DIRS.INFO The most relevant business & tech news

☆ Norsk Hydro Q3 beats forecast, outlook more uncertain
▼ + stars: | 2022-10-25 | by ( ) www.reuters.com time to read: +2 min

OSLO, Oct 25 (Reuters) - Norwegian aluminium producer Norsk Hydro (NHY.OL) posted third-quarter profits well above expectations on Tuesday as high metal prices continued to boost returns, but said its outlook was more uncertain amid high inflation and weaker global growth. Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) rose to 9.72 billion Norwegian crowns ($926.02 million) in July-September from 7.22 billion a year earlier, beating an average analyst forecast of 7.84 billion. While global production of the light-weight metal, used in packaging, transport, construction and electronics, is expected to lag consumption this year, the worldwide supply of aluminium looks set to slightly outstrip demand in 2023, Hydro said. Aluminium prices on the London Metal Exchange rose sharply in early 2022, hitting record highs above $4,000 a tonne, but have since fallen to trade at $2,178 on Tuesday. ($1 = 10.4965 Norwegian crowns)Register now for FREE unlimited access to Reuters.com RegisterReporting by Victoria Klesty and Terje Solsvik, editing by Stine Jacobsen and Andrew HeavensOur Standards: The Thomson Reuters Trust Principles.

☆ Danish offshore wind power developers plan major capacity increase
▼ + stars: | 2022-10-25 | by ( ) www.reuters.com time to read: +1 min

COPENHAGEN, Oct 25 (Reuters) - Denmark's Orsted and Copenhagen Infrastructure Partners (CIP) have teamed up to develop 5.2 gigawatts (GW) of offshore wind in Denmark, corresponding to more than double the country's current installed capacity, the two companies said on Tuesday. The total of four projects will be developed through the so-called open-door procedure where the developers takes initiative to build an offshore wind farm without a government tender. Denmark today has 2.3 gigawatt of offshore wind installed. Orsted is the world's largest developer of offshore wind. Register now for FREE unlimited access to Reuters.com RegisterReporting by Stine Jacobsen, editing by Terje SolsvikOur Standards: The Thomson Reuters Trust Principles.

Oct 21 (Reuters) - Garden equipment and tools maker Husqvarna (HUSQb.ST) on Friday reported third-quarter operating profit well below market expectations, and said it would restructure its business and cut 1,000 jobs. The Swedish company reported a 40% drop in its quarterly operating profit to 555 million Swedish crowns ($49.1 million), down from 926 million crowns a year earlier and below the 644.2 million crowns expected by analysts in a Refinitiv poll. Register now for FREE unlimited access to Reuters.com Register"Price increases compensated for higher raw material and logistics costs. However, lower volumes and higher costs related to supply chain disturbances had a negative impact," Husqvarna said. Husqvarna said the "vast majority" of the job cuts were related to the shift from petrol to battery-powered tools.

While the revenue of both companies beat expectations thanks to the rollout of 5G, delayed royalty payments meant their core profit missed analysts' expectations. Shares in Ericsson slumped 12% and were the worst performers in the STOXX 600 (.STOXX) while Nokia shares fell almost 5% to be among the worst. Companies such as Ericsson charge $2.50 to $5 for every 5G handset they sell and come under pressure when negotiating new contracts. Ericsson's quarterly royalty revenue fell 1.1 billion Swedish crowns ($98.24 million) as it battled companies such as Apple (AAPL.O) over patents. Nokia's patent revenue was down by 62 million euros ($60.67 million), mainly due to a dispute with Oppo and Vivo.

☆ Nokia quarterly operating profit lags expectation
▼ + stars: | 2022-10-20 | by ( ) www.reuters.com time to read: 1 min

☆ Nokia quarterly operating profit lags expectation as margin drops
▼ + stars: | 2022-10-20 | by ( ) www.reuters.com time to read: +2 min

STOCKHOLM, Oct 20 (Reuters) - Nokia (NOKIA.HE) on Thursday reported quarterly operating profit below market expectations even as the Finnish telecom equipment maker continues to benefit from strong demand from phone companies as they roll out 5G. Third-quarter comparable operating profit rose to 658 million euros ($643.3 million) from 633 million last year, lagging the 690.6 million euro mean forecast of 10 analysts polled by Refinitiv. Net sales grew 6% in constant currency in the quarter compared to the same period a year ago to 6.24 billion euros, beating estimates of 6.06 billion. But the comparable operating margin fell year-on-year to 10.5% from 11.7% as improving profitability in Mobile Networks and Network Infrastructure was offset by timing effects of contract renewals in Nokia Technologies, the company said. ($1 = 1.0229 euros)Register now for FREE unlimited access to Reuters.com RegisterReporting by Supantha Mukherjee in Stockholm and Stine Jacobsen in Copenhagen, editing by Terje SolsvikOur Standards: The Thomson Reuters Trust Principles.

☆ Yara to pay extra dividend as earnings soar above expectation
▼ + stars: | 2022-10-20 | by ( Victoria Klesty | ) www.reuters.com time to read: +3 min

But he told Reuters that Yara has no immediate plans to restart the curtailed production even though European spot gas prices have fallen steadily in recent weeks. "What we have seen with Yara in recent years is that they can get a superprofit from buying ammonia and upgrade it - high gas prices have been advantageous for Yara because they have such good flexibility," he said. Weighed down by soaring energy prices, Yara in August said it had slashed capacity utilisation at its European ammonia plants to just 35%, raising questions about the continent's ability to produce enough fertiliser for its crops. Yara said it expects to pay $540 million more for natural gas in the fourth quarter than a year earlier. Fertiliser prices have risen sharply over the past year, tracking higher energy costs.

☆ Denmark inspects its pipelines after Nord Stream leaks
▼ + stars: | 2022-10-18 | by ( ) www.reuters.com time to read: +1 min

The inspections come as nations around Europe look to bolster security around critical energy infrastructure after the suspected Nord Stream sabotage shone a spotlight on the vulnerability of the region's subsea cables and pipelines. "Energinet has advanced routine inspections of Danish pipelines," head of gas transmission Peter Hodahl said in a written comment to Reuters. Register now for FREE unlimited access to Reuters.com RegisterThe transmission system operator is also constantly monitoring pressure in the pipes to detect any errors, he added. The review of all Danish pipelines, which is carried out by specialist vessels, is expected to be completed this week with results known by the start of November. Register now for FREE unlimited access to Reuters.com RegisterReporting by Stine Jacobsen Editing by Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

Gas leak at Nord Stream 2 as seen from the Danish F-16 interceptor on Bornholm, Denmark September 27, 2022. Sweden's daily Expressen reported that a section measuring at least 50 metres (164 feet) was missing from the ruptured Nord Stream 1 gas pipeline. Reuters could not independently verify that the images published by the paper were of Nord Stream 1. The measure would not launch immediately but would require a separate EU proposal and approval from EU countries to go ahead. Nord Stream 2 had not started commercial deliveries.

☆ 'Powerful explosions' behind Nord Stream leaks, Danish police say
▼ + stars: | 2022-10-18 | by ( ) www.reuters.com time to read: +1 min

COPENHAGEN, Oct 18 (Reuters) - A preliminary investigation of damages to the two Nord Stream gas pipelines in the Danish part of the Baltic Sea shows that the leaks were caused by "powerful explosions", Copenhagen Police said in a statement on Tuesday. Further investigations into the Sept. 26 ruptures of the Nord Stream 1 and 2 pipelines in Denmark's exclusive economic zone will be handled jointly by Copenhagen Police and Denmark's Security and Intelligence Service. Danish police could not say when the investigation is expected to be concluded. "It is still too early to say anything about the framework under which the international cooperation with e.g. Register now for FREE unlimited access to Reuters.com RegisterReporting by Stine Jacobsen, editing by Terje Solsvik and Ed OsmondOur Standards: The Thomson Reuters Trust Principles.

☆ Wall St drops as consumer data stokes inflation worry
▼ + stars: | 2022-10-15 | by ( Chuck Mikolajczak | ) www.reuters.com time to read: +4 min

SummarySummary Companies JPM reports higher-than-expected Q3 profitS&P 500, Nasdaq post weekly declinesU.S. consumer sentiment edges up October; inflation ests. "The main thrust for the market right now is higher interest rates, higher inflation and the Fed is going to continue to move its fed funds target higher," said Anthony Saglimbene, chief market strategist at Ameriprise Financial in Troy, Michigan. For the week, the Dow gained 1.15%, the S&P 500 lost 1.56% and the Nasdaq fell 3.11%. Analysts now expect third-quarter profits for S&P 500 companies to have risen just 3.6% from a year ago, much lower than an 11.1% increase expected at the start of July, according to Refinitiv data. The S&P 500 posted 5 new 52-week highs and 7 new lows; the Nasdaq Composite recorded 71 new highs and 235 new lows.

☆ Wall St drops as inflation worries persist
▼ + stars: | 2022-10-14 | by ( Chuck Mikolajczak | ) www.reuters.com time to read: +4 min

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., October 7, 2022. REUTERS/Brendan McDermidSummarySummary Companies JPM reports higher-than-expected Q3 profitS&P 500, Nasdaq poised for weekly declinesU.S. consumer sentiment edges up October; inflation ests. Register now for FREE unlimited access to Reuters.com RegisterThe data came a day after a reading on consumer prices showed inflation remains stubbornly high. The Dow was on track to close out the week with a gain while the S&P 500 and Nasdaq were poised for weekly declines. The S&P 500 posted 5 new 52-week highs and 5 new lows; the Nasdaq Composite recorded 56 new highs and 171 new lows.

☆ Reactions: US Sept CPI fortifies hawkish case in Fed inflation battle
▼ + stars: | 2022-10-13 | by ( ) www.reuters.com time to read: +6 min

FOREX: The dollar index turned 0.44% higherCOMMENTS:KEN POLCARI, MANAGING PARTNER, KACE CAPITAL ADVISORS, BOCA RATON, FLORIDA“Not good, hello – market collapsing. With a 3.5% unemployment rate, there's no way the Fed is going to stop raising rates until after the end of the year." The Fed has got to get a handle on inflation right now. RYAN DETRICK, CHIEF MARKET STRATEGIST, CARSON GROUP, OMAHA“This is a yet another disappointing sign that inflation continues to stay stubbornly high. There are still two more CPI prints before the December meeting with the Fed, but for now, the pivot is on pause.

OSLO, Oct 13 (Reuters) - Norwegian police on Thursday responded to a threat made by telephone against the Nyhamna gas processing plant, one of Europe's largest energy export facilities, and later said the incident had been resolved, without giving details. "It was a threat made by telephone," Odd Joergen Nilssen, the mayor of Aukra municipality, where the plant is located, told Reuters, without elaborating. "The situation at (the) Ormen Lange (plant) is cleared. The Nyhamna plant processes natural gas from the offshore Ormen Lange field, operated by Shell, and the Aasta Hansteen field, operated by Equinor. In recent years, gas produced from Ormen Lange has accounted for up to 20% of Britain's gas consumption, according to Shell.

☆ Fourth leak found on Nord Stream pipelines, Swedish coast guard says
▼ + stars: | 2022-09-29 | by ( ) www.reuters.com time to read: 1 min

OSLO, Sept 29 (Reuters) - Sweden's coast guard earlier this week discovered a fourth gas leak on the damaged Nord Stream pipelines, a coast guard spokesperson told newspaper Svenska Dagbladet. "Two of these four are in Sweden's exclusive economic zone," coast guard spokesperson Jenny Larsson told the newspaper. The two other holes are in the Danish exclusive economic zone. The European Union suspects sabotage was behind the gas leaks on the subsea Russian pipelines to Europe and has promised a "robust" response to any intentional disruption of its energy infrastructure. Register now for FREE unlimited access to Reuters.com RegisterReporting by Terje Solsvik, editing by Stine JacobsenOur Standards: The Thomson Reuters Trust Principles.

Russia intends to call a United Nations Security Council meeting over damage to the gas pipelines, Foreign Ministry spokeswoman Maria Zakharova said in a statement on Telegram. In the Baltic Sea, gas was still bubbling from the Nord Stream 1 pipeline, the Swedish Coast Guard said in an email. "There are good teams in place to handle pipeline accidents, there are emergency pipe inventories and experts for onshore and offshore," Jens Schumann, managing director of gas pipeline grid company Gasunie Deutschland, said. European gas prices rose following news of the leaks. The new Nord Stream 2 pipeline had yet to enter commercial operations.

"Any deliberate disruption of European energy infrastructure is utterly unacceptable and will be met with a robust and united response," Borrell said. A statement issued by Russia's embassy in Denmark said that any sabotage on Nord Stream's pipelines was an attack on both Russia's and Europe's energy security. Map of Nord Stream pipelines and locations of reported leaksGAS FLOWSOperator Nord Stream has called the damage "unprecedented", while Gazprom (GAZP.MM), the Russian-controlled company with a monopoly on its gas exports by pipeline, declined to comment. Russia reduced gas supplies to Europe via Nord Stream 1 before suspending flows altogether in August, blaming Western sanctions for causing technical difficulties. The new Nord Stream 2 pipeline had yet to enter commercial operations.

☆ More than half the gas has left damaged Nord Stream pipelines - Danish Energy Agency head
▼ + stars: | 2022-09-28 | by ( ) www.reuters.com time to read: +1 min

COPENHAGEN, Sept 28 (Reuters) - More than half the gas in the damaged Nord Stream 1 and Nord Stream 2 gas pipelines has left the pipes and the remaining volume is expected to be gone by Sunday, the head of the Danish Energy Agency Kristoffer Bottzauw said on Wednesday. Leaks in the pipelines were detected on Monday after they burst in several locations in Danish and Swedish waters. The European Union and NATO have blamed the incidents on sabotage. The pipelines contained a total of 778 million cubic metres of natural gas, which corresponds to 32% of Denmark's annual CO2 equivalent emissions, the Energy Agency said in a statement. Register now for FREE unlimited access to Reuters.com RegisterReporting by Jacob Gronholt-Pedersen and Nikolaj Skydsgaard, editing by Terje Solsvik and Stine JacobsenOur Standards: The Thomson Reuters Trust Principles.

☆ Nord Stream sabotage not an attack on Sweden, foreign minister says
▼ + stars: | 2022-09-28 | by ( ) www.reuters.com time to read: +1 min

COPENHAGEN, Sept 28 (Reuters) - The suspected sabotage against the Nord Stream gas pipelines does not constitute an attack on Sweden, Foreign Minister Ann Linde told SVT public television on Wednesday. "This is not an attack against Sweden because it is not in our territory" Linde said. Register now for FREE unlimited access to Reuters.com RegisterDenmark and Sweden on Tuesday said major leaks on the two Nord Stream pipelines in the Baltic Sea were caused by deliberate acts of sabotage carried out in each of the two countries' exclusive economic zones. The blasts hitting Nord Stream 1 and 2 did not represent a direct military threat or attack on Sweden or Denmark, the Swedish and Danish prime ministers said late on Tuesday. Map of Nord Stream pipelines and locations of reported leaksRegister now for FREE unlimited access to Reuters.com RegisterReporting by Stine Jacobsen, editing by Terje SolsvikOur Standards: The Thomson Reuters Trust Principles.

☆ S&P 500 falls to two-year low, bear market rally snuffed out
▼ + stars: | 2022-09-27 | by ( Chuck Mikolajczak | ) www.reuters.com time to read: +5 min

The S&P 500 touched a session low of 3,623.29, its lowest point on an intraday basis since Nov. 30, 2020. The index has tumbled more than 12% since Powell's speech and has shown little signs of stabilizing. Many analysts had looked at 3,900 as a strong technical support level for the index. Detrick said that coordinated hikes by multiple central banks left investors wondering how hawkish they all will end up being. Robert Pavlik, Senior Portfolio Manager at Dakota Wealth in Fairfield, Connecticut said he is looking at a worst case of 3,000 for the S&P as a support level.

A senior Ukrainian official called the incident a Russian attack to destabilise Europe, without giving proof. Neither pipeline was pumping gas to Europe at the time the leaks were found, but the incidents will scupper any remaining expectations that Europe could receive fuel via Nord Stream 1 before winter. Operator Nord Stream said the damage was "unprecedented". CUTTING SUPPLIESRussia reduced gas supplies to Europe via Nord Stream 1 before suspending flows altogether in August, blaming Western sanctions for causing technical difficulties. The new Nord Stream 2 pipeline had yet to enter commercial operations.

But it remained far from clear who might be behind any foul play, if proven, on the Nord Stream pipelines that Russia and European partners spent billions of dollars building. Register now for FREE unlimited access to Reuters.com RegisterPoland's prime minister blamed sabotage for the leaks, without citing evidence. Russia, which slashed gas deliveries to Europe after the West imposed sanctions over Moscow's invasion of Ukraine, also said sabotage was a possibility and that the leaks undermined the continent's energy security. CUTTING SUPPLIESRussia reduced gas supplies to Europe via Nord Stream 1 before suspending flows altogether in August, blaming Western sanctions for causing technical difficulties. The Swedish Maritime Administration (SMA) said two leaks on Nord Stream 1, one in the Swedish economic zone and another in the Danish zone, were northeast of Denmark's Bornholm.

However, it remained far from clear who might be behind any foul play, if proven, on the Nord Stream pipelines that Russia and European partners spent billions of dollars building. Poland's prime minister blamed sabotage for the leaks, without citing evidence, while the Danish premier said it could not be ruled out. Operator Nord Stream said the damage was "unprecedented". CUTTING SUPPLIESRussia reduced gas supplies to Europe via Nord Stream 1 before suspending flows altogether in August, blaming Western sanctions for causing technical difficulties. The new Nord Stream 2 pipeline had yet to enter commercial operations.

"The destruction that occurred on the same day simultaneously on three strings of the offshore gas pipelines of the Nord Stream system is unprecedented," said network operator Nord Stream AG. Gazprom (GAZP.MM), the Kremlin-controlled company with a monopoly on Russian gas exports by pipeline, declined to comment. Danish Defence Command/Handout via REUTERS Read MoreRussia slashed gas supplies to Europe via Nord Stream 1 before suspending flows altogether in August, blaming Western sanctions for causing technical difficulties. The new Nord Stream 2 pipeline had yet to enter commercial operations. European gas prices rose on the news of the leaks, with the benchmark October Dutch price up almost 10% on Tuesday.

Security walks in front of the landfall facility of the Baltic Sea gas pipeline Nord Stream 2 in Lubmin, Germany, September 19, 2022. "Yesterday, a leak was detected on one of the two gas pipelines between Russia and Denmark - Nord Stream 2. Russia slashed gas supplies to Europe via Nord Stream 1 before suspending flows altogether in August, blaming Western sanctions for causing technical difficulties. 'EXTRA WATCH'"There are two leaks on Nord Stream 1 - one in Swedish economic zone and one in Danish economic zone. It said the gas leak would only affect the environment locally, which means that only the area where the gas plume in the water column is located would be affected.

Search resuls for: "" Jacobsen"

25 mentions found