Latest news with #Burkhard
Yahoo
5 days ago
- Business
- Yahoo
German submarine builder TKMS moves forward with spin-off
Thyssenkrupp is giving its marine division a new, yet familiar brand name ahead of its stock market debut. The company will in future consolidate all areas under the brand TKMS, the abbreviation for the Kiel submarine builder Thyssenkrupp Marine Systems, the company said on Wednesday. An investment by the federal government is "certainly an option," said TKMS chief executive Oliver Burkhard. "Desirable from our perspective, but not necessary." Burkhard expects that the supervisory board will deal with the plans by the end of June. The decision will then be made at an extraordinary general meeting, possibly in the summer, he said. According to Burkhard, a stock market listing could occur in the autumn. The aim is to access capital more easily through a spin-off. "However, this is not a miraculous multiplication of money." Parent company retains majority Thyssenkrupp board member Volkmar Dinstuhl described it as a logical step. The new holding company, in which shareholders will hold a 49% stake as part of the spin-off, is to be admitted to trading on the Frankfurt Stock Exchange. The parent company will retain the majority, he said. "TKMS is already a true success story," said Dinstuhl. Independence offers a good starting position for a possible national or European consolidation of the industry. "That's why we are also in talks with the federal government." In the past, there had already been discussions with the previous government and the development bank KfW about an investment by the federal government. On the election campaign trail, now Chancellor Friedrich Merz had promised the shipyard support for independence during a visit in January. Full order books TKMS says it is the world market leader for non-nuclear powered submarines and its order books are full until the early 2040s. In December, the Bundestag's budget committee approved the construction of four more 212CD class submarines for the German Navy. This means 10 such submarines have been commissioned - six for Germany and four for Norway. Burkhard said he expects Norway to also exercise the option for two more submarines. According to TKMS, the order book amounts to around €18 billion ($20.5 billion). The shipyard is also bidding for the construction of submarines for Canada. In addition to its main shipyard in Kiel, the defence company also has a shipyard in Wismar in the north-eastern state of Mecklenburg-Vorpommern, which, according to Burkhard, is to be upgraded for €220 million and is expected to provide about 1,500 jobs by 2029. In total, there are now reportedly 8,500 jobs there. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
India Gazette
14-05-2025
- Business
- India Gazette
US may reduce oil production because of sluggish demand and falling crude prices: S&P
New Delhi [India], May 14 (ANI): United States may reduce its oil production which could lead to an annual decline in output in 2026 due to the sluggish demand and falling crude prices, according to a new analysis by S&P Global Commodity Insights. The report further added that slowing global oil demand, extreme uncertainty about the future of US trade and a coming supply surplus are expected to hobble US oil production growth. The S&P Global Commodity Insights Global Crude Oil Markets Short-term Outlook adds that global oil (total liquids) demand growth to average 750,000 barrels per day (b/d) in 2025, a downward revision of 500,000 b/d from the prior outlook. 'Although the magnitude of a potential economic and oil demand downturn is as uncertain as the future course of U.S. tariffs, the impact will be negative. Initial warning signs of a potential downturn are only starting to come into view. The level of severity is now the big question,' as per Jim Burkhard, Vice President and Global Head of Crude Oil Research, S&P Global Commodity Insights. The new demand outlook represents a significant shift in momentum following strong oil demand growth in the first quarter of the year when demand grew by an estimated 1.75 million b/d year-over-year. In contrast, demand growth for the remaining quarters of year is now expected to average 420,000 b/d, the report added. The report adds that the total U.S production for 2025 is expected to average 13.46 million b/d (gain of 252,000 b/d year-over-year) before falling back to 13.33 million b/d for 2026--a 130,000 b/d decline. 'U.S. oil production growth has been a dominant feature in the oil market since 2022. A price-driven decline in U.S. production would be a pivot point for the oil market--and set conditions for a potential price recovery. But much will depend on the severity of an economic slowdown and the impact on demand growth beyond 2025,' Burkhard added. Ian Stewart, Associate Director, S&P Global Commodity Insights said that dizzying changes to U.S. tariffs--both real and proposed--are taking their toll on market sentiment. 'Our current outlook assumes that there will ultimately be some movement away from trade barriers to China as well as signs of progress in U.S. trade talks with Europe, Japan and other major trading partners. That means that the risk for additional downside is very real. Any periods of price strength are likely to be fragile,' Stewart added. (ANI)
Time of India
14-05-2025
- Business
- Time of India
Global oil demand growth forecast cut by 500,000 b/d for 2025: S&P Global
New Delhi: Global oil demand growth is now projected to average 750,000 barrels per day (b/d) in 2025, a downward revision of 500,000 b/d from the previous outlook, according to the latest analysis by S&P Global Commodity Insights. The report cites extreme uncertainty surrounding U.S. trade policy and a likely supply surplus as key reasons for the revision. This marks a significant slowdown following an estimated year-over-year increase of 1.75 million b/d in the first quarter of 2025. For the remaining quarters, demand growth is expected to average 420,000 b/d. Jim Burkhard, Vice President and Global Head of Crude Oil Research at S&P Global Commodity Insights, said, 'Although the magnitude of a potential economic and oil demand downturn is as uncertain as the future course of U.S. tariffs, the impact will be negative. Initial warning signs of a potential downturn are only starting to come into view. The level of severity is now the big question.' The report also revises U.S. crude oil production expectations, projecting a year-on-year decline in 2026 for the first time in nearly a decade—excluding the COVID-19 pandemic year of 2020. After averaging 13.46 million b/d in 2025—a gain of 252,000 b/d over 2024—U.S. production is expected to fall to 13.33 million b/d in 2026, a decline of 130,000 b/d. S&P Global noted that output from offshore and long-lead time projects will sustain production this year, while price-sensitive shale output may slow with a lag. 'U.S. oil production growth has been a dominant feature in the oil market since 2022. A price-driven decline in U.S. production would be a pivot point for the oil market—and set conditions for a potential price recovery. But much will depend on the severity of an economic slowdown and the impact on demand growth beyond 2025,' Burkhard added. The outlook is based on average prices in the mid-to-low USD 60s per barrel for Dated Brent, and in the low USD 60s to high USD 50s per barrel for West Texas Intermediate (WTI). However, the report notes that additional downside risk exists if trade barriers are not eased and if OPEC+ accelerates the reversal of existing production cuts. Ian Stewart, Associate Director at S&P Global Commodity Insights, said, 'Dizzying changes to U.S. tariffs—both real and proposed—are taking their toll on market sentiment. Our current outlook assumes that there will ultimately be some movement away from trade barriers to China as well as signs of progress in U.S. trade talks with Europe, Japan and other major trading partners. That means that the risk for additional downside is very real. Any periods of price strength are likely to be fragile.' A previous analysis by the firm estimated that sustained WTI crude prices at USD 50 per barrel could lead to a drop of more than 1 million b/d in U.S. Lower 48 onshore production over a 12-month period.
NBC News
10-04-2025
- Business
- NBC News
Trump trade war uncertainty threatens U.S. oil production
President Donald Trump 's trade war has thrown the oil market into deep uncertainty, triggering wild swings in crude prices, undermining investor confidence and jeopardizing domestic production. U.S. crude oil hit a low of $55.12 on Wednesday, down 23% from the closing price on April 2 when Trump announced his sweeping plan to slap tariffs on more than 180 countries. The rapid pullback in prices threatens the president's 'drill, baby, drill' agenda as companies will struggle to boost output at profit. But West Texas Intermediate staged a comeback after Trump suddenly reversed course Wednesday, announcing a 90-day pause on high tariffs for most trade partners with the exception of China. The U.S. benchmark swung 13% intraday from its session low to close at $62.35 in response. Trump's decision to lower tariffs to 10% for most countries gave the market a temporary reprieve from fears of a spiraling trade war. But U.S. oil producers face an environment of 'extreme uncertainty' that will make them hesitant about investment decisions, said Jim Burkhard, head of oil market research at S&P Global Commodity Insights. Weaker confidence U.S. crude oil fell more than 4% on Thursday to under $60 a barrel as traders focused on Trump's decision to hike tariffs on China to an eye-watering 125%. And it's unclear how negotiations with the dozens of countries that have gotten a reprieve will pan out. 'There's a pause — the uncertainty has not gone away,' Burkhard said of Trump's reversal. 'Confidence about the future is weaker now than it was a month ago and prices are lower.' 'Can the U.S. negotiate with 70 countries all at once? I don't think the chaos is over,' he said. Trump's on-again, off-again approach to tariffs is causing real damage, said Susan Bell, senior vice president of commodity markets at Rystad Energy. The safest option in times of uncertainty for asset-based businesses like oil companies is to reduce capital expenditures, Bell said. 'There's a loss of confidence, not just in investment in the shale industry, but really investment in the United States,' she said. Oil production threatened Shale oil companies have driven the rapid growth of the U.S. into the world's largest crude producer. These companies currently need U.S. crude prices to average at least $65 per barrel to drill new wells at a profit, according to executives at 81 companies surveyed by the Federal Reserve Bank of Dallas. U.S. crude prices in the low $60s is the zone where companies may start drilling less over the next six months, Burkhard said. Producers will increasingly have to decide either to reduce lucrative returns for shareholders or scale back their activity in the oil patch, he said. Some 50 rigs could get cut immediately with more potentially on the chopping block if prices remain at these levels, Bell said. Goldman Sachs has lowered its price forecast for WTI to $58 by December 2025 and $51 by the end of next year. U.S. onshore oil growth would flatline if crude falls to range of $50 to $55 per barrel for a sustained period, said Walt Chancellor, an energy strategist at Macquarie Group. Shale companies also face the threat of Trump's steel tariffs potentially increasing the cost of new wells by 10%, Bell said. The companies would need even higher oil prices to drill new wells profitably, she said. 'It adds to costs at the time that... oil prices are falling — it's another hit,' Burkhard said of the steel tariffs. U.S. shale producers were scathing in their criticism of Trump's tariff policy in anonymous responses to the Dallas Fed Energy Survey published in March. One executive said, 'the administration's chaos is a disaster for the commodity markets.' Trump's call to 'drill, baby, drill' is a 'myth and a populist rallying cry,' the executive said. The president's 'tariff policy is impossible for us to predict and doesn't have a clear goal,' the person said, calling for 'stability.' 'I have never felt more uncertainty about our business in my entire 40-plus-year career,' another executive told the Dallas Fed. U.S. Energy Secretary Chris Wright acknowledged Tuesday that tumbling prices will worry oil producers. Wright, founder and former CEO of natural gas fracking company Liberty Energy, contended that Trump will drive down producers' costs by removing uncertainty around permitting and approving more pipelines and export terminals, allowing them to pump at lower prices. 'Lower prices are good for consumers, and as producers get lower and lower cost structure, they're going to thrive at lower prices as well,' Wright told CNBC's 'Money Movers.' 'What you're seeing right now is the fear and uncertainty as the sausage is being made,' he said of Trump's tariff policy. The unpredictability caused by Trump's tariffs has also hit the stock of the company Wright founded. Liberty's shares are down 32% since April 2.
Yahoo
05-04-2025
- Politics
- Yahoo
UK, French military chiefs in Kiev for talks on aid and peace plans
Top military officials from France and the United Kingdom visited Kiev on Saturday for high-level talks aimed at ramping up support for Ukraine in its fight against Russia. French Chief of Staff Thierry Burkhard travelled to the Ukrainian capital alongside his British counterpart Tony Radakin. The pair met with Ukrainian President Volodymyr Zelensky, Commander-in-Chief Oleksandr Syrskyi and Defence Minister Rustem Umerov to discuss further military aid for Ukraine and a long-term strategy for the restructuring of the Ukrainian armed forces, Burkhard wrote on X. The army chiefs also discussed the deployment of international peacekeeping forces in Ukraine in the event of a ceasefire, Burkhard said. France and the UK have signalled willingness to send troops to Ukraine as part of a so-called "coalition of the willing" to monitor a potential ceasefire, but are looking for further partners. "Together, we want to ensure a lasting and firm peace in Ukraine, which is an important prerequisite for the security of the European continent," Burkhard wrote.
