ASM International expects FY sales to grow by 10%-20% amid tariffs uncertainty
The Dutch company expects sales to grow in a range of 10% to 20% for 2025.
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Portugal's EDP raises 2025 targets after solid first half
LISBON, July 31 (Reuters) - Portugal's largest utility EDP ( opens new tab raised 2025 profit targets on Thursday after first-half earnings improved thanks to cost savings and higher electricity generation. EDP said it expected to make recurring net profit, which excludes capital gains on the sales of assets, of between 1.2 billion euros and 1.3 billion euros ($1.4-1.5 billion) this year, up from the previously estimated 1.2 billion euros. Recurring earnings before interest, taxes, depreciation and amortisation (EBITDA) in 2025 would be around 4.8 billion to 4.9 billion euros, up from previous guidance of 4.8 billion euros. EDP shares were little changed in early trading. "We had a good first half with solid (recurring) results, in operational terms ... with efficiency gains and cost reductions and this allowed us to improve our guidance for this year," Chief Executive Miguel Stilwell de Andrade told Reuters. In the first half, EDP's recurring net profit rose 27% to 752 million euros, and recurring EBITDA increased 7% to 2.6 billion euros. EDP said that total electricity generation increased 12% to 34.6 terawatt-hours, sustained by high rainfall in the Iberian peninsula, which filled reservoirs to 87% of their capacity, and by natural gas power plants. It said that after the major power outage in Spain and Portugal on April 28 production from gas plants was prioritised to strengthen the resilience of the electricity grid. The CEO said that for large grid investments needed in Iberia to materialise "it is crucial that regulators in Portugal and Spain, in their upcoming reviews, increase the rates of return on this asset base". He said the rates of return were now around 5.6% in both countries, but should be increased "to more reasonable levels", in line with other European countries where investments are rewarded with returns as high as 7.5%. As of June, EDP's installed capacity was 32.3 gigawatts, 11% more than a year earlier. ($1 = 0.8733 euros)
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German unemployment rises significantly less than expected in July
BERLIN, July 31 (Reuters) - The number of people out of work in Germany rose significantly less than expected in July, labour office figures showed on Thursday, even as the job market remains firmly in the grasp of a weak economy. The office said the number of unemployed increased by 2,000 in seasonally adjusted terms to 2.97 million. Analysts polled by Reuters had expected a rise of 15,000. Germany's job market has been squeezed by two years of economic contraction, even against a backdrop of long-term labour shortages, with the number of unemployed people approaching the 3 million mark for the first time in a decade. "Unemployment has risen due to the beginning of the summer break," said labour office head Andrea Nahles. The seasonally adjusted employment rate remained unchanged at 6.3%. Nahles said earlier this month that improvement is not expected before next summer as the German government's massive spending surge will have a delayed impact on the job market. There were 628,000 job openings in July, 75,000 fewer than a year ago, in another sign of a slowdown in demand, the labour office said.
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Trump escalates trade war with Canada following Palestine stance
July 31 (Reuters) - U.S. President Donald Trump intensified his trade war with Canada a day ahead of his August 1 deadline for a tariff agreement, saying it would be "very hard" to make a deal with Canada after it gave its support to Palestinian statehood. Trump is set to impose a 35% tariff on all Canadian goods not covered by the U.S.-Mexico-Canada trade agreement if the two countries do not reach an agreement by the deadline. "Wow! Canada has just announced that it is backing statehood for Palestine. That will make it very hard for us to make a Trade Deal with them," Trump said on Truth Social. Canadian Prime Minister Mark Carney previously said tariff negotiations with Washington had been constructive, but the talks may not conclude by the deadline. Talks between the two countries were at an intense phase, he added, but a deal that would remove all U.S. tariffs was unlikely. Canada is the second-largest U.S. trading partner after Mexico, and the largest buyer of U.S. exports. It bought $349.4 billion of U.S. goods last year and exported $412.7 billion to the U.S., according to U.S. Census Bureau data. Canada is also the top supplier of steel and aluminum to the United States, and faces tariffs on both metals as well as on vehicle exports. Last month, Carney's government scrapped a planned digital services tax targeting U.S. technology firms after Trump abruptly called off trade talks saying the tax was a "blatant attack." Carney followed France and Britain as he said on Wednesday that his country was planning to recognize the State of Palestine at a meeting of the United Nations in September. In announcing the decision, Carney spoke of the reality on the ground, including starvation in Gaza. "Canada condemns the fact that the Israeli government has allowed a catastrophe to unfold in Gaza," he said. Israel and the United States, Israel's closest ally, both rejected Carney's comments. Carney's office did not immediately respond to a request for comment on Trump's post.
