SYDNEY, AUSTRALIA: Reliance Worldwide Corporation (RWC), a global leader in plumbing and heating products, has released its guidance for the financial year 2024 (FY24), indicating a decline in revenues and operating margins due to lower demand and cost pressures. RWC said that its exposure to the repair and maintenance sector, which is less cyclical than…
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Aperam reports lower earnings and shipments in 2023 amid market crisis
AMSTERDAM: Aperam, a leading global stainless steel producer, announced its results for the full year and the fourth quarter of 2023, showing a decline in earnings and shipments due to the challenging market conditions. The company reported an adjusted EBITDA of EUR 304 million in 2023, compared to EUR 1,129 million in 2022, a decrease…
Outlook on Germany’s life insurance market remains negative
OLDWICK: AM Best is maintaining its market segment outlook on the German life insurance market at negative. Key supporting factors include the narrowing of margins between investment income and average minimum guarantees due to lower investment yields, the slow runoff of back books of business and the negative impact on earnings from the need to…
AM Best maintains U.S. commercial lines insurance market outlook at stable
NEW YORK: AM Best has maintained a market segment outlook of stable on the U.S. commercial lines industry for 2020, citing factors such as improved market conditions and solid levels of risk-adjusted capitalization that have helped insurers weather short-term profitability challenges. A new Best’s Market Segment Report, titled, “Market Segment Outlook: U.S. Commercial Lines,” notes…
Asia set to become dominant market for wind energy
BEIJING: Asia could grow its share of installed capacity for onshore wind from 230 Gigawatt (GW) in 2018 to over 2600 GW by 2050, a new report by the International Renewable Energy Agency (IRENA) finds. By that time, the region would become a global leader in wind, accounting for more than 50 per cent of…