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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 year's end. 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 to be strong 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 drastic cuts to 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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The Ceyhan pipeline in Turkey will resume exports of Iraqi goods on Wednesday or Friday
Iraq's Oil Minister, Hayan Abdel Ghani, announced on Wednesday that after a 2-year hiatus oil exports will resume through Turkey's Ceyhan Pipeline later on Thursday or Wednesday, according to Iraqi State News Agency INA. Abdel-Ghani stated that an agreement was concluded with the Kurdistan Regional Government regarding the resumed crude oil exports through Turkey's Ceyhan Pipeline. He told INA that "80,000 barrels of oil per day would be exported through SOMO, the Iraqi state-owned oil marketing company," referring to Turkey's Ceyhan Pipeline. Kirkuk-Ceyhan Pipeline has been off-line since 2023 after arbitration court ruled Turkey must pay $1.5 billion damages for unauthorised imports between 2014-2018. The ruling is being appealed by Turkey. The pipeline transported around 450,000 barrels of oil per day from Iraq, including 370,000 barrels of KRG crude. Baghdad claimed that SOMO is the only entity authorized to manage crude oil exports through the Turkish port.
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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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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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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).
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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.
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.
(source: Reuters)