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Iceland and several other nations including the U.S., Thailand, Costa Rica, and Cuba are facing major challenges in rebuilding their tourism industries by 2025. Forecast reductions, falling visitor numbers, and ongoing global instability are making it difficult for these countries to return to prepandemic tourism levels. The report underscores the lingering economic impact on travel dependent economies. Experts warn recovery may take longer than initially expected.

Swedish truck maker AB Volvo saw a 7 percent drop in net sales during the first quarter of 2025, reaching 121.8 billion kronor. The company cited unfavorable currency exchange rates and weaker demand in major markets as key factors behind the decline. The results reflect broader economic challenges affecting the industrial sector. Volvo's performance signals ongoing pressures in global trade, with currency volatility and softening demand impacting revenue. Analysts suggest the slowdown could persist if market conditions remain unstable. The company has not yet announced specific measures to counter the downturn but may adjust strategies in response to shifting economic trends.

Swedish pole vaulter Armand Duplantis and American gymnast Simone Biles claimed top honors at the Laureus World Sport Awards in Madrid. Duplantis, 25, was named Sportsman of the Year, while Biles won Sportswoman of the Year for the fourth time, matching Serena Williams' record. Duplantis, a double Olympic champion and world record holder, beat out tennis star Novak Djokovic and F1 champion Max Verstappen. Biles earned the award after securing three golds and a silver at the Paris Olympics. She dedicated the win to inspiring young athletes. Gymnast Rebeca Andrade won Comeback of the Year, and 17yearold Spanish footballer Lamine Yamal took Breakthrough of the Year. Real Madrid won Team of the Year after their Champions League and La Liga triumphs. Tennis legend Rafael Nadal received a Sports Icon award, and surfer Kelly Slater was honored with a Lifetime Achievement award.

Norway has partnered with Sweden, Finland, and Lithuania in a landmark joint procurement of CV90 infantry combat vehicles to strengthen regional defense. The agreement, involving Sweden based BAE Systems Hägglunds, aims to modernize ground forces while improving cost efficiency and interoperability among the allies. Norwegian Defense Minister Bjørn Arild Gram called the deal a strategic commitment to regional stability. The CV90, known for its battlefield adaptability, will be customized for each nation while sharing logistics and training frameworks. Deliveries are expected to start in 2026. The move signals unity among Nordic and Baltic nations amid rising tensions in Europe. Finland and Sweden, deepening NATO ties, and Lithuania, a frontline NATO state, view the collaboration as crucial for deterrence. The initiative aligns with broader European efforts to boost defense cooperation and readiness.

Swiss pharmaceutical giant Roche announced plans to invest $50 billion in the U.S. over the next five years. The expansion will create approximately 12,000 jobs and strengthen research, development, and manufacturing operations in states including California and Massachusetts. The move signals Roche's strong commitment to the U.S. market amid shifting global trade conditions. The investment will focus on advancing medical innovation and expanding production capacity. Roche emphasized the strategic importance of the U.S. as a key hub for pharmaceutical growth. Analysts view this as a significant boost to the domestic life sciences sector. The decision follows increasing competition in the global pharmaceutical industry. Roche's expansion is expected to enhance its ability to deliver cutting edge treatments while supporting local economies. Company executives highlighted the long term benefits of this investment for both patients and the broader healthcare system.

Switzerland has joined the European Union in sanctioning eight Russian state affiliated media outlets, signaling a shift from its longstanding neutrality. The decision underscores Bern's efforts to combat foreign disinformation and align with European security policies. The move highlights Switzerland's growing concern over propaganda linked to geopolitical conflicts and its commitment to protecting democratic institutions. Analysts view this as a significant step in the country's evolving foreign policy approach. The targeted media organizations are accused of spreading disinformation to influence public opinion. Swiss officials emphasized the need for coordinated action to counter such threats. This alignment with EU sanctions reflects broader European unity in addressing security challenges posed by Russia. Switzerland's participation marks a notable departure from its traditional neutral position.

Swiss officials are heading to Washington this week in an effort to prevent steep U.S. import tariffs by highlighting Switzerland's economic contributions to America. The delegation, led by Finance Minister Karin Keller Sutter and Economy Minister Guy Parmelin, aims to strengthen ties during the World Bank and IMF Spring meetings. The push follows major Swiss investments in the U.S., including Roche's $50 billion commitment and Novartis' $23 billion pledge. Switzerland ranks as the seventh largest foreign investor in the U.S., with firms like Barry Callebaut and ABB expanding operations. Officials warn that tariffs could discourage future investments. A recent call between President Trump and KellerSutter led to a temporary tariff reduction from 31% to 10%, but Switzerland seeks a permanent solution. PR expert Klaus Stoehlker called the trip a "journey of hope," emphasizing Swiss firms' role in U.S. jobs and returns for American investors like BlackRock and Vanguard. "Switzerland is deeply woven into the U.S. economic fabric," Stoehlker said. "It's not just trade—it's a partnership." The delegation hopes to convince U.S. leaders that punitive measures could harm mutual economic interests.

At least 24 people were killed after gunmen attacked tourists in Indian administered Kashmir on Tuesday, marking the deadliest civilian attack in the region in years. A senior police officer confirmed the incident occurred in the popular summer retreat of Pahalgam. Prime Minister Narendra Modi condemned the violence, calling it a "heinous act" and vowing that those responsible would face justice. The attack has sent shockwaves through the region, which has seen years of unrest but rarely such largescale civilian casualties. A local tour guide described chaotic scenes after hearing gunfire, rushing to help the wounded. He transported some victims on horseback, recalling seeing several bodies on the ground. Authorities have launched an investigation into the attack, with security forces searching for the assailants.