.
“Russia is defying logic. What happened in 2022 seemed impossible. We must be ready for any scenario,” Defense Minister Władysław Kosiniak-Kamysz said in a television interview earlier this week.
Late last year, Germany revamped its military and strategic doctrine for the first time since 2011, aiming to turn the Bundeswehr into a war-capable military.
“War has returned to Europe. Germany and its allies once again have to deal with a military threat. The international order is under attack in Europe and around the globe. We are living in a turning point,” said the first paragraph of the new doctrine.
Lithuania’s Foreign Minister Gabrielius Landsbergis, an outspoken Putin critic who has been one of the loudest voices in support of Ukraine in the EU, on Thursday called on Europe to speed up preparations for more Russian aggression.
“There’s a chance that Russia might not be contained in Ukraine,” Landsbergis told French newswire AFP at the World Economic Forum in Davos. “There is no scenario in this that if Ukraine doesn’t win, that could end well for Europe,” he warned.
