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U.S. labor markets remain hot while there is turbulence in the wake of  the Russian invasion of Ukraine.

On Tuesday the 17th of May, the SACCNY community came together at Gateway in New York City in our U.S. edition of the Executive Women's Conference. 

Many thanks to our guests and speakers Robin Fisher, Cecilia Qvist, and Elizabeth Von Habsburg who shared insights and lessons learned from their journeys to becoming executives. 

During our luncheon with speakers and Q&A, our attendees were welcomed to mingle and network. Stay tuned for the fall 2022 edition of the Executive Women's Conference in New York City and Washington D.C.

Top news from SACCNY's community of members and beyond.
CBS | The steel is produced by Swedish steel company SSAB and the electric Volvo trucks will be the first to include it. The steel from SSAB is produced using a completely new technology, based on hydrogen. The result is a much lower climate impact than conventionally produced steel. Small-scale introduction of the steel in Volvo’s heavy electric trucks will begin in the third quarter of 2022. 
RESUMÉ 🇸🇪 | SACCNY member DeBroome launches Brand Learning, a Gamified Learning Management cloud platform to welcome every employee and partner, and close the gap between people and purpose - ensuring continual development of lifelong brand ambassadors.

REUTERS | Citigroup Inc is weighing a deal to buy Deutsche Bank AG's Mexican bank, Bloomberg Law reported on Tuesday, citing people familiar with the matter. Citi is planning to set up a new local unit in the country, and the deal will help it sidestep a lengthier approval process for a new license, according to the report. Talks are in early stages and may not result in a deal, the report added. Any sale would require regulatory approval and Deutsche Bank would keep the brokerage it relaunched in the country earlier this year, Bloomberg Law reported.

BUSINESS INSIDER | Even with an increased risk of an impending recession, one top executive says that the labor market will stay hot. "Generally speaking, the really hot labor market is something that is going to persist for 3-5 years at least," Paul Knopp, CEO of KPMG's U.S. operations, told Insider on Monday. "We need more people in manufacturing, we need more people in technology, we need more people in healthcare," Knopp added, saying because enrollment is dropping at universities and the U.S. population is aging, there might not be enough future labor supply as well. 

CNN | Shares in Swedish Match (SWMAF) soared 25% after U.S. rival Philip Morris International (PM) said it was in talks to buy the Stockholm-based tobacco products company, betting on a growing market for alternatives to cigarettes. The two companies in separate statements late on Monday confirmed media reports of the talks, saying it was uncertain whether an offer would be made. Shares in Philip Morris is looking to expand its smoke-free options amid rising global scrutiny of the sale of traditional cigarettes.
FLEETOWNER | Einride, the Swedish autonomous freight company that recently expanded into the U.S., has a newly designed trailer to go with software updates for its all-electric, humanless transportation systems. The Einride Trailer, new apps, and user interface for the Saga platform were announced during a company event in Gothenburg, Sweden, on May 19. The new EV smart trailer is designed for Einride’s electric and autonomous vehicles but will be compatible with other Class 8 EV trailers, according to the company.”

NYTIMES | Biden Pledges to Defend Taiwan if it Faces a Chinese Attack
President Biden signaled that he would use military force to defend Taiwan if it were ever attacked by China, dispensing with the "strategic ambiguity" traditionally favored by American presidents, and drawing a firmer line at a time of rising tensions in the region. At a news conference during a visit to Japan, Mr. Biden suggested that he would be willing to go further on behalf of Taiwan than he has in helping Ukraine, where he has provided tens of billions of dollars in weapons as well as intelligence assistance to help defeat Russian invaders but has refused to send American troops.

WSJ | Snap Plunges, And There Goes Social Media’s Online Ad Biz
Nearly every major player in the sector reported a notable slowdown in advertising revenue growth during the recent first-quarter earnings season. All but one actually missed Wall Street’s targets for that category as well. Then, in a surprise announcement, Snap Inc., SNAP -41.35% the parent company of Snapchat, said in a filing Monday afternoon that revenue and adjusted pretax earnings for the second quarter will come in below the range the company projected barely a month ago.
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More top picks for the Swedish-American business community.
CNBC | When Finland and Sweden announced their interest in joining NATO, the two Nordic states were expected to be swiftly accepted as members of the defense alliance. But joining NATO requires consensus approval from all existing members, and Turkey – one of the group’s most strategically important and militarily powerful members – is not happy. The reasons why are complicated, emotional and steeped in decades of often violent history.

NYTIMES | President Biden raised the alarm about monkeypox, a viral infection fast spreading around the world, and warned that the disease, which can be spread as easily as through handling a contaminated object, is something “that everybody should be concerned about.” Monkeypox, rarely seen outside Africa, has been found in recent weeks in Europe and the United States. As of Saturday the 21st of May, 92 cases and 28 suspected cases had been identified in 12 countries outside of those African nations where it is endemic, according to the World Health Organization.
WSJ | Growth in the U.S. and global economies slowed in May as high inflation and rising interest rates dented demand, business surveys said Tuesday. Business activity at services businesses in the U.S., eurozone, U.K. and Australia all grew more slowly in May amid rising prices, according to S&P Global surveys. The firm’s purchasing managers index surveys also reported Tuesday that factories in major global economies face supply-chain disruptions related to Covid-19 surges and the Ukraine war, as well as higher fuel costs and rising wages.

BLOOMBERG | The U.S. pandemic fueled housing boom, marked by record price gains and coast-to-coast bidding wars, is finally reaching its limit. After the fastest rise in mortgage rates for any four-month period since 1981, hot markets such as Austin and Riverside, Calif., are suddenly slowing. Buyers who once had to make on-the-spot offers now have time to shop and even negotiate. And some sellers are doing something unthinkable just months ago: slashing prices.
REUTERS | Global energy and funding shocks test climate commitments
Six months after the world agreed in Glasgow to a U.N. climate pact with bold, new targets, political and business leaders facing an energy crisis, volatile markets and an economic downturn are grappling with how to cut carbon emissions. Amid soaring oil and gas prices triggered by Russia's Feb. 24 invasion of Ukraine, some countries have turned to other fuels, including coal, to meet their energy needs.

THE GUARDIAN | Do not work for 'climate wreckers', UN head tells graduates
The UN secretary general has told new university graduates not to take up careers with the “climate wreckers” – companies that drive the extraction of fossil fuels. António Guterres addressed thousands of graduates at Seton Hall University in New Jersey, U.S., on Tuesday. “You must be the generation that succeeds in addressing the planetary emergency of climate change,” he said. “Despite mountains of evidence of looming climate catastrophe, we still see mountains of funding for coal and fossil fuels that are killing our planet.

The Swedish-American Chamber of Commerce in New York (SACCNY) is looking for a Business Services Intern to join our team for a 1-year. As a Business Services Intern, you will support both new and established Swedish businesses to execute on their U.S. expansion strategies, and work to identify and leverage synergies between startups, scaleups, large corporations and non-profits. You will gain unparalleled insight into the U.S. business environment and Swedish-American exchanges, and develop an invaluable network of Swedish and American business executives and entrepreneurs.

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