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Kazakhstan's oil exports from January to July to Germany have risen 38%
Kaztransoil, a pipeline company, said that Kazakhstan's oil exports from Germany to Russia via the Druzhba pipe for January to July jumped 38% on an annual basis to 1.086 metric tons (37.550 bpd). The barrels-per-ton ratio was 7.33. The company reported that the total amount of supplies through the Druzhba pipe in July was 160,000 tonnes, which is the same as June but up 11,000 tons compared to the same month last. Kaztransoil reported that the oil exports through the Baku, Tbilisi and Ceyhan (BTC), pipeline rose 10% compared to the same period in last year. The total was 923,000 tonnes. The volume in July was 138,000 tonnes, down from June's 148,000 tons. The BTC crosses Azerbaijan and Georgia, as well as Turkey, to allow Kazakhstan to export crude oil via the Caspian. This route allows Kazakhstan to bypass Russia in its commodity exports. It is the largest landlocked nation on earth. Over 80% of Kazakhstani oil is exported via another pipeline, operated by the Caspian Pipeline Consortium. This pipeline connects Tengiz in western Kazakhstan, as well as a few other fields with a marine port near Russia's Black Sea Port of Novorossiisk. David Goodman is responsible for reporting and editing.
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Northvolt's creditors will suffer a great deal of loss if the company files for bankruptcy, says a trustee
The bankruptcy of Northvolt will result in a large loss of funds for many of its creditors, said the process trustee on Friday. He added that the sale of Northvolt to the U.S. startup Lyten was a major achievement. Northvolt's unsecured creditor list includes its biggest shareholders Goldman Sachs, and Volkswagen, whose brands Scania Porsche and Audi had been customers of the battery manufacturer. Lyten, backed by Jeep owner Stellantis, and FedEx delivery service, announced on Thursday that it would purchase the majority of Northvolt. This move offers a chance for the European firm to regain its former prominence as a regional answer to Asian rivals. Northvolt, which owed more than $8 billion dollars in debt, filed for bankruptcy in November last year. The trustee didn't specify how much creditors might lose in the bankruptcy process. The bankruptcy trustee Mikael Kubu stated that the acquisition of Swedish assets would be completed by the end October, while the transaction abroad will take "a little more time". Marie Mannes is reporting, Essi Lehto is writing, Emelia Sithole Matarise and Kirovan Donovan are editing.
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Expedia shares surge on positive forecasts and US travel rebound
Expedia shares surged by more than 17% on Friday in premarket trade after the online travel agency raised its forecast for full-year gross reservations and expressed optimism about the recovery of U.S. demand. Expedia is the newest travel company to suggest a recovery in demand. This follows a dip earlier this year, when consumers were worried about the economic impact President Donald Trump’s tariff policies. Ariane Gordon, CEO, said in the earnings call held on Thursday that "since the beginning of July we have seen a rise in travel demand in general, especially in the U.S." The company now expects gross bookings in 2025 to increase between 3% and 5%. This is an increase of 1 percentage point over its previous forecast. Morningstar analyst Dan Wasiolek predicts that bookings will continue to grow at a faster rate, reaching 7% by 2026. This is due to the improvement in demand and policy visibility. Travel spending was disrupted by tariffs, but it seems that prospective U.S. travellers are willing to book again, said Danni Hewson. Expedia also focuses on simplifying the organizational structure of its company by eliminating roles, streamlining operation and deploying generative AI technologies. The company exceeded its May guidance for a 75 to 100 basis point increase in the second quarter. Michael Bellisario, Baird analyst, says that the most important takeaway from this report is Expedia's commitment to a strategic approach and its tighter control of expenses. Expedia, along with industry peers Marriott and Airbnb, also noted that bookings were strong from consumers who earned more money. Lower-income consumers, however remained cautious about their discretionary spending. Expedia shares are trading at about 12.01 times the estimated future profit, which is below the industry average of 14.19. Reporting by Aishwarya Jain, Bengaluru. Editing by Devika Syamnath.
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China closes the gap with US to become Germany's largest trading partner
The German Statistics Office released preliminary data showing that China was close to surpassing the United States in the first half 2025 as Germany's biggest trading partner. German exports to America were declining amid increased tariffs. Calculations show that German exports and imports to the U.S. amounted to 125 billion euro ($145 billion) between January and June. Trade with China was 122.8 billion euro. Vincent Stamer is an economist at Commerzbank. He said that although the U.S. managed to maintain its status as Germany's top trading partner, it was only a razor-thin lead in German trade with China. In 2024, the U.S. overtook China as Germany's number one trading partner. This ended an eight-year streak of China. Germany was trying to reduce its dependence on China. Berlin blamed political differences with Beijing and accused Beijing of unfair business practices. In 2025, the trade dynamics will shift again with Donald Trump returning to the White House, and new tariffs. In July, the EU-U.S. trade agreement set tariffs of 15% on most products. Juergen Matthews, director of the Cologne Institute for Economic Research's international economic policy, said that the losses in German exports will continue to grow and may even increase as the year progresses. German exports to America fell by 3.9% in the first six months of the year, to 77.6 Billion Euros. Commerzbank predicts that new U.S. Tariffs will slow Germany's Exports to the U.S. between 20% and 25% in the next two Years. Stamer stated that "China is likely to return to the top of Germany's trading partners by the end of the year." CHINESE IMPORTS SURGE In the first half of 2018, imports from China increased 10.7% compared to last year, and reached 81.4 billion euro. Stamer stated that German consumers and companies find it difficult, "to replace Chinese products" Carsten Brzeski is global head of macro at ING. He believes that the rise could be a sign that China is redirecting its trade from the U.S. into Europe and flooding the German market with cheaper goods. Matthes, of Cologne Institute, says that a significant undervaluation in the yuan compared to the euro makes Chinese imports more affordable. Exporters struggled amid increasing competition from Chinese manufacturers. A sharp drop in exports to China combined with a surge in imports has resulted in a record-breaking trade deficit of over 40 billion euros. This is only second to the one set by 2022. Matthes stated that "all these developments harm the German economy, and worsen the industrial crisis."
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Boeing's CEO brought the company out of a nosedive but there are new challenges ahead
After taking over the company during Boeing's worst crisis in decades one year ago, Kelly Ortberg stopped its freefall. He faces new challenges, including ramping up jet manufacturing, revitalizing the struggling Defense and Space division, and returning profitability to the legendary planemaker. Ortberg had retired to Florida and was enjoying a comfortable retirement when Boeing's Board offered him the job of CEO at a company that was losing money and suffering from a damaged reputation. After a midair panel blowout in January 2024 on a new MAX, the crisis deepened. This prompted his predecessor to leave and brought back memories of two deadly MAX crashes in 2018 and 2019. These crashes killed 346 people. Ortberg promised to restore trust and stay close to the factories, as well as ensure Boeing met their commitments to quality, safety, and transparency. Boeing has had a series of successes since then: It has improved the efficiency and quality of the 737 line; it has navigated the trade policies of President Donald Trump; it has reached an agreement with the U.S. Department of Justice, to drop prosecutions over the crashes; and signed blockbuster deals for airplanes. The stock of the company is up 39% compared to a year earlier, and has seen its biggest gains in recent months due to an increase in 737 production. Boeing, however, is still losing money. It trails Airbus on the single-aisle aircraft market. It struggles to fix its space programs and its defense programs. Ortberg's first challenge is to increase production of the 737 MAX back to levels seen before the crisis, and then beyond. This will allow Boeing to replace this model with a future model. The biggest risk that Boeing faces in the future is whether they become a great company or a mediocre one. Ron Epstein is an aerospace analyst at Bank of America. Boeing refused to allow Ortberg to be interviewed. CULTURE CHANGE Ortberg is an Iowa native who spent years climbing the ranks of avionics company Rockwell Collins. He became CEO, and led it through a number of deals that resulted in aerospace firm RTX. He retired in 2021. Jans Timmers who worked directly for Ortberg at Rockwell Collins recalled Ortberg telling him, when dealing with an expensive program, "Put everything on the table and we'll deal with it." "And that is what he does at Boeing right now," he said. Boeing, once hailed for its role in winning World War II and putting men on the Moon, had been associated with cutting corners, prioritizing profit over quality and misleading regulators. Ortberg focused on fixing the basics, reducing defects, eliminating work that was out of sequence, and improving the overall build quality, rather than just pushing out more jets. "Give it a damn!" "Give a damn!" became one of Boeing’s core values under Ortberg. He introduced it to the employees in April. Alaska Airlines CEO Ben Minicucci said Ortberg was a great example of a leader who chose to be physically present in the factory, where he lived. Minicucci stated, "They are walking on the floor and they feel what is going on." "That's a different experience than in the past." TRUMP TURBULENCE Ortberg had to deal with one of the most difficult challenges facing any CEO in the United States this year: managing Donald Trump. In February, the U.S. President publicly criticized Boeing for delays and cost overruns in the Air Force One Replacement Program. Trump and Ortberg celebrated a record-breaking widebody order with Qatar Airways in May, despite the tension. Ortberg, along with other aerospace leaders, worked behind the scenes to manage Trump's volatile policies on trade, which has largely spared new tariffs for the industry. Jeff Shockey is Ortberg's biggest hire. He was brought in to be Boeing's top advocate. Shockey has a long history as a political operative with experience in aerospace. Boeing requires Federal Aviation Administration (FAA) support to increase production and certify the new jets. It also needs continued federal funding to develop the F-47, named for Trump as the 47th President. Richard Aboulafia, managing director of AeroDynamic Advisory, said: "It is impossible to imagine doing any of this without an experienced head at Boeing's Washington operation." Ortberg's struggles have not been easy. Last year, he struggled to bring an end to a seven-week strike by 33,000 union workers who assemble Boeing jetliners along the West Coast. The strike deepened divisions within the company. Separately, 3,200 workers from a union that builds fighter jets began a strike on Monday. The company continues losing money - $643 millions through the first half year - and Ortberg pushed back certifications for the 777-9, and the 737 MAX smallest and biggest variants - the MAX 7 & 10 - to next year. Ortberg now must prepare Boeing for a new plane launch this decade to reclaim market share lost by Airbus. Or risk being relegated as an after-runner for another decade. Ortberg played down the importance of the upcoming year when asked during a recent earnings conference. He said, "It is just one day at the time. Improve our performance, address issues we have, rebuild trust with our customers and end users of our product," he added. (Reporting from Seattle by Dan Catchpole; Editing by Joe Brock & Rod Nickel)
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HSBC adds space to Canary Wharf as a result of the HQ squeeze
HSBC signed a lease for extra space in Canary Wharf, before moving its global headquarters from East London's financial district. This was due to a lack of space in its new planned base in central City of London. Memo said that the banking giant had signed a contract for a certain number of floors in 40 Bank Street. This is not far from its 45-floor skyscraper at Canary Wharf. HSBC will take 210,000 square feet of the Bank Street Building, according to a source familiar with the matter. It was previously reported that the lender will move its London headquarters to a building about half its size, near St Paul's Cathedral. However, it had realized it would not have enough space, and had assessed other options. Bloomberg reported previously that HSBC had been in talks about leasing the space located at 40 Bank Street. HSBC’s decision will give a boost to Canary Wharf. The value of the offices has declined since the COVID-19 outbreak and several planned departures, including HSBC. In recent months, several companies have taken up space in the district, due to the shortage of high-quality space, especially in central City of London. Canary Wharf Group, the landlord, announced this week that BBVA, a Spanish bank, has signed a 250,000 sq ft lease in Canary Wharf. Fintech Zopa will also be moving its headquarters there.
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African Development Bank will lead efforts to raise $7.8 billion for new Ethiopian Airport
The African Development Bank said it will lead the charge in raising $7.8 billion to build a new Ethiopian airport. The airport, when completed in 2029 will be the largest on the continent and have a capacity of 100 million passengers per year. The African Development Bank said late Thursday that the appointment of its lead arranger was a reflection of its role as a catalyst in the advancement and development strategic infrastructure on the continent, and its demonstrated leadership in structuring complicated transactions. State-owned Ethiopian Airlines has signed an agreement to design the four-runway Airport near Bishoftu. This is located around 45 km south of Addis Ababa. Mesfin Tasew, the Chief Executive Officer of Ethiopian Airlines, said that the total cost for the airport would be $10 billion. The airline will provide 20% of funding, and the remainder from creditors. He had stated last year that Bole Addis Ababa International Airport (the current hub of Africa's largest airline) would soon be able to serve 25 million passengers annually. The bank announced that a formal signing ceremony with Prime Minister Abiy Ahmad and the head of the bank will take place on Monday in Addis Ababa. (Reporting and editing by Barbara Lewis; Additional reporting in AddisAbaba by Dawit Endeshaw; Reporting by George Obulutsa)
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Bpost's earnings for 2025 are at the upper end of its guidance following Q2's beat
Bpost, the Belgian postal operator, beat expectations for quarterly profits on Friday. The acquisition of Staci last year was a major boost. Bpost also said that it expects its operating earnings will reach the upper range of its guidance in 2025. In February, it forecast earnings before interest and tax (EBIT), which ranged between $175 million and $200 million. This was reaffirmed in June despite the two-week strike in the first quarter that affected results. Bpost's adjusted earnings per share (EBIT) rose by 1% in the second quarter to 58.3 millions euros ($68.3 million), boosted by contributions from Staci, a logistics company acquired in August 2024. In a recent statement, CEO Chris Peeters stated that Staci's contribution in growing our 3PL business (third-party logistics) in Europe "confirms the importance of this acquisition for our future." Bpost surveyed analysts who expected an average quarterly adjusted EBIT to be 47,9 million euros. During its June capital markets day, the group said that it expects EBIT to grow faster from next year. It aims for a figure above 275 millions euros in 2027. The group also hopes to surpass 5 billion euros of revenue by 2027. $1 = 0.8587 Euros (Reporting and editing by Milla Nissi-Prussak in Gdansk)
China, struggling to make use of a boom in energy storage, requires a lot more
Rows of what appear like thin, white shipping containers are lined up on a barren dirt field in China's Shandong province.
Filled with batteries, they form a 795 megawatt (MW) plant that can hold up to 1 million kilowatt-hours of electrical power - enough to power 150,000 households for a day, making it China's. biggest such storage facility when it was connected to the grid. last Saturday.
Constructed by Lijin County Jinhui New Energy Co, the task is. part of an explosion in development of energy storage in China,. which has actually required even more investment in the sector to boost. eco-friendly electrical power and ease grid traffic jams.
While the state-led drive has provided a welcome stimulate for. home-grown battery giants such as CATL and BYD, some. market experts and experts state prices reforms and innovation. enhancements are required for a storage sector whose rapid development. has been afflicted by low utilisation and losses for operators.
Most of the players in this sector are attempting to figure out. how to make money, said Rystad Energy senior expert Simeng. Deng.
Investment in grid-connected batteries in China rose 364%. in 2015 to 75 billion yuan ($ 11 billion), according to Carbon. Short, creating by far the world's largest storage fleet at 35.3. GW as of March.
In May, China set a new target of at least 40GW of battery. storage set up by the end of 2025, up 33% from the previous. goal under a larger plan to decrease carbon emissions.
Storage is crucial to assist balance supply and need when. wind and solar farms produce more renewable electrical power than the. grid's circulation system can deal with, or when a lack of sun or. wind means they are creating too little power.
To fulfill Beijing's targets, city governments have actually required. renewable resource plants to construct storage, driving fast capability. growth.
However, extremely managed power markets have struggled to. incentivise usage, particularly at solar and wind centers,. leading China's cabinet to call for research into improving. rate mechanisms.
Energy storage at renewables plants ran simply 2.18 hours. a day last year, while independent facilities ran just 2.61. hours daily, according to the China Electricity Council. By. comparison, storage at industrial and commercial plants run. 14.25 hours per day.
Policy mandates requiring renewables plants to install. storage have actually stopped working because they add to forecast expenses and frequently. sit idle, stated Cosimo Ries, an expert at Trivium China.
Because power prices are not versatile enough throughout. various hours, these jobs just can't really earn money,. Ries said.
BIG CONSTRUCT
The stakes are high for China, which leads the world in. adoption of energy shift innovation, and for its battery. giants, which are seeing faster growth in batteries for storage. than for cars and trucks as electric lorry sales development slows.
While federal government mandates are an essential chauffeur of China's. storage boom, huge power users such as industrial parks and EV. charging stations are also driving adoption. China, where 60% of. the world's electrical vehicles are offered, has fretted about the. results of EVs on its power grid, and storage can assist smooth. demand spikes.
Falling battery rates are enhancing the economics of. storage in China, with costs for batteries utilized in standard. energy storage down by about a 5th between the end of 2023 and. mid-June, according to consultancy Shanghai Metals Market.
Likewise, expanding adoption of peak-valley pricing, which. discourages electrical power use during peak need times by raising. rates, gives storage suppliers more opportunity to earnings by offering. stored power when they can charge more.
That has actually caused intraday rate differentials of as much as 0.9. yuan per kwh in coastal provinces like Guangdong, where the peak. cost of 1.1868 yuan/kwh is more than 4 times the low, enough. to incentivise use of both battery and pumped hydro storage,. said Alex Whitworth, head of Asia Pacific power research at Wood. Mackenzie.
Pumped hydro is an established innovation with more than 60%. higher capability than battery storage in China, but with. geographical constraints and long lead times.
Investor returns on solar-plus-storage tasks are likewise. enhancing as solar module prices fall, making. renewables-plus-storage economically practical in most parts of. China with internal rates of return conference the minimum. investment hurdle rate of a minimum of 8%, composed Pierre Lau, a Citi. analyst.
More market reform is needed to incentivise battery. storage, industry players say, with storage operators calling. for broader use of capability payments comparable to those indicated to. keep having a hard time coal plants online, with costs shouldered by. customers.
BETTER BATTERIES
Battery innovation is also improving.
The large new Shandong plant includes both lithium ion. and vanadium redox circulation batteries, according to a report by. regional state media. Vanadium is a newer technology that assures. longer storage times and enhanced safety.
While the economics of lithium ion batteries are. anticipated to enhance, specialists state most existing technology is. appropriate for much shorter storage periods of 4 hours or less,. and some state it is best utilized in smaller-scale applications. Fire. risk stays an issue, particularly with lower-quality. batteries, specialists say.
Emerging technologies such as thermal energy storage, redox. circulation batteries, and salt ion batteries have actually revealed guarantee for. longer-duration storage however have higher up-front expenses, with. innovation and supply chains that are less mature.
China is hedging its bets by increasing its pipeline of. pumped hydro jobs - which can take five to seven years to. construct - and motivating presentation jobs in emerging. innovations.
(source: Reuters)