Greece's Depa Reaches Settlement With Gazprom on Gas Pricing
The settlement with Gazprom's export unit ensures a competitive price for the years 2025 and 2026, strengthening Depa's ability to support its business and investment plan, the Greek company said Tuesday in an emailed statement. Gazprom didn't immediately respond to a request for comment.
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Yahoo
an hour ago
- Yahoo
Stocks mixed as Trump tariff tensions continue
Stock prices in London closed mostly lower, after Wednesday saw investors taking stock of US President Donald Trump's latest tariff-related moves ahead of Federal Reserve meeting minutes due at 7pm UK time. Earlier in the week, Mr Trump announced a new August 1 deadline for negotiations on tariffs, insisted that 'No extensions will be granted', and sent new rates to various trading partners. He also said he plans to impose a 50% tariff on copper, floated the possibility of a 'very, very high rate, like 200%' levy on pharmaceuticals, and ordered probes into imports of lumber, semiconductors and critical minerals. Commerce secretary Howard Lutnick told CNBC that studies on pharmaceuticals and semiconductors would be completed by the end of the month, and that the new copper rate is likely to be implemented at the end of July or on August 1. 'We would only note that (August 1) is the third deadline so far,' BBH analysts said. 'We've enjoyed a 90-day period of relative quiet on the tariff front, punctuated every now and then by a flare-up but quiet enough for markets to once again get complacent about the stagflation risks… Tariffs of this magnitude, if implemented, could finally bring about the macro shock that markets have been waiting for.' AJ Bell's Dan Coatsworth, meanwhile, said: 'The drip-drip of tariff information threatens to increase investor frustration as many people would rather get all the bad news out of the way in one go, so they can get a clearer idea of the lay of the land… The pressure is now on for drug companies to expand US production facilities so they are effectively on the doorstep of American customers.' The FTSE 100 index closed up 12.84 points, 0.2%, at 8,867.02. The FTSE 250 ended down 13.82 points, 0.1%, at 21,567.86, and the AIM All-Share closed down 5.07 points, 0.6%, at 770.43. In large-caps, BP was up 0.2%. The London-based oil major has agreed to sell its Netherlands mobility and convenience and BP pulse businesses to energy company Catom BV, which is based in Breda in the Netherlands. The transaction includes around 300 Dutch retail sites, 15 electric vehicle charging hubs and the associated fleet business. BP did not disclose financial details, but said the transaction contributes to its 20 billion dollar divestment programme and reset strategy to focus the downstream business. FTSE 100-listed housebuilders Persimmon and Barratt Redrow both gained 1.2%. Along with five other housebuilders, they have agreed to pay £100 million aggregate for affordable housing programmes in the UK, following a probe into price collusion, the Competition and Markets Authority said. 'It was probably the quickest decision ever made in the boardroom as the last thing housebuilders want is to have their reputation soured by a drawn-out investigation into anti-competitive practices,' Mr Coatsworth said. 'The industry has already been through various crises in recent years… The £100 million figure seems like peanuts to make a big problem go away. Housebuilders will be happy, and so will the Government as it can now say there is extra money going into the affordable housing pot. 'The housebuilders aren't admitting they've done anything wrong, yet they've probably used up their get out of jail free card.' FTSE 250-listed Zigup lost 9.4%. The vehicle rental and management firm, based in Darlington, posted a 37% pre-tax profit decline to £101.5 million for the year ended April 30, from £162.1 million in 2024. Zigup said the results still beat expectations, and that it maintains a 'positive outlook' for the year ahead. Later on Wednesday, Zigup reported that chief executive Martin Ward purchased 74,631 shares at an average of 334.97 pence, worth £249,992. Smaller-cap Jet2 lost 8.7%. The Leeds-based tour operator and airline said pre-tax profit rose 12% on-year to £593.2 million, with revenue up 15% to £7.17 billion. It also proposed a final dividend of 12.1 pence, up from 10.7p. Jet2 said bookings continue to be made closer to departure, limiting forward visibility, but added that it remains satisfied with its financial progress so far, and continues to trade in line with the £579 million consensus for pre-tax profit before foreign exchange revaluation. Tekmar gained 9.4%. The Newton Aycliffe-based offshore energy technology and services provider said it has won a contract to supply subsea infrastructure technology for a pipeline project in the Middle East. The contract is worth around £2 million, with the full amount to be recognised during this financial year. Tekmar said the deal was won through a major contractor operating in the Middle East. In European equities on Wednesday, the CAC 40 in Paris closed up 1.4%, while the DAX 40 in Frankfurt ended up 1.3%. The pound was quoted at 1.3583 dollars at the time of the London equities close on Wednesday, higher compared with 1.3574 dollars on Tuesday. The euro stood almost flat at 1.1706 dollars, against 1.1709 dollars. Against the yen, the dollar was trading lower at 146.53 yen compared with 146.82 yen. Stocks in New York were higher. The Dow Jones Industrial Average was up 0.1%, the S&P 500 index up 0.3%, and the Nasdaq Composite up 0.6%. The yield on the US 10-year Treasury was quoted at 4.38%, narrowing from 4.42%. The yield on the US 30-year Treasury was quoted at 4.91%, narrowing from 4.96%. Wholesale inventories in May declined in line with forecasts, the US Census Bureau reported on Wednesday. Total inventories of merchant wholesalers for May totalled 905.5 billion dollars, down 0.3% monthly and up 1.4% from the same month last year. The monthly decrease was in line with FXStreet-cited consensus, and unchanged from a 0.3% decline in April. Sales of merchant wholesalers decreased 0.3% on-month and rose 4.8% on-year to 697.2 billion dollars, while the inventories/sales ratio for merchant wholesalers changed on-year to 1.30 from 1.34. Brent oil was quoted higher at 70.30 dollars a barrel at the time of the London equities close on Wednesday, from 69.87 dollars late on Tuesday. Gold was quoted higher at 3,308.72 dollars an ounce against 3,297.61 dollars. The biggest risers on the FTSE 100 were British American Tobacco, up 88.5p at 3,616.5p, Rolls-Royce, up 18p at 984.4p, Barclays, up 5p at 339.6p, NatWest, up 6.7p at 497.6p, and Smith & Nephew, up 15p at 1,115p. The biggest fallers on the FTSE 100 were WPP, down 99p at 428.6p, Antofagasta, down 55.5p at 1,864p, Glencore, down 8.2p at 298.2p, easyJet, down 13.4p at 525.6p, and Anglo American, down 55p at 2,170p. On Thursday's economic calendar, the US has initial jobless claims and comments from Federal Reserve governor Christopher Waller. On Thursday's UK corporate calendar, Trifast will publish full-year results. Multiple companies, including Grafton Group and Severn Trent, are releasing trading updates. Contributed by Alliance News
Associated Press
an hour ago
- Associated Press
Rubio will meet Russian foreign minister in Malaysia with Ukraine tensions high
KUALA LUMPUR, Malaysia (AP) — U.S. Secretary of State Marco Rubio and his Russian counterpart will meet Thursday in Malaysia for what could be a testy conversation as tensions between the countries rise over Moscow's increasing attacks on Ukraine and questions about whether Russia's leader is serious about a peace deal. Rubio and Foreign Minister Sergey Lavrov are to see each other in Kuala Lumpur, where both men are attending the annual Association of Southeast Asian Nations Regional Forum, which brings together all 10 ASEAN members and their most important diplomatic partners, including Russia, China, Japan, South Korea, the Europeans and the U.S. The meeting is set to take place shortly after the U.S. resumed some shipments of defensive weapons to Ukraine following a pause — ostensibly for the Pentagon to review domestic munitions stocks — that was cheered in Moscow. The resumption comes as Russia fires escalating air attacks on Ukraine and as President Donald Trump has become increasingly frustrated with Russian President Vladimir Putin. 'Putin is not, he's not treating human beings right,' Trump said during a Cabinet meeting Tuesday, explaining the pause's reversal. 'It's killing too many people. So we're sending some defensive weapons to Ukraine, and I've approved that.' A US diplomatic push could be overshadowed by tariff threats Rubio will also see other foreign ministers, including many whose countries face tariffs set to be imposed on Aug. 1. That threat could overshadow the top diplomat's first official trip to Asia, just as the U.S. seeks to boost relations with Indo-Pacific nations to counter China's growing influence in the region. Trump notified several countries on Monday and Wednesday that they will face higher tariffs if they don't make trade deals with the U.S. Among them are eight of ASEAN's 10 members. State Department officials said tariffs and trade will not be Rubio's focus during the meetings, which Trump's Republican administration hopes will prioritize maritime safety and security in the South China Sea, where China has become increasingly aggressive toward its small neighbors, as well as combating transnational crime. But Rubio may be hard-pressed to avoid the tariff issue that has vexed some of America's closest allies and partners in Asia, including Japan and South Korea and most members of ASEAN, which Trump says would face 25% tariffs if there is no deal. Malaysian Prime Minister Anwar Ibrahim has warned that global trade is being weaponized as U.S. tariffs loom over Southeast Asia. Speaking at an ASEAN foreign ministers' meeting on Wednesday, Anwar urged the bloc to strengthen regional trade and reduce reliance on external powers. Rubio's 'talking points on the China threat will not resonate with officials whose industries are being battered by 30-40% tariffs,' said Danny Russel, vice president of the Asia Society Policy Institute and a former assistant secretary of state for East Asia and the Pacific during the Obama administration. When Anwar said 'ASEAN will approach challenges 'as a united bloc' — he wasn't talking about Chinese coercion but about U.S. tariffs,' Russel noted. 8 of ASEAN's 10 members face major tariff hikes Among ASEAN states, Trump has so far announced tariffs on almost all of the 10 members of the bloc, which would face a 25% tariff that could specifically hit its electronics and electrical product exports to the United States. Trade Minister Zafrul Aziz said Wednesday that while Malaysia is ready to resume tariff negotiations, it would not cross its red lines, including U.S. requests for changes to government procurement, halal certification, medical standards and digital taxes. Trump sent tariff letters to two more ASEAN members Wednesday: Brunei, whose imports would be taxed at 25%, and the Philippines, at 20%. Vietnam recently agreed to a trade deal for 20% tariffs on its imports, while Singapore wasn't part of Trump's original April 2 tariffs. Both are ASEAN countries. The Trump administration has courted most Southeast Asian nations in a bid to blunt or at least temper China's push to dominate the region. In Kuala Lumpur, Rubio also will likely come face-to-face with Chinese Foreign Minister Wang Yi during his brief visit of roughly 36 hours. Russel noted that Chinese Foreign Minister Wang Yi is a veteran of such gatherings and 'fluent in ASEAN principles and conventions,' while Rubio 'is a rookie trying to sell an 'America First' message to a deeply skeptical audience.' Issues with China, including on trade, human rights, the militarization of the South China Sea and China's support for Russia in Ukraine, remain substantial. U.S. officials continue to accuse China of resupplying and revamping Russia's military industrial sector, allowing it to produce additional weapons that it can use attack Ukraine. ___ Associated Press writer Eileen Ng in Kuala Lumpur, Malaysia, contributed to this report.
Yahoo
an hour ago
- Yahoo
European grid investment plans face 250 billion euro shortfall
By Nina Chestney LONDON (Reuters) -The European electricity transmission system operator's (TSO) investment plans to upgrade and expand power grids over the next five years face a 250 billion euro ($293 billion) shortfall, a report by Boston Consulting Group (BCG) said on Thursday. WHY IT IS IMPORTANT At the end of April, Spain and Portugal lost power in their worst blackout. Last week there was a power outage in large parts of the Czech Republic. Such incidents have added to concerns about the resilience of Europe's electricity system. Increased electrification, power demand growth from AI and data centres, renewables integration and ageing infrastructure mean that Europe's grids need a massive overhaul. The report did not provide detail on subsidies some grid operators might receive. Some TSOs can receive subsidies through EU funding programmes or member state initiatives. BY THE NUMBERS Europe's 15 largest TSOs are expected to increase operating cash flow to 120 billion euros from 2025-2029, up from 57 billion euros for 2020-2024, the report said. They plan to triple capital investment to 345 billion euros over the next five years. Assuming dividends between 25 billion and 30 billion euros would also need to be paid, this would leave a funding gap of about 250 billion euros, the report said. This would need to be plugged through debt, equity, divestitures or lower dividends, the report added. CONTEXT Europe needs to build more grid infrastructure over the next five years than it has over the past two decades, the report said. Balance sheets of TSOs are under strain. Many are operating with high debt and publicly traded TSOs are struggling to raise equity in the face of fierce competition. KEY QUOTE "Without rapid innovation in how we finance grid infrastructure, Europe risks having world-class renewable generation that can't reach consumers because the grid hasn't kept pace," said Tom Brijs, BCG partner and co-author of the report. ($1 = 0.8528 euros)
