Siemens Energy Sees €4.5 Billion Hit, Wind Losses Prompt Review
(Bloomberg) Siemens Energy AG launched a strategic review of its wind power business...
(Bloomberg) Siemens Energy AG launched a strategic review of its wind power business as problems with its turbines are expected to cause a €4.5 billion ($5 billion) net loss in one of industrial Germany’s biggest debacles.
The worsening outlook, which compares with a previous roughly €1 billion net loss prediction, marks the latest setback for the German manufacturer in getting to grips with quality flaws and unprofitable contracts weighing on its wind unit. Siemens Energy’s other businesses are performing well and the company has strong cash reserves.
The energy sector is off to a mixed-to-lower start, pressured by weakness in the crude complex, despite an uptick in the major equity futures. The broader market futures are higher as investors await more second-quarter earnings and inflation data this week.
WTI and Brent crude oil are kicking off the week lower on no major news, as traders take profits following six weeks of consecutive gains fueled by supply concerns. In focus this week will be Chinese economic data, which will gauge the nation’s appetite for stimulus measures.
Natural gas futures are trading higher on forecasts for warmer weather throughout the end of August.
Michigan gas prices hit high mark for 2023; 2 states now $5 or more a gallon
Michigan's average gasoline price set a new high for 2023 on Monday, hitting $3.76 a gallon...
Michigan's average gasoline price set a new high for 2023 on Monday, hitting $3.76 a gallon for regular unleaded, an increase of 9 cents from last week, according to AAA.
"Gas prices across Michigan continue to rise, reaching the highest prices so far this year," said Adrienne Woodland, a spokeswoman for the Auto Club. "Lower gas demand amid increasing supply will likely help to slow price increases.
Some of the steepest jumps have been in Midwestern states, while in Washington stateand California, prices have reached an average of $5 and $5.07 a gallon.The least expensive gas is in Mississippi, where the average price is $3.33 a gallon.
Woman arrested in plot to assassinate Ukraine's President
A Ukrainian woman has been detained by Ukraine’s Security Service...
A Ukrainian woman has been detained by Ukraine’s Security Service in connection with an apparent plot to attack President Volodymyr Zelenskyy, the service said on Monday.
The woman, who is from Mykolaiv but was not publicly named, was being questioned, officials said. She had been part of a plot aimed at assassinating Zelenskyy during his visit last week to Mykolaiv, a southeastern city near the front, officials said. Law enforcement officials said she had been caught "red-handed" as she handed info to the Russians.
New side hustle: renting out Starlink satellite dishes.
Some people have started renting out ...
Some people have started renting out SpaceX’s satellite internet kits on Facebook Marketplace for $25 to $35 a day. One startup CEO claims he saw someone making $5,000 a month renting these devices.
