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Germany scraps gas storage tax
The German cabinet approved on Wednesday a draft bill to abolish a gas storage tax for all consumers, in an attempt to reduce energy costs. After decades of relying heavily on Russian gas that was cheap, Europe's biggest economy now faces high energy prices, which are putting pressure on its energy-intensive, export-oriented industries, such as metals and chemicals production. The tax was introduced in 2020 to cover the cost of replacing Russian gas when Moscow stopped supplying it. Berlin imposed the fee on German consumers only after pressure from Germany's neighbors. According to estimates by the government, eliminating the levy would provide relief of approximately 3.4 billion euro ($3.93 billion). This will save an average household of four between 30 and 60 euros each year. (1 euro = 0.8655 dollars) (Reporting and editing by Madeline Chambers, Holger Hansen)
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The PMIs indicate a slower growth rate for the major Gulf bourses
The major Gulf stock markets fell on Wednesday as investors focused on corporate earnings and the tepid performance of the private non-oil sector. Dubai's benchmark index of stocks fell by 0.3% with all sectors falling. Dubai Investments fell 1.7%, and Dubai Islamic Bank declined 1.4%. DIB, the largest Islamic bank in UAE, reported an increase of 10.7% in its second-quarter net profits attributable shareholders. The benchmark Abu Dhabi index fell 0.2%. This was due to a drop of 1.3% in Burjeel Holding and a fall of 4% in Phoenix Group. ADNOC Gas however rose 1.5% following a 16% increase in its second-quarter profit. The company also declared a dividend of $1.792 Billion, an increase of 5% from the previous year. A survey released on Tuesday showed that the growth of non-oil businesses in the United Arab Emirates slowed in July to its lowest pace in over four years, due to geopolitical tensions. Saudi Arabia's benchmark index of stocks was not much changed at the start of trading, as gains in energy, healthcare and industry stocks were offset by losses in finance, real estate and materials. Dr Soliman Abdel Kader Hospital rose 3.9% following a 59% rise in net profit for the quarter. Seera Group Holding fell 2.7%. The net profit of a tour and travel company fell by 72.9% in the second quarter. The Riyad Bank Purchasing Management Index showed that Saudi Arabia's private non-oil sector expanded in July at a slower rate than it did the month before, according to the report. Report said that the output growth rate has slowed to its lowest level since January 2022 and that new export orders have fallen for the first nine months. The benchmark index in Qatar was up by 0.2%. This was mainly due to a rise of 1.2% in Industries Qatar, and a gain of 1.6% in Mesaieed Petrochemical.
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South Korea will offer visa-free entry to Chinese tourists starting in late September
The government announced on Wednesday that South Korea would offer visa-free access to Chinese tourist groups for a limited time, from September 29, 2018 through June 20, 2026. This is to promote foreign tourism in advance of the Asia-Pacific Summit. After China announced last November that it would offer visa exemptions to South Koreans, and other foreign visitors from various countries, the offer of visa-free entry was made public in March. The new South Korean government of President Lee Jae Myung, a liberal, is expected to improve relations between the two nations. After a meeting on measures to revive tourism in advance of the Asia-Pacific Summit, the Tourism Ministry said that the decision to introduce this measure before a Chinese holiday in early October would help boost the economy at home, despite a rebound in foreign visitors. South Korea will host a meeting of leaders of 21 economies in the Asia-Pacific Economic Cooperation forum (APEC), from October 31 through November 1, in the city of Gyeongju. This is a gathering at which the Chinese leader Xi Jinping, and the U.S. president Donald Trump may hold separate discussions. Stocks of South Korean department store, casino, hotel and beauty product manufacturers rallied in hopes that Chinese demand would boost their sales. Hankook Cosmetics shares surged by 9.9%, Hotel Shilla jumped 4.8%, Casino operator Paradise rose 2.9%, and Hyundai Department Store shares increased 7.1%. (Reporting and editing by Jihoon Lee)
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Honda's Q1 operating profits fall 50% due to tariffs; it raises its full-year forecast
Honda Motors reported a 50% decline in its first-quarter operating profits on Thursday. The company attributed the drop to a stronger yen, and also the tariffs imposed by U.S. president Donald Trump. However, the company increased its forecast for the full year. The second largest carmaker in Japan reported a quarterly operating profit of 244.2 billion yen (1.66 billion dollars) for the period April-June, which is more than 20% below the average estimate of 311.7 million yen according to LSEG's poll of seven analysts. Honda reported that the 27.5% tariffs on U.S. imports, which comprise a 2.5% rate plus a 25% tax imposed by Trump last April, had reduced its operating profit by approximately 125 billion yen for the first quarter. The automaker has said that the tariffs have had a smaller impact on its operating profit for the full year than they estimated in May. The automaker now expects to lose 450 billion yen for the year compared with 650 billion previously. The company increased its forecast for full-year operating profits to 700 billion yen (from 500 billion yen) and stated that it expected the yen's value to be lower than previously anticipated.
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Maguire: Trump's policy reversal has slowed down but not stopped US solar capacity.
The U.S. President Donald Trump has scrapped subsidies and tax breaks that were given to renewable energy developers. This has not slowed down but rather slowed the growth of solar power in the United States. Cleanview, an energy data portal, shows that the installed capacity of utility scale solar systems has increased by 10% in the first half of 2025 compared to the previous year. The average annual growth rate since 2015 is 29%, a far cry from the projected 33% in 2024. The fact that the capacity of renewable energy still increased this year is a positive for advocates of clean energy, especially given the Trump administration's strong anti-renewables position and the policy uncertainty it has created for power developers. The federal tax credit for solar systems will be reduced from 2026. This could lead to a faster pace of solar system deployment before the end the year. Here is a summary of the major trends in the U.S. Solar Market as of mid-2025. PATCHY PROGRESS The overall growth rate in 2025 has been about 10%, but there are wide variations in the rates of expansion across states. Texas, the state with the most solar capacity, recorded a 14% increase in its utility-scale footprint in 2025. This has given rise to hopes that the demand for solar will continue despite the elimination of federal subsidies. California, the second largest solar market in the world and a historically leading leader in clean energy deployment, has only seen a 2% rise in solar power capacity in 2025. Solar advocates were shocked by the sudden slowdown in 2025, when California's solar power capacity had grown by 13% per year on average since 2020. They are now worried about a collapse of solar demand nationwide. Solar sector is also concerned by the data on the uptake of solar in Florida, which is the third largest solar market. At first glance, the year-to date expansion statistics aren't too bad: capacity has increased by 8% compared to last year and is now just below 12,000 megawatts. Since January, utilities have not added any utility-scale solar capacity, which may indicate that the work to increase solar power production in Florida has ceased since Trump took office. The work has also been at a standstill in North Carolina, Nevada and New Mexico - all of which are in the top 10 in terms solar capacity. New Mexico is ranked 15th. A BIGGER PICTURE Arizona, the 5th largest solar producer state in the US, has seen a 24% increase in utility solar capacity compared to a year earlier. Wisconsin, Pennsylvania and Idaho have all seen capacity growth rates that are far higher than the national average. Solar system producers are now eager to close deals before the federal subsidy cuts at the end the year. This will lead to further expansions of solar capacity for utilities and residences. This should further boost the overall growth of solar capacity in the United States despite the slashing federal subsidies and tax incentives that could loom after 2025. These are the opinions of the columnist, an author for. You like this column? Open Interest (ROI) is your new essential source of global financial commentary. ROI provides data-driven, thought-provoking analysis on everything from soybeans to swap rates. The markets are changing faster than ever. ROI can help you keep up. Follow ROI on LinkedIn, X.
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Siemens Energy targets the upper end of its 2025 forecast on strong US Demand
Siemens Energy said that it expects to achieve the upper limit of its outlook for 2025, driven by the wind turbine division, and the strong demand in the United States of its power equipment, which helped it to overcome the impact of the import tariffs. The company reported better-than-expected orders and profits for the third quarter. It said that it now tends towards the upper-end of its outlook. This predicts sales growth between 13-15%, and a profit before special items margin of 4-6%. According to a LSEG survey, Siemens Energy expects its full-year sales to increase by 12.7%. The company reported that it saw a strong demand in the United States for its gas-turbines and power transmission equipment, where around a fifth its sales are made. Siemens Energy said that local import tariffs had caused a loss of 100 million euros ($116 million). This was due primarily to special cases in long-term contracts.
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Cathay Pacific orders another 14 777X jets; half-year profits tick higher
Hong Kong-based Cathay Pacific Airways ordered 14 additional Boeing 777-9 aircraft on Wednesday and reported a 1% rise in its first-half profits on the backs of increasing passenger numbers, lower gasoline prices and a stable cargo performance. The order for the planes exercises options that were secured by Cathay Pacific Airways as part of its 2013 order of 21 next-generation wide body jets. It also adds the option to buy another seven aircraft in the future. Cathay stated that the 14 jets were listed at $8.1 billion but had received significant discounts as is standard for major airlines. Boeing's long-delayed 777-9 - the latest version of Boeing's 777 – hasn't yet been certified by U.S. Federal Aviation Administration. Boeing CEO Kelly Ortberg stated last month that the model was undergoing flight tests and the planemaker hopes deliveries will begin next year. Cathay announced in March that it expects to deliver its first 777-9 in early 2027. The airline reported a profit of HK$3,65 billion ($465m) for the first half of 2018. However, it warned that there was uncertainty in the cargo market as well as continued challenges with its low-cost carrier HK Express. Reporting by Lisa Barrington from Seoul, Sameer Manekar from Bengaluru and Jamie Freed and Sonia Cheema editing.
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New York Times Business News - August 6, 2018
These are the most popular stories from the New York Times' business pages. These stories have not been verified and we cannot vouch for the accuracy of these reports. ESPN, a Walt Disney company, and the NFL have struck a deal that gives the NFL a 10% stake in the network. ESPN will also acquire the NFL Network as well as certain RedZone Channel Rights. Rupert Murdoch and U.S. president Donald Trump agreed to delay the deposition of the media mogul in Trump's $10 Billion defamation suit against The Wall Street Journal, until a judge rules upon the newspaper's motion for dismissal. Spirit Airlines pilot Dominic Cipolla (40) was arrested in July at the Louis Armstrong New Orleans International Airport and accused of stalking two minors. He was removed from duty. After the termination of a Moderna bird-flu vaccine contract worth $600 million in May, U.S. Secretary of Health Robert F. Kennedy Jr. cancelled nearly $500 million dollars in grants and contracts for mRNA vaccines.
The European Airports Association reports that passenger traffic at European airports increased by 4.5% in the first half of this year.
ACI Europe, a Brussels-based trade association for European airports, reported that passenger traffic at European airports increased 4.5% in the first six months of the year compared to the same period the previous year.
Why it's Important:
The tourism sector is still a major contributor to many European economies. The higher passenger numbers at European Airports show that the sector has remained resilient in the face headwinds like inflation and tariffs on trade with the United States. According to ACI Europe, the passenger traffic in the first half 2024 was up 9% from the previous year.
Key Quote:
Olivier Jankovec, director general of ACI Europe, said: "The summer season continues to deliver for the moment. Let's see what happens in the months ahead."
By the Numbers:
ACI Europe's figures include major European airport operators such as Aeroports de Paris (Paris), Fraport in Frankfurt and Aena, the Spanish airport operator.
ACI Europe reports that the increase in international passenger traffic (+5.7%) was largely due to an increase in domestic traffic (+0.2%).
Italy, the biggest European market, saw the greatest increase in passenger traffic, with a growth rate of 5.7%. Spain was second, with a growth rate of 4.5%.
The airports of France, Britain, and Germany saw a less impressive growth in passenger traffic, with France's 3.6% and Britain and Germany's 2.3%. (Reporting and editing by Lincoln Feast; Sudip Kar Gupta).
(source: Reuters)