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Business Standard

5 days ago

Business
Business Standard

Welspun Corp bags repeat exports order

Also secures domestic orders worth Rs 450 crWelspun Corp announce the award of a repeat export order for supply of 50 kms of LSAW Pipes and Bends, with Anti Corrosion and CWC coating. This is for a critical offshore project in the Middle East. Further, the company has received additional orders valued at Rs 450 crore from Indian pipes facilities. These orders will be executed in FY26 & by Capital Market - Live News

The Star

27-05-2025

Business
The Star

Public Bank loses final court battle against NFCorp

PUTRAJAYA: Public Bank Bhd has failed in its final appeal at the Federal Court in a RM560mil lawsuit brought by the National Feedlot Corporation ( Corp) and three others over breach of confidentiality. A three-judge panel, chaired by Chief Judge of Malaya Justice Hasnah Mohammed, made the unanimous decision to dismiss the bank's appeal to set aside a decision by the Court of Appeal in August 2023. The court made the dismissal with costs and reaffirmed the Court of Appeal's decision after hearing submissions from both parties. In the decision, the court ordered Public Bank to pay RM300,000 in costs to Corp and the three others. 'We are of the opinion that common law is not applicable in this case,' Justice Hasnah said via Zoom here yesterday. With regard to a cross-appeal by Corp and three others against the Court of Appeal's award of RM10,000 in nominal damages, the apex court allowed the appeal but deferred the decision on the quantum of damages. 'On damages, we need time to look at all the documents before coming to a decision. The court is fixing June 18 for a decision on damages,' Justice Hasnah said. The other judges on the bench were Chief Judge of Sabah and Sarawak Justice Abdul Rahman Sebli and Federal Court judge Justice Abu Bakar Jais. On Aug 30, 2023, the Court of Appeal allowed an appeal by Corp executive chairman Datuk Mohamad Salleh Ismail and the company's three subsidiaries – National Meat & Livestock Corporation Sdn Bhd, Real Food Company Sdn Bhd and Agroscience Industries Sdn Bhd – in a civil suit filed against Public Bank for breach of contract over failure to protect the confidentiality of their bank account. The appellate court panel ruled that there was a serious misappreciation of evidence, which warranted appellate intervention on the judges' part. It ordered Public Bank to pay RM500,000 in costs. The lawsuit was filed against the bank on May 22, 2012. The suit alleged that the bank had breached confidentiality by allowing details of banking transactions to be revealed by then PKR vice-president Rafizi Ramli (now Economy Minister). They also claimed that their business reputation and credibility had suffered irreparable loss and damage as a result of the bank's security breach of the Banking and Financial Institutions Act. On July 29, 2019, the High Court dismissed the lawsuit against the bank.

Yahoo

15-05-2025

Business
Yahoo

Alcoa Corp: UBS downgrades stock, says alumina 'down and out'

-- UBS cut its rating for Alcoa (NYSE:AA) Corp. to Neutral from Buy on Thursday, warning that the outlook for alumina remains weak and the company's valuation is no longer compelling following a recent stock rebound. 'We remain constructive on the medium-term outlook for aluminium prices, but believe alumina is likely to remain lower for longer,' UBS analysts wrote. They added that 'near-term upside in LME aluminium will be capped by softening demand due to: (1) trade war uncertainty impacting end demand; (2) moderation/reversal of pre-tariff buying.' Alcoa shares have rallied about 30% off recent lows, but UBS said that move has outpaced the recovery in underlying commodity prices. 'In our view, [the] 2026 valuation is fair and risk vs reward balanced,' the analysts said, maintaining a $31 price target. UBS also questioned whether Alcoa stands to benefit from a reduction in U.S. tariffs. 'It remains unclear if AA will directly benefit,' the bank's analysts wrote, noting that 'de-escalation of reciprocal does not necessarily mean 25% section 232 tariffs on US aluminium imports will be modified.' Furthermore, concerns persist around Alcoa's San Ciprián operations. The smelter is projected to be '$70-90m EBITDA -ve & $100-120m FCF -ve,' and while ramp-up plans are underway, UBS said the added supply 'into a weak demand environment is not helpful for the European aluminium market.' UBS added that while the refinery had been cash-positive in the first quarter, falling alumina prices mean it 'will be cash -ve from 2Q.' A resolution that reduces cash burn 'appears unlikely,' and even achieving cash neutrality at the smelter by 2026 will likely not offset persistent losses at the refinery, according to UBS. Related articles Alcoa Corp: UBS downgrades stock, says alumina 'down and out' JetBlue downgraded as risk/reward now more balanced: Raymond James CoreWeave gets additional $4B commitment from OpenAI, boosting deal to nearly $16B 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

Liberty Utilities ‘reckless' in Missouri blast that killed boy, attorney general says

Yahoo

13-05-2025

Yahoo

Liberty Utilities ‘reckless' in Missouri blast that killed boy, attorney general says

The Missouri Attorney General on Monday filed suit against Liberty Utilities for last month's natural gas explosion in Lexington, Missouri, that killed a 5-year-old boy, sent his sister and father to the hospital with serious burns, destroyed three homes and damaged multiple others. Attorney General Andrew Bailey claims Liberty Utilities (Midstates Natural Gas) Corp was 'reckless' and violated the Missouri Underground Facility Safety and Damages Prevention Act after failing to properly mark a gas line in early April. That, Bailey said, ultimately caused the explosion. 'Defendant falsely reported to an excavator that it had marked all of its underground gas pipelines,' Bailey wrote in the suit. 'Relying on Defendant's assurance that it did not have a pipe in the area, the excavator drilled into the ground and punctured Defendant's pipe, allowing natural gas to leak into the community. 'Defendant's actions put a residential community at risk, caused an explosion that shook the community of Lexington, Missouri, and grievously harmed an innocent family.' Bailey wrote that his office was bringing the action to penalize the company for 'its reckless actions' and to insure that it 'takes every reasonable precaution to prevent such horrendous tragedies in the future.' The lawsuit, filed in Lafayette County Circuit Court, is the third filed in the tragedy, which occurred on April 9. 'This was a preventable tragedy,' Bailey said in a release Monday afternoon. 'These companies must take their responsibilities seriously. The law is clear, the process is simple, and the consequences of failure are catastrophic. We're holding Liberty Utilities accountable to ensure that every utility in Missouri does its due diligence to prevent future disasters.' The family of Alistair Lamb, who was killed in the explosion, and his father, Jacob Cunningham, and sister, Camillia 'Cami' Lamb, filed a wrongful death suit on April 21. That suit names Liberty Utilities Corp. as a defendant, along with United Fiber LLC, Alfra Communications LLC, and Sellenriek Construction, whose workers were involved in digging to lay fiber optic cable in the hours prior to the explosion. Earlier this month, a second family, Shayne and Alicia Billings, filed suit in Lafayette County Circuit Court against The Empire District Gas Company, which does business as Liberty Utilities or Liberty, along with United Fiber, Sellenreik Construction and Alfra Communication. The Billings family claims that the companies were negligent in contributing to the gas leak that destroyed their family home near the point of the explosion, at 17th Street and Franklin Avenue. Bailey's suit comes a week after the National Transportation Safety Board released its preliminary report showing that days before the digging began, Liberty Utilities sent a locator to mark all buried utilities in that area. But the section of the line involved in the explosion 'was not identified or marked during this process,' according to the preliminary report released May 5. Just after 4 p.m. on April 9, the subcontractor who was among the crew helping install fiber optic cable in the area of Franklin Avenue and 17th Street began drilling into the 'unmarked section of a capped underground gas distribution main,' the report said. More than three hours later, after neighbors had repeatedly reported smelling gas, the explosion occurred inside Cunningham's rented home along Franklin Avenue near 17th Street. In a press statement, the Missouri Attorney General noted that the Missouri Underground Facility Safety and Damage Prevention Act requires utility companies to respond to 'locate' requests and mark the location of underground facilities within two working days. 'Liberty Utilities not only failed to do so, but also falsely reported that the site was marked,' the Attorney General's Office said. Since the day of the explosion, neighbors surrounding the area, which is part of the town's antebellum historic district, have been angry. The odor of natural gas had been wafting through the neighborhood for hours on April 9. Neighbors have repeatedly complained that no authorities — either police, fire department or utilities — warned them of possible dangers or suggested they evacuate. Yet the NTSB's preliminary report said Liberty Utilities directed that a business about 15 feet from the leak be evacuated before the explosion. Cunningham's family has said that he and his children returned to their home adjacent to the gas leak in the early evening. The explosion reportedly occurred when Cunningham turned on a light switch to his home. The explosion could be heard for miles, and shattered windows in more than a dozen surrounding homes. Flames and black smoke shot into the air. 'Tragedies like this are exactly why this law exists,' Bailey said in the statement. 'It's imperative that companies follow the law — not just to avoid penalties, but to protect lives. When they fail to do so, my office will hold them accountable.'

Business Insider