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Kazakhstan's oil exports from January to July to Germany have risen 38%
Kaztransoil, a pipeline company, said that Kazakhstan's oil exports from Germany to Russia via the Druzhba pipe for January to July jumped 38% on an annual basis to 1.086 metric tons (37.550 bpd). The barrels-per-ton ratio was 7.33. The company reported that the total amount of supplies through the Druzhba pipe in July was 160,000 tonnes, which is the same as June but up 11,000 tons compared to the same month last. Kaztransoil reported that the oil exports through the Baku, Tbilisi and Ceyhan (BTC), pipeline rose 10% compared to the same period in last year. The total was 923,000 tonnes. The volume in July was 138,000 tonnes, down from June's 148,000 tons. The BTC crosses Azerbaijan and Georgia, as well as Turkey, to allow Kazakhstan to export crude oil via the Caspian. This route allows Kazakhstan to bypass Russia in its commodity exports. It is the largest landlocked nation on earth. Over 80% of Kazakhstani oil is exported via another pipeline, operated by the Caspian Pipeline Consortium. This pipeline connects Tengiz in western Kazakhstan, as well as a few other fields with a marine port near Russia's Black Sea Port of Novorossiisk. David Goodman is responsible for reporting and editing.
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Northvolt's creditors will suffer a great deal of loss if the company files for bankruptcy, says a trustee
The bankruptcy of Northvolt will result in a large loss of funds for many of its creditors, said the process trustee on Friday. He added that the sale of Northvolt to the U.S. startup Lyten was a major achievement. Northvolt's unsecured creditor list includes its biggest shareholders Goldman Sachs, and Volkswagen, whose brands Scania Porsche and Audi had been customers of the battery manufacturer. Lyten, backed by Jeep owner Stellantis, and FedEx delivery service, announced on Thursday that it would purchase the majority of Northvolt. This move offers a chance for the European firm to regain its former prominence as a regional answer to Asian rivals. Northvolt, which owed more than $8 billion dollars in debt, filed for bankruptcy in November last year. The trustee didn't specify how much creditors might lose in the bankruptcy process. The bankruptcy trustee Mikael Kubu stated that the acquisition of Swedish assets would be completed by the end October, while the transaction abroad will take "a little more time". Marie Mannes is reporting, Essi Lehto is writing, Emelia Sithole Matarise and Kirovan Donovan are editing.
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Expedia shares surge on positive forecasts and US travel rebound
Expedia shares surged by more than 17% on Friday in premarket trade after the online travel agency raised its forecast for full-year gross reservations and expressed optimism about the recovery of U.S. demand. Expedia is the newest travel company to suggest a recovery in demand. This follows a dip earlier this year, when consumers were worried about the economic impact President Donald Trump’s tariff policies. Ariane Gordon, CEO, said in the earnings call held on Thursday that "since the beginning of July we have seen a rise in travel demand in general, especially in the U.S." The company now expects gross bookings in 2025 to increase between 3% and 5%. This is an increase of 1 percentage point over its previous forecast. Morningstar analyst Dan Wasiolek predicts that bookings will continue to grow at a faster rate, reaching 7% by 2026. This is due to the improvement in demand and policy visibility. Travel spending was disrupted by tariffs, but it seems that prospective U.S. travellers are willing to book again, said Danni Hewson. Expedia also focuses on simplifying the organizational structure of its company by eliminating roles, streamlining operation and deploying generative AI technologies. The company exceeded its May guidance for a 75 to 100 basis point increase in the second quarter. Michael Bellisario, Baird analyst, says that the most important takeaway from this report is Expedia's commitment to a strategic approach and its tighter control of expenses. Expedia, along with industry peers Marriott and Airbnb, also noted that bookings were strong from consumers who earned more money. Lower-income consumers, however remained cautious about their discretionary spending. Expedia shares are trading at about 12.01 times the estimated future profit, which is below the industry average of 14.19. Reporting by Aishwarya Jain, Bengaluru. Editing by Devika Syamnath.
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China closes the gap with US to become Germany's largest trading partner
The German Statistics Office released preliminary data showing that China was close to surpassing the United States in the first half 2025 as Germany's biggest trading partner. German exports to America were declining amid increased tariffs. Calculations show that German exports and imports to the U.S. amounted to 125 billion euro ($145 billion) between January and June. Trade with China was 122.8 billion euro. Vincent Stamer is an economist at Commerzbank. He said that although the U.S. managed to maintain its status as Germany's top trading partner, it was only a razor-thin lead in German trade with China. In 2024, the U.S. overtook China as Germany's number one trading partner. This ended an eight-year streak of China. Germany was trying to reduce its dependence on China. Berlin blamed political differences with Beijing and accused Beijing of unfair business practices. In 2025, the trade dynamics will shift again with Donald Trump returning to the White House, and new tariffs. In July, the EU-U.S. trade agreement set tariffs of 15% on most products. Juergen Matthews, director of the Cologne Institute for Economic Research's international economic policy, said that the losses in German exports will continue to grow and may even increase as the year progresses. German exports to America fell by 3.9% in the first six months of the year, to 77.6 Billion Euros. Commerzbank predicts that new U.S. Tariffs will slow Germany's Exports to the U.S. between 20% and 25% in the next two Years. Stamer stated that "China is likely to return to the top of Germany's trading partners by the end of the year." CHINESE IMPORTS SURGE In the first half of 2018, imports from China increased 10.7% compared to last year, and reached 81.4 billion euro. Stamer stated that German consumers and companies find it difficult, "to replace Chinese products" Carsten Brzeski is global head of macro at ING. He believes that the rise could be a sign that China is redirecting its trade from the U.S. into Europe and flooding the German market with cheaper goods. Matthes, of Cologne Institute, says that a significant undervaluation in the yuan compared to the euro makes Chinese imports more affordable. Exporters struggled amid increasing competition from Chinese manufacturers. A sharp drop in exports to China combined with a surge in imports has resulted in a record-breaking trade deficit of over 40 billion euros. This is only second to the one set by 2022. Matthes stated that "all these developments harm the German economy, and worsen the industrial crisis."
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Boeing's CEO brought the company out of a nosedive but there are new challenges ahead
After taking over the company during Boeing's worst crisis in decades one year ago, Kelly Ortberg stopped its freefall. He faces new challenges, including ramping up jet manufacturing, revitalizing the struggling Defense and Space division, and returning profitability to the legendary planemaker. Ortberg had retired to Florida and was enjoying a comfortable retirement when Boeing's Board offered him the job of CEO at a company that was losing money and suffering from a damaged reputation. After a midair panel blowout in January 2024 on a new MAX, the crisis deepened. This prompted his predecessor to leave and brought back memories of two deadly MAX crashes in 2018 and 2019. These crashes killed 346 people. Ortberg promised to restore trust and stay close to the factories, as well as ensure Boeing met their commitments to quality, safety, and transparency. Boeing has had a series of successes since then: It has improved the efficiency and quality of the 737 line; it has navigated the trade policies of President Donald Trump; it has reached an agreement with the U.S. Department of Justice, to drop prosecutions over the crashes; and signed blockbuster deals for airplanes. The stock of the company is up 39% compared to a year earlier, and has seen its biggest gains in recent months due to an increase in 737 production. Boeing, however, is still losing money. It trails Airbus on the single-aisle aircraft market. It struggles to fix its space programs and its defense programs. Ortberg's first challenge is to increase production of the 737 MAX back to levels seen before the crisis, and then beyond. This will allow Boeing to replace this model with a future model. The biggest risk that Boeing faces in the future is whether they become a great company or a mediocre one. Ron Epstein is an aerospace analyst at Bank of America. Boeing refused to allow Ortberg to be interviewed. CULTURE CHANGE Ortberg is an Iowa native who spent years climbing the ranks of avionics company Rockwell Collins. He became CEO, and led it through a number of deals that resulted in aerospace firm RTX. He retired in 2021. Jans Timmers who worked directly for Ortberg at Rockwell Collins recalled Ortberg telling him, when dealing with an expensive program, "Put everything on the table and we'll deal with it." "And that is what he does at Boeing right now," he said. Boeing, once hailed for its role in winning World War II and putting men on the Moon, had been associated with cutting corners, prioritizing profit over quality and misleading regulators. Ortberg focused on fixing the basics, reducing defects, eliminating work that was out of sequence, and improving the overall build quality, rather than just pushing out more jets. "Give it a damn!" "Give a damn!" became one of Boeing’s core values under Ortberg. He introduced it to the employees in April. Alaska Airlines CEO Ben Minicucci said Ortberg was a great example of a leader who chose to be physically present in the factory, where he lived. Minicucci stated, "They are walking on the floor and they feel what is going on." "That's a different experience than in the past." TRUMP TURBULENCE Ortberg had to deal with one of the most difficult challenges facing any CEO in the United States this year: managing Donald Trump. In February, the U.S. President publicly criticized Boeing for delays and cost overruns in the Air Force One Replacement Program. Trump and Ortberg celebrated a record-breaking widebody order with Qatar Airways in May, despite the tension. Ortberg, along with other aerospace leaders, worked behind the scenes to manage Trump's volatile policies on trade, which has largely spared new tariffs for the industry. Jeff Shockey is Ortberg's biggest hire. He was brought in to be Boeing's top advocate. Shockey has a long history as a political operative with experience in aerospace. Boeing requires Federal Aviation Administration (FAA) support to increase production and certify the new jets. It also needs continued federal funding to develop the F-47, named for Trump as the 47th President. Richard Aboulafia, managing director of AeroDynamic Advisory, said: "It is impossible to imagine doing any of this without an experienced head at Boeing's Washington operation." Ortberg's struggles have not been easy. Last year, he struggled to bring an end to a seven-week strike by 33,000 union workers who assemble Boeing jetliners along the West Coast. The strike deepened divisions within the company. Separately, 3,200 workers from a union that builds fighter jets began a strike on Monday. The company continues losing money - $643 millions through the first half year - and Ortberg pushed back certifications for the 777-9, and the 737 MAX smallest and biggest variants - the MAX 7 & 10 - to next year. Ortberg now must prepare Boeing for a new plane launch this decade to reclaim market share lost by Airbus. Or risk being relegated as an after-runner for another decade. Ortberg played down the importance of the upcoming year when asked during a recent earnings conference. He said, "It is just one day at the time. Improve our performance, address issues we have, rebuild trust with our customers and end users of our product," he added. (Reporting from Seattle by Dan Catchpole; Editing by Joe Brock & Rod Nickel)
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HSBC adds space to Canary Wharf as a result of the HQ squeeze
HSBC signed a lease for extra space in Canary Wharf, before moving its global headquarters from East London's financial district. This was due to a lack of space in its new planned base in central City of London. Memo said that the banking giant had signed a contract for a certain number of floors in 40 Bank Street. This is not far from its 45-floor skyscraper at Canary Wharf. HSBC will take 210,000 square feet of the Bank Street Building, according to a source familiar with the matter. It was previously reported that the lender will move its London headquarters to a building about half its size, near St Paul's Cathedral. However, it had realized it would not have enough space, and had assessed other options. Bloomberg reported previously that HSBC had been in talks about leasing the space located at 40 Bank Street. HSBC’s decision will give a boost to Canary Wharf. The value of the offices has declined since the COVID-19 outbreak and several planned departures, including HSBC. In recent months, several companies have taken up space in the district, due to the shortage of high-quality space, especially in central City of London. Canary Wharf Group, the landlord, announced this week that BBVA, a Spanish bank, has signed a 250,000 sq ft lease in Canary Wharf. Fintech Zopa will also be moving its headquarters there.
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African Development Bank will lead efforts to raise $7.8 billion for new Ethiopian Airport
The African Development Bank said it will lead the charge in raising $7.8 billion to build a new Ethiopian airport. The airport, when completed in 2029 will be the largest on the continent and have a capacity of 100 million passengers per year. The African Development Bank said late Thursday that the appointment of its lead arranger was a reflection of its role as a catalyst in the advancement and development strategic infrastructure on the continent, and its demonstrated leadership in structuring complicated transactions. State-owned Ethiopian Airlines has signed an agreement to design the four-runway Airport near Bishoftu. This is located around 45 km south of Addis Ababa. Mesfin Tasew, the Chief Executive Officer of Ethiopian Airlines, said that the total cost for the airport would be $10 billion. The airline will provide 20% of funding, and the remainder from creditors. He had stated last year that Bole Addis Ababa International Airport (the current hub of Africa's largest airline) would soon be able to serve 25 million passengers annually. The bank announced that a formal signing ceremony with Prime Minister Abiy Ahmad and the head of the bank will take place on Monday in Addis Ababa. (Reporting and editing by Barbara Lewis; Additional reporting in AddisAbaba by Dawit Endeshaw; Reporting by George Obulutsa)
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Bpost's earnings for 2025 are at the upper end of its guidance following Q2's beat
Bpost, the Belgian postal operator, beat expectations for quarterly profits on Friday. The acquisition of Staci last year was a major boost. Bpost also said that it expects its operating earnings will reach the upper range of its guidance in 2025. In February, it forecast earnings before interest and tax (EBIT), which ranged between $175 million and $200 million. This was reaffirmed in June despite the two-week strike in the first quarter that affected results. Bpost's adjusted earnings per share (EBIT) rose by 1% in the second quarter to 58.3 millions euros ($68.3 million), boosted by contributions from Staci, a logistics company acquired in August 2024. In a recent statement, CEO Chris Peeters stated that Staci's contribution in growing our 3PL business (third-party logistics) in Europe "confirms the importance of this acquisition for our future." Bpost surveyed analysts who expected an average quarterly adjusted EBIT to be 47,9 million euros. During its June capital markets day, the group said that it expects EBIT to grow faster from next year. It aims for a figure above 275 millions euros in 2027. The group also hopes to surpass 5 billion euros of revenue by 2027. $1 = 0.8587 Euros (Reporting and editing by Milla Nissi-Prussak in Gdansk)
US pulls out of carbon talks with shipping and urges others to do the same - document
A diplomatic note stated that the United States had withdrawn from London's talks on decarbonisation of shipping and Washington would consider "reciprocal" measures to offset any fees levied to U.S. vessels.
This week, delegates are in the UN Shipping Agency's headquarters for discussions on decarbonisation initiatives aimed at helping the shipping industry reach net zero emissions by "around 2020".
A proposal submitted by a group of countries, including the European Union to the UN International Maritime Organization was aimed at reaching agreement on the first carbon levy in shipping for greenhouse gas (GHG).
The United States has sent a diplomatic message to its ambassadors that stated, "We reject any and all attempts to impose economic sanctions against our ships based upon GHG emissions or fuel choices."
"For these reason, the U.S. will not be participating in negotiations at IMO 3rd Marine Environment Protection Committee (7-11 April) and urges your Government to reconsider its support of the GHG emission measures being considered."
The note did not specify how many countries of the 176 members of the IMO received it.
The note from Washington stated that "should such an egregiously unfair measure be implemented, our government would consider reciprocal actions so as to offset any fee charged to U.S. vessels and compensate the American public for any economic harm caused by any adopted GHG emission measures."
Washington is also against "any proposal that would fund any other environmental or other projects outside of the shipping sector", according to the note.
When contacted by phone late Tuesday, U.S. officials at Washington declined to comment immediately.
A spokesperson for the IMO said that no communication had yet been received by the IMO.
Environmentalists and investors have called for more concrete actions, such as a carbon tax, to be taken by shipping, which accounts for almost 3% of global carbon dioxide emissions. (Reporting and editing by Sharon Singleton, Michelle Nichols, Gram Slattery, Kate Abnett, Jonathan Saul)
(source: Reuters)