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Didi reports Q2 losses of $350m on lawsuit provisions, despite revenue increases
Didi Global, the Chinese ride-hailing company, reported a net loss of 2,5 billion yuan (US$350 million) in its second quarter, mainly due to a one-off expense, despite revenue growth of 10.9%, largely due to growth overseas. The main reason for the loss was due to a provision made of 5.3 billion Yuan in connection with a shareholder lawsuit that had been previously disclosed. Marketing and other expenses also increased as a result of intensifying competition at home. Didi's dominant position in China’s ride-hailing industry is maintained, but rivals are increasing their pressure. Alibaba and Meituan, for example, have integrated ride-hailing into their broader digital offerings. This has attracted users who prefer super-apps that are consolidated. These platforms act as aggregators and connect passengers to ride-hailing services, including smaller regional operators. The revenue rose from 50.9 billion to 56.4 billion Yuan in the previous year. While still a small part of total revenue, the overseas business has grown quickly, with a growth of 28 % in the second quarter. Didi began expanding its business in early 2023 after a crackdown on the company in 2021, which was triggered by an IPO in the United States without Beijing's consent. $1 = 7.1529 Chinese Yuan Renminbi (Reporting and editing by Toby Chopra, Clarence Fernandez and Brenda Goh)
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Wilhelmshaven, Germany: Second German LNG terminal commercially operates
Deutsche Energy Terminal, the state-owned terminal operator, announced on Thursday that Germany's second LNG import terminal will begin commercial operations on August 29. This is part of a countrywide effort to diversify its energy supply. Germany is now relying on LNG from the sea to replace Russian pipeline gas in response to Moscow's invasion. The country has also increased its imports of Norwegian pipeline gas. DET is responsible to market and operate floating terminals which turn liquefied gas into gas, and feed it back into Germany's Gas Network. DET said in a press release that the testing and commissioning of Wilhelmshaven 2 equipment, which includes features such as subsea gas transfer to an onshore head station to minimize environmental impact, began in May. Peter Roettgen, DET's managing director, said: "Regular operation of the Wilhelmshaven 2 Terminal with the floating storage unit and regasification "Excelsior", can now contribute to supply security and filling storage facilities for gas before the next heating seasons." In a DET round of sales in July, all regasification slots available in 2025 and in 2026 have been placed with players on the gas market. DET has also commissioned two other major partners. The Excelsior ship is owned by the U.S. LNG company Excelerate Energy. German Gasfin Services is responsible for all local management and Lithuanian KN Energies provides commercial and technical maintenance. The vessel can feed up to 1.9 million cubic metres of gas to the onshore grid in this year. This is enough to meet the heating needs of approximately 1.5 million households of four people living in apartment buildings. The amount will increase to 4.6 billion cubic meters in 2026, and again in 2027. (Reporting and editing by Elaine Hardcastle, Vera Eckert)
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After US sanctions, volatility surges in China's oil futures following Yangshan port
The Chinese crude oil and fuel oil futures market has been volatile this week due to concerns that U.S. sanctions against an oil storage facility in East China could prevent the physical delivery of contracts. State Department sanctions were imposed on Qingdao Port Haiye Dongjiakou Oil Products and Yangshan Shengang International Petroleum Storage and Transportation, both in Zhejiang Province. Both companies handled imports of Iranian crude oil on tankers that had been previously sanctioned by the U.S. Chinese majors, as well as international trading companies, store fuel oil in bonded delivery tanks that are linked to the Shanghai Futures Exchange for the settlement of futures contracts at Yangshan. In a recent note, analysts at Guotai Junan Futures stated that "the physical turnover at this location may encounter difficulty. This would result in a decrease in deliverable cargo and storage capacity available on the futures markets." The most actively traded contract on the Shanghai Futures Exchange was the October fuel oil contract. It rose in the following three trading sessions. The contract rose 4% on Monday to 2,878 Yuan ($402.35) per metric ton, with a 162 Yuan difference between high and low for the day. This is the largest gap since the 24th of June, when the global energy markets fell following the ceasefire during the Israel-Iran air campaign. According to LSEG, a total of 842,000 contracts for October were traded on that day. This is up from 630,000 contracts for August 22 and 348 000 contracts on August 21. Two fuel oil traders in China said that the volatility was higher because some investors were betting on the possibility of deliverability problems and traders who held short positions (which would require them to deliver fuel when the contract expires) unwound their positions by purchasing futures. Analysts at Guotai Futures said that if no new delivery warehouses or warehouses of receipts were to appear in the near future, the (fuel oil) prices would continue to be relatively strong. Yangshan Shengang also serves as a delivery location for the crude futures contract of the Shanghai International Energy Exchange. For the four sessions leading up to August 26 the most active crude contract traded on the INE for October delivery gained 3.3%, reaching 497.70 yuan (US$69.58) a metric ton. The contract fell 2.3% on Wednesday with a gap of 15.30 yuan between the highs and lows, the largest since August 4. A crude trader in China said that the market is concerned about taking delivery of oil from Yangshan Storage, which holds oil tied to INE contract. Requests for comments on the increase in volatility were not responded to by either SHFE or INE. When contacted on Thursday, a representative from Yangshan Shengang refused to comment. Investors are waiting to hear from the SHFE about the impact of the sanctions on contract deliveries at Yangshan, according to a trader on the SHFE market. A trader in the market said that the price of marine fuel at the two key ports of Zhoushan and Shanghai has risen because sellers raised their prices due to the volatility. Data from sources revealed that the premiums for bunker fuel delivered to container ships, and other vessels in Shanghai and Zhoushan, rose to around $30 per ton compared to Singapore cargo prices for both high sulphur and lower sulphur cargoes. This is nearly double what they were at the beginning of August. Sources: ($1 = 7.1529 Chinese Yuan Renminbi). Reporting by Chen Aizhu and Jeslyn Liu; Editing by Florence Tan, Christian Schmollinger.
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Ryanair will cut 1 million additional passenger seats in Spain this winter, Europa Press
According to Europa Press, senior executive Eddie Wilson reported that Irish budget airline Ryanair will reduce the number of flights between regional airports and Madrid in response to an increase in fees by Aena (the state-controlled airport operator), according to Europa Press. According to Europa Press, the airline will announce officially on Wednesday a reduction in its capacity from and to regional airports of about one million seats over the winter. Wilson is the chief executive of Ryanair DAC - the largest of the five subsidiaries operated by the Ryanair Group. Ryanair, Spain's largest airline by passengers, announced in January that it would reduce 800,000 seats at regional airports during the summer. Aena did not respond immediately to a comment request. The agency approved an increase of 6.5% in airline fees for next year to partially fund the expansions of the airports in Madrid, Barcelona and other cities. (Reporting and editing by Inti landauro)
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Europe gas markets escape hectic LNG summer storage race: Bousso
Gas traders in Europe have been racing against time to fill up depleted storage facilities before winter. As demand on Asian markets is waning, Europe will see a spike in liquefied gas imports. This will give traders and governments more breathing space. It was once considered a niche issue to ensure that European gas supplies are at maximum levels before the cold weather arrives. But it has now become a political necessity after Russia's invasion of Ukraine 2022 led to a sharp reduction in pipeline gas imports. The EU implemented rules in that year that have since been relaxed, requiring that storage reach 90% capacity each November. These measures created price distortions and disrupted the supply, leading to a frantic scramble to get supplies. This year, there is no rush to buy. Gas Infrastructure Europe's (GIE) data shows that European storage capacity is at only 76%, or approximately 85 billion cubic meters, as of 25 August. This is down from 92% one year ago, and the 10-year-average of 80.5%. According to Kpler data, the region's LNG imports dropped from an annual peak of 11 million metric tonnes in March to an estimated 7.4 million tones in August due to a weaker regional market and stronger purchases from Asia. This is similar to the spike in Asian LNG imports in August, when they reached 26 million tons. In February, this had dropped to 21 million tons. The Asian market is expected to be significantly slower during the remainder of 2025, due to large inventories in China and other import nations. This will free up LNG volumes to Europe. The increase in LNG imports will help to offset the decrease in regional supplies due to seasonal maintenance being completed on several Norwegian gas fields until late September. Storage is set to reach 90% easily by the start the heating season, in October. No scrambling needed. SUPPLY BOOM The summer LNG storage filling frenzy will not return to Europe for at least five years. According to LSEG, the global LNG capacity will increase from 550 billion cubic meters last year to 649 bcm by 2026 and 890 bcm by 2030. According to LSEG, the growth was mainly driven by the United States. Exports to the United States in the first seven month of 2025 were up 22% compared to a year ago, to 83 bcm. This is due to the start-up of several large Gulf Coast LNG liquefaction plants, including Venture Global’s Plaquemines. According to current projections, while the supply and demand are expected to be roughly equal this year, there will be a glut in 2026 of up to 200 bcm. A large disparity between supply and demand will lead to a reduction in LNG production. The United States is likely to be the first to cut back, as its producers are more price sensitive than those in other regions. CONSUMER IMPACT The weather will have a significant impact on gas prices in Europe during the winters to come. Last winter, for example, was much colder than previous ones, causing a huge draw in inventories that pushed up prices. For the moment, however, the growing oversupply on the market is good news for the consumers. They will benefit from several years with relatively low LNG prices. This, in turn, may help stimulate industrial activity in Africa. This market dynamic may allow European leaders to also breathe a sigh if relief. They could achieve their dual goal of reducing their reliance on Russian supplies of gas while also lowering the energy bills of their citizens. You like this column? Check out Open Interest, your essential source for global commentary on financial markets. ROI provides data-driven, thought-provoking analysis. The markets are changing faster than ever. ROI can help you keep up. Follow ROI on LinkedIn, X.
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Wall Street Journal August 28,
These are the most popular stories from the Wall Street Journal. These stories have not been verified and we cannot vouch their accuracy. Japan's Sompo Holdings announced that it would acquire Bermudian insurance company Aspen Insurance Holdings, for approximately $3.5 billion. Robert Primus was fired by Donald Trump, the U.S. president, as a member of Surface Transportation Board. This is a U.S. regulatory agency that oversees railroads. The White House announced on Wednesday that U.S. Centers for Disease Control and Prevention director Susan Monarez was fired less than a week after her inauguration. Four senior officials also resigned over growing tensions regarding vaccine policies and directives for public health. As tariffs increase costs for U.S. manufacturers and retailers, Flexport, a tech-focused freight forwarder joins forces with BlackRock in order to double the amount of its supply-chain funding pool. Lynas Rare Earths has announced its plans to raise $488 million via an equity offering in order to accelerate its expansion. However, it warned that the proposed processing facility for heavy rare earths in Texas might not go ahead. Amazon is extending its corporate employee programs, including the pay structure and benefits to U.S. employees of its Whole Foods supermarket chain, in an effort to better integrate its grocery business.
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UAW members strike at GE's Evendale and Erlanger facilities
UAW President Shawn Fain announced that members of the United Auto Workers at GE Aerospace’s Evendale, Ohio plant and Erlanger distribution facility in Kentucky went on strike Thursday, after failing to come to a new agreement. Evendale builds industrial and marine engines for the U.S. Navy. Erlanger supplies parts to the company's other engine plants. The strike is the latest in a series of strikes that have swept through the aerospace and aviation industries. Unions are flexing their muscle to win new contracts, amid a high demand for skilled workers. In the past two years, workers in all sectors have been pushing for higher wages and better job protections. Local union chapter in the area represents more than 600 workers at both sites. The union members voted by majority to strike if no new agreement could be reached by the afternoon of August 27. A GE Aerospace spokeswoman said that the company had activated a detailed contingency plan, adding it was "disappointed", the union decided to go on strike before the employees were given a chance vote. Reporting by Shivansh Tiwary, Bengaluru; Additional reporting by Harshita Menaktshi, Mrinmay dey and Maju Samuel; Editing and Sonia Cheema.
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ADIA invests $1.5 billion in GLP, a logistics firm
The two companies announced on Thursday that GLP, a global logistics builder and investment company, has received up to $1.5 billion in funding from an Abu Dhabi Investment Authority wholly-owned affiliate to support its next phase of growth. Initial capital investment of $500,000,000 is included in the deal. The funds will be used to bolster Singapore-headquartered GLP's presence in logistics, digital infrastructure, and renewable energy, the companies said in a joint statement. A person who has knowledge of this matter declined to name themselves as the information is not public. The investment is in response to the growing demand for digital infrastructure and logistics. The demand for artificial intelligent services and high growth potential has prompted a surge in investments into data centres. GLP operates in Brazil, China and Europe. It also develops and manages data centers, renewable energies, and other technologies. GLP Capital Partners, the group's asset management division, manages assets worth around $80 billion. ADIA had been investing in GLP funds for some time, but this is the first instance that the largest sovereign fund in the UAE has become a shareholder of the group. GLP announced earlier this week that it had secured 2.5 billion Yuan ($349.51 millions) from Zhejiang-backed investors for its China data center operations. GLP reported that its annual revenue from data centres grew by 43% to $193 millions in May. In November last year, it was reported that GLP aimed to list in Hong Kong by 2025, eight years after the company was privatized. GLP is still planning to list in Hong Kong, but not this year. This was confirmed by a person familiar with the company's plans and another source. GLP has declined to comment on the listing plan. In 2017, a Chinese consortium, including Hopu Investment Management, Hillhouse Investment and GLP CEO Ming Mei backed, bought the Singapore-listed company private for S$16 Billion ($12.47 Billion). GLP sold its international business to Ares Management Corp. for $3.7 billion. The payment was made in cash, with $1.8 billion being paid in cash, and the remainder in shares. ($1 = 7.1529 Chinese Yuan Renminbi) $1 = 1.2827 Singapore Dollars (Reporting and editing by Kane Wu)
French and Benelux stocks: Factors to watch
Here are some company news and stories that could impact the markets in France and Benelux. EIFFAGE, a France-based construction company, published its H1 net income group shares at EUR 308 millions and confirmed their 2025 outlook. ID LOGISTICS, a French provider of logistics and transportation services, reported underlying EBITDA at EUR 267 millions for H1. RAMSAY SANTÉ: The company reported a net loss of EUR 54,1 million for the FY.
RENAULT/STELLANTIS:
Data from the European Automobile Manufacturers Association showed that new car sales in Europe increased 5.9% in July, as an increase in Germany offset declines in Britain, France, and Italy.
Pan-European market data:
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(source: Reuters)