Fertilizer giant Yara International ASA posted higher-than-expected first quarter earnings as the Iran war effectively halted transit through the Strait of Hormuz, hurting global trade of crop nutrients and pushing up prices. The Oslo-based company reported adjusted earnings before interest, taxes, depreciation, and amortization of $896 million, an increase of 40% from a year earlier and ahead of ...
Fertilizer giant Yara International ASA posted higher-than-expected first quarter earnings as the Iran war effectively halted transit through the Strait of Hormuz, hurting global trade of crop nutrients and pushing up prices. The Oslo-based company reported adjusted earnings before interest, taxes, depreciation, and amortization of $896 million, an increase of 40% from a year earlier and ahead of the $807 million estimated by analysts. Revenue rose 17% over the same period. The war in the Middle East has hit global energy and fertilizer markets, bottling up ships loaded with key raw materials for fertilizer production in the Persian Gulf area, leading to a shortage and therefore a sharp increase in global prices of the key crop inputs. That has allowed producers with global production capacity, such as Yara, to sell at higher prices. The company’s shares rose as much as 5.6% in Oslo before paring some gains. “By utilizing its global business model, Yara is well positioned to optimize operations in an uncertain global environment marked by increased regional price and demand volatility,” Chief Executive Officer Svein Tore Holsether said in a statement . Yara said last month that it curbed ammonia and urea production at its India operations as the conflict in the Middle East curtailed supplies of feedstock like liquefied natural gas. While the firm’s Africa and Asia operations saw earnings decline in the first quarter, earnings from its units in Europe and the Americas rose by about 50% from a year earlier. The fertilizer maker continues to evaluate the best ways to diversify energy exposure to mitigate increased carbon costs, including developing its ammonia projects with Air Products & Chemicals Inc., it said. It still expects a final investment decision on that by mid-2026, it said. Read More: Yara Vows to Control Spending Amid Unease Over US Project
alexsl Stock index futures pointed to a mixed open Friday as volatility picked up and hopes of a near-term resolution between the U.S. and Iran faded. Dow futures ( INDU ) slipped 0.18% to 49,222.11, while S&P 500 futures ( SPX ) rose 0.18% to 7,121.05. Nasdaq futures ( US100:IND ) outperformed, climbing 0.70% to 26,971.15. President Donald Trump said in a social media post that he had ordered the...
alexsl Stock index futures pointed to a mixed open Friday as volatility picked up and hopes of a near-term resolution between the U.S. and Iran faded. Dow futures ( INDU ) slipped 0.18% to 49,222.11, while S&P 500 futures ( SPX ) rose 0.18% to 7,121.05. Nasdaq futures ( US100:IND ) outperformed, climbing 0.70% to 26,971.15. President Donald Trump said in a social media post that he had ordered the U.S. Navy to “shoot and kill any boat” caught laying mines in the strait. He also said the ceasefire between Israel and Lebanon will be extended by three weeks, adding to the geopolitical backdrop driving market swings. Treasury yields edged slightly lower across the curve. The 2-year yield ( US2Y ) dipped to 3.84%, while the 10-year yield ( US10Y ) eased to 4.33%. The 30-year yield ( US30Y ) also inched down to 4.91%. Investors were also tracking remarks from Thomas Barkin and Christopher Waller for clues on the policy outlook. Among movers, Intel ( INTC ) jumped 19.90%, while Advanced Micro Devices ( AMD ) gained 7.69% and Comfort Systems USA ( FIX ) rose 6.43%. On the downside, Hartford Insurance ( HIG ) fell 5.45%, Erie Indemnity ( ERIE ) dropped 3.53%, and CBRE Group ( CBRE ) declined 2.60%. More on markets Markets Are Stuck In The Waiting For U.S.-Iran Talks AAII Sentiment Survey: Optimism Roars Confidence In 'Rules Of The Game' Iran rejects second round of U.S. talks, cites ‘excessive’ American demands
TSK Electronica y Electricidad SA is planning an initial public offering in what would be the first sizeable main market listing in Spain this year. The family-owned engineering company plans to raise about €150 million ($175 million) by offering new shares, it said in an emailed statement. The power generation specialist has seen “strong interest” from investor meetings, driven by its growth outl...
TSK Electronica y Electricidad SA is planning an initial public offering in what would be the first sizeable main market listing in Spain this year. The family-owned engineering company plans to raise about €150 million ($175 million) by offering new shares, it said in an emailed statement. The power generation specialist has seen “strong interest” from investor meetings, driven by its growth outlook, it added. A final decision on whether and when to proceed with the IPO depends on market conditions and regulatory approval, it said. A successful offering would be a boost for Spain’s stock market. It hosted just two IPOs last year – HBX Group International Plc and Cirsa Enterprises SA – according to data compiled by Bloomberg, and both are trading below their offering prices despite a 34% rally in the Ibex 35 index over the past 12 months. Digi Communications NV said Thursday it wouldn’t proceed with an IPO of its Spanish unit, citing unstable market conditions. Read more: Spain’s Few IPOs Have an Aftermarket Problem TSK specializes in design and development of projects in power generation, transmission networks, electrification handling and storage of critical minerals. Based in the northern Spanish city of Gijón, it reported €1 billion of revenue in 2025 with net income of €32 million. Banco Santander SA and CaixaBank SA are arranging the offering.
juvaida khatun/iStock via Getty Images “The reason gas prices are so high is because the oil is in Texas and Oklahoma and all the dipsticks are in Washington.” - Unknown Dear Client, The Grey Owl All-Season Strategy’s objectives are to minimize drawdowns, outperform short-term bonds by several hundred basis points each year (i.e., beat “cash”), and participate meaningfully in risk-on rallies. In t...
juvaida khatun/iStock via Getty Images “The reason gas prices are so high is because the oil is in Texas and Oklahoma and all the dipsticks are in Washington.” - Unknown Dear Client, The Grey Owl All-Season Strategy’s objectives are to minimize drawdowns, outperform short-term bonds by several hundred basis points each year (i.e., beat “cash”), and participate meaningfully in risk-on rallies. In the first quarter of 2026, we, again, demonstrated an ability to minimize drawdowns during a meaningful risk-off period. The Nasdaq-100 Index 1 was hit the hardest of the major indices. It dropped -13% from January 28 through March 30, 2026. The first month of the drop, from late January to late February, appeared catalyzed by decelerating earnings for artificial intelligence-linked firms. Equity ownership has crowded into these names, so when they turned, the selling fed on itself. Through the end of February, global equities 2 continued to make new highs. Then the United States and Israel launched a war against Iran and equities broadly declined for the next month. The Grey Owl All-Season Strategy remained positive on a year-to-date basis during this entire period. Subsequently, the strategy joined (though, as expected, less aggressively) the April equity rally. Despite different catalysts and narratives, this pattern looks like the beginning of 2025. Recall that the popular “Magnificent 7” group of stocks declined roughly -30% from its December 17, 2024 peak to the April 8, 2025 low 3 . During that period, the Grey Owl All-Season (GOAS) portfolio was down less than -3% at its worst point in early April of 2025. The rebound that followed was rapid, and the year ultimately proved strong for most risk assets. GOAS managed risk during the drawdown and then repositioned to participate as conditions turned risk-on. We don't know if the remainder of 2026 will play out similarly to 2025. Our objective remains to construct an all-season portfolio that can make steady progress in a...
Indian infrastructure conglomerate Shapoorji Pallonji Group has secured creditor approval to delay payment on one of the nation’s biggest high-yield bonds, just days ahead of the April 30 maturity, according to people familiar with the matter. The company received unanimous consent from holders representing the outstanding amount of the note, which pays a yield of 20.75%, the people said, asking n...
Indian infrastructure conglomerate Shapoorji Pallonji Group has secured creditor approval to delay payment on one of the nation’s biggest high-yield bonds, just days ahead of the April 30 maturity, according to people familiar with the matter. The company received unanimous consent from holders representing the outstanding amount of the note, which pays a yield of 20.75%, the people said, asking not to be identified discussing private matters. Creditors have received a 25 basis points consent fee for agreeing to push back the maturity to June 30, they said. A Shapoorji Pallonji spokesperson didn’t respond to a request for comment. It was India’s biggest high-yield note when Shapoorji unit Goswami Infratech Pvt. issued 143 billion rupees ($1.5 billion) of the zero-coupon securities in 2023. As of March 31, about 135.83 billion rupees was outstanding on the bond, including interest, according to a on April 14. The group, controlled by billionaire Shapoor Mistry , is best known for building landmarks such as the Reserve Bank of India building and the Al Alam Palace for the Sultan of Oman. Shapoorji has suffered from liquidity crunches after it piled on debt before the pandemic, prompting it to list subsidiaries and offload assets . Bondholders Seek Sweeteners as Shapoorji Unit Pushes Extension India’s Shapoorji Seeks to Delay Paying $1.5 Billion of Debt India’s SP Group Gets Relief on $3.4 Billion Private Credit Group representatives told some investors earlier this month that the company was considering a potential offering of about $2.6 billion-equivalent of dollar- and rupee-denominated bonds, according to people familiar with the matter. They also said that the proceeds would be used to refinance the Goswami debt that just got extended. Last year, it closed a separate private credit financing of over $3 billion in India’s biggest deal yet at a yield of 19.75%. Such high yields reflect the risks for creditors. The group faces uncertainty about its ability to transfe...