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☆ Shipping Giant Maersk Drops Deep Sea Mining Investment
▼ + stars: | 2023-05-03 | by ( Yusuf Khan | ) www.wsj.com time to read: +4 min

Shipping company A.P. Moller-Maersk is selling its stake in deep-sea mining firm The Metals Company, even as the legal process to allow seabed mining approaches its final stages. The shipping company held more than 9% of TMC in 2021, according to data from FactSet and has been an investor in the company since 2017. TMC is one of the biggest proponents of deep-sea mining and is the most active company within the space, being the first to complete pilot testing. TMC and other deep-sea mining firms have come under fire over worries that the practice will harm the seabed environment.

☆ Here are the top 15 companies to work for in Singapore, according to LinkedIn — most are new on the list
▼ + stars: | 2023-04-18 | by ( Goh Chiew Tong | ) www.cnbc.com time to read: +4 min

The list of top companies in Singapore sees a huge reshuffle this year, which is a testament to "Singapore's strong business ecosystem," according to LinkedIn. LinkedIn has released its annual list of top companies in Singapore to work for — and banking and information technology companies dominated the 2023 list. The list of top companies also saw a huge reshuffle this year, which is a testament to "Singapore's strong business ecosystem," according to the professional networking platform. The banking and finance sector in particular, saw 4 companies in the top 5 on the "LinkedIn Top Companies 2023″ for Singapore. It provides financial products and banking services to individuals, corporations, governments, investors and institutions.

☆ A.P. Moller Capital plans $750 mln infrastructure deals in South, Southeast Asia
▼ + stars: | 2023-02-20 | by ( Anshuman Daga | ) www.reuters.com time to read: +1 min

Moller Capital, the asset management unit of Danish transportation and logistics giant A.P. Moller Group, said on Monday it aims to invest more than $750 million in the high-growth markets of South and Southeast Asia. Moller Capital and our investment business in Asia, where we see significant opportunity...," said Dhruv Narain, partner at A.P. Moller Capital and head of its Asia team. Moller Capital manages more than $1.5 billion and has invested in 16 projects.

☆ Maersk nears complete Russia exit after selling logistics sites
▼ + stars: | 2023-02-20 | by ( ) www.reuters.com time to read: +1 min

COPENHAGEN, Feb 20 (Reuters) - Shipping and logistics group A.P. Moller-Maersk (MAERSKb.CO) has agreed to sell its two logistics sites in Russia to IG Finance Development Limited, it said on Monday, nearly marking the end of its business activities in the country. "We are pleased to have found a new owner of our two logistics sites in Russia and thereby execute on our decision to divest all our assets in the country," Chief Commercial Officer Karsten Kildahl said in a statement. IG Finance Development, a company registered in Cyprus, has made an agreement with Arosa, a large food importer in Russia, to operate the sites, Maersk said. After that, Maersk will not have any business in Russia.

☆ Retailers Hope to Bargain for Lower Ocean-Freight Rates
▼ + stars: | 2023-02-14 | by ( Paul Berger | ) www.wsj.com time to read: +5 min

Richard Galanti, chief financial officer of Costco Wholesale Corp. , said lower freight rates should lead to price cuts at the members-only retailer, which imports more than 200,000 containers a year from Asia. An International Monetary Fund study found that when ocean-freight rates double it causes inflation to rise by 0.7 percentage point. Jonathan Ostry, a Georgetown University professor and a co-author of the study, said cutting shipping rates in half should reduce inflation by the same amount. In the ocean-shipping spot market, where importers book containers without a contract, rates have dropped to $1,000 on some trans-Pacific routes. But they say lower ocean shipping expenses will help in steadying prices.

☆ Biggest Shipping Companies Signal Global Trade Slowdown
▼ + stars: | 2023-02-08 | by ( Costas Paris | Dominic Chopping | ) www.wsj.com time to read: 1 min

Maersk says it is seeing falling demand for freight shipping from both the U.S. and Europe. A Danish shipping giant on Wednesday became the latest company to showcase how global trade has slowed through the Covid-19 pandemic. Moller-Maersk A/S, one of the world’s largest ocean freight companies, said it expects its earnings could plunge nearly 80% this year amid weakening demand to ship containers.

☆ GE’s Finance Chief Sees Future for AI Across Company’s Business
▼ + stars: | 2023-02-08 | by ( Thomas Gryta | ) www.wsj.com time to read: +3 min

General Electric Co. sees a future for using generative artificial intelligence like ChatGPT across its business, from the shop floor to the front office, according to Carolina Dybeck Happe, the company’s chief financial officer. Ms. Dybeck Happe said the use of AI in manufacturing begins with gathering a huge amount of data from different complex systems. A native of Sweden, she joined GE after spending about a year as finance chief of Denmark-based shipping giant A.P. She became GE’s finance chief in early 2020, taking on a role traditionally held by long-term employees of the company, which has long prided itself on its management training. Using artificial intelligence and automation is part of increasing efficiency and quality, Ms. Dybeck Happe said.

☆ Maersk expects 2023 profits to plummet as volumes, freight rates fall
▼ + stars: | 2023-02-08 | by ( ) www.reuters.com time to read: +1 min

Moller-Maersk (MAERSKb.CO) on Wednesday reported fourth-quarter earnings slightly below expectations and forecast a 2023 core profit significantly below last year's as volumes and freight rates fall. The company said in a statement it expected underlying earnings before interest, taxation, depreciation and amortisation (EBITDA) between $8 billion and $11 billion this year, compared with $36.8 billion last year. Underlying EBITDA stood at $6.52 billion in the fourth quarter compared with $7.99 billion a year ago and a 6.95 billion forecast by analysts in a poll gathered by the company. Revenues fell slightly to $17.8 billion in the period as the number of containers it loaded on to ships fell by 14%. Reporting by Jacob Gronholt-Pedersen, editing by Anna RingstromOur Standards: The Thomson Reuters Trust Principles.

PREVIEWDave Edwards, the chief executive at Greenville-Spartanburg, said just over a decade ago his airport had no international air cargo operations. BMW today accounts for about a quarter of Greenville-Spartanburg’s roughly 15 international cargo flights a week. Air cargo volumes fell through most of last year as manufacturers and retailers pulled back on orders because of slowing consumer spending. Rockford, about 70 miles from Chicago O’Hare International Airport, has become one of the most successful regional airports for cargo. It is a hub for United Parcel Service Inc. and has attracted air operations for companies including Amazon.com Inc., DSV and A.P.

☆ Analysis: Some ocean shipping rates collapsing, but real price relief is months away
▼ + stars: | 2023-01-09 | by ( Lisa Baertlein | ) www.reuters.com time to read: +4 min

They're not interested in playing the (spot) market" by shopping for lower rates, shipping expert John McCown said. The chief executive of container shipping company Ocean Network Express, Jeremy Nixon, said in December that short-term spot rates were "bottoming out." Meanwhile, long-term contract rates finished 2022 about 20% lower than the pandemic peak of more than $8,000 per container, according to maritime consultancy Drewry, which expects contract rates to halve in 2023. Several factors could support longer-term contract rates, including upheaval from China's COVID outbreak, war in Ukraine, and high labor costs. Steve Schult, vice president for almond farming cooperative Blue Diamond Growers, bets contract rates will not revisit pre-COVID levels.

☆ Blockchain Fails to Gain Traction in the Enterprise
▼ + stars: | 2022-12-15 | by ( Isabelle Bousquette | ) www.wsj.com time to read: +7 min

Newsletter Sign-up WSJ | CIO Journal The Morning Download delivers daily insights and news on business technology from the CIO Journal team. Some companies say they haven’t found a compelling enough reason to use it. Many didn’t have digital record-keeping systems and had to make large upfront investments before they could start using blockchain, Walmart said. Walmart is using blockchain to track leafy greens and green bell peppers. Earlier this year, the state of Jharkhand in eastern India began using blockchain to track seed distributions to farmers.

French container line CMA CGM sees the ownership of cargo terminals at U.S. ports as the next step in its bid to extend its shipping business into greater inland logistics. “Port terminals are an essential piece of the supply-chain efficiency, being at the crossroads of sea and land operations,” said Christine Cabau Woehrel, CMA CGM Group’s executive vice president of operations and assets. CMA CGM earned $17.9 billion in net profits in 2021 and its earnings in the first three quarters of this year reached more than $20.4 billion. The purchases come as CMA CGM is spending billions to buy logistics operations and more recently launch an airfreight service. China’s Cosco Shipping Ports has expanded its terminal operations around the world in concert with expansion by state-owned Cosco Shipping Lines.

SummarySummary Companies Maersk needed 'new energy' in CEO position - chairmanClerc takes over as shipping boom comes to an endImportant to keep costs down amid high growth - ClercCOPENHAGEN, Dec 12 (Reuters) - A.P. Moller-Maersk (MAERSKb.CO) said on Monday it had appointed company veteran Vincent Clerc as its new chief executive to lead the shipping giant through a period of slowing container demand. "The strong tail winds that benefited the supply chain industries during the pandemic are coming to an end," Maersk Chairman Robert Maersk Uggla told a press conference at the company's headquarters in Copenhagen. Shares in Maersk have roughly doubled since Skou took over as CEO in 2016. Copenhagen-based Maersk is one of the world's biggest shipping and logistics companies, handling supply chains for large customers like Walmart and Nike.

☆ Shipping firm Maersk picks Vincent Clerc as new CEO
▼ + stars: | 2022-12-12 | by ( ) www.reuters.com time to read: +1 min

Moller-Maersk (MAERSKb.CO) said on Monday it had appointed Vincent Clerc, who has been with the firm for 25 years, to replace Soren Skou as Chief Executive Officer as of Jan 1. "With an increasingly challenging outlook, the board believes Vincent holds the right experience and capabilities as CEO to pursue and oversee Maersk’s strategic and organizational development in the years to come," he added. Company veteran Clerc currently heads the company's Ocean & Logistics business. Skou, who has been in the job since 2016, oversaw the group's transformation from a conglomerate into an integrated logistics company. Reporting by Stine Jacobsen, editing by Terje SolsvikOur Standards: The Thomson Reuters Trust Principles.

☆ Logistics Companies Are Diversifying Hiring, but Challenges Persist
▼ + stars: | 2022-11-28 | by ( Liz Young | ) www.wsj.com time to read: +8 min

Photo: Sarah Oden/Associated PressWomen and people of color are being hired into top roles in the logistics industry. United Parcel Service Inc. turned to Carol Tomé, a former finance chief at Home Depot Inc., in 2020 to become chief executive officer. Raj Subramaniam, who is from India, was chosen to succeed FedEx Corp. founder Fred Smith as chief executive earlier this year. Judy McReynolds has been chief executive of ArcBest Corp. , one of the largest trucking companies in the U.S., since 2010. Studies also show there is a big gap in pay across the logistics industry.

☆ Union vs. Union Dispute Stalls West Coast Port Labor Talks
▼ + stars: | 2022-11-08 | by ( Paul Berger | ) www.wsj.com time to read: +4 min

A dispute between two unions over which workers get certain jobs at a cargo-handling terminal at the Port of Seattle is holding up labor talks between West Coast dockworkers and their employers. West Coast port labor talks are often fraught. Importers are already diverting some goods to Gulf Coast and East Coast ports because of the risk of labor strife. The port talks are taking place against a backdrop of global freight labor unrest. West Coast dockworkers have been working without a contract since the most recent labor agreement expired in early July.

☆ Supply-Chain Tech Provider Project44 Delays Potential Public Offering
▼ + stars: | 2022-11-03 | by ( Paul Page | ) www.wsj.com time to read: +4 min

Supply-chain technology provider project44 has postponed plans for a possible public stock offering amid the uncertainty in markets, and instead is turning to more venture-capital investment to expand its business tracking goods through global transportation networks. Funding for supply-chain technology startups has also tapered off this year, according to analytics firm PitchBook Data Inc., as venture-capital firms have reined in deal making. Mr. McCandless said project44 can continue to expand without going to public markets over the next couple of years based on its existing investment and cash flow. PREVIEWMr. McCandless said project44 was in position to file paperwork in June for a future public stock offering. A public offering, he said, would allow more venture-capital and private-equity investors to cash out in public markets while letting the company have continuing access to capital.

☆ Goldman-backed project44 valued at $2.7 bln in latest funding round
▼ + stars: | 2022-11-03 | by ( ) www.reuters.com time to read: +1 min

Nov 3 (Reuters) - U.S.-based supply chain management technology company project44 said on Thursday it was valued at $2.7 billion after its latest funding round that also saw participation from existing investor Goldman Sachs Asset Management. The $80 million funding round was led by investment firms Generation Investment Management and A.P. Moller Holding, while buyout firm TPG (TPG.O), venture capital firm Emergence Capital and others also participated. Project44 said the funds will be used to measure and reduce emissions across its global supply chain. The COVID-19 pandemic set off a crisis in global supply chains, which has also worsened inflation and put pressure on central banks to tame price hikes.

☆ Maersk Will Weather the Rough Seas Ahead
▼ + stars: | 2022-11-02 | by ( Megha Mandavia | ) www.wsj.com time to read: 1 min

Moller-Maersk is getting a sinking feeling about the economy. As the pandemic and stimulus-fueled trade boom tails off, the Danish shipping giant now faces choppier waters: a looming global recession, an energy crisis in Europe and grumpy consumers. Shareholders know it: The stock was down around 7% by early afternoon in Europe after the company reported third-quarter results, even though it posted its 16th consecutive quarter of earnings growth. Maersk, which handles about a fifth of the world’s container shipping, on Wednesday said it expects global container demand to fall 2%-4% this year—significantly worse than its previous forecast of a roughly 1% fall.

Mr. Skou said the strategy should help insulate Maersk from the boom-and-bust cycles of the container industry. “Our strategy is not to gain market share in ocean,” Mr. Skou said. “When the customers themselves suffer from the effects of economic decline, volume can’t be conjured out of the thin air,” Mr. Skou said. He said the company is trying with its logistics investments “to break away from the cyclicality of the shipping industry and the commoditized nature of traditional container shipping. “We are well on the way towards a significant market position in the logistics industry,” Mr. Skou said.

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☆ Maersk recession pain could yet get more acute
▼ + stars: | 2022-11-02 | by ( ) www.reuters.com time to read: +2 min

Moller Maersk (MAERSKb.CO) is experiencing the dark side of relief in the world’s recovering supply chains. They have now fallen below $4,000, and a recession could drive them down further. Falling freight rates and volumes could encourage Maersk’s clients, who have flexible contracts, to scale back on their shipping orders. The clients can then buy up freight contracts in the open market, which are cheaper than contracts signed months ago. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

A once-bustling logistics mergers-and-acquisitions market is quieting down as slipping freight demand and higher borrowing costs dampen deal making in the sector. Company valuations are moderating in a softening freight market and rising borrowing costs are making deals tougher to complete. The market for freight and logistics companies surged during the pandemic as retailers sought to rush goods to consumers, fueling strong growth in shipping demand, higher freight rates and record profits for companies ranging from regional truck operators to international freight forwarders. Foreign-based ocean carriers and freight forwarders have also shown great interest in the U.S. logistics market as they seek to expand their end-to-end supply-chain services. But logistics companies looking to expand their reach and private-equity firms looking to expand existing logistics portfolios are still hunting deals.

FILE PHOTO - Maersk CEO Soren Skou answers questions from the press after publishing the company's quarterly accounts, in Copenhagen, Denmark, November 2, 2021. Moller-Maersk's (MAERSKb.CO) chief executive said on Thursday he expects a "modest" pick-up in trade for the upcoming holidays this year amid concerns about the slowing global economy and consumer demand. "Volumes headed into the Christmas season are lower than a normal year," Soren Skou said in a Reuters Newsmaker interview. Ocean freight volumes will be flat or lower this year, though there is still congestion in global supply chains, he said. Maersk has raised its 2022 profit guidance twice this year as high freight rates persisted longer than expected.

☆ O rețetă pentru sparanghel, publicată în mod accidental în Monitorul Oficial al Belgiei
▼ + stars: | 2021-06-01 | by ( Publika.Md - Aici Sunt Știrile | ) www.publika.md time to read: +1 min

O rețetă pentru sparanghel a fost publicată săptămâna trecută în mod accidental în Monitorul Oficial al Belgiei, printre legi și decrete, informează BBC, citat de digi24.ro. Între timp, textul rețetei a fost eliminat din Monitorul oficial belgian. Alături de legile privind stabilirea prețului la medicamente se află o rețetă în șase pași pentru sparanghel. "Câteodată găsim greșeli în texte, însă niciodată n-am găsit o rețetă", a declarat un avocat din Bruxelles pentru site-ul RTL Info. Directorul Moniteur Belge, Wilfried Verrenzen, a spus că rețeta a apărut într-o bază de date consolidată "fără importanță legală" și a fost ușor de înlăturat.

Persons: Bon, Morgan G, Fabrice Guttadauria, Wilfried Verrenzen Organizations: BBC, RTL Locations: Belgiei, Bruxelles

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