2025-07-30 07:47
Shanghai relocates 280,000 residents as Co-May makes landfall Hundreds of flights cancelled in Shanghai, nearby cities Tsunami triggered by quake off Russian coast expected to have knock-on effects SHANGHAI, July 30 (Reuters) - Shanghai relocated more than 280,000 people, halted hundreds of flights and ferry services and imposed speed limits on roads and railways on Wednesday as a tropical storm whipped eastern China with gales and heavy rain. Co-May's landfall in the port city of Zhoushan in Zhejiang province in the early hours of Wednesday was soon followed by warnings of a tsunami set off by a powerful earthquake off Russia's far east, raising concerns of larger-than-expected storm surges along the Chinese coast. Sign up here. While the winds from Co-May were weaker than those generated by typhoons, the Chinese financial hub and other cities in the Yangtze River delta have taken no chances. At least 640 flights could be cancelled at Shanghai's two main airports on Wednesday, including 410 at Pudong and 230 at Hongqiao, authorities said. All ferry services in Shanghai had been cancelled since Wednesday morning, and drivers were told to drive under 60 kph (37 mph) on highways, local media reported. Shanghai's Disneyland and Legoland remained open. But some rides and performances would be suspended at Legoland due to weather conditions, the park said. Airports at nearby cities Ningbo, Wenzhou and Hangzhou also saw flight cancellations and diversions. As of Wednesday morning, more than 75% of Wednesday's flights at Zhoushan had been cancelled. Some train services in the region were temporarily suspended with others operated under restricted speeds, state media said. Shanghai is rarely subject to direct hits from strong typhoons that generally make landfall further south in China. The most significant typhoon in recent years that landed directly in Shanghai was Bebinca last year, the most powerful tropical cyclone to hit China's financial capital since 1949. Co-May made landfall in Zhoushan in the early hours of Wednesday with maximum sustained wind speeds near its centre of 23 metres per second (83 kph). Forecasters expect Co-May to make another landfall closer to Shanghai later on Wednesday. The storm coincided with a tsunami triggered by a magnitude 8.8 earthquake off Russia's Kamchatka Peninsula on Wednesday, about 4,000 km (2,500 miles) from Shanghai. China's National Marine Environmental Forecasting Center said the tsunami was expected to have a "disastrous impact" on some parts of China's coast, including Shanghai and Zhoushan. The natural resources ministry also issued tsunami warnings for the two cities, which could be hit by waves of up to 1 metre in height in the early evening. Warnings of waves of up to 3 metres have been declared along Japan's Pacific coast due to the tsunami. Tsunamis generated by earthquakes are capable of travelling thousands of kilometres across vast oceans without loss of power. https://www.reuters.com/sustainability/climate-energy/shanghai-grapples-with-twin-threats-tropical-cyclone-tsunami-2025-07-30/
2025-07-30 07:43
July 30 (Reuters) - Microsoft (MSFT.O) , opens new tab has restored services to Russia-backed Indian refiner Nayara Energy, Nayara's lawyer told a New Delhi court, days after the U.S. tech giant terminated its services due to 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. Sign up here. Microsoft suspended service after the EU introduced its fresh round of sanctions on July 18 against Russia and its energy sector that also cover Nayara, majority owned by Russian entities such as oil major Rosneft (ROSN.MM) , opens new tab. Nayara had approached a New Delhi court to order restoration of Microsoft's services, saying its employees were unable to access official emails and company data needed for day-to-day operations. On Wednesday, Nayara's lawyer told the judge that the "matter has been resolved" as Microsoft has restored services to the company. In a statement to Reuters, Microsoft confirmed it has restored services for Nayara Energy. "We are engaged in ongoing discussions with the European Union towards service continuity for the organization," Microsoft added. Russian oil major Rosneft holds a 49.13% stake in Nayara and a similar stake is owned by a consortium, Kesani Enterprises Co Ltd, led by Italy's Mareterra Group and Russian investment group United Capital Partners. Nayara operates about 6,600 retail fuel outlets and runs India's third-biggest refinery at the port of Vadinar in the western state of Gujarat. Nayara, Reuters has previously reported, had turned to Indian firm Rediff.com to ensure communication between employees when Microsoft services were terminated. https://www.reuters.com/business/energy/microsoft-restores-services-russia-backed-nayara-energy-2025-07-30/
2025-07-30 07:28
MADRID, July 30 (Reuters) - Spanish renewable energy and water company Cox (COXGA.MC) , opens new tab is interested in buying Iberdrola's (IBE.MC) , opens new tab assets in Mexico, Chief Executive Nacho Moreno told Reuters on Wednesday. "What I can tell you is that it is true that they are running a process to sell their Mexican business," he said in an interview. Sign up here. "It is true that that business is absolutely amazing. And it is true that we are looking into that business as much as we are looking into some other businesses." Iberdrola controls six wind parks and three solar parks in the country, according to its website, as well as other power plants including gas and cogeneration. https://www.reuters.com/sustainability/climate-energy/spains-renewable-energy-company-cox-interested-iberdrolas-mexican-assets-2025-07-30/
2025-07-30 07:28
LISBON, July 30 (Reuters) - Wind energy producer EDP Renovaveis' (EDPR.LS) , opens new tab first-half profit fell by 56% compared with a year ago, despite an increase in power production, as it sold fewer assets, it said on Wednesday. EDPR, the world's fourth biggest producer of wind energy, said it booked only 12 million euros ($13.87 million) in capital gains from the sale of wind and solar parks - part of a strategy of disposing of stakes in mature plants to finance new ones - in the first half, compared to 171 million euros a year ago. Sign up here. It has said it expects to book more capital gains in the second half and its share price rose by around 1% at the market open. Net profit at EDPR, which is the renewables arm of Portugal's main utility EDP's (EDP.LS) , opens new tab, said net profit dropped to 93 million euros, below the 118 million euro average analysts polled by LSEG forecast. Excluding the reduced gains from asset sales, EDPR said recurring net profit rose by 80 million euros, reflecting a "significant improvement in the profitability of the operating asset portfolio, driven by increased electricity production levels and improved operational efficiency". Revenues grew 18% to 1.4 billion euros, supported by a 12% increase in power production to 21.2 terawatt-hours, with North America representing 60% of total generation output and Europe 27%, it said. Consolidated earnings before interest, tax, depreciation and amortisation fell year-on-year by 1% to 948 million euros, in line with forecasts. Excluding capital gains, recurring EBITDA grew 20%. EDPR, which operates in 28 countries across Europe, the Americas, and Asia, said that in June its installed capacity was 19.6 gigawatts, up 3 GW from a year ago. The United States represented around 44% of its total installed capacity, placing the North American region at over 50%, while Europe accounted for 35%. EDPR said it has 2.3 GW of capacity under construction "that are on track and within budget, supporting the expected capacity additions of around 2 GW in 2025". ($1 = 0.8660 euros) https://www.reuters.com/sustainability/climate-energy/wind-power-company-edprs-profit-drops-56-due-reduced-gains-asset-sales-2025-07-30/
2025-07-30 07:23
Lifts 2025 organic sales growth outlook to high-teens range Adjusted EBIT beat at 709 million euros Analysts say European market driving the beat July 30 (Reuters) - Coffee and tea company JDE Peet's (JDEP.AS) , opens new tab lifted its annual forecast on Wednesday after posting a higher than expected operating profit for the first half of 2025, supported by strong revenue growth, despite high green coffee prices. The Dutch maker of coffee brands Jacobs, L'Or, Tassimo and Douwe Egberts now expects 2025 organic sales to grow in the high-teens percentage range compared with a high single-digits forecast announced previously. It also expects to report a stable adjusted operating profit. Sign up here. "Our performance was... strong across topline, profitability and cash flow, despite operating in a challenging environment that continues to be characterised by persistently high green coffee prices," new CEO Rafa Oliveira said in a statement. Soaring coffee prices are a thorn in the side of both suppliers and retailers, with JDE Peet's citing an average yearly rise of 60% in green coffee prices in the first half of 2025. JDE Peet's shares surged as much as 11.3% early on Wednesday, before paring gains to be up more than 10% by 0716 GMT. They were among the top performers on the Pan-European STOXX 600 index (.STOXX) , opens new tab. Analysts from J.P. Morgan and KBC Securities point to Europe - the group's main market - as the main driver behind the beat, as the clients have been pre-buying stock ahead of price hikes, which should reverse in the second half of the year. The company reported growth across all of its markets, with Europe and LARMEA, covering Latin America, Russia, Middle East and Africa, rising the most. Adjusted earnings before interest and taxes grew to 709 million euros ($813.33 million) for the first half, from 692 million euros a year earlier. Analysts were expecting adjusted EBIT of 622 million euros, a company-provided consensus showed. ($1 = 0.8656 euros) https://www.reuters.com/markets/europe/jde-peets-lifts-annual-forecast-profit-growth-defies-high-coffee-prices-2025-07-30/
2025-07-30 07:11
LONDON, July 30 (Reuters) - Hedge fund Man Group (EMG.L) , opens new tab on Wednesday posted a 14% rise in assets under management to a record $193 billion in the six months to June 30, as new inflows helped offset a drop in pre-tax profit. "During a particularly volatile first half of 2025, we delivered positive investment performance overall and achieved net inflows of $17.6 billion, 11.5% ahead of the industry," said Robyn Grew, chief executive officer of Man Group. Sign up here. Net inflows surged 1,855% in the twelve months to June 30 of client funds, driven by the hedge fund's long-only products betting on the rising asset values, said a statement. The company's assets under management hit $193.3 billion as of June 30, up by an annual 8% and above analysts' expectations. The London-listed company reported a six-month core profit before tax that it collected from management and performance fees of $146 million, down 43% from $257 million in June last year. Hedge fund returns so far this year show a stark divide between those that have been able to navigate U.S. President Donald Trump's erratic decision-making and switch tactics quickly and those hemmed in by algorithmic strategies. Systematic hedge funds, whose algorithms ride market trends until they peter out, are down roughly 10% so far this year to the end of May, according to Societe Generale. "It proved to be one of the most challenging periods for trend-following strategies in 25 years; however, their intrinsic properties and long-term track record give us a high degree of conviction in the role they play in allocators' portfolios," Grew said in a statement. Hedge funds tracked by research firm PivotalPath, which covers the wider industry returned around 11% in the six months to the end of June. https://www.reuters.com/business/finance/man-group-hits-193-bln-record-assets-under-management-profit-slips-2025-07-30/
