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Kenya Airways reports first-half loss before tax after falling passenger numbers
Kenya Airways reported a loss before tax in the first six months of the year, compared to a profit for the same period last year, due to a decline in revenue and passengers, with some planes being out of service for maintenance. Kenya Airways, one of Africa's top three airlines, posted a loss in the first six months of the year of 12,17 billion shillings (94.34 millions dollars), compared to a profit of 634 million in the same time period last year. Pretax profit was the airline's first in more than a decade. The operating loss for the first half was 6.23 billions shillings. This is down from the 1.3 billions shillings profit of the first half in 2024. Revenues fell from 91.5 to 74.5 billions shillings. Allan Kilavuka is the chief executive officer of the company. He told investors at an investor briefing in July that one aircraft had returned to service after being grounded for maintenance. He stated that the goal was to have an entire fleet ready by next year. Kenya Airways declared insolvency after an expansion campaign left it with debts of hundreds of millions dollars. It was more difficult to service the debt due to the near-shutdown of international travel caused by the COVID-19 pandemic. This was combined with the weakening shilling in 2022-2023, and the higher interest rates. The airline has been reliant on the state for financial support. In January, the government paid off a $150 million loan that it had received from commercial banks in the area. The company had a profit for the full year of 2024 of 5.53 billions shillings compared to a loss for the previous year of 22.86 milliards shillings. The performance of 2024 was largely driven by foreign exchange gains of 10,55 billion shillings versus a loss in 2023 of 15,04 billion shillings as the local currency gained more than 20% in comparison to the dollar.
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Russia raises August oil export plan after drone strikes disrupt refineries, sources say
Three people with knowledge of the situation said that Russia revised its crude oil export plans from western ports in August by 200,000 barrels a day (bpd). This was due to the fact that Ukrainian drone attacks disrupted the refinery operations, allowing more crude to be shipped. Due to the ongoing strikes and changing repair schedules, delays and volume revisions may be expected, they stated. "Attacks continue and repair deadlines vary daily." One person stated that it is unclear how much Russia will be able to load in this month or the next. The final plans for loading Russian oil in September have not yet been received by Russian oil sellers, even though they usually receive the plan one week before the loading period. The Russian Energy Ministry and Transneft, the monopoly of the oil pipeline in Russia, did not respond immediately to comments. The disruptions occur at a moment when Moscow seeks to increase revenues despite Western Sanctions and U.S. Pressure on key buyers of its oil to reduce their imports. The sources stated that the loadings of Primorsk and Novorossiisk will reach 2 million barrels a day, up from 1.8 million. This is a significant increase from an original plan for 1.8 million. According to calculations, the adjustment was made after attacks on ten Russian refineries in this month that shut down facilities representing at least 17% or 1.1 millions bpd of national processing capacity. Ukraine also attacked the Druzhba pipe and Unecha pumping stations in the Bryansk area, which are key routes for crude deliveries to Ust-Luga. This further limited Russia's export capability. According to one source, damage to the Druzhba Pipeline and Ust-Luga Route could result in a reduction of exports up to 500,000 BPD. This person also said that the availability of vessels at the end August was limited, which would limit Russia's capacity to increase shipments. A second source stated that Ust-Luga is only operating at 50% of its 700 000 bpd capability and it's unclear when the terminal will start to run in full. Source: The volume is being diverted towards Novorossiisk or Primorsk. As most refineries are located in central Russia, the western port loadings of Russian oil are adjusted according to refinery throughput. Eastern exports remain largely unaffected.
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PetroChina buys natural gas assets from CNPC for $5.59 billion
PetroChina proposed on Tuesday to buy three natural gas storage sites from its controlling shareholder China National Petroleum Corporation. The deal is worth $5.59 billion and 40.02 billion Chinese Yuan. PetroChina is looking to improve the quality of its industrial gas chain and ensure stable operations. It is estimated that the transaction will add 10,97 billion cubic meters of storage space for working gas to the company’s portfolio. PetroChina has benefited from the increasing use of natural gas in China, which is viewed as an important bridge to a greener energy future. The biggest Chinese oil and gas company reported a 5.4% drop in net income for the first half of the year earlier that day. The company's Gas segment, however, reported earnings of 18.6 billion Yuan, which were higher than those logged during the same period last year. PetroChina believes that the competition for oil in China will continue to come from alternative energies. It does, however, expect natural gas to grow quickly.
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Russia raises August oil export plan after drone strikes disrupt refineries, sources say
Three people with knowledge of the situation said that Russia revised its crude oil export plans from western ports in August by 200,000 barrels a day (bpd). This was due to the fact that Ukrainian drone attacks disrupted the refinery operations, allowing more crude to be shipped. Due to the ongoing strikes and changing repair schedules, delays and volume revisions may be expected, they stated. "The attacks are continuing and the repair deadlines vary daily." One person stated that it's not clear how much Russia will be able to load in the next month or this month. The Russian Energy Ministry and Transneft, the monopoly of Russia's oil pipelines, did not respond immediately to comments. The disruptions occur at a moment when Moscow is trying to increase revenues despite Western sanctions, and U.S. pressure to key buyers of Russian oil to reduce their imports. The sources stated that the loadings from Primorsk and Novorossiisk, as well as Ust-Luga, are expected to increase from 1.8 million barrels per days (bpd) initially planned, up to about 2 million bpd. Calculations show that the adjustment is a result of attacks on 10 Russian refineries in this month which caused the closure of facilities equivalent to at least 17% or 1.1m bpd national processing capacity. Ukraine targeted Druzhba and Unecha pumps in Bryansk, which are key routes for crude oil deliveries to Ust-Luga. This further limited Russia's ability to export. According to one source, damage to the Druzhba Pipeline and Ust-Luga Route could result in a reduction of exports up to 500,000 BPD. The availability of vessels at the end August is also limited, which limits Russia's capacity to increase shipments. As most refineries are located in central Russia, the western port loadings of Russian oil are adjusted according to refinery throughput. Eastern exports remain largely unaffected.
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Maguire: Japan's utilities have cut their fossil fuel electricity to new lows.
The first half of 2025 saw fossil fuels generate a record-low share of Japan's electricity supply at the utility scale. This is a significant milestone for the energy transition of one of the largest fossil fuel users in the world. Japan is one of the top 10 consumers and importers of coal, crude oil and natural gas, which is used to produce the majority of energy required in the fourth largest economy of the world. Data from Ember show that the proportion of fossil fuels in Japan's electricity production has been steadily declining. In fact, it was less than 60% for the first six months of the year, according to Ember. Solar farms and nuclear power stations have provided the remainder of the electricity and have outpaced fossil fuel sources in terms of growth so far this decade. By 2033, clean electricity will overtake fossil electricity if clean electricity continues to grow at the same rate as fossil electricity. For fossil fuel exporters who have been heavily dependent on Japan's growth in demand for decades, the prospect that home-grown clean sources will supply a majority of Japan’s electricity by 2020 is a source of concern. CLEAN RECOVERY Ember data indicates that Japan's clean energy supplies from January to June totaled 188 terawatt-hours (TWh). This is 47% higher than the output of clean supply during the first half of 2019 and the highest level in more than a decade. The level of nuclear energy generation in Japan has not yet reached the peak levels seen in the early 2000s, due to the ongoing decline in this sector following the Fukushima catastrophe in 2011. Nuclear power has been shut down in Japan since 2011. The nuclear electricity supply in 2024 will be roughly 70% lower than it was in 2010, just before the Fukushima disaster. While nuclear power has been largely ignored, Japanese utilities have increased their generation of clean energy over the last decade. Solar generation has increased 25-fold since 2010, while wind farms and bioenergy plants have more than doubled their output. Clean electricity has increased its share in the total generation mix from 12% to 31% by 2024, thanks to these clean power additions. The clean generation share has increased to 41% on average for the first half 2025. This is due to the record output of wind farms and bioenergy facilities, as well as a continued recovery of nuclear plants with reactors slowly returning to service. FOSSIL FIX Japan's utilities are reducing the use of fossil fuels in electricity production, while increasing clean energy. Since at least 2019, the amount of electricity produced by natural gas plants in January to June 2025 has been the lowest. High natural gas prices have stifled the gas use across the country. The coal-fired power generation increased by 4% compared to the same period in 2024, to compensate for the decline in gas electricity. Overall fossil fuel electricity supply was largely unchanged compared to one year ago. The reductions in fossil fuel consumption are more apparent compared to generation levels during the first half 2019. The coal-fired electric supply in 2025's first half was 9% lower than the output of 2019's first half, while the gas-fired electrical production was 25% less. In the next few years, Japan will continue to reduce its greenhouse gas emissions. This is due to the country's ambitious goal to reduce them by 46% from 2013 levels. Japan's fossil-fuel electricity supply contracted on average by 3% per year between 2019 and 2024. If this trend continues, fossil energy generation will drop by 30% by 2040. Clean electricity has grown by approximately 6% per year since 2019. If this trend continues, the clean electricity supply will double by 2036. This growth rate would also mean that by 2033, clean electricity would account for the majority of Japan's electric supply. The diminishing role that coal and gas play in the electric system of a large economy is a concern for fossil fuel exporters. This is especially true as other major economies are also phasing out the use of fossil fuels. These are the opinions of the columnist, an author 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 analysis. 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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Jakson Engineers, an Indian company, will invest $914 Million in a solar manufacturing facility
Jakson Engineers, an Indian company, will invest over 80 billion rupees (914 million dollars) in a solar module and cell manufacturing plant of 6 gigawatts in Madhya Pradesh. Both companies are part of Jakson Group - an energy solutions conglomerate that is betting on India's growing demand for clean energy. The government wants to add 500 GW by 2030. The group's manufacturing capacity is 1.2 GW. Gagan Chanana said that the investment would allow Jakson to improve quality, reduce costs, and quickly deploy new technologies. Jakson Solar's Jakson green unit announced earlier this year that they were looking to add one GW of renewable energy capacity annually for the next five-years.
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GLP, a logistics firm, secures investment of $349.5 Million for China Data Center
GLP, a logistics company, announced on Tuesday that it has secured an investment from Zhejiang-based investors of 2,5 billion Chinese Yuan ($349.51 millions) for its China data center platform. The investment will support GLP's China data center platform in expanding its nationwide operations, the Singapore-incorporated firm said in a statement. According to its website , a global business with offices in Singapore Hong Kong and China, describes itself. reported In late November, the company announced that it aimed to list in Hong Kong this year after being taken private for more than eight years. In 2017, a Chinese consortium of private equity backed by executives from the company then known as Global Logistic Properties won the bid for GLP at S$16 billion (12.47 billion). GLP was once Asia's biggest warehouse operator. It boasted an $41 billion portfolio that included China, Japan Brazil and the United States. The company operates data centres, logistics properties, renewable energies, and technologies related to these in 17 countries including Brazil, China Europe, India Japan U.S.A. and Vietnam.
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South Korean firms pledge US investment of $150 billion at summit
South Korea highlighted a wide range of U.S. investments plans by its firms at the Monday summit between U.S. president Donald Trump and South Korean president Lee Jae Myung. These included shipbuilding, nuclear power, aerospace, energy, and critical minerals. The U.S. and South Korea agreed at the summit to invest $150 billion by South Korean companies. They also agreed on a non-binding agreement that would allow $350 billion to be invested in funds as proposed by Seoul last July in a trade agreement to reduce threatened U.S. duties on Korean products. Here are a few of the investment plans that were announced at the summit. Investments of $150 Billion The South Korean business lobby group announced that companies will invest $150 billion into areas like artificial intelligence, chips and biotechnology. Shipbuilding, nuclear power, shipbuilding, and shipbuilding are also included. The group didn't give any breakdown of the investments or a timeframe. If the investments are made, they would equal six times the U.S. direct investment of South Korean companies in 2024. Kim Yong Beom, the presidential adviser, said that investments will include previously announced projects like Samsung Electronics new chip factory located in Texas and Hyundai's auto factory in Georgia as well as Hanwha’s expansion of its U.S. Shipyard. AEROSPACE Korean Air, South Korea’s largest carrier, has announced the purchase of 103 Boeing planes worth $36.2 billion. The deal also includes a $13.7-billion agreement with GE Aerospace to provide engines and maintenance. This is the biggest contract ever signed by Korean Air. It's separate from the order for 50 Boeing jets with GE engines that it announced in March. HYUNDAI MOTOR GROUP Hyundai Motor Group has announced that it will increase its U.S. investments to $26 billion, up from the previously announced $21 million between 2025-2028. The plan calls for the construction of a new steel plant in Louisiana, an expansion of Hyundai Motor's and Kia Corp.'s U.S. automobile production capacity, as well as a robotics center with a 30,000 unit annual output. SHIPBUILDING Trump said that during the summit, the U.S. will work with South Korea in order to revive the struggling U.S. Shipbuilding Industry. He added that the U.S. will buy ships from South Korea and also receive support to manufacture ships within the country. South Korea's HD Hyundai and Korea Development Bank signed a Memorandum of Understanding with U.S. investment company Cerberus Capital in order to create a multi-billion dollar joint fund that will be used to strengthen U.S. maritime capability, including shipbuilding. Samsung Heavy Industries, Vigor Marine Group and other companies have also signed a preliminary agreement covering the maintenance and overhaul of U.S. Navy Support Ships, shipyard modernization as well as joint vessel construction. The state-owned Korea Gas Corp has signed long-term agreements, among others with commodity trader Trafigura, to import 3.3 millions tonnes of liquefied gas per year for 10 years beginning in 2028. This will be mainly from the United States. Cheniere, the biggest U.S. LNG supplier, will supply long-term contracted LNG volume, among other companies. NUCLEAR ENERGY Korea Hydro & Nuclear Power, Doosan Enerbility and U.S. partners X-energy & Amazon Web Services have joined forces to collaborate on the design and construction of small modular reactors. Doosan Enerbility and Fermi America also signed an MOU for the construction of a Texas AI project. KHNP, Samsung C&T and Fermi America each signed their own MOU. KHNP also agreed to invest with Centrus in a U.S. facility for uranium enrichment. CRITICAL MINERALS Korea Zinc and Lockheed Martin have agreed to supply germanium starting in 2028 as part of a long-term agreement. The deal also aims to enhance the supply chain collaboration for rare metals. Deal on $350 Billion Fund that is Non-Binding Last month, South Korea agreed to a trade agreement to reduce tariffs in return for making separate investments of $350 billion. Details about the fund were not disclosed. Kim stated on Monday that South Korea intends to pursue a non-binding agreement on the structure of the fund and its operation. He said that the "financial packages" would support strategic industries like key minerals, batteries and chips, pharmaceuticals, AI, quantum computing and AI. (Reporting and editing by Joyce Lee, Heekyong Yahn and Hyunjoo Ji; Reporting by Heekyong Yan and Hyunjoo Jin. Ed Davies is responsible for editing.
Japan extends leases for offshore wind farms by 10 years to reduce costs
The Japanese industry and land ministry proposed Tuesday revising guidelines for extending offshore wind project leases from 30 to 10 years. This would help developers to manage rising construction costs and finish projects.
The proposal was presented to a joint panel of experts of the Ministry of Land, Infrastructure, Transport and Tourism and the Ministry of Economy, Trade and Industry.
According to the current guidelines for public bids in general maritime zones, operators are required to remove their installations within a 30-year period of time, and then a new auction is conducted. According to the proposed revision, operators would be able to renew their permits as long as they met certain conditions.
As per current guidelines, construction, operation and decommissioning must be completed in 30 years. However, the actual duration of operations is usually only 20 years.
Some panel members said that extending the period could boost electricity sales and improve cash flow to repay project-finance loans. It would also attract a wider range of equity investors and allow an earlier capital recovery.
A land ministry official confirmed that the new guidelines would apply to the next round of auctions. However, it was not decided whether they would also cover the previous three rounds. The Japanese government is expected to offer developers more favorable terms to encourage them to build an offshore wind industry of large scale. This will be done to revive the country's ambitions, which have been stymied by rising costs and delays in global projects.
By 2040, the government wants to reach 45 gigawatts in offshore wind power to reduce reliance on coal and gas imports, cut carbon emissions and boost energy security. The government had 0.3 GW by the end of 2024.
After three major auctions, progress has stagnated. The trading house Mitsubishi Corp., which won the first auction for 2021, announced in February that rising costs forced it to reevaluate its plans. A Mitsubishi-led group is planning to pull out of three offshore wind farms despite the lease extension. This was reported by several Japanese media late Tuesday. (Reporting and editing by Sharon Singleton; Yuka Obayashi)
(source: Reuters)