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Dsm-firmenich anticipates a slightly higher profit margin for 2026
dsm firmenich, a European chemicals manufacturer, said on Thursday that it 'expects a slightly... higher adjusted core.profit margin % in 2026. It also said it is focusing on accelerating its growth for the next fiscal. The group stated that "macro-economic issues experienced in the second half 2025 continued into the first quarter of 2026. These include cautious consumer demand, and adverse FX effects." The group expects to achieve an adjusted earnings before interest taxes, depreciation, and amortization (EBITDA), margin of 20%. This is slightly higher than the 19.6% reported by the company last year and beats?the same figure?expected in average by analysts according to a company-compiled survey. Dsm-firmenich's products are used to make perfumes by French luxury groups LVMH & Kering. The company also expects organic sales growth between?2% & 4%. This is in line with an average analyst forecast of 3.1%. The group stated that 'its outlook assumes that broader geopolitical developments?in the Middle East will not have a significant or prolonged impact?. U.S. and Israeli war against Iran, and Tehran's attacks on Gulf neighbours has disrupted Middle East oil and?natural-gas exports and forced production to stop. The Strait of Hormuz is the world's most important oil artery. It handles 20 percent of the global supply of oil and LNG. (Reporting and editing by Matt Scuffham in Gdansk)
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The Czech utility CEZ's net profit for the year falls by 9% due to lower electricity prices
CEZ, the Czech electricity producer, reported on Thursday a 9% drop in its annual net profit adjusted to 28.1 billion?crowns (US$1.33 billion) due to lower electricity prices. The company had forecast 26 to 28 billion crowns for 2025. This is a slight increase from the 31 billion crowns of?2024. EBITDA (earnings before tax, depreciation, and amortization) was?roughly flat, at 137.0 billion crowns versus 137.5 in '2024. This is at the upper?end of a company's guidance range. CEZ, 70%-owned by the Czech State and one of Central Europe's biggest listed companies, reported that lower realized electricity prices and a weaker commodity trading profit weighed on EBITDA. Meanwhile, higher depreciation, amortisation and other costs associated with its GasNet acquisition impacted bottom-line profits. The company is expecting a?adjusted?net profit of between 27 billion and 31 billion 'crowns? in 2026. Meanwhile, the 'EBITDA?is expected to fall to between 103 billion to 108 billion crowns?, with lower electricity prices?again?being seen as a major drag.
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New York Times Business News - March 12, 2019
These are the most popular?stories from the New York Times business pages. These'stories' have not been verified and we cannot vouch for their accuracy. The International Energy Agency has agreed to release a record number of 400 million barrels from its strategic oil stockpiles in order to combat a rise in 'global crude oil prices' since the beginning of the 'U.S.-Israeli conflict with Iran. U.S. President Donald Trump’s administration announced it would launch?two new?trade investigations into excess 'industrial capacity' in 16'major trading partners' and forced labor to rebuild tariffs pressure after the U.S. Supreme Court threw out much of Trump's Tariff Program last month. It has since imposed?strict limits?barring photographers, continuing a broader tightening of press access under Defense?Secretary Pete Hegseth. Since then, it has imposed'strict limitations' on photographers. This is part of a wider tightening up of press access by Defense Secretary Pete Hegseth The Agriculture Department has been sued by food stamp recipients who claim that restrictions prohibiting them from buying sugary drinks and candy are illegal, confusing and make it difficult for them to manage their health. (Compiled and edited by Bengaluru Newsroom)
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Cemex sells Colombian assets for $555 million; Holcim is among the buyers
Cemex, the Mexican cement manufacturer, announced on Wednesday that it will be selling some assets in Colombia. It expects this to bring in $555 million. Cemex said in a press release that Holcim would buy a cement mill, a grinding plant and a portfolio of other plants from them for $485m in a deal expected to close before the end of the year. The cement manufacturer said that it is in talks with unidentified parties about other assets worth around $70 million. Media reported that Cemex was 'looking to exit Colombia' after its sales in Central America and the Philippines over the last two years. It will keep two cement plants with a combined annual installed capacity of 1.6 millions metric tons in Colombia, along with a ready-mix plant, aggregate quarries, and?mills. Jaime Muguiro, Chief Executive, said: "We're pleased with our continued progress in streamlining our portfolio. We also focus on investing and strengthening positions in key geographies, businesses and industries in the U.S.A., Europe, and Mexico." Holcim CEO said late last year big acquisitions 'were possible' in the upcoming months, after Xella was purchased for 2.14 billion dollars by Holcim.
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Morning Bid Europe Newsletter-Iran expands war on shipping and Trump talks Strait
Stella Qiu gives us a look at what the future holds for European and global markets. Two are needed to make peace. Someone forgot to tell 'Iran that the war was already won. As Tehran is stepping up attacks on ships in Gulf waters and warning the world about oil prices of $200 per barrel. The oil industry's response to the International Energy Agency's record-breaking release plan is very telling. Investors are more concerned about the prospect of an extended blow to the supply of oil than Trump's words. After being attacked by Iran-equipped boats with explosives, two?fuel tanks are on fire in Iraqi waters. This has forced the oil ports of that country to stop operations. Oman is said to have cleared out all ships from its main oil terminal. Brent crude futures rose 9% to $100.07 after hitting as high as $119.5 earlier this week. U.S. Crude also gained 8%, reaching $94.25. Trump responded that the U.S. "will look very closely at the Straits" when asked about the conflict. The stock markets didn't take it well. MSCI's broadest Asia-Pacific share index outside Japan dropped 1.6%, ending two consecutive days of gains. Japan's Nikkei dropped 1.7%. S&P 500 futures and Nasdaq Futures both fell by 1%. In Europe, EUROSTOXX futures fell 1.1%. This will lead to an inflationary spiral, causing bond markets around the world to increase borrowing costs. Rate cuts are a thing of the past. The traders have bet that none of the five central bankers meeting next week in the United States, Europe Britain, Australia, and Canada will ease and only one, Australia, will increase rates. The yields on two-year U.S. Treasury bonds have reached their highest level since August. Meanwhile, the 10-year Treasury bond auction was?still a disappointment. The 30-year bond auction is the focus of attention today. Who would lock in yields when inflation threatens to eat into future returns? The following are key developments that may influence the markets on Thursday. Bond auctions for 30-year US bonds Initial jobless claims and US trade data in January Michelle Bowman, Fed's Vice-Chair for Supervision
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Russell: Crude oil futures are not in line with reality, as the Asia physical market collapses.
Crude oil futures are indicating that the market is confident it can navigate through?the Iran War, while physical cargoes are indicating an impending crisis. One of these signals is not correct. It isn't what is happening on the paper oil markets. Brent crude futures, the global benchmark, ended Wednesday at $91.98 per barrel, an increase of 4.8% over the previous close, but still down on the March 9 spike that saw them reach $119.50 - the highest price in almost four years. On the physical market, on Wednesday the premium paid for a physical shipment of Middle East benchmark Dubai oil over its paper counterpart rose to nearly $38 per barrel, the highest level since Russia's invasion of Ukraine in 2022. Paper oil traders appear to be believing the rhetoric of U.S. president Donald Trump and certain members of his administration, that the campaign against Iran was going well and that there is no threat to oil and products shipments through Strait of Hormuz. The International Energy Agency, which released a record 400 million barrels from its stockpiles, is also believed to be able to help resolve some supply disruptions. The current problems cannot be resolved by political leaders who are not in touch with the reality on the ground. Also, releasing oil from stockpiles will likely not provide enough oil to Asia where it is most needed. The situation will only deteriorate if the Strait of Hormuz is effectively blocked. It is particularly the case that Asia has taken the majority of the 18 to 20 million barrels of crude oil and products per day (bpd), which flowed across the Strait of Hormuz before the U.S. launched an aerial campaign on Iran on 28 February. System Breaking Prices for crude and refined products are reflecting the reality of supply chain stress in Asia. On Wednesday, the premium for a bar of cash Dubai crude compared to paper swaps increased by $4.17, reaching $37.87, a price not seen since Russia's invasion of Ukraine. This event also led to fears about oil shortages, as Western buyers stopped purchasing Moscow's crude. The main difference between the Russian invasion in Ukraine and the conflict in Iran today is that there was not a real loss in crude oil supply in 2022. Instead, the flow of Russian oil to China and India was simply rerouted. The current situation, however, is very different. Even the rerouting of crude oil exports to Saudi Arabia’s Red Sea Port?and to the United Arab Emirates' facility on the Gulf of Oman are not enough to compensate for the closing of the Strait of Hormuz. The problem is not only the crude supply, but also the tightness of refined products. This is turning into a major issue for nations that import, such as Australia, Indonesia, and New Zealand. Some countries like China are restricting fuel exports to meet their domestic demand. Refineries across Asia have cut processing rates. The cash differential between diesel and refined products is causing prices to rise. Singapore hit a new record of $28.69 per barrel on Wednesday. The price of a barrel reflects the difference between the physical and paper prices. It has risen from 84 cents per barrel the day before Israel and the U.S. attacked Iran. Jet kerosene is a similar case. Spot prices reached a record high on March 4 of $225.44 per barrel, before falling to $157.12 a barrel by Wednesday. This price is still 68% higher than the $93.45 from?February 27. The physical crude and product markets in Asia indicate that the supply chain has a problem. You like this column? Open Interest (ROI) is your new essential source of global financial commentary. ROI provides data-driven, thought-provoking analysis on everything from soybeans to swap rates. The markets are changing faster than ever. ROI can help you keep up. Follow ROI on LinkedIn, X. These are the views of the columnist, an author for.
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South Korea vows to intensify crackdown on illegal auto exports to Russia
Customs officials in South Korea announced?on Thursday they will 'intensify their crackdown on illegal auto exports to Russia after discovering that a growing number of vehicles are being sent via third-country countries like China, Kazakhstan and Kyrgyzstan. Korea Customs Service reported that illegal vehicle exports to Russia from South Korea increased by more than five times to 149.2 million won ($100.78m) in the last year compared with 2024 when Seoul tightened restrictions on exports in response to Russia's invasion of Ukraine. The Korea Customs Service said that some traders reported falsely to the customs offices that the cars were exported?to neighboring countries like Kazakhstan and Kyrgyzstan?even though their final destination was Russia. Other people bought new cars disguised as used cars. They then shipped them through third countries to Russia. Customs officials confirmed that many of these vehicles were imported German premium brands. Seoul requires vehicles with engines larger than 2.0 litres have a permit for exporting to Russia since 2024. The penalty for violating the law is a maximum seven-year prison sentence or a fine up to five times the price of a vehicle. In February, it was reported that thousands of cars were being shipped from China to Russia under grey-market schemes. These schemes often circumvent Western or Asian government sanctions and the commitments made by automakers to leave the Russian market.
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Brent oil returns to $100 after Iran intensifies its attacks on Gulf shipping
Oil prices rose on Thursday as Iran intensified its attacks?on?oil?and?transport facilities in the Middle East. This sparked fears of a long-term conflict and disruptions to oil flow through the Strait of Hormuz. Brent futures were up $8.54 or 9.28% to $100.52 a bar at 0354 GMT. U.S. West Texas Intermediate crude rose $7.22 or 8.28% to $94.47. Brent crude oil hit $119.50 per barrel on Monday. It was its highest price since mid-2022. Then, it dropped when U.S. president Donald Trump announced that the Iran War could end soon. In remarks directed at the U.S., an Iranian military spokesperson said on Wednesday: "Get prepared for oil to be $200 per barrel because the price of oil depends on the regional security which you have destabilised." Analysts at ING said that there are no signs of a calming down of the situation in the Gulf, and therefore, the disruptions of oil flow through the Strait of Hormuz will continue for some time. "The only 'way to see oil?trade at lower prices on a consistent basis is to get oil flowing through Strait of Hormuz," ING stated. If we fail to act, the market's highs will still be ahead of us. Farhan al Farousi, director general of General Company for Ports said that two foreign tankers carrying Iraqi oil caught fire after being hit by unknown attackers. Initial investigation by Iraqi security officials revealed that explosive-laden boats from Iran struck the two tanksers. The International Energy Agency (IEA) has agreed to release 400 million barrels of oil, a record amount. This will help to bring down the prices which have risen after the "U.S. - Israel war against Iran" broke out. The U.S. contributes the majority of this release, 172 million barrels, from its Strategic Petroleum Reserve. The IEA's decision to release oil reserves'may only be a temporary solution. As disruptions in oil shipments across the?Strait of Hormuz, and a major production halt could lead to a long-term shortage of oil, said Tina Teng a Moomoo ANZ market strategist. The ING analysts?said that there are concerns over how quickly the 'oil can reach the market, and if it will be enough to tide the consumers over until the Strait of Hormuz oil starts flowing again. Reporting by Sam Li and Siyi Liu from Beijing and Singapore, and editing by Tom Hogue and Thomas Derpinghaus
Sources say that China has banned the export of fuel in March.
Four sources familiar with the matter confirmed that Beijing had ordered a 'ban' on the export of refined fuels in a bid to prevent a possible domestic fuel shortage due to the U.S./Israeli war against Iran.
Sources said that the ban, issued by National Development & Reform Commission (NDRC), included shipments of aviation?fuel and gasoline.
The cargoes still awaiting clearance of customs on March 11 are affected by the halt. The restriction on 'outbound flows' goes beyond the last week’s initiative by Beijing, which urged refiners to not agree to new exports or to try and cancel shipments that they had already committed.
Two of the four sources cited said that the blanket ban does not include jet fuel for aviation bunkering.
The NDRC didn't immediately?respond? to a comment request.
Data from ship trackers and trade sources revealed that China shipped 50,000 metric tonnes of gasoline (584 500 barrels), 300 000 tons of diesel (2.23 millions barrels), and 300 000 tons of jet fuel (2.36million barrels) in March. Reporting by Trixie YAP, Chen Aizhu, and Siyi LIU; Editing and production by Jacqueline Wong & Tom Hogue
(source: Reuters)