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New York Times Business News - July 23,
These are the 'top stories' from?the New York Times?business?pages. The?New York Times has not verified the accuracy of these stories. The Florida teenager who sued Meta for claiming that the company's social media apps caused his depression and anxiety dropped his lawsuit. Sony Pictures Entertainment announced that it will reopen the Cinerama Dome, Hollywood by 2028 after a renovation. This was in response to a growing demand from younger audiences for premium movie experiences. Three U.S. Airports are the first to adopt the new "private screening" model of the Transportation Security Administration, despite the staunch opposition from the union representing thousands of T.S.A. workers. workers. - ?U.S. Trade Representative Jamieson Greer said to Congress on Wednesday, that there was a "national emergency" in trade and that the administration was still determined to use tariffs as a tool for economic transformation.
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Channel Tunnel operator: EU software problems could delay biometric checks
Getlink, the operator of the Channel Tunnel, warned on Thursday that software problems could cause the biometric phase to be delayed past the original deadline of September 6, affecting car passengers who use the tunnel. The Chief Executive Yann Leriche stated that the biometric component for the new Entry/Exit System has yet to be implemented in passenger vehicles. He also warned that the software at the European level is not fully stable. Travel disruptions during holiday seasons are a concern for airline groups as well as British authorities. Leriche said to reporters: "I won't tell you that we're not experiencing any problems, but there is one problem?that impacts us all and?for which there is no immediate solution. The software provided by the European Union." Getlink, the company that operates the Channel Tunnel on a concession lasting until 2086 has invested EUR80,000,000 ($91,000,000) in preparing its terminals for EES. Leriche reports that the queues in the tunnel are generally only one or two hour long, as opposed to?significantly more delays' reported at certain airports. All this bad press, especially coming from the British, because 80% of tourists are British, creates an impression that the problems can't be solved. But, if we do our jobs, they're largely manageable. The Paris-based firm also announced that it had filed a lawsuit against the British government for revaluing business rates, which tripled their annual tax bill. Leriche stated that the company would give the UK government until the end the summer to reconsider their position before launching a formal legal challenge. Eurotunnel's owner has raised its guidance for full-year earnings to EUR835 to EUR870 millions, up from EUR820 to EUR860 in the past, and assumed only limited disruptions due to the rollout of the new entry system. $1 = 0.8763 Euros (Reporting and Editing by Edmund Klamann; Gianluca Nostro, Zakarya Melani)
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Indian billionaire Adani considering starting an airline, sources say
Two sources who have direct knowledge of the situation said that Indian billionaire Gautam 'Adani's group is considering launching a new airline. This could reshape the competition in a market currently dominated by IndiGo &?Air India. Sources declined to be named because they weren't authorised to talk to the media. According to the first source, India has been encouraging business groups to start an airline, including Adani. This is due to the ongoing scrutiny of Air India after 'last year's crash, and IndiGo's operational problems that led to 'widespread disruptions in December'. Adani?did not immediately respond to?questions from?. Reporting by Abhijith Gaapavaram and Aditya Kalra, Editing by Jacqueline Wong & Jamie Freed
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Wall Street Journal, July 23,
These are the most popular stories in the Wall Street Journal. The?has not?verified these stories and?does not?vouch for their accuracy. Union Pacific has struck a deal with Canadian National Railway in which it will give Montreal Railway more access to the Midwest, in exchange for the company ending its opposition to Norfolk Southern's merger with the American railroad. After the companies made concessions in relation to film distribution, the European Union has approved Paramount's $81 Billion bid to purchase Warner Bros Discovery. IBM CEO Arvind Krsna urged the company to shift its sales force away from large licensing deals and towards consumption-based cloud-based models after lowering its revenue growth forecast for the full year. Taco Bell executives held late-night meetings to discuss the chain's response to an outbreak of cyclospora linked to shredded romaine lettuce. Officials diverted supply trucks and mobilized field teams to remove cases of contaminated romaine lettuce. Prologis, a U.S. warehouse owner, increased its final bid for U.K. competitor Segro from?14 billion pounds to $ 18.74 billion and has ruled out any further increases. Penske Corp and Mitsui offered $210 per share for the sale of Penske Automotive Group, a potential deal worth $3.78 Billion.
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Indian billionaire Adani considering starting an airline, sources say
Two sources who are 'directly familiar with the matter' said that the 'group of Indian billionaire Gautam adani is pondering launching a brand new airline. This could reshape the competition in an industry dominated by IndiGo &?Air India. Sources declined to be identified as they weren't authorised to speak with the media. According to the first source, India has been encouraging business groups to start an airline, including Adani. This is due to the 'ongoing scrutiny' of Air India following 'last year's crash' and IndiGo's operational problems that caused widespread air traffic disruptions in December. Adani?did not immediately respond?to questions?from. Reporting by Abhijith Gaapavaram and Aditya Kalra, Editing by Jacqueline Wong & Jamie Freed
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Freight forwarder Kuehne+Nagel lifts 2026 operating profit forecast
Swiss logistics group Kuehne Nagel raised its 'operating profit' guidance for 2026 on Thursday. It cited strong performance in the second-quarter and its efficiency measures. The freight forwarder that operates in over 100 countries forecasts recurring earnings of between 1.35 and 1.55 billion Swiss Francs ($1.66 to $1.91 billion), up from its previous range of 1.25 to 1.40 billion Swiss Francs. A poll conducted by the company showed that analysts were expecting a median operating income of 1.41 billion Swiss francs in 2026. The recurring EBIT for last year was 1.24 billion Francs. In recent weeks, several major logistics companies have raised their earnings forecasts. They cite resilient demand, despite the economic uncertainty. K+N's second-quarter earnings, before interest and tax, grew to?381 millions francs, up from?342 million in the previous year, exceeding analysts' median expectations of 356 millions francs. The CEO Stefan Paul stated that "The Kuehne+Nagel Group achieved significant momentum in the 2nd quarter of 2026. This once again demonstrated its ability to position itself successfully in the market."
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Swiss stocks: Factors to be on the lookout for July 23
Here are a few of the major factors that may affect Swiss stocks this Thursday: COMPANY STATEMENTS GIVAUDAN Reports a?H1?net profit?of CHF475 million. CEMBRA MONEY BBANK Reports H1 Net Income CHF 92.3 Million. SFS GROUP Reports H1 adjusted margin of EBIT 13.3%. TEMENOS The company reaffirmed their full-year guidance for 2026 and?2028. KUEHNE UND NAGEL Reports Q2 revenue of?CHF 6600 Million NESTLE H1 results due. H1 results due. Galderma H1 results due. ANALYSTS' ?VIEWS CICOR TECHNOLOGIES LTD : BERENBERG ?CUTS TARGET PRICE TO ?CHF 165 FROM CHF 170 VAT GROUP AG : BERENBERG RAISES TARGET PRICE TO CHF 640 FROM CHF 600 ECONOMY No major Swiss economic data ?scheduled. (Reporting by Zurich newsroom and Gdansk newsroom) |1|For Top News in ?a multimedia Web format on ?Eikon visit: ?https://bit.ly/2NDFd6g FOR RELATED PRICES, NEWS AND OTHER TOPICS, DOUBLE-CLICK ?ON: Daily Swiss stock market ?report in German All SMI constituent stocks DJ STOXX index Top ?10 STOXX sectors Top ?10 EUROSTOXX sectors Swiss ?mid-cap index Swiss all-share index Swiss market digest Sector overview All Swiss news Swiss research news All equity news SPEED GUIDES: |1|
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EIA data show that the US demand for jet fuel reached a record high last week due to the Soccer World Cup.
Data from the U.S. shows that the demand for jet fuel in the U.S. reached a record last week, as soccer fans descended on New York and New Jersey to watch Spain play Argentina in the World Cup final. Energy Information Administration reported on Wednesday. The data shows that the U.S. jet fuel product supplied, which is the EIA’s way of measuring the demand for fuel based on how much fuel is leaving refineries and primary sources of supply, reached 2.15 million barrels a day in the week ending July 17. EIA data shows that the previous weekly record was 2,11 million barrels per day in December 2017. Giovanni Staunovo, an oil analyst at UBS, said that the World Cup was probably responsible for the increase in jet fuel demand. The first North American World Cup for more than 30 years was attended by record numbers of fans, who overcame early concerns about the impact that FIFA's high ticket prices and visa uncertainties in the U.S. might have on the world's largest sporting event. Analysis showed that more than half of the group stage matches had a capacity crowd, with the rest being only a few hundred people short. On July 19, the final match of the tournament, in which Spain defeated Argentina's defending champions in a dramatic, tense affair, took place in a New Jersey stadium packed with over 80,600 spectators. U.S. Transportation Security Administration reports that more than 2.9 millions passengers have passed through its airport security checkpoints in July. The increase in air travel during World Cup was welcome news for U.S. refining companies, who had been focusing their operations on maximizing jet fuel production over the?recent months as the Iran War?raised concerns about supply?around the globe and drove record demand to U.S. exports of fuel. EIA data shows that U.S. refiners and fuel blenders produced jet fuel at an average of 2.14 million bpd last week and 2.18 millions bpd in the previous week. This was a record for this time period. This year's World Cup, which was played in three countries (U.S.A., Canada, and Mexico), has seen a surge in air travel. In a June report, the International Air Transport Association stated that "fans following their team across venues will create inter-regional and cross-border flights." (Reporting and editing by Shariq Khalifa, Liz Hampton)
Sicily's Cyclone Harry tests Italian insurance requirements
* Insurance coverage for sea storm surges is not mandatory
Consumer confidence could be undermined by a case, warns regulator
EIOPA data shows that Italy has the largest gap in Europe between insurance coverage and catastrophe risks.
By Giselda Vagnoni
CATANIA (ITALY), July 23: A cyclone which caused more than EUR1billion ($1.14billion) of damage on Sicily's coastline has exposed Italy's push to expand mandatory insurance for natural disasters.
Many businesses were not covered for the risks that they faced in January when Cyclone Harry hit from Messina all the way to Syracuse. Some discovered that their policies covered earthquakes, flooding and landslides, but not storm surges or damage caused by cyclones.
"If I'm near the sea, I will insure against a?storm surge,?not a river flood," Luca Faro said, the owner of a restaurant located in the small town of San Giovanni Li Cuti.
Faro claimed he had suffered damages of about EUR400,000 to his windows, roofs, and refrigeration equipment as well as lost income for two months, yet received only EUR20,000 from the state and nothing from insurance, despite having a mandatory policy. It was introduced in Italy last year that businesses must have insurance on assets like equipment, buildings, and land. Those who do not opt-in could lose access to disaster assistance.
It is not unusual for small and medium sized businesses, which are the backbones of Italy's economic system, to rely on government assistance after climate-related catastrophes.
Unipol estimates earthquakes, flooding and storms will cost the Italian government around EUR7 billion per year. With the?public debt expected to be the highest in the Euro zone, Rome cannot afford to continue to pay for rising costs.
Sicily's Business Association called the financial fallout of Cyclone Harry "paradox", which will lead to thousands of companies receiving little or no compensation.
"Technically, businesses are insured, but they lack coverage in practice for the actual damage that has been incurred," said Marco Causarano. He is the head of the small-business lobby Confindustria, in the eastern city of Catania, Sicily.
Guenther Thallinger, Allianz's board member, said that mandatory insurance is "very,?rarely, a solution". Instead, the discussion should be focused on risk awareness and adaptation, as well as risk avoidance.
Scientists claim that a moist atmosphere and warmer seas linked to climate changes exacerbated the storm by increasing wind speed, rainfall, and coastal flooding.
The highest wave ever recorded by the Italian Institute for Environmental Protection and Research, ISPRA, was 16.66 meters (55 feet) on January 20.
Catania's normally bustling beachfront is still plagued by damaged roads and shuttered businesses five months after the storm.
The aftermath of the cyclone could undermine trust in catastrophe insurance, just as the European Union pushes businesses and insurers to shoulder a larger share of climate-related loss.
A report from the Brussels-based think tank Bruegel found that EU weather and climate catastrophes cost EUR822 billion between 1980 and 2024. Of this amount, a quarter occurred in the past four years.
The report stated that only around 25% of the disaster losses in Europe were insured. Italy was behind many other European countries.
Adolfo Ulso, the Minister of Industry and Commerce, said that Italy had to protect itself from catastrophic events like Cyclone Harry which "had never been anticipated" before. He did not elaborate.
ITALY HAS ONE OF EU'S WIDEST PROTECTION GAPS
The EIOPA, the insurance regulator of the European Union, said that Italy had one of the largest gaps in the coverage for natural catastrophes and the risk associated with them.
Analysts said that the "protection gaps" will likely widen due to climate change, which is expected to bring stronger storms and more intense heatwaves in the Mediterranean.
Unipol reported that of the approximately EUR101 billion cumulative losses in Italy between 2014 and 2025, EUR18,7 billion were covered by insurers, and the remainder by the private sector and public sector.
Italy's mandatory insurance against natural disasters (Nat-Caf), is intended to close that gap. ANIA reported that although only 15% of Italy's 4.5 million business were insured by the end of 2025 coverage had doubled within a year.
Paolo Angelini is the head of Italy's insurance watchdog IVASS.
"Mandatory Insurance... marks a significant achievement?after 30 years' of botched efforts." Angelini stated in June that the standard contract only covers some risks and excludes others.
He added that a gap between the risk faced by companies and the insurance they purchase could weaken confidence in the industry, reduce take-up rates and make it harder to pool premiums.
Sicily's Business?Lobby claims that the problem is compounded because policy terms impose deductibles up to 15 percent and exclude business interruption. This leaves companies with a large portion of the damages as well as lost revenue.
If you want to cover your company for adverse weather conditions such as cyclones, storms, hurricanes and hail, then you will need a weather-related event policy. This does not include storm surges nor damage from rough seas.
"I paid EUR1,500 to the Nat-Caf, but only received the EUR20,000 contribution that the state?gave everyone," said Pinella?Alia, who runs a?Catania beach club, adding that she couldn't find an affordable storm surge policy.
Insurance gaps have implications that go beyond disaster recovery. Without reliable coverage, banks could be less willing than ever to lend. Investments may slow down and the pressure on government finances will increase.
Insurance companies are likely to increase premiums and reduce exposure in areas of high risk, fueling concerns about the emergence of "insurance deserts", such as those in California and Florida.
There had never before been a Cyclone Harry along the east coast of Sicily. Angelini, from IVASS, said that if it happens again within five years, insurance rates will rise.
(source: Reuters)