Aug. 19, 2014, 10:57 AM
- ABB (ABB +0.5%) has developed new switchgear technology that deploys a substitute gas mixture instead sulfur hexafluoride (SF6). Switchgears are used to control, protect and isolate electrical equipment.
- The new gas mixture has potential to lower CO2 equivalent emissions by up to 50%, effectively reducing the equipment's carbon footprint.
Aug. 18, 2014, 10:58 AM| Aug. 18, 2014, 10:58 AM | Comment!
Aug. 14, 2014, 11:08 AM
- ABB (ABB +0.5%) is capitalizing on hydropower demand in India, and will now support a new underground hydropower plant in Sikkim, a small Indian state in the Eastern Himalayas.
- The company will connect the power plant to the main national grid by designing and engineering the complete electrical system.
- According to figures from the Central Electricity Authority, the scope for hydropower development in India is enormous. About 150 gigawatts of theoretical potential exists in the country, with an estimated 84 GW of economically exploitable capacity.
Jul. 25, 2014, 7:31 AM
- ABB (NYSE:ABB) has agreed to acquire Spirit IT to increase its liquid flow measurement and supervisory solutions for its oil and gas business.
- "The addition of Spirit IT’s products to ABB’s Measurement Products portfolio will enable us to offer a more comprehensive automation solution for liquids and gas," says Veli-Matti Reinikkala, head of ABB Process Automation division. (PR)
Jul. 23, 2014, 8:55 AM
- ABB (NYSE:ABB) reported worse-than-expected earnings for Q2 and outlined a need for another review of its operations despite already shedding some of its fringe businesses.
- Net profit for Q2 fell 17% to $636M from $763M Y/Y; Consensus expected $716M.
- Revenue dropped 0.4% to $10.19B from $10.23B Y/Y.
- EBITDA was impacted by a loss in the PS division related to ongoing charges in large engineering, procurement and construction projects for offshore wind and solar power generation. Operational EBITDA sunk 15% to $1.33B from $1.56B.
- The company did see growth though from orders during the quarter, climbing 12% to $10.6B, compared with the same quarter in 2013.
- Q2 earnings
Jul. 23, 2014, 6:13 AM
Jul. 22, 2014, 5:30 PM
Jul. 21, 2014, 6:01 AM
- ABB (NYSE:ABB) and Volvo (OTCPK:VOLVY) are teaming up to revolutionize urban e-mobility by co-developing and commercializing electric and hybrid buses with fast charging systems.
- The first project will combine Volvo's electric hybrid buses and ABB's automatic e-bus chargers in the Luxembourg public transport system.
- Twelve Volvo Electric Hybrid buses are expected to be running on existing lines by 2015.
Jul. 18, 2014, 9:01 AM
Jul. 10, 2014, 8:41 AM
Jul. 2, 2014, 8:15 AM
Jun. 27, 2014, 8:45 AM
- Trinity Industries (TRN) agrees to acquire ABB's Meyer Steel Structures business for ~$600M.
- TRN says the acquisition helps build a leadership position in the electric transmission and distribution industry, and confirms its long-term commitment to the utility steel structures business.
- ABB, which is pruning its portfolio under new CEO Ulrich Spiesshofer, says the sale reflects the limited synergies of the steel structures business with its core business.
Jun. 18, 2014, 7:27 AM
May 19, 2014, 4:44 AM
- Swiss voters have overwhelmingly rejected a proposal to institute a minimum wage of 22 Swiss francs ($25) an hour, which would have been the highest in the world. Over 76% of voters cast a "no" ballot.
- "It's a strong sign to Switzerland as a center of employment," Economy Minister Johann Schneider-Ammann said. "Accepting the initiative would have led to job cuts in economically weak, rural areas."
- Major corporations that could have been affected by a "Yes" vote include UBS (UBS), Credit Suisse (CS), Roche (RHHBY), Novartis (NVS), ABB (ABB), Glencore Xstrata (GLCNF) and Nestle (NSRGY).
- Switzerland's SMI index is -0.8%, while the USD-CHF is -0.1% at 0.8914 francs.
- ETFs: FXF, EWL, FSZ
May 18, 2014, 2:29 AM
- The Swiss are going to the polls today to vote on whether to approve a minimum wage of 22 francs ($25) an hour, which would be the highest in the world.
- The measure would affect the one-in-ten workers who earn below the 4,000 francs that the initiative stipulates.
- Businesses are against the union-backed proposal, saying it would force more people into part-time jobs and increase Switzerland's 3.2% unemployment rate. Polls show 64% of voters are against the initiative.
- Still, major corporations that could be affected include UBS (UBS), Credit Suisse (CS), Roche (RHHBY), Novartis (NVS), ABB (ABB), Glencore Xstrata (GLCNF) and Nestle (NSRGY).
- The referendum is the latest nationwide ballot relating to business. In March last year, voters authorized giving shareholders more say over executive pay but rejected a measure in November to cap management salaries.
- The Swiss are also voting today over whether to spend 3.1B francs on 22 new Saab (SAABF) fighter jets.
- ETFs: FXF, EWL, FSZ
Apr. 29, 2014, 9:30 AM
- ABB's (ABB) power-systems business generated an operating loss of $29M as revenue fell by more than a fifth, although the company remains committed to the division. "We won't exit," says CEO Ulrich Spiesshofer. "We will fix it and get it back to prosperity." ABB will deepen the restructure of the business. It will also stop bidding for orders to construct solar-power plants.
- Spiesshofer is watching the battle for Alstom between GE and Siemens closely, but stays tight-lipped about whether ABB would enter the fray. "When we have more to say about it, we will," he says.
- Shares are -7.2%. (PR)
ABB vs. ETF Alternatives
ABB Ltd provides power and automation technologies. It offers products, systems, solutions and services that are designed to boost industrial productivity, increase power grid reliability, and enhance energy efficiency.
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