Companies

Biden to say US Steel must remain domestically owned and operated

by
Biden to say US Steel must remain domestically owned and operated

President Joe Biden will oppose the proposed .9 billion acquisition of U.S. Steel Corp by Japan’s Nippon Steel, stating that U.S. Steel must remain a domestically owned and operated American firm. In a statement, Biden will emphasize the importance of maintaining strong American steel companies powered by American workers and highlight U.S. Steel’s significance as an iconic American company for over a century. U.S. Steel shares dropped 4.9% in premarket trading following the news. The acquisition has faced criticism from both Democratic and Republican U.S. senators due to national security concerns and lack of consultation with U.S. Steel’s main union.

Government , ‘has no plan B’ over Vasiliko LNG terminal

by
Government , ‘has no plan B’ over Vasiliko LNG terminal

The Vasiliko liquefied natural gas (LNG) terminal project in Cyprus is currently stalled, with no alternative plan (“plan B”) in place, as stated by Energy Minister George Papanastasiou. The project is facing delays due to arbitration proceedings between the Republic of Cyprus and the Chinese-led consortium responsible for building the LNG plant. Despite reservations about the consortium, the government aims to complete the project with the current contractor as the fastest solution, requiring the project to be delivered by July 2024. This deadline comes after two previous extensions, with the initial completion date set for September 2022. Papanastasiou remains optimistic about the project’s completion and is in discussions with the Chinese Ambassador Liu Yantao. Concerns about potential violations and the need for possible criminal investigations have been raised, with some suggesting the matter be referred to the Anti-Corruption Authority.

Zara-owner Inditex shares rise to record high on spring season boost

by
Zara-owner Inditex shares rise to record high on spring season boost

– Inditex’s shares rose to a record high after reporting positive early spring sales.
– Sales at constant currencies for Feb. 1 to March 11 jumped 11 percent.
– Annual sales rose 10 percent to a record 36 billion euros in the year to January 2024.
– Inditex’s revenue growth in 2023 topped that of rival H&M.
– The company plans to open Zara stores in Los Angeles, Las Vegas, and Cambridge, Massachusetts, and the first Massimo Dutti store in Miami.
– Inditex has widened its lead over H&M by delivering trends faster and selling more clothes at higher prices.
– H&M reported a 4 percent drop in December and January sales.
– Inditex’s sales growth has slowed compared to the previous year, with a 13.5 percent increase in the first half of spring 2023.
– The company posted an annual net profit of 5.4 billion euros, up 30 percent on the year.
– Inditex plans to invest 900 million euros per year through 2025 on logistics.
– It will spend a total of 1.8 billion euros this year on expanding store space by 5 percent, technology, and improving online platforms in 2024.
– Inditex will start weekly livestreaming shopping services for Zara in the U.S. and UK.
– The company will expand its second-hand business to the U.S. after launching in the UK in 2022.
– Inditex had 5,692 stores worldwide in 2023, 123 fewer than the previous year.
– Inventories in January were 7 percent lower year-on-year.
– The company will increase its dividend payout by 28 percent to 1.54 euros per share.
– Zara began raising prices earlier than H&M in response to inflation and to offer high-fashion pieces.
– Over the last two years, Zara has increased average prices at a slower pace than H&M and others.
– Investors expect Inditex to continue to outperform H&M, with the Spanish group having a higher valuation than peers like H&M, Gap, and Next.

Tatar, ’s daughter insists diploma is real

by
Tatar, ’s daughter insists diploma is real

Canev Tatar, daughter of Turkish Cypriot Leader Ersin Tatar, insisted that her diploma from the Cyprus Health and Social Sciences University (KSTU) is authentic, despite the university being involved in a diploma forgery scandal. She graduated from the University of the Arts London in 2015 and has been involved in artistic and personal development activities. Tatar expressed disappointment and offense over accusations against her, asserting she completed the required coursework and exams at KSTU. She provided evidence of her studies, including Whatsapp conversations, a PowerPoint presentation, and her diploma certificates from both universities. High-profile arrests linked to the fake diploma scandal at KSTU include former ‘education minister’ Kemal Durust and his wife Meray Durust, as well as Yodak chairman Turgay Avci and former board member Mehmet Hasguler, all of whom are currently on bail.

Methane emissions from energy sector near record high in 2023, IEA says

by
Methane emissions from energy sector near record high in 2023, IEA says

Methane emissions from the energy sector remained near a record high in 2023 despite commitments from the oil and gas industry to address leaking infrastructure, according to a report by the International Energy Agency (IEA). The IEA is optimistic that new satellites could improve monitoring and transparency of methane leaks, a significant greenhouse gas. Methane emissions have been stable since 2019, with over 120 million metric tonnes released into the atmosphere in the last year, a slight increase over 2022. Large methane plumes from leaky fossil fuel infrastructure increased by 50% in 2023 compared to 2022, with a notable event being a well blowout in Kazakhstan lasting over 200 days. Nearly 200 countries agreed at the United Nations climate summit in Dubai to cut methane emissions substantially, building on a previous commitment to reduce global methane emissions by at least 30% from 2020 levels by the end of the decade. However, countries and companies are under-reporting their methane emissions compared to the IEA’s estimates. New satellites, including one backed by Alphabet Inc’s Google and the Environmental Defense Fund, are expected to enhance methane emission monitoring. The IEA anticipates that 2024 will be a significant year for action and transparency on methane emissions.

Cyprus Shipping Chamber delves into emissions trading system

by
Cyprus Shipping Chamber delves into emissions trading system

The Cyprus Shipping Chamber held a meeting to discuss the EU Emissions Trading System (EU ETS) that became effective on January 1, 2024. The meeting aimed at informing member companies about their obligations under this new system. The Ministry of Agriculture, Rural Development and Environment, which is the Managing Authority of the EU ETS in Cyprus, provided a presentation on compliance with Community Regulations. The event also included strategic group meetings between participants and service providers to discuss solutions to challenges posed by the EU ETS. The meeting saw participation from representatives of seven service providers and over a hundred executives from member companies.

TikTok ban in US is unfair says Chinese foreign ministry

by
TikTok ban in US is unfair says Chinese foreign ministry

A spokesperson of the Chinese foreign ministry criticized a U.S. bill aimed at forcing a TikTok divestiture or ban, arguing that using national security as a reason to reduce the competitive advantage of other countries lacks fairness. The U.S. House of Representatives passed the bill, which would require TikTok’s Chinese owner ByteDance to divest the U.S. assets of the app within six months or face a ban. The spokesperson, Wang Wenbin, stated that such actions stand against the principles of fair competition and international trade rules. U.S. legislators have expressed concerns that TikTok’s U.S. user data could be shared with China’s government. TikTok’s CEO, Shou Zi Chew, has denied any sharing of U.S. user data with the Chinese government or receiving any requests to do so.

Cabinet approves grants scheme for agricultural upgrades

by
Cabinet approves grants scheme for agricultural upgrades

The Ministerial Council approved the second call for proposals of the grants scheme for the creation, modernization, and digital upgrade of processing or marketing units of agricultural products, as announced by the Minister of Energy, Commerce, and Industry, George Papanastasiou. This scheme is part of the Recovery and Resilience Plan for 2021-2026 and has a budget of €25 million. It aims to support existing and new small and medium-sized enterprises. Approximately €3 million saved from the first call will be used in this second call. Applications must be submitted through the electronic system of the Ministry of Energy, Commerce, and Industry. The scheme is also open to cooperatives and beekeepers.

KPMG Academy: Specialised services through academic expertise

by
KPMG Academy: Specialised services through academic expertise

The Academy, associated with KPMG in Cyprus, provides specialized services, solutions, and insights across various industries by combining professional and academic expertise. It has adapted successfully to market changes, regulations, and technological advancements over the years. The Academy offers a range of training services including open seminars/webinars, tailored trainings, learning advisory, and digital learning in areas such as Organisational Strategy and Operations, HR Advisory, Restructuring, IFRS and Accounting, Taxation, Corporate Finance, Financial Risk Management/consulting, IT Advisory, and Soft Skills. Its trainers, certified by the HRDA as Vocational Trainers, come from KPMG in Cyprus, the broader KPMG network, prestigious universities, and successful companies. The training programs are suitable for professionals from various industries and may fulfill Continuing Professional Development requirements, with many approved by the Human Resource Development Authority (HRDA) for subsidies. Upcoming trainings from March to June 2024 cover topics like VAT legislation in Cyprus, AML regulations, Blockchain and the Metaverse, corporate tax principles, tax updates, cybersecurity basics, data intelligence and AI, ESG assurance, real estate transactions, and the CRR III framework for banks.

Adidas posts first loss in 30 years

by
Adidas posts first loss in 30 years

– Adidas posted its first annual loss in more than 30 years and warned that sales in North America would fall again due to high inventories among sportswear retailers in the U.S.
– The company cut ties with Kanye West in October 2022, suspending sales of the Yeezy sneaker line.
– CEO Bjorn Gulden resumed sales of Yeezy sneakers to clear stock and focused on boosting sales of Samba and Gazelle shoes.
– Adidas shares have recovered, outperforming Nike and Puma since Gulden took over.
– Adidas expects sales in North America to fall by around 5% this year.
– Sales in North America fell by 21% in the fourth quarter and by 16% over the year.
– Adidas reduced its inventories by 1.5 billion euros in 2023, a 24% decline.
– The company has experienced shipment delays due to the Red Sea crisis.
– Adidas aims to improve its underlying business, excluding Yeezy, with a growth target of at least 10% in the second half of 2024.
– The trend for low-rise suede “terrace” sneakers like Samba and Gazelle has benefited Adidas, with footwear sales growing by 8% in the fourth quarter.
– In China, Adidas expects sales to grow at a double-digit rate after an 8% increase in 2023.
– Adidas made 750 million euros in revenue from Yeezy sales last year, resulting in a 300 million euro profit.
– The company plans to propose an unchanged dividend of 0.70 euros per share on its 2023 performance despite a net loss of 58 million euros, its first since 1992.