Latest news with #assetSales
Zawya
6 days ago
- Business
- Zawya
Boeing executive says don't expect any more big assets sales at this time
Boeing is not planning any more big asset sales at this time, Chris Raymond, the head of its global services business, said at the Paris Airshow on Tuesday. Battling to recover from a series of crises, CEO Kelly Ortberg has been selling non-core assets to reduce Boeing's debt. In April, the U.S. planemaker struck a deal in April to sell parts of its Digital Aviation Solutions business, including navigation unit Jeppesen, to private equity firm Thoma Bravo for $10.55 billion. (Reporting by Tim Hepher. Editing by Mark Potter)
Yahoo
11-06-2025
- Business
- Yahoo
Cash-strapped council 'not out of the woods'
A council that overspent by £5m last year said it would be "crucial" to avoid a repeat occurrence this time around. Peterborough City Council said it exceeded its £220m net revenue budget in the 2024 to 2025 financial year due to challenges such as high interest rates and delays in selling off assets. In a report being presented to councillors on 17 June, the authority said the coming financial year was going to be "difficult and challenging". It said: "Despite the improvements made, the council isn't out of the woods yet." The authority is currently in the process of selling assets to pay off debts, having already sold a football stadium, shopping centre and farmland in recent years. It expected to bring in £23.7m from asset sales last year but only received £10.3m after a delay involving the sale of a "large asset". The report said the council had been working to reduce spending last year by reviewing how it used agency staff and only spending where essential. It highlighted "significant pressures" in some areas, including in children's social care, where a £3.2m overspend was put down to a significant rise in the number and cost of placements. It said there had been a rise in the number of homeless people needing temporary accommodation, costing £1.7m more than expected, with 117 people in B&Bs in December 2024. Leisure services contributed to a £1.7m overspend and high interest rates, coupled with delays in selling off assets, added £1.9m to borrowing costs. These areas were partially offset by other areas where the council underspent or made savings, but still left a £5m gap. The council warned that its reserves were lower than required as a result, meaning it would be less able to respond to "financial shocks or an emergency". Reserves have dropped from £70m at the end of 2023 to £20.6m at the end of 2025. The council said it had made improvements in a number of areas including in-sourcing services and reviewing or closing council-owned companies. Councillors have been asked to note the council's financial position at the meeting on 17 June. Follow Peterborough news on BBC Sounds, Facebook, Instagram and X. Council sells £50m worth of assets to repay debts Nepalese community centre to reopen in city Council approves 316 homes as part of development Peterborough City Council
BBC News
11-06-2025
- Business
- BBC News
Peterborough City Council 'not out of the woods' after overspend
A council that overspent by £5m last year said it would be "crucial" to avoid a repeat occurrence this time City Council said it exceeded its £220m net revenue budget in the 2024 to 2025 financial year due to challenges such as high interest rates and delays in selling off a report being presented to councillors on 17 June, the authority said the coming financial year was going to be "difficult and challenging".It said: "Despite the improvements made, the council isn't out of the woods yet." The authority is currently in the process of selling assets to pay off debts, having already sold a football stadium, shopping centre and farmland in recent expected to bring in £23.7m from asset sales last year but only received £10.3m after a delay involving the sale of a "large asset". The report said the council had been working to reduce spending last year by reviewing how it used agency staff and only spending where highlighted "significant pressures" in some areas, including in children's social care, where a £3.2m overspend was put down to a significant rise in the number and cost of said there had been a rise in the number of homeless people needing temporary accommodation, costing £1.7m more than expected, with 117 people in B&Bs in December services contributed to a £1.7m overspend and high interest rates, coupled with delays in selling off assets, added £1.9m to borrowing costs. 'Financial shocks' These areas were partially offset by other areas where the council underspent or made savings, but still left a £5m council warned that its reserves were lower than required as a result, meaning it would be less able to respond to "financial shocks or an emergency".Reserves have dropped from £70m at the end of 2023 to £20.6m at the end of council said it had made improvements in a number of areas including in-sourcing services and reviewing or closing council-owned have been asked to note the council's financial position at the meeting on 17 June. Follow Peterborough news on BBC Sounds, Facebook, Instagram and X.
Arabian Business
26-05-2025
- Business
- Arabian Business
Saudi Aramco weighs asset sales to boost liquidity, say sources
Saudi state oil giant Aramco is reportedly exploring potential asset sales to free up funds, apparently to fund its international expansion plans. The move is also said to be to cushion the impact of lower crude prices. Aramco is looking to improve efficiency and cut costs, and an option under consideration would be asset sales, Reuters reported, citing unnamed sources. Lower crude price drags Aramco profits down to $26.01bn The company has asked investment bankers to pitch ideas for how to raise funds from its assets, the report said. Reuters, however, said its sources declined to say which assets could be sold or name the banks involved. The wire service said the firm declined to comment on the issue. Aramco is the world's largest oil-producing company and the main source of Saudi state revenue. Oil price hits Aramco The Reuters report said the firm will slash dividend payouts by nearly a third this year as lower oil prices hit its income. Aramco is the engine of the Saudi economy, and its sprawling business includes units for aviation, construction and sports. It has retained majority stakes during previous asset sales, such as its deals around its pipeline infrastructure. The Saudi government is putting pressure on its industries to improve profitability amid low crude prices and as it spends its hydrocarbon wealth on new sectors to cut reliance on oil. The kingdom faces a widening budget deficit, with the International Monetary Fund saying Riyadh needs an oil price of over $90 per barrel to balance its books, compared to prices of around $60 per barrel in recent weeks. Aramco has in recent years made a push to grow its global footprint, including investing in Chinese refineries, Chilean fuel retailer Esmax and US-headquartered LNG firm MidOcean.
Zawya
26-05-2025
- Business
- Zawya
Saudi Aramco considers asset sales to free up funds, sources say
DUBAI/NEW YORK - Saudi state oil giant Aramco is exploring potential asset sales to free up funds, two people with knowledge of the matter said, as it pursues an international expansion and weathers lower crude prices Aramco is the world's largest oil-producing company and the main source of Saudi state revenue. The firm will slash dividend payouts by nearly a third this year as lower oil prices hit its income. The company has asked investment bankers to pitch ideas for how to raise funds from its assets, the sources said. The sources declined to say which assets could be sold or name the banks involved. Aramco is looking to improve efficiency and cut costs, according to two other people with knowledge of the matter, and an option under consideration would be asset sales, one of them said. The four sources declined to be named because they are not authorised to speak to media. Aramco did not respond to requests for comment. Aramco is the engine of the Saudi economy and its sprawling business includes units for aviation, construction and sports. It has retained majority stakes during previous asset sales such as its deals around its pipeline infrastructure. The Saudi government is putting pressure on its industries to improve profitability amid low crude prices and as it spends its hydrocarbon wealth on new sectors to cut reliance on oil. The kingdom faces a widening budget deficit with the International Monetary Fund saying Riyadh needs a price of oil of over $90 per barrel to balance its books compared to prices of around $60 per barrel in recent weeks. Aramco has in recent years made a push to grow its global footprint, including investing in Chinese refineries, Chilean fuel retailer Esmax and U.S.-headquartered LNG firm MidOcean. The Saudi company said last week it signed 34 preliminary deals potentially worth up to $90 billion with U.S. firms following President Donald Trump's visit to the kingdom. (Reporting by Yousef Saba, Federico Maccioni in Dubai, David French in New York, editing by Anousha Sakoui, Maha El Dahan and Louise Heavens)
