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Italy asks Poste and state mint to restart talks about PagoPA
Two sources with knowledge of the situation said that Italy wants the state-backed Poste Italiane to resume talks about buying PagoPA, Treasury's platform for digital payments to public administration. According to a plan drawn up last year, Poste, which has expanded its business beyond mail and parcels into financial, broadband, and energy supply, would take a minor stake in PagoPA, thereby bolstering its payments business. Reports from April indicated that negotiations had hit a snag regarding the valuation of PagoPA. Poste and Mint questioned a price tag determined by an adviser to the Treasury of 500 million euro ($581 millions). One source, who refused to be identified due to the sensitive nature of the issue, said that the parties were now trying to finalise an agreement in September. However, no formal deadline had been set. PagoPA will play a key role in the Italian Government's efforts to create a digital wallet via the IO app. This year, PagoPA handled payments worth 57 billion euro to Italy's government administration. It allows users to store documents such as proof of digital identity, which they can use to access online services and make payments. Poste's stake in PagoPA is alarming to Italy's banking sector. It faces stiff competition from Apple, Alphabet, and PayPal in the digital payments arena. Sources close to the issue said that Poste was concerned about the impact of PagoPA's plans to develop a digital platform to allow public administrations and courts to send and receive legal notifications.
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Maguire: China will cut electricity emissions to record-low levels by 2025
China's utilities have been able to achieve record-low emissions in the first half of 2025 by focusing on clean energy supplies. According to the energy portal, electricitymaps.com, carbon dioxide emissions per Kilowatt Hour (kWh) of Electricity averaged 492 Grams during the first half of 2025. This was the first time a reading under 500 grams per kWh had been recorded. It is also down from 514g/kWh in the same period of 2024, and 539g/kWh between January and June 2023. CLEANING UP The main reason for the reduction of emissions intensity was the nearly 23% increase in clean power production from January to June 2020. This allowed the power companies to reduce the output of coal and gas power stations. LSEG data shows that the total power generated by thermal power plants – mainly coal – has dropped 4% compared to a year earlier, and is now just below 7,000 terawatt-hours (TWh). The total output of clean energy from January to the end of June was 2,400 TWh. This shows that fossil fuels still make up 75% of China's electricity generation mix. The growth of clean energy continues to outpace the growth in fossil fuels, suggesting that China’s power mix is set to continue getting cleaner. According to LSEG, the total Chinese clean energy output in the first half 2025 will be 200% higher than the first half 2019. The total thermal power produced in China from January to June of 2025 is 20% higher than the same period last year. Emissions Toll China's emissions from the fossil fuel sector have decreased in line with a cleaner mix. According to data from the energy think tank Ember, total emissions from fossil fuels in electricity production between January and May were 2,24 billion metric tonnes of CO2. This is 60.5 millions tons less than in the same months of 2020, and shows that Beijing is making progress towards its goal of reducing pollution from the energy sector. The lingering economic drag from a property slump and the uncertainty over tariffs imposed by the United States against Chinese goods also impacts China's energy needs and emission totals. Construction in China has been slowing down sharply in the past decade due to a debt crisis among developers. This has in turn slowed demand for energy-intensive products such as glass, construction steel, cement and piping. The latest tariffs imposed by U.S. president Donald Trump on Chinese products have impacted the demand for China-made goods and caused production lines to slow down across a variety of manufactured items. The overall energy needs of these industries have been reduced by the slower pace on construction sites and production lines in factories. This has allowed power generation companies to reduce their production. China's power requirements will rise if the manufacturing and construction sectors recover. This will lead to a return of fossil fuels that emit pollution. If China's economy is still slowed by the construction debt and the tariff concerns, then the use of fossil fuels could be further reduced, which would lead to further emissions reductions from the power sector. These are the opinions of a columnist who writes for. You like this article? Check it out Open Interest The new global financial commentary source (ROI) is your go-to for all the latest news and information. ROI provides data-driven, thought-provoking analysis on everything from soybeans to swap rates. The markets are changing faster than ever. ROI can help you keep up. Follow ROI on You can find us on LinkedIn.
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Rupee drops as US inflation worries dent Fed rate-cut bets and hoist the dollar
The Indian rupee dropped on Wednesday, as the latest U.S. Inflation Report showed that tariffs are beginning to affect prices. This weakened bets about rate cuts from the Federal Reserve. The rupee closed the session at 85.94 US dollars, down by 0.1% compared to its previous close of 85.81. The dollar index stood at 98.5 and was close to the three-week-high hit on Tuesday. Asian currencies were either flat or slightly lower. In June, U.S. consumer price indexes rose the most since five months. Higher prices for certain goods suggest that tariffs are starting to bite. According to the CME's FedWatch, the odds that the Fed will keep rates the same in September are now nearly two-to-one, up from 30% last week. The Fed Chair Jerome Powell has been repeatedly criticized by U.S. president Donald Trump for not lowering the benchmark rate. "Building evidence that tariffs are causing inflation supports the Fed's caution about resuming rate cuts in the short-term despite Trump administration criticism," MUFG stated in a recent note. The dollar was firmer in the early trading of Wednesday. However, the rupee recovered because there was "clustered dollar selling interest" around this level. The rupee was also supported by the dollar sales of large custodians banks. These usually signal foreign portfolio inflows. The benchmark Indian equity indexes BSE Sensex (and Nifty 50) closed a tad bit higher on Friday, avoiding a drop in the majority of regional peers. The market will focus on U.S. Wholesale Inflation data and remarks by Fed policymakers later in the day for clues about the trajectory of U.S. benchmark interest rates. The market will be watching developments on U.S. Trade Negotiations, but the reaction has been much more subdued than earlier this year. (Reporting and editing by Sonia Cheema, Jaspreet kalra)
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UK lifts ban on Pakistani Airlines after Five Years
The UK has lifted its five-year ban against Pakistani airlines. They can now apply to resume UK flight operations, just as Islamabad intensifies efforts to privatise Pakistan International Airlines, the country's national airline. The ban was imposed by Pakistan in 2020. This came after an investigation was launched into the validity and accuracy of the pilot licenses issued to Pakistani citizens following a PIA crash in which 97 people were killed. The British High Commission announced on Wednesday that the lifting of the embargo was due to improvements in safety by Pakistani authorities. The European Union made similar decisions just a few months ago. PIA is the only private Pakistani airline that has operated long-haul flights from Britain to Europe. PIA estimated a revenue loss of approximately 40 billion rupees (144 million dollars) annually due to the ban. The airline has considered UK routes such as London, Manchester and Birmingham to be among its most lucrative. It also holds highly sought after landing slots at Heathrow Airport in London that could become available again. The spokesperson for PIA said that the airline had finalised preparations to resume UK flight "in the shortest time possible" and submitted its proposed itinerary. The spokesperson said that flights would resume on the Islamabad to Manchester route. Three weekly flights were planned at first, pending approval of the schedule. In the first week of this month, Pakistan gave four groups permission to bid on a 51-100% share in PIA. The final bids will be announced later in the year. The government hopes that the recent reforms - which resulted in the airline making its first profit for 21 years – will attract buyers as part of a larger IMF-backed push to privatise. Khawaja Muhammad Asif, Pakistani Defense Minister, said at a Wednesday press conference that the resumption on all routes will improve PIA’s value before the privatisation. He said that there are plans to resume flights to New York. Reporting by Charlotte Greenfield in Karachi and Ariba Sharif. Mark Potter and Andrew Heavens edited the article.
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Kawasaki Kisen CEO: Japan is ready to divert more ships from the US due to tariffs
Takenori Igarashi, CEO of Kawasaki Kisen said that the Japanese shipping company is adjusting their U.S. services. They are also prepared to redirect more ships to other regions in anticipation of potentially higher U.S. Tariffs. Igarashi told an interviewer that there were times when the ships could not be fully loaded and we had to reduce the frequency of container service from East Asia into the U.S. We're adjusting the fleet capacity based on cargo volume." Kawasaki Kisen, one of Japan's largest shipping companies, has calculated a U.S. Tariff impact of 30 billion yen (200 million dollars) for the financial period through March 2026. The company cited a loss in the car carrier industry and lower container volume and freight rates. Igarashi stated that the container ship industry would be particularly affected by the U.S.-China trade negotiations which the company closely monitored. Donald Trump, the U.S. president, has threatened to impose higher tariffs on trading partners who do not reach a trade agreement before August 1. Igarashi stated that the shipping distances could have a positive effect depending on what tariff rates various countries face in the end and how they affect trade flows. Kawasaki Kisen, according to him, could divert vessels away from U.S. routes and send them to Europe, Australia, the Middle East or Africa to adjust to the tariff-related demand. He said: "When it comes down to strategic adjustments, you may reduce assets like vessels, but until we know the direction in which trade policies are going, we cannot make sudden drastic cuts." "We are still in a wait-and see phase."
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UK lifts ban on Pakistani Airlines after Five Years
The UK has lifted its five-year ban against Pakistani airlines. They can now apply to resume UK flight operations, just as Islamabad intensifies efforts to privatise Pakistan International Airlines, the country's national airline. The ban was imposed by Pakistan in 2020. This came after an investigation into the validity and validity of the pilot licenses issued to Pakistani citizens following a PIA crash in which 97 people were killed. The British High Commission announced on Wednesday that the lifting of the embargo was due to improvements in safety by Pakistani authorities. The European Union made similar decisions just a few months ago. PIA is the only private airline in Pakistan that has operated long-haul flights from Britain to Europe. PIA estimated that the ban would result in a revenue loss of approximately 40 billion rupees (144 million dollars) per year. The airline considers UK routes such as London, Manchester and Birmingham to be among its most lucrative. It also holds highly sought after landing slots at Heathrow Airport in London that could become available again. In the first week of this month, Pakistan gave four groups permission to bid on a 51-100% share in PIA. The final bids will be announced later in the year. The government hopes that the recent reforms - which resulted in the airline making its first profit for 21 years – will attract buyers as part of a larger IMF-backed push to privatise. Khawaja Muhammad Asif, Pakistani Defense Minister, said at a Wednesday press conference that the resumption on all routes will improve PIA’s value before the privatisation. He said that there are plans to resume flights to New York. Charlotte Greenfield contributed to the reporting. Ariba A. Shahid, Karachi. Mark Potter (editing)
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Trade agreement between US and Indonesian firms
Donald Trump, the President of the United States, announced that Washington would lower its tariffs to 19% instead of threatening 32%. Increased Indonesian purchases of U.S. aircraft, energy and agricultural products will help Jakarta offset its nearly $18 billion positive trade balance. What we know so far about the deal: ENERGY Trump stated that Indonesia will purchase $15 billion of U.S. Energy Products, but did not give specific details. Pertamina, the Indonesian state-owned energy company, announced on Wednesday that it had signed Memorandums Of Understanding with several U.S. firms to optimize feedstock and crude purchases. These agreements included a collaboration in the refinery industry. The deal was reported last week to include Exxon Mobil Corp. and Chevron. AGRICULTURE Trump said that the agreement included Indonesian purchases worth $4.5 billion of American agricultural products. Last week, Indonesian wheat flour mills signed a $1.25 billion agreement with U.S. counterparts for the purchase of at least 1,000,000 metric tons U.S. Wheat per year between 2026 and 2030. reported exclusively that the deal would include purchases by instant-noodle giant Indofood while U.S. counterparts include Cargill, Bunge Global SA, Pacificor, Archer-Daniels-Midland, Columbia Grain International, and United Grain Corporation. Data from a local trade association revealed that the U.S. exported almost 700,000 tonnes of wheat to Indonesia by 2024. This made it Indonesia's third largest export destination, after Australia and Canada. Details on the quantity of soybeans, corn and cotton are not yet available. AVIATION Trump stated that Indonesia had committed to buying 50 Boeing jets. Trump did not give any details about the timeline for the purchase. Garuda Indonesia was said to be involved in the agreements for aircraft purchases. Garuda CEO announced last week that the company was in discussions with U.S. Boeing about buying up to 75 aircraft, including 737 MAX 8, 787 jets and other models.
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INDIA RUPEE - India and US inflation reports reinforce the downward bias on dollar-rupee premiums
Analysts say that the easing of inflation in India, and the tariff-induced pressure on prices in the U.S. have a negative impact on dollar-rupee premiums. India's retail price inflation reached a six-year-low in June. Meanwhile, U.S. consumer costs rose at the fastest rate since February. Higher goods prices hint at tariff effects. This divergence will likely persist. Economists predict that India's consumer prices index will reach a new record low in July. Meanwhile, the impact of tariffs is expected to become more apparent in U.S. inflation figures for July and August. The Reserve Bank of India is being urged to cut rates by at least one, but analysts are concerned that the Federal Reserve may not do so due to the increasing price pressures in the U.S. caused by tariffs. BofA Global Research believes that the Fed will not cut rates in 2025. It urges investors to "fade in" 2025's easing. The markets currently expect just two rate cuts this year. The divergent rate outlooks of the two central bank, primarily shaped by the different inflation trajectory, will put pressure on the dollar-rupee premiums that reflect the U.S. interest rate differential. These bets are likely to increase going into the meeting in August. "The odds have increased that India will cut rates again and that inflation will fall below 2% by July. Dhiraj Nim, ANZ's forex and rate analyst, said that this could put pressure on the USD/INR future premia. The implied yield for one year was down by 2 basis points to 1.96% on Wednesday. India's chances of a rate cut are increasing, while the odds of a rate cut in the U.S. are decreasing. The case is made for the 1-year rate to be lowered to 1.90%, according to a swap dealer at a private mid-sized bank. The rupee was slightly higher, at 85.78 dollars per rupee. This was due to a broad-based increase in interbank dollar sales.
Canada's First Nations challenge constitutional legislation
The Canadian First Nations have launched a constitutional challenge against laws recently passed that would expedite approval of infrastructure projects such as mines and oil pipes. They claim the measures violate government obligations towards Indigenous people.
According to a Monday notice filed at Ontario Superior Court, the two new laws - one in Ontario and the other federally - "represent a clearly and present danger to Applicant First Nations’ self determination rights" and violate government obligations to reconcile Indigenous peoples.
Nine First Nations are involved in the case, and they are spread across Ontario. They include Alderville First Nation and Apitipi Anicinapek Nation. The federal legislation was passed quickly by the Parliament late last month. The government would be able to select infrastructure and resources projects that are in the "national interests" and decide whether certain laws apply.
Mark Carney, the Liberal Prime Minister, wants to see this law fulfill his campaign promise of speeding up approvals for what he called nation-building projects such as mines and oil pipes. The Ontario law passed early in June allows the government declare "special economies zones" which exempt certain projects from provincial laws.
Both laws are opposed by environmentalists who say they circumvent legislation intended to mitigate ecological harms. Indigenous groups, on the other hand, claim they violate their right to self-determination as well as the duty of consultation owed to them by government.
The court document states that the national law allows Canada to "unilaterally push through projects without meaningful engagement" with First Nations.
A spokesperson from Canada's Privy Council Office said in an email that Canada was committed to meeting its obligations and commitments to Indigenous peoples. Carney is scheduled to meet with First Nations Inuits and Metis over the next few weeks. The email stated that "Canada's aim is to pursue projects of national importance in partnership with Indigenous Peoples." This initiative is focused on ensuring that Indigenous equity participation in major project development is at the forefront.
The Ontario government has said that it will continue its consultations with First Nations this summer. (Reporting and editing by Aurora Ellis, Cynthia Osterman and Anna Mehler Paperny)
(source: Reuters)