Financial News

Hanwha Aerospace Wins KRW948.2 Billion Follow-On K9 Howitzer Contract from Finland's Defence Ministry

Hanwha Aerospace (KRX:012450) secured a follow-up contract worth 546 million euros, or 948.2 billion won, from the Finnish Ministry of Defence to supply K9 Self-Propelled Howitzers (SPH), the defense products manufacturer said in a Friday release.Finland first ordered 48 K9 units in 2017 and has since then placed several orders for the same. With the latest deal, Finland became the third NATO member, after Türkiye and Poland, to operate more than 200 units of K9, it said.The contract comprises 112 K9 systems and spare parts, with deliveries to the Finnish Army scheduled to commence from 2028, the release said.Shares of Hanwha Aerospace rose nearly 4% at market close.

Goldman Sachs Adjusts Price Target on Marathon Petroleum to $264 From $239, Maintains Buy Rating

Marathon Petroleum (MPC) has an average rating of overweight and mean price target of $248.12, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)

Goldman Sachs Adjusts Price Target on Valero Energy to $258 From $237, Maintains Buy Rating

Valero Energy (VLO) has an average rating of overweight and mean price target of $250.53, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)

Indian Equities Rise on Friday Ahead of US-Iran Talks

Indian benchmarks indices closed higher on Friday, supported by optimism around upcoming U.S.-Iran talks that could ease geopolitical tensions.The BSE Sensex gained 918.60 points, or 1.2%, to end at 77,550.25, while the NSE Nifty 50 rose 275.50 points, or also 1.2%, to settle at 24,050.60.Markets saw steady buying through the session. Banking and financial stocks led the gains. Investors are tracking the outcome of peace talks scheduled over the weekend, as it could influence crude oil prices and near-term market direction.Among stocks, RailTel Corp. of India (NSE:RAILTEL, BOM:543265) edged higher after securing a 231.8 million rupee order to develop an online portal for a Goa government body.Oasis Securities (BOM:512489) jumped 5% after appointing Surendra Kumar Joshi as chief financial officer with effect from Friday.

Sansan's Nine-Month Profit Soars 142%

Sansan's (TYO:4443) profit attributable to owners of the parent soared 142% to 4.11 billion yen for the nine months ended Feb. 28 from 1.70 billion yen a year earlier.The software company's earnings per share increased to 32.13 yen from 13.21 yen a year ago, according to a Tokyo bourse filing on Friday.Net sales jumped 26% to 39.3 billion yen from 31.1 billion yen in the prior year.In a separate filing, Sansan raised the lower end of its full-year net sales forecast to 53.6 billion yen from 52.7 billion yen initially, and its adjusted operating profit forecast to 8.04 billion yen from 6.85 billion yen, reflecting steady business progress through the third quarter.As such, for the fiscal year ending May 31, the company now expects net sales of 53.6 billion to 54 billion yen and adjusted operating profit of 8.04 billion to 8.64 billion yen, as it refrained from providing a specific 'concrete' forecast.Sansan does not plan to pay any interim or year-end dividends for the current year, similar with the year before.

US FCC Could Bar Top Chinese Telcos From Operating US Data Centers

The U.S. Federal Communications Commission said it could bar three big Chinese telecommunications firms from operating data centers in the U.S. and ban U.S. interconnections with the three companies.The commission said it has tentatively concluded there are national security concerns regarding U.S. telecommunication companies connecting with companies identified in the U.S. government's "covered list."The FCC will have to seek comment regarding interconnections with the companies, among them China Mobile (HKG:0941), China Telecom (HKG:0728, SHA:601728), and China Unicom (HKG:0762), Reuters reported separately.The FCC could disallow U.S. telecommunications companies from connecting with companies that use equipment from the list, among them ZTE (HKG:0763, SHE:000063), the newswire said.The commission will vote on the possible ban on April 30.

BMO Sees $20 Billion Fiscal Upside For Oil Provinces On $100 WTI, Flags Wider Regional Gap

Bank of Montreal (BMO) looks at Canada's fiscal situation after the provincial budget season and ahead of Ottawa's mid-year update.All is now set against a backdrop of US$100/barrel oil, noted the bank.The two big oil-producing provinces locked in their budgets ahead of the conflict in Iran and associated surge in oil prices, and budget assumptions immediately look wildly"conservative," stated BMO.Alberta assumed US$60.50/barrel for WTI this fiscal year and Saskatchewan assumed US$59.80/barrel, while Newfoundland & Labrador still has to be tabled.At current levels for WTI, the light-heavy differential and the Canadian dollar (CAD or loonie), the bank could see upwards of $20 billion of revenue upside in those two provinces alone, swinging both well back into surplus.High oil prices will only add to the widening regional disparity in economic and fiscal performance in the country, according to BMO. The fiscal side of that might be the most "dramatic" reflection.

Brent Crude Up 0.5% at US$96.40 and NY Crude Up 0.7% at Near US$98.60

Heineken Shifts to Brand-Licensing Model in Congo via Bralima Stake Sale

Heineken (HEIA.AS) divested its stake in Brasseries, Limonaderies et Malteries, or Bralima, as it pivots to a brand-licensing partnership to keep its presence in the Democratic Republic of Congo.The Dutch brewer said Friday it sold its interest in Bralima to Elna Holdings for an undisclosed amount. The Mauritius-based company will take full control of Bralima's operations, including production, distribution, workforce management and local stakeholder engagement.Established in 1923, Bralima manages three breweries in Kinshasa, Kisangani, and Lubumbashi. After the transaction is finalized, the business, which employs 731 people, will maintain operations at these locations.Meanwhile, through long-term licensing deals, Heineken ensures its brands, including Heineken, Primus, Turbo King, Legend and Mützig, will continue to be produced, marketed and distributed locally. The brewing company said the transaction is consistent with its EverGreen 2030 strategy, which prioritizes active portfolio management and continued refinement of its international operational footprint."This step allows [Bralima] to continue under a locally anchored model, while ensuring that our brands remain available to consumers across the country. It also reflects our move towards a more asset-light approach in selected markets," Guillaume Duverdier, Heineken's president for Africa and the Middle East region, said.By Friday midday, the Amsterdam-listed stock was 1% higher.

Nasdaq 100 and S&P Futures Both Flat To Slightly Higher Ahead of U.S. and Iran Peace Talks Tomorrow, US CPI Data Today

WD-40 Maintains Fiscal 2026 Outlook Despite Potential Impact of Middle East War

WD-40 (WDFC) reiterated its full-year outlook despite the potential impact from the Middle East conflict, while the maker of lubricants and cleaning products recorded year-over-year gains in its fiscal second-quarter results.The company continues to project per-share earnings to come in between $5.75 and $6.15 for fiscal 2026, it said late Thursday, while three analysts polled by FactSet are looking for $6.04. Sales are still pegged at $630 million to $655 million, after adjusting for foreign-currency impacts, compared with the $658.2 million consensus based on the same number of analysts."While geopolitical developments in the Middle East and their potential impact on the global economy warrant caution, we are encouraged by the momentum in the business," Chief Financial Officer Sara Hyzer said during an earnings call, according to a FactSet transcript. "We have clear visibility in promotional activity in the US, and are seeing improving momentum in both (Europe, India, the Middle East and Africa) and Asia-Pacific."Earlier in the week, the US and Iran agreed to a two-week ceasefire, but Tehran later accused Washington of breaching certain elements of the truce. The war started at the end of February, sending energy prices soaring amid the closure of the crucial Strait of Hormuz.The conflict has contributed to the increased costs of certain petroleum-based specialty chemicals, which are expected to increase the company's costs of products sold, Hyzer said on the call. "The duration of this conflict and its impact on our raw materials will drive our decisions around mitigation efforts, which we are currently assessing," according to Hyzer.Hyzer said WD-40 is advancing in its process to sell its American homecare and cleaning brand. In the fourth quarter of fiscal 2025, the firm completed the sale of its homecare and cleaning portfolio in the UK.If the company isn't able to divest the Americas homecare and cleaning brand, it expects its full-year EPS and sales guidance to be positively impacted by $0.20 a share and about $12.5 million, respectively, the CFO added.For the three-month period ended Feb. 28, adjusted EPS climbed 14% to $1.50. Sales inclined 11% on a yearly basis to $161.7 million. Revenue from maintenance products grew 13% to $156.8 million, while homecare and cleaning sales dropped 29% to $4.8 million."We capitalized on strong momentum in the second quarter," Chief Executive Steve Brass said in the earnings release. "Maintenance products remain our core strategic focus, and sales of these brands grew 6% in constant currency in the second quarter in line with our long term growth expectations."Sales grew across all regions, led by a 19% jump in Asia Pacific, WD-40 said.

Indonesian Consumer Confidence Declines in March

Indonesian consumer confidence retreated modestly in March, as respondents mulled the job market and the larger economy.The Indonesia consumer confidence index dropped to 122.9 in March from 125.2 in February, marking a five-month low but still struck well above the 100-mark that separates optimism from pessimism, reported Bank Indonesia on Friday.The March confidence decline reflected weaker economic outlooks and lower expectations for job availability.On March, the current economic conditions sub-index logged 115.4, off modestly from 115.9 in February.The consumer expectations sub-index declined to 130.4 in March from 134.4 in February, added the central bank.Consumers were also less confident in March than in February about spending for large-ticket durable goods.On other metrics, the business activity expectations index decreased to 125.5 in March from 130.9 in February, reported Bank Indonesia.In general, the national government held consumer fuel charges steady, through subsidies, in March.The Indonesian consumer survey is conducted monthly by phone and personal visits to 4,600 households in 18 major cities, according to Bank Indonesia.

Cascades Reiterates Its Longer-term Outlook and Strategy, Including Achieving Its Leverage Objective of 2.5x to 3.0x By Year-end 2026

Cascades Adds "Similarly On Track" to Realize An Additional $100M In Proceeds From Sale of Non-core and Redundant Assets in 2026

Nouveau Monde Graphite Gets US$82 Million Investment from Canada Growth Fund as Part of Financing Package

Nouveau Monde Graphite (NOU.V) late on Thursday received a US$82 million investment to support the company's development of a Canadian graphite supply chain.Canada Growth Fund said it has entered into a definitive agreement with respect to an $82 million private placement with Nouveau Monde, which is developing the Matawinie mine at Saint-Michel-des-Saints and a Becancour-based refining facility.The transaction will be completed alongside Eni and Investissement Quebec, which committed $70 million and $61 million, respectively.The transaction forms part of a fully funded $633 million financing package, composed of 53% debt and 47% equity. The private placement will be complemented by a concurrent bought deal public offering of subscription receipts for gross proceeds of $84 million, collectively completing the equity component of the financing package for the Matawinie mine.The financing package also includes senior debt financing of $335 million by Export Development Canada and the Canada Infrastructure Bank."Through this transaction, we are supporting a key player in global production of natural graphite, one of Canada's six priority critical minerals," said Yannick Beaudoin, President and Chief Executive Officer of Canada Growth Fund Investment Management.A final investment decision on the Matawinie mine and Nouveau Monde shareholder approval are expected in May, to be followed by financial close.

Japan Producer Prices Edge Higher in March

Japan's producer prices edged higher in March, as domestic enterprises faced rising fuel bills.Japan's producer price index (PPI) rose 2.6% on year in March, after rising 2.1% on year in February, reported the Bank of Japan on Friday.The PPI rose 0.8% in March from February, as the petroleum and coal sub-index PPI rose 7.7% on month, reflecting the jump in global fuel prices after the closure of the Strait of Hormuz in early March.About 20% of global oil production flows through the Strait of Hormuz, which has been effectively closed by Iran.Japan's PPI measures selling prices received by domestic producers for goods at the factory gate, in business transactions with large buyers. It is distinct from the consumer price index (CPI), which measures prices in retail locations.Other PPI sub-indices were generally muted in March, although the textile products rose 3% from February, reported the Bank of Japan.Japan's PPI had accelerated during the pandemic era, striking a crest of a 10.6% on-year gain in December 2022.More recently, the nation's PPI rose more than 4% on year in early 2025, but since then has been gradually easing, until the March report.The PPI is considered one of the leading indicators of a nation's consumer prices, as retailers try to recoup the costs of acquiring goods to stock shelves.The Bank of Japan has a 2% annual inflation target on Japan's CPI-core, which strips out fresh food prices. That metric logged a 1.6% on-year gain in February, down from a 2% rise in November 2025, reported officials.The next Bank of Japan policy meeting is slated for late April. Central bankers will face oil-price-induced inflation, but also an economy that is growing sluggishly, and may be hamstrung by higher fuel bills.

Cascades Says "Unwavering In Its Commitment" To Its Longer-term Objective of Generating $100M of Profitability Improvements By End 2026

Market Chatter: Middle East Producers to Export Crude Once Hormuz Reopens

Oil producers in the Middle East have asked Asian buyers for their April and May crude oil loading programs, to export crude as soon as the Strait of Hormuz reopens, following the US-Iran ceasefire deal, Reuters reported Friday, citing sources.Saudi Aramco has reportedly asked its clients to submit nominations for May cargoes loading from both of its eastern Ras Tanura port and western Yanbu port.Exports from Ras Tanura port will remain subject to Hormuz reopening.Yanbu loadings in the Red Sea, meanwhile, could be impacted by recent attacks on Saudi's East-West pipeline, which have damaged a pumping station, effectively reducing pipeline capacity by 700,000 barrels per day.The company had earlier said that April cargoes would be loaded from Yanbu port. It uses the pipeline to divert crude from east to west, bypassing the Strait.Saudi Aramco did not immediately respond to' request for comment.Sources also told Reuters that Kuwait Petroleum has provided loading dates for Kuwait Export Crude sold in April, and that cargo nominations were ongoing, subject to customers' ability to lift the cargoes.Shipping restrictions prompted the company to declare a force majeure on delivered crude cargoes last month.Meanwhile, Iraqi oil marketer Somo has asked customers for their crude loading schedules, after Iran reportedly granted Iraq an exemption from Hormuz passage restrictions, according to Reuters.Indian and South Korean refiners were reportedly seeking tankers to load Iraqi crude this month.has reached out to Kuwait Petroleum and Somo for comments.Commodities trader Glencore (GLEN) and Taiwan's state refiner CPC have also chartered vessels to load Middle Eastern crude, as Asian buyers seek to load oil from the Persian Gulf following the ceasefire, the news agency said.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Cascades Expects Q1 FY26 Consolidated Adjusted EBITDA In Range of $115M to $120M, Down From a Previously Disclosed $130M to $142M

South Korea Could Strengthen Energy Security With Swift Implementation of Renewables Plan, IEEFA Says

Swift implementation of the South Korean government's plans to diversify energy supply with more renewables amidst a global energy crisis could help South Korea strengthen energy security, the Institute for Energy Economics and Financial Analysis said on Thursday.Earlier this week, the government rolled out a roadmap to increase power generation from renewables to 20%, deploy 100 gigawatts of renewables by 2030, and move away from gas-based thermal energy to renewable heat sources.The government also seeks to make the national grid more distributed and flexible and aims to position South Korea as one of the world's top three leaders in green technology manufacturing."Rapid implementation of the proposed transition roadmap would help enhance price stability and strengthen energy access. Without this action, South Korea will remain exposed to supply disruptions and volatile energy costs, with significant implications for its economic security," IEEFA analysts said.South Korea's vulnerability to fossil fuel dependence has been exposed by the Iran war, which has resulted in energy supply disruptions and a significant surge in prices, IEEFA said.The South Korean government has recently adopted several emergency measures to combat price spikes and supply disruptions and meet energy demand. These include capping fuel prices, seeking alternative oil and gas supply sources, and a temporary waiver in coal generation limits.The government has also sought to accelerate the restart of five nuclear reactors, with two already resuming operations and the others slated to restart next month."Without decisive action to diversify energy sources and improve energy use, the country's energy security and economic stability will remain vulnerable," IEEFA analysts said.South Korea relies on imports for about 97% of its energy requirements and is among the largest importers of oil, liquefied natural gas and coal in the world.The Middle East accounts for 70% of its crude oil and 20% of its liquefied natural gas supplies. Last year, South Korea procured about 7 million metric tonnes or 14.9% of its total LNG imports from Qatar alone.The country relies on coal and natural gas for about 58% of its total electricity generation, with nuclear accounting for 31% and renewables around 10%.According to IEEFA, while solar and wind energy costs in the country are 80%-250% higher than global averages, the levelized cost of electricity for solar and onshore wind is still competitive with, and in some cases lower than, the marginal fuel costs of LNG gas-fired power generation."By expediting renewable energy deployment, removing structural barriers, and enabling investment at scale, South Korea can reduce its exposure to volatile global markets while strengthening its fiscal position and long-term energy security," IEEFA analysts said.