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  • ‘I have a lot of sympathy for Elon Musk’: Succession creator Jesse Armstrong on his tech bros AI satire Mountainhead | Mountainhead

    ‘I have a lot of sympathy for Elon Musk’: Succession creator Jesse Armstrong on his tech bros AI satire Mountainhead | Mountainhead

    When he gets to his London office on the morning this piece is published, Jesse Armstrong will read it in print, or not at all. Though the building has wifi, he doesn’t use it. “If you’re a procrastinator, which most writers are, it’s just a killer.” Online rabbit holes swallow whole days. “In the end, it’s better to be left with the inadequacies of your thoughts.” He gives himself a mock pep talk. “‘It’s just you and me now, brain.’”

    Today, the showrunner of Succession and co-creator of Peep Show is back at home, in walking distance of his workspace. He could be any London dad: 54, salt-and-pepper beard, summer striped T-shirt. But staying offline could feel like a statement too, given Armstrong is also the writer-director of Mountainhead, a film about tech bros. Elon Musk, Mark Zuckerberg, Open AI’s Sam Altman, guru financiers Peter Thiel and Marc Andreessen: all these and more are mixed up in the movie’s characters, sharing a comic hang in a ski mansion. Outside, an AI launched by one of the group has sparked global chaos. Inside, there is snippy friction about the intra-billionaire pecking order.

    Mountainhead feels like a pulled-back curtain. But Armstrong also resisted another rabbit hole: spending time in Silicon Valley for research. He tried that kind of thing before. Contrary to rumour, Succession never did involve backdoor chats with the children of Rupert Murdoch. Once the show became a phenomenon, though, he did meet with masters of finance and corporate media, picking their brains for insights at luxe New York restaurants. “And they’d be charismatic, and namedrop the 20 most famous people in the world, and I’d feel this buzz of excitement by association. Then later I’d look at my notes, and what they’d actually said read like complete inane bullshit. ‘Make the move!’ ‘Be the balls!’”

    Ski mansion schemers … from left, Cory Michael Smith, Steve Carell, Ramy Youssef and Jason Schwartzman in Mountainhead. Photograph: HBO/2025 Home Box Office, Inc. All Rights Reserved.

    So Armstrong returned to his office and, more generally, his kind. “I’m a writer,” he says, “and a writer type. And I’m happy with other writer types.” In America, when Succession exploded, you could sense an assumption the mind behind it must be an English Aaron Sorkin: a slick character as glamorous as the world he wrote about. Instead, here was the dry figure who compares making Mountainhead to an early job at budget supermarket Kwik Save. (Both, he says, boiled down to managing workload.)

    Rather than stalk Sam Altman, he read biographies and hoovered up podcasts. Amid the oligarchs’ tales of favourite Roman emperors, he kept finding a common thread: a wilful positivity about their own effect on the world. “And it must be delightful to really believe, ‘You know what? It’s going to be fine. AI’s going to cure cancer, and don’t worry about burning up the planet powering the AI to do it, because we’ll just fix that too.’”

    Part of the trick, he says, is perspective. At a certain level, money and power give life the feel of an eternal view from a private plane. “Whereas reality is standing in the road, dodging cars, thinking ‘Oh God! This is fucking terrifying!’”

    Success and Succession have not made Armstrong an optimist. But they did give him the professional heft to direct Mountainhead as well as write it, and to do so at unprecedented pace. Film and TV move achingly slowly; it was last November that he decided he wanted to make a movie about the junction of AI, crypto and libertarian politics. By May, he was preparing for it to come out.

    He says now he wanted Mountainhead to be “a bobsleigh run. Short, and slightly bitter, and once you’re on, you’re on.” His voice quickens recalling a first meeting with Steve Carell, who he wanted to play Randall, “the group’s dark money Gandalf”. This was January. Without a script, Armstrong could only tell the actor the story he’d loosely planned. Carell sat in silence. “I thought, ‘Well, this has gone very badly.’” Then he said yes. “At which point it was like, ‘Fuck. This is actually going to happen. Now I have to write it.’”

    Cocooned world … Succession. Photograph: Home Box Office/Graeme Hunter

    By March, the film was being shot in a 21,000 sq ft mansion in Deer Valley, Utah, then on the market for $65m. Carell aside, the cast included Cory Michael Smith, Ramy Youssef and Jason Schwartzman. For Armstrong, directing his first feature on a berserk turnaround was made easier by a deep fondness for actors. Standing in front of a camera, he says, paralyses him with self-consciousness. “So I honestly find what they do magical.”

    His own lack of talent as a performer proved important to the younger Armstrong. Between 1995 and 1997, he worked as an assistant to Labour MP Doug Henderson. It was an interesting time to have the job, with Tony Blair about to enter Downing Street. Is there a Sliding Doors world where a rising star assistant becomes an MP himself? One where, by now, Jesse Armstrong is home secretary?

    He shakes his head for several seconds. “I just wasn’t good at the job. Fundamentally, I didn’t understand politics.” He knows it sounds odd, having later written for insidery Westminster comedy The Thick of It. “But I couldn’t do the acting. I didn’t get it. I always thought like a writer, so in meetings where I should have been building my career, I’d just be thinking, ‘That’s weird. That’s funny. Why did you say that?’” (Armstrong once wrote for the Guardian about a meeting with then Conservative minister Ann Widdecombe, in which she sat under two posters: one a lurid anti-abortion message, the other Garfield.)

    Instead, he segued into comedy, and soon after Peep Show, the beloved squirm of a sitcom co-written with Sam Bain. At first glance, Succession is the obvious prequel to Mountainhead, a former newspaper empire giving way to tech superpower. But Armstrong sees a closer link between his new film and Peep Show: “Because it’s about men, and male hierarchies, and the pathos of men trying to connect.”

    He is tickled by the thought of his own story world, in which characters from different projects collide. “You can see Super Hans arriving at Mountainhead on a scooter, delivering the ketamine.” Then he pauses, suddenly anxious. Could he make sure I’ll mention Bain if I talk about Peep Show? “Because it was always Sam’s show as well.” And Hans owed so much to actor Matt King too, he says, “and then, of course, there’s David Mitchell and Robert Webb.”

    Should Armstrong ever make an Oscar acceptance speech, we will be there a while. Making sure due credit is given is of a piece with his near-pathological modesty. (He is a keen footballer. Which position? “Terrible.”) Being fair-minded matters too. He adds a postscript to his memory of leaving Westminster. “I’d also say I don’t in any way feel superior to people who do make a career in politics. I still believe we need good, professional politicians.”

    Turning back to Mountainhead, his even-handedness reaches a kind of event horizon. Armstrong , it transpires, feels sorry for Elon Musk. “Musk has done huge damage in the world, particularly with Doge, but I have a lot of sympathy for him.” The owner of X was brutally bullied as a schoolboy and according to a 2023 biography, had a difficult relationship with his father. “This is a traumatised human being,” says Armstrong. Still, not every bullied child ends up making apparent Nazi salutes onstage. “Yeah. That wasn’t great.”

    Ivory tower … with Steve Carell on the Mountainhead shoot. Photograph: Macall Polay/PR

    But there are other sides to Armstrong. For all the hints of bumble and awkwardness, he has also had the discipline to build a stellar career. And the more measured he is in person, the more Mountainhead feels like the work of a grinning Id, rising up to take a scalpel to his subjects, with their pretensions to philosophy, and dark indifference to life. (“I’m so excited about these atrocities,” a character beams as the world goes violently awry.) But his sympathy has its limits. “I do think the cocoon they’re in makes it hard for them to remember other people are actually real. But they’ve also been quick to give up trying. And some definitely feel the superior person shouldn’t have to try anyway.”

    More to the point, though, Armstrong finds the tech moguls funny. Much of the grimness of a Musk or Thiel is also brilliantly ridiculous: the epic lack of self-knowledge, the thinness of skin. Having studied them as he has, would he expect his real-life models to be enraged by the film? “Oh no. They’d instantly dismantle it in a way that would be 50% completely fair, and 50% totally facile. But they wouldn’t see any truth to it.”

    Still, Mountainhead is something very rare: a movie that feels as contemporary as TikTok. For Armstrong, after Succession and now this, you might think stories about the moment had become addictive. He frowns. Is a period piece next, in fact? Victorian bonnets? “Maybe. Genuinely maybe. Because I’m not actually that drawn to ripped-from-the-headlines ideas.” The frown deepens. “Am I not? I don’t know. I’m losing faith in my own answer, because I evidently am. I mean, I’m not going to claim I don’t like writing about right now. But honestly, at the same time – I’d be pleased to get out of it.”

    Mountainhead is available to own digitally now

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  • Anker Charger 2-pack deal: Two iPhone chargers for $12

    Anker Charger 2-pack deal: Two iPhone chargers for $12

    SAVE 37%: As of July 1, the Anker Charger, 20W, USB-C (2-Pack) is on sale for $11.99, down from its regular price of $18.99. That’s $7 off, or a savings of 37%.


    When you need a new iPhone charger, it’s usually a good idea to just go ahead and buy two: one for home and one for the bag. Anker makes that easy, with affordable iPhone chargers that become even better deals when they’re on sale — as they are right now ahead of Amazon Prime Day.

    Today, the Anker Charger, 20W, USB-C (2-Pack) is on sale at Amazon for $11.99, down from its regular price of $18.99. That’s 37% off for a savings of $7.

    SEE ALSO:

    Every color of the new M4 MacBook Air are now $150 off ahead of Prime Day

    This Anker pack comes with two brick plugs with USB-C connectors and two cords. Each plug comes with two sockets that support dual port charging, so you’ll be able to plug a second device into the charger without compromising output. These Anker chargers won’t only charge iPhones — they’re also compatible with other devices like iPads and iPad Pros.

    Mashable Deals

    The Anker charger supports fast charging with 20W output. This means that even though you’re going third party, you’ll still be getting a speedy phone charge.

    The best early Prime Day deals to shop this week

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  • Casio’s Ring Watch is available online again

    Casio’s Ring Watch is available online again

    Casio’s $120 CRW001-1 (AKA the Ring Watch) is back in stock on Casio’s website for the first time since it launched — then swiftly sold out — in December. The Ring Watch was released to commemorate the 50th anniversary of its original digital watch. While it may look like a novelty, the fully-functional watch impressed The Verge’s Victoria Song as both a fashion statement and a practical gadget. The silver ring has a sub-inch screen and comes in one ring size: 10.5. However, Casio includes 16 and 19 millimeter spacers to accommodate smaller fingers.

    The Ring Watch’s LCD screen can display six digits, and be set to standard or military time. The three buttons around its face can start a stopwatch, display the date, or show the time in a different timezone. An alarm function will flash in the corner of its screen when the counter is complete.

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  • Meghan Markle launches ‘thoughtful’ collection of wines | Meghan, the Duchess of Sussex

    Meghan Markle launches ‘thoughtful’ collection of wines | Meghan, the Duchess of Sussex

    Meghan Markle has announced her latest foray into lifestyle branding, with the Duchess of Sussex expanding As Ever product line now set to feature a “thoughtful” collection of wines.

    A press release on Tuesday described the first wine to become available as “a light, fresh, and effortlessly celebratory 2023 Napa Valley Rosé, thoughtfully curated by Meghan, Duchess of Sussex”.

    “This debut rosé marks the beginning of As Ever’s thoughtful expansion into wine, with a Méthode Champenoise Napa Valley sparkling wine planned for the near future and additional varietals to follow,” it said.

    Meghan’s team also set the stage for where the wine might be best consumed: “Designed for summer’s best moments – from lunches that turn into dinners and sun-drenched weekends where the only thing louder than the music is the laughter.”

    The manufacturer, Fairwinds Estate in Napa valley, located six hours drive from the Montecito home Markle shares with Prince Harry, also makes wine for Barry Manilow, the estate of John Wayne and the TV series Yellowstone.

    Other celebrities who have also put their names to wine in recent years include Cameron Diaz (Avaline), director Francis Ford Coppola, Post Malone ( Maison No 9) and the ever-entrepreneurial Snoop Dogg, with 19 Crimes Cali Red.

    Some celebrities have done well with alcohol ventures, including Brad Pitt, whose Miravel rosé brand is valued at around $200m, and George Clooney’s Casa Amigos tequila brand, established in 2103 and sold for $1bn four years later.

    The bespoke or craft wine business is rapidly growing. Estimated at $35bn globally in 2019, it is projected to reach almost $49bn by 2027.

    Meghan’s growing list of As Ever products includes a crepe mix, a shortbread mix with flower sprinkles, apricot spread in “keepsake packaging”, a limited edition orange blossom honey, and various teas. All products on As Ever’s website were sold out as of Tuesday morning, along with the reassuring message to consumers: “More coming soon.”

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  • AI and automated biology combine to improve enzymes – News Bureau

    CHAMPAIGN, Ill. — By combining artificial intelligence with automated robotics and synthetic biology, researchers at the University of Illinois Urbana-Champaign have dramatically improved performance of two important industrial enzymes — and created a user-friendly, fast process to improve many more.

    Led by Huimin Zhao, a professor of chemical and biomolecular engineering at the U. of I., the team reported its findings in the journal Nature Communications.

     “Enzymes have been increasingly used in energy production, in therapeutics, even in consumer products like laundry detergent. But they are not as widely used as they could be, because they still have limitations. Our technology can help address those limitations efficiently,” said Zhao, who also is affiliated with the Carl R. Woese Institute for Genomic Biology at the U. of I.

    Enzymes are proteins that carry out specific catalytic functions that drive many biological processes. Those seeking to harness enzymes to advance medicine, technology, energy or sustainability often run into roadblocks involving an enzyme’s efficiency or its ability to single out a desired target amidst a complex chemical environment, Zhao said.

    “Improving protein function, particularly enzyme function, is challenging because we don’t know exactly what kinds of mutations we should introduce — and it’s usually not just a single mutation; it’s a lot of synergistic mutations,” Zhao said. “With our model of integrating AI and automated synthetic biology, we offer an efficient way to solve that problem.”

    Zhao’s group previously reported an AI model to predict an enzyme’s function based on its sequence. In the new paper, the researchers take their AI a step farther: predicting what changes to a known protein would improve its function.

    “In a typically sized enzyme, the possible number of variations is larger than the number of atoms in the universe,” said Nilmani Singh, the co-first author of the paper. “So we use the AI method to help us create a relatively small library of potentially useful variant combinations, instead of randomly searching the whole protein sequence.”

    However, training and improving an AI model is more than just code; it requires a lot of input, data and feedback. So the Illinois team coupled their AI models with the automated capabilities offered by the iBioFoundry, a center at the U. of I. dedicated to quick, user-friendly engineering and testing of biological systems ranging from enzymes to whole cells. Zhao directs the iBioFoundry, which is supported by the National Science Foundation.  

    In the new paper, the researchers lay out their process: First, they ask the AI tool how to improve a desired enzyme’s performance. The AI tool searches datasets of known enzyme structures and suggests sequence changes. The automated protein-building machines at the iBioFoundry produce the suggested enzymes, which are then rapidly tested to characterize their functions. The data from those tests are fed into another AI model, which uses the information to improve the next round of suggested protein designs.

    “It’s a step toward a self-driving lab: a lab that designs its own proteins, makes the proteins, tests them and makes the next one,” said Stephan Lane, the manager of the iBioFoundry and co-first author. “The designing and learning is done by an AI algorithm, and the building and testing is done by robotics.”

    Using this method, the team produced variants of two key industrial enzymes with substantially improved performance. One enzyme, added to animal feed to improve its nutritional content, increased its activity by 26 times. The other, a catalyst used in industrial chemical synthesis, had 16 times greater activity and 90 times greater substrate preference, meaning it was far less likely to grab molecules that were not its target.    

    “We described two enzymes in the paper, but it’s truly a generalized approach. We only need a protein sequence and an assay,” Zhao said. “We want to try to apply it to as many enzymes as possible.”

    Next, the researchers plan to continue improving their AI models and upgrade equipment for even faster, higher-throughput synthesis and testing. They also have developed a user interface, enabling the system to run with a simple typed query. Their aim is to offer their method as a service for other researchers seeking to improve enzymes and speed drug development and innovations in energy and technology.

    “For the user interface, the motivation is to allow people with different backgrounds to use the tool,” said graduate student Tianhao Yu, a coauthor of the paper. “If an experimental scientist doesn’t know how to run Python programs, then they can use our interface to help them run the program. They just need to use English to describe their needs, and it will automatically run.”

    The National Science Foundation and the U.S. Department of Energy supported this work.

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  • Top 5 women’s health headlines you missed in June 2025

    Top 5 women’s health headlines you missed in June 2025

    Top 5 women’s health headlines you missed in June 2025 | Image Credit: © sebra – stock.adobe.com.

    June 2025 delivered pivotal updates across the field of women’s health, spanning clinical guidance, therapeutic innovation, policy statements, and new research insights.

    From ACOG’s condemnation of violence against reproductive health providers to promising trial data on managing vasomotor symptoms and recurrent bacterial vaginosis, this month’s developments reflect both the clinical and societal forces shaping OB/GYN practice today. Additional highlights include updated AAP recommendations on adolescent contraceptive care and new findings linking ADHD to increased risk of premenstrual dysphoric disorder.

    In this monthly roundup, Contemporary OB/GYN summarizes the most significant clinical findings, expert commentary, and policy developments from June 2025.

    Click on each headline below for full coverage and analysis.

    1. Elinzanetant found to reduce VMS from endocrine therapy for breast cancer

    A phase 3 trial published in the New England Journal of Medicine found that elinzanetant significantly reduced moderate-to-severe vasomotor symptoms in women receiving endocrine therapy for hormone receptor–positive breast cancer. Among the 474 participants, those receiving elinzanetant reported up to 3.5 fewer daily hot flash episodes by week 4 compared to placebo. Improvements in sleep and menopausal quality of life were also greater in the elinzanetant group. These findings address a critical need, as vasomotor symptoms often undermine adherence to endocrine therapy, potentially affecting long-term cancer outcomes.

    2. Secnidazole shows promise for recurrent BV treatment in new clinical trial

    New data presented at the 2025 ACOG Annual Clinical and Scientific Meeting support the long-term use of secnidazole oral granules for recurrent bacterial vaginosis (BV), a condition affecting nearly 1 in 3 reproductive-aged women in the U.S. In a small trial, once-weekly 2 g doses showed comparable or improved efficacy to CDC-recommended suppressive regimens. Lead investigator Chemen M. Neal, MD, emphasized the potential for simplified dosing to improve adherence and reduce recurrence. The findings also underscore the need for accurate diagnosis and sustained management of BV, which carries both physical and psychosocial burdens.

    3. ACOG condemns violence against reproductive health care providers

    In a joint statement, ACOG president Steven J. Fleischman, MD, and CEO Sandra E. Brooks, MD, condemned recent acts of violence targeting reproductive health care providers, including a bombing at a Minnesota fertility clinic and online harassment of clinicians. The statement, released following the 2025 ACOG Annual Clinical and Scientific Meeting, underscored the escalating risks ob-gyns face for delivering comprehensive reproductive care. Citing long-standing patterns of ideologically motivated violence, ACOG called for strengthened protections under policies like the Freedom of Access to Clinic Entrances Act and urged political leaders to oppose threats against providers.

    4. AAP issues updated guidance on contraception for adolescents

    The American Academy of Pediatrics updated its guidance on adolescent contraceptive care, urging pediatricians to provide developmentally appropriate, confidential counseling and access to the full spectrum of contraceptive methods. Published in the July 2025 issue of Pediatrics, the policy emphasizes equity, autonomy, and shared decision-making. The AAP highlights the need for proactive engagement given persistent gaps in contraceptive use among teens and calls for expanded access through telehealth and school-based care. Pediatricians are also encouraged to integrate contraception discussions with broader sexual health care, including STI screening and HPV vaccination.

    5. ADHD linked to higher risk of premenstrual dysphoric disorder

    Women with ADHD may face a significantly higher risk of premenstrual dysphoric disorder (PMDD), according to new findings published in the British Journal of Psychiatry. Using survey data from U.K. participants, researchers found PMDD symptoms were over three times more likely in women with ADHD, and risk was even higher when anxiety or depression was also present. PMDD was identified in 31.4% of those with ADHD versus 9.8% of those without. The study’s authors called for increased screening and a better understanding of how hormonal changes affect women with ADHD to address diagnostic disparities.

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  • Exclusive, Alejandro Davidovich Fokina starts from scratch in breakthrough year

    Exclusive, Alejandro Davidovich Fokina starts from scratch in breakthrough year

    Alejandro Davidovich Fokina, back to basics for the 2025 season

    At the start of the year, Davidovich Fokina found himself languishing down in 68th in the ATP rankings, a world away from his career-high rank of 21.

    Among his radical changes were an overhaul of his backroom team. The Málaga man brought in David Sánchez, who he had been working with the previous year, and Félix Mantilla as his key coaches.

    “There are many aspects, but I think the main one has been the life change that I made, the recruitment of the team that I really want,” Davidovich Fokina explains. “I left my former coach, moved to Monaco and said, ‘I have to start my whole team from scratch’.

    “With my manager, Gianmarco [Amatiste], who is also my best friend, we started to make calls and build the team bit by bit. We have a very good team, we are now looking for another coach, a second coach, but for now we are all here.”

    Hailing from the coastal town of Rincón de la Victoria, the world no. 27 is the second-highest ranked Spanish ATP player, behind five-time major champion Carlos Alcaraz.

    “There are quite a few Spaniards who are playing quite well nowadays,” he explains, “we also have a very good team for the Davis Cup, so I think that more young players will emerge to make us even stronger in the future.”

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  • H & M Hennes & Mauritz AB Six-month report 2025

    H & M Hennes & Mauritz AB Six-month report 2025

    Press release

    Second quarter (1 March 2025 – 31 May 2025)

    • Sales in local currencies increased by 1 percent in the second quarter, with 4 percent fewer stores at the end of the quarter compared with the same point in time last year. Excluding these closures, sales increased by 3 percent. Converted into SEK, net sales amounted to SEK 56,714 m (59,605). Net sales in SEK were negatively affected by a currency translation effect of around 6 percentage points due to the strengthened Swedish krona.
    • Gross profit amounted to SEK 31,425 m (33,569), which corresponds to a gross margin of 55.4 percent (56.3). The gross margin was negatively affected mainly by external factors such as a more expensive US dollar and high freight costs, which increased the cost of purchasing for the second quarter, but also by the company’s investments in the customer offering. The external factors that had a negative impact on purchasing in the first half of the year are turning positive for the second half of the year.
    • Selling and administrative expenses amounted to SEK 25,489 m (26,446). In local currencies these expenses increased by 2 percent.
    • Operating profit amounted to SEK 5,914 m (7,098), corresponding to an operating margin of 10.4 percent (11.9). The decrease in operating profit was mainly attributable to the lower gross margin and negative currency translation effects.
    • The result after tax amounted to SEK 3,962 m (5,0641), corresponding to SEK 2.48 (3.151) per share.
    • Cash flow from operating activities amounted to SEK 8,528 m (12,600). Cash and cash equivalents plus undrawn credit facilities were SEK 35,828 m (42,572).
    • The composition of the stock-in-trade is good. During the quarter the stock-in-trade developed in a positive direction with a significantly lower growth rate of 1 percent compared to the first quarter’s increase of 11 percent in local currencies. At the end of the second quarter the volume of goods was lower than at the same point in time last year. Higher purchasing costs explain the increase in stock-in-trade compared with the previous year.

    First half-year (1 December 2024 – 31 May 2025)

    • In local currencies net sales increased by 1 percent in the first half of the year. Converted into SEK, the H&M group’s net sales amounted to SEK 112,047 m (113,274).
    • Gross profit amounted to SEK 58,594 m (61,224). This corresponds to a gross margin of 52.3 percent (54.0).
    • Selling and administrative expenses amounted to SEK 51,427 m (52,010). In local currencies these expenses increased by 1 percent compared with the previous year.
    • Operating profit amounted to SEK 7,117 m (9,175), corresponding to an operating margin of 6.4 percent (8.1). The decrease in operating profit was attributable in full to the lower gross margin, which was negatively affected by external factors such as a more expensive US dollar and higher freight costs, but also by markdowns and investments in the customer offering.
    • The result after tax amounted to SEK 4,541 m (6,2951), corresponding to SEK 2.85 (3.911) per share.
    • Cash flow from operating profit amounted to SEK 12,729 m (16,567).
       
    • The H&M group’s sales in the month of June 2025 are expected to increase by 3 percent in local currencies compared with the same month the previous year. The sales increase of 3 percent is impacted by a negative calendar effect of around one percentage point.
    • Environmental organisation Stand.earth rated the H&M group as the best company in the fashion industry for the group’s work to phase out fossil fuels. The H&M group gained the highest overall score among leading brands in the fashion industry for its climate efforts.
    • The annual general meeting on 7 May 2025 resolved to authorise the board to decide on buybacks of the company’s own class B shares in the period up to the 2026 annual general meeting for the purpose of adjusting the company’s capital structure and enabling purchases of shares for the company’s share-based incentive program. The board of directors has made the decision to buy back the company’s own class B shares to ensure the delivery of class B shares to the participants in the company’s long-term incentive program (LTIP). The cumulative number of shares that can be purchased is 1,100,000 shares, for a maximum cumulative amount of SEK 175 m.
    • H&M is opening its first stores and online in Brazil, a country with a population of more than 200 million, early in the second half of 2025.

    “Our plan, with its focus on the product offering, the shopping experience and brand, is again confirmed by the progress we see. The positive development in important areas such as online, H&M womenswear and H&M Move, as well as continued focus on good cost control, will contribute to a profitable sales development,” says Daniel Ervér, CEO.

    1. See note 5.

    Comments by Daniel Ervér, CEO
     
    Our plan, with its focus on the product offering, the shopping experience and brand, is again confirmed by the progress we see. The positive development in important areas such as online, H&M womens-wear and H&M Move, as well as continued focus on good cost control, will contribute to a profitable sales development.

    Sales in local currencies increased by 1 percent in the second quarter, with 4 percent fewer stores at the end of the quarter compared with the same point in time the previous year. Excluding these closures, sales increased by 3 percent. Moreover, the quarter is to be seen in light of the fact that the second quarter of 2024 was a strong quarter with a sales increase of 3 percent.

    The quarter’s result was negatively affected by higher purchasing prices as a result of a more expensive US dollar and higher freight costs, but also by the fact that we have continued to invest in the customer offering. Investments made to strengthen our customer offering and give customers even more value for money. The negative external factors that increased the costs of purchasing for the first half of the year are turning positive for the second half of the year.

    Our plan, with its focus on the product offering, the shopping experience and the H&M brand, is confirmed by the progress we see in key parts of the business. With the customer offering at the centre, we have further strengthened the organisation’s focus on product and customer experience. The improvements implemented in online, H&M womenswear and H&M Move, together with increased product availability and closer collaboration with our suppliers, have continued to bring positive results. Portfolio brands also grew in the quarter and COS has developed particularly well. Some measures have a faster impact than others, but the direction is clear and during the year we continue to implement improvements in other parts of the business.

    Our upgraded digital store is now rolled out and the response from customers is positive. In our omni-model we continue to integrate our physical and digital sales channels that complement and strengthen each other. We also continue to expand in growth markets. We look forward to opening both online and physical stores in Brazil in the second half of the year, and taking H&M’s business concept – fashion and quality at the best price in a sustainable way – to a country that has a population of more than 200 million and a great interest in fashion.

    The integration of sustainability into our daily operations continues to deliver results. The climate and environmental organisation Stand.earth ranks H&M as number one among 42 fashion companies in terms of reducing climate impact. 

    In uncertain times with cautious consumers we monitor macroeconomic and geopolitical developments closely and continuously adapt both the customer offering and the business to meet our customers’ needs in the best way. We continue to strengthen the product offering and the experience both online and in our stores. With a clear plan, a strong financial position, good cost control and committed employees, we see good opportunities for long-term, sustainable and profitable growth.
     

    Communication in conjunction with the six-month report
     
    The six-month report, i.e., 1 December 2024 – 31 May 2025, will be published at 08:00 CEST on 26 June 2025, followed by a combined press and telephone conference at 09:00 CEST for the financial market and media, hosted by CEO Daniel Ervér, CFO Adam Karlsson and Head of IR Joseph Ahlberg. A presentation of the report followed by a Q & A session will be held in English.

    Location: H&M’s head office in Stockholm, Mäster Samuelsgatan 49, 3rd floor, Ljusgården. The event will be broadcasted online and questions can also be asked by telephone. For log in details please register: https://app.webinar.net/vwELGVnGex6 
     
    To book interviews for media in conjunction with the full-year report on 26 June 2025, please contact: Anna Frosch Nordin, Head of Media Relations, telephone +46 73 432 93 14, anna.froschnordin@hm.com.

    Please note that the combined press and telephone conference starts at 09:00 CEST. Also note that there will not be a separate telephone conference in the afternoon CEST.

    Contact

    Joseph Ahlberg, Head of IR +46 73 465 93 92
    Daniel Ervér, CEO +46 8 796 55 00
    (switchboard)
    Adam Karlsson, CFO +46 8 796 55 00
    (switchboard)

    H & M Hennes & Mauritz AB (publ)
    SE-106 38 Stockholm

    Phone: +46 8 796 55 00, e-mail: info@hm.com
    Registered office: Stockholm, Reg. No. 556042-7220

    For more information about the H&M group visit hmgroup.com.

    Information in this interim report is that which H & M Hennes & Mauritz AB (publ) is required to disclose under the EU Market Abuse Regulation (EU) No 596/2014. The information was submitted for publication by the abovementioned persons at 08:00 (CEST) on 26 June 2025. This interim report and other information about the H&M group are available at hmgroup.com.
     
    H & M HENNES & MAURITZ AB (PUBL) was founded in Sweden in 1947 and is listed on Nasdaq Stockholm. H&M’s business idea is to offer fashion and quality at the best price in a sustainable way. The group’s brands are H&M (including H&M HOME, H&M Move and H&M Beauty), COS, Weekday (including Cheap Monday and Monki), & Other Stories, ARKET, Singular Society and Sellpy. The group also includes several ventures. For further information, visit hmgroup.com.

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  • Centralized Campaigns, AI Support and More for Businesses on WhatsApp

    Centralized Campaigns, AI Support and More for Businesses on WhatsApp

    Today, at our global Conversations conference in Miami, we’re introducing updates to help make WhatsApp the go-to place for doing business.  

    Streamlining Marketing Across WhatsApp, Facebook and Instagram

    We’re streamlining how businesses can create and manage their marketing strategy across WhatsApp, Facebook and Instagram – all in Ads Manager. Now, businesses of all sizes can use the same creative, setup flows and budgets in one central place. Once onboarded, businesses can upload their subscriber list and either manually select marketing messages as an additional placement or use Advantage+, and our AI systems will then optimize budgets across placements to maximize performance. Once available, businesses interested in creating ads in Status will be able to do that from Ads Manager too.

    Expanding AI Support

    Image that reads "Business AI" and shows a collage of AI functions on WhatsApp

    As businesses attract more customers, they need additional support responding to an influx of chats. This is where AI can help. We’re exploring a Business AI that can make personalized product recommendations and facilitate sales on any business’ website – and then follow up with customers to answer questions or provide updates right in a WhatsApp chat. And starting soon, we’ll expand Business AIs to more businesses in Mexico. 

    Adding Calling and Voice Options

    Image that reads "Adding calling and video options for larger businesses" and has to images WA calling UI

    There also might be times it’s helpful to provide additional support to customers beyond just a text. In the coming weeks, larger businesses using the WhatsApp Business Platform will be able to receive a call from a customer when they want to talk to someone live, or call a customer directly once they’ve asked to hear from you. And starting soon, we’ll also make it possible to send and receive voice messages for additional support, or make a video call which can be helpful for things like a telehealth appointment. Bringing calling and voice updates to the WhatsApp Business Platform will help people communicate in a way that works best for them and paves the way for AI-enabled voice support in the future. Businesses interested in getting started with calling on the WhatsApp Business Platform can work with one of our partners.

    We look forward to hearing how these updates help businesses strengthen relationships with their customers and increase efficiency.


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  • Gilts rally as Andrew Bailey hints at reduction in BoE debt sales – Financial Times

    Gilts rally as Andrew Bailey hints at reduction in BoE debt sales – Financial Times

    1. Gilts rally as Andrew Bailey hints at reduction in BoE debt sales  Financial Times
    2. BoE urged to curb bond sales investors say could ‘reignite’ sell-off  Financial Times
    3. Bank of England’s Bailey defends bond programme after Reform UK criticism  Yahoo
    4. BoE echoes central banks’ long bond sensitivity  Reuters
    5. Andrew Bailey defends £150bn BoE losses after Reform UK warns it’s a ‘misuse of taxpayers’ money’  GB News

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