Glencore crude trader leaves firm after seven years
Over roughly the last 12 months, Glencore’s head of crude trading in the US and at least two other traders have departed.
Finnish engineering firm Metso reported weaker-than-expected quarterly results due to the lack of global economic activity. The company reported January-March operating profit rising around 14%t to 128.2 million euros, compared to the market’s consensus forecast for 132 million euros.
Metso Chief Executive Matti Kahkonen blamed lower profitability in its automation segment in January and February.
The company reported strong earnings last year as its sales grew 20% and profit 39% versus 2010. It has benefited from economic growth in emerging markets and has received mining and paper machine orders from markets such as China and Brazil.
Metso’s ts automation unit was hit by high selling and administrative expenses and an unfavourable delivery mix in the quarter. The company said the unit’s profitability had improved in March.
For a detailed report, please read the company’s press release.
