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Portugal launches a new privatisation of TAP airline, with aims to sell 49.9%
Luis Montenegro, Portugal's Prime Minister, announced on Thursday that the government had decided to restart a long-delayed TAP privatisation, with a goal of selling a 49.9% share of its capital. A 5% stake will be offered to TAP employees. In a short televised announcement, he stated: "We made this decision because we have already spent a great deal of money... We do not want to keep pouring money down a bottomless hole." Three major European airlines have already expressed interest in the airline's privatisation. These include Lufthansa, Air France-KLM and British Airways' owner IAG. They met with the government last year. Montenegro stated that "we are confident that there will many interested parties". The government also said that by selecting a strategic partner it "wants the company to be sustainable and profitable, as well as to be able contribute to the economic development of the country". The government is keen to keep and even expand TAP's key slots from Lisbon to Brazil, Portuguese speaking African countries and the United States. Montenegro said TAP was crucial for Portugal, as it brings in the majority of air travelers. This has supported the tourism boom that Portugal has experienced over the past few years. TAP suffered a loss of 1.6 billion euro in 2021 due to the COVID-19 pandemic. This led to reorganization and a bailout from the state. However, the company has returned to profitability in the past three years. TAP, which employs approximately 8,000 people and has a fleet of 99 aircraft, will transport more than 16 millions passengers in 2024. This includes the 19 aircraft that TAP Express, a subsidiary of TAP, uses to fly short and medium distance flights. . TAP had been set up for privatisation since the mid-90s, but it was halted again when the centre right minority government fell in March. After a May national election, the coalition is back in power, but it still lacks a majority of parliament members, which would prevent TAP from being sold. (Reporting from Sergio Goncalves & Andrei Khalip).
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Operator says power line that caused major Czech outage wasn't overloaded
Grid operator CEPS confirmed on Thursday that a high-voltage line which snapped in the Czech Republic at the beginning of a major outage on Friday, was not overloaded at the time. It added that it is still investigating the cause. The outage affected about million customers and halted hundreds trains. It also shut down major industrial sites, including an oil refinery. This incident added to the concerns regarding the vulnerability of European grids following recent outages in Spain, Britain and France. CEPS, which provides details on the events that led to the power grid failure in central Europe, said the problem began at 11.51 am (0951 GMT), when a 400 kilovolt cable snapped along the V411 line located in the north-west part of the country. CEPS Chairman Martin Durcak said at a press conference that the reason is still being investigated, but that there was no interference from a third party. He said that the grid was designed to withstand such an event and shouldn't disintegrate. The incident was immediately followed by the failure of Ledvice unit 6, which had been running at 300 megawatts, in the north. Durcak stated, "We will investigate this matter with our colleagues from CEZ (the owner of Ledvice) to see if any causality exists." After the overloading of the 200-kilovolt high-voltage V208 power line, the eastern substation and the V401 high voltage link failed at 11.59 am. The grid was broken, resulting in insufficient electricity production in parts of the north-east and the centre of the country, followed by the outage. Nine of the 45 substations in the country and approximately one-sixth of all customers were affected. CEPS reported that all substations had been restored within three hours and the cable snapped by 10 pm. The grid carried large but routine cross-border flow as traders purchased power from abroad because of lower prices there. Reporting by Jan Lopatka, Editing by Mark Potter
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Maguire: Fossil fuels are still a major source of energy in the EU, even though clean energy production is declining.
Utilities in the European Union increased output of natural gas- and coalfired power stations during the first half of 2025. This increased power sector emissions, and reversed recent momentum on energy transition. The increase in fossil production comes after two years of sharp declines in fossil usage within the EU. This established Europe as a leader in global efforts to reduce reliance on polluting fossil fuels for power production. During January-June, however, the EU utilities were deprived of their main sources of clean energy due to the year-on-year decline in wind farm and hydro dam output. They had to compensate by increasing production from fossil fuel power plants. The sudden reversal of fossil fuel usage in the EU highlights how even modern energy systems are challenged when weather patterns prevent clean power supplies. It also suggests that fossil fuels could remain a part of global power systems for many years to come. CLIMATE CHANGES EU utilities produced 13% more electricity using fossil fuels from January to June than they did in the same period of 2024. This was the biggest annual increase for this period since 2017. The gas-fired production rose 19%, the most in three years. Coal-fired production increased by 2% and reached two-year-highs. If the EU maintains its current burning pace, the EU's CO2 emissions could reach 600 million tons this year. Since late 2024, the main factors that have contributed to the increase in fossil fuel consumption are steep drops in clean energy supplies and weather conditions throughout Europe. The output from wind farms, which will account for almost 20% of EU electricity supply during the first half 2024, has experienced the biggest year-over-year drop in history between January and June. It dropped by 9%, to 225 Terawatt Hours (TWh). Wind power production was hampered by low wind speeds, especially in Germany where over 30% of EU capacity is located. In Europe, the lack of snow and rain over the winter resulted in an annual drop of 15% in the electricity produced by hydro dams. These dams accounted for 15% or so of the EU's electricity supply last year. The approximately 164 TWh hydroelectric output from January to June was about 28 TWh lower than the same period in 2024 and the lowest for two years. SOLAR SHINES, BUT NOT ENOUGH Solar power in the EU has increased by 21%, or 32 TWh. This helped to cushion utilities against the decline in wind and hydro electricity generation. The 179 TWh electricity produced by EU solar farms in the first half 2025 was an all-time record. It marked the first instance that EU solar farms had produced more electricity during the window from January to June than hydro dams of the region. Solar-powered electricity will reach new heights in the next few months as the installed capacity of solar panels continues to increase. Clean energy advocates across the EU can celebrate this. The deep and persistent drops in wind and hydro output is also a cause for concern. This is especially true as climate trends suggest that weather patterns will continue to deviate from the average. The steadily rising temperatures in Europe are leading to a steady decline in snow cover at low altitudes, and are pinching the regional hydro dam production - even though hydro dam capacity reached a record in the EU last year. Climate change triggers more intense storms, but it also causes more wind droughts. This is because the temperature difference between tropical and polar areas is narrowing. The Global Stilling phenomenon is a major concern for energy planners, who had been counting on large-scale wind farms to play a reliable role in the generation of clean electricity over the next decades. Even if solar energy continues to grow, EU energy providers will still struggle to meet demand if wind speeds continue to slow down for months at a time and if hydro networks receive only a small amount of snow and rain during winter. This means that despite long-term plans to transition power systems away from fossil fuels, coal and natural gas will remain essential tools for EU utilities in the near future. 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.
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Delta anticipates a profit boost through cost and capacity control
Delta Air Lines forecasted a higher-than-expected profit in the current quarter as well as for the full year, citing the industry's effort to align capacity to demand. In premarket trading, shares of the airline were up by nearly 8%. The Atlanta-based airline, like most U.S. carriers, pulled its financial forecast for 2025 in April, as the trade war between President Donald Trump and China weakened consumer and business confidence. Bookings were affected. Industry executives claim that travel demand has stabilised since then. Government data show that passenger traffic in the U.S. is still lower than a year earlier, resulting in a decrease in airfares. Delta's earnings report for the second quarter confirmed this view. Bookings are flat compared to last year, according to the company. However, its pricing power is still under pressure in the U.S. market. Carriers will reduce capacity in July to ensure that the supply of airline tickets matches demand and prevent further discounting. Delta expects the capacity rationalization to increase unit revenue in the second half of this year, which is a proxy for price power. To protect its margins, the company also relies on cost-controlling measures. The company expects that non-fuel operating expenses will be flat to down in the third-quarter compared to a year earlier. Ed Bastian, the CEO of the airline, said that the company was focused on "managing levers in our control to deliver strong cash flow and earnings." Delta expects a profit adjusted of between $1.25 and $1.75 per share for the third quarter ending in September. According to data compiled and analyzed by LSEG, the midpoint of forecast is $1.50 a share, compared to analysts' average estimates of $1.31. The company anticipates earnings adjusted for the entire year in the $5.25 to $6.25 per share range. Analysts had predicted a profit per share of $5.39. Delta Airlines and United Airlines have performed better than other U.S. airlines despite a decline in travel demand. Delta, for example, saw its premium ticket revenue increase by 5% on an annual basis in the second quarter despite a decline in revenue from main cabin tickets. Its loyalty revenue increased by 8% on an annual basis. A boom in aircraft maintenance and repair led to a 29% increase in revenue for its Maintenance, Repair, and Overhaul division compared to the same quarter a year earlier. According to LSEG, it reported an adjusted profit per share of $2.10 in the three months ending June. This compares with the analysts' average estimate, which was $2.06, according to LSEG. (Reporting and editing by Matthew Lewis in Chicago)
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Delta anticipates a profit boost through cost and capacity control
Delta Air Lines forecasted a higher-than-expected profit in the current quarter as well as for the full year, citing the industry's effort to align capacity to demand. The Atlanta-based airline, like most U.S. carriers, pulled its financial forecast for 2025 in April, as the trade war between President Donald Trump and China weakened consumer and business confidence. Bookings were affected. Industry executives claim that travel demand has stabilised since then. Government data show that passenger traffic in the U.S. is still lower than a year earlier, resulting in a decrease in airfares. Delta's earnings report for the second quarter confirmed this view. Bookings are flat compared to last year, according to the company. However, its pricing power is still under pressure. This is particularly true in the U.S. Carriers will reduce capacity in July to ensure that the supply of airline tickets matches demand and prevent further discounting. Delta expects the capacity rationalization to increase unit revenue in the second half of this year, which is a proxy for price power. To protect its margins, the company also relies on cost-controlling measures. The company expects that non-fuel operating expenses will be flat to down in the third-quarter compared to a year earlier. Ed Bastian, the CEO of the airline, said that the company was focused on "managing levers in our control to deliver strong cash flow and earnings." Delta expects a profit adjusted of between $1.25 and $1.75 per share for the third quarter ending in September. According to LSEG, the midpoint of forecast is $1.50 a share, compared to analysts' average estimates of $1.31. The company anticipates earnings adjusted for the entire year in the $5.25 to $6.25 per share range. Analysts had predicted a profit per share of $5.39. Delta Airlines and United Airlines have performed better than other U.S. airlines despite a decline in travel demand. Delta, for example, saw its premium ticket revenue increase by 5% on an annual basis in the second quarter despite a decline in revenue from main cabin tickets. Its loyalty revenue increased by 8% on an annual basis. A boom in aircraft maintenance and repair led to a 29% increase in revenue for its Maintenance, Repair, and Overhaul division compared to the same quarter a year earlier. According to LSEG, it reported an adjusted profit per share of $2.10 in the three months ending June. This compares with analysts' estimates of $2.06, which was the average. (Reporting and editing by Matthew Lewis in Chicago)
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Sources say that Indian investigators have told Congress that the black boxes in the Air India crash were not damaged.
Two people who were present at the meeting said that Indian investigators in the Air India crash, which killed 260 people last month, told lawmakers that the black boxes of the aircraft had not been damaged. Indian media reported that the devices crucial to reconstructing events leading up an air crash were damaged after the London bound Boeing Dreamliner crashed in June, erupting into a massive fireball. One source said that the Aircraft Accident Investigation Bureau was also able to extract good data from the black boxes. Its officials had told the lawmakers during a panel discussion on aviation on Wednesday. The discussions were private, so both sources declined to identify themselves. AAIB or India's Aviation Ministry did not reply to questions. In the days following the crash, the plane's black boxes, the cockpit voice recorder and flight data recording, or FDR, as they are officially known, were recovered. One was found on a roof at the crash site on June 13 and the other in debris on June 16 According to previous reports, the preliminary report of the investigation into this crash will be released by Friday. Last month, the crash investigation focused on the fuel control switches and, in part, the engine thrust problems. Air India has been under intense scrutiny ever since the crash. One source said that Campbell Wilson, the chief executive of Air India, gave an update on the airline's efforts following the crash. Air India Express' budget airline will be investigated by the EU Aviation Safety Agency after it was reported that it had falsified documents to prove compliance and failed to follow an order to replace engine parts on an Airbus A320 within a specified time frame. India's aviation regulator has also issued a warning to Air India over the violation of rules in flying three Airbus aircraft with uncompleted checks on emergency slides. Reporting by Abhijith Gaapavaram and Nigam Prusty, Editing by Aditya Fernandez and Clarence Fernandez
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The rupee is nearly flat as importer dollar bids impede attempts to rise.
The Indian rupee finished little changed on Friday, as traders avoided aggressive bets in the direction of the currency. Meanwhile, importers' routine dollar demand masked positive signals from a rise in Asian counterparts. South Asian currencies have largely stabilized between 85-86 in the past two weeks amid muted portfolio flows, and traders are waiting for cues to come from ongoing U.S. India trade. The rupee closed the day at 85.6725, just a little bit higher than its previous close of 85.6350. The dollar index hovered around 97.5, with Asian currencies a little higher. Investors' sensitivity towards policy changes has decreased as tariff threats continue to be issued by the U.S. Many investors are betting that the extended deadline for reciprocal tariffs gives countries more room to negotiate. ING stated in a report that if by August 1, trade negotiations with major U.S. trading partners have not advanced, it would be difficult to ignore the increased U.S. tariff rates. The note stated that "a gradual implementation of sector specific tariffs would do less damage to the US dollar than sudden measures similar to 'Liberation Day.'" India is also involved in trade negotiations with America and is one of the few major U.S. trading partner countries that has not received a White House letter declaring a tariff rate for reciprocity. An official from the Indian government told reporters that a delegation would be visiting the United States for trade talks soon. The two countries are trying to resolve differences over tariffs on auto parts, steel, and farm products. (Reporting and editing by Vijay Kishore; Jaspreet Klra)
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Blackstone increases offer to $666 Million for UK's Warehouse REIT
Blackstone announced on Thursday that it had increased its offer to purchase Warehouse REIT from 115 pence to 665.8 million pounds. Blackstone announced that Warehouse REIT shareholders would receive 113.4 pence in cash per share and a dividend 1.6 pence. Blackstone's initial bid represents a premium of 8.3% over the closing price of Warehouse REIT on June 3, the previous day. Blackstone's revised proposal follows Warehouse REIT rejecting its earlier 470-million-pound proposal. Tritax Big Box REIT had submitted a bid of 485.2 million pounds, which was higher. Tritax and Warehouse REIT didn't immediately respond to our request for a comment.
European grid plans fall short by 250 billion euros
Boston Consulting Group's report on Thursday revealed that the European electricity transmission system operators (TSOs) have a shortfall of 250 billion euros ($293 billion).
Why it is important
Spain and Portugal experienced their worst power outage at the end of April. In large areas of the Czech Republic, there was an outage last week. These incidents have raised concerns over the resilience of Europe’s electricity system.
The increased electrification of Europe, the growth in power consumption from AI and data centers, the integration of renewables and aging infrastructure are all contributing factors.
The report didn't provide details on the subsidies that some grid operators may receive. Some TSOs may receive subsidies from EU funding programs or initiatives of member states.
By the Numbers
The report stated that the 15 largest TSOs in Europe are expected to grow their operating cash flow from 2020-2024 to 120 billion euro by 2025-2029. This is up from 57billion euros between 2020-2024.
The plan is to triple the capital investment in five years to 345 billion Euros.
The report stated that if dividends of between 25 billion and $30 billion euros were also to be paid, there would still be a funding shortfall of approximately 250 billion euros.
The report said that this would have to be addressed through equity, debt, divestitures, or lower dividends.
CONTEXT
The report stated that Europe must build more grid infrastructure in the next five-years than it did over the last two decades.
The balance sheets of TSOs have been put under pressure. TSOs have high levels of debt, and many are struggling to raise capital in the face fierce competition.
KEY QUOTE
Tom Brijs is a BCG partner, and the co-author of this report. "Without rapid innovations in how we finance the grid infrastructure, Europe runs the risk of having world-class, renewable energy that cannot reach consumers, because the grid can't keep up," he said. Reporting by Nina Chestney, Editing by David Goodman.
(source: Reuters)