Economy

Utopia Music closes R&D offices : Swedish startup Utopia Music has closed its research and development offices in the UK and Finland, resulting in layoffs of approximately 5% of its employees. The closure is part of the company's effort to streamline operations for profitability and sustainable growth, with future development focused on the Stockholm office. Utopia Music has recently resolved tax debts and payment issues with employees after facing financial difficulties.

Record for Swedish hotels : Hotels in Sweden are experiencing high demand this summer, leading to increased room prices by 12-13% compared to last year. The return of events such as concerts, conferences, and weddings, along with the low exchange rate of the Swedish krona, are driving the increased demand. The hotel industry expects a record summer, despite rising costs for food, rent, and staff.

Copyright clash: H&M vs. Shein : H&M has filed a lawsuit against Shein, accusing the Chinese "fast fashion" company of copyright infringement in Hong Kong. H&M is seeking damages and an injunction against Shein's alleged infringement on their designs, with a hearing scheduled for July 31. Both companies have declined to provide further comments on the ongoing case.