Latest news with #operationalchallenges
Reuters
06-08-2025
- Business
- Reuters
Glencore first-half profit drops 14%
Aug 6 (Reuters) - Miner and trader Glencore (GLEN.L), opens new tab reported a 14% fall in first-half adjusted core profit to $5.43 billion on Wednesday, weighed down by weaker coal prices, lower copper production, and operational challenges at some of its mines.
Reuters
28-07-2025
- Business
- Reuters
Australia's Boss Energy flags Honeymoon uranium project challenges, shares plunge
July 28 (Reuters) - Australia's Boss Energy ( opens new tab on Monday flagged operational challenges at its flagship Honeymoon uranium project in South Australia, sending its shares to a three-year low. The uranium miner, which owns 100% of the Honeymoon project, warned that issues in ramping up operations could delay reaching full capacity, after the site exceeded production guidance for fiscal 2025. The Subiaco-headquartered company also flagged a rise in cash costs for fiscal 2026, citing shorter processing times and changes to the chemical mix used in extraction. "Honeymoon continues to ramp up, however the removal of nameplate targets and increased cost outlook have cast doubts over the project's long-term value," Jefferies analysts said in a note. Boss Energy said it expects to spend between A$27 million and A$30 million ($17.73 million-$19.70 million) on the project in fiscal 2026, which Jefferies said is higher than its estimates. The stock fell as much as 44.7% to A$1.880, its lowest since July 14, 2022, and was on track for its biggest daily drop since April 7, 2008. It was also the top loser on the broader ASX200 benchmark index (.AXJO), opens new tab, which was trading 0.2% higher, as of 0332 GMT. Jefferies analysts said the recent board changes have reduced the chances of Boss Energy engaging in acquisitions as they are more focused on internal growth. Boss Energy, which went public in 2007, said last week Chief Executive and Managing Director Duncan Craib would step down from the roles later this year and transition to a non-executive director role in 2026. Craib has been with the firm since 2017. Chief Operating Officer Matt Dusci was named as his successor, effective October 1. ($1 = 1.5232 Australian dollars)
Yahoo
17-07-2025
- Business
- Yahoo
Dow (DOW) Inc Falls Ahead of Q2 Earnings
Dow Inc. (NYSE:DOW) is one of the . Dow Inc. declined for a second day on Monday, losing 4.4 percent to close at $28.25 apiece as investors repositioned portfolios ahead of the release of its earnings results next week. Based on information posted on its website, Dow Inc. (NYSE:DOW) will report its financial and operating performance for the second quarter of the year on July 24, 2025. Investors appeared to be cautious amid the company's ongoing operational challenges that will see the shutdown of three upstream assets in Europe beginning next year and another 800 jobs cut, on top of the 1,500 announced in January. 'Our industry in Europe continues to face difficult market dynamics, as well as an ongoing challenging cost and demand landscape,' said Dow Inc. (NYSE:DOW) Chairman and CEO Jim Fitterling. A technician operating state of the art machines manufacturing specialized packaging materials. 'Looking ahead, we remain committed to realizing the value of our incremental growth investments and enhancing profitability and cash flow through more than $6 billion in near-term cash support,' he added. Dow Inc. (NYSE:DOW) said that the initiatives will result in higher operating EBITDA of $200 million by year-end. Meanwhile, the workforce reduction forms part of the company's $1 billion cost-saving measures. While we acknowledge the potential of DOW as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the . READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now. Disclosure: None. This article is originally published at Insider Monkey. Sign in to access your portfolio
The Herald
16-07-2025
- Business
- The Herald
Transport minister dissolves RAF board
Transport minister Barbara Creecy has dissolved the board of directors of the Road Accident Fund (RAF) after ongoing governance and operational challenges that have severely hampered the agency's ability to fulfil its statutory mandate. According to the department, on June 5, Creecy issued letters to the 11 members of the board, allowing them to make representations regarding her intention to dissolve the board due to their failure to discharge their fiduciary duties effectively. National department of transport spokesperson Collen Msibi said the representations were received and considered. 'Consequently, the board has been dissolved. A submission has been prepared requesting the minister of finance to appoint an interim functionary as accounting authority in accordance with the Public Finance Management Act. The proposed appointment is intended to prevent a governance vacuum while a new board is being constituted,' Msibi said. Msibi said the governance challenges in the agency and concerns that were confirmed through internal oversight and regulatory engagements include the protracted and costly litigation pursued by the RAF on the application of accounting standards, which has resulted in further strain on the entity's financial resources and capacity. 'The inconsistent and, at times, reckless handling of the suspension of the CEO that attracted a legal challenge and institutional uncertainty. The frequent incurrence of default judgments against the RAF, worsening its contingent liabilities and weakening its financial sustainability. Deep divisions within the board itself, evidenced by most resolutions being passed through the use of casting votes, rather than consensus, reflecting a lack of cohesion in critical decision-making processes,' Msibi said. He said this also included the failure by the board to fill at least two critical executive positions a chief claims officer and the head of legal. According to Msibi, this had resulted in the loss of confidence in the board's ability to run the entity effectively. Msibi said a draft public advertisement has been prepared to commence the process of appointing a new board, ensuring transparent and merit-based selection in line with applicable legislation. 'To support the development of a sustainable operational and governance model, the minister has initiated the appointment of a panel of independent experts to review the RAF's business processes and propose actionable recommendations. Members of the panel will be announced in due course. 'Furthermore, a request has been made to the SIU to establish if the current investigation under Proclamation 44 of 2024 covers the events of the past three months and, if not, formally request the expansion of the scope to cover these events. The response from the SIU in this regard is eagerly awaited,' he said. Creecy has emphasised her department's intent to finalise the road accident benefit scheme bill, which will introduce a no-fault system to make it easier for road accident victims to access the benefits without costly legal bills. TimesLIVE
The National
14-07-2025
- Business
- The National
Wizz Air to exit Abu Dhabi operations
has said it will exit its operations in Abu Dhabi to focus on its core markets after a "comprehensive reassessment" and "strategic realignment." The low-cost carrier will suspend its UAE operations from September 1, it said in a statement on Monday. Passengers with existing bookings beyond August 31 will be contacted directly via email with options for refunds or alternative travel arrangements, the airline said. Those who booked through third-party providers are advised to contact their respective agents, it said. The airline said it faced increasing operational challenges over the past year, including engine reliability problems, particularly in "hot and harsh environments", which have affected aircraft availability and operational efficiency. It has faced prolonged maintenance issues with Pratt & Whitney engines that have grounded dozens of aircraft in its all-Airbus fleet. "We have had a tremendous journey in the Middle East and are proud of what we have built," said Jozsef Varadi, chief executive of Wizz Air. "While this was a difficult decision, it is the right one given the circumstances. We continue to focus on our core markets and on initiatives that enhance Wizz Air's customer proposition and build shareholder value." The move comes even as Abu Dhabi continues to welcome more passenger traffic across its airports. The emirate's five airports reported a record 29.4 million travellers in 2024, up 28 per cent year-on-year, driven by growth at Zayed International Airport that is home to Gulf major Etihad Airways. Abu Dhabi's Zayed International Airport handled 28.8 million passengers last year, up from 22.4 million in 2023, as the emirate's main hub added airlines and expanded its network, according to state-owned operator Abu Dhabi Airports. Zayed International Airport connected travellers to a network of more than 125 destinations with 29 routes launched last year. In 2024, Wizz Air Abu Dhabi carried more than 3.5 million passengers, up 20 per cent year-on-year, on 19,000 flights that offered 4.4 million seats. Load factor, a measure of how well an airline fills available seats, stood above 80 per cent last year. Abu Dhabi is seeking to diversify its non-oil sectors – as part of wider plans to reduce the economy's reliance on hydrocarbons – with a focus on growing strategic industries including tourism, aviation and hospitality. In April 2024, the emirate announced plans to invest more than $10 billion in infrastructure as part of a strategy to boost international visitor numbers and cultural activity. Abu Dhabi's tourism sector is expected to contribute Dh55 billion ($14.97 billion) to the emirate's gross domestic product in 2024, up from Dh46 billion last year, with a 'north star' target of more than Dh90 billion by 2030, Saood Al Hosani, undersecretary of the Department of Culture and Tourism in Abu Dhabi, told The National in December. Middle Eastern airlines recorded a 6.2 per cent year-on-year increase in travel demand in May, the International Air Transport Association (Iata) said in its latest monthly traffic report. Capacity increased 6.3 per cent year-on-year. Meanwhile, load factor was 80.9 per cent, a 0.1 percentage point decrease compared with May 2024. Global airlines are keeping an eye on oil price volatility and geopolitical developments in some areas, but travel demand remains robust, Iata added. "Consumer confidence appears to be strong with forward bookings for the peak northern summer travel season, giving good reason for optimism,' said Willie Walsh, Iata's director general. According to Iata's annual report in June, the Middle East will generate the highest net profit per passenger among the world's regions. "Robust economic performance is supporting strong air travel demand, both for business and leisure travel. However, with delays in aircraft delivery, the region will see limitations in capacity as airlines embark on retrofit projects to modernise their fleet, hence limiting growth," it said. Etihad Airways carried 1.8 million passengers in June, a 16 per cent increase compared to the same month last year, it said in its monthly traffic report on Monday. Its passenger load factor rose to 88 per cent, up from 86 per cent in June 2024. The Abu Dhabi-based airline carried 10.2 million travellers in the first half of 2025, reflecting a 17 per cent rise year-on-year. The average passenger load factor for the year to date stands at 87 per cent. Etihad has already started inaugural flights to four new destinations this year – Prague, Warsaw, Sochi and Atlanta – and is set to add another 13 routes before the end of the year. Air Arabia Abu Dhabi, the UAE capital's first low-cost carrier, is also launching new routes this year. Most recently it announced services between Abu Dhabi and Almaty, Kazakhstan, and Sialkot, Pakistan. Aviation and aviation-related tourism contributed 18 per cent of the UAE's GDP and created nearly one million jobs in the country in 2023, supported by "smart regulation and investment in world-class infrastructure", Iata said in a report in May this year.
