Asia $800bn nuclear splurge helps Aussie mining resurgence; Siemens to cut 4,500 jobs; Emirates group grows for 27th straight year

1 Asia $800bn nuclear splurge helps Aussie mining resurgence (Straits Times) A nuclear-power boom in Asia that’s set to drive up uranium prices is triggering a resurgence in mining in Australia, home to the world’s largest reserves.

Almost $800 billion of new reactors are under development in the region, driven by China and India where demand is climbing for the emission-free energy. The value of uranium plunged in the wake of the 2011 Fukushima nuclear disaster in Japan. Now, with contract prices forecast to jump more than 60 percent, suppliers in Australia are planning about half a dozen new mines.

“Australia is very well placed,” said Brian Reilly, managing director of Canadian miner Cameco Corp.’s local unit. “China and India will be very significant customers down the track.”

2 Siemens to cut 4,500 jobs (BBC) German industrial giant Siemens plans to cut 4,500 jobs, or about 1% of its total global workforce, months after it announced plans to slash more than 7,000 jobs. The news came as it announced quarterly profits down 5% at €1.7bn (£1.3bn).

The company said: “These measures are being taken in response to the persistently difficult environment in the global power generation market.” About 2,200 of the job cuts will come from Siemens’ German operations. Siemens, whose business activities include electronics, trains and turbines, employs more than 340,000 people across the world.

Siemens said price erosion, regulatory changes and aggressive competitors were among the challenges the company faces. The company said its long-term strategy remains unchanged.

3 Emirates group grows for 27th straight year (Issac John in Khaleej Times) The Emirates Group has announced its second highest profit in history of Dh5.5 billion for fiscal year ended on March 31, 2015 — a jump of 34 per cent over the previous year — to mark 27th consecutive year of profit and growth.

The group — comprising the world’s fastest growing carrier Emirates airline, SkyCargo and airport handling company dnata — said it ended 2014 on a strong note despite the many global and operational challenges. The group’s revenue reached Dh96.5 billion, an increase of 10 per cent over last year’s results, and the cash balance remained strong, growing to Dh20 billion.

Shaikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive of Emirates airline and Group, described 2014-15 was “a turbulent year” for aviation. “The fall in oil prices provided cost relief in the second half of our financial year, however it did not offset the hit to our profitability caused by significant currency fluctuations, nor the hit to our revenue from operational adjustments in addressing the Ebola outbreak, armed conflicts in several regions, and the 80-day runway upgrading works at Dubai International airport,” he said.

“To date, Emirates and dnata have generated dividends of Dh 14.6 billion for the Dubai government. Those dividends have been ploughed back into the economy, helping fund essential infrastructure projects including the various phases of expansion at Dubai International airport and Dubai World Central.

In 2013, aviation contributed $26.7 billion to Dubai’s GDP, supporting 416,550 jobs. By 2020, aviation is projected to support over 750,000 jobs and contribute $53.1 billion to GDP.


About joesnewspicks

This blog captures interesting news items from around the world for those strained by information overload and yet need to stay updated on global events of significance. The news items displayed are not in order of merit. (The blog takes a weekly off — normally on Sundays — and does not appear when I am on vacation or busy.) I am a journalist for nearly three decades.
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