2025-11-05 18:40
LISBON, Nov 5 (Reuters) - Portugal's largest power utility EDP (EDP.LS) , opens new tab on Wednesday posted a 12% fall in nine-month profit, weighed down by smaller capital gains, but still beat market expectations. It said consolidated net profit fell to 952 million euros ($1.11 billion), above the LSEG consensus estimate of 920 million euros. Earnings before interest, taxes, depreciation and amortization (EBITDA) fell 3% year on year to 3.8 billion euros, also beating the survey's average of 3.7 billion euros. Sign up here. EDP's wind energy subsidiary EDP Renovaveis (EDPR.LS) , opens new tab booked only 35 million euros in capital gains from the sale of wind and solar assets – part of a strategy of disposing of stakes in mature plants to finance new ones, while a year ago such operations raked in 167 million euros. As a result, the unit's profit fell 49% to 107 million euros. EDP said that excluding the reduced gains from asset sales, recurring net profit increased by 5% year-on-year, reflecting a 14% increase in total electricity output from new capacity, with a strong contribution from operations in the United States, Portugal and Spain. EDP, which operates in 29 countries across Europe, the Americas, and Asia said its gross margin – revenue from energy sales minus the direct costs of producing or acquiring it – was flat at 5.2 billion euros. ($1 = 0.8575 euros) https://www.reuters.com/business/energy/edps-9-month-profit-falls-12-lower-capital-gains-beats-forecasts-2025-11-05/
2025-11-05 18:37
Nov 5 (Reuters) - Unionized Starbucks baristas voted to authorize an open-ended strike ahead of Starbucks' high-traffic holiday season, announced Starbucks Workers United on Wednesday. The union said workers are prepared to strike if a contract is not finalized by November 13, which is the company's Red Cup Day, and strike actions could hit more than 25 cities and escalate if there is a lack of progress. Sign up here. Both sides blame the other for ending talks late last year and say they are ready to return to discussions. Starbucks Workers United has filed more than 1,000 charges against the company for alleged unfair labor practices to the National Labor Relations Board, the union said. Starbucks says the union represents around 9,500 workers, or 4% of its cafe workforce. Michelle Eisen, a spokesperson for the union who left Starbucks after a 15 year career at the company, said in a statement: "If Starbucks keeps stonewalling, they should expect to see their business grind to a halt. The ball is in Starbucks’ court." The Starbucks Workers United union had been in talks with the company since last year, and said in October it would vote on picketing in about 60 cities, demanding a contract that reflects "improved staffing, better pay and on-the-job protections." Starbucks said in a statement that "any agreement needs to reflect the reality that Starbucks already offers the best job in retail." Starbucks' benefits package, eligible for employees who work at least 20 hours a week, includes health insurance, parental leave, and tuition for online classes at Arizona State University. It said it would be able to serve customers at the vast majority of its stores through the holiday season "regardless of the union's plans." CEO Brian Niccol has sought to overhaul U.S. store operations in a bid to win back customers. The coffee giant suffered six quarters of sales declines before October 29, when the company reported it 0% same store sales for its North American stores and 1% sales growth globally. Starbucks in September shut more than 600 stores, including its flagship unionized outlet in Seattle, and trimmed its corporate workforce as part of the turnaround efforts. In April, union delegates voted to reject Starbucks' proposal that guaranteed annual raises of at least 2%, which the Workers United said did not offer changes to economic benefits such as healthcare or any immediate pay hike. In October, New York City's Comptroller and other Starbucks shareholders wrote to the company urging it to resume talks with its workers' union. https://www.reuters.com/business/world-at-work/starbucks-baristas-prep-strike-bloomberg-news-reports-2025-11-05/
2025-11-05 18:17
MILAN, Nov 5 (Reuters) - Snam (SRG.MI) , opens new tab expects a decision from Germany's economy ministry by November 17 on its planned acquisition of a minority stake in Open Grid Europe, the country's largest independent gas transmission operator, the Italian group's CFO said on Wednesday. The deal has been at risk of falling through after the German ministry extended its review and requested documents related to the presence of a Chinese investor in Snam's shareholder base, sources have said. Sign up here. "We have a long-stop date with our counterpart that ends on Nov. 17. Our expectation is to have an answer by then, one way or the other," CFO Luca Passa told analysts on a post-results call. Snam agreed in April to buy 24.99% of Open Grid Europe, aiming to enter the German gas market. The acquisition was initially expected to close by the end of September but is still awaiting regulatory approval. Passa said Snam could sell assets or issue a hybrid bond if the transaction is completed by year-end. The state-controlled group has hired Rothschild and BNP Paribas to sell its biomethane business, which could hit the market shortly after year-end. "The biomethane business has a value of 560 million euros as of today," Passa said. Snam nudged up its 2025 profit guidance after reporting a 6.6% rise in nine-month core earnings. Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) rose to 2.23 billion euros ($2.6 billion), slightly above the 2.21 billion euro consensus in a Reuters analyst poll. Adjusted net income climbed 10% to 1.1 billion euros, in line with expectations. The group now sees adjusted core earnings reaching about 2.95 billion euros this year, up from a previous forecast of 2.85 billion euros. ($1 = 0.8575 euros) https://www.reuters.com/business/energy/snam-awaits-german-decision-open-grid-europe-stake-by-november-17-2025-11-05/
2025-11-05 17:24
LONDON, Nov 5 (Reuters) - Bank of England deputy governor Sarah Breeden said on Wednesday it was "really important" for the U.S. and Britain to be synchronised on regulation of stablecoins. Breeden's comments come less than a week before the BoE launches a consultation on regulating stablecoins – cryptoassets pegged to a fiat currency or other reserve asset – that will soften previous proposals. Sign up here. Breeden confirmed reports that the consultation would be published on November 10. "I've been talking to the Federal Reserve... The regulators over there and our finance ministries are working together," said Breeden at the SALT conference in London. The U.S. and British governments announced in September a joint task force aimed at boosting collaboration on digital assets and capital markets. The BOE’s proposals will only apply to "systemic" stablecoins, or those deemed capable of becoming widely used for payments. The rest will be regulated by the Financial Conduct Authority under a less stringent regime. The central bank has faced criticism from the crypto industry over its plan to introduce limits on the amount of cryptoassets that individuals and businesses can hold, a proposal not replicated in other large financial centres. https://www.reuters.com/sustainability/boards-policy-regulation/bank-englands-breeden-bangs-drum-uk-us-stablecoin-collaboration-2025-11-05/
2025-11-05 17:13
Nov 5 (Reuters) - Federal Reserve Governor Stephen Miran reiterated on Wednesday that he believes the current level of short-term rates is too restrictive and is creating risks for the U.S. economy. “I think policy is too restrictive and that we're too far above where neutral rates would be,” Miran said in an interview on Yahoo Finance’s website. “Given the state of the labor market, I think that continuing to run policy that restrictive” is something that would “run unnecessary risks,” he said, adding that barring a surprise it would make sense to cut rates again in December. Sign up here. In the interview, Miran said that hiring data from private company ADP released earlier in the day was a "welcome surprise." That report said private employers added 42,000 jobs in October. The data came as the ongoing government shutdown has deprived markets of official data, including on the payroll front. The dearth of official statistics has made it hard for Fed officials to know what to do next with monetary policy. After last week's Fed meeting Chair Jerome Powell cautioned that a Fed rate cut in December is not a lock. But Miran said that barring any surprises he remains likely to favor a December cut in what's now a 3.75% to 4% federal funds rate target range. Miran was also asked about the outlook for President Donald Trump's tariff regime, which is currently being weighed by the Supreme Court. The Fed governor said creating uncertainty about the president's import tax surge "could be a drag on the economy." https://www.reuters.com/markets/us/feds-miran-continues-press-rate-cuts-yahoo-finance-interview-2025-11-05/
2025-11-05 14:41
TORONTO, Nov 5 (Reuters) - Canada's services economy expanded in October for the first time in 11 months as businesses showed signs of adjusting to economic uncertainty, S&P Global's Canada services PMI data showed on Wednesday. The headline Business Activity Index rose to 50.5 last month from 46.3 in September, posting its first move above the 50 threshold since November last year. A reading above 50 shows expansion in the sector. Sign up here. The data offered "some evidence of a stabilisation in the business environment," Paul Smith, economics director at S&P Global Market Intelligence, said in a statement. "Whilst welcome, growth realistically failed to make up for the sustained period of contraction seen through much of 2025 and should be viewed in the context of the continued uncertainty and client hesitancy that still plagues market demand." The new business index was in contraction for an 11th straight month even as it improved to 48.8 from 48.1 in September. Canada sends about 75% of its exports to the United States so its economy has been badly hurt by the U.S.-led trade war. The first federal budget under Prime Minister Mark Carney was presented on Tuesday. “Political and economic uncertainty, especially in relation to trade policies, also continues to dominate the outlook with confidence amongst firms remaining sub-par in October," Smith said. "That helped to explain why companies were again reluctant to replace any leavers, especially given evidence of continued spare capacity in the sector." The employment measure was at 48.5, down from 48.9 in September and the future activity index slipped to 60.8 from 62.2. The S&P Global Canada Composite PMI Output Index rose to 50.3 last month from 46.3 in September, marking its highest level since November 2024. Data on Monday showed that the downturn in Canada's manufacturing sector eased in October as output and new orders declined at a slower pace. The S&P Global Canada Manufacturing PMI rose to 49.6 last month from 47.7 in September, posting its highest level since January. https://www.reuters.com/world/americas/canadas-october-services-pmi-shows-first-expansion-sector-this-year-2025-11-05/
