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Poste Italiane raises its profit forecast after beating Q2 earnings expectations
Poste Italiane raised its profit forecast for the year following a better-than expected second quarter operating result, thanks to its financial services division. The adjusted earnings before interest and tax (EBIT), which is a measure of profit before taxes, rose 10.4% to 864 millions euros ($1.01billion), comfortably exceeding the company's consensus estimate of 790million euros. The financial conglomerate, which is owned by the state, has announced that it will now target an operating profit adjusted of 3.2 billion euros for this year. This is up from 3.1. billion euros as it had originally guided. The total revenues for the third quarter increased by 4.5% to 3.260 billion euro, which was slightly higher than the consensus estimate of 3.206 billion euro. Poste shares rose 2.7% after the earnings announcement, beating a flat blue-chip index in Milan. Poste Italiane is now the largest investor in Telecom Italia, surpassing France's Vivendi. The majority of Poste Italiane's shares are owned by the Italian Treasury, and the state-owned lender Cassa Depositi e Prestiti. $1 = 0.8549 euro (Reporting and Editing by Keith Weir).
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Rotterdam port's throughput drops 4.1% in the first half of 2025
The Port of Rotterdam is Europe's biggest seaport. Its throughput fell by 4.1% during the first half of the year 2025. Dry bulk was down 8.9%, and wet-bulk dropped by 5.3%. In the first half of 2025, total volumes were 211 million metric tonnes compared to 220 millions tons a year earlier. The Port of Rotterdam issued a statement saying that the lack of investment by the market in the sector was a concern. The government is taking positive steps to align the Dutch industry with the neighbouring countries. However, more measures are needed. The port authority reported that its revenues rose 5.2% in the first half of this year, to 462.3 millions euros ($540.75), primarily due to inflation. Earnings before taxes, depreciation, and amortization increased by 1.1%, to 295 millions euros, while the net income dropped by 3.2%, to 143.6 million. ($1 = $0.8549 euro) (Reporting and editing by Louise Heavens; Benoit van Overstraeten)
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The US tariffs and weaker oil are the main reasons for the fall in most Gulf stock exchanges
Gulf stocks fell across all key markets on Monday as investors weighed concerns about U.S. policy in light of an upcoming deadline for tariffs and lower oil prices against strong corporate earnings. According to EU diplomats, the European Union is looking at broader countermeasures against Washington as the prospects for an acceptable trade deal with Washington are fading. The imposition of tariffs by Donald Trump around the globe could harm global economic growth as well as oil consumption. Saudi Arabia's benchmark stock index fell 0.3% on the back of broad sector declines, and lower oil prices. This was after it had experienced its biggest drop in two years during the previous session. Oil behemoth Saudi Aramco slid 0.5%. Oil, a major catalyst for Gulf markets, fell due to fears that a brewing trade conflict between the U.S., and EU, which are the two largest crude consumers, would dampen economic activity, thereby reducing fuel demand. Dubai's main stock index fell 0.5% on the way to a second consecutive session of losses, as investors were cautious ahead of important earnings and secured profits after a multi-year rise. Dubai Islamic Bank (the index heavyweight) fell 1%, and Air Arabia, the budget carrier, dropped over 2.5%. This ended a five session winning streak. The index in Abu Dhabi was under pressure this week as investors stayed away from the market due to a flurry of earnings announcements. AlRayan Bank's 0.4% drop in the stock index of Qatar has weighed on it, and caused a decline from the near two-year high. (Reporting from Amna Mariyam in Bengaluru and Ateeq Sharif in Doha. Mark Potter edited the article.
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Air India confirms that there are no problems with the fuel switches on Boeing 787 and Boeing 737
Air India said that it has conducted precautionary checks on the locking mechanism for the fuel control switch in all of its Boeing 787 aircraft and Boeing 737 planes, but found no problems. Air India's long-haul flights are operated by Boeing 787 twin aisle jets, while Air India Express, the low-cost division of Air India, operates Boeing 737 single aisle jets. The investigation into the Air India crash that killed 241 out of 242 passengers on board, and 19 people on the ground is centered around the fuel control switch on the Boeing 787 jetliner. Within a year after the accident, a final report will be expected. The switches control the fuel flow to a plane's engine. The switches are used by the pilots to shut down or start engines on the ground, or manually stop or restart engines in case of an engine failure during flight.
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World Bank: Indian cities will need $2,4 trillion to invest in climate infrastructure by 2050.
The World Bank stated on Tuesday that India must invest over $2.4 trillion in 2050 for climate-resilient infrastructure to meet the challenges of its rapidly expanding cities, which are increasingly challenged by extreme weather events related to climate change. By 2050, the number of Indians who live in cities will nearly double from 480 millions in 2020 to 951,000,000. The bank reported that erratic rain, heatwaves and rising sea levels make urban areas of the world's largest nation more vulnerable. The report "Towards resilient and prosperous cities in India" warned that India would face increasing costs due to weather-related damages if it did not make large-scale investments into housing, transportation, water and waste management systems. At the launch of this report, Auguste Tano Kouame (the World Bank's India country director) said: "Cities must become more resilient in order for people to live in these cities to be safe." The report was prepared by the Indian Urban Development Ministry in collaboration with the World Bank. The report estimates that urban flooding causes India to lose $4 billion annually. This figure is expected to increase to $5 billion in 2030, and to $30 billion in 2070 if remedial measures are not taken. According to the report, if India's population grows moderately in urban areas, its investment needs will be $2.4 trillion in 2050 and $ 10.9 trillion by 2020. The report stated that "timely actions can prevent billions of dollars in annual damages from flooding and extreme heat, while investing in resilient municipal infrastructure and services." The World Bank said that India spends only 0.7% of its GDP on urban infrastructure. This is well below the global average. It must increase public and private funding. The federal, state, and municipal governments should coordinate in order to provide fiscal transfers that are climate-related and improve project financing. It said that India should increase its partnerships with the private sectors in areas such as energy-efficient water supplies, sanitation, solid Waste Management, and Green Buildings. The report stated that private finance accounts for only 5% of the investment in urban infrastructure. (Reporting and editing by Nikunj Ohri)
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Enagas, a Spanish company, has a positive first-half net result
Enagas, the Spanish gas grid operator, announced on Tuesday that it had made a profit of 176 millions euros ($205.66) during the first six months of the year. This was after it suffered a loss of capital on the sale an asset in America last year. The swing was also influenced by gains from a sale and the revision upward of the amount awarded in arbitration for an investment in Peru. Enagas recorded a net loss in the first six months of 2024 of 211 millions of euros, due to a capital loss of 360 million of euro on the sale an asset in America. The Spanish company is diversifying by managing a hydrogen infrastructure network, as well as focusing on ammonia and carbon dioxide capture. In order to achieve this, it announced earlier this year that it would invest over 4 billion euros in the next decade. More than three-quarters of this amount will be allocated for hydrogen infrastructure. Enagas gained 41.2 million euros from a World Bank decision to increase the amount that the company had been entitled to in an arbitration over an investment for a natural-gas pipeline in Peru known as Gasoducto Sur Peruano. It said that gains from a sale in Mexico brought in another 5.1 millions euros. The company stated that it was on track to meet its goals for the year.
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Drop in US Treasury yields benefits Indian rupee
The Indian rupee edged slightly higher on Tuesday, and the dollar-rupee premiums increased as fears over the economic impact of U.S. president Donald Trump's tariff war pushed down the yields on U.S. Treasury bonds, the greenback, and crude oil. The rupee was slightly higher at 86.2650 against the U.S. Dollar by 11:10 am IST than it had been when it closed earlier that day, at 86.2925. In Asia, the dollar index remained at 97.9 after falling by 0.6% on Monday. This was due to a drop in U.S. Treasury rates that saw 10-year yields reach a two-week low. The yields on short-term U.S. Treasury bonds also declined, helping to boost the premiums for long-term dollar-rupee forwards. The implied yield on the 1-year dollar rupee rose to a two-week-high of 2.03%. A fall in rupee liquidity in the banking system also helped boost very near-tenor swap rates. Indian assets mostly ignored a media report stating that a deal between India and America is unlikely to be reached before August 1. Equities and rupee held on to modest gains, while the yield of the benchmark 10-year bonds was barely changed. Next month, India will face steep reciprocal levies for exports to the U.S. in the absence a deal. The rupee's trajectory is still pointing towards further weakness. Both the 86.00 level and the 86.20 level have been breached. Amit Pabari said that this opens the way for a move towards 86.50 to 86.80. The rupee has also suffered from a lack of foreign portfolio flows, in addition to the uncertainty surrounding global trade dynamics. In July, overseas investors sold a net of about half a million dollars worth of local stocks. The outflows for the year to date are at almost $9.5 billion. (Reporting and editing by Ronojoy Mazumdar; Jaspreet K. Kalra)
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The holes in EU Russia sanctions bring attention back to Trump's oil threat
EU sanctions unlikely impact Russia's oil revenues severely India and China could continue to buy discounted Russian crude Trump's secondary sanctions may pressure Russia, but they could also risk a global oil price spike Ron Bousso LONDON, JULY 22 - The latest European Union effort to restrict Russia’s oil revenues is unlikely to harm Moscow’s war effort significantly, leaving U.S. president Donald Trump’s threat of secondary sanction as one of the last remaining economic levers for pressure on the Kremlin. The EU agreed to the 18th set of sanctions against Russia on Friday, which Foreign Policy Chief Kaja Kallas described as one of the most robust ever. The price cap for Russian crude is now $47.60 per barrel, down from $60. This means that shippers and insurers who are trying to avoid sanctions cannot make purchases above this level. The new cap that takes effect September 3 also includes a mechanism that ensures it's always 15% below the average Russian crude price. Import bans on refined oil products derived from Russian crude are a significant addition. The ban would most likely take effect next year and closes a loophole that was created when the EU stopped the majority of imports of Russian refined products after Moscow invaded Ukraine in February 2022. The EU's decision to halt most imports of Russian crude and refined products in the wake of Moscow's invasion of Ukraine in February 2022 led to a sharp increase in European fuel imports from China, India, and Turkey. These initial measures were only partially effective, however, because refiners from these three countries increased their imports of Russian feedstock as a result of the price caps. According to Kpler, India would be the largest loser of the new ban. India accounted for 16 percent of Europe's diesel and jet fuel imports last year. In 2024, India will import 38% of its crude oil from Russia. The new ban will exempt countries who are net exporters. This means that the Gulf producers, such as Saudi Arabia and the United Arab Emirates, with their large refineries, could take over the Indian refineries' slack and export more fuel into Europe. PAIN AND GAIN Since 2022, Western sanctions have targeted Russia's oil industry. They are carefully designed to prevent a major energy price spike while also aiming to limit the revenues of Moscow as the third largest oil exporter in the world. The sanctions haven't had much success on this point. In 2024, Russia's crude and oil product export revenues will reach $192 billion. This is significantly higher than the $110 billion defence budget for that year. This compares to oil export revenues of $225 billion for 2019. According to estimates by the International Energy Agency, despite a slight decline in Russia's oil production to 7,23 million barrels a day in June, revenues rose $800 millions from May to $13.6 Billion, thanks to higher oil prices globally. This is partly due to the fact that Russia found some workarounds. For example, it developed a vast, opaque network of oil tankers and insurance schemes, which allow Russia to export its crude oil over the price cap. In addition to 342 tankers already sanctioned, the EU's latest package also included 105 additional tanks that had violated the original price cap. Moscow will find ways to avoid the worst effects of these new sanctions. Perhaps by expanding its shadow fleet, or by obscuring further the source of oil with measures like mid-ocean transfers between ships. India and China are likely to continue purchasing discounted Russian crude in order to benefit their own domestic markets while redirecting fuel exports that were previously bound for the EU towards new markets. The new EU measures will not choke off the financial lifeblood of Moscow, even though on paper the new price cap may reduce the oil revenues in Russia. SECONDARY TRUMP TAILORS The "secondary sanctions" that President Trump threatened to implement last week would hit the finances of Moscow by imposing 100% tariffs on countries who buy oil from Moscow unless the Kremlin agrees to an agreement to end the conflict in Ukraine within the next 50 days. The secondary tariffs would severely restrict the ability of any country to trade with Russia, which is the largest economy in world. Would Trump really take such a drastic step? Trump has been expressing frustration towards Russian President Vladimir Putin over the past few weeks. Secondary sanctions may be the only effective tool left, given that multiple rounds of EU sanctions and U.S. sanctions against Russia have not had much of an impact on Moscow’s war chest. This is the exact problem in a global market for energy. This drastic escalation in the West's war on Moscow would likely result in a sharp rise in the global oil price and inflation, two things that the U.S. President does not want. It's possible that this is why, despite the recent developments, both Moscow and oil traders appear to be relatively unfazed at the moment. You like this column? Check out Open Interest, your new 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.
Officials say that the death toll in the Bangladesh Air Force jet crash has risen to 27.
Officials said that at least 27 people died after a Bangladesh Air Force (BAF) training jet crashed in a Dhaka campus of a school and college. 88 other people, including some children, were treated in hospitals.
The F-7 BGI aircraft, which was on a routine mission to train in the capital at the time of the crash, crashed shortly after taking off from Kurmitola airbase on Monday afternoon. The military claimed that the plane suffered a mechanical malfunction.
Sayedur Rahman is the special assistant of the chief advisor on health. He told reporters that 27 deaths had occurred and 88 people were hospitalized with burn injuries.
The government declared a national day of mourning with all flags at half mast and special prayers in all places of worship.
The military confirmed that the pilot was one of those who died in the accident, and said a committee would be formed to investigate the events.
According to Jane's Information Group, the F-7?BGI aircraft is the most advanced and final variant of China's Chengdu J-7/F-7 family. Bangladesh signed a deal for 16 aircrafts in 2011, and the deliveries were completed in 2013.
This crash follows the worst aviation disaster of the past decade, when an Air India flight crashed into a medical school hostel in Ahmedabad. The plane killed 241 people and 19 more on the ground. (Reporting and writing by RumaPaul; editing by Christopher Cushing, Kate Mayberry).
(source: Reuters)