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Prologis raises its annual FFO forecast due to warehouse leasing rebound
Prologis, a warehouse-focused real estate trust focused on investment in 2025 operations, raised its bottom forecasted range of adjusted core funds after customers resumed leasing following a U.S. Tariff-induced slowdown in April. In premarket trading, shares of the company increased by 2.6% to $111.5. Despite the uncertainty surrounding President Donald Trump's tariffs, businesses are again increasing their leasing programs as they prepare for early holiday sales and back-to school business. Daniel Letter, the company's president, said that "our leasing pipeline has reached a historically high level." The company expects to achieve adjusted core FFO of between $5.80-$5.85 per share. It had previously forecasted a range from $5.70-$5.86. According to data compiled and analyzed by LSEG, the new forecast is higher than analysts' expectations of $5.63 a share. The company reported core FFO at $1.46 per share, compared to the analysts' average estimate of just $1.41. Analysts at BTIG wrote a note before Prologis released its quarterly results: "We expect (Prologis) to continue expanding their leasing pipeline. This could indicate a recovery in the demand if economic expansion accelerates." Total revenue for the San Francisco-based company was $2.18 Billion. Analysts had predicted a revenue of $2.08billion on average. According to Prologis' latest annual report, Amazon, Home Depot and FedEx are among the biggest customers. (Reporting and editing by Sahal Muhammad in Bengaluru, with Abhinav Paramar reporting from Bengaluru)
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Soccer-US fund Apollo in talks to invest in Atletico Madrid, sources say
Two people with knowledge of the matter said that the U.S.-based Apollo Global Management was in discussions with Atletico Madrid's lead shareholder about a potential deal to invest in their Spanish top-flight team. The news was first reported by the Spanish newspaper Expansion on Wednesday. The club is embarking on a sport and leisure project worth 929 million euros (800 million Euros) around the Metropolitano Stadium, Madrid. According to Expansion, 200 million euro will be provided by the club and the remainder is expected to come from investors. One source, who spoke on condition of anonymity as the talks were private, said that while the initial focus of the talks was to finance the building project of Atletico Madrid, the U.S. Fund is now interested in buying a stake in Atletico Holdco which owns a majority of the club. This person stated that there is no offer concrete on the table, but other funds would be interested in buying a stake in Atletico Holdco. A deal could bring the club's value up to three billion euros. According to Expansion, Apollo would receive its stake through a capital increase at Atletico Holdco. Apollo declined to comment. Atletico Holdco is owned by Miguel Angel Gil Marin, the club's CEO. His stake in Atletico Holdco is more than 50%. Enrique Cerezo and Ares Management, an investment fund, are also shareholders in the company which owns over 70% of the club. $1 = 0.8606 Euros (Reporting and editing by Peter Rutherford and Anousha Sakoui; Keith Weir, Anousha Saoui, and Pietro Lombardi)
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Italy asks Poste and state mint to restart talks about PagoPA
Two sources with knowledge of the situation said that Italy wants the state-backed Poste Italiane to resume talks about buying PagoPA, Treasury's platform for digital payments to public administration. According to a plan drawn up last year, Poste, which has expanded its business beyond mail and parcels into financial, broadband, and energy supply, would take a minor stake in PagoPA, thereby bolstering its payments business. Reports from April indicated that negotiations had hit a snag regarding the valuation of PagoPA. Poste and Mint questioned a price tag determined by an adviser to the Treasury of 500 million euro ($581 millions). One source, who refused to be identified due to the sensitive nature of the issue, said that the parties were now trying to finalise an agreement in September. However, no formal deadline had been set. PagoPA will play a key role in the Italian Government's efforts to create a digital wallet via the IO app. This year, PagoPA handled payments worth 57 billion euro to Italy's government administration. It allows users to store documents such as proof of digital identity, which they can use to access online services and make payments. Poste's stake in PagoPA is alarming to Italy's banking sector. It faces stiff competition from Apple, Alphabet, and PayPal in the digital payments arena. Sources close to the issue said that Poste was concerned about the impact of PagoPA's plans to develop a digital platform to allow public administrations and courts to send and receive legal notifications.
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Maguire: China will cut electricity emissions to record-low levels by 2025
China's utilities have been able to achieve record-low emissions in the first half of 2025 by focusing on clean energy supplies. According to the energy portal, electricitymaps.com, carbon dioxide emissions per Kilowatt Hour (kWh) of Electricity averaged 492 Grams during the first half of 2025. This was the first time a reading under 500 grams per kWh had been recorded. It is also down from 514g/kWh in the same period of 2024, and 539g/kWh between January and June 2023. CLEANING UP The main reason for the reduction of emissions intensity was the nearly 23% increase in clean power production from January to June 2020. This allowed the power companies to reduce the output of coal and gas power stations. LSEG data shows that the total power generated by thermal power plants – mainly coal – has dropped 4% compared to a year earlier, and is now just below 7,000 terawatt-hours (TWh). The total output of clean energy from January to the end of June was 2,400 TWh. This shows that fossil fuels still make up 75% of China's electricity generation mix. The growth of clean energy continues to outpace the growth in fossil fuels, suggesting that China’s power mix is set to continue getting cleaner. According to LSEG, the total Chinese clean energy output in the first half 2025 will be 200% higher than the first half 2019. The total thermal power produced in China from January to June of 2025 is 20% higher than the same period last year. Emissions Toll China's emissions from the fossil fuel sector have decreased in line with a cleaner mix. According to data from the energy think tank Ember, total emissions from fossil fuels in electricity production between January and May were 2,24 billion metric tonnes of CO2. This is 60.5 millions tons less than in the same months of 2020, and shows that Beijing is making progress towards its goal of reducing pollution from the energy sector. The lingering economic drag from a property slump and the uncertainty over tariffs imposed by the United States against Chinese goods also impacts China's energy needs and emission totals. Construction in China has been slowing down sharply in the past decade due to a debt crisis among developers. This has in turn slowed demand for energy-intensive products such as glass, construction steel, cement and piping. The latest tariffs imposed by U.S. president Donald Trump on Chinese products have impacted the demand for China-made goods and caused production lines to slow down across a variety of manufactured items. The overall energy needs of these industries have been reduced by the slower pace on construction sites and production lines in factories. This has allowed power generation companies to reduce their production. China's power requirements will rise if the manufacturing and construction sectors recover. This will lead to a return of fossil fuels that emit pollution. If China's economy is still slowed by the construction debt and the tariff concerns, then the use of fossil fuels could be further reduced, which would lead to further emissions reductions from the power sector. 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 information. 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.
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Rupee drops as US inflation worries dent Fed rate-cut bets and hoist the dollar
The Indian rupee dropped on Wednesday, as the latest U.S. Inflation Report showed that tariffs are beginning to affect prices. This weakened bets about rate cuts from the Federal Reserve. The rupee closed the session at 85.94 US dollars, down by 0.1% compared to its previous close of 85.81. The dollar index stood at 98.5 and was close to the three-week-high hit on Tuesday. Asian currencies were either flat or slightly lower. In June, U.S. consumer price indexes rose the most since five months. Higher prices for certain goods suggest that tariffs are starting to bite. According to the CME's FedWatch, the odds that the Fed will keep rates the same in September are now nearly two-to-one, up from 30% last week. The Fed Chair Jerome Powell has been repeatedly criticized by U.S. president Donald Trump for not lowering the benchmark rate. "Building evidence that tariffs are causing inflation supports the Fed's caution about resuming rate cuts in the short-term despite Trump administration criticism," MUFG stated in a recent note. The dollar was firmer in the early trading of Wednesday. However, the rupee recovered because there was "clustered dollar selling interest" around this level. The rupee was also supported by the dollar sales of large custodians banks. These usually signal foreign portfolio inflows. The benchmark Indian equity indexes BSE Sensex (and Nifty 50) closed a tad bit higher on Friday, avoiding a drop in the majority of regional peers. The market will focus on U.S. Wholesale Inflation data and remarks by Fed policymakers later in the day for clues about the trajectory of U.S. benchmark interest rates. The market will be watching developments on U.S. Trade Negotiations, but the reaction has been much more subdued than earlier this year. (Reporting and editing by Sonia Cheema, Jaspreet kalra)
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UK lifts ban on Pakistani Airlines after Five Years
The UK has lifted its five-year ban against Pakistani airlines. They can now apply to resume UK flight operations, just as Islamabad intensifies efforts to privatise Pakistan International Airlines, the country's national airline. The ban was imposed by Pakistan in 2020. This came after an investigation was launched into the validity and accuracy of the pilot licenses issued to Pakistani citizens following a PIA crash in which 97 people were killed. The British High Commission announced on Wednesday that the lifting of the embargo was due to improvements in safety by Pakistani authorities. The European Union made similar decisions just a few months ago. PIA is the only private Pakistani airline that has operated long-haul flights from Britain to Europe. PIA estimated a revenue loss of approximately 40 billion rupees (144 million dollars) annually due to the ban. The airline has considered UK routes such as London, Manchester and Birmingham to be among its most lucrative. It also holds highly sought after landing slots at Heathrow Airport in London that could become available again. The spokesperson for PIA said that the airline had finalised preparations to resume UK flight "in the shortest time possible" and submitted its proposed itinerary. The spokesperson said that flights would resume on the Islamabad to Manchester route. Three weekly flights were planned at first, pending approval of the schedule. In the first week of this month, Pakistan gave four groups permission to bid on a 51-100% share in PIA. The final bids will be announced later in the year. The government hopes that the recent reforms - which resulted in the airline making its first profit for 21 years – will attract buyers as part of a larger IMF-backed push to privatise. Khawaja Muhammad Asif, Pakistani Defense Minister, said at a Wednesday press conference that the resumption on all routes will improve PIA’s value before the privatisation. He said that there are plans to resume flights to New York. Reporting by Charlotte Greenfield in Karachi and Ariba Sharif. Mark Potter and Andrew Heavens edited the article.
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Kawasaki Kisen CEO: Japan is ready to divert more ships from the US due to tariffs
Takenori Igarashi, CEO of Kawasaki Kisen said that the Japanese shipping company is adjusting their U.S. services. They are also prepared to redirect more ships to other regions in anticipation of potentially higher U.S. Tariffs. Igarashi told an interviewer that there were times when the ships could not be fully loaded and we had to reduce the frequency of container service from East Asia into the U.S. We're adjusting the fleet capacity based on cargo volume." Kawasaki Kisen, one of Japan's largest shipping companies, has calculated a U.S. Tariff impact of 30 billion yen (200 million dollars) for the financial period through March 2026. The company cited a loss in the car carrier industry and lower container volume and freight rates. Igarashi stated that the container ship industry would be particularly affected by the U.S.-China trade negotiations which the company closely monitored. Donald Trump, the U.S. president, has threatened to impose higher tariffs on trading partners who do not reach a trade agreement before August 1. Igarashi stated that the shipping distances could have a positive effect depending on what tariff rates various countries face in the end and how they affect trade flows. Kawasaki Kisen, according to him, could divert vessels away from U.S. routes and send them to Europe, Australia, the Middle East or Africa to adjust to the tariff-related demand. He said: "When it comes down to strategic adjustments, you may reduce assets like vessels, but until we know the direction in which trade policies are going, we cannot make sudden drastic cuts." "We are still in a wait-and see phase."
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UK lifts ban on Pakistani Airlines after Five Years
The UK has lifted its five-year ban against Pakistani airlines. They can now apply to resume UK flight operations, just as Islamabad intensifies efforts to privatise Pakistan International Airlines, the country's national airline. The ban was imposed by Pakistan in 2020. This came after an investigation into the validity and validity of the pilot licenses issued to Pakistani citizens following a PIA crash in which 97 people were killed. The British High Commission announced on Wednesday that the lifting of the embargo was due to improvements in safety by Pakistani authorities. The European Union made similar decisions just a few months ago. PIA is the only private airline in Pakistan that has operated long-haul flights from Britain to Europe. PIA estimated that the ban would result in a revenue loss of approximately 40 billion rupees (144 million dollars) per year. The airline considers UK routes such as London, Manchester and Birmingham to be among its most lucrative. It also holds highly sought after landing slots at Heathrow Airport in London that could become available again. In the first week of this month, Pakistan gave four groups permission to bid on a 51-100% share in PIA. The final bids will be announced later in the year. The government hopes that the recent reforms - which resulted in the airline making its first profit for 21 years – will attract buyers as part of a larger IMF-backed push to privatise. Khawaja Muhammad Asif, Pakistani Defense Minister, said at a Wednesday press conference that the resumption on all routes will improve PIA’s value before the privatisation. He said that there are plans to resume flights to New York. Charlotte Greenfield contributed to the reporting. Ariba A. Shahid, Karachi. Mark Potter (editing)
Brazilian coffee traders rush to the US before Trump's tariff of 50%
On Tuesday, commodity traders said that they are in a race against time to sell as much Brazilian coffee into the United States as possible before Trump's new tariff of 50% on Brazilian products takes effect on August 1.
The cost of Trump's tariffs was being passed onto consumers, and this included coffee cups.
Some traders divert vessels mid-journey and cancel stops in other port so that containers full of Brazilian coffee can be entered U.S. ports with no tariff.
Some send the Brazil-origin beans they had in Canada or Mexico that were meant to be used there instead, on the U.S. Market. Importers based in the United States have already posted wholesale prices which include the additional 50% charge for shipments arriving after August 1.
Jeff Bernstein is the managing director of coffee trader RGC Coffee. He said, "We redirected freight that was heading to a longer trip to land earlier in the U.S. "But we couldn't speed up for other cargos."
There are no workarounds for coffee that has not yet left Brazil.
Brazil is the source of a third all of the coffee consumed in the U.S. It's used both as an individual origin and the base for most blends. Only 1% of all the coffee consumed in the U.S. is produced there.
The price of coffee has already increased sharply in the U.S. after a 70% increase in the market in last year, triggered by shortages in production.
Market players claim that if the new tariff of 50% on Brazilian imports announced last week is implemented, it will lead to a price increase.
"It's a taxation that hurts American businesses. Nobody else. Not Brazil. Not Brazilian President Lula. Steve Walter Thomas (CEO of U.S. importer Lucatelli Coffee) said that the new 50% tariff was a threat to all importers.
Expocacer, a Brazilian coffee cooperative that increased its U.S. sales by 15% in the past year, has said there is no possibility of renegotiation for any deals that are delivered after August 1.
"It's a tax that is paid by the importer, and passed on to the consumer," said Expocacer president Simao Pedro de Lima. He added that after Trump's announcement, no export agreements had been signed with U.S. buyers.
If the tariff is upheld, traders said, the coffee flow on the global market would be reordered. Brazilian beans will go to Europe and Asia and the U.S. will buy more from Africa and South and Central America.
They said that this change will be difficult and cost importers more.
A trader who requested anonymity said that Brazilian coffee is used in a third blend sold by Dunkin Donuts, Tim Hortons and other coffee chains. He also said that Starbucks uses it widely.
Three companies have not responded to requests for comments.
The U.S. National Coffee Association refused to comment on this tariff but stated that "coffee plays a major role in Americans' lives and their economy", noting two-thirds (67%) of American adults consume coffee every day.
The association has requested that the Trump administration exempt Brazil's coffee from tariffs.
(source: Reuters)