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☆ Two measures of global corporate health flash red
▼ + stars: | 2023-08-04 | by ( ) www.reuters.com time to read: +5 min

Moller-Maersk (MAERSKb.CO) lowered its estimate for global container trade this year as companies reduce inventories and higher interest rates and recession risks in Europe and the United States drag on global economic growth. The company, one of the world's biggest container shippers, said it expects container volumes to fall by as much as 4%. Maersk controls about one-sixth of global container trade, transporting goods for retailers and consumer companies such as Walmart (WMT.N), Nike (NKE.N) and Unilever (ULVR.L). The International Monetary Fund last week said that it expects global economic growth to slow this year, led by advanced economies even as food prices have come down and the March banking turmoil has been contained. It expects the global growth to slow to 3% this year and next, from 3.5% last year.

Persons: Jon Nazca, . Moller, Mark Read, Grey, Sophie Lund, Yates, Hargreaves Lansdown, Swift, David Jackson, Josephine Mason, Catherine Evans, Deepa Babington Organizations: Triple, Majestic, REUTERS, Maersk, WPP, Walmart, Nike, Unilever, Reuters, Ogilvy, Apple, Amazon.com Inc, Companies, Global, Nissan, Caterpillar, Monetary Fund, DHL Group, Thomson Locations: Strait, Gibraltar, Algeciras, Spain, U.S, Europe, United States, Beijing, slowdowns, China

Moller-Maersk (MAERSKb.CO) warned on Friday of a steeper decline in global demand for shipping containers by sea this year prompted by muted economic growth and customers reducing inventories. The company, one of the world's biggest container shippers with a market share of around 17%, said it expects container volumes to fall by as much as 4%. Maersk, one of the world's biggest container shippers with a market share of around 17%, transports goods for retailers and consumer companies such as Walmart, Nike and Unilever. Maersk posted record earnings last year due to high freight rates caused by high consumer demand and pandemic-related log jams at ports. But freight rates have tumbled this year amid a global economic slowdown.

Persons: Andrew Kelly, Moller, destocking, Vincent Clerc, Jacob Gronholt, Pedersen, Terje Solsvik, Jacqueline Wong Organizations: Maersk, REUTERS, Shipping, Walmart, Nike, Unilever, Thomson Locations: Copenhagen, Denmark, Europe, United States

☆ Maersk has ways to grow again despite headwinds
▼ + stars: | 2023-08-04 | by ( ) www.reuters.com time to read: +2 min

Container ship "Evelyn Maersk" is loaded during snowfall at a container terminal in a harbour amid the coronavirus disease (COVID-19) pandemic, in Hamburg, Germany, April 6, 2021. Arch rival and privately-owned Mediterranean Shipping Company (MSC) is deploying cash reserves on acquisitions to diversify away from container shipping. Maersk also needs to strengthen its logistics and services unit, where organic revenue fell 19%, dragged down by lower retail demand, particularly in North America. Last year's purchases of Pilot and LF Logistics helped prop up the division, but Maersk needs to invest more. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Evelyn Maersk, Fabian Bimmer, A.P, Moller, Boss Vincent Clerc, EBITDA, Clerc, Pamela Barbaglia, Pierre Briancon, Streisand Neto Organizations: REUTERS, Fabian Bimmer LONDON, Reuters, Maersk, Walmart, Nike, Unilever, CMA CGM, Mediterranean Shipping Company, LF Logistics, Twitter, Adidas, InBev, Thomson Locations: Hamburg, Germany, North America

☆ Two measures of corporate health flash red
▼ + stars: | 2023-08-04 | by ( ) www.reuters.com time to read: +4 min

Persons: Jon Nazca, . Moller, Mark Read, Grey, Sophie Lund, Yates, Hargreaves Lansdown, Josephine Mason, Catherine Evans Organizations: Triple, Majestic, REUTERS, Maersk, WPP, Walmart, Nike, Unilever, Reuters, Ogilvy, Apple, Amazon.com Inc, Companies, Global, Nissan, Caterpillar, Monetary Fund, DHL Group, Thomson Locations: Strait, Gibraltar, Algeciras, Spain, U.S, Europe, United States, Beijing, slowdowns, China

☆ After creators flocked to Instagram Threads, Meta's challenge is to keep them from fleeing
▼ + stars: | 2023-07-21 | by ( Jonathan Vanian | ) www.cnbc.com time to read: +11 min

The one major app that's eluded him: Twitter. Threads skyrocketed out of the gate in large part because it was easy for existing Instagram users to create accounts on the new messaging service and connect with their established following. watch nowCurrently, Threads users are unable to search for topics or hashtags that represent hot topics. That could entice some people to use Twitter over Threads, said Tameka Bazile, who works in artist relations and marketing at Time. Like with Threads, creators will wait to see how Twitter works for their peers before "spending much more time making content there," Kaletsky said.

Persons: Jaap Arriens, Brian Moller, Prince, he's, Moller, It's, Elon, Mark Zuckerberg pounced, He's, Caspar Lee, There's, Lee, Adam Mosseri, Jack Whitehall, Musk, Thilina, Marcel Floruss, Floruss, Floruss isn't, Chas Lacaillade, Lacaillade, Tameka Bazile, Bazile, they've, Twitter hasn't, Brendan Gahan, Mekanism, Gahan, Sasha Kaletsky, Kaletsky, Jack Appleby, Appleby, Zuckerberg, Elon Musk, Gary Vaynerchuk Organizations: Nurphoto, Getty, YouTube, Twitter, Meta, Instagram, Rocket, Ventures, LinkedIn

☆ A San Francisco builder converted a former garage into 3 tiny homes
▼ + stars: | 2023-06-04 | by ( Lauren Steussy | ) www.businessinsider.com time to read: +3 min

A San Francisco housing organization transformed a garage into three small apartments. The affordable housing units cost $600,000 and are seen as a victory in the city's housing crisis. But critics told San Francisco Standard the cost of the units is high considering the square footage. An organization in San Francisco has turned a six-car garage into three 550- to 600-square-foot units, each with a bedroom, bathroom, and small kitchen. According to The San Francisco Standard, the Mission Housing units raised eyebrows among architects and building professionals.

Persons: —, Sam Moss, Rebecca Möller, Möller, Moss, I'm Organizations: San Francisco, Service, Housing, London, Mission Housing, San Francisco Standard Locations: Francisco, California's, San Francisco, Mission District

☆ GE finance chief Dybeck Happe to step down
▼ + stars: | 2023-05-18 | by ( ) www.reuters.com time to read: +1 min

May 18 (Reuters) - General Electric Co (GE.N) said on Thursday Carolina Dybeck Happe would step down as finance chief of the industrial giant, as it prepares to complete the spin-offs of its businesses next year. Rahul Ghai will become the CFO of GE, effective Sept. 1, while retaining his role as the finance chief of GE Aerospace, which he has held since August 2022, the company said in a statement. "Since Rahul joined GE Aerospace, we have benefited greatly from his leadership, including his wealth of experience as a public company CFO and with the spin-off process," GE CEO Larry Culp said. Moller-Maersk executive, Dybeck Happe took over as GE's CFO in early 2020. In late 2021, GE announced it would split into three public companies that would focus on energy, healthcare and aviation.

☆ Pro Take: Can Nickel, Cobalt and Other Battery Metals Be Sourced Sustainably?
▼ + stars: | 2023-05-11 | by ( Yusuf Khan | ) www.wsj.com time to read: +6 min

Lockheed Martin and Norway’s Storebrand also have recently sold their interests in deep-sea mining companies. Others including German luxury carmaker BMW have said that, given environmental concerns, they won’t use battery metals sourced from the deep sea. More than a dozen countries are concerned about the environmental impact of the practice and are calling for a moratorium on seabed mining. A nickel mining site on the island of Sulawesi, Indonesia. Proponents of deep-sea mining say the nascent practice is a less harmful way to extract nickel than how the mineral is currently sourced in Indonesia.

☆ Russian court seizes four Danish-owned tugboats in Sakhalin
▼ + stars: | 2023-05-10 | by ( ) www.reuters.com time to read: +2 min

MOSCOW, May 10 (Reuters) - A Russian court on the Pacific island of Sakhalin has ordered the seizure of four tugboats belonging to Denmark's Svitzeroperator at the request of a Russian energy company. A court ruling dated April 24 said it had ordered the tugboats seized in response to a request by Sakhalin Energy, a new Russian legal entity which oversees the production of oil and liquefied natural gas on the island. The document said Svitzer Sakhalin had written to the Russian company on April 19 confirming plans to suspend a contract for use of the tugboats. According to Maersk, after the court ruling, all Svitzer's employees in Russia have resigned and Svitzer was no longer operating the four tugs. Sakhalin Energy did not respond to requests for comment.

☆ Einride: 2023 CNBC Disruptor 50
▼ + stars: | 2023-05-09 | by ( Cnbc.Com Staff | ) www.cnbc.com time to read: +2 min

Swedish startup Einride is among those looking to swap out the diesel engines that currently dominate the industry in favor of fleets of autonomous electric vehicles . Just as electric vehicles are gaining popularity among consumers, so too are they catching on in the commercial trucking realm. Before Tesla, Renault Trucks, owned by Volvo, and Daimler, also produced and delivered electric heavy-duty trucks. Only 0.1% of heavy-duty trucks sold in Europe were zero-emission in 2021, according to BloombergNEF estimates. Electric trucks are also facing competition from hydrogen-powered vehicles, which boast quick refueling and a longer driving range, unlike electric vehicles.

☆ I saw how a no-frills garage got turned into a gorgeous apartment for cheap, and it made me realize how empty offices could easily get converted into housing, too
▼ + stars: | 2023-05-09 | by ( Kelsey Neubauer | ) www.businessinsider.com time to read: 1 min

Möller told me she started the company as a way to boost affordable housing in the Bay Area through the transformation of residential garages, and also unused office and retail space. As a reporter who has covered the challenges associated with commercial-to-residential conversions, I was intrigued. Möller outside the Santa Clara unit toured by Insider. Kelsey Neubauer/Insider

☆ Maersk Earnings Weighed Down by Sharp Drop in Freight Rates and Volumes
▼ + stars: | 2023-05-04 | by ( Costas Paris | Dominic Chopping | ) www.wsj.com time to read: 1 min

The container ship Maersk Batam is loaded in the Port of Southampton, on the south coast of England. Photo: adrian dennis/Agence France-Presse/Getty ImagesA.P. Moller-Maersk on Thursday posted a sharp drop in first-quarter net profit as inventory corrections in Western economies sent shipping demand falling, pushing freight rates and volumes lower. The Danish shipping giant said it expects the destocking effort, the result of an enormous inventory buildup last year that left retailers swamped with goods, to wind down by the end of the second quarter but that trade volumes are still contracting.

☆ 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.

☆ First Republic's strategic options "very challenging" - Fitch
▼ + stars: | 2023-04-25 | by ( Saeed Azhar | ) www.reuters.com time to read: +2 min

NEW YORK, April 25 (Reuters) - First Republic Bank's (FRC.N) strategic options are "very challenging" because any potential sale is unlikely without the lender taking big writedowns on its mortgage loan book and securities portfolio, analysts at Fitch Ratings said on Tuesday. "The options are very challenging and probably very costly, especially for shareholders. The bank said it was "pursuing strategic options" to strengthen the bank, without providing details. "There are still more downside risks until some clarity emerges on what their strategic options can be," Wolfe said. First Republic's total investment securities stood at $34.8 billion at the end of March, rising 9.8% from the fourth quarter, it said on Monday.

☆ 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.

☆ Junk-filled garages are transformed into luxe apartments for $150,000 in just a few weeks — take a look inside
▼ + stars: | 2023-04-10 | by ( Kelsey Neubauer | ) www.businessinsider.com time to read: 1 min

The walls to divide the garages into separate rooms and other materials for the transformation are trucked to the garages to be installed. Symbihom materials sit on a truck to be transported from the factory to the garage to be converted. Rebecca MöllerWhile Möller waits for the building permits to start the conversion, she hooks up the utilities, like water and electricity, which are typically connected to the main house.

☆ I transform garages into upscale apartments so homeowners can rent them out and make passive income
▼ + stars: | 2023-03-29 | by ( Kelsey Neubauer | ) www.businessinsider.com time to read: +6 min

So I designed a product that's modular — that can go inside a garage — and San Jose preapproved it. Then they are trucked to the site of the garage, along with the wall panels, and installed inside the garage. So far, I've built four units — with five more in the pipeline — throughout San Jose, San Mateo, and Mountain View. The floors are cork and bamboo, and there are solid-core barn doors inside the units. I really started doing this as a way to to solve a problem.

☆ 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.

☆ 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.

☆ 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.

☆ Corporate Climate Plans Fall Well Short of Targets, With a Few Bright Spots
▼ + stars: | 2023-02-13 | by ( Dieter Holger | Carbon Market Watch S Executive Director Sabine Frank | ) www.wsj.com time to read: +6 min

The climate plans of major companies continue to fall short—but there are some bright spots. The net-zero plans of Holcim and H&M have also won approval from the Science Based Targets initiative. Decent disclosureWhile scope 3 emissions can be challenging to calculate and control, having net-zero plans that cover the complete value chain is best practice. Apple, iPhone manufacturer Foxconn Technology Co. and H&M were all noted for helping their suppliers to access renewable energy either with financial support, advice or connecting deals. The retailer has worked with suppliers to reduce packaging waste and to adopt farming practices that sequester greenhouse gases, as well as helping them access renewable energy.

☆ 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.

☆ Shipping containers ablaze at Turkey's Iskenderun Port, operations halted
▼ + stars: | 2023-02-07 | by ( Antony Paone | ) www.reuters.com time to read: +3 min

ISKENDERUN, Turkey, Feb 7 (Reuters) - Hundreds of shipping containers were ablaze at Turkey's Iskenderun Port on Tuesday, shutting down operations and forcing freight liners to divert vessels to other ports. Leading global container shipping group AP Moller Maersk said there had been significant damage to logistics and transport infrastructure around the earthquake epicentre, including at the Port of Iskenderun. We are currently planning to divert containers to nearby hubs within operational feasibility or hold at transhipment ports - including Port of Mersin (in Turkey) and Port Said (in Egypt)," it said. [1/3] Smoke rises from burning containers at the port in the earthquake-stricken town of Iskenderun, Turkey, February 7, 2023. German container shipping line Hapag Lloyd said it was taking shipments from Mersin given the closure of Iskenderun.

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