Valmont Industries To Divest Offshore Wind Business To Euro Steel

Slovenia Elects First Female President

Natasa Pirc Musar, a human rights lawyer and a former TV presenter, was elected as Slovenia’s first female president.

Musar, 54, defeated former foreign minister and conservative leader Anze Logar in the second round of presidential election.

With vote counting nearly over, Musar won 54 percent of the votes, while her rival won 46 percent, according to Election Commission.

The election was extended to a run-off after none of the seven candidates achieved an outright victory in the first round of voting held last month.

Musar was trailing Logar in the first round.

She will succeed Borut Pahor, a former fashion model who completed two presidential terms.

“Slovenia has elected a president who believes in the European Union, in the democratic values on which the EU was founded,” Musar said in her victory speech.

The incoming President said her first task will be to open a dialogue among all Slovenians.

Musar was news presenter at the Slovenian national television station and POP TV.

She also served as the Head of Corporate Communications of Aktiva Group, the largest Slovenian private financial corporation; the Director of the Training and Communications Centre of the Slovenian Supreme Court; President of the Europol Joint Supervisory Body; and Slovenia’s Information Commissioner.

She enrolled as a lawyer in 2014.

Musar had represented former U.S. first lady Melania Trump in cases in her native country of Slovenia in 2016.

DecisionPoint Systems Profit Advances In Q3

DecisionPoint Systems (DPSI) reported earnings for its third quarter that increased from the same period last year

The company’s earnings totaled $1.1 million, or $0.15 per share. This compares with $0.6 million, or $0.08 per share, in last year’s third quarter.

Excluding items, DecisionPoint Systems reported adjusted earnings of $1.2 million or $0.16 per share for the period.

The company’s revenue for the quarter rose 41.2% to $25.7 million from $18.2 million last year.

DecisionPoint Systems earnings at a glance (GAAP) :

-Earnings (Q3): $1.1 Mln. vs. $0.6 Mln. last year.
-EPS (Q3): $0.15 vs. $0.08 last year.
-Revenue (Q3): $25.7 Mln vs. $18.2 Mln last year.

Full year revenue guidance: $90 Mln to $93 Mln

Indonesia Q3 GDP Growth Improves Less Than Expected

Indonesian economic growth improved at a slower-than-expected pace in the three months ended September, official data revealed on Monday.

Gross domestic product advanced 5.72 percent year-over-year in the third quarter, slightly faster than the 5.45 percent rise in the second quarter, Statistics Indonesia reported. This was the biggest expansion since the second quarter of 2021.

However, that was below the 5.89 percent rise expected by economists.

On the expenditure-side, household consumption grew 5.39 percent annually in the September quarter and gross fixed capital formation rose 4.96 percent.

Exports registered a positive growth of 21.64 percent and imports posted 22.98 percent expansion. Meanwhile, government final consumption declined 2.88 percent.

On a quarterly basis, GDP climbed 1.81 percent in the third quarter, following a 3.72 percent rise in the second quarter. The expected growth was 1.62 percent.

The better-than-expected GDP report should give the central bank some space to tighten aggressively, especially with the recent slide in the rupiah, Nicholas Mapa, an economist at ING said.

Capital Economics’ economist Gareth Leather said lower commodity prices, tighter monetary policy and elevated inflation are likely to drag on growth over the coming quarters.

The economist forecasts Indonesia’s economic growth to slow from around 6.5 percent this year to 5.5 percent in 2023.

Gold Prices Ease On Dollar Strength

Gold prices retreated from a three-month high on Monday, as the U.S. dollar strengthened and bond yields climbed on hawkish comments from a top Federal Reserve official.

Spot gold fell 0.8 percent to $1,758.14 per ounce, while U.S. gold futures were down 0.4 percent at $1,761.80.

Gold prices saw their biggest weekly percentage gain since March 2020 last week as weaker-than-U.S. inflation data helped raise hopes that the Federal Reserve could be less hawkish on rate hikes in the coming months.

However, Federal Reserve Governor Christopher Waller said on Sunday that financial markets may have overreacted to the October inflation print.

The U.S. Federal Reserve may consider slowing the pace of rate increases at its next meeting but the “end point” of rate increases is likely still “a ways off,” Waller said.

Traders were also digesting the unfolding U.S. midterm election results.
The fate of the U.S. House of Representatives remains still uncertain as Republicans struggled to pull together a slim majority.

The control of the Senate hinges upon the outcome of three states namely Arizona, Nevada, and Georgia.

In economic releases, this week’s U.S. economic calendar includes reports on producer prices, import and export prices, retail sales, industrial production, housing starts and existing home sales.

Valmont Industries To Divest Offshore Wind Business To Euro Steel

Valmont Industries, Inc. (VMI) announced Monday that the Company has entered into a definitive agreement to sell its offshore wind business to Euro Steel, a Denmark-based supplier of steel products to the European wind market.

The offshore wind business, known as Valmont SM, was acquired in 2014. It is reported in the Renewable Energy product line in the Company’s Infrastructure segment and expected to generate approximately $100 million of revenue in fiscal 2022.

The Company plans to utilize the net cash proceeds from this transaction toward repayment of short-term borrowings.

The transaction will generate a loss per share of approximately $1.20 to $1.45, nearly all due to a non-cash accumulated currency translation loss.

The Company expects the transaction, which is subject to customary closing conditions, to be completed in fourth quarter 2022 and plans to reflect the earnings per share impact as non-GAAP adjustment to its fourth quarter and fiscal year 2022 net earnings.