Latest news with #stateOwned
Bloomberg
2 days ago
- Business
- Bloomberg
Malaysia's Petronas to Cut 10% of Workforce After Profits Slump
Petroliam Nasional Bhd. will cut about 10% of its workforce in a firm-wide restructuring as the company looks to reduce costs due to falling crude prices and market volatility that has impacted its profits. Malaysia's state-owned oil firm will reduce headcount by upward of 5,000 people, Petronas Chief Executive Officer Muhammad Taufik said in a briefing in Kuala Lumpur on Thursday. It will also freeze promotions and hiring until December 2026, he said.
Bloomberg
3 days ago
- Business
- Bloomberg
Investors Bet Sheinbaum Can Rescue Pemex Where Others Failed
For a company drowning in debt, Petroleos Mexicanos SA is enjoying a rare wave of investor optimism. Buyers are snapping up the driller's bonds, betting President Claudia Sheinbaum can stabilize its finances and restore credibility for the state-owned giant. The extra yield investors demand to hold the company's debt over Mexican sovereign bonds has shrunk to almost three percentage points, hovering near a record low on speculation that the government will unveil a sweeping package of about $50 billion to shore up Pemex.
Bloomberg
27-05-2025
- Business
- Bloomberg
Portugal Says Carrier TAP Is Strategic as It Plans Privatization
Portugal said TAP SA is more important for the country's strategy than as a financial issue, as the government continues planning the privatization of the state-owned airline. 'TAP is much more a strategic matter than a financial matter,' Minister of the Presidency Antonio Leitao Amaro said in an interview in Lisbon on Tuesday. The privatization is an 'important' process and steps are ongoing, said Amaro, who coordinates cabinet meetings. He declined to comment on the timing of the sale.
Yahoo
27-05-2025
- Business
- Yahoo
Brickbat: Struck Gold
Michel Dupont, a farmer from France's Auvergne region, discovered a massive gold deposit worth about £3 billion ($3.41 billion) in a stream on his farm while out for a walk, but he won't receive any money from it because French law says underground resources belong to the state, not the landowner. The gold, found in an area historically known for mining, was reported to authorities, and a state-owned company is now set to mine it, leaving Dupont with nothing—despite the find being on his property. The post Brickbat: Struck Gold appeared first on
Times
23-05-2025
- Times
Cairngorm funicular to shut for maintenance months after relaunch
The UK's highest railway is to be shut for repairs just a few months after being reopened. The troubled Cairngorm funicular has lain dormant for much of the past seven years after structural problems were uncovered in 2018. The initial closure ran from October 2018 until January 2023 and involved a £25 million programme of improvements. But it was again brought to a standstill in August 2023 after snagging issues and only started running again at the end of February this year. Now it will be shut from May 12 as part of an annual maintenance programme and is expected to begin operating again on June 2. Engineers from Cairngorm Mountain (Scotland), the state-owned operator, will carry out gearbox repairs, rail grinding and undercarriage
