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IAEA announces that repairs have been completed at Zaporizhzhya Nuclear Plant
The?U.N. The?U.N. The repairs were carried out in two separate locations: the switchyard at the Zaporizhzhya thermal power plant, which supplies electricity to the ZNPP via the backup 330 kV Ferosplavna-1?line, according to the agency. The Dniprovska Line has not been brought back to operation yet due to?extensive damages at its connecting substation. The International Atomic Energy Agency's Rafael Mariano Grossi stated in a statement that the line had been repaired but still needed to be brought back into operation. The agency stated that repairs to the substation are ongoing but not expected to be completed in the near future.
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Honda CEO apologizes for loss of company, gains investor support at annual meeting
Toshihiro Mibe, the chief executive of Honda Motor, received support from shareholders at the annual meeting held on Friday for his reappointment as a member of the Japanese automaker’s?board after apologizing to them for the poor financial performance. Honda has been forced to restructure its electric vehicle business, which cost more than $9 billion dollars in restructuring costs. It is also facing competition from Chinese competitors. Mibe apologized to shareholders at the beginning of the meeting for the concern and inconvenience caused due to the net loss in the financial results from the previous fiscal year. In addition to Mibe, Honda shareholders also approved 10 other nominees for the board, nine of whom were up for re-appointment, and one who was a new?director. Glass Lewis and ISS had advised that all directors be supported. Honda, amidst a rollback of EV subsidies, decided to write down its EV-linked debt. The market share for battery-powered vehicles in the U.S. was far below what the company had forecasted, Mibe explained. This meant that the planned models would require large incentives. Mibe stated that if the company had sold its planned EVs it "would have meant the automotive business staying in the negative for at least five, and possibly even seven years," adding that this would have created a very?critical situation within the company. REIGNATION CALLOUTS People familiar with the situation have said that Mibe's mishaps in recent months has attracted scorn from retired Honda executives. Former chief executive Nobuhiko Kawasmoto visited Tokyo headquarters in April and urged him to resign. Former?executives criticised Mibe's neglect of China, the largest auto market in the world, as well as its failed bets on EVs, which led to Honda's loss, and showed a growing dependency on the motorcycle division. A shareholder filed a motion near the end of the meeting calling for Mibe to be fired. However, the chief executive refused 'to put the matter to a vote.' He said that the topic was not on 'the agenda. Mibe stated that talks between Nissan Motors and Mitsubishi Motors regarding cooperation on next-generation vehicles technologies, which have been ongoing since mid-2024 are at an advanced level.
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French and Benelux stocks: Factors to watch
Here are some company news and stories that could impact the markets in France and Benelux or on individual stocks. AIR FRANCE KLM: The Franco-Dutch carrier?Air France KLM?has successfully issued EUR 500 million senior notes under?its EMTN Program?with a 5-year maturity and a fixed coupon annual of 4.250%. These notes will be used primarily to fund general corporate purposes. LE SLIP FRANCAIS: French underwear manufacturer Le Slip Francais plans to trade its shares on the Paris stock exchange on Bastille Day, July 14. Michelin: The French tire manufacturer Michelin plans to phase out its BFGoodrich tire factory in Tuscaloosa in early 2027. LVMH/MARIE BRIZARD/PERNOD - The head of Paris police announced on Thursday that Parisians would be prohibited from drinking alcohol in public starting at midday on Friday to curb health problems arising from the current heatwave in France and Europe. VINCI: French construction and concessions group Vinci has won a EUR210m ($238.98m) contract for the second building at the new 'Reims Hospital. EUR157m was allocated to Vinci Construction, and the project will last 45 months. Pan-European market data: European Equities speed guide................... FTSE Eurotop 300 index.............................. DJ STOXX index...................................... Top 10 STOXX ?sectors........................... Top 10 EUROSTOXX sectors...................... Top 10 Eurotop 300 ?sectors..................... Top 25 European pct gainers....................... Top 25 European pct losers........................ Main stock markets: Dow Jones ............... Wall Street report ..... Nikkei 225............. Tokyo ?report............ London report ........... Xetra ?DAX............. Frankfurt items......... CAC-40................. Paris items............ World Indices..................................... Survey of global bourse outlook ......... European Asset Allocation........................ News in a glance Top News ............. Equities.............. Main Oil Report ........... Main currency report .....
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Bangladesh calls on China to reduce the trade gap
?Bangladeshi Premier Minister Tarique Rahman?met?with Chinese president Xi Jinping on?Friday in?Beijing, where he urged a reducing of the trade deficit, diversification exports, and China's assistance in implementing major projects in his country. Rahman began a three-day visit to China on Wednesday. It is his first trip since becoming prime minister. Dhaka wants to strengthen its ties with China. It is one of the largest trading partners and development financiers. Rahman's visit is also of a broader diplomatic nature, as he seeks to maintain a balance between ties with Beijing and New Delhi. He was seen to be closer to India than his predecessor Sheikh Hasina. While relations between Dhaka & New Delhi have improved since Rahman's appointment, there are still disagreements. Rahman said that China could diversify Bangladesh's exports in order to reduce Bangladesh’s trade deficit. According to a report from a media pool, Rahman stated that "we request China to import our fresh mangoes, jackfruits, guavas, aquatic products such as?raw leather and jute products, and pharmaceutical products." He added that Bangladesh needed China's help in "implementing our major signature projects as well as upgrading and modernising our existing industrial unit," Bangladesh joined China's Belt and Road Initiative, Xi Ji's flagship development and infrastructure strategy aimed at connecting Asia with Africa and Europe in 2016. China is willing and able to support Bangladesh in importing more high-quality products, supporting Chinese companies in investing in Bangladesh and expanding cooperation in emerging industries like new energy, digital economy, and artificial intelligence. State media reported that Rahman met Premier Li?Qiang Thursday, where they signed several cooperation agreements to strengthen bilateral ties. Bangladesh owes China $6,2 billion according to World Bank data. The Asian Infrastructure Investment Bank in Beijing has also lent another $2.3 billion. Delhi has only lent $1.6 billion to its neighbor. Data from the American Enterprise Institute shows that Chinese companies have invested an additional $7.7 billion in Bangladesh's Energy Sector. Around half of this amount was spent on energy. Chim Lee is a senior analyst with the Economist Intelligence unit in Beijing. Lee explained that Bangladesh was a challenge because it didn't offer the same type of logistics corridor as Central Asia or Myanmar. Reporting by Joe Cash, Farah master and the Beijing Newsroom. Editing by Muralikumar Anantharaman & Lincoln Feast.
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Honda CEO apologizes for loss of company, gains investor support at annual meeting
Toshihiro?Mibe, Honda Motor's Chief Executive Officer,?won the support of shareholders at its annual meeting on?Friday after apologizing to them for their poor financial performance. Honda wants to recover from strategic mistakes after posting its first annual loss for'seven decades' last month. The company was hurt by $9 billion in restructuring costs and competition from Chinese competitors. Mibe told shareholders that the financial results of the previous fiscal year had a net loss. Honda shareholders also approved 10 other nominees for the board, including nine directors who were up for reappointment, and one new director. (Reporting and editing by Thomas Derpinghaus; Daniel Leussink)
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Taiwan and Japan are affected by torrential rains caused by a passing storm
Tropical storms passing through Taiwan caused torrential?rains? that shut down southern Taiwan, forcing more than 5,000,000 people to miss work or school. Japan also issued flood and landslide alerts. The outer bands of Typhoon Mekkhala - now a tropical storm - are bringing heavy rains to some parts of Taiwan. This is especially true in Kaohsiung and Tainan in the south. On Friday, the governments of three Taiwanese regions with more than five million residents ordered all offices and schools to close. Flooding in Tainan caused a section of main north-south rail line to be closed. Japan also experienced heavy rains and strong winds, resulting in high-level alerts for flooding, landslides and swollen riverbeds. 2.2 million residents were ordered to evacuate. The Japan Meteorological Agency has warned of heavy rainfall across western Japan, caused by a stationary seasonal front and warm moist air that feeds into it. According to the Japanese land ministry, more than 200 flights have been cancelled, and dozens of trains lines have been halted. Many expressways were also closed. Toyota closed a factory located in Kyushu, a southern region, on Thursday afternoon. The decision to resume production for the second shift was expected later. No casualties were reported in Taiwan but authorities are evacuating 200 residents of two townships in Hualien County, which is downstream from a barrier lake that's rapidly filling up in the mountains. When?rocks or landslides, or other natural blockages create a dam across the river, usually in a valley. This dam blocks and holds back water. It can even stop natural drainage. In Hualien, another barrier 'lake' breached during Super Typhoon Ragasa and unleashed a wall of mud and water into homes. Rain will continue to fall over Taiwan for the next few weeks, but it should gradually decrease. Taiwan relies on the summer and fall typhoon seasons to replenish its reservoirs following a typically dry winter. Reporting by Ben Blanchard, Chang-Ran Kokiya and KantaroKomiya in Tokyo. Editing by Shri Navaratnam & Christopher Cushing.
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Southern Taiwan rail line and southern Taiwan shut down by torrential rain caused by a passing typhoon
A typhoon passing through southern Taiwan caused torrential rains, forcing more than 5 million people to miss work or school. Flooding also cut off a section of the main rail line. While Typhoon Mekkhala is currently over the Ryukyu islands in southern Japan, it did not directly landfall on Taiwan. However, its outer bands brought heavy rains to some parts of the island. All three governments, where more than 5 million people reside, have ordered that offices and schools be closed on Friday. The separate high-speed rail line did not report any problems, but a section of Tainan's main north-south line was closed due to severe flooding. Authorities in Hualien County on Taiwan's East Coast are evacuating almost 200 residents of two townships in the mountains below a barrier lake that is rapidly filling. When rocks, landslides, or other natural obstructions form a dam across a stream, usually in a valley, they block and hold back the water, hindering, or even stopping, "natural drainage". In a different part of Hualien, 19 people were killed last year when a barrier lake burst its banks due to Super Typhoon Ragasa. The wall of water and mud that engulfed homes was caused by the breach. It is predicted that rain will continue to fall over Taiwan at least for the next week. However, it will gradually ease. Taiwan relies on a traditional summer and fall typhoon to replenish its reservoirs following a typically dry winter. (Reporting and editing by Shri Navaratnam.)
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FedEx Freight predicts a revenue growth of up to 6% for the rest of 2026
FedEx Freight announced on Thursday that it expects its revenue to 'rise between 4% and 6% in the seven months leading up to December 31, while adjusted operating income will grow between 0.8% and 7.5%. This comes just weeks after completing a'separation? from parent FedEx Corp. FedEx Freight, based in Memphis, is the leading provider of LTL (less-than-truckload) services. Multiple shipments, from multiple customers, are transported on one truck and then routed via a network service centers where they're transferred to other trucks that have similar destinations. Freight trucking firms have reported?improved industrial demand, citing U.S. manufacturing activity that?grew for the past five months and reached a four-year peak in May. As regulatory measures tightened the supply, freight rates have increased in recent months. The company provided goals for a period of seven months to reflect the fact that the fiscal year ended in May, but now aligns with the calendar. The company's revenue grew 4.8% in the fourth quarter ended May 31 to $2.4 billion, mainly due to higher fuel surcharges and increased weight of shipments. According to LSEG, the revenue exceeded analysts' expectations of $2.26billion. FedEx Freight was spun-off from FedEx in June,?when the company also made its trading debut. The quarter-adjusted operating income fell by 23.9% due to costs associated with?its separation of FedEx, lower shipments, and higher wages. FedEx Freight expects adjusted operating income between June and the end of December 2026 to be in the range of 605 million to 645 million dollars, up from $600 million for a year ago. The company expects to earn $2.4-$2.6 per share in the period June-December. Reporting by Nandan Mandyam in Bengaluru and Apratim Sarkar; editing by Shahal Kuber and Sahal Muhammad
Maguire: A refresher on Russia’s commodities clout before Trump talks
The talks between U.S. president Donald Trump and Russian president Vladimir Putin could be the beginning of Russia's return to the world stage, and the return of its commodities after Moscow was recently isolated internationally.
Before its invasion of Ukraine, in 2022 Russia was the leading exporter and supplier of energy products into Europe. This included crude oil, natural gases, coal, aluminum, nickel, and steel. The sanctions imposed by the West on Moscow in 2022 have caused a major disruption of these commodity flows. Russia's gas exports through pipelines fell by half, and its oil shipments were diverted to new markets.
Here is a breakdown on where Russia stands in terms of production and exports for some of the most traded commodities around the world. This will give you an idea of potential market impact should relations with Russia resume to normal.
GAS CRUNCH
The fallout from Russia's invasion in Ukraine has had the greatest impact on natural gas.
Russia, the second largest gas exporter and producer in the world, has seen its outbound shipments severely cut after sanctions were imposed by Europe and the United States on Moscow in 2022.
Many European nations, including Germany, had secured the majority of their gas supply from Russia. However, they quickly reduced imports by pipeline in an effort to punish Moscow for launching a war.
The volume of Russian gas exported via pipeline fell by 38% from 2022 to 2023, as European buyers switched from gas to LNG and other fuels in order to replace the lost supplies.
Data from the Energy Institute show that in 2024, Russia will export 108.2 billion cubic metres of pipelines, which is 46% less than 201.3 billion cubic metres exported in the year 2021.
In an effort to compensate for the revenue lost from gas pipelines, Russia increased exports of natural gas liquefied.
The Russian LNG export volume has risen by around 12% in the last 12 months and reached a record high of 44,3 billion cubic meters in 2024.
The lack of pipeline connections to other regions led to an increase in Russian gas inventories in 2022. This in turn sparked a greater use of gas by industry and power companies and sparked ongoing efforts to boost LNG capacity.
In 2023, the Russian industry cut production in response to the collapse of the export market. Since then, production has risen to around 630 billion cube metres in 2024.
CRUDE DIVERSIONS
Russians are the third largest crude oil producers and exporters in the world. This has had a major impact on the crude oil market.
The Russian crude oil market has also been hit by a decline in production and exports since 2022. However, exports are down more than the production due to increased domestic stocks.
Energy Institute data show that in 2024 the Russian crude oil production was estimated to be 10.75 million barrels per day, a decrease of 4% compared to 2022's output of 11.2 million bpd.
In 2024, Russian oil exports totaled just over 7,000,000 bpd. This is a drop of 8% compared to the 7,6,000,000 bpd exported by 2022.
The Russian crude oil trade also saw a significant shift in its destinations as traders had to find new homes for their barrels.
Exporters had to find new markets for their oil, just as they did with gas. India, a country that has been a strong supporter of Russian oil traders in the past, is now stepping up its purchases as Europe reduces its oil imports.
Kpler's commodities intelligence firm shows that India's imports from Russia of crude oil have more than doubled between 2022 and the year 2024. They went from 321 millions barrels to 651,000,000 barrels.
Europe's imports from Russia of crude oil dropped 30% between 2022 and 2024. India became the largest market for Russian crude in 2013.
China, the second largest Russian crude oil purchaser, bought 460 millions barrels in 2024. This is an increase of 17% over 2022.
COAL, METALS & MUCH MORE
The war between Russia and Ukraine has also affected the coal markets, since Russia is the world's sixth largest coal producer. It is also the third largest coal exporter.
Due to a large fleet of coal-fired plants in Russia, the production of coal has remained largely constant since 2022. Local power companies have been using additional supplies previously exported.
The total coal production in Russia is expected to be down around 2.3% by 2024 compared to 2022, and exports are down almost 10%.
The competition between Indonesian coal and other producers has squeezed Russian coal off of several international markets. China and India, the two largest coal consumers, have also reduced their demand for coal imports.
The Russian Federation is also the world's leading exporter and producer of key metals such as aluminium, nickel and cobalt, which are in high demand across a wide range of industrial and technical applications.
Russia is a major producer of diamonds, industrial gases, wheat, barley and other crops. Any rapid resumption of trade between Moscow and international communities will have wide-ranging repercussions.
Any further deterioration of relations with Moscow after the upcoming meetings could keep Russia's abundant commodities out-of-reach for many buyers. This would result in tighter global markets.
These are the opinions of a columnist who writes for.
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(source: Reuters)