Latest news with #Ropes
Yahoo
14-05-2025
- Business
- Yahoo
Bekaert - Trading update for the first three months of 2025
Trading update for the first three months of 2025 Navigating challenging markets successfully Financial highlights Q1 2025 consolidated sales of € 991 million (-3% vs Q1 2024) driven by: Like for like volumes were down -1% (€ -12 million) Price-mix reduced sales by -1% (€ -11 million) Pricing impact from the pass-through of lower input costs was -2% (€ -23 million) Portfolio change <+1% (€ +4 million) Currency impact +1% (€ +9 million) Sales from joint ventures (non-consolidated) of € 214 million (-2% vs Q1 2024) Central overhead and operating cost savings partially offsetting margin pressures from the challenging market environment Lower capital expenditure requirements for 2025, growth platforms well positioned Intensive working capital focus to maintain robust cash flows Balance sheet remains strong with low financial leverage Dividend of € 1.90 per share proposed at AGM Ongoing two-year € 200 million share buyback program with around € 50 million purchased to date Operational and strategic highlights Rubber Reinforcement - strong performance in China offsetting volume decreases in Europe and North America; continued overcapacity and uncertainty over tariffs Steel Wire Solutions - solid sales performance both on volumes and mix BBRG - production output reliability maintained for Steel Ropes in UK and North America; tariff uncertainty delaying customer orders in Ropes and lower hoisting demand in China Specialty Businesses - Sustainable Construction experiencing project delays in flooring in North America, while adoption accelerates in growth markets; as expected, lower contribution from Ultra Fine Wires Steel Wire Solutions disposal in Costa Rica, Ecuador and Venezuela on track Tariff impacts The introduction of tariffs, the threat of further tariffs and escalating trade tensions are creating significant uncertainty for Bekaert, its suppliers and customers. Bekaert is a global business which benefits from a relatively high proportion of local sourcing and local production, and a business model where it is typical to pass on additional costs such as raw material or energy costs to its customers. The group is successfully negotiating increased pricing with its customers to include the additional tariffs. The financial impact of the tariffs to date has been minimal. In several business segments, most notably construction, customers are delaying orders or investment decisions awaiting clarity on the tariff situation. Beyond the simple application of tariffs to products and raw materials, there are larger, long-term questions as to how these tariffs will affect end market demand, change trade flows between regions, encourage substitution of alternative products and materials, and ultimately impact economies around the world. How these longer-term effects will impact is very uncertain at this stage and could be material. Outlook As outlined previously, the difficult market conditions of the second half of 2024 continued into Q1 2025 and in response Bekaert took actions to protect margins and cash flows. This weak business environment is expected to persist with the ongoing uncertainty around tariffs, global trade and macro-economic outlook. To date, Bekaert has been able to mitigate the impact of tariffs through local sourcing and production and with the direct pass through of tariff effects on raw materials and finished goods. Therefore, at the currently anticipated tariff levels and excluding any impacts from additional tariffs, the indirect and longer term impacts of tariffs or further economic deterioration, the group expects stable sales and EBITu margins for the full year 2025 compared with 2024, with a more equally weighted first and second half split. Conference call for analysts and investors Yves Kerstens, CEO, and Seppo Parvi, CFO, will present Bekaert's Q1 2025 trading update to analysts and investors at 09:00 a.m. CET on Wednesday 14 May. This presentation can be accessed live upon registration (registration link) and will be available on Bekaert's website after the event. Attachment p250514E - Trading update Q1 2025
Boston Globe
11-03-2025
- Business
- Boston Globe
Former US Attorney Josh Levy heads back to Ropes & Gray
Levy had left Ropes to serve as First Assistant US Attorney in January 2022. He had applied for the top job, but Joe Biden later nominated Levy for the permanent post in October of that year, but that nomination was held up in the Senate; then-Attorney General Merrick Garland eventually appointed Levy to the job in November, with two months left of the Biden administration. Levy had previously worked as a federal prosecutor from 1997 through 2004, and then worked at Ropes for 17 years, eventually co-chairing the law firm's litigation practice. He'll return as a partner in that same practice. Advertisement 'It was a very intense several years for me,' Levy said of his recent tenure in the US Attorney's office. 'What the office went through with the resignation of the former US Attorney, I developed some skills in the moment that I wasn't sure I had, to help the office rebound very quickly. ... I worked seven days a week for three years and would have kept doing it for longer.' Ropes chair Julie Jones said in a statement that she's thrilled to have Levy back on her team, 'especially as the enforcement landscape gets more complex for our clients.' And Jeffrey Katz , co-managing partner of the firm's Boston office, praised Levy's legal experience and knowledge. 'Through Josh's previous tenure at the firm, we've seen firsthand just how impactful his presence, insights and expertise are — for our clients, our attorneys, and the entire Ropes community,' Katz said in an email. Advertisement Levy hasn't ruled out taking another government gig some day. In fact, he's hoping for it — if the timing and situation is right, either in Washington or Massachusetts. 'I did a lot of pro bono work before and I expect to do that again,' Levy said. 'I'm still trying to figure out a way to be active in public service. I'm just not sure what that is right now.' Boston's SBA boss bids goodbye J.M. Pet Resort of Brockton was honored in a December 2016 ceremony with the "Small Business of the Year" award from the South Eastern Economic Development Corporation. From left to right: US SBA Rhode Island director Mark Hayward, South Eastern Economic Development Corporation executive director Maria Gooch-Smith, J.M. Pet Resort president Jeni Mather, state representative Patricia Haddad, and US SBA Massachusetts director Robert Nelson, who announced his retirement in March 2025 Jessica Mello The US Small Business Administration's Massachusetts director is closing the books on a career in government that spanned nearly four decades. Bob Nelson announced his decision to retire at the end of the month on LinkedIn, expressing pride in how his agency has helped so many businesses through good times and bad ones. One thing his LinkedIn message did not mention: New SBA head Kelly Loeffler had just announced she would move her agency's Boston operation out of the city as part of a broader effort to, in her words, move offices to more accessible locations that 'comply with federal immigration law.' Other cities affected by Loeffler's move include Atlanta, Chicago, Denver, New York and Seattle. Her announcement came one day after Boston Mayor Michelle Wu and her counterparts in Atlanta, Denver and New York were summoned to Washington by the Republican-led House oversight committee to testify about their approach to immigration enforcement. Nelson understandably chose to focus on the many positive highlights throughout his time at the SBA, and on how this 'poor kid from Providence' was able to dedicate his life and career to making a differences in the lives of small-business owners, a career that includes more than 26 years at the SBA. Advertisement His LinkedIn post drew comments from more than 250 bankers, entrepreneurs, retirees and others, all praising his impact and wishing him well on his next adventure. 'Oh how I have loved working for SBA and helping the little guy, lifting up those that needed help navigating government bureaucracy, helping so many small business owners trying to realize the American Dream through entrepreneurship,' Nelson wrote. 'I have no wish me luck with a smooth transition into retirement life.......I hear it is kind of nice.' Tariffs feel like 'game of whack-a-mole' Sen. Peter Welch, seen here on Capitol Hill on March 6, also spoke to a webinar hosted by the New England-Canada Business Council that day. Mark Schiefelbein/Associated Press Business leaders in Canada might want to break out the mallets over all the tariff craziness. Or at least, they are using amusement-park analogies. During a webinar on Thursday held by the Westford-based New England-Canada Business Council , a top executive at the Canadian Chamber of Commerce reached for an arcade game metaphor to describe what it's been like tracking President Trump's tariff policies. 'The sentiment is, we're playing a game of whack-a-mole,' said Matthew Holmes , executive vice president at the Canadian Chamber. 'The goalposts keep moving. There's a new deadline every single week.' Holmes was speaking soon after Trump's commerce secretary Howard Lutnick announced that the administration would be delaying tariffs for Canadian imports that comply with the 2018 trade agreement between Canada, Mexico, and the US. From Holmes's perspective, that agreement covers most of the trade between Canada and the US. (The White House argues it's a much lower amount.) Then Holmes dropped another amusement-park metaphor. 'Canadians are putting their seats belts on ... and getting ready for the rollercoaster,' Holmes said. Chris DiPentima , chief executive of the Connecticut Business & Industry Association , agreed with the whack-a-mole comparison, saying businesses in his state are simply pausing their investments in capital equipment and their workforce because of all the uncertainty. Advertisement Should this trade tiff ever get resolved to both countries' satisfaction, the mistrust could linger, said Derek Nighbor , the chief executive of the Forest Products Association of Canada . 'To see the American national anthem booed in Ottawa, ... I've never seen that,' Nighbor said. 'It's going to take a while to come back from this.' FedEx and the ghost of Elvis FedEx president and CEO Raj Subramaniam, left, does a fireside chat with Wayfair CEO and cofounder Niraj Shah, at the Boston College Chief Executives Club luncheon on March 5. Pat Greenhouse/Globe Staff Global trade volatility adds up to a good business opportunity for FedEx . That was the bottom line as conveyed by Raj Subramaniam , the shipping company's chief executive, in a discussion with Wayfair chief executive Niraj Shah last week. The two CEOs largely avoided politics as they spoke at the Boston College Chief Executives Club , preferring instead to talk about FedEx's history and culture as well as Subramaniam's career. They did touch upon the rapidly changing nature of global trade; the 'The dynamic nature of the global trade environment, I tend to think of this as a positive for FedEx,' Shah told Subramaniam. 'Is that the same way you would think about it?' Subramaniam's answer: It sure is. FedEx's globe-spanning network gives it a distinct advantage, he said, as does its technology. 'Because of the fact that we are moving goods across the borders, we know from every country to every other country, for every commodity, what is the classification regime for those things,' Subramaniam said. 'It's part of our day-to-day. So when things get tougher, when people have to do advanced calculus, there are only very few people who can do that.' Advertisement Shah also asked Subramaniam to describe the company's presence in its hometown of Memphis. The FedEx boss joked about how the operations there are so impressive, it should be a tourist destination, much like Elvis Presley's old home. 'A lot of people come to Memphis to see Graceland,' Subramaniam said. 'I say, 'Yeah, go to Graceland but let me also give you a tour of the FedEx hub. Maybe you'll find Elvis there, too.'' Jon Chesto can be reached at
Boston Globe
04-03-2025
- Business
- Boston Globe
Former US Attorney Joshua Levy heads back to Boston law firm Ropes & Gray
Levy had left Ropes to serve as First Assistant US Attorney in January 2022. He had applied for the top job, but Rachael Rollins was picked instead. However, Levy ended up leading the office and its roughly 125 prosecutors in May of 2023 as acting US Attorney after Rollins resigned amid two ethics probes. President Joe Biden later nominated Levy for the permanent post in October of that year, but that nomination was held up in the Senate; then-Attorney General Merrick Garland eventually appointed Levy to the role of US Attorney last November, with two months left of the Biden administration. Levy had previously worked as a federal prosecutor in the Boston office from 1997 through 2004, and then worked at Ropes for 17 years, eventually co-chairing the firm's litigation practice. He'll return as a partner in that same practice. Advertisement 'It was a very intense several years for me,' Levy said of his most recent tenure in the US Attorney's office. 'What the office went through with the resignation of the former US Attorney, I developed some skills in the moment that I wasn't sure I had, to help the office rebound very quickly. ... I worked seven days a week for three years and would have kept doing it for longer.' Among the cases he's most proud of prosecuting during his three years as the office's leader or second-in-command: one involving Magellan Diagnostics, a Massachusetts company that improperly marketed the effectiveness of its lead-testing devices for children; consulting giant McKinsey & Co.'s $650 million settlements for its work advising opioid maker Purdue Pharma to 'turbocharge' sales of Oxycontin; and the successful insider trading pursuit of a Russian millionaire who hacked US computers to obtain earnings information and rack up tens of millions in illegal profits after trading with that secret information. (The businessman, Vladislav Klyushin, was later traded to Russia in the prisoner exchange that brought home Wall Street Journal reporter Evan Gershkovich.) Advertisement While Levy was in the office, he implemented new trial preparation procedures for prosecutors. Levy said that contributed to the US Attorney's office not losing one criminal trial in 2024 (though two of the 34 trials did end in hung juries). 'I'm not the one doing the work,' Levy said. 'The phenomenal people ... are doing the work in my office. It's such a high-quality office. I sometimes say I wish the public could see what's going on in a prosecutor's office like ours — the amount of time to get it right and the lack of discussion about politics at any stage.' Speaking of politics, what about the concerns that President Trump would deploy Department of Justice prosecutors for political ends? Levy said he has complete confidence in his successor, Foley, who had previously been deputy chief of the office's narcotics and money laundering unit. 'She's a true pro,' Levy said. 'I have full confidence in her ability ... to follow the facts of the law without consideration of external factors.' As he returns to private practice, Levy said he is looking forward to helping individuals and companies navigate the challenges they face when confronted with adverse government enforcement. Levy said he didn't think about going anywhere other than back to his old law firm, which also happens to be the biggest in Boston. Advertisement Ropes chair Julie Jones said in a statement that she's thrilled to have Levy back on her team, 'especially as the enforcement landscape gets more complex for our clients.' Jones described Levy as a 'powerhouse on both sides of the enforcement table, recently spearheading some of the government's most notable prosecutions and investigations.' And Jeff Katz, co-managing partner of the firm's Boston office, praised Levy's legal experience and knowledge. 'Through Josh's previous tenure at the firm, we've seen firsthand just how impactful his presence, insights and expertise are — for our clients, our attorneys, and the entire Ropes community,' Katz said in an email. Levy hasn't ruled out taking another government gig some day. In fact, he's hoping for it — if the timing and situation is right, either in Washington or Massachusetts. 'I did a lot of pro bono work before and I expect to do that again,' Levy said. 'I'm still trying to figure out a way to be active in public service. I'm just not sure what that is right now.' This is an installment of our weekly Bold Types column about the movers and shakers on Boston's business scene. Jon Chesto can be reached at
