2025-07-29 09:05

LONDON, July 29 (Reuters) - British lenders approved more mortgages than expected last month, adding to signs that the housing market has recovered from a dip after the expiry of a tax break for homebuyers, and consumers also upped their borrowing, data showed on Tuesday. The Bank of England said 64,167 mortgages were approved in June, up from 63,288 in May. A Reuters poll of economists had pointed to 63,000 approvals during the month. Sign up here. The expiry in April of a discount on the stamp duty paid by some homebuyers led to a drop in approvals to just over 60,000 that month before a recovery in May and June. Richard Donnell, executive director at real estate website Zoopla, linked the rise in demand for mortgages to stable borrowing costs. "Zoopla data shows unusually high levels of housing market activity for the early summer with sales agreed up 8% on last year and 11% more buyers in the market," Donnell said. "We expect increased housing activity to support demand for mortgages in the rest of the year." The BoE also said unsecured consumer borrowing increased by 1.417 billion pounds ($1.89 billion) in June, stronger than the median forecast for a 1.2 billion-pound rise in the Reuters poll of economists and up from May's rise of 920 million pounds. ($1 = 0.7498 pounds) https://www.reuters.com/world/uk/uk-lenders-approve-more-mortgages-consumers-borrow-more-2025-07-29/

2025-07-29 08:32

Hungary struggles to recover from inflation surge Economy likely remained flat in annual terms in Q2 Government affirms 4.1% of GDP deficit target for 2025 Public debt to stagnate around 74% this year and next BUDAPEST, July 29 (Reuters) - Hungary's government slashed its 2025 economic growth forecast to 1% on Tuesday from 2.5% expected at the start of the year, prolonging an anaemic recovery from an inflationary surge triggered by Russia's 2022 invasion of Ukraine. Prime Minister Viktor Orban's government had hoped a rebound in economic growth would help him secure another term in next year's elections, when political analysts expect him to face the stiffest opposition challenge in over a decade. Sign up here. But the economy remained flat in the first quarter, worse than expectations, and the performance in the second quarter was likely to have been similar, Economy Minister Marton Nagy said, weighed down by agriculture and industry. "On a quarterly basis, growth will likely be positive, but in annual terms, we can expect near stagnation," Nagy told a media briefing, adding that weak farm sector output had probably cut between 0.3 and 0.4 of a percentage point off growth. The new forecast is more closely aligned with the Hungarian central bank's 0.8% projection and the OECD's 0.9% estimate, rounding off the weakest three-year stretch leading up to a national election since Orban took power in a 2010 landslide. Orban aims to fend off the opposition challenge with large-scale tax cuts for families, cheap loans to first-time home buyers and pension rises due to higher-than-expected inflation, now seen averaging 4.7% this year. Nagy said Sunday's U.S.-EU framework trade agreement would reduce uncertainty, adding that he believed the car sector would be able to absorb a 15% tariff rate. Neighbouring Romania has said it expected a small hit to growth from tariffs. Despite the weaker economic performance, Nagy said there was no need to amend the 2025 budget, as consumption-linked tax revenues were on track and as the government had already implemented a spending freeze earlier this year. Orban's government targets a shortfall worth 4.1% of output this year, down from a higher-than-forecast 4.9% level in 2024. Hungary's debt, the EU's highest outside the euro zone, is expected to stagnate at around 74% this year and next. Nagy said the government was committed to keeping the deficit below 4% of economic output next year, adding however, that 192 billion forints ($555.59 million) worth of reserves would be needed to cover risks from lower-than-expected growth. ($1 = 345.58 forints) https://www.reuters.com/markets/europe/hungarys-government-slashes-2025-growth-forecast-1-2025-07-29/

2025-07-29 08:02

NEW DELHI, July 29 (Reuters) - Russia-backed Indian refiner Nayara Energy, recently sanctioned by the European Union, has turned to domestic firm Rediff.com after the U.S. tech giant Microsoft (MSFT.O) , opens new tab suspended IT services, three sources familiar with the matter said. Nayara, which has condemned the sanctions, said on Monday it had filed a case against Microsoft in the Delhi High Court over its withdrawal of services. Sign up here. Nayara, a major buyer of Russian oil that is 49% owned by Russian oil major Rosneft (ROSN.MM) , opens new tab, has struggled with disruptions since coming under European Union sanctions this month targeting Russia over its war in Ukraine, including trimming refinery runs. Sources told Reuters that since last Tuesday, Microsoft had halted services for Nayara, and that employees' Outlook email and Teams messaging accounts had not been working. The Rediff.com service can facilitate communications among Nayara employees but cannot retrieve data and previous emails stored on Microsoft's cloud, sources said. The sources spoke on condition of anonymity as they were not authorised to speak to media. Nayara and Rediff did not immediately respond to requests for comment. Mumbai-based Rediff offers online consumer services and also provides cloud-based email services for businesses. https://www.reuters.com/world/india/russia-backed-nayara-taps-indian-it-firm-microsoft-suspends-service-sources-say-2025-07-29/

2025-07-29 07:49

At least 30 people dead as extreme rain hits Beijing More than 80,000 Beijing residents relocated At least eight dead, villages flooded on Monday in neighbouring regions BEIJING, July 29 (Reuters) - Extreme weather killed at least 30 people in Beijing after a year's worth of rain fell in less than a week, forcing the relocation of more than 80,000 people, damaging roads and cutting off power and communications in more than 130 villages. Hundreds of flights and a number of train services were delayed or suspended as the storms peaked on Monday night, stretching the capital's disaster management capabilities and prompting some experts to call the city a rain "trap". Sign up here. Most of the rain had converged on Beijing's mountainous north near the Great Wall, with at least 28 deaths reported in the district of Miyun and two in Yanqing, Xinhua reported. The state-run news agency did not say when or how the deaths occurred. "The flood came in an instant, you just had no buffer," said Zhai, 33, who runs a grocery shop in Miyun, now a disaster zone amid collapsed bridges, mangled cars and shattered pipelines. She showed Reuters the marks left behind as the floodwaters receded. They had risen to 1.5 metres (4.92 ft), submerging her shop for hours and ruining her food and beverage stocks. Liu, who owns a nearby restaurant, was on the verge of tears as she stared at the overturned stools and mud-covered table-tops in her eatery. Large appliances like fridges had sat submerged for hours and were likely damaged, said her husband Yang, estimating the damage at more than 100,000 yuan ($14,000). 'EXTREMELY DESTRUCTIVE' Heavy rains began on July 23 and peaked around Beijing and surrounding provinces on Monday, with Miyun experiencing rainfall of up to 573.5 mm (22.6 inches) - levels local media described as "extremely destructive". The average annual rainfall in Beijing is around 600 mm. The most intense downpour occurred on Saturday in Beijing's hilly Huairou, where 95.3 mm of rain fell in one hour. "The cumulative amount of precipitation has been extremely high - reaching 80–90% of the annual total in just a few days in some areas," said Xuebin Zhang of the University of Victoria in Canada and CEO of the Pacific Climate Impacts Consortium. "Very few systems are designed to handle such an intense volume of rainfall over such a short period," Zhang said. The local topography - mountains to the west and north - "trapped" the moist air and forced it upward, amplifying the deluge, he said. China's usually arid north has seen record rains in recent years, with some scientists linking it to global warming. In the summer of 2023, heavy rain and flooding killed at least 33 people in Beijing. Rainfall in the city of Xingtai in the neighbouring Hebei province exceeded 1,000 mm in two days - double the yearly average. 'FLOOD STILL COMING' Heavy rain also pounded the province of Hebei and the city of Tianjin near Beijing. In Hebei, eight people were killed as a landslide hit a village on Monday, after the region received six months' worth of rain over the weekend. Four remained missing. In two villages in Tianjin on Monday, only the roofs of single-storey houses were visible, China Central Television (CCTV) reported. The emergency management ministry said the disaster relief situation had been "complex and severe". Residents pleaded for faster rescue efforts in posts on social media platform Weibo. "The flood is still coming, and there is still no power or signal, and I still can't get in touch with my family!" a Weibo user wrote on Tuesday morning. ($1 = 7.1767 Chinese yuan) https://www.reuters.com/sustainability/climate-energy/beijings-extreme-rain-trap-kills-least-30-displaces-thousands-2025-07-28/

2025-07-29 07:18

MADRID, July 29 (Reuters) - Spanish power utility Endesa (ELE.MC) , opens new tab reported on Tuesday a 30% rise in first-half net profit to 1.04 billion euros ($1.20 billion), while warning that a proposed remuneration framework for power grid investments in Spain fails to offer adequate incentives. The company, majority-owned by Italy's Enel (ENEI.MI) , opens new tab, has shifted its focus to expanding and upgrading power networks amid soaring electricity demand and connection requests, reducing spending on renewables. Sign up here. A massive blackout on April 28 affecting Spain and Portugal has reignited discussions about the investment needs for the country's power networks, which are regulated by Spain's competition and energy watchdog CNMC. The company criticised a proposal by Spain's competition and energy watchdog CNMC to update the remuneration framework for investments in grids in the coming year, including raising the guaranteed return on investments in power grids to 6.46%. "This proposal seriously jeopardises the level of investment Spain needs to achieve its decarbonisation, increase electricity demand and grid investment goals" included in the country's climate and energy plan, Chief Executive Jose Bogas said. Endesa booked a net profit of 1.04 billion euros ($1.20 billion) in the period. This compares with 800 million euros a year earlier, when results included a windfall tax on energy companies. The company said it is on track to meet its targets this year. "Endesa suffered a declining trend in its integrated electricity margin" in the second quarter "and lower, albeit still high, gas unit margins," RBC analyst Fernando Garcia said in a note. "We expect a declining trend in gas unit margins in the second half and beating guidance looks now more challenging," he said. ($1 = 0.8632 euros) https://www.reuters.com/sustainability/climate-energy/endesa-reports-30-profit-rise-warns-spains-grid-plan-lacks-incentives-2025-07-29/

2025-07-29 07:15

July 29 (Reuters) - India's Varun Beverages (VARB.NS) , opens new tab reported second-quarter profit above market expectations on Tuesday, as cost control measures helped offset damp bottled beverage sales exacerbated by early monsoon rains. April-June is usually a strong quarter for packaged beverage makers, as India's summer drives up demand for cold drinks. But this year, monsoon rains arrived early, cooling temperatures. Sign up here. Consolidated volumes dropped 3% in the reported quarter, due to "abnormally high" rainfall in India, the company, one of PepsiCo's biggest bottling partners outside the United States, said. Domestic volumes declined 7% for the PepsiCo bottler. Revenues also fell 2.3%. However, the firm tightened its grip on costs. Expenses were down nearly 4% on-year. That led net profit to rise 5% on-year to 13.17 billion rupees ($151.7 million) and above analysts' average expectation of 11.30 billion rupees, as per data compiled by LSEG. The firm also named Pankaj Madan as its new finance boss. Varun Beverages packages and distributes beverages under Pepsi and Tropicana labels, among others. It also sells beverages under its own brands such as "Jive" and "Cream Bell". The company, which operates in about 10 countries, has been expanding in Africa, citing strong growth opportunities in emerging markets. Shares of Varun Beverages were last trading 1.4% higher after results. ($1 = 86.8100 Indian rupees) https://www.reuters.com/world/india/indias-varun-beverages-beat-quarterly-profit-view-cost-control-cushions-damp-2025-07-29/