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Helsinki's expensive cycling campaign draws crowds and criticism
Helsinki, the capital of Finland, has spent billions on bicycle lanes and public transport -- and is planning to spend more -- despite mixed reactions from its residents. Around 50,000 people attended the April opening of Finland's longest 1.2 km (0.75 miles) pedestrian, bicycle and tram bridge. Others, however, are not impressed by the lack car lanes or the price of 326 million Euros ($383 millions), which included two adjacent bridges, tramway investments and billions of dollars already spent on transport infrastructure and cycling infrastructure over the last decade. Helsinki's cycling traffic team leader Oskari Kaipinmaki said that the biggest reason for opposition to this bridge was its high price. Helsinki's cycleways are around 1,300 km long, with 100 km of them being a "superhighway network". The city is planning to add another 80 km by 2029. The investments, so far, have not increased cycling in the Nordic capital, located on the Baltic Coast, where the winters can be harsh and the winds are often biting. The share of cycling in transport has been flat between 9%-11%, Kaupinmaki reported. He said, "We haven't finished the network yet." The major tram network is also being expanded. A plan was approved last week to close one of central streets, in front of the main railway station, to cars, giving priority for pedestrians, cyclists, and public transport. Marcus Rantala is a city councillor who was a major opponent of the bridge. He said that he "criticised the price tag of the project and the realistic budget" which "kept increasing over the years." But he conceded he's pleased with the "impressive result". Johanna Jarvinen is a musician and a cyclist who lives in the city's inner suburbs, now connected by the new bridges. She said that in the summer when there is less wind, she will save 10 minutes on her commute.
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E.ON announces slight increase in core earnings for the first quarter, but keeps outlook
E.ON, Europe's largest network operator, reported a 2% increase in 'core profit' in the first quarter. This was partly due to its industrial customers in Germany, its home market. The shares of the Frankfurt-listed company rose 1.5% at the start of trading. Jefferies analysts attributed the rise to the higher retail energy prices that began the year. The company reported that the adjusted core profit for the period of January to March was $3.87 billion. It also confirmed its outlook?for the year. The company said that investments in the period fell to 1.4 billion euros, down from 1.5 billion euros last year. It cited the cold weather in Germany, which caused delays in network infrastructure upgrades. Finance chief Nadia Jakobi stated that "we are building the infrastructure Europe's electrified energy systems needs in economically and geopolitically difficult times -- high-performing digital and future-proof." E.ON has announced plans to purchase a British energy retailer, Ovo Energy. The company still expects an adjusted core profit this year of 9.4 to 9.6 billion euro. According to a survey conducted by the company, analysts expect adjusted core profit of 9.6 billion euros and adjusted net profits of 2.9 billion euro. ($1 = 0.8522 euro) (Reporting and editing by Kirstiknolle, with Christoph Steitz)
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Why are Britons so angry?
In less than two-years, Britain's ruling Labour Party went from a landslide victory at the last week's local/regional votes to an historic defeat that put Prime Minister Keir starmer's position on the line. Starmer, the sixth leader of Britain since the referendum, has promised change, but struggled to deliver. Opinion polls show that a number of national and local sources of frustration are the main causes of voter anger. Many households in the industrialized world feel a sense of decline when it comes to their current living standards, and future prospects. The disparity between the richest and the rest of the society is exacerbated in Britain by the large earnings gap. OECD data shows higher than average levels of income inequality, and a 'big gap' between the earnings of those at the top and those at the bottom. The inflation rate in Britain is higher than the Eurozone, which pushes up house owner's mortgage payments. The high gas prices in Britain also mean that the economy has been hit harder by the Iran War than other countries. Tax revenue is also expected to reach an historic high. This has angered many voters. As a major concern for voters, immigration and asylum are often more polarising than the economy. In the 2016 referendum, controlling immigration was a major concern for pro-Brexit supporters. However, net arrivals have reached record highs since the country left the EU. This has boosted the ratings of Nigel Farage's Reform UK anti-immigration party. Net immigration forecasts for 2023 have been revised downward, in part because Britons are now leaving the country more than ever before. PUBLIC SERVICES: Improving public services, which were eroded after years of austerity following the global financial crises of the late 2000s, was one of Starmer's key election promises in 2024. This included revitalising a state run National Health Service that had been stretched to the breaking point due to the COVID-19 Pandemic. The waiting lists for healthcare reached a high in 2023, and since then have fallen. However, they are still above the pre-pandemic level with long backlogs. Exasperation is also widely expressed at the under-resourced justice and local government services as well as patchy access to NHS dental care. Local Issues - A survey conducted by YouGov, a market research firm, before the elections revealed that dissatisfaction over the state of Britain's road was the top local concern. 37% of respondents said it was the most important issue in their area. Media attention has focused on the dangers of unrepaired road potholes, despite additional funds being provided to local authorities. In March, a widely quoted industry estimate said that the backlog in repairs meant that only half of the road network was in good condition. CRIME: Although headline statistics show that crime rates have been falling for many years, surveys reveal that one in five people considers crime and insecurity to be the biggest problem facing the country. Analysts believe that the media portrayal of crime or its inclusion in television shows could have contributed to this. Some people are concerned about the increase in certain crimes like shoplifting. Others express concern over the low conviction rate for other crimes, and the delays in justice caused by a lack of resources within the prosecutor's office.
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InPost's strong parcel growth and Yodel integration costs offset the high profit forecast for InPost.
InPost, the parcel locker company that was the target of an 'offer by a FedEx and Advent led consortium, reported a core profit in the first quarter of the year, which exceeded market expectations. Growth in Poland and in the Eurozone helped offset costs associated with the integration of Yodel into Britain. The adjusted earnings before interest taxes, depreciation, and amortisation were 902.2 million Zlotys (249.0 millions) in the third quarter. This was above a consensus estimate from the company of 856million Zlotys. InPost's Poland division, which is still its main source of profit, saw its first-quarter deliveries increase 8%, to 188,000,000?parcels, while revenues grew 9.2%, to 1.8 billion?zlotys. Poland contributes to?47%, while international markets bring in a combined?53% of revenue. InPost stated that the Yodel integration cost is primarily due to the parcel transformations in Britain after the 2025 acquisition. The focus will be on cost per parcel optimisation, consolidation of the logistics network, and middle mile efficiency. InPost processed 359 million parcels during the first quarter of this year, up 32% compared to the same period last year. Yodel’s consolidation led to a 220% increase in UK and Ireland volumes, while those in the euro zone grew by 28%, and those in Poland rose by 8%. The second quarter volume growth is expected to be in the mid-teens. The company announced its 'outlook' for 2026. It aims to increase a'market share with mid-to-high-teens in growth of processed parcel volume and mid-teens in growth of overall revenue.
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Hapag-Lloyd suffers Q1 loss due to severe weather and Iran war disruptions
Hapag-Lloyd, the German shipping group, reported a loss in the first quarter of this year. They cited the impact of lower freight rates and operational disruptions caused by severe weather and the blocking of the Strait of Hormuz as a result of the Iran War. The group reported a net loss of 219 millions euros ($257.00million) compared with a profit?of 446 millions euros in the first quarter?of 2025. Since the U.S. began its attacks against Iran in February, hundreds of commercial ships and up to 20,000 mariners have been unable to pass through the Strait of Hormuz. This vital energy-trade waterway has been practically closed. In a statement,?Chief executive Rolf Habben Jansen stated that the first quarter of 2026 had been unsatisfactory. Weather-related supply chain disruptions as well as pressure on freight rates led to lower results. The group confirmed its outlook for EBITDA between $1.1 and $3.1 billion in 2026, as well as earnings before tax and interest (EBIT), between a loss and profit of $1.5 billion.
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Alstom's operating profit is flat due to delivery issues and offset orders
Alstom reported a stable full-year adjusted operating income on Wednesday as weak deliveries on'some large train contracts' offset a strong order intake, underlining the execution problems behind its recent cash cautions. The French train manufacturer reported that adjusted earnings before interest and tax were 1,17 billion euros ($1.37billion), giving a 6.1% margin, compared to 1.18 billion euro and the same margin one year earlier. In a press release, new CEO Martin Sion stated that "our priority is to improve the execution quality, including tighter daily project management, strengthened planning discipline, and improved coordination between?engineering and supply chain, as well as manufacturing." This result is the result of a decision made by Alstom in April to renounce its three-year forecast for cash flow after project issues?harmed near-term margins. The company has also reduced its operating margin goal for 2026/27 to 6.5%, from an earlier 8% to 10%. EQUITY RAISE RULES Alstom has also tried to calm down market concerns about its balance sheet. Chief Financial Officer Bernard Delpit said to reporters that Alstom has ruled out any capital increase. This was something some traders feared following the latest profit warning which sent 'the shares down by 30%. He said that "our figures, which we'll refer to as credit metrics, are exactly in line with what Moody's is looking at for 2026, with our announcements and forecasts for 2027 and with expectations of the agency." Alstom has issued two major cash warnings since the end of 2023. This raises investor concerns over contract execution, debt, and liquidity.
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TUI's quarterly loss shrinks on booking resilience in spite of Iran War
Europe's largest tour company, TUI, ?posted a slightly narrower-than-expected second-quarter adjusted operating loss ?on Wednesday thanks to ?resilience in ?bookings. The?German tour operator reported a loss for the March 31 quarter of 188 millions euros ($221million), 9% less than the year before, despite the 40 million euro hit caused by the Iran War that forced flight cancellations and ship rerouting. Analysts surveyed by LSEG projected a loss of 194 millions euros. "The very good results give us confidence for the second half." Due to geopolitical challenges and dynamic operating conditions this will require a great deal of dedication and flexibility, Chief Executive Sebastian Ebel stated in a press release. The company has confirmed that it will achieve an operating profit adjusted between 1.1 billion and 1.4 billion euro for the financial year 2026. This is in line with its April forecast. TUI suspended its revenue forecast for the upcoming fiscal year in April due to the spiraling jet fuel prices and the uncertainty surrounding the war in the Middle East. Airlines have warned about the impact of the war on the travel industry, and tourists are booking more trips at the last minute to avoid any disruption.
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China's fishing vessel raises concern off Argentina
A radio on an Argentine Coast Guard ship picked up a garbled Mandarin message from boats nearby. The vessels were part of a fleet of 200 Chinese fishing boats that spend several months each year in the waters off South America, primarily to catch squid for 'the world's biggest squid markets'. Over the past decade, the size of the flotilla increased by almost 50%. Buenos Aires increased its surveillance in that period to ensure the flotilla didn't fish within the exclusive economic zones where Argentina controls all maritime resources. Interviews with four Argentinean and four U.S. officials revealed that Washington also had concerns about overfishing outside of the country's borders, and suspicions about intelligence gathering. Washington began highlighting global overfishing of Chinese-flagged ships in the late 2010s when the first Donald Trump Administration started to stress U.S. rivalry with Beijing. Trump, who extended a $20 billion financial lifeline to the government of Argentinean leader Javier Milei last year, has declared U.S. 'dominance' over the Western Hemisphere as a major objective of his administration. Washington is at odds with China because it has invested heavily in Latin America over the past 20 years, including Argentina. Beijing has built port facilities in Brazil and Peru, developed Venezuela's petroleum sector and established a military-run station for space observation in Argentina. In response to questions, the Chinese Foreign Ministry stated that suspicions about intelligence gathering surrounding the fishing fleet are "pure speculations without any factual foundation." The ministry stated that "China is an responsible fishing nation. It strictly enforces the regulations of its distant water fishing activities, and engages in mutually beneficial fishing cooperation with the relevant countries according to international law." The U.S. helped Argentina improve its patrols to protect its waters against illegal fishing. This included approving the purchase of P-3C Orion maritime reconnaissance aircraft, which are U.S. origin. Marcelo Rozas, vice-minister of defense for 2025, has said that Argentina had suspicions about some Chinese fishing vessels being equipped with antennas which are incompatible with fishing activities. He said that they may have been looking to intercept communications or information, but did not provide any details on the antennas. Buenos Aires, Washington, and Argentina have discussed Chinese vessels observed by Argentina moving in a way that indicates they may be mapping the continental plate for undersea resource, said Juan Battaleme. Only Argentina is allowed to explore and exploit the resources in its shelf under international law. Washington was worried that China's fleet is being used to establish a regional presence, and to?test Argentina’s ability to control their waters in the South Atlantic which provides access to Antarctica, and other important water passages. People interviewed for this article did not offer any evidence to support their suspicions. The review of maritime movement from January 2025 until March 2026, using a ship tracking platform developed by New Zealand's Starboard Maritime intelligence?found no evidence that Chinese-flagged ships were engaged in mass seabed map activity around Argentina at that time. Data from the firm did not exclude such an activity on a smaller-scale. Battaleme, without revealing any details, said that Argentine officials notified Beijing whenever incidents of possible seabed map mapping were spotted. He said that the Chinese officials responded with "ambiguous excuses"?about why a boat's trajectory had been changed. China's Foreign Ministry ?did not address a question on its interactions with Argentine officials in its statement.Argentina's defense ministry and coast guard did not respond to requests for comment. A spokesperson from the U.S. Department of Defense declined to comment on specifics of the private diplomatic or intelligence discussions with Buenos Aires. However, Washington viewed Argentina as a "key leader in regional safety." A Pentagon spokesperson stated that the Pentagon was concerned about activities which "challenge sovereign nations' ability to manage their waters" and "aware of the global concerns regarding dual-use nature certain distant-water fisheries fleets". MASSIVE FLEET The size of China's massively subsidized far-water fishing fleet is the root cause of global overfishing concerns. It is the largest fleet in the world. According to the London-based ODI Global, China's naval fleet is composed of over 16,000 boats. However, in 2023 the Chinese government stated that this number was only 2,500. Oceana, a U.S. nonprofit organization, said that last year about half of visible global fishing activities can be attributed Beijing. Chinese fleets have expanded around the world, largely because Beijing has overfished its own coasts and depleted stock levels. Collin Koh is a security expert at Singapore's S. Rajaratnam School of International Studies. He said that such fleets in the South China Sea include militia units, whose members are fishermen by day but who can be called upon to assist Beijing with security tasks. Gregory Poling, an expert in maritime security at the Center for Strategic and International Studies (CSIS), said that he saw no evidence of systematic militia activities by the Chinese off the coast of Latin America. He said that China had not acknowledged publicly the presence of commercial vessels in its maritime miltia. U.S. officials who are studying the Chinese presence in Argentina "wonder... whether these boats played any role in gathering intel for the Chinese," according to Jana Nelson, the top Pentagon official in the Biden Administration for this region. She stated that she didn't know if the conclusion was reached. The fleet is located near strategic waters. U.S. aircraft carrier ships pass through the Strait of Magellan which connects the Atlantic Ocean and Pacific Oceans, and offers an alternative to the Panama Canal. Despite Milei’s friendship with Trump, and his previous remarks that Argentine waters are "invaded" by illegal fisherman, his government has avoided mentioning China directly when discussing the foreign vessel. Other countries operate fishing boats as well. While most are Chinese-flagged, there are also other nations that operate in this area. Battaleme stated that unlike Washington, Argentina does not have a rivalry strategic with China. Beijing, Argentina's largest trading partner since March, buys important agricultural exports such as soybeans and cattle. Beijing has become a major player in the investment world, investing money in sectors ranging from renewable energy to infrastructure and lithium. Battaleme said that it was in Argentina's best interest to find out if China gathers intelligence by using its fleet. He said that in this sense, North American interests and ours coincide. 'SURPRISE FACTOR' The majority of the squid-fishing near Argentina occurs at night when boats use beams to attract Illex Squid migrating into the high seas. Trawlers drag nets during the day to capture other fish. Argentina raised its concerns about overfishing in discussions with Beijing and other countries, hoping to achieve an agreement that would protect the stock. "They are fishing viciously in the region," said Marcela, a specialist on squid at Argentina's National Institute for Fisheries Research and Development. I was aboard the Argentine Coast Guard ship Azopardo when it sailed outside the EEZ of the country, towards the bright lights from the fleet's squid boat. On the radar screen, a red line marked where the EEZ began. Outside were hundreds of green triangles that represented foreign boats. Bruno Cian, auxiliary coast guard officer, said: "The idea is that there should be a surprise element." To see who is infringing." Even as recently as 2016, Argentina sank an illegally fishing Chinese trawler. The days of coast guards chasing boats on the high seas, firing warning shots to try and capture them for fishing illegally are over. The data from the Coast Guard shows that there were only four suspected incidents of illegal fishing by foreign vessels in the EEZ during 2021-2025. Battaleme stated that "we are certain that the Chinese now know that we can monitor them." Reporting by Leila Mille in Buenos Aires, and Farah Masters in Hong Kong. Additional reporting by Pete McKenzie. Editing by Katerina Ang.
Zelenskiy warns Ukraine of Russian drone attacks in daylight
The Ukrainian president Volodymyr Zelenskiy warned against possible Russian drone attacks on Wednesday. He said that over 100 drones were in Ukraine's airspace. Moscow has shifted its tactics and is now attacking more during daylight hours.
Zelenskiy wrote in a post to X that "Russia is continuing its strikes, and doing so brazenly – deliberately targeting our rail infrastructure and civil sites in our cities."
Since the start of the war, more than four years ago now, Russia has carried out most major drone and missile attacks at night. During the daytime, Russia has sent hundreds of missiles and drones in recent weeks.
On March 24, it set a record for the number weapons used. The civilians are most affected by attacks during the day.
"It's important to resist every attack with resilience." Zelenskiy said that it is crucial to support Ukraine, and not be silent about Russia's conflict.
Ukraine's air force has reported that Russia had attacked the country with 139 drones between 6 pm (1500 GMT) and 1 am (03:00 GMT) on February 14. Of these, 111 were either downed or neutralised.
Moscow has denied intentionally targeting civilians, but it admits that thousands of civilians have been killed during the war. It also says that strikes on civil infrastructure are justified if they 'degrade Ukraine’s warfighting capabilities. Kyiv recently intensified its long-range attacks against Russia's energy sector, albeit on a smaller level. (Reporting and editing by Peter Graff. Anna Pruchnicka)
(source: Reuters)