Norway's sovereign wealth fund sells its shares in 11 Israeli companies
The management of the fund, which invests Norway's profits from oil and gas, said in a statement that it had investments in 61 Israeli companies at the end of this year's first half. It said it decided last week to sell all its investments in 11 firms that are not in the Norwegian Finance Ministry's equity benchmark index, and has spent recent days completing those sales.
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Yahoo
3 minutes ago
- Yahoo
China's extension of EU dairy import probe linked to September talks
China will not conclude its anti-dumping investigation into EU dairy imports until at least early next year as talks are set to continue in September. In response to China's decision this week to extend its probe to February, the European Dairy Association (EDA) said it was not surprised by the decision given Chinese officials are due to make 'technical visits' to Belgium and the Netherlands next month, as well as hold talks with the European Commission (EC). China kicked off its investigation in August last year to ascertain whether the EU was guilty of exporting dairy products to the Asian country at prices that put local producers at an unfair advantage. The probe followed similar enquiries launched by China for pork and brandy shipped from the European trading bloc that commenced in June and January of 2024, respectively. The trade spat with China was sparked by the EU threatening to impose tariffs on imports of Chinese battery electric vehicles (BEV), with the EC claiming 'unfair subsidisation' by its Chinese counterparts that risked 'causing a threat of economic injury' to local manufacturers. Xinhua, China's state-run news agency and official government mouthpiece, reported on Monday (18 August) that the Ministry of Commerce had extended its investigation into 'certain dairy products' from the EU to February The news service, citing a Ministry statement, said the extension was due to the 'complexity of the case'. Similar language emerged from the EDA. Its Secretary General Alexander Anton said in a statement: 'This highlights the increasingly complex dynamics of global dairy trade and has required coordinated responses from the industry and policymakers, and EDA will continue to work closely with the EU Commission and the 'sampled' dairies that are most involved in the process.' In October last year, China's Ministry of Commerce identified Dutch dairy giant FrieslandCampina, Elvir (France) Co. and Sterilgarda Alimenti in Italy as three EU companies that would be subject to a sampling exercise as part of its anti-dumping probe. Meanwhile, the EC took its case to the World Trade Organization (WTO) last September under a 'commitment to firmly defend the interests of the EU dairy industry and the Common Agricultural Policy against abusive proceedings'. Anton at the EDA said today (20 August) in the statement, when asked for comment and an update on those proceedings by Just Food: 'With that, for the very first time in such an early state of the procedure, the EU has given a clear political sign to step up to defend our European interest. 'WTO procedures are not known for speed and so far, we have no signs for any progress at this level.' Just Food has asked the EC for an update on the status of proceedings regarding China's probe into dairy and pork imports from the bloc, and whether there has been any progress with the WTO. When China kicked off its dairy import investigation last August, Xinhua said the probe was launched on behalf of the Dairy Association of China and the China Dairy Industry Association. The news agency suggested at the time that the review would include fresh cheese, curd and blue cheese from the EU. It was expected that the enquiry would conclude on 21 August of this year but could be extended for six months 'under special circumstances'. "China's extension of EU dairy import probe linked to September talks" was originally created and published by Just Food, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
3 minutes ago
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Mowi raises 2025 output forecast despite decline in Q2 earnings
Norwegian salmon farming giant Mowi has raised its output forecast for 2025, even as it reported a decline in second-quarter earnings. The company's earnings before interest and taxes (EBIT) for the quarter fell by 8.7% year-on-year to €81.8m ($95.2m). Operational EBIT declined 17% to €188.5m due to 'lower prices'. Mowi, which operates in Norway, Chile, Canada, Iceland, the Faroes, Scotland, and Ireland, reported operational revenue of €1.39bn for the second quarter, marking a 4% increase compared to the previous year. For the quarter ended 30 June, the company recorded a profit of €41.5m, up 10% from last year. The company harvested a 'record' 133,000 tonnes in the second quarter, representing a 21% growth compared to last year. '2025 has so far been a good year for the farming division with very good operations and strong growth,' Mowi CEO Ivan Vindheim said. In light of these results, Mowi has raised its volume guidance for 2025 to 545,000 tonnes, reflecting 'strong' seawater growth, which equates to an annual growth of 9% from 2024. Vindheim added: 'With the recently concluded agreement to increase our ownership stake in Nova Sea from 49% to 95%, we expect to harvest at least 600,000 tonnes as early as next year, equivalent to a growth of 10% in 2026, and we are rapidly approaching our next milestone of 400,000 tonnes in Norway alone.' In January, Mowi acquired Vigner Olaisen's 46% stake in local peer Nova Sea for Nkr7.4bn ($655m), effectively giving it control of the business. The seafood group has held a minority stake in Nova Sea since 1995. Following the transaction, Mowi's ownership in Nova Sea will increase from 49% to 95%. For the first half of 2025, Mowi's operational revenue rose nearly 3% to €2.75bn. However, EBIT for the first six months plummeted to €123m from €328.5m a year earlier, with profit declining to €59m from €208.2m in the first half of 2024. In September last year, Mowi said it aimed to realise up to €400m ($446.3m) in cost savings over the next five years, largely through new technologies. In light of its financial performance, Mowi's Board of Directors has decided to pay a quarterly dividend of Nkr1.45 per share. "Mowi raises 2025 output forecast despite decline in Q2 earnings" was originally created and published by Just Food, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
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5 minutes ago
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Brevan Howard's Digital Business CEO Gautam Sharma Departs Firm
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