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Delivery Hero is committed to Spanish company Glovo
Delivery Hero said on Friday that it was committed to continuing to operate its Spanish subsidiary Glovo, despite warnings about potential social security charges. In 2021, Spain passed a law granting workers rights in the gig economy. This required food delivery platforms to hire riders on formal contracts. Glovo was fined for non-compliance from 2022 to 2023. The company claimed it had won some cases after appealing. Delivery Hero converted its Spanish freelancers to full-time staff last year. This resulted in a loss of 100 million euros in earnings, and a fall in the company's share price. A spokesperson stated on Friday that there are costs associated with the old engagement model. However, we are working to resolve this. Our H1 results show that we are in a good financial position. We remain committed to running Glovo in Spain. A spokesperson for the Spanish company said that it was also making "great advances". Delivery Hero's Thursday earnings report stated that Glovo could be exposed to additional charges and penalties for social security, and rider reclassification risks ranging from 658 million euros up to 923 millions euros, mainly in Spain. In its earnings report, it stated that "If these risks were to materialise in full, such payments could not be met within (the unit's) operating business activities unless additional financial support from Delivery Hero." It said that there is "significant uncertainty" about the ability of Glovo Spain, as a company, to continue to function. $1 = 0.8542 Euros (Reporting and additional reporting by Linda Pasquini, Editing by Kirsty Donovan and Matt Scuffham).
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Dreamfolks, an Indian airline, says that three customers will terminate lounge service contracts.
Dreamfolks, an airport lounge access provider in India, announced on Friday that it would be terminating contracts with three of its clients, including Encalm Hospitality - the third largest lounge operator in the country. Dreamfolks, in a filing on the exchange, said that Adani Digital and Semolina kitchens would also terminate their contract. It said that the termination of these contracts would have an impact on Dreamfolks financial operations. However, it did not provide any further details. Dreamfolks, an aggregator which connects lounge operators to card networks and passengers began as airport operators who wanted direct lounge access. In July, the company announced that it would be closing certain programs for Axis Bank clients and ICICI Bank customers. Dreamfolks' CEO Liberatha Kallat said to CNBC-TV18, a news broadcaster, that the decision was made after "pressure tactics from two large airport operators who entered the same business." Kallat didn't name the operators. Arun Bansal said on LinkedIn shortly after that India's "fintech" revolution had eliminated the need for intermediaries across all sectors. Dreamfolks announced in a filing that it has expanded its international market in response to recent developments. The shares of this company have fallen 64% in the first six months of this year.
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Norway's gas network enters peak maintenance as it prepares for winter duty
As Europe's largest supplier prepares the system for winter demand, maintenance at major gasfields and onshore processing facilities will reduce Norwegian natural gas supplies by about a third in the first half September. Alfred Skaar Hansen is the head of the system operation department at Norway's Gassco, the operator of the gas infrastructure. He added that the work was carefully planned to minimize the downtime of Norwegian deliveries. The European winter gas season, which is when the highest consumption due to heating demands occurs, begins on October 1 until March 31. Norway was Europe's biggest natural gas supplier after the Russian invasion of Ukraine, in 2022. It supplied about 30% of gas imports into the EU. Gassco has an 8.800 km (5.468) pipeline network that connects Norwegian gas fields with Germany, Belgium France, Britain, and Denmark. Deliveries are usually around 340 mcm (mcm). Gassco data shows that the number of nominations has already fallen to 255 mcm/day by Friday due to some maintenance which began earlier this week. The amount of unavailability will increase from Saturday, and continue to be about 120 mcm/day until September 18. This is due to the larger cuts made at Europe's biggest gas field Troll and at Kollsnes Onshore Processing Plant. Analysts said that the impact of unplanned delays or extensions could be felt on the market. Hansen, Gassco's Hansen, said that the company closely monitors and coordinates all work and will inform any changes via their transparency platform.
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The price of Russian crude oil tanker shipping rose in August due to EU sanctions and higher exports
Trade sources and shipping data show that freight rates for Russian crude oil shipments to India from Baltic ports have increased in August. This is due to new European Union sanctions as well as an increase in demand for tankers following higher loading volumes during this month. Costs of shipping Urals crude oil from Baltic ports like Ust-Luga, to India have risen to $6 million for a one-way trip. This is up from $5.3 to $5.5 millions in July and August. The rates for similar shipments by Suezmax tanks, which are capable of carrying 140,000 metric tonnes, from Russia's Black Sea Port of Novorossiisk have increased to $5.5 million, up from $5.2 millions a month ago. After Ukrainian drone attacks disrupted the refinery operations, Russia revised its crude oil export schedule for August by 200,000 barrels a day. Last month, the European Union and Britain imposed additional sanctions against Russia for its actions in Ukraine. The EU set a price cap for Russian crude that was 15% lower than its average market price. This means that at the moment, the price of a barrel of Russian crude is about $47.60. That's well below the $60 limit the Group of Seven Major Economies has been trying to impose from December 2022. Oil sold above this threshold will be restricted from accessing Western shipping services and insurance. Along with U.S. sanctions, more than 440 tankers of the so-called "shadow fleet" transporting Russian crude oil are subject to sanctions. This includes tankers that Moscow uses to ship oil from Russia to its largest buyers, China, and India. Western shipowners are returning to the Russian oil markets in 2025 despite the sanctions. Urals prices, which have been largely below $60 per barrel since early April and stabilised tanker availability, have been significantly lower than this cap. This has also pushed down freight rates. Greek shipping companies have been active in their efforts to resume services. The freight rates are still high compared to the levels of January 2025, when shipping costs between Baltic ports and India ranged from $4.7 million to $4.9 million for each voyage. Mark Potter, Editor (Reporting)
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Denmark's growth forecast for 2025 is slashed due to the Novo Nordisk crisis
Denmark's Economy Ministry announced on Friday that it has reduced its economic growth forecast for 2025 to 1.4%, from 3%. The ministry cited weaker prospects of pharmaceutical giant Novo Nordisk, and tariffs placed on Danish exports to the U.S. The ministry stated that the pharmaceutical industry faces increasing competition on the market for weight loss products. This has lowered growth expectations. Novo Nordisk's spokesperson declined to make any comment. The six-million-strong Nordic nation has benefited from Novo Nordisk's rapid expansion. It is the maker of Wegovy, a weight loss drug, and Ozempic, a diabetes treatment. The economic growth of Denmark was among the best in Europe last year. This growth was largely due to Novo Nordisk which contributed one-fifth to the employment growth in the country. Denmark is also home to major companies such as shipping group Maersk and brewer Carlsberg. Toymaker Lego, wind turbine manufacturer Vestas and toymaker Lego are all located in Denmark. The country has a highly export-oriented, sensitive economy, but it is aided by a large surplus of savings and strong public finances. Novo Nordisk has cut its sales and operating profit estimates for the full year again this month. The company, which makes the obesity drug Wegovy, is struggling to convince investors that it can compete with the U.S. competitor Eli Lilly in the obesity drug boom. The company that employs 34,000 people in Denmark is now facing layoffs, despite having nearly doubled their total workforce over the past five years. According to the ministry, tariffs on goods exported to the United States, Denmark’s largest export market, will also slow down growth. The ministry said that exports to the United States have seen a significant drop in the first six months of this year after a surge in the final six months of 2024. Exports will grow only 0.9% by 2025, compared to the 4.3% forecast in May. The ministry has increased its forecast of GDP growth for 2026 from 1.4% to 2.1%, largely due to the expectation that private and public expenditure will increase. Reporting by Soren Jeppesen in Bengaluru, Jacob GronholtPedersen in Copenhagen, and Bipasha dey, with editing by Cynthia Osterman and William Maclean
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Data shows that China received its first Arctic LNG 2 cargo before Putin's visit.
Ship-tracking data provided by Kpler and LSEG revealed that China received its first liquefied gas cargo this week from a Russian sanctioned project. This was just days before the meeting between Russian President Vladimir Putin and Chinese President Xi Jinping. Putin will be one of more than 20 world leaders including Indian Prime Minister Narendra modi who will attend on Sunday and Monday the Shanghai Cooperation Organisation Summit in China's northern city port Tianjin, where he expects to meet Xi for a revival of trade between the two countries. After meeting with U.S. president Donald Trump earlier this month in Alaska to discuss a possible peace agreement, the meeting is expected mark another diplomatic victory for Russia. The U.S., European Union and other countries have imposed sanctions on Russia for its full-scale attack in Ukraine in 2022. Data from Kpler & LSEG revealed that the tanker Arctic Mulan LNG - carrying LNG from the Arctic LNG 2 Project, which is the target of the sanctions - berthed in China's Beihai LNG Terminal, located in southern Guangxi, on Thursday. The cargo was delivered from a Russian storage facility that only receives cargoes for Novatek's Arctic LNG 2 Project. This is the first time since the project began last year that supercooled fuel has reached a final user. In a LinkedIn post, Anne-Sophie Corbeau said, "China and Russia have tested the waters." Corbeau is a researcher at Columbia University’s Center on Global Energy Policy. If this deal goes through with no reaction from the U.S., it could send a message to China and other buyers saying that they are ok buying sanctioned Arctic LNG 2 loads. India may be the next to get a Russian LNG shipment, especially if it comes at a good price. PipeChina, operator of the Beihai LNG Terminal, did not respond immediately to a comment request. Arctic Mulan remains near the Beihai LNG Terminal. It has been impossible to locate any contact details for the registered owner of Arctic Mulan, its commercial manager or its ship. Siamak Adibi is the director of gas and LNG supply analysis at FGE. She said that while it may be a politically greenlighted project, Russia and China are unlikely to proceed without assurances that cargo deliveries won't trigger sanctions risks for terminal operators or have further consequences for Russia. Arctic LNG 2 was to be Russia's biggest LNG plant, with a total output of 19,8 million tons of LNG per year from three trains. Adibi stated that if sanctions were lifted on Arctic LNG 2, 12 million additional tons of LNG per year could be available to the market in a relatively short time, which would provide additional relief for supply.
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French and Benelux stocks: Factors to watch
Here are some company news and stories that could impact the markets in France and Benelux or even individual stocks. Air France-KLM Air France-KLM, a French-Dutch airline, issued a 500 million euro note as part of its EMTN program. The note has a 5-year maturity and a coupon rate of 3.75%, while the yield is 3.866%. Carrefour Carrefour, the French retailer, issued a bond of 500 million euros, maturing and settling in December 2028. The coupon rate was 2.875%. Orange French telecom Orange has issued new bonds worth 900 million euro, including a 12-year bond maturing in 2037. The coupon is 3.75%. Schneider Electric Electrical equipment manufacturer Schneider Electric issued 3.5bn euros in EMTN bond across four tranches. A variable-coupon tranche matures in September 2027. Vinci, a French construction and concessions company, reported an increase of 1.0% in the motorway traffic between July 2025 and July 2026. Airport passenger traffic increased 3.6% during this period. Pan-European market data: European Equities speed guide................... FTSE Eurotop 300 index.............................. DJ STOXX index...................................... Top 10 STOXX sectors........................... Top 10 EUROSTOXX sectors...................... Top 10 Eurotop 300 sectors..................... Top 25 European pct gainers....................... Top 25 European pct losers........................ Main stock markets: Dow Jones............... Wall Street report ..... Nikkei 225............. Tokyo report............ FTSE 100............... London report........... Xetra DAX............. Frankfurt items......... CAC-40................. Paris items............ World Indices..................................... survey of world bourse outlook......... European Asset Allocation........................ News at a glance: Top News............. Equities.............. Main oil report........... Main currency report.....
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What the impact of the de minimis exemption on U.S. consumers and businesses
Arriana McLymore & Helen Reid NEW YORK, Aug 29 - The Trump administration ended Friday duty-free imports to the United States of packages valued at less than $800. This so-called de minimis exemption has been a source of controversy. Shipments surge dramatically Global sellers will likely charge higher prices to U.S. customers. On July 30, President Donald Trump announced the end of duty-free parcels for all countries. This will take effect a month after. Tariffs increase the cost of shipments from overseas retailers to the U.S. unless they absorb the tariff costs. This move by the administration expands a move made in May to impose tariffs against these shipments coming from China and Hong Kong. It affects retailers like Shein and Temu who primarily ship out of China. What does the new rule mean for U.S. consumers and small U.S. companies that deal with suppliers overseas? WHY THE MOVE? The Trump administration has taken action against de minimis, claiming that the exemption allowed drug traffickers to send fentanyl-containing parcels into the country. Retailers and industry groups in the United States also oppose the exemption, believing that it gives an unfair advantage to foreign companies like Shein and Temu and some third-party Amazon sellers. Amazon, Shein, and Temu all declined to comment. Prices of goods at Walmart and Target, for example, already reflect the tariffs that retailers pay when they import the products, making them more expensive. What does it mean? The de minimis exclusion enabled an ecommerce boom across borders as U.S. consumers snapped up bargains such as $12 dresses on Temu. Orders valued under $800 were exempt from duty until May 2. In fiscal 2024 1,36 billion shipments were declared as de minimis, with a value of $64.6 Billion. In 2024, according to U.S. Government data, approximately 73% of the de minimis packages that enter the U.S. originate from China. What are the most affected countries? CBP data shows that Canada, Mexico, and the United Kingdom were the next largest senders. Red Stag Fulfillment, a logistics provider, said that other important sources include South Korea. India, Vietnam, and Thailand. Red Stag reported that since the China exemption was removed on May 2, the de minimis volume has already dropped by a third. Customers of small British businesses who sell online to U.S. customers have been alerted to price increases. Merchant & Mills announced, in an Instagram message, that it will increase its U.S. price by 15% for duties. WHAT ARE THE RAPID EFFECTS? This change has caused chaos in the postal services around the world. Australia Post, Britain’s Royal Mail and Germany’s DHL have all halted shipments to America while they adapt. It's difficult for the post office to enter an environment in which they must collect duties when they have never collected duties before, said Clint Reid. Reid is CEO and founder of Zonos whose software allows businesses to calculate, collect, and remit duty. U.S. Customs and Border Protection announced that it would take the necessary steps to implement the Order. As U.S. Customs demands information about the origin and nature of goods, sellers will have to increase their paperwork. The Trump administration temporarily halted its initial ban of de minimis shipments to the United States in February as U.S. Customs piled up packages. WHAT DOES IT MEANS FOR ONLINE RETAILERS Shein and Temu, two of the biggest ecommerce companies in China, have had plenty of time to adjust to this change. Although prices have begun to rise on Shein, the most recent change may place it in a stronger position than its rivals. Yao Jin is an associate professor at Miami University. Jin stated that "it is now economically feasible to ship out from China, on a comparative basis. This is because the costs of shipping directly from other countries have also increased." HOW WILL SMALL BUSINESSES BE AFFECTED BY THE BANKRUPTCY? Some small businesses plan to raise their prices in order to offset tariff costs. Platforms such as eBay and Etsy where small businesses and individuals sell anything from vintage soccer shirts and electronics to consumers, advise sellers to inform their customers of tariff-related increases in price.
Asian spot prices fall on muted demand and ample supply
The Asian spot price of liquefied gas (LNG), despite a lackluster demand, fell this week due to an abundance of supply. A cargo of LNG from a sanctioned Russian facility was also delivered. This added to the supply concerns.
Average LNG price for delivery in October to Northeast Asia
"LNG market mood remained calm, with arbitrage still destined for Europe. Due to the high stock levels and the relatively loosening of Pacific balance, major Northeast Asian buyers are not interested in immediate cargoes.
The risk that Russia's Arctic LNG 2, which is located in China, will ramp up LNG exports significantly has increased since the first cargo was unloaded from the facility. The full and sustained ramp-up at Arctic LNG 2 of the first two train is a significant risk for JKM prices," Sumeet said, referring the Japan-Korea Marker LNG benchmark price assessment.
Martin Senior, head LNG pricing at Argus, stated that the Arctic LNG 2 cargo has impacted on Chinese demand expectations. This has freed up spot LNG supply in other areas.
Siamak Adibi of consultancy FGE, who is director for gas and LNG supplies analytics, says that the additional supply from new projects also puts pressure on prices.
He said that in addition to the ramp-ups at Plaquemines, in the U.S. new projects such as LNG Canada, Greater Tortue Ahmeyim off West Africa, and Congo LNG, could add 0.5 million tonnes per month during July and August. The return of Norway's Hammerfest LNG, after it was offline since May, represents a recovery around 400,000 tons each month.
S&P Global Commodity Insights, a subsidiary of S&P Global, assessed the daily North West Europe Gas Marker benchmark price for October cargoes on an ex-ship level at $10.334/mmBtu. This was a $0.56/mmBtu reduction from the October futures prices at the Dutch TTF Hub.
Spark Commodities estimated the September price to be $10.264/mmBtu.
"In Europe, LNG consumption is low, but the demand for LNG is strong." "Pipeline flows from Azerbaijan, Norway and other countries have been high on average for August. This has allowed inventories to grow," said FGE’s Adibi. He added that Europe’s gas storage now stands at 77%.
The ongoing maintenance of the Norwegian pipeline may support TTF prices for September. If there are no major or unexpected disruptions, prices will likely remain under pressure in October, as European storage continues to increase.
Max Glen-Doepel, Spark Commodities analyst, stated that the U.S. Arbitrage to Northeast Asia via Cape of Good Hope has been widened by a third week in a row to encourage deliveries to Europe. This week, the arbitrage via Panama was also expanded to include Europe.
He added that in LNG freight, Atlantic rates dropped to $34,250/day last Friday while Pacific rates decreased to $33,500/day. (Reporting and editing by Emily Chow)
(source: Reuters)