Connect with us

Economy

Logistics giant Maersk buys Portuguese startup HUUB

Published

on

Logistics giant Maersk buys Portuguese startup HUUB

Not many startups on a global scale manage to complete an exit. But the Portuguese HUUB did it.

In the past, global logistics giant Maersk has invested in Portuguese technology used in logistics for the fashion industry. So she took it one step further and acquired a startup. “HUUB, a logistics technology startup for the fashion industry, has just announced its acquisition of Maersk. The deal represents the first acquisition in Portugal of a world leader in maritime transport and logistics, which had more than € 33 billion in revenue in 2020, ”the Portuguese firm said in a statement.

Values ​​associated with this operation have not been disclosed, but HUUB guarantees that both the company’s CEO and other founders will be held accountable for the new business unit of the Maersk group. “From day one, HUUB has pursued two great goals: disruption and scaling. This includes the ability and the courage to declare that the industry needs a digital revolution, and to create a product that makes it possible, with the scale enough to make this collaborative journey with Maersk represent both. On the one hand, a confirmation of our revolutionary vision. On the other hand, it guarantees scalability so that our platform can serve large customers and lead the market, ”- quoted by Thiago Paiva, CEO and co-founder. in the statement.

Maersk is expanding into e-commerce by announcing the acquisition of two other companies in the sector. Vincent Clerk, executive vice president of the group, in a statement is enthusiastic about HUUB, which he sees as a key player in the group’s strategy. “HUUB, with its inquisitive team and inspiring founders, is the perfect match for Maersk. Through this acquisition, we endow the organization with world-class technological talent. In addition, the exclusive platform developed by HUUB for different sales channels will allow us customers to focus more on their business and provide the end customer with a great experience, ”he says.

See also  Lidl saves € 0.08 per minute for charging electric vehicles.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Economy

Shipyards: “98% of the workers in the best welding company in the Netherlands are Portuguese” – Industry

Published

on

Shipyards: "98% of the workers in the best welding company in the Netherlands are Portuguese" - Industry

“What saddens me is that in the best welding company in the Netherlands, 98% of its workers are Portuguese. And we are discussing that we have a shortage of skilled labor, ”said Jorge Martins, founder of Neptune Devotion. with naval shipyards in Aveiro.

Jorge Martins, who stepped down as CEO of multinational consulting and technology company Capgemini Portugal almost four years ago to devote himself to customizing pleasure or sports boats up to 55 feet in length, spoke in a debate about the present and future of the national economy. naval industry, as part of Porto Maritime Week, an initiative promoted by Transportes & Negócios and continuing until tomorrow in the city of Invicta.

With the Portuguese shipbuilding industry recording a 26% increase in turnover in 2020 over the previous year, to around € 250 million, the sector is facing some pressing challenges such as “a shortage of skilled labor, an aging workforce and manufacturing infrastructure. , outdated regulations and the impact of environmental concerns, competition from countries with low production costs and unfair international competition rules, ”said Transportes & Negócios.

“The major challenges for us are the shortage of skilled labor, some of the contextual costs we continue to experience, and the rising cost of raw materials, mainly due to the disruptions that occur in the shipping sector,” Francisco said. Barbosa, CEO of Navaltagus, the shipyards of the ETE group, to which Navalrocha also belongs.

“We are looking for new market niches to reorient ourselves and grow, but we know the competition is fierce, especially in shipbuilding, with competition from Turkish shipyards, which have a much cheaper skilled workforce,” said the same manager. …

See also  Lidl saves € 0.08 per minute for charging electric vehicles.

Luis Braga, commercial director of Lisnave, also noted that the main difficulties facing the Portuguese company are related to the lack of qualified labor and competition from shipyards that can offer lower prices.

“Lisnav is losing the most repairs in Turkey. But there is another type of competition that is not talked about so much. Nowadays Lisnav may be the one to train the more skilled workforce in the country and then the people who are certified. emigrate to places where they are better paid, namely the Netherlands. We try to keep more qualified people in the field of training and hiring, preferably the Portuguese, but the truth is that for the 20 people that have formed, we managed to keep only one, ”he complained.

“Most clients choose only the cheapest solution, so they choose shipyards in the Middle East, for example, in Turkey,” he concluded.

“We have the same problem as Lisnave in terms of training technical personnel,” said Vitor Figueiredo, administrator of West Sea, the company that embodies the Martifer naval industry.

“But it’s not just a matter of remuneration — there are other factors, such as career advancement,” Figueiredo said.

Continue Reading

Economy

One of the largest shareholders of Evergrande wants to sell. Stocks Soar 32% – Markets

Published

on

One of the largest shareholders of Evergrande wants to sell.  Stocks Soar 32% - Markets

Real estate investment company Chinese Estates, the main shareholder of the Evergrande group, has announced plans to sell its stake in the company due to its current weak financial position.

In a statement to the Hong Kong Stock Exchange, Chinese Estates clarified that the board is “concerned” about the latest liquidity information provided by Evergrande and “the potential impact” if the announced remedial action “fails to be applied effectively.”

Chinese Estates is one of the leading corporate investors in Evergrande. At the end of last month, its participation was 5.66%. Since then, it has sold approximately 109 million shares, representing about 0.82% of its stake in Evergrande, for a total of HK $ 246.5 million (€ 27.1 million). After consultation with shareholders, the company has a maximum of 12 months to sell the remainder of its stake.

Evergrande shares have depreciated about 80% since the beginning of the year. In Hong Kong Thursday, bonds soared 32%, the largest daily gain since going public in November 2009, as investors focused on paying off one debt rather than a shareholder position.

If it manages to sell its entire stake in Evergrande, Chinese Estates estimates a loss of HK $ 9,486 million (€ 1,041 million) this year. Evergrande, considered the largest real estate company in the world, is facing serious liquidity problems and is at risk of insolvency.

This Thursday is a pivotal day for the group, as an additional $ 47.5 million will be added on the 29th to maturity of about $ 84 million, which is in line with the interest rate on some of the dollar-denominated bonds.

See also  California plagued by scorching warmth (130 levels!), lightning, blackouts and even fire tornadoes

Continue Reading

Economy

Fed Supports Interest Rates and Signals Ending Stimulus Coming Soon – Monetary Policy

Published

on

Fed Supports Interest Rates and Signals Ending Stimulus Coming Soon - Monetary Policy

The US Federal Reserve System, led by Jerome Powell (pictured), as expected, kept its key interest rate in the range of 0% to 0.25%.

In addition, it was decided to maintain the current rate of asset purchases at a level equivalent to USD 120 billion per month. These amounts are split each month into $ 80 billion in Treasury bonds and $ 40 billion in mortgage-backed securities.

Nevertheless, signaled what was expected of the “tapering off” (the beginning of the phasing out of incentives) when it was said that “soon it can be guaranteed” a slowdown in the pace of debt purchases.

“If good progress continues as expected, the committee believes that such a slowdown in asset purchases will soon be guaranteed,” the Federal Open Market Committee (FOMC) emphasizes.

Market watchers expected the Fed to keep interest rates at current record lows, but they were very much looking forward to what would be announced regarding this pandemic-era stimulus program.

There was widespread agreement that the US central bank could announce the start of a “ taper ”, but there were those who believed that the Fed would postpone this slowdown in debt purchases, as the labor market was not yet resilient and the specter of permanent inflation was fading away. The Fed is now dispelling doubts by announcing that stimulus cancellation will be coming soon.

But “while the announcement of the ‘cut’ could probably have happened in November, the fact that the Fed did not do so today suggests that the committee is still blue. [uma postura mais branda, acomodatícia]Bleakley Advisory Group investment director Peter Boquvar told CNBC. However, Jefferies chief strategist David Zervos pointed to the same source that Powell revealed the ‘slightly bigger falcon’ side (not as soft) as he has recently disclosed at today’s press conference …

See also  No panic? Bitcoin already made the same adjustment before being worth 153%.

wise Owl

Powell is known to have always taken a more hawkish stance, not least because he did not advocate tightening monetary policy in the name of financial stability, but he also advocates ideas that lean more towards the dovish side, and therefore it is considered a person. in the medium term.

When Powell was elected Fed chairman, Richard Fisher, former Dallas Fed chairman, said the new leader was “neither a hawk nor a dove.” “I used to say that we all want to be wise owls. And I think Powell fits very well into that category, ”he then emphasized in statements to the New York Times.

GDP revised downward while inflation is up

Today was also central bank day. update your forecasts for economic growth, employment and inflation

“With progress in vaccinations and strong support for policy-proposed measures, both economic activity and employment rates continued to strengthen. The situation in the sectors most affected by the pandemic has improved in recent months, but the rise in the incidence of covid-19 has slowed its growth. recovery, “says the Fed.

As a result, the central bank revised its estimate of GDP growth in 2021 by 1.1 percentage points, which is now 5.9% (versus 7% projected in June). For 2022, the Fed has revised upward by 0.5 percentage points its forecast for GDP growth, which is now 3.8%.

The unemployment rate is expected to be 4.8% this year, up 0.3 percentage points from last June’s estimates.

“Overall, financial conditions remain favorable, partly reflecting measures to support the economy and the flow of loans to US companies and families,” the report said.

See also  Lidl saves € 0.08 per minute for charging electric vehicles.

The Fed also points out that the direction of the economy continues to depend on the trajectory of the virus. “Advances in vaccination programs should further reduce the economic impact of the public health crisis, but risks to the economic outlook remain,” he warns.

Regarding inflation, he says that “it is high mainly due to transitional factors,” as he has repeatedly pointed out.

The FOMC has reiterated that it aims to achieve maximum employment and inflation rates of 2% over the long term. Since inflation is consistently below this target, he said, the committee assumes that inflation has moderately exceeded 2% for some time, so that inflation averages 2%.

This announcement reflects a new central bank strategy that allows inflation to exceed 2% after periods when it falls below this target. Remember, this change was announced by Powell. last August

The Fed revised its inflation forecasts for this year by 0.8 percentage points to 4.2%. But growth is expected to slow in the next two years.

Half of the Fed’s members expect interest rates to rise in 2022.

Another market focus on this Fed meeting focused on the “dot chart” – a map that shows how each central banker assesses changes in key interest rates.

And this map shows that half of the members of the Federal Reserve System expect interest rates to rise as early as next year.

Thus, nine out of 18 FOMC members expect an interest rate hike in 2020, while only seven had such a forecast in June.

See also  Over 41,000 people signed a petition to keep Jeff Bezos from returning to Earth - O Jornal Económico

All but one participant expect at least one key rate hike by the end of 2023, with 13 of them expecting two hikes by 2021.

Powell says that removing incentives is not synonymous with raising interest rates.

Jerome Powell, speaking after the Fed announced its monetary policy decisions, reiterated that the “tightening” “is not an immediate sign” of an increase in key interest rates.

Thus, the Fed chairman said that the removal of incentives is not synonymous with “timing” to raise the federal funds rate.

Powell, who is expected to remain in charge of the central bank for another term, also said the “phase-out” would be advisable to end around mid-2022.

However, the Federal Reserve leader also said at a press conference that many Fed members are convinced that employment in the country already meets the standards of the central bank for “significant further progress.”

When asked what impact the September labor market data might have on future interest rate hikes, Powell replied that he was not looking for specific numbers, but rather “cumulative progress.”

“It doesn’t take me a bombastic, impressive, and ultra-reliable report” to raise interest rates. “You will need a good enough employment report to feel like you passed this test,” he said.

“Many members of the committee believe that the test of significant further advancement in employment has already been passed … As for me, I think it is almost passed,” he said.

(news updated at 20:58)

Continue Reading

Trending