Sat, Feb 25, 2023 page10

• World Business Quick Take

  • Agencies
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  CHEMICALS

  BASF SE to cut 2,600 jobs

  German chemical producer BASF SE is to cut 2,600 positions — about 2 percent of its global workforce — to reap cost savings, as it adjusts to a future without cheap Russian gas. The company also ended a share buyback early. The chemical giant would close a number of factories, including two ammonia plants and fertilizer facilities, resulting in 700 job cuts at its main Ludwigshafen plant in Germany, the company said yesterday. The deterioration in the global economy prompted the termination of its 3 billion euro (US$3.2 billion) share buyback program ahead of time. “High energy prices are now putting an additional burden on profitability and competitiveness in Europe,” BASF chief executive officer Martin Brudermuller said in a statement.

  CULTURED MEAT

  Beyond Meat revenue falls

  Beyond Meat on Thursday reported better-than-expected fourth-quarter sales despite flagging consumer demand and lower prices. The plant-based meat maker said its revenue fell 21 percent to US$80 million in the October to December period last year. Still, that beat Wall Street’s expectations. Analysts polled by FactSet had forecast revenue of US$75.8 million. Beyond Meat’s shares jumped 14 percent in after-hours trading. The El Segundo, California-based maker of plant-based burgers, sausages, nuggets and other products said its sales volumes continued to decline despite price cuts in the US and Europe. The strong US dollar also hurt profits from abroad, the company said. Beyond Meat’s net loss narrowed to US$66.9 million for the quarter, or US$1.05 per share. That also beat Wall Street’s forecast of a US$1.18 loss per share.

  AVIATION

  Thai Airways posts growth

  Thai Airways International PCL’s fourth-quarter profit almost tripled after Thailand eased COVID-19-related border restrictions and tourists started to come back to the popular Southeast Asia holiday destination. The carrier’s net income for October through December last year rose to 11.2 billion baht ($321 million) from 4 billion baht a year earlier, chief executive officer Chai Eamsiri said yesterday. Operating income for the period was 8.9 billion baht compared with a 2.6 billion baht loss a year earlier, while total revenue jumped almost 370 percent to 36.9 billion baht. “The return of Chinese travelers will help support our strong growth in 2023,” Chai told a news conference. The airline, which has posted net losses every year barring two since 2013, filed for bankruptcy protection in 2020 before most creditors agreed to extend terms and cut some payments as part of its US$5.3 billion rehabilitation plan.

  SANCTIONS

  UK targets Russian exports

  The UK marked the one-year anniversary of Russia’s invasion of Ukraine by issuing more sanctions against Russia, including export bans on every item it has used on the battlefield and import bans of iron and steel goods. The UK has frozen assets and targeted a wave of Russian officials and companies in the last year in an effort to cripple Moscow’s economy and curb its war on its neighbor. The UK would target another 92 individuals and entities, including allies of Russian President Vladimir Putin such as Nord Stream 2 chief executive officer Matthias Warnig, the government said in a statement yesterday. Ahead of a meeting between G7 leaders and Ukrainian President Volodymyr Zelenskiy, the UK said the internationally coordinated sanctions and trade measures would target aircraft parts, radio equipment and electronic components.
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