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Lyten brings Northvolt executives back following asset acquisition
Northvolt's new owner Lyten announced on Thursday that it has appointed the former chief operating officer (COO) of the bankrupt Swedish company as the CEO of Lyten Sweden and recruited several other former executives from the failed company. Last month, the Silicon Valley startup Lyten announced that it had acquired Northvolt’s assets. This was a major development for future European battery production of electric vehicles. Matthias Arleth is the new CEO of Lyten Sweden. He joined Northvolt last July, shortly after reports of problems began to surface. Lyten announced that Sami Haikala will return to his former position as the head of Northvolt Labs R&D in Sweden and Markus Danglemaier will come back to her previous position as the head of Northvolt Ett in Sweden. In a press release, the company stated that Dan Cook, CEO of Lyten, has extensive experience in industrial transformation as well as a deep understanding of Northvolt assets and operations. It said that "These executives played an important role in stabilising the operations and delivering for customers over the past year." Filling these initial executive positions is a crucial step in restarting operations for Sweden and Poland. Arleth, along with two other executives, led the company through bankruptcy in June when co-founder Peter Carlsson left the position in November. (Reporting and editing by Terje Slsvik, Marie Mannes and Anna Ringstrom)
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Rosneft Germany: Oil flow to Germany via damaged Druzhba pipe to normalise
Rosneft Germany (the refinery's biggest shareholder) said that oil flows through the Druzhba pipe to Germany's PCK refinery are expected to return back to normal by the week's end following repairs to damages. Last month, Ukrainian drones hit an oil pumping facility in Russia's Tambov Region, causing a disruption of supply via the Druzhba pipe. After the Russian invasion of Ukraine, the PCK refinery in Schwedt in northeastern Germany is partly supplied by crude oil from Kazakhstan. Burkhard Woelki, a spokesperson for Rosneft Deutschland, said that the company imports 120,00 tons of oil per month from Kazakhstan. He added that the company is in talks with Kazakhstan to extend and expand the oil imports past 2025. The German news agency DPA was the first to report on the return of flow.
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Venezuela tackles decay in celebrated capital complex
The first residents of Parque Central, Caracas dreamed of moving into this futuristic "city within a town" that was vertical and futuristic. It was the goal of a new Venezuelan middle-class. After decades of decay, there is a renewed effort to restore this renowned complex. Parque Central, built in stages in the heartland of the capital on 30 hectares (74 acre), was planned in 1969 and opened in phases over the next decade. The complex includes seven residential buildings with 20 floors and two office towers with 59 floors, which were the tallest in Latin America up until the early 2000s. The project was left in a state if neglect after years of economic turmoil. Many facilities were falling apart. Site includes an abandoned hotel, church, over 1,000 commercial units and a recycling facility. The East Tower is still not fully repaired following a 2004 fire. There are still damaged wooden ceilings, broken granite floors and other damage. Arelys Bernal (69), a retired woman who has lived at the complex since its opening, said: "This was beautiful. This was a whole city here." Unsanitary conditions have plagued the estimated 17,000 residents for years. "Living in such conditions is not just a matter of aesthetics; it's also a health and hygiene issue," said Jose Luis Huici a 62 year old percussionist, who has been living there for 16years. In April 2024, the authorities started revitalization works in response to residents' complaints about water leaks and poor lighting in abandoned basements. Franklin Garcia, President of Corporacion Capital (the state entity that manages the project), said the work was a priority. Garcia said that the building is "an emblematic structure". Workers have so far waterproofed all seven residential buildings and installed 10,000 new lights. They are also removing 2,5 tons of garbage per day. The efforts have begun to fix leaks in individual apartments. This includes a persistent issue with water in Huici's bath that was resolved last August. Pablo Molina is an architect at Central University of Venezuela and teaches urban studies. He notes that Parque Central, built in a time of abundance of oil resources, was designed for an "emerging class". He warns that the management of such mega-projects is complex and unstable in developing countries, making it impossible to maintain them over time. Residents, however, will see the recent improvements as a fresh start. Huici, a native of Caracas, said: "It is an icon for the city. It brings me great satisfaction." "I hope it continues like this." Reporting by Vivian Sequera, Johnny Carvajal and Camille Ayral. Writing by Camille Ayral. Editing by Kyrry Madry and Lincoln Feast.
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JetBlue will upgrade onboard Wi-Fi to Amazon's Kuiper Network by 2027
JetBlue Airways announced on Thursday that it would partner with Amazon's Project Kuiper to enhance its onboard Wi Fi starting in 2027. In an effort to attract consumers, U.S. airlines are investing heavily in onboard WiFI. JetBlue, Kuiper’s first airline partner is betting on the partnership to help them stay in front of their competitors. JetBlue's President Marty St. George said to reporters that many of their competitors are trying to get on board. Amazon has identified technology which will "absolutely" keep us in front, as the new service should be more reliable and have faster performance with fewer delays. JetBlue is the only major U.S. carrier to offer free Wi Fi in its fleet. Kuiper announced in 2019 that it would deploy 3,200 satellites into Earth's low-orbit, an effort worth $10 billion, to provide broadband internet to consumers, businesses, and governments around the world. Kuiper launched the first production satellites on April 20, 2025. It has already deployed over 100 satellites. It will compete with Elon Musk’s Starlink unit, a SpaceX company, which signed deals for in-flight Internet services with Hawaiian Airlines, and United Airlines. JetBlue's onboard Wi-Fi is powered by geostationary Earth-orbit (GEO), a satellite network. The carrier will also explore multi-orbit solutions in the future, combining low Earth-orbit (LEO) with GEO networks. St. George said that LEO satellites are cheaper than geosynchronous satellites which travel further in the opposite direction of Earth's rotation. (Doyinsola Oladipo in New York; Editing by Richard Chang)
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JetBlue's revenue decline is expected to be smaller in the third quarter after strong holiday demand
JetBlue Airways announced on Thursday that it expected a smaller drop in its operating revenue for the third quarter than it had anticipated. It cited strong demand from air travelers during the summer holidays and Labor Day. The airline now expects the operating revenue per seat mile to drop between 1.5% and 4%, as opposed to the 2% to 6 % predicted earlier. JetBlue said that it was "encouraged" by the current booking trends, even though they are still early in the fourth quarter. In April, major U.S. airline companies retracted their forecasts for 2025, citing tariffs and federal budget cuts as threats to travel demand. JetBlue reported a smaller-than-expected quarterly loss in July, helped by recovering travel demand and cost-cutting measures, but it stopped short of reinstating its 2025 earnings outlook, citing limited visibility. The airline has reduced its forecast for the third quarter fuel costs to $2.45 to $2.55 per gallons, down from a previous range of $2.50 - $2.65. The forecast was also lowered for the third quarter available seat miles or seating capacity to be between flat to up 1% compared to a previous drop of 1%-2%. Reporting by Aishwarya Jain, Bengaluru. Editing by Leroy Leo.
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Hitachi invests $1 billion in US to manufacture power grid components
Hitachi's energy unit announced on Thursday that it would invest $1 billion in expanding its U.S. manufacturing of power grid infrastructure, as the nation faces record electricity demands from Big Tech building AI data centers. Hitachi's announcement comes in response to a call by U.S. president Donald Trump for a dramatic increase in electricity supply, to support the rapid expansion and development of artificial intelligence. This is happening at energy-intensive data centres around the world. In a recent statement, U.S. Secretary of Energy Chris Wright stated that "if we want to win the AI Race, reindustrialize and keep the Lights on, America will need a lot reliable energy." "Hitachi delivers." In less than three year, the U.S. is expected to have the largest concentration of data centers in the world. These centers are predicted to triple their energy consumption to consume approximately 12% of domestic power. Many utilities are increasing their spending on the electrical grid, which has been stagnant for a long time. Hitachi Energy will invest nearly half its latest investment of $457 million in a new manufacturing facility for large power transformers. The new facility will be built in South Boston, Virginia. Hitachi says the facility will become the largest U.S. manufacturer of massive transformers that can be as big as a two story home. The company stated that construction of the project will begin in this year and service will begin by 2028. Andreas Schierenbeck is the CEO of Hitachi Energy. It is a subsidiary company of Japan's Hitachi Ltd. Since the COVID-19 pandemic, global supply chains have been disrupted, transformers that help transport electricity are in short supply. Hitachi also invests in its facility near Pittsburgh, Pennsylvania, where it produces other types electrical equipment, such as breakers and switchgear. The U.S. investment is part of the more than $9 billion Hitachi has invested globally, primarily to expand its manufacturing capabilities. A Hitachi spokeswoman said that the White House has committed to accelerating the development of manufacturing capacity for power component components. The spokesperson did not elaborate, but said that Hitachi and the White House are working closely on other initiatives. (Reporting and editing by Christopher Cushing; Laila Kearney)
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The historic Gloria cable rail in Lisbon
In one of the deadliest accidents in Lisbon's public transport system, a car derailed on the Gloria funicular line and crashed. At least 17 people died. The authorities are investigating the cause for the accident. Here are some facts regarding the line: The street Calcada da Gloria is named after this railway. Gloria is the most famous funicular line, particularly among tourists. Gloria is a bridge that connects the downtown area of Lisbon, located at the intersection of Avenida da Liberdade, the main commercial street, and Restauradores Square. It also links the Sao Pedro de Alacantara terrace, which provides panoramic views of Lisbon, with Bairro Alto or the Upper Quarter. The cars have a yellow paint similar to the trams in Lisbon. The Gloria Line transports approximately 3 million passengers annually. The two cars of the line, which can each carry around 40 passengers, are connected to opposite ends on a haulage cord. Traction is provided by electric motors in each car that counterbalance one another. The line opened in 1885 and initially operated with a counterweight system of water. It then switched to steam power, before being electrified by overhead cables in 1914. - In 2002, the railway was designated as a National Monument. Two long wooden benches are arranged along the aisle, with their backs facing the windows. They are all at the same level. The bottom of the car has a higher base to compensate for a gradient of over 17%. The German company Maschinenfabrik Esslingen built the two identical cars with numbers 1 and 2. The route is approximately 265 metres long (290 yards), on a double rail track with a gauge of 90 centimetres (35 inches) and a slot in the middle for cable connections. The derailment happened about 50 metres from the bottom, at a 30 degree turn. In 2018, a derailment was caused by an unreported technical issue involving the cable. No injuries were reported. In a press release, the municipal public transport company Carris stated that "all maintenance protocol has been completed". In May, the line was closed for four days to perform maintenance. (Reporting and editing by Charlie Devereux, Alex Richardson and Andrei Khalip)
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Maguire: US gas capacity to jump by a lot as renewables slow down
According to data from the U.S. Power Capacity Pipeline, U.S. developers plan to increase natural gas and hydropower capacity and reduce plans to build new solar and wind farms. Global Energy Monitor data shows that by mid-2025 the U.S. had approximately 114,000 megawatts of natural gas power capacity in construction or so-called "pre-construction" according to Global Energy Monitor. This capacity total is over twice as big as what developers had planned a year earlier. GEM data show that gas plants are the largest source of power among all the planned capacity additions in the construction and preconstruction stages. The developers have also increased the planned capacity for nuclear and hydropower generation compared to a year earlier, and made significant cuts in solar and wind power plans as compared to mid-2024. The sudden change in energy policies of the federal government following Donald Trump's reelection is evident by the large changes made to the mix of power capacity planned. The schedule for gas-heavy developments also shows how utilities prioritize dispatchable energy sources over intermittent renewables in their scramble to keep electricity supplies up with the rapidly increasing demand. FIRE UP Around 46% of the U.S. electricity capacity is currently generated by natural gas plants, with 36% in construction or pre-construction. Around 16,300 MW are currently being built, and around 98,000 MW are in the pre-construction stage, where sites have already been identified, and permits have been obtained. U.S. utilities plan to add around 36,000MW of hydropower and nearly 8,000MW of nuclear power in addition to the 114,000MW of natural-gas-powered capacity. These diverse power sources share a common characteristic - they can all be dispatched by utilities to balance the system's power requirements. Around 159,000 MW of dispatchable capacity is currently in the developer pipeline, compared to 57,000 MW a year earlier. CLEAN CUTS The capacity pipeline of renewable energy is a lot smaller than the dispatchable power footprint. Renewable power is often called intermittent power, because it can only be produced when the wind and sun are blowing. The total solar capacity under construction or pre-construction currently is approximately 92,000 MW. This compares to around 112,000MW in 2024 at the same development stages. The current wind power capacity under development is approximately 65,000 MW. This is down from 74,000 MW one year ago. Around 155,000 MW in renewable energy capacity are currently being constructed, down from 186,000 MW one year ago. The fact that some capacity previously under construction is now operational can explain some of the apparent reductions in the renewables development pipeline. GEM data show that solar power capacity grows quickly. The total capacity of solar panels in operation has increased from 120,460MW in 2024, to around 121.31 MW at present. By mid-2025, the operating wind capacity in the United States increased from 150.592 MW. The growing wait time for new power assets, especially wind farms, to be connected to local grids and the increasing costs of parts and materials are also reasons for the reduction in the renewable pipeline. The Trump administration has cut back on future tax breaks and subsidys, which has led to a reduction in some renewable energy capacity plans. This is especially true for states that already have long waiting times to interconnect. RE-CHARGING Utilities are building new battery storage capacities rapidly to store excess power generated by renewable assets and discharge it during peak demand periods. According to Cleanview, the energy data portal, around 8,000 MW battery capacity will be added to U.S. utility networks by the end the year. This new battery capacity will bring the total U.S. utility scale battery capacity up to 46,000 MW this year. The expanded battery capacity allows utilities to better utilize the renewable energy capacity that is already in place. It also ensures that solar power that exceeds the system demand during sunny periods can be stored and used later. This will allow the U.S. power system to continue to become cleaner, even though the rate of growth in solar and wind energy capacity continues to be slower than previous years. The increased gas development pipeline ensures that natural gas will remain the main pillar in the U.S. power generation system after the current construction of all types of power is completed. STAYING GAS-HEAVY Once construction and pre-construction are complete, the share of gas capacity in the U.S. overall power system will be 44%. This is more than double that of any other source. Once the current construction frenzy is over, wind and solar will surpass coal. Wind and solar both have a 10% and a 12% contribution to the total capacity currently in operation. Wind and solar power will be around 14% of the total energy mix once projects currently in construction or pre-construction have been completed. Coal power will fall to about 12%. After the building is completed, clean energy sources will increase their share in the overall capacity mix of the grid from 39% to 44%. This means that, while the U.S. electricity system will continue to be primarily powered by gas, clean energy sources will make up the majority of the remainder and play a major role in the ongoing efforts of the U.S. system of energy to reduce pollution. These are the opinions of a columnist who writes for. You like this article? Check it out Open Interest The new global financial commentary source (ROI) is your go-to for all the latest news and analysis. 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 You can find us on LinkedIn.
European shares rise on Fed rate cut expectations; airline stocks fall
European shares rose on Thursday, as the markets were calmed by expectations that interest rates would be cut soon by the U.S. Federal Reserve. However, travel and leisure stocks dropped after British budget airline Jet2 announced a weak outlook.
At 0835 GMT, the pan-European STOXX 600 index edged up by 0.18% at 547.74. Travel and leisure dropped 1%, leading declines across sectors. TUI Germany fell 2.1% and Easyjet nearly 4%.
Jet2 shares have lost about a quarter after the British low cost airline predicted an operating profit for the full year that was at the lower end than expected.
Chris Beauchamp said that the outlook for travel is still uncertain, as consumers are likely to cut back on their spending due to the possibility of higher prices in Europe during the remainder of the year.
As dovish comments from Federal Reserve policymakers, and signs of weakness in the labor market, raised hopes for an early U.S. rate cut, concerns over debt-driven spending in developed countries, which returned this week, subsided.
Beauchamp stated that "with the yields calmed down again today, it's possible there is a feeling of this early autumn/late summer panic seeming to have subsided a bit."
The yields on longer-dated European bonds are still near multi-year highs. Next week, the focus will be France as it faces a possible collapse after pushing for a tightening of its budget in 2026. September has historically been a difficult month for the markets.
Sanofi fell nearly 10% from the top of the STOXX after late-stage data of its experimental inflammatory disease drug, amlitelimab, failed to meet market expectations.
The CAC 40 index in France fell 0.5%, while the broader healthcare sector declined by 0.2%.
Volvo Cars' shares fell 2.3% following the automaker's announcement
August Sales
CVC Capital, a private equity manager, lost 3.8% following its quarterly report.
First half
results.
Porsche fell 0.6%, as the luxury automaker's stock would be delegated to the German Mid-Caps Index following recent losses of its shares. The company was hurt by U.S. Import Tariffs and a weakening in demand in China, a key market.
Investors will focus on the weekly U.S. jobless claims report later that day, ahead of Friday's pivotal nonfarm payrolls for August. Reporting by Tristan Veyet, Gdansk; Johann M Cherian, Bengaluru. Editing by Niveditarjee Bhattacharjee & Saumyadeb Chkrabarty
(source: Reuters)