Category: 3. Business

Daimler Truck’s North America sales fall 20%

Oil and gas stocks falter

Capgemini shares fall

Shell lowers second-quarter gas output guidance, warns of weaker trading results

European shares open mixed

Capgemini to buy WNS in $3.3 billion deal

Octopus Energy reportedly plans Kraken demerger

China retaliates against EU ban with import restrictions on medical devices

European stocks poised for mixed open

Trump threatens extra 10% tariff on countries that align with ‘Anti-American’ BRICS policies

Hertz got its start renting out a dozen Model T Fords more than 100 years ago. Today, Hertz operates in 160 countries and has more than 20,000 employees and 500,000 vehicles in its fleet. To streamline an operation with so many moving parts, the company has deployed Hertz Connected Fleet OS, an AI-enabled operating system for fleet management.

“This is all around our purpose for our customers, which is making sure we have the right car, at the right place, at the right time,” said EVP and CIO Tim Langley-Hawthorne at Palantir’s AIPC last month, before stepping down from the role soon after. “It orchestrates customers, vehicles, and workforce. Those are the three critical components for businesses like ours on the ground.”

Hertz has leveraged Palantir Foundry and Palantir Artificial Intelligence Platform (AIP) to create a set of AI-powered applications to help it increase efficiencies in vehicle turnaround, reduce maintenance expenses, predictively allocate its workforce across field locations, and match the best car to customers.

• On Tim Hortons Camp Day on July 16, 100% of the purchase price, excluding taxes, from every hot coffee and iced coffee sold at Tim Hortons restaurants in the United States and Canada are donated to Tim Hortons Foundation Camps to help underserved youth reach their full potential.
• Last year’s Camp Day campaign raised over $700,000 at Tim Hortons restaurants in the United States. Tim Hortons, Tims restaurant owners, and guests have collectively raised over $190 million through Camp Day campaigns across Canada and the United States since 1991!
• In advance of Camp Day, Tims guests can also support Tim Hortons Foundation Camps by purchasing a colorful Camp Day bracelet for $3*, with profits donated to the foundation.

NEW YORK, July 7, 2025 /PRNewswire/ – Tim Hortons^® Camp Day is back on July 16, 2025, with 100% of purchases of all hot and iced coffee sales (excluding taxes) donated to Tim Hortons Foundation Camps!

The mission for Tim Hortons Foundation Camps is to provide life-changing opportunities for underserved youth to help them reach their full potential. Over 320,000 youth have been supported through multi-year development programs in the foundation’s 50-year history. For more information about Tim Hortons^® Foundation Camps and other important charitable disclosures, visit timscamps.com.

“The charitable impact of Camp Day is one of my favorite aspects of Tim Hortons – it’s such an inspiring, fun, and energizing way for the brand, local restaurant owners, and our incredible guests to give back and empower the next generation to reach their potential. Buying a coffee on Camp Day is a small gesture that drives real change for kids from our restaurants’ communities,” says Katerina Glyptis, President of Tim Hortons U.S.

“We can’t thank Tims guests enough for coming out and buying coffee on Camp Day each year!”

How to support Tim Hortons Foundation Camps on Camp Day:

• 100% of the purchase price from all hot and iced coffee sales, excluding taxes, are donated to Tim Hortons Foundation Camps. It’s a great day to size up your order and treat your family and friends to a coffee! You can also opt to round-up your order total to make a donation to the foundation.
   
• Order a Tim Hortons Take 12 to share with co-workers, friends, and family. A Tim Hortons Take 12 includes 12 small coffees along with cups, dairy, and sweeteners. Guests can also fill out a pre-order form in advance for Tim Hortons Take 12’s so their whole work team or family can support Camp Day together!
   
• Tims guests can also support Tim Hortons Foundation Camps by purchasing a Camp Day bracelet for $3, with profits supporting Tims Camps.
   
• Make a one-time or monthly donation online any time at www.timscamps.com.

* $2.01 per bracelet.

About Tim Hortons^®
Tim Hortons^® is one of North America’s largest restaurant chains operating in the quick service segment. Founded as a single location in Canada in 1964, Tim Hortons appeals to a broad range of guest tastes, with a menu that includes premium coffee, hot and cold specialty drinks, (including Cold Brew with cold foam, hot and iced lattes, our famous Iced Capp^® beverages, TimsBoost energy infusions, and Tim Hortons Refreshers), baked goods, hot breakfast sandwiches, breakfast snacking items and other food products. Tim Hortons has more than 6,000 systemwide restaurants located in Canada, the United States and around the world. More information about the company is available at timhortons.com.

SOURCE Tim Hortons

• Right-sizing upstream regional capacity, reducing merchant sale exposure, and removing higher-cost, energy-intensive assets
• Building on April 2025 announcement through actions across the Company’s three operating segments to support European profitability
• Asset shutdowns will result in Op. EBITDA uplift beginning in 2026, ramping to 50% of the ~$200 million target by end-2027 and full delivery by 2029

MIDLAND, Mich., July 7, 2025 /PRNewswire/ — Dow (NYSE: DOW) announced today that, as a follow-up to the European asset actions first announced in April 2025, its Board of Directors has approved the shutdown of three upstream assets in Europe, in addition to certain corporate and other assets across the Company’s global asset footprint:

• Packaging & Specialty Plastics: Ethylene cracker in Böhlen, Germany; shutdown expected in 4Q27
• Industrial Intermediates & Infrastructure: Chlor-alkali & vinyl (CAV) assets in Schkopau, Germany; shutdown expected in 4Q27
• Performance Materials & Coatings: Basics siloxanes plant in Barry, U.K.; shutdown expected mid-year 2026

The shutdown of upstream assets in Europe will right-size regional capacity, reduce merchant sale exposure, and remove higher-cost, energy-intensive portions of Dow’s portfolio in the region. This will improve our ability to supply profitable derivative demand and optimize margins.

“Our industry in Europe continues to face difficult market dynamics, as well as an ongoing challenging cost and demand landscape,” said Jim Fitterling, Dow chair and CEO. “Over the past decade, we have demonstrated Dow’s commitment to operating with a best-owner mindset by taking proactive actions across higher-cost or non-strategic assets. Looking ahead, we remain committed to realizing the value of our incremental growth investments and enhancing profitability and cash flow through more than $6 billion in near-term cash support.”

In April 2025, the Company announced it had identified three assets in Europe for action across all of its operating segments. On June 30, 2025, Dow’s Board of Directors approved restructuring actions to rationalize the Company’s global asset footprint, including these three assets as part of its European review, and certain corporate and other assets.

Dow’s actions to shut down these assets will result in an Operating EBITDA uplift beginning in 2026, ramping to 50% of the approximate $200 million target by year-end 2027 with full delivery by 2029, with a cash outlay of approximately $500 million over four years.

As a result of these actions, the Company will record charges ranging from $630 million to $790 million, for both non-cash items—such as asset write-downs and write-offs—and cash items, such as exit and disposal of assets, as well as severance and related benefit costs.

The shutdown of the assets is expected to begin in mid-2026 and is estimated to be complete by the end of 2027, with potential decommissioning and demolition to continue into 2029 as needed.

Approximately 800 Dow roles will be impacted as a result of these actions. These roles are in addition to the $1 billion cost savings actions announced in January that included a workforce reduction of approximately 1,500 Dow roles globally.

Dow will involve local stakeholders as defined in each country and in compliance with relevant information and consultation processes.

About Dow
Dow (NYSE: DOW) is one of the world’s leading materials science companies, serving customers in high-growth markets such as packaging, infrastructure, mobility and consumer applications. Our global breadth, asset integration and scale, focused innovation, leading business positions and commitment to sustainability enable us to achieve profitable growth and help deliver a sustainable future. We operate manufacturing sites in 30 countries and employ approximately 36,000 people. Dow delivered sales of approximately $43 billion in 2024. References to Dow or the Company mean Dow Inc. and its subsidiaries. Learn more about us and our ambition to be the most innovative, customer-centric, inclusive and sustainable materials science company in the world by visiting www.dow.com.

X: https://twitter.com/DowNewsroom 
Facebook: https://www.facebook.com/dow/ 
LinkedIn: http://www.linkedin.com/company/dow-chemical 
Instagram: http://instagram.com/dow_official 

Cautionary Statement about Forward-Looking Statements

Certain statements in this press release are “forward-looking statements” within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements often address expected future business and financial performance, financial condition, and other matters, and often contain words or phrases such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “opportunity,” “outlook,” “plan,” “project,” “seek,” “should,” “strategy,” “target,” “will,” “will be,” “will continue,” “will likely result,” “would” and similar expressions, and variations or negatives of these words or phrases.

Forward-looking statements are based on current assumptions and expectations of future events that are subject to risks, uncertainties and other factors that are beyond Dow’s control, which may cause actual results to differ materially from those projected, anticipated or implied in the forward-looking statements and speak only as of the date the statements were made. These factors include, but are not limited to: sales of Dow’s products; Dow’s expenses, future revenues and profitability; any sanctions, export restrictions, supply chain disruptions or increased economic uncertainty related to the ongoing conflicts between Russia and Ukraine and in the Middle East; capital requirements and need for and availability of financing; unexpected barriers in the development of technology, including with respect to Dow’s contemplated capital and operating projects; Dow’s ability to realize its commitment to carbon neutrality on the contemplated timeframe, including the completion and success of its integrated ethylene cracker and derivatives facility in Alberta, Canada; size of the markets for Dow’s products and services and ability to compete in such markets; Dow’s ability to develop and market new products and optimally manage product life cycles; the rate and degree of market acceptance of Dow’s products; significant litigation and environmental matters and related contingencies and unexpected expenses; the success of competing technologies that are or may become available; the ability to protect Dow’s intellectual property in the United States and abroad; developments related to contemplated restructuring activities and proposed divestitures or acquisitions such as workforce reduction, manufacturing facility and/or asset closure and related exit and disposal activities, and the benefits and costs associated with each of the foregoing; fluctuations in energy and raw material prices; management of process safety and product stewardship; changes in relationships with Dow’s significant customers and suppliers; changes in public sentiment and political leadership; increased concerns about plastics in the environment and lack of a circular economy for plastics at scale; changes in consumer preferences and demand; changes in laws and regulations, political conditions, tariffs and trade policies, or industry development; global economic and capital markets conditions, such as inflation, market uncertainty, interest and currency exchange rates, and equity and commodity prices; business, logistics, and supply disruptions; security threats, such as acts of sabotage, terrorism or war, including the ongoing conflicts between Russia and Ukraine and in the Middle East; weather events and natural disasters; disruptions in Dow’s information technology networks and systems, including the impact of cyberattacks; risks related to Dow’s separation from DowDuPont Inc. such as Dow’s obligation to indemnify DuPont de Nemours, Inc. and/or Corteva, Inc. for certain liabilities; and any global and regional economic impacts of a pandemic or other public health-related risks and events on Dow’s business.

Where, in any forward-looking statement, an expectation or belief as to future results or events is expressed, such expectation or belief is based on the current plans and expectations of management and expressed in good faith and believed to have a reasonable basis, but there can be no assurance that the expectation or belief will result or be achieved or accomplished. A detailed discussion of principal risks and uncertainties which may cause actual results and events to differ materially from such forward-looking statements is included in the section titled “Risk Factors” contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, and the Company’s subsequent Quarterly Reports on Form 10-Q. These are not the only risks and uncertainties that Dow faces. There may be other risks and uncertainties that Dow is unable to identify at this time or that Dow does not currently expect to have a material impact on its business. If any of those risks or uncertainties develops into an actual event, it could have a material adverse effect on Dow’s business. Dow Inc. and The Dow Chemical Company and its consolidated subsidiaries assume no obligation to update or revise publicly any forward-looking statements whether because of new information, future events, or otherwise, except as required by securities and other applicable laws.

®TM Trademark of The Dow Chemical Company or an affiliated company of Dow       

SOURCE The Dow Chemical Company

Bermuda-regulated investment manager, Members Capital Management (MembersCap), has completed an investment in its initial portfolio through the fund, MCM Fund I, the first tokenised institutional-grade reinsurance fund designed for sophisticated digital asset investors and traditional allocators.

Positioned as an alternative to private equity, venture capital, and fixed income strategies, MCM Fund I provides investors with regulated and collateralised access to reinsurance through direct exposure to natural catastrophe and cyber reinsurance contracts sourced through blue-chip global partners.

All portfolio trades were executed with global reinsurers and top-tier Lloyd’s of London syndicates, and are sourced through the top three global reinsurance brokers.

The fund aims to provide access to reinsurance income for a rapidly expanding capital base of new investors seeking diversified and uncorrelated investment alternatives with attractive yield and structured liquidity.

The launch represents the growing importance of funds structuring their offerings to capitalise on the ongoing convergence between traditional finance and digital assets.

Additionally, MembersCap was selected as the first fund in the real-world assets category on the Archax platform, alongside tokenised offerings from other institutions like BlackRock, State Street, and Aberdeen.

Backed by Solana, Aptos, and Cardano and supported by Coinbase, Archax, Apex Group, and Envelop Risk, MembersCap has selected the Solana, Aptos, Cardano, and Base protocols to provide access to investors aiming to invest in eligible cryptocurrencies.

Despite being highly yield-generative, the reinsurance sector has historically been reserved for pension plans, sovereign wealth funds, and other institutional giants. Increasingly, both crypto-native investors and smaller traditional allocators are “seeking refuge from market volatility” by accessing reinsurance as a stable, diversified income stream for a balanced portfolio and to enhance returns.

For Web3 treasuries, foundations, and institutions, the fund aims to deliver high-yield opportunities and structured liquidity, derived from high-quality, real-world reinsurance returns, without exposure to DeFi volatility and over-concentration in altcoins.

Lloyd Wahed, Co-Founder and Chief Executive Officer, MembersCap, commented, “Every generation is presented with new technologies that unlock economic opportunity. To us, tokenisation and the blockchain represent access to better asset management for a different class of investor. We’re excited to be one of the first institutional funds to emerge from this space.”

Patrick Barrett, Co-Founder and Chief Operating Officer, MembersCap, added, “Our investors– digital asset institutions, family offices, HNWIs —want to meet their goals of resiliency and long-term sustainable growth through new and more efficient means. With this novel approach, we’re seeing these investors view reinsurance as a core part of their portfolio for the first time.”

Dr. Benjamin Fox, Co-Founder and Chief Investment Officer, MembersCap, said, “This launch proves that tokenisation can bring new capital to help address the growing insurance protection gap by lowering barriers and providing access to the private reinsurance market. Our tokenised model enables a new cohort of investors to participate pari passu alongside large institutions in an uncorrelated asset class with a track record of reliable, attractive returns.”