2025-07-17 06:49

EasyJet sees 25 million pound hit to annual profit due to French strike, jet fuel costs Says demand for travel strong but people taking longer to book Reports rise in Q3 net profit Shares drop 8.1% in early trade July 17 (Reuters) - EasyJet (EZJ.L) , opens new tab warned on Thursday that a strike by French air traffic controllers earlier this month and rising fuel costs would hit its annual profit, sending the airline's shares down 8%. The low-cost carrier said it still expects "good profit growth" for the year ending September, but forecast a hit of about 25 million pounds ($33.47 million) from the French strike on July 3 and 4, at the start of Europe's peak travel season, and higher fuel costs. Sign up here. EasyJet reported pretax profit for the third quarter rose by about 50 million pounds to 286 million pounds, in line with expectations. Its shares fell as much 8.1% to 483.3 pence by 0729 GMT and were the top loser on London's blue-chip FTSE 100 index. "We are extremely unhappy with the strike action by the French ATC in early July, which as well as presenting unacceptable challenges for customers and crew also created unexpected and significant costs for all airlines," easyJet CEO Kenton Jarvis said in a statement. Some analysts said they cut forecasts for the year based on Thursday's results. While demand has remained strong for easyJet's budget-friendly flights and holiday packages, travellers overall are taking longer to book tickets amid worsening global macroeconomic sentiment, which the British-based airline said has continued. Jarvis told reporters on a media call that the later booking trend "could have something to do with hot weather" because travellers are waiting to see how heatwaves, which have seen temperatures top 40 degrees Celsius in some parts of Europe, play out. RESILIENCE Still, European airlines have continued to report relatively solid results this year, with few signs that travel demand in the summer is substantially lagging last year. Bernstein analyst Alex Irving said the results showed "another reassuringly surprise-free quarter" as easyJet has remained one of the more stable carriers compared to some of its European competitors like Wizz Air (WIZZ.L) , opens new tab. Jarvis also told reporters that worsening conflict in the Middle East had had a slight impact on services to destinations like Egypt and Turkey for a few weeks, but that demand has since recovered and the carrier had no plans to change routes as a result of the conflict. Some airlines have cancelled flights to several Middle Eastern destinations, including major international hubs such as Dubai and Doha, and paused or shut operations in the region in the wake of escalating geopolitical tensions. "With 67% of our airline's fourth-quarter capacity sold, the final outcome for FY25 will, as always, depend on late summer bookings and the associated yields," easyJet said in a statement. The airline said it would issue new mid-term targets at the end of the year. ($1 = 0.7470 pounds) https://www.reuters.com/markets/europe/easyjets-third-quarter-profit-rises-strong-demand-2025-07-17/

2025-07-17 06:46

SEOUL, July 17 (Reuters) - Four people died and more than 1,000 have been evacuated in South Korea after the country was lashed by torrential rain on Thursday, the safety ministry said. A driver was killed after a 10-metre-high (33 ft) roadside wall collapsed on top of a moving vehicle on Wednesday in Osan, some 44 kilometres (27 miles) south of Seoul, fire agency officials said. Sign up here. Another person was found with no heartbeat in a flooded car in Seosan, South Chungcheong province, and could not be revived. As of 5 p.m. (0800 GMT), some parts of the South Chungcheong region further south of the capital had seen more than 400 millimetres (15.7 inches) of rain since Wednesday, the Ministry of the Interior and Safety said. The downpours resulted in record rainfall in the area and more wet weather was forecast for Thursday night, the Korea Meteorological Administration said. Landslide alerts were raised to the highest level for several regions including Chungcheong as the heavy rains continued, according to the Korea Forest Service. In the city of Gwangju, some 267 kilometres (166 miles) south of Seoul, 87 roads and 38 buildings were submerged within about two hours after torrential rain warnings were issued, according to the Yonhap News Agency. Some 403 schools were closed and 166 reported property damage from the heavy rain on Thursday, the Ministry of Education said. https://www.reuters.com/business/environment/south-korea-lashed-by-heavy-rain-four-dead-more-than-1000-evacuated-2025-07-17/

2025-07-17 06:37

BEIJING, July 17 (Reuters) - Lithium futures in China climbed on Thursday to a nearly three-month high after a production halt at a major lithium producer boosted sentiment for the electric vehicle battery material. Miner Zangge Mining (000408.SZ) , opens new tab said in an exchange filing that it had halted lithium production at a mine in Qinghai province following orders from local officials. Sign up here. The most active lithium carbonate futures on the Guangzhou Futures Exchange jumped more than 4% in afternoon trade to hit 69,980 yuan ($9,749.51) per metric ton, the highest since April 21. "Speculative sentiment is pretty strong right now but the actual impact will be limited, said Chen Jing, a Beijing-based analyst at Galaxy Futures, referring to the production suspension of a subsidiary of Zangge. ($1 = 7.1778 Chinese yuan) https://www.reuters.com/markets/commodities/china-lithium-futures-near-3-month-high-after-zangge-announces-production-halt-2025-07-17/

2025-07-17 06:14

LITTLETON, Colorado, July 17 (Reuters) - Gas-fired electricity production has dropped to record lows in the home country of Europe's largest gas-trading hub, dealing a fresh blow to natural gas bulls who eye Europe as a key growth market for sales of LNG and pipelined gas supplies. The Title Transfer Facility in the Netherlands establishes the main benchmark natural gas price for most of Europe, and the Netherlands' extensive pipeline networks and central location give it insight into gas supply and demand trends. Sign up here. The Netherlands itself has historically been a heavy gas consumer, and from 2000 to 2020 relied on natural gas for well over half of its utility electricity supplies, according to energy thinktank Ember. However, since Russia's invasion of Ukraine in 2022, Dutch utilities have aggressively slashed natural gas use, and over the first half of 2025 gas power plants supplied only a third of the country's electricity. For major natural gas producers and exporters such as the United States, Russia and Qatar, the rapid and sustained cuts to gas use by a formerly integral gas consumer are cause for alarm, as it may herald further cuts for Europe as a whole. SMALL SCALE, BIG IMPACT Despite its relatively small size and population, the Netherlands wields considerable influence regionally and globally. The country's massive port facilities around Rotterdam are the main entry and exit points for crude oil, refined products, crops and many consumer goods into and out of Europe. The Netherlands is also home to a large high-tech industry and several multi-national corporations which rely on the country's strong infrastructure and global connections. The country's strategic importance is reflected in the status of the Dutch government, which is highly influential within the European parliament and plays a key role in shaping regional policies on trade, agriculture and finance. CLEAN DRIVE Dutch utilities have also been leaders in adopting clean energy supplies, despite once being home of the headquarters of oil and gas major Shell (SHEL.L) , opens new tab. Between 2022 and 2024, electricity production from clean power supplies jumped by 27% in the Netherlands compared to a 16% rise in clean power output within the European Union over the same period, Ember data shows. That outsized growth was driven by a 57% jump in wind power and a 34% rise in solar power electricity generation. That aggressive increase in renewable energy sources in turn changed the balance of the country's electricity generation mix. Until 2023, the country was primarily powered by fossil fuels, but since then clean energy sources have become the primary fuels for electricity generation and so far in 2025 have generated 57% of the country's electricity. Despite the switches, electricity supplies scaled record highs in 2024 to ensure that the country's electricity output kept up with demand needs. Wholesale power prices in the Netherlands have also remained competitive within Europe as the Dutch power system cut back on gas use and added clean power output, and so far in 2025 have averaged slightly less than those of Germany. Over the first half of 2025, Dutch wholesale spot power prices have averaged around 90 euros per megawatt hour, according to LSEG. That price is roughly a third more than those in nuclear-powered France, but is lower than the average prices recorded in several other European nations including Italy and most of Eastern Europe. The fact that Dutch power costs have remained in line with the regional average despite sustained reductions to fossil fuel use in electricity generation will likely influence the energy planning of other nations in the region. The successful transition from fossil fuels being the main pillar of the country's electricity system until 2022 to a more minor role in 2025 could be seen as a blueprint for other utility networks also keen to cut back on fossil fuel use. And given the country's prowess in rolling out clean energy supplies, Dutch firms with expertise in offshore wind, solar systems and batteries are collaborating with other regional utilities to lift clean power output in other countries. Dutch firms are also pioneering the deployment of green energy to produce green hydrogen, which regional industries are hoping will help decarbonise their power needs and further reduce regional reliance on fossil fuels. All together, the Netherlands has generated strong momentum in its clean-energy push, which looks liable to extend well beyond its national borders and could result in further Europe-wide cuts to gas consumption in the years ahead. The opinions expressed here are those of the author, a columnist for Reuters. Enjoying this column? Check out Reuters Open Interest (ROI), your essential new source for global financial commentary. ROI delivers thought-provoking, data-driven analysis of everything from swap rates to soybeans. Markets are moving faster than ever. ROI can help you keep up. Follow ROI on LinkedIn , opens new tab and X , opens new tab. https://www.reuters.com/markets/commodities/gas-use-falls-fresh-lows-europes-main-gas-trading-hub-2025-07-17/

2025-07-17 05:59

NEW DELHI, July 17 (Reuters) - India is confident of meeting its oil needs from alternative sources if Russian supplies are hit by secondary sanctions, Oil Minister Hardeep Singh Puri said on Thursday. Earlier this week, U.S. President Donald Trump warned that countries purchasing Russian exports could face sanctions if Moscow fails to reach a peace agreement with Ukraine within 50 days. Sign up here. Separately, NATO Secretary General Mark Rutte warned on Wednesday that some countries, including India, could be hit very hard by the sanctions if they continued to do business with Russia. India should be able to deal with any problems with Russian imports by seeking supplies from other countries, Puri said. He noted there are many new suppliers coming onto the market such as Guyana and supply from existing producers such as Brazil and Canada. Additionally, India is increasing exploration and production activities. "I'm not worried at all. If something happens, we'll deal with it," Puri said at an industry event in New Delhi. "India has diversified the sources of supply and we have gone, I think, from about 27 countries that we used to buy from to about 40 countries now," he said. Responding to Rutte's comments, India's foreign ministry spokesperson said that securing energy needs was an "overriding priority" for the country, in which it was guided by what was on offer in markets and the "prevailing global circumstances". "We would particularly caution against any double standards on the matter," spokesperson Randhir Jaiswal told a regular media briefing. India's oil imports from Russia rose marginally in the first half of this year, with private refiners Reliance Industries Ltd and Nayara Energy making about half of the overall purchases from Moscow. Russia continued to be the top supplier to India, accounting for about 35% of India's overall supplies, followed by Iraq, Saudi Arabia, and United Arab Emirates, the data showed. In case Russian supplies are hit, Indian Oil Corp (IOC.NS) , opens new tab will "go back to the same template (of supplies) as was used pre-Ukraine crisis when Russian supplies to India were below 2%," company Chairman A.S. Sahney told reporters at the event. https://www.reuters.com/business/energy/india-can-secure-oil-even-if-russian-imports-sanctioned-minister-says-2025-07-17/

2025-07-17 05:54

BEIJING, July 17 (Reuters) - Chinese miner Zangge Mining (000408.SZ) , opens new tab said on Thursday it had halted lithium production at a unit in Qinghai province on orders from local officials, sending lithium prices up more than 4% in afternoon trading. The miner, controlled by state-owned giant Zijin Mining (601899.SS) , opens new tab, received a notice from Haixi prefecture officials on Wednesday ordering an immediate halt to non-compliant mining, according to a Shenzhen exchange filing. Sign up here. The filing did not say how the mining was non-compliant. Production, which was forecast to hit 11,000 tons of lithium carbonate this year, can only resume with local government approval. Zangge said it plans to make its mining compliant and submit an application. "Since it is not yet possible to determine the specific time of Zangge Lithium's resumption of production, the impact on the company cannot be predicted for the time being," it said in a statement. The most active lithium carbonate futures contract on the Guangzhou futures exchange jumped more than 4% when afternoon trading began at 1.30 p.m. (0550 GMT). Zangge said it expected the shutdown to have only a limited impact on its results. Output at the mine is expected to hit 5,350 metric tons in the first half, it added. https://www.reuters.com/markets/commodities/chinese-miner-zangge-halts-lithium-production-subsidiary-after-govt-order-2025-07-17/