Latest news with #PoojaMenon
Time of India
08-07-2025
- Business
- Time of India
Dow to close three European chemical plants, cut 800 jobs, HR News, ETHRWorld
Advt Advt Join the community of 2M+ industry professionals. Subscribe to Newsletter to get latest insights & analysis in your inbox. All about ETHRWorld industry right on your smartphone! Download the ETHRWorld App and get the Realtime updates and Save your favourite articles. By Pooja Menon and Katha KaliaDow will shut down three upstream plants in Europe and cut around 800 jobs in response to structural challenges in the region, the chemicals company said on Monday, sending its shares down 2.5% in morning company said the shutdowns will remove higher-cost, energy-intensive portions of Dow's portfolio in chemical companies are feeling the pressure to reassess strategies, with the European Union's increasing production costs, lackluster demand and stringent environmental year, Dow had said that it had started a review of some of its European Ethylene cracker in Bohlen, Germany, Chlor-alkali & vinyl assets in Schkopau, Germany and a Basics siloxanes plant in Barry, UK will be shut in the next two years, the chemicals company said on Midland, Michigan-based company said the 800 impacted jobs are in addition to the reduction of about 1,500 Dow roles globally, announced in January as part of a $1 billion cost savings company had nearly 36,000 employees as of September 2024."While this decision is costly and will take some time to play out, we see this as positive for Dow given the run-rate EBITDA and free cash flow improvement," said TPH Energy Research analyst Matthew actions should improve the balance between supply and demand in the commodity chemical market, Blair will record charges ranging from $630 million to $790 million, for items including disposal of assets and shutdown is expected to begin in mid-2026 and is estimated to be complete by the end of 2027, with potential decommissioning and demolition to stretch into 2029 as needed, the company April, Dow had said it expects extended pressure on earnings due to uncertainty from U.S. President Donald Trump's shifting trade policies. (Reporting by Pooja Menon and Katha Kalia in Bengaluru; Editing by Sahal Muhammed)
The Star
26-06-2025
- Business
- The Star
Meta signs deals to source more solar, wind power for data centers
People walk behind a logo of Meta Platforms company, during a conference in Mumbai, India, September 20, 2023. REUTERS/Francis Mascarenhas/File Photo (Reuters) -Renewable energy developer Invenergy and social media giant Meta Platforms have signed four deals to supply 791 megawatts (MW) more of solar and wind power to operate data centers, the companies said on Thursday. This is the latest in a string of deals by Meta to meet the surging power demand of its data centers needed for artificial intelligence technologies using clean energy. Last year, Meta had signed four contracts with the Chicago-based Invenergy for 760 MW of solar electricity. Invenergy said Thursday's deals bring the companies' total partnership to 1,800 MW. Meta has previously announced deals with several large solar projects, a geothermal startup, and is also seeking proposals from nuclear power developers. The electricity from Invenergy's solar and wind projects in Ohio, Arkansas and Texas will be delivered to the local grid, while Meta will receive the clean energy credits associated with the new generation capacity coming online, the energy company said. The companies did not disclose the financial details of the deals. (Reporting by Pooja Menon in Bengaluru; Editing by Tasim Zahid and Sahal Muhammed)
Yahoo
07-05-2025
- Business
- Yahoo
Bunge beats first-quarter profit estimates driven by high processing margins
(Reuters) -Bunge beat Wall Street expectations for first-quarter profit on Wednesday as the grain trader and processor benefited from higher processing margins and tariff uncertainty-fueled demand for its products. Combined soybean, corn and wheat export volumes were up 11% year-on-year in the United States and Brazil during the first quarter. Corn was up 38% in the U.S. and soybeans rose 18% in Brazil. "We benefited in the first quarter from tariff-related timing shifts in demand and farmer activity and remain confident in our ability to continue to execute despite the current market environment," CEO Greg Heckman said. However, net sales from its core agribusiness segment, its largest by revenue and volume, were down 16.2% at $8.16 billion in the quarter from the previous year. The Missouri-based company posted an adjusted profit of $1.81 per share for the three months ended March 31, compared with analysts' average estimate of $1.30 per share, according to LSEG data. (Reporting by Pooja Menon in Bengaluru; Editing by Pooja Desai)
Reuters
23-04-2025
- Business
- Reuters
FirstEnergy beats first-quarter profit estimates on higher electricity rates
April 23 (Reuters) - Utility firm FirstEnergy (FE.N), opens new tab beat Wall Street estimates for first-quarter adjusted profit on Wednesday, as the utility was helped by rate hikes. Amid extreme weather conditions and demand growth, U.S. electric utilities are increasing investments in infrastructure to cope with the demand and also improve resiliency. The Reuters Power Up newsletter provides everything you need to know about the global energy industry. Sign up here. Regulated utilities use rate case proceedings to determine the amount that customers need to pay for electricity, natural gas, private water and steam services according to the investments they make. Power bills are expected to go up as fresh electricity supply struggles to keep up with rising demand from AI data centers, increased domestic manufacturing and the electrification of industries. The company said its quarterly total distribution deliveries rose more than 4% compared to last year, when its areas experienced mild weather. Quarterly adjusted profit from its distribution and integrated segments rose 10 cents per share each from a year earlier. FirstEnergy serves about 6 million customers in the areas of Ohio, Pennsylvania, New Jersey, West Virginia and Maryland through its three segments — distribution, integrated and stand-alone transmission. The Akron, Ohio-based firm posted an adjusted profit of 67 cents per share in the first quarter, compared with analysts' estimate of 61 cents per share, according to data compiled by LSEG. Reporting by Tanay Dhumal and Pooja Menon in Bengaluru; Editing by Alan Barona Our Standards: The Thomson Reuters Trust Principles., opens new tab
