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  • Why U.S. ports are getting a $21 billion upgrade

    Why U.S. ports are getting a $21 billion upgrade

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    U.S. ports are receiving multimillion dollar grants to upgrade cargo handling infrastructure.

    The grants are part of the Biden administration’s $21 billion commitment to modernize port infrastructure in the U.S.

    Midsize port cities such as Baltimore are among the 2023 grant recipients. In November, the Port of Baltimore received a $47 million grant to kick-start an offshore wind manufacturing hub, among other improvements. For example, the funds will pay for a new berth, or dock, for rolling cargo. Baltimore is the top U.S. destination for rolling cargo imports, a category including farm machinery from John Deere and light-duty vehicles from BMW, according to the Maryland Port Administration.

    More than $653 million in Port Infrastructure Development Program grants were awarded to U.S. ports in 2023 by the U.S. Department of Transportation, Maritime Administration. Other projects receiving federal funds include the Port of Tacoma Husky Terminal Expansion in Washington state ($54.2 million), and the North Harbor Transportation System Improvement Project in Long Beach, California ($52.6 million).

    Port improvements are also coming from the Environmental Protection Agency, which offers funds to combat truck idling. The U.S. Department of Defense is deepening some waterways on the East Coast to welcome larger ships.

    Baltimore isn’t the only city with a growing port according to maritime economists. Experts say gateways along the U.S. southeast coast are moving more cargo as major points of entry clog up with truck traffic.

    “All of the ports on the East Coast are upgrading their infrastructure and capacity,” said Walter Kemmsies, managing partner at the Kemmsies Group, a maritime economics consulting firm currently working with the Port Authority of Georgia in Savannah. “What that does is it makes it more attractive to the ocean carriers. They like to be able to go in and out of a port very quickly, and they like to go to several ports.”

    Ports America formed a public-private partnership with the state of Maryland to manage equipment and operations in sections of the Port of Baltimore. The group told CNBC that $550 million in upgrades have gone into Seagirt Marine Terminal alone for densification of the container yard since the partnership began in 2010.

    These upgrades build on past plans to revive America’s declining industrial cities. In Baltimore, public officials are addressing bottlenecks along the supply chain beyond the Port. They believe that the Howard Street Tunnel expansion project will increase double-stack rail capacity out of Baltimore, which could help the companies working at the port move goods to and from points in the Midwest.

    Watch the video above to see more of the upgrades coming to the Port of Baltimore.

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  • Nokia to cut as many as 14,000 jobs as profit drops by 69%

    Nokia to cut as many as 14,000 jobs as profit drops by 69%

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    Nokia on Thursday set out plans to cut its workforce by up to 14,000 as it reported a steep drop in third-quarter profit.

    The telecom equipment maker said it’s looking to reduce its workforce to between 72,000 and 77,000 workers, from 86,000 now, by the end of 2026. Nokia
    NOKIA,
    -4.14%

    NOK,
    -2.87%

    said that could save the company as much as €1.2 billion ($1.3 billion), or up to 15% of personnel expenses.

    “We continue to believe in the mid to long term attractiveness of our markets. Cloud Computing and AI revolutions will not materialize without significant investments in networks that have vastly improved capabilities. However, given the uncertain timing of the market recovery, we are now taking decisive action on three levels: strategic, operational and cost. I believe these actions will make us stronger and deliver significant value for our shareholders,” said Pekka Lundmark, president and chief executive, in a statement.

    The company didn’t provide a regional breakdown of the job cuts but said it will “act quickly” as it targeted mobile networks, cloud and network services, as well as its corporate function, for cuts.

    Nokia’s profit dropped by 69% to €133 million, or 2 cents a share, as revenue fell 20% to €4.98 billion. Analysts polled by Visible Alpha forecast earnings of €395 million on revenue of €5.66 billion.

    Nokia shares dropped 4%, and have fallen by 28% this year.

    In echoes of what rival Ericsson
    ERIC.B,
    -1.21%

    said on Tuesday, Nokia said a slowdown in India’s 5G deployment could not offset the situation in North America.

    Nokia said it’s tracking toward the lower end of its net sales range for 2023 and toward the mid-point of its comparable operating margin range.

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  • Dominion Sells Natural Gas Utilities to Enbridge for $9.4 Billion

    Dominion Sells Natural Gas Utilities to Enbridge for $9.4 Billion

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    Dominion Sells Natural Gas Utilities to Enbridge for $9.4 Billion

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  • Nokia posts forecast-beating net profit

    Nokia posts forecast-beating net profit

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    Nokia Corp. on Thursday posted a forecast-beating third-quarter net profit as demand for mobile networks and network infrastructure remained strong and supply-chain constraints eased.

    Nokia
    NOK,
    -1.94%

    NOKIA,
    -6.26%

    said it still expects to deliver net sales growth in mobile networks on a constant-currency basis in 2022 after strong sales growth in North America during the quarter, while sales in Europe, Latin America and Greater China also grew.

    Comparable net profit for the quarter rose to 550 million euros ($537.6 million) from EUR454 million a year earlier as sales rose 16% to EUR6.24 billion, it said.

    Analysts polled by FactSet had expected comparable net profit of EUR510 million on sales of EUR6.05 billion.

    On a reported basis, Nokia posted a net profit of EUR427 million from EUR342 million a year earlier.

    Nokia lifted full-year sales guidance to between EUR23.9 billion and EUR25.1 billion from EUR23.5 billion and EUR24.7 billion, adjusted for currency. It still sees the full-year comparable operating margin at 11%-13.5%.

    “While risks around timing of outstanding deals in Nokia Technologies remain, assuming these close we continue tracking towards the high-end of our net sales guidance for 2022 and towards the mid-point of our operating margin guidance,” Chief Executive Pekka Lundmark said.

    Write to Dominic Chopping at dominic.chopping@wsj.com

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  • Nokia posts forecast-beating net profit

    Nokia posts forecast-beating net profit

    [ad_1]

    Nokia Corp. on Thursday posted a forecast-beating third-quarter net profit as demand for mobile networks and network infrastructure remained strong and supply-chain constraints eased.

    Nokia
    NOK,
    -1.94%

    NOKIA,
    -5.29%

    said it still expects to deliver net sales growth in mobile networks on a constant-currency basis in 2022 after strong sales growth in North America during the quarter, while sales in Europe, Latin America and Greater China also grew.

    Comparable net profit for the quarter rose to 550 million euros ($537.6 million) from EUR454 million a year earlier as sales rose 16% to EUR6.24 billion, it said.

    Analysts polled by FactSet had expected comparable net profit of EUR510 million on sales of EUR6.05 billion.

    On a reported basis, Nokia posted a net profit of EUR427 million from EUR342 million a year earlier.

    Nokia lifted full-year sales guidance to between EUR23.9 billion and EUR25.1 billion from EUR23.5 billion and EUR24.7 billion, adjusted for currency. It still sees the full-year comparable operating margin at 11%-13.5%.

    “While risks around timing of outstanding deals in Nokia Technologies remain, assuming these close we continue tracking towards the high-end of our net sales guidance for 2022 and towards the mid-point of our operating margin guidance,” Chief Executive Pekka Lundmark said.

    Write to Dominic Chopping at dominic.chopping@wsj.com

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