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Finnish refiner Neste s dividend cut and outlook sends shares lower
2/5/2021
Finnish biofuel producer and oil refiner Neste reported a smaller than expected decline in fourth-quarter profit on Friday, but a dividend cut and a warning on challenges facing its key renewables business sent its shares down 8%.
Neste said the first-quarter sales margin at its renewables unit, which generated 94% of the group profit in 2020, would fall from the previous quarter, citing high input costs. Waste and residue markets are anticipated to remain tight as demand continues to be robust, the company said.
Maintenance works, meanwhile, will deliver a hit of about 270 million euros ($323.4 million) to 2021 profit, it said, with about half of that attributable to a 12-week turnaround at its Porvoo refinery.
By Reuters Staff
(Adds details, background)
Jan 28 (Reuters) - Finnish forestry group UPM has decided to start the basic engineering phase for a biorefinery with annual capacity of 500,000 tonnes of high-quality renewable fuels including sustainable jet fuel, it said on Thursday.
These initial preparations for the plant - to be located either in Kotka, Finland, or Rotterdam in the Netherlands - would last at least 12 months, after which UPM said it would make the investment decision.
The company said its solid wood biomass-based residues and side streams would play a substantial role in the feedstock pool.
UPM said in January last year that it had decided to invest 550 million euros ($665 million) in a new biorefinery in Leuna, Germany, to produce a range of 100% wood-based biochemicals, enabling a switch from fossil raw materials to sustainable alternatives. ($1 = 0.8269 euros) (Reporting by Tarmo Virki in Tallinn Editing by David Goodman)
By Reuters Staff
1 Min Read
Dec 22 (Reuters) - Finnish stainless steel producer Outokumpu on Tuesday announced 650 job cuts in Finland, Germany and Sweden as part of a targeted 1,000 layoffs as it seeks to cut annual costs by between 75 million euros ($91.8 million) and 80 million euros.
“Due to the challenging market situation with continuing high import pressure in Europe and the COVID-19 pandemic impacting the global economy, it is crucial to ensure the company’s cost competitiveness by reducing fixed costs, of which personnel expenses are significant part,” Outokumpu said. ($1 = 0.8171 euros) (Reporting by Tarmo Virki in Tallinn Editing by David Goodman )
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