Latest news with #JacobGronholt-Pedersen
Yahoo
21-05-2025
- Business
- Yahoo
Greenland gives Danish-French group permit to mine rock with green potential, in wake of Trump interest
By Jacob Gronholt-Pedersen COPENHAGEN (Reuters) - Greenland on Wednesday handed a 30-year mining permit to a Danish-French mining group aiming to extract a moon-like rock that could offer a climate-friendly alternative in aluminium production. The Arctic island rich in minerals, oil and natural gas, and long seen as a potential resource frontier, has drawn international attention since U.S. President Donald Trump expressed an interest in purchasing it earlier this year. The permit was granted to Greenland Anorthosite Mining (GAM), which is developing a site in western Greenland. The company is backed by French investment firm the Jean Boulle Group and state investment funds in both Greenland and Denmark. Anorthosite - a white rock composed mainly of aluminum, micro silica, and calcium - is similar to the material brought back by NASA's Apollo missions. GAM plans to ship crushed anorthosite to the fibreglass industry, where it could replace kaolin as a more sustainable input. The broader ambition is to use it as an alternative to bauxite in aluminium production, a key material in reducing emissions due to its recyclability and use in lightweight vehicles. "My hope is that the mine will be operational in five years," Greenland's Mineral Resources Minister Naaja Nathanielsen told Reuters. Despite the geopolitical spotlight, Nathanielsen said the U.S.' interest in Greenland had not yet translated into tangible investment. "Right now, all the fuss has not resulted in increased appetite for investment directly in Greenland," she said, referring to Trump's proposal to buy the island. "We have welcomed a number of investors, but we have not yet seen any concrete example of American funds being injected into Greenland's business community," she said. Private U.S. business delegations have visited the island since the beginning of the year, but formal dialogue with the new U.S. administration has yet to begin, she said. However, dialogue with European partners was progressing: "There is no doubt that the dialogue with both the EU and Denmark is going smoother. This is not only the result of the noise made by the U.S. administration, but also the result of several years of intensified cooperation," Nathanielsen said. Nathanielsen was reappointed in April after a more pro-business government came to power. The island's mining sector has developed slowly, hindered by limited investor interest, bureaucratic challenges and environmental concerns. Currently, only two small mines are in operation.
Yahoo
21-05-2025
- Business
- Yahoo
Greenland gives Danish-French group permit to mine rock with green potential, in wake of Trump interest
By Jacob Gronholt-Pedersen COPENHAGEN (Reuters) - Greenland on Wednesday handed a 30-year mining permit to a Danish-French mining group aiming to extract a moon-like rock that could offer a climate-friendly alternative in aluminium production. The Arctic island rich in minerals, oil and natural gas, and long seen as a potential resource frontier, has drawn international attention since U.S. President Donald Trump expressed an interest in purchasing it earlier this year. The permit was granted to Greenland Anorthosite Mining (GAM), which is developing a site in western Greenland. The company is backed by French investment firm the Jean Boulle Group and state investment funds in both Greenland and Denmark. Anorthosite - a white rock composed mainly of aluminum, micro silica, and calcium - is similar to the material brought back by NASA's Apollo missions. GAM plans to ship crushed anorthosite to the fibreglass industry, where it could replace kaolin as a more sustainable input. The broader ambition is to use it as an alternative to bauxite in aluminium production, a key material in reducing emissions due to its recyclability and use in lightweight vehicles. "My hope is that the mine will be operational in five years," Greenland's Mineral Resources Minister Naaja Nathanielsen told Reuters. Despite the geopolitical spotlight, Nathanielsen said the U.S.' interest in Greenland had not yet translated into tangible investment. "Right now, all the fuss has not resulted in increased appetite for investment directly in Greenland," she said, referring to Trump's proposal to buy the island. "We have welcomed a number of investors, but we have not yet seen any concrete example of American funds being injected into Greenland's business community," she said. Private U.S. business delegations have visited the island since the beginning of the year, but formal dialogue with the new U.S. administration has yet to begin, she said. However, dialogue with European partners was progressing: "There is no doubt that the dialogue with both the EU and Denmark is going smoother. This is not only the result of the noise made by the U.S. administration, but also the result of several years of intensified cooperation," Nathanielsen said. Nathanielsen was reappointed in April after a more pro-business government came to power. The island's mining sector has developed slowly, hindered by limited investor interest, bureaucratic challenges and environmental concerns. Currently, only two small mines are in operation. 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
Yahoo
07-05-2025
- Business
- Yahoo
Novo Nordisk cuts 2025 outlook as Wegovy obesity drug sales slow
By Jacob Gronholt-Pedersen and Maggie Fick COPENHAGEN/LONDON (Reuters) -Obesity drugmaker Novo Nordisk downgraded its 2025 sales forecast on Wednesday, ending a four-year stretch of steady guidance increases since the launch of its Wegovy weight-loss drug, as U.S. prescriptions ceased to grow. The company said first-quarter sales of its first-to-market weight-loss drug Wegovy were 17.36 billion Danish crowns ($2.64 billion), declining 13% from the previous quarter, and below the 18.7 billion crowns expected by analysts. The downgrade and Wegovy sales miss are likely to deepen concerns among investors that Novo is losing its lead in the fiercely competitive obesity drug market to chief rival Eli Lilly. Booming sales of Wegovy helped to make Novo Europe's most valuable listed company, worth $615 billion at its peak. But prescriptions in the United States, its biggest market, have not grown since February despite Novo having increased supplies of Wegovy to meet demand. Novo's market value has halved to about $310 billion. The Danish company said it expects 2025 sales growth in local currencies of between 13% and 21%, compared to the 16%-24% range given at the beginning of the year. It also predicts operating profit growth between 16% and 24% this year, compared to a previously guided range of between 19% and 27%. Analysts forecast sales and operating profit this year will grow by 17.8% and 21.5%, respectively, according to a company-compiled consensus based on 26 analysts. "In the first quarter of 2025, we delivered 18% sales growth and continued to expand the reach of our innovative GLP-1 treatments," CEO Lars Fruergaard Jorgensen said in a statement. "However, we have reduced our full-year outlook due to lower than-planned branded GLP-1 penetration, which is impacted by the rapid expansion of compounding in the U.S.," he said. Novo faces competition from Eli Lilly's Zepbound obesity shot, whose U.S. prescriptions surpass Wegovy. Novo reported first-quarter earnings before interest and taxation of 38.79 billion crowns, compared with the 37.20 billion forecast in a company-compiled consensus based on 26 analysts and up 22% from a year ago. ($1 = 6.5675 Danish crowns) (Reporting by Jacob Gronholt-Pedersen and Maggie Fick, editing by Terje Solsvik and Barbara Lewis)
Yahoo
02-05-2025
- Business
- Yahoo
Danske Bank posts profits beat and expects moderate tariff impact in Nordic market
By Jacob Gronholt-Pedersen COPENHAGEN (Reuters) -Denmark's biggest lender Danske Bank kept its 2025 profit outlook unchanged as it reported forecast-beating first-quarter profits on Friday and said it expects the global trade war to have a moderate impact on its main Nordic markets. U.S. President Donald Trump's tariffs have sown turmoil in financial markets and raised fears of a recession, prompting major banks to say they will affect industries from manufacturing to retail to banking. The Nordic region has so far been resilient, with strong economic data across the region and Danske Bank said its first-quarter results reflected this. "In the first quarter of 2025, we saw an increasingly promising outlook for growth and inflation and robust employment across the Nordic countries," it said in a statement. "While a potential risk of recession is highlighted in the U.S., a more moderate impact is expected on European growth, including in the Nordic countries," it said. Danske's net profit for the January to March period rose 2% to 5.76 billion Danish crowns ($873 million) from a year earlier, compared with the 5.31 billion predicted by 13 analysts in a poll provided by the bank. The bank still expects net profit for the year of between 21 billion and 23 billion crowns, slightly lower than in 2024, primarily due to lower net interest income from lower market rates. The region's biggest lender Nordea last month also reported forecast-beating profits. Danske Bank said it took an impairment charge of 50 million crowns in the first three months of the year, compared with the 195 million expected by analysts. Net interest income, a metric for measuring banks' income from lending and deposits, fell 1% to 9.02 billion in the first quarter but was above the 8.86 billion forecast by analysts. Net fee income rose 8% to 3.66 billion, compared with the 3.57 billion predicted by analysts. "We delivered solid results in line with our expectations, driven by a steady development in core income and a stable cost level," CEO Carsten Egeriis said in a statement. "In addition, credit quality remained strong, and this resulted in low loan impairments," he said.
Yahoo
11-04-2025
- Politics
- Yahoo
Greenland appoints first Arctic ambassador, pledges sustainable development
By Jacob Gronholt-Pedersen COPENHAGEN (Reuters) - Greenland appointed its first Arctic ambassador on Friday, pledging to promote sustainable economic development for indigenous people and advance green energy transitions for polar communities as it prepares to chair the Arctic Council. The two-year chairmanship comes at a time when U.S. President Donald Trump is attempting to assert control over the semi-autonomous Danish island and when competition over the Arctic region is hotting up among world powers. The Arctic holds fossil fuels and minerals beneath the land and the seabed that could become more accessible with global warming. The United States also sees the Arctic as crucial for natural security, including for its early warning system against nuclear attacks. The Kremlin says the Arctic is a zone of Russian strategic interest. The Arctic Council does not address military security but serves as a platform for collaboration on issues such as pollution, economic development, and search-and-rescue missions. The Council comprises the eight Arctic nations: the United States, Canada, Norway, Finland, Sweden, Denmark, Iceland, and Russia. At an event in Nuuk, Greenland's capital, Foreign Affairs Minister Vivian Motzfeldt outlined the island's priorities for the role, including sustainable economic development, mental health, gender equality, and the empowerment of Arctic indigenous communities. Ulrik Pram Gad, an academic at the Danish Institute for International Studies, said Greenland's priorities for its Arctic Council chairmanship complicate Trump's attempt to lure the Greenlanders. "This is basically the opposite of Trump's agenda: building welfare states that respect the equality and diversity of indigenous peoples while securing the green transition to combat climate change," he said. Trump has encouraged Greenland's 57,000 residents to sever ties with Denmark and join the United States. New Prime Minister Jens-Frederik Nielsen told Reuters this month that Greenland would strengthen its relationship with Denmark until it achieves sovereignty. Kenneth Hoegh, head of Greenland's diplomatic representation in Washington, was appointed as the new Arctic ambassador, representing the Kingdom of Denmark. The appointment follows a dispute between Denmark and Greenland, with Nuuk advocating for a greater role in foreign affairs. Last year Greenland objected to Copenhagen's appointment of a Dane, insisting the role should be held by a Greenlandic individual. The Trump administration has yet to appoint a new Arctic ambassador following Mike Sfraga's resignation in January. The relevance of the Arctic Council has been questioned since the seven Western nations, all NATO members, paused cooperation with Moscow after its invasion of Ukraine. Norway, which has chaired the forum for the past two years, has attempted to maintain limited cooperation with Russia, whose role was not mentioned at Friday's presentation.
