The company reported substantial revenue growth in all business divisions , /PRNewswire/ -- Ferrovial, a leading global infrastructure company, closed the first nine months of 2025 with significant growth, supported by a substantial revenue increase in all business divisions. Adjusted EBITDAÂ improved during the period, mainly driven by U.S. highway assets. "Our North American assets delivered outstanding performance in the first nine months of the year. 407 ETR posted solid results as traffic volumes impro ...

Financial Data and Key Metrics Changes - POSCO Holdings recorded consolidated revenue of 17.3 trillion and operating profit of 640 billion, showing improvement in operating profit for three consecutive quarters despite losses at POSCO E&C [1][2] - The operating profit margin for the quarter was 6.6%, driven by increased sales volume and proactive cost-cutting efforts [1][8] - Operating profit for POSCO improved from 322 billion in Q4 of last year to 585 billion in Q3 of this year, despite a 1.7% drop in revenue due to declining sales prices [7][8] Business Line Data and Key Metrics Changes - In the steel sector, production volume increased by 4.9%, but the average selling price dropped, leading to a decrease in revenue [8] - In rechargeable battery materials, losses narrowed sharply quarter-over-quarter due to increased cathode sales volume and a price rebound in lithium operations [2][10] - POSCO E&C faced significant one-time costs of 288.1 billion due to the Shenzhen incident, with an additional 230 billion expected in Q4 [10][64] Market Data and Key Metrics Changes - The domestic steel market demand is slowing, with imports flooding the market prior to the AD ruling, impacting sales prices [8][20] - Overseas steel profits are expected to decline moderately due to poor performance in Mexico and India, while steady performance is anticipated in Indonesia and Vietnam [9][10] - The lithium market is projected to see increased demand, with expectations of 14 million EVs next year, leading to a potential increase in lithium prices [51][52] Company Strategy and Development Direction - POSCO Group is focused on creating a safe workplace through comprehensive safety management innovations and plans to establish a safety master plan [3][6] - The company aims to ramp up new plants and improve process efficiency in lithium operations while ensuring disciplined execution to avoid additional costs [2][31] - Future investments will prioritize environmental projects and overseas capacity additions, particularly in high-growth markets like the U.S. and India [30][31] Management Comments on Operating Environment and Future Outlook - Management acknowledged the complexities of external uncertainties affecting the operating environment and expressed optimism for a recovery in steel profits in 2026 [1][9] - The company is preparing for the implementation of the EU's Carbon Border Adjustment Mechanism and is actively developing strategies to mitigate its impact [21][22] - Management expects to return to normal profitability levels in POSCO E&C by next year after accounting for one-time losses [10][64] Other Important Information - POSCO Group has restructured seven projects, generating 400 billion in cash, and completed 63 projects since early 2024, generating 1.4 trillion in cash [7] - The company is committed to enhancing safety measures and has launched a task force to improve workplace safety [4][5] Q&A Session Summary Question: Steel market outlook for Q4 and anti-dumping effects - Management indicated that the impact of anti-dumping measures would be difficult to assess immediately, but they expect some positive effects from the real estate market in late Q4 [19][20] Question: Response to carbon-related costs and EU regulations - Management acknowledged the potential increase in costs due to the EU's Carbon Border Adjustment Mechanism and emphasized ongoing communication with the EU to address uncertainties [21][22] Question: Update on Alaska LNG project and its impact - The project is under review, and if realized, it could supply about 300,000 tons of steel, with operations expected between 2026 and 2028 [24] Question: Mid to long-term steel strategies - Management confirmed plans to increase overseas capacity and shut down non-competitive domestic facilities while focusing on new growth areas [28][30] Question: Update on lithium operations and market demand - Management reported that ramp-up for lithium operations is expected to be completed by early next year, with anticipated increases in lithium prices and demand [55][59]

Core Insights - The Competition Commission of India (CCI) has approved Vedanta's ₹17,000-crore bid for Jaiprakash Associates Ltd (JAL), setting up a competitive landscape with Adani Group's previously approved ₹12,600-crore bid [1][2] - JAL, despite its liabilities of ₹55,371 crore as of September 2025, is viewed as a highly attractive acquisition target due to its diversified portfolio [1][6] Group 1: Acquisition Context - Six major companies have had their bids approved for JAL, including Vedanta, Adani Group, Jindal Steel & Power Ltd, PNC Infratech, Suraksha Group, and Dalmia Bharat [2] - JAL has received a total of 26 bids, with the final contenders being Vedanta and Adani Group [7] Group 2: JAL's Financial Background - JAL was founded in 1982 and became a significant player in India's infrastructure sector, known for projects like the Yamuna Expressway [4] - The company faced financial difficulties due to over-leveraging and operational challenges, leading to its bankruptcy proceedings initiated by ICICI Bank in 2018 [5][6] Group 3: Strategic Importance of JAL - For conglomerates like Vedanta and Adani, acquiring JAL offers strategic opportunities across various sectors, including cement, infrastructure, and real estate [9][10] - JAL's assets include cement plants, captive power units, limestone mines, and prime real estate, which are critical for expansion in north and central India [10][11] Group 4: Implications for the Insolvency and Bankruptcy Code (IBC) - The competitive bidding for JAL indicates the evolution of the IBC from a creditor recovery tool to a platform for strategic acquisitions [12] - Bidders can leverage discounted valuations and regulatory protections under the IBC framework, reshaping the landscape of corporate control [13][14] Group 5: Next Steps in the Acquisition Process - Following CCI approval, the committee of creditors (CoC) is reviewing bidders' financing plans and will evaluate non-conditional resolution plans over the next few weeks [15] - The final resolution plan is expected to be voted on by the CoC in November, requiring at least 66% approval before submission to the National Company Law Tribunal (NCLT) [16] Group 6: Status of Other Jaypee Group Entities - Other entities within the Jaypee Group are also undergoing insolvency proceedings, with some already acquired, such as Jaypee Infratech Ltd by Suraksha Group [18]

Core Viewpoint - The Committee of Creditors (CoC) of Jaiprakash Associates Ltd (JAL) is reviewing financing details from bidders, including Vedanta and Adani, for the acquisition of the debt-laden company, with resolution plans to be voted on in November [1][5]. Group 1: Bidders and Acquisition Process - Five bidders are competing for Jaiprakash Associates, including Vedanta Ltd, Adani Enterprises, Jindal Power Ltd, Dalmia Bharat, and PNC Infratech Ltd [2]. - The CoC has requested signed, non-conditional resolution plans from the bidders, which will be evaluated over the next two to four weeks before a vote [5]. - Bidders must provide proof of funds or a letter of comfort to demonstrate their financial capability once a resolution plan is approved [3][4]. Group 2: Financial Situation and Assets - Jaiprakash Associates is estimated to owe ₹55,371.21 crore (approximately $6.7 billion) as of September 2025, with most debt transferred to the National Asset Reconstruction Company Ltd [10][11]. - The company has a diversified portfolio in infrastructure, cement, real estate, power, and hospitality, with significant projects in Noida and near the upcoming Jewar airport [11][12]. - The cement division operates with a combined capacity of about 8 million tonnes per annum, and the company holds a stake in Jaiprakash Power Ventures, which remains profitable [12]. Group 3: Challenges and Considerations - Several land parcels and real estate assets of Jaiprakash Associates are involved in litigation, which may complicate asset monetization and valuation [12][15]. - The CoC has approved fees for Grant Thornton Bharat LLP to determine the liquidation value for financial creditors, a necessary step before voting on any resolution plan [13]. - Previous attempts to sell the cement arm to Dalmia Bharat failed, and current resolution plans must consider the company as a single business unit [14].

TORONTO, Oct. 09, 2025 (GLOBE NEWSWIRE) -- Aecon Group Inc. (TSX: ARE) (“Aecon”) announced today that Contrecoeur Terminal Constructors General Partnership, comprised of Aecon (40%) and Pomerleau (60%), has completed the collaborative development phase and reached financial close on a design-build contract with the Montreal Port Authority for the Port of Montreal Expansion in-water works project in Contrecoeur, Québec. Finalized under a progressive design-build approach, the contract is valued at $609 milli ...

Core Viewpoint - The ongoing regulatory scrutiny involving Reliance Infrastructure and Reliance Power is centered around past financial ties with CLE Private Limited, particularly concerning an alleged loan fraud of Rs 17,000 crore, which is currently under investigation by the Enforcement Directorate (ED) and the Securities and Exchange Board of India (Sebi) [7][11]. Group 1: Company Disclosures and Legal Actions - Reliance Infrastructure has clarified that it settled its dispute regarding exposure to CLE Private Limited through a consent filing before the Bombay High Court, in accordance with the Mediation Act, 2023 [2][5]. - Reliance Power has stated it has "ZERO exposure to CLE Private Limited" and will take appropriate legal steps as advised [6][11]. - Both companies received Show Cause Notices from Sebi, which has sparked market interest despite previous settlements and clarifications [11]. Group 2: Financial Allegations and Investigations - Sebi's findings indicate that Reliance Infrastructure allegedly diverted approximately Rs 8,302 crore to CLE Private Limited over several years, with funds routed through intercorporate deposits, equity investments, and corporate guarantees from FY16 to FY23 [7][8]. - The annual expenditure on CLE reportedly ranged from 25% to 90% of CLE's total assets from FY13 to FY23, and Reliance Infrastructure wrote off Rs 10,110 crore between FY17 and FY21 under various provisions [8][9]. - Allegations also include misclassification of CLE as an independent third-party entity in financial statements to bypass mandatory approvals, leading to misstated financial disclosures [9][10]. Group 3: Responses and Counterclaims - A representative close to Reliance Group refuted Sebi's claim of a Rs 10,000 crore diversion, asserting that the actual exposure was Rs 6,500 crore, which had been disclosed earlier [9][10]. - Reliance Infrastructure emphasized that it reached a court-approved settlement to recover dues through mediation proceedings supervised by a retired Supreme Court judge [10].

Group 1 - Indian and foreign lenders have significantly increased their exposure to the Adani group, with Indian lenders' exposure rising over 50% to over ₹1.3 lakh crore and foreign banks' exposure increasing 16% to ₹71,744 crore [1][2] - Domestic lenders' share in the total debt has increased to over 50% from 40% last year, indicating growing confidence in the Adani group [1][4] - The group has been actively engaging Indian institutions, exemplified by Life Insurance Corporation's investment of ₹5,000 crore in non-convertible debentures issued by Adani Ports and Special Economic Zone [4] Group 2 - The Adani group is under investigation by US regulators for alleged fraud, which has led to an 11% decline in funding through US dollar bonds as the group avoids overseas public bond markets [2] - Despite the investigations, lenders are reassured by the group's robust cash flows, which exceed ₹60,000 crore, and its focus on creating long-term infrastructure assets [5][6] - The group plans to invest around $70 billion in green energy, with 80% of its recent capital expenditure directed towards expanding its green energy portfolio [5][6] Group 3 - Last financial year, the group's capital expenditure was close to $15 billion, with an indication of annual spending of $15-20 billion over the next five years [6] - Over 80% of the group's total EBITDA of approximately ₹90,000 crore is derived from its core infrastructure businesses, including energy and transport [6] - The energy companies in the Adani portfolio have secured long-term power purchase agreements, providing cash visibility for extended periods, such as a 40-year PPA signed by Adani Green Energy for a pumped hydro project [7]

Core Insights - CIMA has proposed policy recommendations to enhance Hong Kong's status as a leading financial center and stimulate long-term economic growth [1][2] - The recommendations focus on leveraging Hong Kong's position as an international gateway and attracting businesses and finance professionals [2][5] Policy Recommendations - Development of policies that highlight Hong Kong's financial strengths and its role in global markets [2] - A strategic approach to attract local, regional, and international businesses and finance professionals [2] - Proposal of an Industrial Strategy to diversify the economy across various sectors, including business, education, technology, and infrastructure [2] Regulatory Environment - Creation of a "proportionate and predictable" regulatory environment to assist businesses in strategic planning and resource allocation [3] - Recommendations for the Hong Kong Government to lead in establishing regulations to prevent "greenwashing" and enhance market integrity, thereby increasing public trust [3][4] Sustainability and Education - Adoption of the new HKFRS Sustainability Disclosure Standards to promote responsible business practices and equitable economic growth [4] - Expansion of the Continuing Education Fund (CEF) to include international professional qualifications accessible through digital platforms [4] Talent Attraction - Promotion of Hong Kong as an attractive location for living and working, emphasizing career advancement, job stability, and a supportive tax environment [5] Economic Outlook - AICPA and CIMA's third quarter Economic Outlook Survey indicates a slight increase in optimism among US business leaders, with 34% expressing a positive outlook, up from 27% in the previous quarter [6]

Group 1: Flotek Industries (FTK) - Flotek Industries develops and delivers prescriptive chemistry-based technology, including specialty chemicals, for clients in the energy, consumer industrials, and food & beverage industries [1] - The company has a Zacks Rank of 1 (Strong Buy) and the Zacks Consensus Estimate for its current year earnings has increased by 12.8% over the last 60 days [1] - Flotek Industries' shares gained 103.4% over the last three months, significantly outperforming the S&P 500's gain of 2.7% [2] Group 2: Harmony Gold (HMY) - Harmony Gold conducts underground and surface gold mining [2] - The company also holds a Zacks Rank of 1 and the Zacks Consensus Estimate for its current year earnings has increased by 3.7% over the last 60 days [2] - Harmony Gold's shares gained 47.8% over the last three months, again outperforming the S&P 500's gain of 2.7% [3] Group 3: Ferrovial SE (FER) - Ferrovial SE is an infrastructure company based in Amsterdam [3] - The company has a Zacks Rank of 1 and the Zacks Consensus Estimate for its current year earnings has increased by 11.2% over the last 60 days [3] - Ferrovial SE's shares gained 17.7% over the last three months, also outperforming the S&P 500's gain of 2.7% [3]