Latest News
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IAEA announces that repairs have been completed at Zaporizhzhya Nuclear Plant
The?U.N. The?U.N. The repairs were carried out in two separate locations: the switchyard at the Zaporizhzhya thermal power plant, which supplies electricity to the ZNPP via the backup 330 kV Ferosplavna-1?line, according to the agency. The Dniprovska Line has not been brought back to operation yet due to?extensive damages at its connecting substation. The International Atomic Energy Agency's Rafael Mariano Grossi stated in a statement that the line had been repaired but still needed to be brought back into operation. The agency stated that repairs to the substation are ongoing but not expected to be completed in the near future.
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Honda CEO apologizes for loss of company, gains investor support at annual meeting
Toshihiro Mibe, the chief executive of Honda Motor, received support from shareholders at the annual meeting held on Friday for his reappointment as a member of the Japanese automaker’s?board after apologizing to them for the poor financial performance. Honda has been forced to restructure its electric vehicle business, which cost more than $9 billion dollars in restructuring costs. It is also facing competition from Chinese competitors. Mibe apologized to shareholders at the beginning of the meeting for the concern and inconvenience caused due to the net loss in the financial results from the previous fiscal year. In addition to Mibe, Honda shareholders also approved 10 other nominees for the board, nine of whom were up for re-appointment, and one who was a new?director. Glass Lewis and ISS had advised that all directors be supported. Honda, amidst a rollback of EV subsidies, decided to write down its EV-linked debt. The market share for battery-powered vehicles in the U.S. was far below what the company had forecasted, Mibe explained. This meant that the planned models would require large incentives. Mibe stated that if the company had sold its planned EVs it "would have meant the automotive business staying in the negative for at least five, and possibly even seven years," adding that this would have created a very?critical situation within the company. REIGNATION CALLOUTS People familiar with the situation have said that Mibe's mishaps in recent months has attracted scorn from retired Honda executives. Former chief executive Nobuhiko Kawasmoto visited Tokyo headquarters in April and urged him to resign. Former?executives criticised Mibe's neglect of China, the largest auto market in the world, as well as its failed bets on EVs, which led to Honda's loss, and showed a growing dependency on the motorcycle division. A shareholder filed a motion near the end of the meeting calling for Mibe to be fired. However, the chief executive refused 'to put the matter to a vote.' He said that the topic was not on 'the agenda. Mibe stated that talks between Nissan Motors and Mitsubishi Motors regarding cooperation on next-generation vehicles technologies, which have been ongoing since mid-2024 are at an advanced level.
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French and Benelux stocks: Factors to watch
Here are some company news and stories that could impact the markets in France and Benelux or on individual stocks. AIR FRANCE KLM: The Franco-Dutch carrier?Air France KLM?has successfully issued EUR 500 million senior notes under?its EMTN Program?with a 5-year maturity and a fixed coupon annual of 4.250%. These notes will be used primarily to fund general corporate purposes. LE SLIP FRANCAIS: French underwear manufacturer Le Slip Francais plans to trade its shares on the Paris stock exchange on Bastille Day, July 14. Michelin: The French tire manufacturer Michelin plans to phase out its BFGoodrich tire factory in Tuscaloosa in early 2027. LVMH/MARIE BRIZARD/PERNOD - The head of Paris police announced on Thursday that Parisians would be prohibited from drinking alcohol in public starting at midday on Friday to curb health problems arising from the current heatwave in France and Europe. VINCI: French construction and concessions group Vinci has won a EUR210m ($238.98m) contract for the second building at the new 'Reims Hospital. EUR157m was allocated to Vinci Construction, and the project will last 45 months. Pan-European market data: European Equities speed guide................... FTSE Eurotop 300 index.............................. DJ STOXX index...................................... Top 10 STOXX ?sectors........................... Top 10 EUROSTOXX sectors...................... Top 10 Eurotop 300 ?sectors..................... Top 25 European pct gainers....................... Top 25 European pct losers........................ Main stock markets: Dow Jones ............... Wall Street report ..... Nikkei 225............. Tokyo ?report............ London report ........... Xetra ?DAX............. Frankfurt items......... CAC-40................. Paris items............ World Indices..................................... Survey of global bourse outlook ......... European Asset Allocation........................ News in a glance Top News ............. Equities.............. Main Oil Report ........... Main currency report .....
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Bangladesh calls on China to reduce the trade gap
?Bangladeshi Premier Minister Tarique Rahman?met?with Chinese president Xi Jinping on?Friday in?Beijing, where he urged a reducing of the trade deficit, diversification exports, and China's assistance in implementing major projects in his country. Rahman began a three-day visit to China on Wednesday. It is his first trip since becoming prime minister. Dhaka wants to strengthen its ties with China. It is one of the largest trading partners and development financiers. Rahman's visit is also of a broader diplomatic nature, as he seeks to maintain a balance between ties with Beijing and New Delhi. He was seen to be closer to India than his predecessor Sheikh Hasina. While relations between Dhaka & New Delhi have improved since Rahman's appointment, there are still disagreements. Rahman said that China could diversify Bangladesh's exports in order to reduce Bangladesh’s trade deficit. According to a report from a media pool, Rahman stated that "we request China to import our fresh mangoes, jackfruits, guavas, aquatic products such as?raw leather and jute products, and pharmaceutical products." He added that Bangladesh needed China's help in "implementing our major signature projects as well as upgrading and modernising our existing industrial unit," Bangladesh joined China's Belt and Road Initiative, Xi Ji's flagship development and infrastructure strategy aimed at connecting Asia with Africa and Europe in 2016. China is willing and able to support Bangladesh in importing more high-quality products, supporting Chinese companies in investing in Bangladesh and expanding cooperation in emerging industries like new energy, digital economy, and artificial intelligence. State media reported that Rahman met Premier Li?Qiang Thursday, where they signed several cooperation agreements to strengthen bilateral ties. Bangladesh owes China $6,2 billion according to World Bank data. The Asian Infrastructure Investment Bank in Beijing has also lent another $2.3 billion. Delhi has only lent $1.6 billion to its neighbor. Data from the American Enterprise Institute shows that Chinese companies have invested an additional $7.7 billion in Bangladesh's Energy Sector. Around half of this amount was spent on energy. Chim Lee is a senior analyst with the Economist Intelligence unit in Beijing. Lee explained that Bangladesh was a challenge because it didn't offer the same type of logistics corridor as Central Asia or Myanmar. Reporting by Joe Cash, Farah master and the Beijing Newsroom. Editing by Muralikumar Anantharaman & Lincoln Feast.
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Honda CEO apologizes for loss of company, gains investor support at annual meeting
Toshihiro?Mibe, Honda Motor's Chief Executive Officer,?won the support of shareholders at its annual meeting on?Friday after apologizing to them for their poor financial performance. Honda wants to recover from strategic mistakes after posting its first annual loss for'seven decades' last month. The company was hurt by $9 billion in restructuring costs and competition from Chinese competitors. Mibe told shareholders that the financial results of the previous fiscal year had a net loss. Honda shareholders also approved 10 other nominees for the board, including nine directors who were up for reappointment, and one new director. (Reporting and editing by Thomas Derpinghaus; Daniel Leussink)
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Taiwan and Japan are affected by torrential rains caused by a passing storm
Tropical storms passing through Taiwan caused torrential?rains? that shut down southern Taiwan, forcing more than 5,000,000 people to miss work or school. Japan also issued flood and landslide alerts. The outer bands of Typhoon Mekkhala - now a tropical storm - are bringing heavy rains to some parts of Taiwan. This is especially true in Kaohsiung and Tainan in the south. On Friday, the governments of three Taiwanese regions with more than five million residents ordered all offices and schools to close. Flooding in Tainan caused a section of main north-south rail line to be closed. Japan also experienced heavy rains and strong winds, resulting in high-level alerts for flooding, landslides and swollen riverbeds. 2.2 million residents were ordered to evacuate. The Japan Meteorological Agency has warned of heavy rainfall across western Japan, caused by a stationary seasonal front and warm moist air that feeds into it. According to the Japanese land ministry, more than 200 flights have been cancelled, and dozens of trains lines have been halted. Many expressways were also closed. Toyota closed a factory located in Kyushu, a southern region, on Thursday afternoon. The decision to resume production for the second shift was expected later. No casualties were reported in Taiwan but authorities are evacuating 200 residents of two townships in Hualien County, which is downstream from a barrier lake that's rapidly filling up in the mountains. When?rocks or landslides, or other natural blockages create a dam across the river, usually in a valley. This dam blocks and holds back water. It can even stop natural drainage. In Hualien, another barrier 'lake' breached during Super Typhoon Ragasa and unleashed a wall of mud and water into homes. Rain will continue to fall over Taiwan for the next few weeks, but it should gradually decrease. Taiwan relies on the summer and fall typhoon seasons to replenish its reservoirs following a typically dry winter. Reporting by Ben Blanchard, Chang-Ran Kokiya and KantaroKomiya in Tokyo. Editing by Shri Navaratnam & Christopher Cushing.
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Southern Taiwan rail line and southern Taiwan shut down by torrential rain caused by a passing typhoon
A typhoon passing through southern Taiwan caused torrential rains, forcing more than 5 million people to miss work or school. Flooding also cut off a section of the main rail line. While Typhoon Mekkhala is currently over the Ryukyu islands in southern Japan, it did not directly landfall on Taiwan. However, its outer bands brought heavy rains to some parts of the island. All three governments, where more than 5 million people reside, have ordered that offices and schools be closed on Friday. The separate high-speed rail line did not report any problems, but a section of Tainan's main north-south line was closed due to severe flooding. Authorities in Hualien County on Taiwan's East Coast are evacuating almost 200 residents of two townships in the mountains below a barrier lake that is rapidly filling. When rocks, landslides, or other natural obstructions form a dam across a stream, usually in a valley, they block and hold back the water, hindering, or even stopping, "natural drainage". In a different part of Hualien, 19 people were killed last year when a barrier lake burst its banks due to Super Typhoon Ragasa. The wall of water and mud that engulfed homes was caused by the breach. It is predicted that rain will continue to fall over Taiwan at least for the next week. However, it will gradually ease. Taiwan relies on a traditional summer and fall typhoon to replenish its reservoirs following a typically dry winter. (Reporting and editing by Shri Navaratnam.)
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FedEx Freight predicts a revenue growth of up to 6% for the rest of 2026
FedEx Freight announced on Thursday that it expects its revenue to 'rise between 4% and 6% in the seven months leading up to December 31, while adjusted operating income will grow between 0.8% and 7.5%. This comes just weeks after completing a'separation? from parent FedEx Corp. FedEx Freight, based in Memphis, is the leading provider of LTL (less-than-truckload) services. Multiple shipments, from multiple customers, are transported on one truck and then routed via a network service centers where they're transferred to other trucks that have similar destinations. Freight trucking firms have reported?improved industrial demand, citing U.S. manufacturing activity that?grew for the past five months and reached a four-year peak in May. As regulatory measures tightened the supply, freight rates have increased in recent months. The company provided goals for a period of seven months to reflect the fact that the fiscal year ended in May, but now aligns with the calendar. The company's revenue grew 4.8% in the fourth quarter ended May 31 to $2.4 billion, mainly due to higher fuel surcharges and increased weight of shipments. According to LSEG, the revenue exceeded analysts' expectations of $2.26billion. FedEx Freight was spun-off from FedEx in June,?when the company also made its trading debut. The quarter-adjusted operating income fell by 23.9% due to costs associated with?its separation of FedEx, lower shipments, and higher wages. FedEx Freight expects adjusted operating income between June and the end of December 2026 to be in the range of 605 million to 645 million dollars, up from $600 million for a year ago. The company expects to earn $2.4-$2.6 per share in the period June-December. Reporting by Nandan Mandyam in Bengaluru and Apratim Sarkar; editing by Shahal Kuber and Sahal Muhammad
Trump's attack on offshore wind has a knock-on effect for US shipbuilders and ports
Shipbuilders and port operators in the United States are suffering from the fallout of President Donald Trump’s campaign to eliminate the offshore wind industry. They have lost hundreds of millions in government support and seen their vessel orders disappear. Their investments worth billions of dollar's now face an uncertain future.
This is an unintended result of Trump's offshore wind policy, which includes stop-work orders for large projects and permit reviews that were sparked by former president Joe Biden’s green investment policies.
Trump says offshore wind is an ugly and inefficient technology which harms birds and whales. He is a strong supporter of U.S. marine industries, which he sees as vital in the global race for trade dominance and military dominance on the high seas.
Joe Orgeron is a Republican Louisiana State Representative and former owner of an offshore vessel company. He said that the offshore wind industry had been responsible for many ship purchases in recent years. "Unfortunately, that all came to an abrupt halt."
The details are revealed here for the very first time.
The Department of Transportation has canceled more than 679 million dollars in funding for ports that support offshore wind. This includes a grant of $34 million for an installation in Salem Massachusetts, which was supposed to generate 75 million dollars in tax revenue in 20 years and 800 jobs.
According to Oceantic, the trade group, orders for new offshore service vessels, designed to transport workers and enormous turbines offshore, or to lay underwater cable, have also vanished. This follows a busy year in 2024, which saw at least ten U.S. vessels launched to serve offshore winds.
According to the report, existing vessels are being sold or redeployed to other regions around the world.
Trump's administration has said that it can revitalize the U.S. port and shipbuilding industry without offshore wind support. The industry had suffered for years from cost inflation and a lack of government support.
The U.S. Department of Transportation stated that "this administration will restore America’s maritime dominance" by modernizing ports and expanding shipbuilding capabilities to compete with communist China.
We're doing it quickly and as cost-effectively possible - two attributes that are completely absent from offshore wind manufacturing."
BIG CANCELLATION Danish shipping company Maersk cancelled a $475-million contract for a ship custom designed to install massive wind turbines on the Empire Wind Power Project off the coast of New York earlier this month, revealing the decline in vessel demand.
Empire Wind, a project of Equinor, was embroiled earlier this year in Trump's opposition against offshore wind when the administration issued an order to stop work that delayed construction for one month.
Seatrium in Singapore, the shipbuilder, was said to be evaluating options for the vessel which was almost completed and that it could take legal actions.
According to Oceantic Network, the growth of offshore wind in the Northeast has fueled a strong demand for such vessels. This includes several that were built in U.S. yards or flown under U.S. national flags. The group said that the offshore wind sector has benefited from $5.1 billion worth of port investments, and $1.8 billion worth of vessel orders.
Among these vessels is the 715 million dollar Charybdis. It is the only vessel with a U.S. flag that is used to install wind turbines. This vessel is currently working for Dominion Energy on its Coastal Virginia Offshore Wind Project.
Edison Chouest, a Louisiana-based company, also built two large offshore worker housing vessels for Equinor's and Orsted's projects that are currently being constructed.
The work has dried up.
US Wind, an offshore wind developer, said in court documents that were filed this month that it was on track to obtain specialized vessels for the installation of offshore wind. However, efforts by the Trump administration to stop their Maryland project disrupted those plans.
The company stated that such vessels are rare and often booked many years in advance. This means early action is needed to meet the construction deadlines.
Blount Boats of Rhode Island, which started building crew transfer boats for offshore wind energy in 2016, has stopped production completely.
Julie Blount, Executive Vice President, said: "We have moved on." There are no contracts on those boats because the Trump Administration has shut that down.
Some existing offshore wind vessels are also being sold.
Houston-based Seacor Marine said in August that it would sell to Nigerian oil-and-gas services company JAD Construction two liftboats with U.S. flags, used at the Block Island offshore wind farm and South Fork offshore turbine farms. The company cited delays and cancellations as reasons for its decision.
Seacor has not responded to a comment request.
Other ships are facing uncertain futures. Bill Hanson, of Great Lakes Dredge & Dock Corp., stated that the $200 million Acadia - America's first ship for rock installation - will work overseas once it has completed jobs for Equinor or Orsted.
The company does not plan to build any more offshore wind vessels.
Ports Reeling Too
Oceanic estimated that last year, more than twenty U.S. port cities were involved in offshore wind projects. The DOT canceled grants totaling $679 million worth of funding in August. This affected projects in Massachusetts, New York and California as well as Maryland and Virginia.
Salem's port project, which is suffering after funding was cancelled, is in trouble.
According to Chris Mikkelsen, Executive Director of the Humboldt Bay Harbor, Recreation and Conservation District, in Northern California, it is anticipated that the Humboldt Bay Offshore Wind Port, which lost $426.7 Million - the majority of the canceled DOT funds - will be delayed for at least five years, to 2035.
The project hopes to use funds from the state climate bond in order to compensate for lost federal funding.
Norfolk, Virginia economic development officials said that the developer of a marine logistic terminal, which lost a $39m DOT grant, submitted a revised project proposal refocusing it away from offshore winds to align the project with the administration's priority.
Some port projects continue to be undertaken. According to a spokesperson for Equinor, the South Brooklyn Marine Terminal that will support its Empire Wind Project is 70% completed and has employed approximately 3,000 workers.
US Wind in Maryland says that it will continue to build a steel manufacturing facility on the shore that would serve shipbuilding and energy industries, despite the cancellation of the $47.4m port grant as well as the plans by the administration to revoke its permit for offshore wind. US Wind also warned that it might face bankruptcy if the project was canceled in court documents.
Jim Strong, of the United Steelworkers, which has an agreement to supply workers for US Wind’s facility, expressed optimism that Trump will see how offshore wind investments can have a ripple effect on industries that are important to him.
Strong, speaking of Trump, said that Trump had shown a great deal of passion when he spoke about steel during his campaign. I want to believe there will be a shift in positions once the story has been told. (Additional reporting from Lisa Baertlein, Los Angeles; Editing done by Richard Valdmanis & Marguerita Choy).
(source: Reuters)