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PostNL's losses increase amid dispute over Dutch mail delivery obligations
Dutch postal group PostNL announced a larger than expected operating loss for the third quarter on Monday. It cited growing pressures on its domestic mail operations, as volumes are declining and revenues are concentrated on a few large customers. The company and the Dutch government are at odds over the costs of letter delivery across the country, as the number or letters and parcels sent is declining. The company's request for temporary assistance from the Dutch government, and its subsequent appeal, were both rejected. PostNL's normalised losses before interest and tax grew to 24.5 million euros in the third quarter from 18 million euros one year ago. The company polled analysts who expected a loss in the region of 17 million euro on average. Vincent Karremans, Minister of Economic Affairs, announced in October that PostNL will be permitted to extend the personal mail delivery time in the Netherlands from 2027 to three days. This plan was originally scheduled for 2028 or 2030. The two-day delivery plan announced in June will begin in July 2026. PostNL CEO Pim Berendsen, however, said that the proposal was not sufficient to cover the costs for fulfilling the EU mandated universal postal service in the Netherlands, and repeated his call for a urgent change in Dutch postal regulations. Early September, the company asked to be relieved of its obligation to provide nationwide delivery after its last bid for state assistance was rejected. Berendsen stated in the earnings report that PostNL is expecting a decision soon on its funding request for 2025 and 2020 and Karremans response to its withdrawal. The group said that its normalised annual operating result will be similar to last year's, when it reported profit of 53 millions euros.
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Minister says that the counter-terrorism police are unaware of the identity of a suspect in a UK train stabbing.
Transport Minister Heidi Alexander revealed on Monday that a 32-year old British man suspected of stabbing several passengers in a train on the east coast of England had not been known by security or counterterrorism services. Alexander stated that the attack, which was described by police as not being terrorism, left 11 people wounded, including one member of the crew, who is still in critical but stable condition in hospital. By late Sunday, five of the injured were discharged from the hospital. Alexander, speaking to Times Radio Monday, said that authorities had not flagged the suspect who was arrested for attempted murder before the attack. Alexander stated that the man was unknown to both security services and counter-terrorism police. She could not comment if he had been known by mental health services. British Transport Police reported that officers responded within 8 minutes of receiving the first call for help. The scene was a knife and CCTV footage, reviewed by detectives, showed that a member of the train crew intervened to stop the attacker. Alexander stated that "he literally put himself into danger." There are people alive today who will thank him for his actions. The suspect was apprehended after the emergency stop of the train at Huntingdon (about 80 miles north-east of London). Authorities have said that they are not looking for anyone else involved in the incident.
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AviLease, owned by the Saudi Public Investment Fund, plans to issue a 5-year USD bond
AviLease is a jet leasing firm that has been mandated by the Saudi Arabian Public Investment Fund, which manages a $1 trillion fund, to issue a bond in U.S. dollars for five years, according to IFR, a fixed income news service. In September, it was reported that the company had begun discussions with banks about a debut bond. It could also tap into global debt markets by the end of the calendar year. AviLease has appointed Citigroup, MUFG and Abu Dhabi Commercial Bank as global coordinators. They are also active bookrunners and leading managers, along with BNP Paribas First Abu Dhabi Bank HSBC, Mizuho and BNP Paribas. IFR reported that Al Ahli Bank of Kuwait and BSF Capital as well as Credit Agricole and Emirates NBD Capital were joint passive bookrunners, and Riyad Capital, Natixis and SNB Capital were joint lead managers. It said that investor calls will be held on Monday and Tuesday. AviLease was established in 2022 to help PIF build a domestic leasing giant. In 2023, AviLease bought Standard Chartered Aviation Finance for $3.6 billion. (Reporting and editing by Ros Russell; Rachna uppal)
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Bousso: The escalating war against Russia has a big impact on the oil industry in ROI.
Western oil companies have seen their profits soar as a result of the increasing attacks on Russia's energy industry, both in terms of economics and literally. This has helped to alleviate concerns about a possible supply glut and boosted profit margins for global refiners. Since July, waves of Ukrainian drone attacks on Russia's vast refinery and export terminal network have severely impacted the country's refined fuel exports such as fuel oil and diesel. According to Kpler, Russia's seaborne refinery product exports dropped by 500,000 barrels a day in September from their highs of 2025 to 2 million bpd. This is the lowest level for over five years. The reduced Russian exports has boosted global refinery margins. This is good news for energy giants such as Shell, Exxon Mobil, Chevron, and France's TotalEnergies. They operate together nearly 11 million barrels per day, or over 10% of the global refining capability. The fourth quarter saw a combined 61% increase in profits from refinery operations compared to the previous quarter. This contributed largely to the 20% increase in their overall profits. Exxon, America's largest oil company, reported that its earnings in the energy products division rose more than 30% quarterly to $1.84 Billion, mainly due to strong refining margins, "due supply disruptions", the company stated on Friday. BP is expected to report its results on Tuesday and will also benefit from the positive trends in global refining. Refining margins, which are a measure of BP's global operations, increased by 33% in just three months, from July to September. This figure has risen to $15.1 per barrel in the current fourth quarter. The increase in refining earnings is expected to offset the decline in oil prices, as it appears that the market has entered a period of oversupply. The oil majors have also benefited from the volatility created on the energy markets by Western sanctions, and other geopolitical conflict. These trading desks are able to generate large profits by quickly responding to changes in demand and supply dynamics. Shell, the largest oil trader in the world, does not reveal the profits of its division. Shell reported that higher trading and refining profits boosted adjusted earnings by $706m in its Chemicals and Products division in the third quarter, compared to the previous three month. BENEFICIAL BANKS Refining margins will likely remain high in the short term due to recent efforts by Western governments to press Moscow to end its war in Ukraine. In July, the European Union announced that it would ban imports from January 2026 of fuels made with Russian crude oil. The EU wants to close a loophole that existed in previous sanctions packages, which allowed refiners to use Russian crude oil at discounted prices to make diesel and jet fuel and then sell it to Europe. The EU's ban on Russian crude, approved informally earlier this month by the European Union, puts Western oil majors at an advantage, as non-Russian products, including refined products made from non-sanctioned Russian crude, will be in greater demand. Western energy giants received another pleasant surprise when U.S. president Donald Trump sanctioned Russia’s two largest oil companies on October 22, which account for 5% global crude supply, and 3.3 millions bpd in crude and refined products exports. This is roughly half the total of Russia’s crude and refined products. As buyers of Russian crude oil and products, especially in India and Turkey scrambled for alternative supplies, the sanctions increased oil prices and margins. The combination of Western sanctions and drone strikes in Ukraine could lead to a price surge similar to the one that occurred in the aftermath of Russia's invasion of 2022. This would result in record profits for oil majors. Most likely not. Today's oil market is better supplied and equipped to adapt to sanctions. This is especially true given the growth of the "shadow fleet" tankers, which have been able circumvent Western sanctions in order to sell Russian crude oil. The targeting of Russia's gas and oil industry will continue to benefit Western oil majors who enjoy large-scale upstream production, as well as extensive refining and trade operations. Want my weekly column, plus energy insights and links trending stories delivered to your inbox each Monday and Thursday? Subscribe to my Power Up Newsletter here. You like this column? Open Interest (ROI) is 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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Tariff turmoil subsides, allowing industrial giants to regain their footing
This year, industrial companies have experienced a rollercoaster ride as they have tried to adjust their trade policies to those of U.S. president Donald Trump. But this quarter, executives have suggested that confusion is receding, as the corporations have now had more time to adjust higher tariffs on U.S. imported foreign goods. In contrast to the first half, heavy machinery, engine manufacturers and construction firms, which reflect the "real" economy, have been able to navigate the current environment by reducing costs and increasing prices in order offset the tariffs imposed by the Trump administration. Executives say that while there are many concerns for the coming quarters, they no longer feel as unpredictable. Michael Larsen said, "Certainly from a cost perspective and perhaps from a supply standpoint, tariffs are not the kind of main event here" on an analyst call following the results last week. According to an analysis of companies that reported between October 16th and October 31st, the estimated total hit to the global company's bottom line is about $7 billion. However, the markets are only halfway through the earnings season. This figure was between $16.2 billion and $17.9billion in the second quarter. SOLID REVENUES GROWTH LSEG data shows that U.S. Industrial companies are currently reporting the best revenue growth year-over-year since the first quarter 2023, at 6.3%. Caterpillar, a manufacturer of heavy equipment, estimated that tariffs could cost it between $1.5 and $1.8 billion by 2025. After reporting a good quarter and a 12% rise in its shares, Caterpillar's results on October 29 narrowed this range to $1.6 to $1.75 Billion. Joshua Schachter is the chief investment officer of Easterly Asset Management. He said that industrial companies, in general, are managing the uncertainty and changes to the tariff landscape pretty well. UPS and FedEx, two of the world's largest logistics companies, have cut costs in order to compensate for the loss of duty-free status on low-value ecommerce shipments. UPS, however, has also drastically cut its payroll, dumping 48,000 jobs due to the continued pressures on its business in this year. Analysts are concerned that the poor outlook for lower- and mid-income earners, which has affected consumer companies such as Newell, will spread to other sectors of the economy. The Trump administration also reached agreements with many nations to set import taxes between 15% and 20 % for some, after an earlier pause that left them at 10 %. This effect is not yet fully felt. Angela Santos is a partner at ArentFox Schiff and the leader of the customs practice group. "We are only in October, and the reciprocal tariff increases started in August. So it hasn't taken that long." EUROPEAN COMPANIES STILL FEELING THE HEAT The high tariffs have made it harder for some European companies who rely on U.S. exports. Importers in the U.S. are less likely than ever to purchase their products. SKF, a Swedish manufacturer of bearings considered a barometer for global manufacturing, anticipates a weak demand in the short term as customers are still hesitant because of tariffs and uncertainties. "If we get a little more calm and stable, I think that we will see the demand return," SKF's CEO Rickard Gstafson said on Wednesday. HIAB, a Swedish manufacturer of construction equipment, said that since mid-February orders had been slowing due to trade tensions. VDMA (German Engineering Federation), which represents 3,600 companies in the machinery and plant engineering sector, warned that new tariffs could affect more than half of German exports and European machinery if Washington adds more products to its list of steel and aluminum levies. Volkswagen and other European car manufacturers have been particularly hard hit, with Volkswagen reporting a $5.8 Billion tariff in its latest results. Yale's Budget Lab has been tracking U.S. trade policy and says that the effective tariff rate was 18% at mid-October. This is the highest it has ever been in over 90 years. On November 1, the Trump Administration will begin imposing new tariffs of 25% on imports of medium and heavy duty trucks, including 18-wheelers and dump trucks. A 10% tariff is also being imposed on buses imported from abroad. Don Marleau said that the full impact of tariffs will not be felt until industrial companies go through their inventory. In many cases, we haven't yet seen higher tariff costs. "We have higher estimates of tariff costs."
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Ryanair H1 profits beat expectations, pushing up traffic forecast for FY
Ryanair announced Monday that it had achieved a profit after tax for the six-month period ending September, which was just ahead of analyst expectations. It also increased its forecasted passenger traffic due to Boeing deliveries earlier than expected and strong demand in the first half. The Irish airline is the largest in Europe by passenger numbers. It said that it expects to recover its 7% average fare drop from last year during the financial year ending March 31. This should result in a "reasonable growth" of net profit for the entire year. The average fares increased by 13% in the first half of this year. Low-cost carrier Air France reported a net income of 2,54 billion euros (2,96 billion dollars) in the first half of the year. This is the time when the airline makes the majority of its profits due to the busy summer holidays season of the Northern Hemisphere. This was up by 42% compared to 1.8 billion euro in the same time period last year. A poll of Ryanair analysts had predicted 2.5 billion euros. Ryanair is expecting to fly 207 millions passengers by the end of March, an increase from the 206 million forecasted earlier. This was after the airline received 23 MAX 8 aircraft in the first six months from Boeing. In a press release, Chief Executive Michael O'Leary stated that "While Q3 bookings were slightly higher than the prior year (PY), particularly during the peak periods of October mid-term and December, we cautioned that H2 would bring more difficult PY comps, making growth in fare more challenging." ($1 = 0.8575 euro) (Reporting and editing by Kate Mayberry; Padraic Hallpin)
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Forest owner Marinakis provides financial assistance to fans who are caught in stabbings on trains
Evangelos Marinakis, owner of Nottingham Forest, has promised financial support to any Premier League fans who were involved in the mass stabbing on a train in England near Cambridge on Saturday. A series of stabbings resulted in 11 people receiving medical treatment. The only suspect is a 32-year old British man. According to reports in British media, one of the injured is a City Ground season ticket holder. Forest confirmed that many supporters of their team were on their way home after their 2-2 draw at home with Manchester United. Marinakis, the Greek shipping magnate, said that everyone at Nottingham Forest was shocked and deeply moved by what happened in a Sunday statement. "The courage, selflessness and humanity shown by our fans on that train represents both the best of humanity and our club's community. We will ensure that any supporters who are caught up in the incident receive whatever financial assistance they need to be able to get the best medical care possible as they recover." (Reporting by Aadi Nair in Bengaluru)
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This week in Asian Football
Discussion points on Asian football this week: RONALDO DOES THE DOUBLE TO KEEP AL-NASSR PERFECT DURING SAUDI PRO LEAGUE Cristiano Ronaldo’s penalty in 14th minute stoppage time ensured Al-Nassr’s perfect start of the Saudi Pro League Season as Jorge Jesus’ side won 2-1 over Al-Fayha to stay three points ahead after seven matches. Ronaldo equalized with eight minutes remaining in the first-half. The Portuguese striker then sealed the points in the added time of the second period. Al-Taawoun defeated Al-Qadsiah by a score of 2-0, staying second. Al-Hilal climbed to third place after a 1-0 win over Al-Shabab in spite of Kalidou Koulibaly’s red card in the 78th-minute. HIROSHIMA CELEBRATE HI.LEAGUE CUP WIN Sanfrecce Hiroshima won the J.League Cup on Saturday by beating Kashiwa Reysol, 3-1, at the National Stadium of Tokyo. Hayato Araki, from Hiroshima, scored the first goal in the 25th minutes after latching onto Shuto Nakano’s long throw in the six-yard area. Shunki Higashi then doubled the lead with a perfect kick from over 25 yards. Ryo Germain added his third goal to Kashiwa's score after a second long throw from Nakano. Mao Hosoya scored a consolation nine minutes before the end of the first half. SHANGHAI PORT DOWNZHEJIANG TO MOVE CLOSE TO CHINESE TITLE Shanghai Port, led by Kevin Muscat and his team, will have a two-point advantage going into the last day of the Chinese Super League after they defeated Zhejiang FC 3-0 on Friday. This victory puts them closer to winning a second consecutive title. Port's 19th victory of the season was secured by an own goal from Liu Haofan, Wang Shenchao, and Mateus Vital. Shanghai Shenhua, who are cross-city rivals, moved up to second place with a 1-0 victory over Shenzhen Peng City. Chengdu Rongcheng fell to third after their 2-1 loss against Henan FC. AUCKLAND GOES TOP OF A LEAGUE AFTER WIN OVER ADELAIDE UNITED Auckland FC, the hosts of Saturday's A-League matchup against Adelaide United, won 2-1. Louis Verstraete scored with 11 minutes left to give Steve Corica's team seven points after their first three matches, one point ahead of Sydney FC. Al Hassan Toure scored three goals for Sydney during their 4-1 victory over Newcastle Jets. Patrick Wood added the fourth. (Reporting and editing by Michael Church)
Aquilius raises $1 billion for Asia's biggest real estate secondary fund
Aquilius Investment Partners, a Singapore-based company, announced on Monday that it had raised $1.1 billion to fund its second Asia Pacific Real Estate Secondaries Fund, making it the largest in the region.
According to Preqin, secondaries, where investors purchase existing stakes in funds, are the fastest-growing alternative strategy globally.
Data provider predicts that global alternative assets will reach $29.2 trillion in 2029. Secondaries are projected to grow at the fastest rate of 13.1% per year through 2029. This is due to slow exits and increasing private wealth demand.
Aquilius announced in a press release that the fundraising included over $750 millions for AIP Secondary Fund II and related vehicles. This is more than its original target of $700 million. This compares to the more than $400,000,000 raised in 2023 for its first fund.
Aquilius reported that about half of the capital had already been spent on eight transactions.
Aquilius, founded in 2021 by ex-executives of Partners Group and Blackstone, operates, it claims, Asia's largest secondaries real estate platform with 30 professionals working on the ground.
Christian Keiber is the founding partner of Aquilius. He said: "A third of global private markets AUM is located in Asia. Yet less than 10% secondaries capital are dedicated to Asia." AUM is assets under management.
"Combine this with an environment of slow-exits, increased uncertainty, and regulatory driving forces, and you've got a generational purchasing opportunity."
Bastian Wolff is also the founding partner of Aquilius. He said that Aquilius clients are predominantly sovereign wealth funds, pension funds, and governments in Asia and Middle East.
Wolff stated that "their understanding and proximity to the market were key drivers for confidence in our strategy and platform."
Wolff stated that the remaining capital would target diversified exposure in Japan, Korea and India, with a focus on new economy segments such as data centres, logistics and living. (Reporting and editing by Tomaszjanowski)
(source: Reuters)