Latest News
-
Helleniq Energy's core profit rises 10% in the full year adjusted
Helleniq Energy, the Greek oil refiner, reported on Thursday a '10% increase?in core profit for the full year, which was boosted by high refining margins and record marketing performances, as well as growing contributions from their expanding power and renewables businesses. The group reported a full-year adjusted profit before interest, tax, depreciation, and amortisation of 1.13 billion euro ($1.33 billion), up from a previous year's 1.03 billion euro. The refinery's?output was 15 million metric tonnes, a little lower than expected due to planned a?turnaround? at the Elefsina refining plant, but the volume of sales remained at 15.6 millions tons. Exports accounted for more that half of this total. The company noted that improved crude sourcing and stronger global refining margins following the launch the group's Geneva-based trading division supported profitability. Helleniq Energy reported that international operations now account for approximately 40% of the group's earnings. This reflects growth in overseas marketing which led to a record-breaking adjusted EBITDA (89 million euros). The board proposes a final dividend per share of 0.40 euros, which will bring the total payout for the year to 0.60 euros, up from last year's 0.45 euros and representing a dividend yield of 7%. $1 = 0.8481 Euros (Reporting and Editing by David Goodman).
-
Vanguard settles antitrust lawsuit with Republican States for $29.5 Million
Vanguard Group, a fund manager, announced on Thursday that it had "agreed" to settle a lawsuit filed by the Republican Attorneys General of Texas, Kansas, and other states. They had accused the fund manager, and its rivals, of violating antitrust laws through their climate activism. Kansas Attorney General Kris Kobach stated in a press statement that Vanguard would pay $29.5 million to the group of states who brought the lawsuit, "to support enforcement and consumer relief effort." Kobach stated that Vanguard also "agreed" to strict passive commitments, which prohibit it from dictating strategy to companies in which it invests and pushing shareholder proposals relating to environmental or social concerns. Vanguard of Pennsylvania spokesperson said that it was forbidden to disclose the terms of the deal. In a press release, the?company reaffirmed "the passive nature" of its index funds. Vanguard, BlackRock, and State Street are under pressure from Republican politicians from states that produce energy to stop focusing on issues like corporate emissions and workforce diversity. Fund management groups supported fewer shareholder resolutions in the last few years and faced less pressure. They also avoided new regulations by?the Trump Administration, at least for the time being. Kobach stated in his press release that antitrust actions against BlackRock and State Street "remain pending." Both companies, he said, "remain defiant." BlackRock and State Street did not immediately respond to requests for comment. Vanguard is the largest fund manager, and has shown the greatest willingness to compromise with conservative critics. In 2024 it, for example, 'offered concessions to Federal Energy Regulators?that were similar to Thursday's agreement. For instance, an offer to refrain form submitting shareholder proposals. Reporting by Ross Kerber. Nate Raymond contributed additional reporting. Editing by Franklin Paul, Jane Merriman and Jane Paul.
-
World shares ease concerns over tech valuations
After Nvidia's strong quarter results, concerns over the high valuations of technology giants weighed on the markets. Investors in Wall Street and Europe sank shares as they digested yet another blowout quarter by?Nvidia. The world's largest company is worried about the market value of its stock, even though it predicted that first-quarter revenues would be a staggering $78 billion. Nvidia shares fell 4% on Wall Street. The Dow Jones Industrial Average increased by 0.11%. The S&P 500 dropped by 0.70%. And the Nasdaq Composite declined 1.37%. Thomas Plumb is the chief executive at Plumb Funds, Madison, Wisconsin. He said, "People are worried about high valuations, even though estimates, cash flows, and all other factors of a company such as Nvidia are radically higher." Plumb, whose largest investment is Nvidia, said: "But I think the sentiment will match up with the reality." The broad STOXX 600 index in?Europe fell by 0.11%. MSCI's?All Share Index fell 0.30%, after reaching a new record high of 1,063.86.
-
Women who sued Meta and YouTube for social media addiction is expected to testify at trial
As her landmark trial continues in Los Angeles, a California woman will?testify in court? on Thursday about the harm that?using Google's YouTube and?Meta Platforms’ Instagram as a child caused her mental health. Kaley G.M. In court, Kaley G.M. Her lawyers claim that the companies wanted to make money 'by hooking children onto their services, despite their knowledge of how social media can harm their mental health. Kaley G.M. Kaley G.M. This case is part of a global backlash against social-media companies for alleged harms caused to children and teenagers. Australia has banned children under 16 from using such platforms. Other countries are also considering similar restrictions. YouTube and Meta denied the accusations and stated that the evidence in the case did not support the woman’s claims. Lawyers for the plaintiff called the therapist to prepare for the next phase of trial. They wanted to explore if and how Kaley’s use of social media as a young child affected her well-being. The trial began with a focus on what companies knew about social media and how it affects children. It also focused on their business strategies for younger users. Meta CEO Mark Zuckerberg testified that the company had discussed products for children, but they never released them. Kaley's attorneys must prove that the companies'?design or operation of the platforms? was a significant factor in causing her mental health problems or making them worse.
-
US slows down sale of Lukoil to pressurize Russia in Ukraine peace negotiations
According to four sources who are familiar with the talks, the United States has slowed down the sale of the international assets of the 'Russian oil giant Lukoil to put pressure on Russia during the Ukraine peace negotiations. A document reviewed by OFAC showed that the U.S. Office of Foreign Assets Control (OFAC) will extend to Thursday the deadline for deals to be completed from February 28 to April 1. In recent weeks, U.S. and Russian government officials failed to make a breakthrough during talks in Geneva and Abu Dhabi, or in Miami, in order to negotiate a deal for peace in Ukraine. Three sources briefed about the meetings said that the U.S. sanctioned Rosneft and Lukoil as the two largest oil producers in Russia. Next round of talks planned between U.S. and Russia, Ukraine in March OFAC has extended the deadline for potential buyers to negotiate with Lukoil assets worth $22 billion three times since Washington imposed sanctions against the two Russian oil firms in October. The Treasury Department has extended the deadline to "facilitate ongoing discussions with Lukoil" and to "reach a deal which supports President Donald Trump's efforts in depriving Russia of the revenue it needs to fund its war machine and achieve peace." Official: Any deal must require that Lukoil does not receive any upfront value, and that all proceeds from the sale be placed into an account where funds will be frozen and under U.S. jurisdiction. According to an unrelated source, a sale could be concluded without a peace agreement. The sanctions forced Lukoil to sell its international portfolio. This included oilfields and refineries from Iraq to Finland. Over a dozen potential bidders have expressed interest in the sale, ranging from ExxonMobil of the United States to Pornhub's former owner. Three sources claim that OFAC was handling the asset sale of Lukoil, but recently the process escalated, involving senior officials from the White House, Treasury, and State Departments, with Treasury Sec. Scott Bessent being more directly involved. The White?House and Treasury have not responded to inquiries about whether the extension is related to peace talks. Lukoil has not responded to any requests for comments. This month, Ukrainian president?Volodymyr Zelenskiy claimed that his intelligence services had informed him that Russian envoy Kirill Dimitriev had proposed a $12 trillion economic deal to the Trump administration. According to a source familiar with the deal, it includes Lukoil's assets which could complicate any sale. Several companies, including the U.S. Private Equity firm 'Carlyle Group', Saudi Arabian Midad Energy and Todd?Boehly, an American billionaire, have signed a?agreement with Lukoil. They are working with investment bank Xtellus Partners, and UAE fund Alliance Investment Partners. Chevron is in talks with Texas-based Quantum Capital Group for the portfolio but terms have not been agreed upon yet. Reporting by Anna Hirtenstein in London, Dmitry Zhdannikov and Marwa Rashad in Washington and Timothy Gardner in London; editing by Lisa Shumaker
-
Rosatom, the Russian nuclear company, says that overseas nuclear plants will continue to be built despite UK sanctions
Rosatom, the Russian state-owned company, said on Thursday that it will continue to work on its foreign nuclear power plants and meet its obligations in spite of a new British sanction against Russian companies. The UK included three subsidiaries of Rosatom that are linked to the company's foreign projects as part of its latest sanctions package. This is its biggest since Russia sent troops to Ukraine in 2022. The UK government stated that the subsidiaries were included in its latest sanctions package because they were involved "in trying [to] secure contracts for new Russian nuclear installations abroad, opening up additional revenue streams to?make up?for plunging oil revenues". "Rosatom views any unilateral restrictions as illegal under international law. Safety is the top priority in 'the field of peaceful nucleonic energy. These measures undermine the 'foundation' of peaceful nuclear energy, Rosatom stated in a press release. Rosatom is not a sanctioned entity. By 2024, Rosatom will have the largest portfolio of nuclear power plants abroad - 33 large-capacity units. The company is building nuclear plants across the globe, including in Turkey, Egypt and China. Rosatom has announced that it is the No. Rosatom is the world's No. KAZAKHSTAN - PROJECT Kazakhstan will choose Rosatom to lead an international consortium in June 2025 for the construction of its first nuclear power plant. The Kazakhstan Atomic Energy Agency (KAEA), said Thursday that UK sanctions would not affect construction because the agency 'doesn't have any contract relationships with sanctioned individuals or entities and doesn't plan to include them as subcontractors. The agency stated that the work on the power station is progressing according to plan and that it is also monitoring the sanctions policies of other countries, taking into account the risks. The agency said that the work on the power plant is?currently progressing as planned and?the agency is monitoring sanctions?policies of other countries and taking risks into account.
-
Ecuador increases tariffs on Colombian products by 50% starting March
Ecuador will raise tariffs on 'Colombian imports from 30% to 50% on March 1, according to the government. This is a response to a trade dispute?between neighboring countries, fuelled by 'fears about border security. Ecuador imposed a tariff of?a?30% on imports coming from Colombia, citing the trade deficit as well as a lack in cooperation to combat drug trafficking at their shared border. Colombian authorities claim that they are cooperating with other countries to combat border crime. They cite joint operations that have resulted in the seizure?of drug shipments. The government of Ecuador did not respond immediately to whether or not this tariff would be applied to?electricity. This is a major import from Colombia during times of drought, when hydroelectric dams are dry. Colombia stopped sales to Ecuador after the initial tax. After the first tariffs were imposed, Ecuador raised its fee for Colombian crude shipped through its?SOTE pipe by 900%, to $30 per barrel. This prompted Colombia to stop shipments. 'SECURITY FEE' The?production ministry of Ecuador described the newest tariff increase as "a security fee" after noting Colombia's inability to implement effective and concrete measures on border security. The ministry added that "this decision is based upon national security criteria in order to strengthen co-responsibility for a task which must be jointly undertaken: combating the presence on drug trafficking at the border." Colombia has denied accusations that it fails to combat drug smuggling. It retaliated earlier by imposing its own tariff of 30% on Ecuadorean products and banning overland entry?of certain foodstuffs, as well as halting the sale of electricity to its smaller neighbour. Both countries have taken their claims to the Andean Community of Nations, a regional trading bloc. According to government statistics, Ecuador has a deficit of $1.03bn with Colombia through 2025. This excludes oil. Daniel Noboa, the president of Ecuador, has made a stance against crime a cornerstone in his administration. He has invoked extraordinary powers and expanded?the military's role. The Colombian president?Gustavo Petro uses military operations in his fight against the drug trade, but he has also emphasized social programs and economic initiatives such as crop replacement initiatives for coca growers. (Reporting and writing by Alexandra Valencia, Aida Pelaez Fernandez; editing by Sarah Morland & William Maclean).
-
Cuba vows to defend against 'terrorists and mercenaries'
On Thursday, President Miguel Diaz Canel stated that Cuba will defend itself from "terrorists and mercenaries aggression." This came a day after Havana announced that it had killed four exiles on board a speedboat registered in Florida that entered Cuban water and opened fire at a patrol. Cuban officials said that the Cubans on the speedboat involved in the incident of Wednesday were anti-government Cubans. Some had been wanted before for plotting an attack. Cuba claims that six people were injured on the speedboat. "Cuba neither attacks nor threatens," Diaz-Canel said on X. "We have said this repeatedly and reaffirm it today: Cuba will be able to defend itself with firmness and determination." The incident occurred at a?time of heightened tensions between the United States and Cuba, who have blocked?oil deliveries to the island? in order to pressure the Communist government after they captured and imprisoned Venezuelan President Nicolas Maduro. Fuel shortages are affecting transport, and power cuts have worsened on the Caribbean’s largest island where the grid is dependent on imported oil. Venezuela was Cuba's largest oil supplier but it hasn't sent any shipments since December. U.N. warned of a humanitarian disaster if Cuba's needs for energy are not met. Russia, one of Cuba's last oil suppliers (though it hasn't given a specific date for the next shipment), called for restraint and called the incident "an aggressive provocation from the United States". Marco Rubio, the U.S. secretary of state, said that his government would independently investigate this incident. He told reporters that "we're still collecting facts." "We do not make decisions in the United States based on what Cuban officials say." (Reporting and writing by Anett Rios, Editing by Sarah Morland & Alistair Bell; Writing by Gabriel Araujo)
Sources: Zorlu Holding Turkey in debt restructuring discussions with lenders
Two people who are familiar with the private talks say that Zorlu, a major Turkish holding company, has begun discussions with state banks about restructuring its debts. This could be the largest corporate loan restructuring in Turkey since the 2018 Lira Crisis.
Last week, Zorlu Holding held CEO-level discussions with state banks and private lenders to start a restructuring plan.
Sources, who requested anonymity because the talks are still ongoing, said that the company had put assets, including Zorlu AV, an iconic Istanbul shopping mall, up as collateral at state banks.
One person said that Zorlu assets could be sold to cover recent losses in certain sectors. Uncertainty surrounded the amount of debt Zorlu hoped to restructure.
According to the latest financial report, Zorlu will have around $3.2 billion in loans by 2024. Around half of Zorlu's total loans are in dollars, while another 30% is in euros. The rest is in Turkish Lira.
Zorlu refused to comment on the discussions?but pointed to a Vestel statement earlier on Thursday which stated that "the company continued to conduct its business with financial institutions in the normal course of their operations."
Bloomberg reported on Wednesday that Vestel was in talks with banks about restructuring debt of more than $500,000,000.
Zorlu Enerji, a producer of renewable energy and Vestel, is a Zorlu company.
Vestel is one of Turkey's largest exporters. In recent years, high interest rates, the stronger lira and weak domestic demand have hurt them.
Turkey's protracted inflation crisis can be traced back to a series of currency crashes that occurred in 2018. This was also the year when many major conglomerates restructured debt, such as Yildiz Holding which restructured its $5.5 billion loan.
(source: Reuters)