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Snam confirms its 2025 guidance and reports a 5.3% increase in core profit for H1.
Snam, the Italian gas grid group, said that its core earnings adjusted for inflation rose by 5.3% during the first half of this year. This was due to growth in its business in gas infrastructure. The company also confirmed its full-year guidance. The adjusted earnings before interest taxes, depreciation, and amortization (EBITDA), came to 1,49 million euro ($1.71 billion) during the period. Adjusted net profit increased by 8.5% on an annual basis, reaching 750 million euro. Snam published its industrial plan 2025-2029 for 2025 in January. It targets 2025 adjusted EBITDA at 2.85 billion euro and adjusted net profit of 1.35 billion euro. In a press release, CEO Agostino Scornajenchi stated that "Gas continues to demonstrate its strategic role as an energy vector for sustainable integration of energy".
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Old Dominion misses its second-quarter estimate amid freight recession
Old Dominion Freight Line, which operates in a long-term freight downturn, reported its second-quarter profit and revenue below Wall Street expectations on July 30. The U.S. trucking sector is struggling with low volumes, persistent overcapacity and low rates, as a result of the recessionary phase that began after the post-pandemic boom in 2022. Experts predict that the freight recession will continue through the second half. As the industry struggles to cope with the changing global macroeconomic climate, extra capacity is slowly leaving the market. Old Dominion says that the slow growth of domestic industrial production also has a negative impact on carrier results. Before the bell, shares of Thomasville's less-than truckload carrier (LTL), which serves companies in the manufacturing, retail, automotive, and healthcare sectors, fell 4.4%. LTL companies operate by transporting multiple shipments for different customers in a single truck. These shipments are then routed via a network service centers where they are transferred onto other trucks that have similar destinations. Operating expenses as a percent of revenue have increased to 74.6%, up from 71.9% one year ago. An increase in the operating ratio indicates an increase in cost, and therefore lower profitability. Total revenue for the company fell by 6.1%, to $1.41 Billion in the third quarter. Profit per share fell by 14%, to $1.27. According to data compiled and analyzed by LSEG, analysts on average expected revenue of 1,42 billion dollars and profit per share of $1.29. (Reporting and editing by Pooja Deai in Bengaluru, Abhinav Paramar from Bengaluru)
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IndiGo's first-quarter earnings are lower due to currency losses
Interglobe Aviation (the operator of IndiGo) reported a decline in its first-quarter profits on Wednesday. The company was hit by escalating forex losses as well as softer growth due to border tensions between India & Pakistan. India's largest carrier by market share posted a profit for the quarter ending April-June of 21.61 billion rupies ($247.2m), down from 27.27 bn rupies a year ago. The total expenditure rose by 10% and foreign exchange losses increased by more than double. Analysts say the carrier's success has been attributed to a combination of factors, including increased incomes, sustained travel demand post-pandemic, and continued network and fleet expansion. Booking cancellations in April and may following the border conflict between India, Pakistan and Afghanistan impacted the quarterly revenue growth. In June, following the political unrest in India, a rival airline Air India's plane crashed in Ahmedabad, killing 260 people. This caused flying anxiety in many Indians. Pieter Elbers, Chief Executive of Pieter Elbers Aviation said that the June quarter was marked by external challenges which created headwinds in the aviation sector. In terms of available seat kilometers, the company's capacity for the first quarter grew by 16.4% compared to last year. In May, the firm projected a growth of "mid teens percentage range". IndiGo was able to cushion a 5% decline in yields. Yields are the average amount of money earned per passenger, per kilometre. IndiGo shares closed down 0.3% ahead of the results.
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India Aviation Watchdog Finds 263 Faults in Indian Airlines' Annual Audit
India's aviation regulator announced on Wednesday that it found 263 safety-related mistakes at the country's airline companies, including 23 at IndiGo, the largest carrier, and 51 at Air India, the second largest. This was part of the regular audit conducted by the agency every year. The Directorate General of Civil Aviation said that the audits were conducted in accordance with International Civil Aviation Organization requirements as well as global best practices. The DGCA found 51 safety lapses in Air India's July audit. These included lack of training for some pilots as well as the use of simulators that were not approved. The audit had nothing to do with the Boeing 787 crash that claimed 260 lives in Ahmedabad last month. Air India's budget carrier, Air India Express, was also cited by the DGCA as having 17 deficiencies. The regulator discovered 25 mistakes at Air India Express. Air India Express is the budget airline. Akasa Air has not yet been audited. The regulator did no specify what type of violations were found, but divided the list into "Level II", or other non-compliances. The DGCA reported that 19 "Level 1" breaches had been found by Indian airlines. Reporting by Abhijith Ganahapavaram, Editing by Kim Coghill
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Ukraine's farming unions raise barley exports from China
The UAC, a farming union, said that Ukraine exported 140,000 metric tonnes of barley in July so far and will likely ship between 350,000 and 400,000 tons in the month of August. "China has contracted 500,000-555,000 tons of barley (for July-August). UAC's weekly report stated that another 350,000 to 400 tons of barley still needs to be shipped by August. The total volume of barley exported for the months of July and August was 770,000 tonnes. Barva Invest, a Ukrainian analyst, said that Chinese companies had contracted to purchase up to 700 000 tons of barley from Ukraine in 2025. Ukraine is one of the largest barley producers and exporters in the world. Beijing has certified it to supply barley for Chinese markets. According to the Ukrainian grain traders' union UGA, China will be the largest importer of Ukrainian barley for the 2023/24 crop season. The volume of imports is 702,000 tons. (Reporting and editing by David Goodman.)
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Minister says that Turkey will begin supplying natural gas to Syria on August 2.
Alparslan Bayraktar, Energy Minister at the state-owned Anadolu News Agency, said that Turkey will begin supplying Syria with natural gas as of August 2. Azerbaijan will also be involved in exports through Turkey's Kilis Province. Ankara has become the main foreign ally of the new Syrian Government. It is also positioning itself as a key player in Syria’s reconstruction. In May, during a trip to Damascus, the Turkish Energy Minister Bayraktar said that Turkey would supply Syria with 2 billion cubic meters of natural gas per year, along with 1,000 megawatts. In a statement made this month, he said that SOCAR of Azerbaijan could also be a part of the project. He said that the gas would also help Syria meet its electricity requirements, and would be used to produce electricity in Syria's existing power stations. He said that "we made a swap deal with Azerbaijan and the gas from Azerbaijan is going to be exported via Kilis, Syria, to Aleppo." Qatar will also be involved, he added, in terms of finance, and on Saturday, the ministers of all three countries will mark the beginning of the gas flow. He added, "With the 6,000,000 cubic metres of natural gas we plan to send to that country, we'll be able produce 1,200 Megawatts of electric power." Bayraktar stated that Ankara will also supplement this with 500 megawatts to help Syria's energy needs.
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Logitech: Production shift to China reduces tariff impact
Hanneke Faber, the chief executive of Logitech International, said that they are making progress in moving their production lines from China to reduce any impact from U.S. duties on computer peripherals. In April, the changes were announced to reduce the impact of U.S. tariffs on Chinese imports. These duties currently range between 20% and 30% for the Logitech keyboards and mice that are made in China. Faber said after Logitech announced its Q1 2026 results that "we stated in April that we were at 40 percent of products bound for U.S. coming from China, and by the year's end we will be at 10 percent." She added, "We're a bit better than 30% right now. We are on track." She said that the shift of production lines from Malaysia to Thailand, Vietnam, and Taiwan did not lead to an increase in material costs. (Reporting and editing by John Revill)
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Microsoft restores service to Russia-backed Nayara Energy
Microsoft has restored its services to the Russian-backed Indian refiner Nayara, Nayara’s lawyer said in a New Delhi Court, just days after it terminated services because of European Union sanctions. Nayara has been forced to scale back operations at its 400,000-barrel-per-day refinery for lack of sufficient fuel storage and vessel owners' demand to end their contracts after it was hit by the EU's latest sanctions. Microsoft has suspended its service following the EU's new round of sanctions against Russia, its energy sector and Nayara. Nayara is majority owned by Russian entities like oil giant Rosneft. Nayara approached a New Delhi Court to order the restoration of Microsoft services. It claimed that its employees could not access company emails or data for their day-today operations. Nayara’s lawyer informed the judge on Wednesday that "the matter has been resolved", as Microsoft had restored services to Nayara. Microsoft has confirmed that it has restored Nayara Energy's services in a press release. Microsoft also added, "We are in constant discussions with the European Union regarding service continuity for the Organization." Rosneft, the Russian oil giant, owns 49.13% of Nayara, and a consortium led by Italy's Mareterra Group, and Russian investment group United Capital Partners, also holds a similar share. Nayara runs India's largest refinery and third-largest retail fuel outlet at Vadinar, in western Gujarat. As reported previously, Nayara turned to the Indian company Rediff.com for communication between its employees after Microsoft's services were discontinued. Reporting by Arpan chaturvedi Editing done by Eileen Soreng, Frances Kerry
Petroecuador, the state oil company of Ecuador, declares force majeure in its operations
The head of Ecuador's state oil company Petroecuador announced on Thursday that all operations, including crude imports, were suspended after two pipelines important to the company's operation stopped pumping.
Heavy rains in Napo, a province of the Amazonian region, have accelerated erosion and threatened infrastructure. The SOTE and OCP pipelines owned by the state suspended pumping this week.
Leonard Bruns, Petroecuador's chief executive officer, said: "Force majeure was declared to allow (Petroecuador), to act with all of the necessary tools."
Due to the suspension of transport operations, the company said that it has also begun closing down oil wells.
According to a report released on Thursday by Ecuador's Hydrocarbons Regulating and Control Agency, the country's crude oil production has fallen about 133,000 barrels per daily (bpd).
Since 2020, erosion along the Coca River has spread, damaging oil infrastructure, roads, and now the Coca Codo sinclair hydroelectric facility, the largest one in Ecuador.
The authorities said that temporary bypasses on both pipelines are being constructed to resume operation, and studies have been approved for permanent rerouting in order to avoid the affected area. (Reporting and writing by Alexandra Valencia, Editing by Brendan O'Boyle & Kylie Madry; Writing by Natalia Siniawski)
(source: Reuters)