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FedEx reports higher quarterly results and raises the low end of its full-year profit estimate
FedEx reported higher profit and revenue for the second quarter on Thursday, and raised?the lower end of its earnings forecast for the full year. Peak-season pricing and cost-cutting measures helped offset softer shipment volume. Memphis-based 'package delivery' company reported an adjusted profit for the second quarter ending November 30 of $1.14 Billion, or 4.82 cents per share. This is up from $990 Million, or $4.05 cents per share a year ago. After-hours, shares of the company rose 1.4% to $291. FedEx is pursuing a multiyear cost overhaul, which began in 2023. The company aims to save billions by idleing aircraft, closing sites and integrating its previously separate Ground and Express Operations. The?company aims to save an additional $1 billion for the fiscal year that ends in May 2026. "We executed our growth strategy successfully and advanced our transformation of our network, while navigating a challenging external environment," said CEO Raj Subramaniam. The U.S. manufacturing sector contracted for the ninth consecutive month, in November. Factories faced slumping orders, and increased prices for inputs, as import tariffs continued to drag on production. This meant that FedEx's business-to-business shipping volumes were affected. FedEx and UPS rivals are seen as barometers for the global economy due to their wide customer base, which spans industries?and geographical areas. FedEx is now projecting annual profits of $17.80 - $19.00 per share. This is a significant increase from the previous range of $17.20 - $19.00. It also raised its 2026 revenue outlook by 5% to 6.0%, up from its previous forecast of 4% to 6.0%. FedEx surprised Wall Street with a 3% revenue?growth year-over-year in the quarter ending August. It has also?maintained this momentum with a second quarter of revenue growth. The company's sales have been on a recent upswing. FedEx also confirmed its capital expenditure and cost-saving plans and said that it is on track to spin out FedEx Freight by June 1, 2026. Reporting by Lisa Baertlein from Los Angeles, and Abhinav Paramar from Bengaluru. Editing by Alan Barona.
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FedEx reports higher quarterly results and raises the low end of its full-year profit estimate
FedEx reported higher profit and revenue for the second quarter on Thursday, and raised its low-end earnings forecast. This was due to a combination of cost-cutting and peak-season pricing measures that helped offset softer shipment volumes. Memphis-based package company, Memphis Package Delivery, reported an adjusted profit for the second quarter ending November 30 of $1.14 Billion, or $4.82 a share. This is up from $990 M, or $4.05 a share, one year earlier. FedEx is pursuing a multiyear cost overhaul?since 2023. It aims to save billions by idleing aircraft, closing sites and integrating the previously separate Ground and Express operations. The company is aiming to save an additional $1 billion for the fiscal year that ends in May 2026. The company's projected annual profit is now $17.80 to $9.00 per share. This is a significant increase from its previous range of $17.20 to $9.00. It also raised its revenue forecast for 2026, predicting a 5% to 6 % year-over-year increase, up from its previous forecast of 4% - 6%. FedEx surprised Wall Street with a 3% increase in revenue over the previous year for the quarter ending August. FedEx shares were up 2% on the year at the end of Thursday's trading, while UPS shares were down 19%. Reporting by Lisa Baertlein from Los Angeles, and Abhinav Paramar from Bengaluru. Editing by Alan Barona.
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US House passes bill speeding up energy infrastructure approvals despite environmental concerns
The U.S. House of Representatives approved legislation Thursday to'streamline environmental reviews' and speed up permitting for data centers, factories and large energy infrastructure projects. This is in line with President Donald Trump’s plan to boost the energy sector, but conservationists are opposed, claiming that it could harm public water and air supplies. The SPEED Act sponsored by Republican Bruce Westerman faces opposition from Democrats in the Senate who want to see the legislation benefit clean energy projects and other related transmission projects. The bill was passed by 11 Democratic votes, despite concerns that the amendments that were added in last-minute negotiations wouldn't help permit renewable energy projects which Republican President Trump wants to block. Industry groups have welcomed the passage of the 221-196 Bill on Thursday. They said it was the first "meaningful reform" to the National Environmental Policy Act, which can speed up infrastructure projects. Anne Bradbury is CEO of the energy lobby group AXPC. She said, "Today's voting marks a turning point to fix America's broken permits system and lower energy prices for all Americans." Environmental groups called on the Senate to reject it, claiming that it would cause environmental harm. The bill is a "free pass" for industry, while it ignores science and the public's input. Camden Weber is a climate and energy specialist at the Center for Biological Diversity. He said that this would 'jeopardize communities' access to clean drinking water and air, and increase climate risks. Reporting by Richard Cowan, Valerie Volcovici and Nichola Grroom in Washington; editing by Nia William and Aurora Ellis.
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A small plane that was linked to former NASCAR driver Biffle crashed on landing in North Carolina
According to records and the Federal Aviation Administration, a Cessna C550 business plane linked to the former 'NASCAR driver Greg Biffle crashed on Thursday as it returned to Statesville Regional Airport. The Iredell?County Sheriff's Office told local media that there were many fatalities in the crash, but they did not specify how many or who was aboard. Public records indicate that the plane is owned by GB Aviation Leasing which shares a similar address to?Biffle. FlightAware?, an airplane tracking website, reports that the plane was bound for Florida, but shortly after takeoff, it attempted to return in bad weather to a North Carolina airport around 10:15 am. Local media and social networks posted a picture of a large fire near the wreckage. The National Transportation Safety Board will send a team to the site and brief the media on Friday about the investigation. At a press briefing, officials from the city said that the airport had been closed following the incident. The debris on the runway must be cleared before the airport can reopen. Reporting by David Shepardson, Washington; editing by Chizu Nomiyama
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One killed and power damaged by Russian shelling near Odesa
Russian strikes near Ukraine’s Black Sea Port of Odesa?on Thursday?killed a woman?in her vehicle?and damaged infrastructure?and asked residents who have been suffering from long power outages to stop blocking the roads in protest? Oleh Kiper of Odesa, in a Telegram post, claimed that a Russian drone had killed a woman who was driving her car across a bridge southwest of Odesa. The incident injured her three children. Kiper asked residents who have experienced extended power outages in their homes to show patience and remove roadblocks. Kiper stated that the energy infrastructure of Odessa has suffered extensive damage as a result if enemy attacks. "Power crews work around the clock and are doing everything they can to restore electricity to each home as soon as possible," Kiper said. The Ukraine border authority said that Russian attacks had halted the transport on the route connecting Odesa with?the Danube River Port of Reni. It said that border crossings into Moldova were also affected. Reporting by Ron Popeski, Editing by Chizu Nimiyama
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US Energy regulator orders PJM to implement rules on AI connections
The U.S. Energy regulator directed the largest U.S. Grid Operator, PJM Interconnection on Thursday to establish rules for the connection?of artificial-intelligence-driven data centres and other large electrical loads located?next? to power plants. AI supporters and others who consume large amounts power argue that placing them close to power plants can offer efficiency benefits. This includes reducing the need for transmission lines. Opponents claim it could damage grid reliability, and increase power bills in surrounding communities. Federal Energy Regulatory Commission (FERC) said that the decision will protect consumers throughout the mid-Atlantic'region, which includes 13 states plus the District of Columbia and about a fifth of Americans. Laura?Swett said that the order would be a "monumental move towards fortifying America’s national and economical security in 'the AI revolution, and ensure that power rates will remain "just and reasonably." After the onset of the influx of renewable energy, power bills are expected to continue rising. PJM Wednesday The new record capacity prices reflect the fact that data centers are using more electricity than they can supply. Energy prices have been intensified by the expansion of Big Tech data centers, which has caused a 1,000% increase in PJM's so-called "capacity" prices over PJM's roughly two-year time period. Problems with affordability The region is home to many people who work and live there. PJM's rising costs have impacted power bills across the grid territory. Some areas saw a jump of more than 20 percent in their utility bills since last summer. FERC also 'took aim at PJM’s open access transmission rate, which the operator claims governs its services to?allow a fair wholesale electricity market. The agency said the tariff was "unjust because of the lack of clarity, consistency, and fairness in the terms and conditions." The agency ordered PJM's tariff to be revised to include the terms and conditions that interconnection customers must follow when using generating plants to serve colocated loads. PJM didn't immediately respond to a comment request. (Reporting and editing by Timothy Gardner)
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Poland allocates 3.4GW of offshore wind power in its first auction
Poland's energy regulator - URE - announced on Thursday that it had allocated 3.4 gigawatts of?capacity at its first competitive auction for offshore wind. This is a positive sign for the renewables sector, after recent setbacks on neighbouring markets. The auction was viewed as a Investor confidence in offshore wind is increasing after U.S. president Trump's opposition towards renewable energy effectively The U.S. and recent?auctions held in Denmark, Germany and the Netherlands did not attract bidders. URE reported that Poland awarded 25-year contract?at a range of 476.88 zlotys (133.09 dollars) and 492.32 zlotys for megawatt hours, which is just?slightly lower than the maximum levels set by the regulator of 485.71 to 512.32 zloty for megawatt hours. PGE, the state-controlled utility, secured a?contract for 975MW at 489zlotys/megawatthour?while refiner Orlen was awarded a contract?for 900MW at a cost of 476.88zlotys/megawatthour? A consortium consisting of Polenergia, Equinor and the Norwegian company Equinor won a contract worth 1,56 GW for 492.32 zlotys/megawatt-hour. Offshore wind is crucial for Poland to bridge a looming gap in energy. Coal power has been phased out and nuclear energy will be available years from now. Its proximity to Russia also increases the importance of energy independence. Under ?the terms of the auction, support is offered to winners in the form of ?a contract-for-difference (CfD). Developers are guaranteed a fixed electricity price. Costs or savings will be passed on to consumers depending on wholesale price fluctuations. URE reported that the total amount of electricity covered under the contracts awarded in this auction was over 330 terawatt hours (TWH), nearly twice as much as Poland's last-year consumption. Poland plans to hold similar auctions twice a year until 2031. The regulator stated that the projects which won the auction had a deadline of seven years to start supplying electricity to the grid. $1 = 3.5832 Zlotys (Reporting and editing by Susan Fenton, Matt Scuffham and Rafal Nowak)
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Kuwait will sign a $4 billion port deal with China's CCCC in the next few days
Noura Al-Mashaan, Minister of Public Works in Kuwait, said that Kuwait will sign a deal with China Communications Construction Company next week to 'complete the Mubarak Al-Kabeer Port Project. According to the official journal, the 'Central 'Agency for Public Tenders has approved a contract on December 1, between the Ministry and CCCC for the engineering, procurement, and construction of port’s first phase. A government document seen by revealed that the contract is worth 1.219 billion Kuwaiti Dinars ($3.97billion). Al-Mashaan, a Kuwaiti news agency, said that the prime minister would?attend the ceremony of signing with the Chinese side. Mubarak al-Kabeer Port, located on Bubiyan Island, in northern Kuwait is "a strategic project" aimed at creating a safe regional corridor and a commercial hub. China is trying to connect it with its Belt and Road Initiative. Kuwait hopes that the project will help support economic diversification and boost GDP, as well as help it?restore their regional commercial and financial roles. The government has said that about half of the first phase is complete but did not provide any details regarding remaining work. Kuwait has a number of mega-projects that it is working on with Chinese assistance, including power plants and water treatment facilities, waste recycling and renewable energy projects. Kuwait signed several Memorandums Of Understanding?with China during a 2023 visit to Beijing of then Crown Prince Sheikh Meshal al-Ahmad, Al-Sabah. He became the emir in Dec 2023.
Since 2022, the Russian port has seen a record-breaking increase in the number of urals discounted.
Calculations showed that discounts for Russian Urals oil reached a record high in the state's port - despite weaker demand from Asia and high freight costs - due to western sanctions.
The European Union (EU) imposed sanctions Thursday on 41 additional ships of the shadow fleet of Russia, bringing the total to nearly 600.
As part of its efforts to increase pressure on Moscow, Britain sanctioned more Russian oil companies and Murtaza Lakhani, a Canadian-Pakistani millionaire.
Estimates place the discount on Urals cargoes delivered to Indian ports as about $21.50 a barrel, free-on-board from Russia's Baltic port of Primorsk or Ust-Luga and around $20 from Novorossiysk.
The discount on Urals shipped to India's West Coast on a "delivered ex-ship" basis has risen to $7 or more per barrel, up from $1 to $2 in August, according to traders.
Many refiners were cautious due to existing sanctions and could be introducing new ones. According to traders, January-loading Urals crude oil?cargoes cleared very slowly.
PLATTS WINDOW
The traders reported that no bids or offers for Urals, Azeri BTC, and CPC Blend were made on Thursday.
According to traders, shipping data, and three sources from the company, Venezuela's state oil company, PDVSA, resumed loading crude and gasoline cargoes at terminals on Wednesday after suspending operations on Sunday because of a cyberattack. However, most exports are still on hold, as the U.S. has threatened to enforce a ban on tankers that violate sanctions. Reporting by Shailesh Kumar; Editing by Shailesh Kumar
(source: Reuters)