Latest news with #Kingspan
Irish Times
10 hours ago
- Business
- Irish Times
Earnings and trade talks boost market
Markets surged on Friday on strong earnings news along with hopes of a deal in the US-China trade row and increased likelihood of an interest rate cut. Dublin The Irish market's leading stocks performed well on Friday. Insulation maker Kingspan climbed 2.4 per cent to €72.65. Food group Glanbia added 2.68 per cent to €13.04 while rival Kerry advanced 1.62 per cent to €94.20. READ MORE Ryanair dipped 0.9 per cent to close at €23.72. The banks also lured buyers. AIB added 2.15 per cent to €6.90 while peer Bank of Ireland rose 2.91 per cent to €12.03. Permanent TSB climbed 1.01 per cent to €1.995. London London's indeces climbed on Friday boosted driven by global optimism over earnings, trade policies and easy monetary policy. The blue chip FTSE 100 rose 0.7 per cent while the domestically oriented FTSE 250 jumped 1.1 per cent to close at its highest level since February 2022. Markets have rebounded in recent weeks due to easing concerns over the Middle East conflict, signs of US-China trade negotiations and potential for US interest rate cuts. JD Sports was among the top gainers on the blue-chip FTSE 100, advancing 7.6 per cent to 87.88 pence sterling after US rival Nike's upbeat earnings bolstered sportswear brands. Unilever shares rose 1 per cent to 4,432p after the Financial Times reported it was buying men's personal care brand Dr Squatch from private equity firm Summit Partners for $1.5 billion (€1.3 billion). On the flip side, the FTSE 350 precious metals and mining index dropped 4.4 per cent as gold prices tumbled following a ceasefire between Iran and Israel. Fresnillo fell 4.2 per cent to 1,433p while Endeavour Mining slid at the same rate to close at 2,176p. Hochschild Mining shed 2.6 per cent to 251.8p. Europe European stocks closed at an over one-week high on Friday, fuelled by a rally in automakers, as investors took more risks on hopes for a truce in the US-China trade spat. The pan-European STOXX 600 index closed 1.1 per cent higher, snapping a two-week losing streak and posting its first weekly gain in three. German stocks notched their strongest weekly rally in two months, while France and Spain's main indexes clocked their best weeks in over a month. European auto stocks and the luxury sector particularly sensitive to China-related headlines, jumped 4.1 per cent and 2.5 per cent respectively, steering sectoral advances. Porsche jumped 7.6 per cent after newspaper Handelsblatt reported that the carmaker was looking to sell its consulting and IT services business MHP, which could be worth more than €1 billion. The STOXX 600's energy sector suffered its first drop in weeks. The industry lost steam as oil prices plunged, after fears of a closure of the Strait of Hormuz – crucial to global supply – subsided following a 12-day conflict between Israel and Iran. US Wall Street pushed stocks toward fresh all-time highs after Friday's economic data eased concerns about the impacts of tariffs. Signs that the US economy shrank in the first three months of the year while people reined in spending sparked hopes that central bankers will cut interest rates again this year. Sportswear giant Nike was up 15.5 per cent at $72.17 (€61.68) shortly after 6pm Irish time after the group pledged to cut production for the US market in China. The company reported a year-on-year 12 per cent decline in revenue to $11.1 billion, but its 14 cent per share earnings beat market expectations, prompting investors to back the stock. The main Wall Street indexes – the S&P 500 and the Nasdaq – touched intraday record highs on Friday with technology stocks in the lead. Prices paid by consumers for goods and services rose 2.3 per cent overall in the US last month. Analysts argued that they showed little impact from tariffs on imports. The Fed, the US central bank, expects inflation to rise during the summer months, but if this does not materialise, it has indicated that it will cut interest rates.
Irish Times
a day ago
- Business
- Irish Times
Global shares hit their third record high in three days despite Fed concerns
Global shares hit their third record high in three days on Thursday despite growing market concerns about the US Federal Reserve's independence. Dublin Euronext Dublin finished the day up 0.5 per cent, which was largely in line with international peers. Ryanair climbed 40 basis points, but underperformed the sector with Aer Lingus parent International Airlines Group and Air France up 2 per cent and 4.5 per cent respectively. It was a mixed bag for the home builders with Cairn Homes up 2 per cent, while Glenveagh Properties was down 23 basis points. READ MORE Meanwhile, insulation specialist Kingspan finished the day up 1.2 per cent, while Ires Reit – the biggest landlord in the State – climbed 1.3 per cent. Among the food names, Kerry Group was up 22 basis points at close of business, while Origin Enterprises, Greencore, and Glanbia climbed 2.7 per cent, 2.2 per cent, and 1.8 per cent respectively. London The UK's main stock indexes rose, with midcaps closing at a 10-month high as investors digested corporate results and considered the outlook for interest rates after data indicated softening consumer spending. The internationally-focused FTSE 100 ended up 0.2 per cent, with a jump in the pound to its highest since 2021 weighing on dollar earners such as Unilever and HSBC. The FTSE midcap index climbed 0.8 per cent to its highest close since August. Among companies that reported, Inchcape gained 5.9 per cent after the car distributor maintained fiscal-year outlook through cost-cutting measures that offset US tariffs and increased competition. Moonpig slumped 9.2 per cent to touch a more than two-month low after the greeting card retailer forecast slower earnings growth and announced the departure of its CEO. Next 15 Group slumped 28 per cent after the consultancy and marketing services provider warned full-year 2026 profit would significantly miss market expectations. Europe European shares edged higher again, buoyed by signs that the Israel-Iran ceasefire appeared to be holding and that European Union leaders were preparing to set their stance for US trade tariff talks ahead of a Trump-imposed deadline of July 9th. The region's flagship Stoxx 600 index was up 0.2 per cent on the day while MSCI's record-high world stocks benchmark was up 0.4 per cent, leaving it almost 8 per cent ahead for the year. The euro jumped 0.6 per cent to $1.173, its strongest since 2021. Euro zone bond yields fell slightly after rising the day before, as markets weighed worries about rising fiscal spending against the outlook for monetary policy. Germany's 10-year government bond yield, the euro zone's benchmark, was last down 1 basis point at 2.555 per cent, after rising 3 basis points the day before. The 30-year yield was little changed at 3.07 per cent. 'We're range trading,' said Anders Svendsen, chief analyst at Nordea. 'I think we should be careful not to over-interpret daily moves.' New York The dollar sank to a more than three-year low after reports Donald Trump is planning to choose the next Federal Reserve chief early. The US dollar index was down nearly 0.5 per cent on the session and more than 10 per cent for the year. If it stays that way in the next few days it will be its biggest fall in the first half of a year since the start of the era of free-floating currencies in the early 1970s. Wall Street's main indexes were trading higher, with the benchmark S&P 500 and Nasdaq nearing record highs. The Dow Jones Industrial Average rose 0.74 per cent; the S&P 500 rose 0.66 per cent; and the Nasdaq Composite rose 0.73 per cent. Copper miners gained after the red metal's prices jumped to a three-month high. Freeport Freeport-McMoRan rose 6.2 per cent and Southern Copper advanced 6.5 per cent. Equinix's shares dropped 9.2 per cent after its annual growth forecast failed to impress investors, with multiple brokerages cutting their ratings on the data centre company's stock. – Additional reporting: Agencies
Irish Independent
18-06-2025
- Business
- Irish Independent
Kingspan inks deal for new carbon reduction technology
Dutch firm RIFT has developed its proprietary Iron Fuel Technology. The system sees iron powder combusted to generate high temperature heat without direct CO2 emissions. The resulting iron oxide is regenerated using hydrogen. RIFT has now signed a deal with Kingspan Unidek that will cover the delivery of an iron fuel boiler and long-term iron fuel supply. It marks the first time that the fossil-free fuel will be sold and used under a commercial agreement in industry. RIFT's iron fuel boiler will be installed at Kingspan Unidek's facility in Gemert, the Netherlands. The partnership is part of Kingspan's broader Planet Passionate sustainability programme, aimed at reducing carbon emissions throughout its operations "This isn't just a contract, it's a statement," said Mark Verhagen, CEO at RIFT. "Together with Kingspan Unidek, we're proving that clean industrial heat through iron fuel is ready for the market. This is the first time we are commercially delivering the technology, and the start of a much bigger shift." The company already has an operational 1 MW boiler system in Helmond in the Netherlands, supplying hot water to 500 households. RIFT heats water for the heat grid by burning iron powder. This creates a large flame that heats a boiler. No greenhouse gases are released in this process. The only residual product is rust, which can be converted back into iron powder RIFT is backed by public and private partners including PGGM, Invest-NL, and Bill Gates' Breakthrough Energy Fellows. By 2023, RIFT had secured €11m in funding. The company aims to expand capacity, scale deployments across Europe, and develop international projects.
Irish Independent
18-06-2025
- Business
- Irish Independent
Accounting watchdog examined 33 financial statements last year
The number compares to 43 the year before. The IAASA sets the standards that govern statutory audits and sustainability assurance in Ireland. It also supervises how prescribed accountancy bodies regulate and monitor their members. Under the EU Transparency Directive, the agency also acts as Ireland's corporate reporting supervisor. It also conducts investigations under the Companies Act into matters including whether prescribed accountancy bodies have complied with an approved investigation and disciplinary procedures. The IAASA issued a release yesterday comprising of just one brief slide to demonstrate its activity during 2023 and 2024. It said it raised 84 matters with issuers – typically companies – during 2024, compared to 82 in 2023. It published just one financial reporting decision last year, compared to six in 2023. The number of voluntary undertakings from issuers rose to 65 last year, compared to 56 in 2023. According to the slide issued by IAASA, the most frequently raised matters with issuers last year continued to be those under transparency legislation, with 13 such matters having been highlighted. That was down from 14 in 2023. Last week, the agency published decisions regarding accounting treatments applied by Irish stock market-listed insulation giant Kingspan in its 2023 financial statements. In November 2022, the European Commission opened an investigation to determine whether the Kingspan intentionally or negligently supplied incomplete, incorrect and/or misleading information during the EC's investigation of the issuer's proposed acquisition of Trimo, a Slovenian-based roofing and insulation materials manufacturer. Kingspan did not disclose in its annual financial reports for 2022 and 2023 that the EC had opened the probe. ADVERTISEMENT The company had a number of reasons for not disclosing the investigation as a contingent liability in its annual financial statements for 2022 and 2023, including that they believed the likelihood of a material fine being imposed was remote, and that disclosures were therefore not required. The IAASA determined there was not sufficient evidence to conclude that disclosure of the contingent liability was required by Kingspan. The company made a voluntary undertaking to include additional statements in future financial reports to reference the regulatory and reputational risks associated within its merger and acquisition strategy.
Yahoo
17-06-2025
- Business
- Yahoo
Government tackled over why Grenfell cladding ‘crooks' not behind bars
Ministers have been pressed over why 'crooks' running a firm that made the cladding on Grenfell Tower that was devastated in a fire eight years ago are 'not behind bars'. The call by Labour former minister Lord Rooker came after fresh evidence emerged that bosses at US-based manufacturing giant Arconic knew of the dangers posed by the highly flammable material prior to the 2017 disaster at the west London high-rise block, which claimed 72 lives. It followed the release of documents secured through legal action by the makers of a forthcoming Netflix documentary, Grenfell: Uncovered, which were shared with The Sunday Times. The final report of the Grenfell inquiry concluded each of the deaths was avoidable and had been preceded by 'decades of failure' by government and the building industry to act on the dangers of flammable materials on high-rise buildings. It also found victims, the bereaved and survivors were 'badly failed' through incompetence, dishonesty and greed. The tower block was covered in combustible products because of the 'systematic dishonesty' of firms who made and sold the cladding and insulation, inquiry chairman Sir Martin Moore-Bick said last year. He also condemned the 'deliberate and sustained' manipulation of fire safety testing, misrepresentation of test data and misleading of the market. Arconic and insulation firms Kingspan and Celotex came in for particularly heavy criticism. Arconic was found to have 'deliberately concealed from the market the true extent of the danger' of using its cladding product, particularly on high-rise buildings. Kingspan had, from 2005 and even after the inquiry began, 'knowingly created a false market in insulation' for use on buildings over 18 metres, the report said. Celotex then, in an attempt to break into this market created by Kingspan, 'embarked on a dishonest scheme to mislead its customers and the wider market', Sir Martin concluded. The Cabinet Office confirmed in February that seven companies were facing possible bans – Arconic, Kingspan, former Celotex owners Saint-Gobain, fire inspectors Exova, design and build contractor Rydon, architect Studio E and subcontractor Harley Facades. Investigations were launched by the Government in March, assessing whether any engaged in professional misconduct for the purposes of the Procurement Act 2023, potentially leading them to be debarred from public contracts. Questioning the Government over progress on work to remove unsafe cladding from high-rise buildings, Lord Rooker said: 'Can we be assured that the companies identified in the Grenfell report as using dishonest strategies and making false claims, such as Kingspan, Celotex and Arconic, are not involved in any replacement work? 'The companies are reported to have manipulated test data and manipulated the market.' Speaking in the Lords chamber, where his comments are protected by parliamentary privilege, the peer added: 'The minister and other members will have read the exposure of the crooks running Arconic in a devastating article in the Sunday Times two days ago. Why are these people not behind bars?' Responding, communities minister Lord Khan of Burnley said: 'The Cabinet Office announced investigations into seven organisations, a few of which he mentioned. 'These organisations were named in the Grenfell Tower Inquiry report, enabled by the Procurement Act 2023, which came into force on February 24 2025. 'The Cabinet Office is considering options under this Act. This is rightly independent. 'While this process must run its course, further actions outside the debarments regime against those involved in this tragedy have not been ruled out.' Arconic have been contacted for comment. Responding to the inquiry report last year, the firm said it was its subsidiary, Arconic Architectural Products SAS (AAP), which had supplied the material used for cladding in the tower's refurbishment, and that it rejects 'any claim that AAP sold an unsafe product' and that it 'did not conceal information from or mislead any certification body, customer, or the public'. Kingspan said it had 'long acknowledged the wholly unacceptable historical failings that occurred in part of our UK insulation business' but said these were 'in no way reflective of how we conduct ourselves as a group, then or now'. Celotex said it had 'reviewed and improved process controls, quality management and the approach to marketing within the Celotex business to meet industry best practice'.
