Latest News
-
Snam confirms its 2025 guidance and reports a 5.3% increase in core profit for H1.
Snam, the Italian gas grid group, said that its core earnings adjusted for inflation rose by 5.3% during the first half of this year. This was due to growth in its business in gas infrastructure. The company also confirmed its full-year guidance. The adjusted earnings before interest taxes, depreciation, and amortization (EBITDA), came to 1,49 million euro ($1.71 billion) during the period. Adjusted net profit increased by 8.5% on an annual basis, reaching 750 million euro. Snam published its industrial plan 2025-2029 for 2025 in January. It targets 2025 adjusted EBITDA at 2.85 billion euro and adjusted net profit of 1.35 billion euro. In a press release, CEO Agostino Scornajenchi stated that "Gas continues to demonstrate its strategic role as an energy vector for sustainable integration of energy".
-
Old Dominion misses its second-quarter estimate amid freight recession
Old Dominion Freight Line, which operates in a long-term freight downturn, reported its second-quarter profit and revenue below Wall Street expectations on July 30. The U.S. trucking sector is struggling with low volumes, persistent overcapacity and low rates, as a result of the recessionary phase that began after the post-pandemic boom in 2022. Experts predict that the freight recession will continue through the second half. As the industry struggles to cope with the changing global macroeconomic climate, extra capacity is slowly leaving the market. Old Dominion says that the slow growth of domestic industrial production also has a negative impact on carrier results. Before the bell, shares of Thomasville's less-than truckload carrier (LTL), which serves companies in the manufacturing, retail, automotive, and healthcare sectors, fell 4.4%. LTL companies operate by transporting multiple shipments for different customers in a single truck. These shipments are then routed via a network service centers where they are transferred onto other trucks that have similar destinations. Operating expenses as a percent of revenue have increased to 74.6%, up from 71.9% one year ago. An increase in the operating ratio indicates an increase in cost, and therefore lower profitability. Total revenue for the company fell by 6.1%, to $1.41 Billion in the third quarter. Profit per share fell by 14%, to $1.27. According to data compiled and analyzed by LSEG, analysts on average expected revenue of 1,42 billion dollars and profit per share of $1.29. (Reporting and editing by Pooja Deai in Bengaluru, Abhinav Paramar from Bengaluru)
-
IndiGo's first-quarter earnings are lower due to currency losses
Interglobe Aviation (the operator of IndiGo) reported a decline in its first-quarter profits on Wednesday. The company was hit by escalating forex losses as well as softer growth due to border tensions between India & Pakistan. India's largest carrier by market share posted a profit for the quarter ending April-June of 21.61 billion rupies ($247.2m), down from 27.27 bn rupies a year ago. The total expenditure rose by 10% and foreign exchange losses increased by more than double. Analysts say the carrier's success has been attributed to a combination of factors, including increased incomes, sustained travel demand post-pandemic, and continued network and fleet expansion. Booking cancellations in April and may following the border conflict between India, Pakistan and Afghanistan impacted the quarterly revenue growth. In June, following the political unrest in India, a rival airline Air India's plane crashed in Ahmedabad, killing 260 people. This caused flying anxiety in many Indians. Pieter Elbers, Chief Executive of Pieter Elbers Aviation said that the June quarter was marked by external challenges which created headwinds in the aviation sector. In terms of available seat kilometers, the company's capacity for the first quarter grew by 16.4% compared to last year. In May, the firm projected a growth of "mid teens percentage range". IndiGo was able to cushion a 5% decline in yields. Yields are the average amount of money earned per passenger, per kilometre. IndiGo shares closed down 0.3% ahead of the results.
-
India Aviation Watchdog Finds 263 Faults in Indian Airlines' Annual Audit
India's aviation regulator announced on Wednesday that it found 263 safety-related mistakes at the country's airline companies, including 23 at IndiGo, the largest carrier, and 51 at Air India, the second largest. This was part of the regular audit conducted by the agency every year. The Directorate General of Civil Aviation said that the audits were conducted in accordance with International Civil Aviation Organization requirements as well as global best practices. The DGCA found 51 safety lapses in Air India's July audit. These included lack of training for some pilots as well as the use of simulators that were not approved. The audit had nothing to do with the Boeing 787 crash that claimed 260 lives in Ahmedabad last month. Air India's budget carrier, Air India Express, was also cited by the DGCA as having 17 deficiencies. The regulator discovered 25 mistakes at Air India Express. Air India Express is the budget airline. Akasa Air has not yet been audited. The regulator did no specify what type of violations were found, but divided the list into "Level II", or other non-compliances. The DGCA reported that 19 "Level 1" breaches had been found by Indian airlines. Reporting by Abhijith Ganahapavaram, Editing by Kim Coghill
-
Ukraine's farming unions raise barley exports from China
The UAC, a farming union, said that Ukraine exported 140,000 metric tonnes of barley in July so far and will likely ship between 350,000 and 400,000 tons in the month of August. "China has contracted 500,000-555,000 tons of barley (for July-August). UAC's weekly report stated that another 350,000 to 400 tons of barley still needs to be shipped by August. The total volume of barley exported for the months of July and August was 770,000 tonnes. Barva Invest, a Ukrainian analyst, said that Chinese companies had contracted to purchase up to 700 000 tons of barley from Ukraine in 2025. Ukraine is one of the largest barley producers and exporters in the world. Beijing has certified it to supply barley for Chinese markets. According to the Ukrainian grain traders' union UGA, China will be the largest importer of Ukrainian barley for the 2023/24 crop season. The volume of imports is 702,000 tons. (Reporting and editing by David Goodman.)
-
Minister says that Turkey will begin supplying natural gas to Syria on August 2.
Alparslan Bayraktar, Energy Minister at the state-owned Anadolu News Agency, said that Turkey will begin supplying Syria with natural gas as of August 2. Azerbaijan will also be involved in exports through Turkey's Kilis Province. Ankara has become the main foreign ally of the new Syrian Government. It is also positioning itself as a key player in Syria’s reconstruction. In May, during a trip to Damascus, the Turkish Energy Minister Bayraktar said that Turkey would supply Syria with 2 billion cubic meters of natural gas per year, along with 1,000 megawatts. In a statement made this month, he said that SOCAR of Azerbaijan could also be a part of the project. He said that the gas would also help Syria meet its electricity requirements, and would be used to produce electricity in Syria's existing power stations. He said that "we made a swap deal with Azerbaijan and the gas from Azerbaijan is going to be exported via Kilis, Syria, to Aleppo." Qatar will also be involved, he added, in terms of finance, and on Saturday, the ministers of all three countries will mark the beginning of the gas flow. He added, "With the 6,000,000 cubic metres of natural gas we plan to send to that country, we'll be able produce 1,200 Megawatts of electric power." Bayraktar stated that Ankara will also supplement this with 500 megawatts to help Syria's energy needs.
-
Logitech: Production shift to China reduces tariff impact
Hanneke Faber, the chief executive of Logitech International, said that they are making progress in moving their production lines from China to reduce any impact from U.S. duties on computer peripherals. In April, the changes were announced to reduce the impact of U.S. tariffs on Chinese imports. These duties currently range between 20% and 30% for the Logitech keyboards and mice that are made in China. Faber said after Logitech announced its Q1 2026 results that "we stated in April that we were at 40 percent of products bound for U.S. coming from China, and by the year's end we will be at 10 percent." She added, "We're a bit better than 30% right now. We are on track." She said that the shift of production lines from Malaysia to Thailand, Vietnam, and Taiwan did not lead to an increase in material costs. (Reporting and editing by John Revill)
-
Microsoft restores service to Russia-backed Nayara Energy
Microsoft has restored its services to the Russian-backed Indian refiner Nayara, Nayara’s lawyer said in a New Delhi Court, just days after it terminated services because of European Union sanctions. Nayara has been forced to scale back operations at its 400,000-barrel-per-day refinery for lack of sufficient fuel storage and vessel owners' demand to end their contracts after it was hit by the EU's latest sanctions. Microsoft has suspended its service following the EU's new round of sanctions against Russia, its energy sector and Nayara. Nayara is majority owned by Russian entities like oil giant Rosneft. Nayara approached a New Delhi Court to order the restoration of Microsoft services. It claimed that its employees could not access company emails or data for their day-today operations. Nayara’s lawyer informed the judge on Wednesday that "the matter has been resolved", as Microsoft had restored services to Nayara. Microsoft has confirmed that it has restored Nayara Energy's services in a press release. Microsoft also added, "We are in constant discussions with the European Union regarding service continuity for the Organization." Rosneft, the Russian oil giant, owns 49.13% of Nayara, and a consortium led by Italy's Mareterra Group, and Russian investment group United Capital Partners, also holds a similar share. Nayara runs India's largest refinery and third-largest retail fuel outlet at Vadinar, in western Gujarat. As reported previously, Nayara turned to the Indian company Rediff.com for communication between its employees after Microsoft's services were discontinued. Reporting by Arpan chaturvedi Editing done by Eileen Soreng, Frances Kerry
Air New Zealand names digital chief as its next CEO to navigate firm through challenges
Air New Zealand named Nikhil Ravishankar its new chief executive on Wednesday, replacing Greg Foran. The airline is currently dealing with supply chain and engine problems that will continue to impact earnings until 2025.
Foran, who was hired by the airline as the COVID-19 epidemic was looming, announced his resignation in January and will be departing the airline in October. The flag carrier is still dealing with supply chain issues and engine maintenance problems.
Ravishankar will take over the top position on October 20, after serving as Air New Zealand’s chief digital officer (CDO) for almost four years. Before joining Air New Zealand, Ravishankar held senior leadership positions at Vector, and Accenture, where Accenture was the managing director.
Therese Walsh, chair of the airline industry, said: "Airlines continue to face enormous challenges.
"Nikhil brings to the table a new perspective that is rooted in New Zealand values, and a profound knowledge of critical infrastructure and airline across various sectors."
Air New Zealand has struggled due to a small domestic market, and the fierce competition of Australian carriers Qantas Airways & Virgin Australia. Air New Zealand has also experienced delayed plane deliveries, and several jets have been grounded.
Foran, an ex-Walmart executive, led the Kiwi flag airline through a turbulent time. The airline faced unique challenges compared to other global airlines, in part due to the geographic isolation of the country.
The airline had previously warned that up to eleven of its aircraft could be grounded at certain times during the second half fiscal 2025. This would have a negative impact on the firm's profits.
The company also expects lower earnings in 2025. It cites uncertainty about global engine maintenance delays, and compensation levels.
(source: Reuters)