Latest News
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James Hardie sells Fermacell to James Hardie for $981 million, and looks to exit European operations
James Hardie, a fibre cement manufacturer, announced that it would sell its European sustainable walling solutions and flooring business, Fermacell to Swiss building material supplier Holcim, for 840 millions euros ($980.78million). The Dublin-based company will also?close its European fibre cement businesses subject to the usual legal and regulatory requirements. The CEO of James Hardie Aaron?Erter said that the planned closure of European fiber cement will allow us to focus our efforts on the highest growth and returns opportunities. Last year, the company faced an unprecedented purge of its Board after investors, angry by its $8.75 Billion takeover of U.S. Building Products Group AZEK, sacked its Chair and two Directors. James Hardie's market value dropped by billions last year after the deal was made at a 37% premium. The stock of its Australia-listed company plunged by more than 38% between 2025 and 2026. Investors also reacted strongly against the AZEK deal, which was financed?by debt? and a large share issue amid the volatility of the U.S. Housing Market. James Hardie announced on Thursday it would use $600 million of the proceeds from Fermacell sales to pay off debt. On Thursday, it also announced a $250-million share repurchase program. Holcim, on the other hand, said that it expects the deal to have a positive impact on its earnings in the first year.
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US firm Powerus secures $22.3 million contract for drone protection of Middle East energy infrastructure
Powerus, a U.S. drone manufacturer and radar maker, announced on Thursday that it had signed a contract for approximately $22.3 million to supply counter-drone technologies aimed at protecting oil infrastructure in the Middle East. According to the company, the system would track, detect and classify drone threats. It would then feed information to a central hub located at the customer site, giving 'operators an overall picture of aerial activity within the area. Powerus declined to disclose the name of the customer or the exact deployment sites. The contract demonstrates the growing demand for counter-drone defences in the Middle East where oil and gas installations have been targeted during the U.S.-Israeli conflict with Iran. According to the company, this agreement includes hardware, software and site activation. It also includes installation, maintenance for 24 months, and 24-month support. Powerus stated that it built the system so as to integrate a drone interceptor called Guardian in the future, providing a 'path to expand capabilities beyond just detection when threats evolve. This contract is a reflection of the direction that we believe the counter-drone industry will take -- towards integrated, networked?protection?of critical oil and gas infrastructure," Brett Velicovich said, co-founder, and president, Powerus. Powerus is preparing to merge with Aureus Greenway Holdings Inc. The companies anticipate completing the deal by early October 2026, subject?to?remaining conditions. Powerus develops autonomous?systems, such as heavy-lift platforms, autonomous aircraft and maritime systems and mission support technologies, for defense and infrastructure. (Reporting and editing by Sanjeev Mglani in Washington, Mike Stone)
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US sanctions Hezbollah, highlighting its ties with the Iranian government
According to a?statement viewed by the, the United States issued new sanctions on Thursday against Lebanon's Hezbollah. This included re-designating them?over their actions in support of Iran. According to the statement, the Treasury Department renamed the group for "service to 'the?Iranian government under the command of Iran’s Islamic Revolutionary Guard Corps - Quds Force." According to an anonymous U.S. official who spoke under condition of anonymity about the redesignation, it was meant to demonstrate that Hezbollah acts on behalf of Iran's government, and specifically the Islamic Revolutionary Guard Corps Quds Force. Hezbollah has been designated as a Foreign Terrorist Organization since 1997, and a Specially Defined Global Terrorist since 2001. Hezbollah in Lebanon is both a political group and an armed force. Sanctions are aimed at disrupting funding networks and isolating targets. They do this by freezing assets, prohibiting banks from dealings with specific entities, and blocking the flow of goods and services. The U.S. official stated that the move on Thursday was not a part of any new measures the U.S. has vowed to take against Iran. The United States is looking to end a six-month war that began with Israel. President Donald Trump warned Wednesday against countries who provide "any kind of lifeline" to Iran. Scott Bessent, the U.S. Treasury secretary, said on Thursday he will hold a press briefing on Monday about "the harshest sanctions in history," that Washington intends to impose against Iran. U.S. sanctions also targeted 10 individuals on Thursday for allegedly smuggling money to Hezbollah. Washington said the Turkish businessman was in charge of a network of couriers that moved money between countries in the region, and Hezbollah’s base in Lebanon. According to a statement, the businessman used exchange houses in Turkey as fronts for money transfers involving the Quds Force. He also provided front companies and bank accounts. The action targeted several couriers. Hezbollah was founded in 1982 by Iran's Revolutionary Guards during the 1975-1990 civil war in Lebanon. This was part of Tehran’s efforts to?export its 1979 Islamic Revolution? and?fight Israeli troops that invaded Lebanon in 1983. Hezbollah has its own social services including schools and hospitals and is well supported by Shi'ite Muslim Lebanese.
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Poland raises temporary corporate taxes for large utilities and fuel companies
According to assumptions in a draft bill released on Thursday, the Polish government intends to temporarily increase corporate income tax for large utilities and fuel companies from 19% to 30% by 2027. Companies with revenues above EUR50,000,000 ($58,000,000) would be subject to the higher rate. PAP, the state news agency, was the first to report on this proposal. Document: The proposal is for "large companies" operating in oil and gas production, trading, fuel production, distribution and transmission, as well as electricity transmission and power distribution. According to the plan, tax rates would drop to 26% by?2028, to 23% by 2029, and then return to 19% at the end of 2030. FUNDS TO SUPPORT ENERGY INTENSIVE INDUSTRIES The government stated that the measure would help fund programs to support Poland's energy intensive industries. It said these industries face some of the?highest energy prices? in the European Union. In the document, it was also noted that energy and fuel companies have generated "unusually large" profits in light of current geopolitical tensions. Eurostat data shows that, according to the government's estimation, Poland will have the highest energy costs in the EU for energy-intensive sectors in the second half 2025. The report also said that energy prices in the EU were two to three times more expensive than those in the U.S. or Asia. The government stated in the document that "energy-intensive sectors are facing immense difficulties, particularly those competing on international markets." It is important to create conditions which not only support the short-term competitiveness of businesses but also ensure that the effects of the energy transformation are long lasting. The government stated that the maximum amount of support under the program would be a 50% reduction in the annual average wholesale electricity price. The cost of the program was estimated at?4.8 billion Zlotys ($1.3billion) between?2027-2030. The government cited the need to help cover increased defence expenditures following Russia's invasion in Ukraine. Before a bill can become law, it must be approved by Parliament and signed by President.
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U.S. sanctions Hezbollah, highlighting ties with Iranian government
According to a statement seen by, the United States is planning to issue fresh sanctions on Hezbollah in Lebanon, including reclassifying it under a terrorist authority. This'move' is intended to highlight its links with the Iranian government. The statement said that while Hezbollah was not designated under a new authority, it is now a Specially Defined Global Terrorist for its "service?to Iran's regime under the command?of Iran's Islamic Revolutionary Guard Corps-Qods Force." An official from the United States said, "the re-designation is intended to show Hezbollah acting on behalf the 'Iranian Government and update the public records to 'link the designation with Hezbollah’s 'actions' on behalf Iran's Islamic Revolutionary Guard Corps Quds Force. Hezbollah has been designated as a Foreign Terrorist Organization by the U.S. since 2001. The United States also designated a 10 person group on Thursday, which it accused of smuggling money for Hezbollah. The 'U.S. Officials said the U.S. would not take any further action against Iran on Thursday, but Washington is still trying to end a six-month war it began with Israel. U.S. Treasury secretary Scott Bessent announced earlier on Thursday that on Monday he would hold a press conference about the "toughest sanctions in history" Washington intends to impose against Iran.
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Bulgaria's nuclear power plant will reduce capacity due to low water levels on the Danube
The 'Danube's low water levels' have forced Bulgaria's only nuclear 'power plant to 'cut its capacity by about 12 percent on Friday. The Kozloduy Nuclear Power Plant, which supplies around 35% Bulgaria's electrical needs, is composed of two Soviet-made 1,000 MW reactors: Units 5 and 6. The plant said that it would reduce the capacity of unit 5 by 120 MW in order to maintain its safe operation. The 'plant' said that it had made the decision due to "the ongoing unprecedented and critical decrease of the Danube River". It added that this was the first time in its 52-year history that power capacity was reduced because of extreme hydrological conditions. The Danube has a record low level of water, which has reduced the electricity production. Hydropower in Serbia and nuclear power in Hungary have both been affected by this. Nuclearelectrica, Romania's only nuclear power producer, shut down its entire plant last week due to the low Danube. The company stated that a team was set up at Kozloduy, which implemented the necessary procedures in order to ensure a safe and reliable operation of the plant in the event if a?prolonged drop in river levels.
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Bessent, US Treasury Secretary, will hold a press conference about Iran on Monday
Scott Bessent, U.S. Treasury secretary, said on Thursday that he will hold a press conference on Monday to "discuss exactly what we're going?to?do?" on Iran. Donald 'Trump' warned on Wednesday that any country providing "any kind of lifeline" to Iran would face economic consequences. The United States is trying to end a six-month war with Israel. Bessent said to CNBC that "I believe oil?markets misinterpret what this economic pressure is." On Thursday, oil prices rose to a three-week high. Bessent stated, "We have asymmetrical information and I'm not certain why oil has appeared on this." "If we apply the maximum economic pressure, it is likely that there won't be a large scale?kinetic restart." Bessent responded that many discussions are best held in private. He said: "We're confident that everyone wants to see the Strait of Hormuz reopened and energy prices come down." Remember that 50% of the energy consumed by the Chinese comes from the Gulf. It would be a great service to them if they embraced the program. In a Wednesday social media post, Trump promised "Economic Warfare and Isolation of an unprecedented scale", although the details were scarce. Since the Islamic Revolution in 1979, Iran has endured economic sanctions that are punishing and continuous for almost 50 years. Abbas Araqchi, the Iranian Foreign Minister, called Trump's remarks an attempt to divert American public opinion away from their domestic financial issues. This includes record debt and rising rates of interest. (Reporting and writing by Susan Heavey, editing by Katharine J. Jackson and David Ljunggren).
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Monte dei Paschi approves bids for Banco BPM, Banca Generali in defensive move, source says
Sources close to the situation said that Monte dei Passchi di Siena's?board approved bids on Thursday for Banco?BPM as well as wealth manager Banca Generali in order to counter an EUR36 billion ($42billion) takeover offer from Intesa Sanpaolo. Italian media reported that the board backed Luigi Lovaglio's proposal with a majority rather than an unanimous vote. MPS explored a possible deal with Banco BPM in order to stop Intesa from taking over. However, the two banks announced on July 31 that they would be ending their discussions after BPM's major investor, France’s Credit Agricole expressed its disapproval. Analysts suggest that MPS can use an asset it acquired by taking over Mediobanca in 2025, a 13% stake?in Italy's largest insurer Generali. It could also draw from its cash reserves to boost returns to its shareholders and counter Intesa's EUR3 billion cash offer. Analysts have stated that the Generali stake, worth EUR8.5 billion, could be traded or sold for another asset. Lovaglio refused to provide details on an analyst call held on 7th August. Lovaglio has previously denied disposing of Generali's stake, according to people familiar with his plans. BREAK-UP Intesa will retain Mediobanca and the Generali stake as well as roughly half of MPS’s branch network. The other half has been sold to address antitrust concerns. Lovaglio criticised the plan and said it would destroy value. Prime Minister Giorgia?Meloni expressed her hope that MPS might not be "dismembered" despite insisting that the government plays no active role. Intesa’s unsolicited offer of cash and shares in June was the latest in a wave of consolidation that has?reshaped Italian banking in the last 21 months. Italian banks went through years of restructuring before their profits reached record levels with the rise in interest rates from 2022. MPS was the face of the overhaul. After being rescued in 2017 by the state and reprivatised between 2023 and 2024, Generali bought Mediobanca for EUR16 billion in a hostile bid. It also regained control over its prized Generali stake. MPS's largest shareholders are Delfin - the investment vehicle for the Del Vecchio eyewear dynasty - and Francesco Gaetano Caltagirone, a construction tycoon. Both are also large Generali investors. Intesa made its bid while UniCredit was busy acquiring Germany's Commerzbank. UniCredit has also been building a Generali share in recent months, which it described as an investment. $1 = 0.8559 Euros (Reporting and Editing by Elaine Hardcastle, Gavin Jones and Giulio Pioloavaccari)
Mariana and 18 other Brazilian cities join Vale BHP dam collapse compensation agreement
A Brazilian court announced on Thursday that 19 additional cities have joined the compensation agreement reached with the miners BHP Vale Samarco over the 'collapse of the Mariana dam in 2015', including the city which was at the epicenter of the disaster.
The deal signed in October 2024 and ratified by 45 out of 49 municipalities that are eligible for funds now has the backing of these 45 municipalities.
The 2015 dam failure in an iron ore mining owned by Samarco (a joint venture between Vale, BHP and BHP) near the city of?Mariana, in southeastern Brazil killed 19 people and left hundreds homeless. It also flooded forests, and polluted?the length of the Doce River.
The agreement stipulated that 170 billion reais (32.74 billion dollars) would be paid as compensation and reparation for one of the worst environmental disasters in the country, with 6 billion reais allocated to the affected cities.
As of March 2025, however, only 26 cities were part of the agreement. Many cities felt that the 170 billion dollars in real terms was not enough to compensate the damage. Initial resistance was influenced by a parallel legal action in London against BHP, which seeks compensation for the collapse and could result in a higher amount of compensation.
In November, the London High Court ruled that BHP was responsible for the collapse of the dam under Brazilian law. In April 2027, a second trial to determine any damages payable is expected to start.
Samarco is concerned about the cities' participation in the agreement, because it wants to move beyond the uncertainty caused by the collapse.
In a press conference, Mariana Mayor Juliano Duarte stated: "We consider this an historic victory for the City." "We still have a number of individuals and companies involved in the UK case." As the city government we will continue to support these people.
The court stated that it is willing to accept 'any future adherence of the four cities whose members have not yet joined the agreement. These are Ouro Preto in Minas Gerais, Governador Valadares in Resplendor in Minas Gerais, and Colatina in Espirito Santo.
(source: Reuters)