| Ukraine’s Finance Minister: ‘War Is Like a Black Box’ What does it take to run the finances of a country at war? That question is at the heart of this week’s conversation with Ukraine’s finance minister, Sergii Marchenko. He has to keep many balls in the air as his country suffers unrelenting attacks and navigates a complex relationship with the US. H&M Billionaire Quietly Moves Retailer Toward Private Ownership  Shoppers pass a Hennes & Mauritz AB store in Athens. Photographer: Yorgos Karahalis/Bloomberg Hennes & Mauritz, the fast-fashion retailer that’s been listed on the Swedish stock market since 1974, is steadily moving back toward private ownership. The founding family has stepped up share purchases, spending more than 63 billion kronor ($6.6 billion) since 2016 and fueling speculation it could take the Stockholm-based company back into private hands — despite denials from family members. Winners of Defense Stock Frenzy in Europe, From Chemical to Goggle Makers This year’s surge in Europe’s biggest defense stocks has elicited some obvious winners, leading investors to dig deeper for other names that might stand to benefit from the billions being diverted toward military budgets. From goggle makers to chemicals producers, and even a printing company, stocks with the merest link to defense have been snapped up, sending share prices soaring. China’s Temu and Shein Want to Crack Europe, But the US Is Too Big to Quit In response to Trump’s tariffs, Chinese e-commerce platforms are shifting resources to Europe and other markets, spending heavily on promotions to woo consumers. European regulators and retailers are braced for a flood of low-cost goods. But that may be slow to come. There Aren’t Enough Engineers to Meet World’s Hunger for Power  Workers assemble a high-voltage electricity transmission tower in Klockow, Germany. Photographer: Krisztian Bocsi/Bloomberg The bankruptcy filing of Swedish battery startup Northvolt was preceded by a number of debilitating events: failing to fulfill customer contracts, pleas to investors for more cash, ghosting creditors. But its downfall began with a problem many companies are facing today: a severe, years-long struggle to find enough workers with the right skills. | 
