Connect with us

Business

Profit-taking, bank results drag PSX down | The Express Tribune

Published

on

Profit-taking, bank results drag PSX down | The Express Tribune



KARACHI:

Trading at the Pakistan Stock Exchange (PSX) remained volatile on Thursday as the benchmark KSE-100 index plunged nearly 2,000 points, driven by profit-taking ahead of futures contract rollover and unimpressive financial results of a few banks.

In the morning, the market commenced proceedings on a positive note, reaching the intra-day high of 166,720 in the very first hour. The index stayed close to that level by midday, but it started coming down later.

The bourse saw a steep drop and after frequent ups and downs, it hit the intra-day low of 164,395 just before close. At the end of the session, the KSE-100 index recorded a dip of 1,962.87 points, or 1.18%, to settle at 164,590.41.

Commenting on the market’s movement, Topline Securities said that stock trading remained notably volatile, reflecting mixed investor sentiment, as the index oscillated between the intra-day high of 166,720 and a low of 164,395. The KSE-100 ended the session at 164,590, registering a decline of 1,963 points.

It noted that the volatility was largely attributed to profit-taking ahead of the upcoming rollover week, coupled with disappointing financial results from Bank AL Habib and Bank Alfalah.

Among the major laggards, Bank AL Habib, Habib Metropolitan Bank, Lucky Cement, Hub Power and Engro collectively eroded 1,019 points from the index. Despite the downturn, investor participation remained robust, with the total traded volume surging to 1,505 million shares, Topline added.

Arif Habib Limited (AHL) commented that selling pressure intensified on Thursday, where banks saw notable declines. On KSE-100, 24 shares rose while 74 fell with MCB Bank (+1.07%), Interloop Limited (+5.82%) and Fauji Fertiliser Company (FFC, +0.27%) contributing the most to index gains. On the other hand, Bank AL Habib (-9.98%), Habib Metropolitan Bank (-5.89%) and Lucky Cement (-1.75%) were the biggest index drags.

FFC announced 9MCY25 earnings per share (EPS) of Rs40.50, up 14% year-on-year (YoY), and a dividend per share of Rs28.5. Net sales rose 18% YoY in 3QCY25, primarily driven by a notable increase in urea and di-ammonium phosphate (DAP) offtake, which grew 14% and 17%, respectively.

HBL declared 9MCY25 EPS of Rs34.96, up 19% YoY, and a dividend per share of Rs14. Earnings improvement was primarily driven by stronger net interest income (NII) and higher non-funded income, AHL observed.

Faysal Bank reported 9MCY25 EPS of Rs10.25, down 24% YoY, and a dividend per share of Rs4.5. Earnings contraction stemmed from a decline in net profit earned (NII) and higher operating costs.

The 166k level needs to be regained to pave the way for further advance as “the KSE-100 is now trading in a congestion zone”. “Heading into the last session of the week, the index is currently up 0.48%,” AHL added.

The overall trading volume decreased to 1.50 billion shares compared with Wednesday’s tally of 1.57 billion. The total value of traded shares stood at Rs49.5 billion.

Shares of 474 companies were traded. Of these, 147 closed higher, 291 fell and 36 remained unchanged.

WorldCall Telecom emerged as the volume leader with trading in 162.2 million shares, edging up one paisa to close at Rs2.09 per share. It was followed by K-Electric, which saw 138.2 million shares change hands, falling 13 paisa to close at Rs6.08 and Telecard Ltd, with 90.6 million shares, rising 12 paisa to close at Rs13.26. Foreign investors sold shares worth Rs539.2 million, according to NCCPL.



Source link

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Ben & Jerry’s: Row deepens as three board members removed

Published

on

Ben & Jerry’s: Row deepens as three board members removed


Three members of Ben & Jerry’s independent board will no longer be eligible to serve in their roles, after the ice cream company introduced a new set of governance practices.

These include a nine-year limit set on board members’ terms. Chair Anuradha Mittal, who earlier said she had no plans to resign under pressure, is among those affected.

The move was criticised by the company’s co-founder Ben Cohen, who called it a “blatant power grab designed to strip the board of legal authority and independence”.

His remarks are the latest in a long-running row between Ben and Jerry’s and its owner over the Cherry Garcia maker’s social activism and the continued independence of its board.

The BBC understands that Ms Mittal will leave the company immediately, while board members Mr Dodson and Ms Henderson will go at the end of this year.

“Anuradha Mittal, Daryn Dodson, and Jennifer Henderson have served this company with integrity and courage. Over many years, they helped the board make bold, often difficult decisions to uphold Ben & Jerry’s social mission,” said Mr Cohen.

Ben & Jerry’s said the move is aimed “to preserve and enhance the brand’s historical social mission and safeguard its essential integrity.”

The Vermont-based firm is now owned by The Magnum Ice Cream Company, after a spinoff from Unilever last week that created the world’s largest standalone ice cream maker.

A spokesperson for Magnum said the firm wanted to build and strengthen Ben & Jerry’s “powerful, non-partisan values-based position in the world”.

But Ben & Jerry’s would be destroyed as a brand if it remains with Magnum, Mr Cohen told the BBC.

Ben & Jerry’s was sold to Unilever in 2000 in a deal which allowed it to retain an independent board and the right to make decisions about its social mission.

Since the sale there have been deepening clashes between the Vermont-based brand and Unilever, with this conflict now inherited by Magnum.

In 2021, Ben & Jerry’s refused to sell its products in areas occupied by Israel, resulting in its Israeli operation being sold by Unilever to a local licensee.

Co-founder Jerry Greenfield left Ben & Jerry’s in September after almost half a century at the firm, deepening a dispute with parent company Unilever.

In a letter shared on social media by Mr Cohen, Mr Greenfield said Ben & Jerry’s had lost its independence after Unilever put a halt to its social activism.



Source link

Continue Reading

Business

Amazon Layoffs: Tech Giant Cuts More Jobs In These Domains, Separate From 14,000 Global Firings

Published

on

Amazon Layoffs: Tech Giant Cuts More Jobs In These Domains, Separate From 14,000 Global Firings


Last Updated:

Amazon cuts 84 jobs in Seattle and Bellevue, separate from 14000 global layoffs, citing routine business reviews. CEO Andy Jassy links future reductions to generative AI expansion.

Amazon to cut more jobs

The spree of layoffs doesn’t appear to be ebbing despite large-scale firings in tech giants. Amazon has reportedly cut 84 jobs, separate from 14000 corporate layoffs in October globally, according to a report of Greekwire.

Amazon said as reported by Greekwire that these job cuts aren’t linked to broader workforce actions. “Each of its businesses regularly reviews its organizational structure and may make adjustments as a result. Terming it a “routine process”.

“We’ve informed a relatively small number of employees that their roles will be eliminated as the result of individual business decisions,” said Amazon spokesperson Brad Glasser. “We don’t make decisions like this lightly,” he added, noting that the company is providing affected employees with 90 days of full pay and benefits, transitional health coverage, and job placement services.

As a new State law the State’s new version of the Worker Adjustment and Retraining Notification Act, known as the WARN Act. requires companies/employers to disclose all terminations within 90 days of a prior notice, Amazon intimated the Washington Authorities.

According to an Amazon filing, the separations are set to take place between February 2 and February 23, 2026, affecting staff across more than 30 office locations in Seattle and Bellevue, along with six remote employees based in Washington.

The roles impacted reportedly include software development engineers, program managers, recruiters, HR specialists and UX designers, spanning levels from entry-level positions to directors and principals.

Amazon said employees were informed beginning in early November and were given at least 89 days’ advance notice, well above the 60-day requirement under the law. The company added that employees who secure internal transfers before their separation date will not be laid off.

In June, CEO Andy Jassy, who has aggressively sought to cut costs since becoming CEO in 2021, said that he anticipated generative AI would reduce Amazon’s corporate workforce in the next few years.

Jassy said at the time that Amazon had more than 1,000 generative AI services and applications in progress or built, but that figure was a “small fraction” of what it plans to build. Jassy encouraged employees to get on board with the company’s AI plans after it announced plans to invest $10 billion building a campus in North Carolina to expand its cloud computing and artificial intelligence infrastructure.

Click here to add News18 as your preferred news source on Google.
Follow News18 on Google. Join the fun, play games on News18. Stay updated with all the latest business news, including market trendsstock updatestax, IPO, banking finance, real estate, savings and investments. To Get in-depth analysis, expert opinions, and real-time updates. Also Download the News18 App to stay updated.
News business Amazon Layoffs: Tech Giant Cuts More Jobs In These Domains, Separate From 14,000 Global Firings
Disclaimer: Comments reflect users’ views, not News18’s. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.

Read More



Source link

Continue Reading

Business

The giant heat pumps designed to warm whole districts

Published

on

The giant heat pumps designed to warm whole districts


Chris BaraniukTechnology Reporter

MVV Energie A large, shiny chrome tank with shiny pipework around it. MVV Energie

MVV Energie is building the world’s most powerful heat pump systems

The pipe that will supply the heat pump, drawing water from the River Rhine in Germany, is so big that you could walk through it, fully upright, I’m told.

“We plan to take 10,000 litres per second,” says Felix Hack, project manager at MVV Environment, an energy company, as he describes the 2m diameter pipes that will suck up river water in Mannheim, and then return it once heat from the water has been harvested.

In October, parent firm MVV Energie announced its plan to build what could be the most powerful heat pump modules ever. Two units, each with a capacity of 82.5 megawatts.

That’s enough to supply around 40,000 homes, in total, via a district heating system. MVV Energie aims to build the system on the site of a coal power plant that is converting to cleaner technologies.

The scale of the heat pumps was determined partly by limits on the size of machinery that could be transported through the streets of Mannheim, or potentially via barges along the Rhine. “We’re not sure about that yet,” says Mr Hack. “It might come via the river.”

One person well aware of the project is Alexandre de Rougemont, at Everllence (formerly MAN Energy Solutions), another German company that also makes extremely large heat pumps. “It is a competition, yeah,” he says. “We’re open about it.”

Heat pumps soak up heat from the air, ground or, in these cases, bodies of water. Refrigerants inside the heat pumps evaporate when they are warmed even slightly.

By compressing the refrigerant, you boost that heat further. This same process occurs in heat pumps designed to supply single homes, it just happens on a much larger scale in giant heat pumps that serve entire city districts.

As towns and cities around the world seek to decarbonise, many are deciding to purchase large heat pumps, which can attach to district heating networks.

These networks allow hot water or steam to reach multiple buildings, all connected up with many kilometres of pipe. Ever bigger models of heat pump are emerging to meet demand.

“There was a lot of pressure on us to change the heat generation to new sources, especially renewable sources,” explains Mr Hack as he discusses the decommissioning of coal-fired units at the Mannheim plant. The site is right by the Rhine, already has a hefty electricity grid connection, and is plugged in to the district heating network, so it makes sense to install the heat pumps here, he says.

He notes that the technology is possible partly thanks to the availability of very large compressors in the oil and gas industry – where they are used to compress fossil fuels for storage or transportation, for example.

MVV Energie A large stainless steel pipe with four blue valves on the top and a gauge.MVV Energie

The new heat pump at Mannheim will transfer heat from the Rhine

Work on the Mannheim project is due to start next year. The heat pumps – with a combined capacity of 162MW – are set to become fully operational in the winter of 2028-29. Mr Hack adds that a multi-step filter system will prevent the heat pumps sucking up fish from the river, and that modelling suggests the system will affect the average temperature of the river by less than 0.1C.

Installations such as this are not cheap. The Mannheim heat pump setup will cost €200m ($2.3m; £176m). Mr de Rougemont at Everllence says that, at his company, heat-pump equipment costs roughly €500,000 per megawatt of installed capacity – this does not include the additional cost of buildings, associated infrastructure and so on.

Everllence Five men in hi-viz jackets talk while standing next to heat pump machinery.Everllence

Everllence has plans for heat pumps even bigger than this one in Esberg

Everllence is currently working on a project in Aalborg, Denmark that will be even more powerful than the system in Mannheim, with a total capacity of 176MW. It will use smaller modules, however – four 44MW units – and is due to become operational in 2027, when it will supply nearly one third of all heating demand in the town.

Those 44MW machines are actually the same ones used in a previous project, now fully operational, to the south of Aalborg in Esbjerg. There, they don’t run at maximum capacity but rather supply 35MW each.

Large hot water storage tanks, each able to hold 200,000 cubic metres of liquid, will give the system added flexibility, adds Mr de Rougemont: “When the electricity price is high, you stop your heat pump and only provide heat from the storage.”

Veronika Wilk at the Austrian Institute of Technology says, “Heat pumps and district heating systems are a great fit.” Such systems can harvest heat from bodies of water or even wastewater from sewage treatment plants.

Dr Wilk notes that, when you use multiple large heat pumps on a district heating network, you gain flexibility and efficiency. You could run two out of four heat pumps in the autumn, say, when less heat is required than during the depths of winter.

Getty Images Helsinki waterfront with boats in the foreground and the cathedral in the background.Getty Images

Helsinki is overhauling its district heating system

All the systems mentioned so far harvest energy from water sources but, less commonly, very large heat pumps can use the air as a heat source, too. Even in a relatively cold city such as Helsinki.

“The sea in front of Helsinki is too shallow,” explains Timo Aaltonen, senior vice president of heating and cooling at Helen Oy, an energy firm. “We calculated that we would need to build a tunnel more than 20km long to the ocean, to get enough water [with a] temperature high enough.”

Helsinki is in the process of radically overhauling its district heating system. The city has added heat pumps, biomass burners and electric boilers to a 1,400km network that links up nearly 90% of buildings in the Finnish capital, adds Mr Aaltonen.

Heat pumps convert single kilowatt hours of electricity into multiple kilowatt hours of heat but electric boilers can’t do this and are therefore considered less efficient.

I ask why Helen Oy decided to install hundreds of megawatts of these boilers and Mr Aaltonen says that they are cheaper to install than heat pumps and having them also means he and colleagues don’t have to rely entirely on the air, which is limited in terms of how much heat it can provide at scale. Plus, the electric boilers can help to soak up surplus renewables and provide an electricity grid-balancing function, he says.

There are no heat pumps in the UK that rival the systems under development in Denmark, Germany and Finland. However, some new district heating networks are on the way, such as the Exeter Energy Network, which will supply the University of Exeter and other customers.

The minimum planned capacity of the network is 12MW. It will feature three 4MW air-to-water heat pumps, with the first unit due to become operational in 2028.

Keith Baker at Glasgow Caledonian University, who researches district heating systems, says the UK has opportunities to make more of this technology. Water in disused mines, which maintains a relatively stable temperature, is beginning to supply larger heat pumps here, for example.

Post-industrial and rural areas where there is adequate space to install heat pumps and heat storage tanks are “the sweet spots”, he says.

More Technology of Business



Source link

Continue Reading

Trending