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China's flood season is in full swing, and extreme rainfall has already begun to threaten the north
Weather experts say that China is now in its peak flood-control period. Extreme rainfall will increase from late July until early August, and much of northern China may experience up to 50% more rain than normal. The rising temperatures in the country are moving the rain belt to the west and north, increasing the humid and semi-humid zones. This increases the risk of secondary catastrophes. Climate change is not a problem for China in the future - it has already begun, said Xuebin Zhang. He's a professor from the University of Victoria (Canada) and the director of the Pacific Climate Impacts Consortium. Zhang stated that adaptation needs to be a bigger part of the response. In recent weeks, downpours have been experienced in large swaths of China. Part of a mountainside in Pengshui County, a scenic area located 270 km (167 miles), southwest of Chongqing City, collapsed after torrential rain. Rescue teams are still searching for up to 34 people. The National Climate Centre has stated that the majority of parts of Northern China, Eastern Inner Mongolia, and North-Eastern China are likely to experience higher than average rainfall during Qixia Bashang. "Many areas in the Beijing-Tianjin-Hebei region will see 20% to 50% more ?rainfall than usual," the climate centre said. It said that floods caused?by heavy rain' need to be guarded against. In the northeast, parts of Liaoning Province have already received?more than twice their normal rainfall this year. The climate centre warned that extreme rains could cause flash floods and urban waterlogging, as well as landslides in some areas. (Reporting and editing by Farah master and the Beijing Newsroom)
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Enagas, a Spanish company, buys Saggas' stake and says that it is on target to reach its 2026 goals
Enagas, the Spanish gas grid operator, announced on Wednesday that it had agreed to purchase a 20% stake from 'Osaka Gas in eastern Spain's 'Saggas' regasification plant. It also reported first-half earnings, which it claimed kept it on track to meet its 2026 forecasts. The company announced that it would pay EUR31,000,000 ($35,000,000) for a stake in the Sagunto plant, located in the Valencia region. This plant has a storage capacity of 600,000.000 cubic meters and a regasification capability of 1.1 million normal cubic metres an hour. This is equal to 18% of Spain's total and 15% of its total. Enagas would increase its stake in Saggas from 7.5% to 92.5%. Oman Oil Holdings Spain would retain the remaining 7.5%. Closing should be before the end of 2026. ON TRACK FOR FULL-YEAR EARNINGS TARGET Enagas reported a first-half net profit of EUR118.6m on Wednesday, down by?8.6% on the previous year, but still on track to reach its full-year goal of EUR235m, it stated. The company reported that the net profit, including asset rotation, like the sale of 40 percent of Enagas Renovable in the first half of the year, dropped by 28 per cent to EUR126,9 million. The previous figure included EUR46.3 millions of positive exceptional impacts. Earnings were EUR314m, down?4.6% from the same time last year. At the end of June 2018, the company's net debt was EUR2.31 billion, down EUR170 millions from end-2025. Enagas announced that public participation plans had been completed for BarMar, a planned subsea?hydrogen pipeline linking Barcelona and Marseille. The project has been cleared for front-end engineering design. It added that detailed engineering on the Spanish segment of the route, known as CelZa, has begun. Environmental impact studies in both countries have also been initiated.
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The new British PM has promised to cap the cost of bus tickets
Andy Burnham, the new British Prime Minister, promised a price cut of up to a third on single bus tickets as part of a push to reduce a cost-of living crisis. After his government announced that it would reduce taxes on electricity bills, the decision to cap tickets at PS2 ($2.68) in January was made. Downing Street announced that the extra funding for the bus ticket cap would come from reprioritising the Department of Energy, Security and Net Zero budget. "As I said on my first day as president, I will build a nation for everyone everywhere. Burnham said in a statement that this would mean more connected communities, greater access to opportunities and a lighter burden on people's daily lives. On Tuesday, the government announced that it would eliminate value-added taxes from domestic electricity bills as of October 1. This will save households around PS45 on their average annual bill. Burnham said that he would unveil early policies. He told reporters on Monday that he wants his new government to "do some things" - and feel them - quickly, especially for those with the lowest incomes.
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Documents show that India has rebuked its aviation watchdog for lapses in conflict of interest.
The Indian aviation safety regulator has been reprimanded for not being vigilant enough to protect 'against officials who use their influence to help family get jobs in the industry and for failing to disclose such placements. Government documents examined by show. Documents show that India's Ministry of Civil Aviation, since mid-2025, has repeatedly challenged the Directorate General of Civil Aviation, its safety body for handling conflicts involving relatives of officials in airlines. One instance involved Air India. The concerns are at a crucial time for the DGCA, which oversees one the fastest growing aviation markets in the world. It also faces staffing shortages following a year of increased scrutiny after an Air India Dreamliner accident, safety lapses by the airline, and disruptions at IndiGo, the country's biggest carrier. The DGCA also has to deal with a federal investigation into a bribery accusation against one of their officers. They are due in a few months to go through a routine U.S. - Federal Aviation Administration safety audit. In a document reviewed in January by the Ministry, the concerns expressed about the regulator's handling conflict of interest were summarized. It said that "(the) DGCA was not able to prevent or effectively manage the possible 'influence exercised by their officials in the recruiting or placing of their family members or dependents." The documents did NOT indicate if the Ministry planned to take further action. One document showed that 51 DGCA officials had revealed 59 relatives who worked in the industry as of January 31, this is up from 33 officials who disclosed 41 relatives one year ago. Some relatives were employed by IndiGo, Air India Akasa Air and Airbus India as well as some flying schools and airport operators. Requests for comment from the ministry, DGCA, and companies that employed the relatives were not answered. Disclosures and approval Indian regulations prohibit federal employees from using?influence or their position to secure jobs for relatives and require disclosures?and approvals. In India, conflict-of-interest issues have been raised in the public sector before, including by the DGCA where four officers received a censure in 2013. A senior official who has direct knowledge of this matter said that the civil aviation ministry is concerned about "potential regulatory influence", as DGCA officials could withhold information on relatives' employment with airlines they supervise and soften regulatory oversight. The official declined to name himself due to the sensitive nature of the issue. He cited an example in which a DGCA officer had around 12 relatives working in the industry, but that the ministry learned only after the officer retired. Faiz Kidwai, the then-DGCA chief, requested more power last year on'several administrative issues'. This included authority to deal with potential conflict of interest cases internally. In a letter dated July 2025, he argued that the approval process of the ministry led to "administrative delay" and that decisions should be made more quickly. The Ministry rejected the request and said that the DGCA "continued expressions of inability to assign responsibility for delays or lack?approval have been alarming," according to the document from January. Kidwai did not reply to a comment request. He is now working for the Department of Personnel & Training in India. AIR INDIA HIRES OFFICIAL’S SISTER Documents show that a DGCA assistant 'director of engineering' was questioned about an apparent conflict of interests after his sister was hired by Air India as a quality manager while he was involved with granting regulatory approvals affecting Air India. The DGCA argued that his sister is an independent widow, and that the rule requiring approval only covered dependents such as sons and daughters. However, it stated that he would not handle Air India issues out of precaution. In a document dated August 2025, the Aviation Ministry rejected the DGCA proposal to approve this case. "Influence/involvement of officer can't be ?ruled out ... The transparency and legitimacy of the appointment process remain ambiguous." The U.S. Ethics rules require that officials refrain from taking part in matters where their impartiality could be questioned by family relationships, whereas the European aviation regulator may ask for declarations of interests and restrict staff duties. Harsh Vardhanpratap Singh, President of the Association of Flying Training Organisations said that the DGCA could publish a list of all officers whose family members work in the industry it regulates. He said that transparency in the declarations of officers is crucial to achieving safety. (Reporting and editing by Adityakalra, Jamie Freed and Abhijith Gaapavaram)
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Malaysian tycoon Syed Mokhtar is urged to revoke the appointment of a port chairman who has been linked to Epstein
Civil society groups are calling on Malaysian billionaire Syed Mokhtar Al-Bukhary, to revoke Sultan 'Ahmed Bin Sulayem's appointment as executive chairman of logistics company MMC Port Holdings because of his alleged ties with the late?Jeffrey Epstein. Exclusively last week, it was reported that Emirati bin Sulayem would take over Malaysia's biggest port operator. This comes five months after he resigned from Dubai's DP World, amid scrutiny of his emails with financier Epstein. Epstein died in 2019 and had been convicted as a sex-offender. MMC Port operates seven ports on the Malacca Strait, one of the busiest shipping routes in the world. It is part of MMC Corporation. Syed Mohktar owns a controlling interest. Syed Mokhtar, the company and its shareholders have not commented publicly on the report. A joint statement from 31 organizations dated July 20, called for Syed Mokhtar to revoke Bin Sulayem’s appointment. The report cited financial and geopolitical risks. It noted that large financial institutions such as the UK Development Finance Agency and Canada's second largest pension fund had stopped new investments in DP World due to Bin Sulayem’s alleged connections with Epstein. It is fair to say Mr bin Sulayem's?notoriety has been boosted by the Epstein documents. "If he wasn't deemed indispensable by DP World, then there's hardly a reason?why he would be indispensable to MMC Ports," the report said. MMC 'Corp did not respond to requests for comments. Bin Sulayem, who hasn't publicly commented on Epstein's email exchanges, couldn't be reached for comment. Many users questioned his suitability after his appointment as MMC 'Port. Malaysia's Transport Minister said last week in response that the government could not?interfere with the management of private firms. It stated that it could only regulate the ownership structures of companies that operate concessions and national strategic assets. Reporting by Rozanna latiff in Kuala Lumpur, and Yantoultra ngui in Singapore. Editing by David Stanway.
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Bousso: The electrification of Europe's ROI will be a decade-long struggle.
Europe is facing a "death Valley" of high energy prices over the next decade, which threatens to erode their industrial base even if they achieve their ambitious plan to double electricity by 2040. The European Commission announced on Friday an Electrification Action Plan aimed to increase electricity's share of final energy consumption, from 23% to 46% in 2040. An interim reference target is 32% by 2030. The strategy aims to accelerate electrification in transport, buildings and industry while also tackling Europe's largest energy paradox -- "electricity can be more expensive than fossil fuels that policymakers would like consumers and businesses abandon." The?Commission?argues turning Europe into the first "electrocontinent" of the world would drastically reduce fossil fuel consumption, and the bloc's annual energy import bill could be reduced by up to EUR260 billion ($297billion) by 2040. The appeal is clear at a time when the security of energy has become a priority in geopolitics. The challenge is also clear. Europe is still largely fueled by fossil fuels. Oil, coal and gas account for over 60% of EU's total energy mix. Renewables only make up about one fifth. Despite the rapid expansion of renewable energy generation on the continent at a cost that is enormous, the continent has made much less progress in electrifying sectors such as transport, industry, and heating. Even though Europe has been steadily decarbonising its electricity production, electricity remains a small part of total energy consumption. Since over a decade, the share of electricity consumption in total energy has been stable at 23%. The disconnect highlights the magnitude of the task that lies ahead. It could determine the viability and future of European industry for the next decade. MASSIVE VULNERABILITY The energy crisis that followed Russia’s invasion of Ukraine on a large scale in February 2022 underscored the urgency to accelerate this shift. Loss of Russian pipeline gas forced Europe to make a costly and painful energy realignment. It had to replace the cheap imports from east with more expensive liquefied gas imported from global markets. The effects on industry were profound. Energy prices surged, causing a contraction of industrial activity. Manufacturers from metals to glass to chemicals to fertilisers struggled to compete against rivals from regions that benefitted from cheaper energy. Europe is still highly exposed to fluctuations in the fossil-fuel market. According to the European Commission's estimates, since the beginning of the Iran War in late February, oil and gas imports have risen in the region by about EUR50 billion. This has added fresh inflationary pressure. The Commission has proposed "a wide package of measures" to reduce energy costs. These include measures that aim to narrow the price difference between electricity and natural gas. These include lowering network charges, introducing smart meters, increasing the affordability of electric vehicles, expanding charging infrastructure and replacing gas boilers with heat pump systems. The EU's Emissions Trading System is the flagship policy of the EU on climate change. The reforms proposed would give industries a longer time frame to reduce emissions, while also providing more financial support for investments in clean technologies and domestic manufacture. HUGE PRICE TAG The scale of the investment required is staggering. According to a recent estimate by the Commission, upgrading and expanding Europe’s aged transmission and distribution network will require approximately EUR1.2 trillion in investment between 2040 and 2050. Tens of millions more will be needed to fund programmes designed to promote electrification within the transport sector, in industry and in buildings. There are reasons to be optimistic, though. According to the International Energy Agency (IEA), Europe spends about EUR60-EUR70 billion per year on power grids. This means that reaching the Commission’s investment target does not require a wholesale change in existing investment trends. The proposed relaxation of ETS requirements could also unlock additional funding, allowing companies to redirect their capital towards modernising production and infrastructure. The Commission wants the member states to also dedicate half of ETS revenue to decarbonising their domestic industry. Since 2013, the carbon market has generated approximately EUR260 billion of revenues. Even after all of this, however, the increase in investment still remains daunting. This is especially true as European governments are under pressure from Washington to increase NATO member contributions and to increase their?defence expenditure in response to the growing security threats? from Russia. Existential Risk Timing is the biggest issue. The benefits of the plan will only be realized gradually, even if it survives the political fights that lie ahead. This is unlikely given the divergent interests among the 27 members states. It takes years to build grids, charging systems, heat pumps, batteries, and industrial infrastructure. The challenge to Europe's competitiveness in the industrial sector, on the other hand, is urgent. European electricity prices are still more than double those in the U.S., and about 50% higher than China. This leaves energy-intensive industries at a structural disadvantage despite the decline from the extremes of the energy crisis in 2022. Europe's energy-intensive industries will need to be competitive with their rivals from Asia and North America for most of the decade. They must also expand electricity-hungry areas such as artificial intelligence and data centres. This is the unsettling reality that lies at the core of Europe's electrification policy. Electrifying Africa is not just a climate goal. It has become a necessity for a region that is limited in fossil fuel resources, exposed to geopolitical shocks and faces increasing costs of fuel imports. It is a question of whether Europe's industry can survive for long enough to reap its benefits. You like this column? Open Interest (ROI) is your new essential source of global financial commentary. Follow ROI on LinkedIn and X. Listen to the Morning Bid podcast daily on Apple, Spotify or the app. Subscribe to the Morning Bid podcast and hear journalists discussing the latest news in finance and markets seven days a weeks. ($1 = 0.8753 euro) (Ron Bousso, Editing by Jan Harvey).
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Cathay Pacific reports stronger first-half profits on travel and cargo demand
Cathay Pacific Airways, based in Hong Kong, said 'on Wednesday that it expects a higher first-half-profit for 2026. This is due to a?stronger passenger and cargo demand?, an improved performance by low-cost carrier HK Express, and higher contributions from associates. The airline group 'forecast' a profit between HK$6 billion?and HK$6.5?billion ($765.39 mln to $829.12 mln) for the half-year ended June 30. This is up from HK$3.7 bln in the same time period a previous year. The results include a gain of HK$1.4bn from the partial dilution in Air China. The airline stated that, after removing the one-off item from the performance, it was driven by a solid demand for both its passenger and cargo operations. The results are coming as the aviation industry is grappling with a severe fuel cost shock. In June, the International Air Transport Association predicted that fuel costs for airlines would rise to $350 billion by 2025 from $252 billion. Jet fuel prices were estimated at $152 per barrel - almost 70% higher than 2025. Cathay admitted this headwind even though it reported stronger earnings. Cathay Cargo transported 9% more cargo than a year ago, and the total tonnage for the first half of the year was also up by 9%. Lavinia Lau, Chief Customer and Commercial officer at Cathay Expert and Cathay Pharma, said that semiconductors and pharmaceutical shipments were key growth drivers. Strong cargo flows into Southeast Asia from mainland China, along with resilient shipments to Hong Kong and mainland China, also contributed. Lau stated that the group will monitor the impact of new customs tariffs on low-value imported goods into Europe on the e-commerce?flows. Cathay Pacific grew 12% in passenger numbers from June 2012 to June 2013, while seat kilometers increased 6%. Passenger numbers increased by 17% in the first half of this year. The load factors remained stable despite the fact that June is traditionally a slower month. This was due to the rerouted traffic via Hong Kong in the Middle East conflict, and the Dragon Boat Festival holiday. The demand for premium cabins remained strong, driven by corporate travel and?premium holiday travel. Lau stated that the outlook for summer remains positive, especially across our long haul network. Budget airline HK Express had a'softer spot', with a 4% drop in passengers after the carrier lowered capacity to offset rising fuel costs. Lau reported that bookings for July were ahead of the previous year. The full results of the group are expected to be released in August. (1 Hong Kong dollar = 7.8391 dollars) (reporting and editing by Julie Zhu, Rajasik Mukherjee, and Christian Schmollinger).
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Canada cancels joint celebration of bridge with US, citing Trump's trade threats
The United States and Canada have canceled their planned joint celebration. The opening of the 'Gordie Howe International bridge between Windsor, Ontario and Detroit has been cancelled due to a 'trade threat from President Donald Trump. In an emailed message, Jenna Ghassabeh said that it would not be appropriate to hold a celebration between the two nations in light of the trade action that the United States threatened earlier this week. The bridge will open to traffic on July 27. Windsor Mayor Drew Dilkens told local media that a ribbon-cutting event was scheduled for July 24, with U.S. and Canadian officials attending. Canada is still "committed to" opening the bridge by July 27 but will celebrate the milestone "among Canadians", Ghassabeh stated. Trump announced 50% tariffs for a range of Canadian imports in response to the U.S. Administration's treatment of American cars, alcohol, and dairy products. The $4.7 billion?bridge named after the legendary Detroit Red Wings player was originally scheduled to open in June. Trump had threatened to halt the project in February, citing "Canada's refusal" to stock some U.S. alcohol beverages, as well as its tariffs on milk products and trade negotiations with?"China. After the U.S. & Canada reached a toll agreement this month, the bridge was opened. The new bridge will help to ease truck traffic on the Ambassador Bridge, into Detroit, the U.S. Canada border's biggest freight port. Commercial trucks carried $126 billion worth of trade in 2023. (Reporting and editing by David Gregorio in Toronto, with Ryan Patrick Jones reporting from Toronto)
Airbus shares rise on EUR5 billion buyback and new guidance
Airbus shares rose more than 5% on Wednesday after the European planemaker announced a EUR5billion ($5.7billion) share-buyback program and revealed new midterm targets, including a near-doubling of profits by 2020.
Airbus announced late Tuesday that it was aiming for a core profit of EUR12 to EUR13 billion by 2029. This would be a significant increase from the EUR7.13 billion adjusted earnings before interest and taxes of last year, as well as a target far above EUR7.5 billion set in 2026.
In a note for investors, Deutsche Bank analyst Christophe Menard stated that the EUR5 billion (or five billion euros) share buyback over a three-year period was 'the positive surprise.
Airbus, the world's biggest civil?planemaker, also anticipates that its dominant commercial aircraft business will generate around EUR10billion in?operating profits in 2029. It has also struck a?positive note on aircraft deliveries. Airbus began the year with a slowdown due to supply-chain and engine bottlenecks, but has since accelerated its deliveries. First-half handovers have increased by 15%.
J.P. Morgan wrote that Airbus "delivered all the things we felt were needed for shares to rise".
(source: Reuters)