Latest news with #LONDON
Zawya
11 minutes ago
- Business
- Zawya
BlackRock-led group set to invest in $10bln Aramco Jafurah infrastructure deal
DUBAI/LONDON: Saudi Aramco is close to a deal to raise around $10 billion from a group led by BlackRock that has been set up to invest in the infrastructure of Aramco's Jafurah gas project, two people with knowledge of the matter told Reuters. The agreement would be the latest in a series of financial arrangements, akin to borrowing, that allow Gulf oil producing countries to raise money to diversify their economies while promising investors a stable revenue stream. The two people said the latest transaction was expected to be similarly structured to two Aramco infrastructure deals in 2021, including one in which BlackRock invested in Aramco's gas pipeline networks, allowing the Saudi company to generate funds. Aramco kept control of the underlying infrastructure while the investors earned tariffs from the oil firm for the use of the pipelines. Both sources spoke on condition of anonymity because the talks are private. They did not say when the deal might be finalised. Aramco and BlackRock declined to comment. The $100 billion Jafurah project, potentially the biggest shale gas project outside the United States, is central to Aramco's ambitions to become a major global player in natural gas and to boost its gas production capacity by 60% by 2030 from 2021 levels. The Jafurah assets underpinning the deal include gas pipelines and a gas processing plant, one of the sources said. Aramco has long been the biggest source of the kingdom's revenues. Saudia Arabia has been seeking to diversify its economy as oil prices have come under pressure from global economic uncertainty that could further reduce demand. They have also been depressed by increased output from the Organization of the Petroleum Exporting Countries, led by Saudi Arabia, which is striving to boost market share. Earlier this month, Reuters reported that Aramco was seeking to sell up to five gas-fired power plants to raise funds. PREVIOUS DEALS In 2021, BlackRock and EIG were among investor groups that took stakes in companies that leased usage rights in Aramco's gas and oil pipeline networks. The groups leased them back to Aramco for a 20-year period in two separate deals, helping the Saudi company to raise nearly $28 billion. Described as lease and leaseback transactions by Aramco at the time, they were structured as a form of borrowing, Robin Mills, chief executive of consultancy Qamar Energy told Reuters. "The pipeline deals were basically a securitisation" and not a sale of the asset, whose ownership remained with Aramco, Mills said. In those deals the groups took 49% stakes in subsidiaries Aramco Oil Pipelines and Aramco Gas Pipelines, in which Aramco retains 51% stakes. The subsidiaries receive a tariff from Aramco for flows of crude and natural gas, backed by minimum commitments on throughput. The deals followed other transactions in the region, including Abu Dhabi's ADNOC sale of minority stakes in the companies owning the leasing rights to its oil and gas pipelines. (Reporting by Sarah McFarlane in London, Hadeel Al Sayegh and Federico Maccioni in Dubai, additional reporting by Anirban Sen and Yousef Saba, editing by Anousha Sakoui and Barbara Lewis)
Globe and Mail
11 hours ago
- Business
- Globe and Mail
Bitcoin Mining Just Got Better: VNBTC Rolls Out Bitcoin Cloud Mining Plans Enabling Stable Bitcoin Earnings
LONDON, July 17, 2025 (GLOBE NEWSWIRE) -- VNBTC, the top cloud mining platform, has unveiled its latest AI-powered Bitcoin cloud mining plans designed to provide a stable daily offers automated mining directly from a user's phone or PC. With millions of users jumping aboard as crypto interest peaks, VNBTC's new platform adjustments offer simplicity and stable income for anyone looking to turn Bitcoin's rally into consistent passive earnings. How VNBTC Cloud Mining Works Choose a contract plan or start mining with a Free $79 Trial Bonus On signing up, the platform offers a $79 Dogecoin starter bonus, a risk-free way to experience cloud mining. Here are some of the mining plans to choose from. From the various contract plans offered, choose a suitable Mining Contract VNBTC offers a range of transparent contract plans for Bitcoin and other coins. The plans clearly show your investment, earning rate, and contract duration, so miners can clearly see their selection before making a choice. Receive Daily Earnings VNBTC offers a fixed daily ROI, for example, 1.2% from the starter plan. This is credited to the user's account every 24 hours and is directly viewable in the user's dashboard. Track your earnings, withdraw earnings, or reinvest in other mining plans. Use the VNBTC cloud mining app's live dashboard for real-time tracking of earnings, hashrate, and energy use. Withdraw your crypto or reinvest anytime you meet the minimum withdrawal amount . Boost earnings with Referral Bonuses and Bounty programs Invite friends to earn 3% commission on direct referrals and 1.8% on indirect referrals. Also, participate in the platform's bounty campaigns to enhance your passive income . What Real Users Are Saying About VNBTC VNBTC holds an impressive rating on Trustpilot. This makes the platform one of the top mining platforms. Users frequently praise its reliability, daily payouts, and user-friendliness. This is what some of the users say about the top cloud mining platform. 'VNBTC offers Straight payouts, one of the most promising cloud mining services.' 'VNBTC offers a clean and simple mining experience, with no hidden fees or surprises.' Whether you're new to crypto or looking to scale your portfolio, VNBTC offers a smoother, smarter path to stable Bitcoin earnings. Start today and mine with no stress, just great results. Media Contact: James Carter Marketing Specialist, VNBTC
Yahoo
13 hours ago
- Business
- Yahoo
Analysis-Diageo's new CEO needs actions, not just words
By Emma Rumney LONDON (Reuters) -Diageo's new interim CEO Nik Jhangiani has charmed investors with his cool confidence and clear communication, in contrast to his predecessor who struggled to win over the company's shareholders during her short term. But whoever takes on the full-time leadership of the world's top spirits maker will inherit challenges that will take more than words to address. Diageo announced Debra Crew was stepping down with immediate effect on Wednesday after just two years leading the company - a period in which its shares fell 44% amid a sector-wide downturn. Four investors, including one top 20 shareholder, told Reuters that Jhangiani, who joined Diageo as chief financial officer in September, would make a solid permanent CEO of the Johnnie Walker whisky and Don Julio tequila maker. Still, some of those shareholders cautioned, whoever takes the job permanently must cut Diageo's debt and revive growth at a time when consumers' wallets are stretched and the sector faces tariff hikes in the United States, its biggest market. At the same time, competition from alcohol alternatives like cannabis drinks is rising, some consumers are cutting back altogether and public health authorities are increasingly raising the alarm about alcohol's health risks. "We can't just hope for the best here," said Kai Lehmann, senior analyst at Flossbach von Storch, the top 20 shareholder, adding investors had criticised Crew for passivity and that belief in her plans to generate growth had waned. "The new CEO must immediately set about sharpening the portfolio and divesting categories and brands with no growth potential." Diageo's fortunes have turned dramatically since Crew's appointment in June 2023 after the sudden death of predecessor Ivan Menezes. Menezes presided over a period of extraordinary growth for the industry as drinkers splurged on spirits after the COVID-19 pandemic, a trend that would later reverse amid high interest rates and inflation, sending industry sales spiralling. Decisions made during those high times, including to significantly increase Diageo's debt and set ambitious targets for future growth, complicated life for Crew and for the company. The new CEO inherits these challenges. Diageo declined to comment. SALES CHALLENGES Crew did make some changes during her short tenure, including investing in Diageo's U.S. distribution, and despite the slide, the company's stock has performed relatively well versus peers. Not all investors were unhappy. But a November 2023 profit warning dented confidence in Crew from the outset, and it never fully recovered, Lehmann and five other investors said. Jhangiani, in contrast, joined in 2024 as a familiar and trusted figure thanks to his work at Coca-Cola bottlers. He quickly became the face of Diageo's turnaround, scrapping Menezes' ambitious sales targets and launching a plan to cut costs and sell assets to reduce the company's debt ratio. "They both said the right things," Chris Beckett, analyst at Diageo investor Quilter Cheviot said of Crew and Jhangiani. " was always at the back of the mind, who was really running the company?" Whoever takes over, Diageo must communicate a convincing plan for growth, Beckett, Lehmann and two other investors said. DEBT INCREASE Diageo, at least, is a company "with a problem, not a crisis", said Steve Clayton, portfolio manager at Hargreaves Lansdown, adding that it remained financially strong. Leverage has, however, crept above Diageo's target range to stand at 3.1 times operating profit at the end of 2024. Diageo's debts have doubled since 2017, driven in large part by $13 billion worth of share buybacks over the period, according to Fintan Ryan, analyst at Goodbody. That included extensive buybacks during the industry's boom in 2022 and in 2023, when shares were on average 40% more expensive than they are currently, Lehmann said. The strategy left Diageo looking to sell assets in a tough environment when it might get a worse price, said Michael Laskin, a senior fixed income analyst at Diageo shareholder Columbia Threadneedle. Laskin said Diageo failed to see the sharp drop in consumption coming and instead built up debts that now exacerbate its problems. These decisions were, in hindsight, a "lesson in poor capital allocation" that cost investors and makes the CEO's life harder today, Lehmann said. 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
Reuters
13 hours ago
- Business
- Reuters
Diageo's new CEO needs actions, not just words
LONDON, July 17 (Reuters) - Diageo's new interim CEO Nik Jhangiani has charmed investors with his cool confidence and clear communication, in contrast to his predecessor who struggled to win over the company's shareholders during her short term. But whoever takes on the full-time leadership of the world's top spirits maker will inherit challenges that will take more than words to address. Diageo announced Debra Crew was stepping down with immediate effect on Wednesday after just two years leading the company - a period in which its shares fell 44% amid a sector-wide downturn. Four investors, including one top 20 shareholder, told Reuters that Jhangiani, who joined Diageo as chief financial officer in September, would make a solid permanent CEO of the Johnnie Walker whisky and Don Julio tequila maker. Still, some of those shareholders cautioned, whoever takes the job permanently must cut Diageo's debt and revive growth at a time when consumers' wallets are stretched and the sector faces tariff hikes in the United States, its biggest market. At the same time, competition from alcohol alternatives like cannabis drinks is rising, some consumers are cutting back altogether and public health authorities are increasingly raising the alarm about alcohol's health risks. "We can't just hope for the best here," said Kai Lehmann, senior analyst at Flossbach von Storch, the top 20 shareholder, adding investors had criticised Crew for passivity and that belief in her plans to generate growth had waned. "The new CEO must immediately set about sharpening the portfolio and divesting categories and brands with no growth potential." Diageo's fortunes have turned dramatically since Crew's appointment in June 2023 after the sudden death of predecessor Ivan Menezes. Menezes presided over a period of extraordinary growth for the industry as drinkers splurged on spirits after the COVID-19 pandemic, a trend that would later reverse amid high interest rates and inflation, sending industry sales spiralling. Decisions made during those high times, including to significantly increase Diageo's debt and set ambitious targets for future growth, complicated life for Crew and for the company. The new CEO inherits these challenges. Diageo declined to comment. Crew did make some changes during her short tenure, including investing in Diageo's U.S. distribution, and despite the slide, the company's stock has performed relatively well versus peers. Not all investors were unhappy. But a November 2023 profit warning dented confidence in Crew from the outset, and it never fully recovered, Lehmann and five other investors said. Jhangiani, in contrast, joined in 2024 as a familiar and trusted figure thanks to his work at Coca-Cola bottlers. He quickly became the face of Diageo's turnaround, scrapping Menezes' ambitious sales targets and launching a plan to cut costs and sell assets to reduce the company's debt ratio. "They both said the right things," Chris Beckett, analyst at Diageo investor Quilter Cheviot said of Crew and Jhangiani. " was always at the back of the mind, who was really running the company?" Whoever takes over, Diageo must communicate a convincing plan for growth, Beckett, Lehmann and two other investors said. Diageo, at least, is a company "with a problem, not a crisis", said Steve Clayton, portfolio manager at Hargreaves Lansdown, adding that it remained financially strong. Leverage has, however, crept above Diageo's target range to stand at 3.1 times operating profit at the end of 2024. Diageo's debts have doubled since 2017, driven in large part by $13 billion worth of share buybacks over the period, according to Fintan Ryan, analyst at Goodbody. That included extensive buybacks during the industry's boom in 2022 and in 2023, when shares were on average 40% more expensive than they are currently, Lehmann said. The strategy left Diageo looking to sell assets in a tough environment when it might get a worse price, said Michael Laskin, a senior fixed income analyst at Diageo shareholder Columbia Threadneedle. Laskin said Diageo failed to see the sharp drop in consumption coming and instead built up debts that now exacerbate its problems. These decisions were, in hindsight, a "lesson in poor capital allocation" that cost investors and makes the CEO's life harder today, Lehmann said.
Yahoo
13 hours ago
- Business
- Yahoo
Analysis-Diageo's new CEO needs actions, not just words
By Emma Rumney LONDON (Reuters) -Diageo's new interim CEO Nik Jhangiani has charmed investors with his cool confidence and clear communication, in contrast to his predecessor who struggled to win over the company's shareholders during her short term. But whoever takes on the full-time leadership of the world's top spirits maker will inherit challenges that will take more than words to address. Diageo announced Debra Crew was stepping down with immediate effect on Wednesday after just two years leading the company - a period in which its shares fell 44% amid a sector-wide downturn. Four investors, including one top 20 shareholder, told Reuters that Jhangiani, who joined Diageo as chief financial officer in September, would make a solid permanent CEO of the Johnnie Walker whisky and Don Julio tequila maker. Still, some of those shareholders cautioned, whoever takes the job permanently must cut Diageo's debt and revive growth at a time when consumers' wallets are stretched and the sector faces tariff hikes in the United States, its biggest market. At the same time, competition from alcohol alternatives like cannabis drinks is rising, some consumers are cutting back altogether and public health authorities are increasingly raising the alarm about alcohol's health risks. "We can't just hope for the best here," said Kai Lehmann, senior analyst at Flossbach von Storch, the top 20 shareholder, adding investors had criticised Crew for passivity and that belief in her plans to generate growth had waned. "The new CEO must immediately set about sharpening the portfolio and divesting categories and brands with no growth potential." Diageo's fortunes have turned dramatically since Crew's appointment in June 2023 after the sudden death of predecessor Ivan Menezes. Menezes presided over a period of extraordinary growth for the industry as drinkers splurged on spirits after the COVID-19 pandemic, a trend that would later reverse amid high interest rates and inflation, sending industry sales spiralling. Decisions made during those high times, including to significantly increase Diageo's debt and set ambitious targets for future growth, complicated life for Crew and for the company. The new CEO inherits these challenges. Diageo declined to comment. SALES CHALLENGES Crew did make some changes during her short tenure, including investing in Diageo's U.S. distribution, and despite the slide, the company's stock has performed relatively well versus peers. Not all investors were unhappy. But a November 2023 profit warning dented confidence in Crew from the outset, and it never fully recovered, Lehmann and five other investors said. Jhangiani, in contrast, joined in 2024 as a familiar and trusted figure thanks to his work at Coca-Cola bottlers. He quickly became the face of Diageo's turnaround, scrapping Menezes' ambitious sales targets and launching a plan to cut costs and sell assets to reduce the company's debt ratio. "They both said the right things," Chris Beckett, analyst at Diageo investor Quilter Cheviot said of Crew and Jhangiani. " was always at the back of the mind, who was really running the company?" Whoever takes over, Diageo must communicate a convincing plan for growth, Beckett, Lehmann and two other investors said. DEBT INCREASE Diageo, at least, is a company "with a problem, not a crisis", said Steve Clayton, portfolio manager at Hargreaves Lansdown, adding that it remained financially strong. Leverage has, however, crept above Diageo's target range to stand at 3.1 times operating profit at the end of 2024. Diageo's debts have doubled since 2017, driven in large part by $13 billion worth of share buybacks over the period, according to Fintan Ryan, analyst at Goodbody. That included extensive buybacks during the industry's boom in 2022 and in 2023, when shares were on average 40% more expensive than they are currently, Lehmann said. The strategy left Diageo looking to sell assets in a tough environment when it might get a worse price, said Michael Laskin, a senior fixed income analyst at Diageo shareholder Columbia Threadneedle. Laskin said Diageo failed to see the sharp drop in consumption coming and instead built up debts that now exacerbate its problems. These decisions were, in hindsight, a "lesson in poor capital allocation" that cost investors and makes the CEO's life harder today, Lehmann said.
