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TUI Tours reports earnings above its own expectations
TUI, Europe's largest tour operator, announced on Wednesday that its earnings for its fiscal year 2025 exceeded its expectations due to strong hotel and cruise demand. In constant currency, the underlying earnings for the fiscal year that ended September 30 came to 1.46 billion euro ($1.70 billion). This was an increase of 12.6% over the previous year, exceeding the company's goal for a growth between 9% to 11%. In a press release, CEO Sebastian Ebel stated that "this success is primarily fueled by our integrated business models and record results within the Hotels & Resorts and Cruises segment." At 1443 GMT, shares were up by 3.4% at 7.52 euros. The company reported that preliminary revenue for the year increased by 4.4%, to 24.19 milliards of euros in constant currency. TUI will release its final results for the full year and a new strategy of shareholder returns on December 10.
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After Moscow talks, Russia and Kazakhstan have agreed to enhance their oil sector relations
Following talks between their respective Presidents at the Kremlin, Russia and Kazakhstan agreed to increase their partnership in oil following the talks on Wednesday. Kazakhstan, a landlocked country, is heavily dependent on Russia for its energy exports. More than 80% its oil is exported via a pipeline run by the Caspian Pipeline Consortium that runs to one Russia's Black Sea Oil Terminals. The Russian President Vladimir Putin met with the Kazakh President Kassym Jomart Tokayev on Wednesday, where they discussed gas projects and U.S. sanctions against Russian oil companies. Tokayev, in a televised statement following the meeting with Putin, said: "We agreed to reinforce our partnership in areas such as oil, oil products and coal production, electricity supply, transportation and distribution." He said: "We discussed in depth the prospects of gas cooperation, namely gas supply to Kazakhstan’s bordering regions with Russia as well as transit into third countries." CPC is a pipeline consortium that pumps oil from Kazakhstan produced by international oil companies including Chevron, Exxon Mobil and other U.S. oil giants. Interfax reported that Kremlin spokesperson Dmitry Peskov said the presidents had discussed uninterrupted CPC operation, but did not elaborate. In February, the CPC operator reported that drones had struck the Kropotkinskaya Pumping Station in southern Russia's Krasnodar Region and affected the pipeline operations. Russia is also looking to increase its oil exports via Kazakhstan to China. The transit will total 10.2 million tonnes, or approximately 204,000 barrels a day, in 2024. (Reporting and writing by Lucy Papachristou, with editing by Sharon Singleton & Jane Merrill)
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Alstom receives $1.9 billion order from PKP intercity in Poland
Alstom, a French train manufacturer, announced on Wednesday that it had signed a contract worth 6.9 billion zlotys ($1.9 billion), to supply and maintain trains for Poland’s national long distance rail operator PKP. Alstom shares rose by more than 3% early in the afternoon following publication. The agreement includes the delivery and maintenance of 42 Coradia Max electric double-deck multiple units. This train is capable of reaching speeds of up to 200 km/h. It also includes 30 years of full service maintenance, as well as an option to purchase 30 more trains. In a press release, PKP Intercity CEO Janusz malinowski stated that "we want to see the first passengers boarding the new trains within three and a quarter years."
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IDS, Royal Mail's operator, warns that margin pressures will persist into 2026 due to rising costs
International Distribution Services, a Royal Mail subsidiary, said on Wednesday that rising costs and macroeconomic uncertainties would continue to affect margins in 2026. This comes after the company reported a slower growth of revenue for the first half fiscal year 2025-2026. The group's revenue for the six-month period ended September 28 grew by 1.6%, to 6.45 billion pounds (8.66 billion dollars), slower than its 8.2% increase in the previous year. That growth was boosted by the UK general elections of 2024. IDS, the company that includes Royal Mail and GLS (international parcel network), said it faces cost pressures including increased National Insurance contributions in the amount of 120 million pounds, and higher wages costs for its UK operations. Royal Mail's parcel volume grew 5% in the first half to 661 millions, but addressed letter volumes fell 10%, excluding those sent for last year's election. GLS parcel volume rose 3% to reach 460 million. Royal Mail's volumes are typically boosted during election periods by the influx of political mailings, official voting cards, and postal ballots. Martin Seidenberg, CEO of the company, said that despite the slower growth the company still aims to expand the network to include 45,000 Royal Mail parcels points by 2030, and to increase GLS parcels points beyond their current 125,000 base. The EP Group, owned by Daniel Kretinsky, a Czech billionaire and philanthropist, closed the acquisition of IDS last June. They had committed to protecting Royal Mail's more than 500 year old history and its employees and customers. Raechel Thankam Job, Bengaluru (reporting) and Vijay Kishore, editing.
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E.ON expresses concern about German grid reforms
E.ON, Europe’s largest energy grid operator, expressed concern on Wednesday that the new rules on how much German power network operators can earn from investments would not reward their funding adequately. Nadia Jakobi of E.ON Finance, who spoke to investors following the presentation of nine-month results said that the uncertainty surrounding the regulation which determines power grid returns over the next five years starting in 2029 was "greater" than what we expected. The German grid regulator is in the final stages of finalising its reform proposal, which includes a cap on the earnings of grid companies to balance the need for lower consumer bills with incentives to investors. Jakobi stated that the current framework draft does not accurately reflect the grid operators' costs of financing. He added that E.ON could consider legal options in the event the final proposal did not meet the company's expectations. REGULATOR SETS RELEASES E.ON shares dropped to their lowest level in over two months, and were down by 4.5% as of 1226 GMT. Grid operators including E.ON say that they need to increase their earnings caps in order to pay for expansion of power grids, which is required to provide infrastructure for AI driven data centres. The regulator's current recommendations regarding grid financing reform are not public. Jakobi stated that the regulator indicated that the current version was "close to the final" and that "proposals in general must be attractive enough to encourage investments." Analysts at Bernstein said that it was not clear whether E.ON will have enough clarity by February 2026 for a decision on upgrading investments in German networks. E.ON had earlier announced that its investments had increased by 8% over the first nine-months of the year. It also confirmed its outlook through 2025. (1 dollar = 0.8575 euro) (Reporting and editing by Miranda Murray, Jane Merriman and Christoph Steitz)
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Einride, a self-driving truck company, will go public through a SPAC deal valued at $1.8 billion.
The Swedish autonomous trucking firm Einride announced on Wednesday that it had agreed to become public in the U.S. via a merger between Legato Merger Corp III and a blank-check company. This deal valued the company at approximately $1.8 billion. Listing comes after a surge of electric vehicle startups that went public during pandemic-era SPAC with the goal of capitalizing on huge demand for clean energy vehicles and government incentives to purchase battery-powered automobiles. Since then, a number trucking and vehicle technology startups, including Nikola, Lordstown Motors and Proterra, have failed due to competitive pressures and operational challenges. They also suffered from rapid cash burn because of high production costs and inability to reach profitability. As they look to commercialize the self-driving tech, which is under intense regulatory scrutiny, autonomous trucking companies are seeking to automate logistics and shipping in order to meet the increased demand for faster freight deliveries. Einride wants to increase its growth by attracting up to $100,000,000 in private equity investment. The deal was also strengthened by the $100m it raised from institutional investors in October. After the transaction closes, the existing management of Einride will continue to run the firm. A SPAC is a shell company that raises funds through an IPO in order to merge with a privately owned business and bring it public. This provides a faster route to market than a conventional IPO. Einride, a Swedish company founded in 2016, has its headquarters in Stockholm. Its business revolves around self-driving technologies for trucks. The company has more than 25 enterprise clients, including GE Appliances, and has a fleet around 200 electric cars. (Reporting and editing by Shailesh Kuber in Bengaluru. Zaheer Kachwala is based in Bengaluru.
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SpiceJet, an Indian airline, reports a larger loss due to a weaker passenger traffic
SpiceJet, the cash-strapped Indian airline, posted a larger quarterly loss on Tuesday. The drop in passenger traffic as well as rising foreign exchange costs were to blame. The company lost 6.34 billion rupees (roughly $72.1 million) in the third quarter of last year, compared to a loss 4.42 billion rupees one year earlier. SpiceJet is still struggling to increase its fleet capacity, despite numerous fundraises and agreements with lessors. The carrier is relying on wet lease arrangements to increase capacity in advance of the holiday season which falls during the third fiscal quarter. SpiceJet's passenger numbers dropped by 22.5%, to 751,000 passengers during the quarter. The company's revenues dropped by 13%, to 7.08 billion rupies. Ajay Singh is the chairman and managing director of the company. He said that while the results show short-term costs associated with fleet revival and expansion they are strategic investments which will begin to yield results in the current quarter. The eight-fold increase in foreign exchange losses added to the pressure on margins. The forex losses amounted to 1.88 billion rupees or 26.5% of the total revenue.
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Maguire: Gigawatt growth – How global power pipelines are taking shape.
Once projects currently in construction are completed, and power is directed onto electricity grids and generation systems, the global power generation capacity will increase by just under 25%. Global Energy Monitor's data shows that 1,450 GW of new power capacity are currently being built globally. When completed, this will increase the power footprint in the world from 8,000 GW up to 9,500 GW. The majority of fossil fuel capacity is being built by coal-fired power plants, with the remaining two-thirds coming from renewable energy sources like solar and wind farms. Asia is the region that accounts for nearly all of the planned capacity expansions. The Americas are currently the second largest area of construction. Here is a breakdown on the power pipelines currently being built, based on power sources and geographic locations. It also shows how new projects will impact the final mix of power generation. CLEAN BREAK Solar farms are the biggest contributor to the 950 GW clean energy capacity that is being built. Around 345 GW new solar power capacity is currently under construction. Around 267 GW of hydropower capacity are currently under construction. Wind farms follow with 251 GW. Around 82 GW new nuclear capacity, 7.5GW new bioenergy, and 1.8GW new geothermal energy are also under construction. GEM data indicates that clean energy sources currently account for approximately 46% of all power in operation. However, after the completion of a clean-heavy pipeline of construction, they will represent 49% of total power. FOSSIL MOMENTUM A third of global power pipelines being built will use fossil fuels. Around 275 GW of coal-fired generation is currently being constructed around the world. A further 215 GW is being built of gas-fired capacity, which will increase the total fossil fuel production capacity from 4,326 GW to 4,815 when all projects are completed. After all the clean and fossil fuel capacity is completed, the fossil fuel share in global generation capacity will drop to 51%. ASIA-DRIVEN Asia is the leading region for the construction of new power plants, with 84% of the projects under construction currently located in the area. Asia is home of around 83% all clean energy projects, and 85% all fossil fuels projects. This is a testimony to China's massive energy needs and manufacturing power in energy components. Asia has 99% of coal-fired power capacity in the world, and 68% of new gas-fired capacities are being built there. GEM data indicates that once the projects currently in construction are completed, Asia's share in global power capacity will increase from 53% to 58%. Around 65% of new power capacity will be powered by renewable energy. This will bring Asia's current power mix up from 37% clean and 63% fossil fuels to 44% clean and 56% fossil fuels. When projects are completed, the Americas will lose 21% of its current power capacity. Once current construction is completed, the mix of America's power capacity, which is currently fairly evenly split between clean and fossil sources, will change to 51% clean and 49% fossil fuels. Europe's share in global power capacity is expected to fall from 19% down to 17% after all construction projects are completed. The continent's share clean of total power will stay largely the same at 68%. After the current work is completed, Africa and Oceania are expected to continue having a share of approximately 4% in global power generation. Once construction is completed, Africa's clean-fossil energy capacity will change from 28% clean and 72% fossil fuels to 33% clean and 67% fossil fuels. Oceania will shift from an even mix of fossil and clean fuels to a mix of 54% clean fuels, 46% fossil after current construction projects have been completed. These are the opinions of the columnist, an author 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.
New York Times Business News - July 30,
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.
Vinay Prashad, chief medical and scientific officer of the U.S. Food and Drug Administration, has resigned from the U.S. Department of Health and Human Services (which oversees the FDA).
After a rare 8.8-magnitude earthquake hit Russia's east coast, the National Weather Service upgraded its tsunami warning to cover a 100-mile stretch of Northern California coastline between Cape Mendocino bordering Oregon.
Union Pacific announced that it would purchase smaller rival Norfolk Southern for $85 billion, creating the first coast-tocoast freight railroad operator in the United States. This will reshape how goods are moved across the country from grains to automobiles.
Apple is closing a retail store in Northeastern China this August. This will be the first time Apple has closed a location since opening its first outlet there in 2008. (Compiled by Bengaluru Newsroom)
(source: Reuters)