
Bitcoin has hit $28,000 in almost 9 months following the bank crisis sparking weekend protests
March 21, 2023: Bitcoin has increased past the $28,000 level after the weekend as investors rediscovered its charm as an alternative …
September 22, 2022: -On Wednesday, the German state agreed to the nationalization of utility Uniper as it keeps the industry floating in the wake of an energy crisis.
Having accepted in July to bail out the major gas importer with a 15-billion-euro rescue deal, the state will buy out the 56% stake of Finland’s Fortum for 0.5 billion euros. The German state is set to own nearly 98.5% of Uniper.
“Since the stabilization package for Uniper was agreed in July, Uniper’s situation has further deteriorated rapidly and significantly; as such, recent measures to resolve the situation have been agreed,” Fortum announced in a report on Wednesday.
Uniper is Germany’s largest gas importer and has been squeezed by vastly reduced gas flows from Russia, which has made prices soaring.
Earlier this month, Russian state-owned energy giant Gazprom indefinitely halted gas flows to Europe through the Nord Stream 1 pipeline. Uniper CEO Klaus-Dieter Maubach told CNBC that would exacerbate the company’s struggles.
Fortum will be doing deconsolidate Uniper as of the third quarter of 2022, the company said, while Fortum’s 4 billion euro loan to Uniper will be repaired, and the Finnish company will be lifted from a 4 billion euro parent company guarantee.
“Under the recent circumstances in the European energy markets and recognizing the severity of Uniper’s situation, the divestment of Uniper is the correct step to take, not for Uniper but for Fortum,” said Fortum CEO Markus Rauramo.
“The role of gas in Europe has changed since Russia attacked Ukraine, and so has the outlook for a gas-heavy portfolio. The business case for an integrated group is zero longer viable.”
We provide the insights on leaders who are responsible for taking their organization to new heights, all the while bringing together a group of talented individuals.
March 21, 2023: Bitcoin has increased past the $28,000 level after the weekend as investors rediscovered its charm as an alternative …
March 21, 2023: On Monday, Amazon will remove 9,000 more workers in the coming weeks, CEO Andy Jassy stated in a memo …
March 21, 2023: On Monday, Brent oil prices logged failures, dropping below $72 per barrel in intraday trade between turmoil in the banking …
March 20, 2023: On Friday, Cryptocurrencies resumed their march, rising above $26,000 for the second …
March 20, 2023: On Friday, Chinese tech firm Baidu announced it can now operate a robot axis in a part of Beijing from China …
The phrase refers to a rapidly expanding sector that benefits consumers and companies in various ways. Fintech offers a plethora of uses, ranging …