Latest News
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Fugro warns that US headwinds will affect revenue in 2025
Dutch geological data specialist Fugro reported that its fourth-quarter revenues were affected by political uncertainty in the U.S. and further setbacks are expected next year. Fugro, a provider of geotechnical and survey services, subsea, and geosciences, reported 610.37 millions euros in revenue for the fourth quarter, slightly less than market expectations, which were 589.8 million euro. This was due to headwinds from the Americas and Middle East, and India. The Americas region, which accounts for 22% of group revenue, saw sales fall 11.5% organically to 137.8 millions euros in the fourth quarter, due in part to the uncertainty surrounding the U.S. election and possible policy changes. This had a particular impact on the geophysical division. Fugro's 2025 EBIT margin is expected to be between 11% and 15%. The group expects that the slowdown on the U.S. Market will weigh on revenue growth in particular during the first half of this year. The company reported adjusted EBIT of 71.8 million euro in the fourth quarter. This was higher than the 54 million euro consensus estimate. The group said that it would also propose a 0.75 euro dividend per share. This is an 87.5% rise compared to a year earlier. $1 = 0.9630 euro (Reporting and editing by Himani Sarkar, Mrigank Dhaniwala and Alban Kachler)
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Holcim cement company beats fourth-quarter earnings expectations
Holcim announced better-than expected earnings for its fourth-quarter on Friday, as the building materials firm gave more details about its plan to spin-off its North American operation. Holcim's recurring operating profit rose 4.4%, to 1.17 billion Swiss Francs ($1.30billion), exceeding analyst consensus estimates of 1.14 billion Swiss Francs. Sales of 6.47 billion Swiss francs by the cement manufacturer in the three-month period ending December were down 1.9% compared to a year ago. This was in line with expectations of 6.45 billion francs. Holcim said on Friday that it has filed with the United States Securities and Exchange Commission about its planned spin-off from the North American division, which is expected to be the largest deal in the global construction industry this year. Holcim filed a Form 10 Registration Statement to the SEC, detailing the details of the business that was carved out. It also announced it would be holding an Investor Day on March 25, in New York. Holcim has said that the business is booming Last week Amrize would be the name of this company, which had revenues of $11.7 Billion in 2024 with a core profit adjusted of $3.2 Billion. In a press release, Holcim Chairman Jan Jenisch who will be the CEO of Amrize said: "Today's filing represents an important step toward Amrize's planned listing and our ambition to become North America’s leading building solution company from foundations to rooftops."
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Empire Energy Offshore, Boom Logistics Join Forces for OW in Australia
Empire Energy Offshore has formed a strategic alliance with Boom Logistics, a provider of heavy lifting and logistics solutions, to strengthen Australia’s future offshore wind infrastructure.The collaboration marks a pivotal advancement in the development of Australia’s offshore wind sector, prioritizing early stakeholder engagement and creating essential pathways for upskilling local service providers.Empire Energy Offshore and Boom Logistics will work alongside key stakeholders to support the research, development, deployment, and long-term viability of offshore wind projects in the rapidly evolving market.Long term, the alliance will offer a comprehensive range of services, including port infrastructure development, construction, engineering, heavy lifting, logistics, and expert consultancy.Combining Boom Logistics’ experience in the Australian renewable energy construction and installation market with Empire Energy’s expertise in onshore and offshore project development and management, the strategic alliance is designed to streamline the offshore wind supply chain and accelerate the delivery of large-scale wind energy projects.“This strategic alliance marks a significant milestone in our efforts to expand Australia’s offshore wind capabilities. By leveraging Boom Logistics’ industry-leading lifting and transport solutions, we are strengthening the supply chain and creating a more resilient infrastructure for the country’s renewable energy future,” said Mike Milledge, President of Empire Energy. “Collaborating with Empire Energy presents a tremendous opportunity to showcase our expertise in large-scale logistics and lifting solutions. Together, we aim to support offshore wind projects with best-in-class services that drive efficiency, safety, and innovation,” added Ben Pieyre, CEO, Boom Logistics Limited.
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Equinor Renews Facility Management Contract with Coor
Facility management services firm Coor has secured an extension contract with Equinor for facility management services on its offshore oil platforms in the North Sea.Coor has delivered facility management services to five of Equinor’s oil platforms since 2015.Equinor and Coor have now agreed to extend the agreement by five years with an option to extend it for a further five years. The agreement is worth some $24.5 million annually.Coor is responsible for providing and developing a number of services for Equinor’s staff working on the company’s oil platforms. These include restaurant services, cleaning, accommodation and reception.The extension applies from July 1, 2025, Coor informed.“We are very pleased that Equinor has chosen to continue the co-operation with Coor. We have more than 200 employees delivering world-class service every day in the North Sea. We look forward to continuing to develop our services in close collaboration with Equinor,” said Stine Solheim, CEO of Coor in Norway.
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Vietnam Steel Body seeks tariffs against Chinese and South Korean galvanised metal
The government announced on Friday that the Vietnam Steel Association had asked the government to place tariffs on imported galvanized steel from China and South Korea in order to protect the domestic industry. The government cited a proposal from an association as saying that imports of galvanized steel from China and South Korea are increasing rapidly. "This is putting pressure on the domestic industry", it said. The report said that imports from these two markets could account for as much as 64% to 67% in total imports between 2022 and 2023. The complaint was filed just days after Vietnam announced that it would impose temporary anti-dumping levies ranging from 19,38% to 27,83% on certain hot-rolled products from China. The steel association said that while hot-rolled, which is a primary material used to produce galvanised, steel imports are not protected. The group warned that, if this situation continued, it would not only be detrimental to the domestic galvanised industry, but also the entire steel industry. Vietnam's Customs Department data shows that the total value of steel, iron ore, and steel and Iron products imported from China in 2017 was close to $12 billion. In early February, the U.S. announced a 25% tariff on all steel imports. This would go into effect on March 4, according to data from Vietnam's customs. Washington has imposed antidumping duties in many cases higher than 25% on Vietnamese steel exports. It's not clear if the new U.S. anti-dumping duties will be added to existing measures. The proposed U.S. duties could affect all goods exported by Vietnam to its main market. Vietnam is looking at various ways to avoid tariffs.
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Oil prices drop for the first time since November, as economic uncertainties weigh
The oil prices fell on Friday and are headed for their first monthly decline since November as the uncertainty about global economic growth, fuel demand, and Washington's threats of tariffs outweighed concerns over supply. Brent crude futures for May, the more active contract, fell 31 cents or 0.4% to $73.26 a barrel by 0348 GMT. U.S. West Texas Intermediate futures were down 31 cents or 0.4% at $70.04 a barrel. Brent front-month that expires on Friday was trading at $73.69 a barrel, down 35 cents or 0.5%. Both benchmarks will post their first monthly decrease in three months. Tony Sycamore, IG's market analyst, said that a number of factors, including fears of an economic slowdown in the U.S. and tariffs as well as OPEC+'s plans to increase production in April, are reducing investors’ risk appetite and lowering prices. He said that the only argument against WTI was that it has fallen significantly. Technical charts show WTI to be well supported between $65-$70 per barrel. Donald Trump, the U.S. president, announced on Thursday that his proposed tariffs of 25% on Mexican and Canadian products will go into effect on March 4 along with an additional 10% duty on Chinese goods. The BMI unit of Fitch's research division says that market participants struggle to assess the impact of Trump administration’s energy policy announcements. BMI stated in a report that "those weighing down on the downside are currently winning," namely U.S. Tariff measures. Data showing that U.S. unemployment claims rose more than expected the week before also weighed on investor sentiment. Another government report confirmed the slowdown in economic growth in the fourth quarter. Oil prices rose more than 2% in the US on Thursday, as concerns about supply resurfaced following Trump's revocation of a license granted to U.S. major Chevron for operations in Venezuela. Sources close to the discussions said that the cancellation of the license could lead to a new agreement being negotiated between the U.S. oil producer and the state-owned PDVSA for the export of crude to other destinations than the United States. Eight OPEC+ source said that OPEC+ members are debating whether or not to increase oil production in April, as planned, or to freeze it, as they struggle to understand the global supply situation due to new U.S. sanctions against Venezuela, Iran, and Russia. Reporting by Florence Tan, Mohi Naryan and Sonali Paul; Editing by Jamie Freed & Sonali Paul
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Myanmar's Wa State is looking at resuming mining
Nyi Rang, the Wa State spokesperson, said on Friday that Myanmar is considering allowing mining in the region rich in tin to resume. Nyi Rang confirmed that an announcement circulated on Chinese social media by the Wa State Industrial Minerals Management Bureau, which outlined the process for obtaining permits for mining and exploration. Nyi Rang has not provided a timeline for the restart of mining. Mines in Wa provide 70% of Myanmar's tin, which is the third largest producer on the planet and the dominant supplier to China. Wa State, unlike the majority of Myanmar which is controlled by the military junta maintains its own military, political system and economy. It is a separate state. The United Wa State Army (the militia affiliated with Myanmar's ethnic Wa minorities) controls large areas of Wa State. In August 2023, it suspended all mining activities in areas under its control to protect the resources. Customs data revealed that China's imports from Myanmar of tin-ore more than halved in the past year. At 0250 GMT, the most active April tin contract at the Shanghai Futures Exchange fell 0.6%, to 255.770 yuan (US$35,103.83), a metric tonne. Reporting by Shoon Ning in Chiang Mai, Additional reporting by Violet Li from Shanghai; Editing Christopher Cushing & Muralikumar Aantharaman
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China Steel Exports Worried about Iron Ore Loss in the Month of August
The price of iron ore fell on Friday, and is expected to fall modestly each month due to U.S. trade tensions and rising tariffs. As of 0250 GMT, the most traded May iron ore contract at China's Dalian Commodity Exchange fell by 0.43% to 802 yuan ($110.07), per metric ton. The contract has fallen by 0.93% in the last month. The benchmark March ore price on the Singapore Exchange fell 0.89% to $104.15 per ton after losing 0.59% during February. Donald Trump, the U.S. president, announced on Thursday that his proposed tariffs of 25% on Mexican and Canadian products will go into effect on March 4, along with an additional 10% duty on Chinese goods. Trump imposed 10% tariffs on Chinese imports in the first half of this month. This resulted in a total tariff of 20%. Trump announced that he would impose 25% tariffs for all imports of steel and aluminum, which has sparked a new round of trade frictions with China. Vietnam announced a temporary antidumping levy against some Chinese steel products. South Korea, meanwhile, has imposed tariffs provisionally on Chinese steel imports. According to a report on Thursday, the U.S. tariffs on steel are also likely to disrupt Chinese transshipment, which is estimated at $7 billion. This will undermine a crucial source of sales for China’s struggling steel industry. The shortcomings of China's trade in scheme, which could lower expenses on non-subsidised items and reduce future expenditure, is increasing pressure on authorities to announce consumer-focused policies that have a long-term impact at China's rubber stamp parliament's annual meeting, beginning on March 5. The Shanghai Futures Exchange saw a decline in most steel benchmarks. Rebar fell 0.42%; hot-rolled coils lost almost 0.5%; wire rods declined 0.34%, and stainless steel gained 0.3%. Mysteel, a consultancy, reported that inventories of major steel products dropped 2.3% week-on-week, to 5.37 millions tons, but domestic steel demand was steadily recovering. Coking coal and coke both increased by 0.09% and 0.3 %, respectively.
California wildfire fund could shield Edison's balance sheet from fire claim claims, says company
Edison International's CEO stated on Thursday that California's wildfire fund of $21 billion may protect the balance sheet of Edison International if it is determined that equipment owned by Edison's electric utility was responsible for a deadly Los Angeles blaze last month.
Southern California Edison is one of California's largest utilities and is currently facing an increasing number of lawsuits that claim its power lines were responsible for the Eaton Fire near Pasadena.
Edison International CEO Pedro Pizarro told investors that the California Wildfire Fund has a total of $21 billion, and is largely untapped. This fund allows utilities in California to recover wildfire-related claim payments.
He said, "We have faith in the fund."
Eaton Fire is one of many fires that erupted in Los Angeles on 7 January, causing the costliest natural disaster in American History. The cause of the major fires including Eaton has not been revealed.
Edison executives told investors on a conference called that SCE is likely to begin burying additional lines underground in an effort to mitigate wildfires.
Investors are worried that the company may face massive liability claims. The shares of Edison International have dropped 35% since the wildfires began.
(source: Reuters)