UN Climate Bank Bets on Underfunded Clean Tech in India
With an initial $200 million provided by the UN's fund, the instrument's targets include round-the-clock renewables, electric mobility and compressed biogas, according to an ADB statement seen by Bloomberg and expected to be released later on Thursday.
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Yahoo
8 minutes ago
- Yahoo
China to Send Top Envoy to India as Ties Warm After US Tariffs
(Bloomberg) -- China will send a top official to New Delhi next week, as Beijing steps up efforts to ease long-standing tensions with India amid US President Donald Trump's global trade overhaul. Chinese Foreign Minister Wang Yi will likely travel to New Delhi on Aug. 18 — his first trip to the country in over three years — and is expected to meet India's National Security Adviser Ajit Doval and External Affairs Minister Subrahmanyam Jaishankar, according to people familiar with the matter. The US-Canadian Road Safety Gap Is Getting Wider Sunseeking Germans Face Swiss Backlash Over Alpine Holiday Congestion To Head Off Severe Storm Surges, Nova Scotia Invests in 'Living Shorelines' Five Years After Black Lives Matter, Brussels' Colonial Statues Remain For Homeless Cyclists, Bikes Bring an Escape From the Streets A key agenda item will be discussing ways to reduce troop levels along the disputed Himalayan border, the people said, asking not to be identified as the discussions are still private. Such a step would mark significant progress toward restoring trust between the two countries, they added. The trip marks the latest step in a slow but steady thaw between the Asian neighbors, who are also holding talks to restart border trade and plan to resume direct flights as early as next month. Indian Prime Minister Narendra Modi is expected to visit China in August — his first trip there in seven years. India and China began restoring ties late last year, following a deadly 2020 border clash that had severely strained relations. The renewed engagement comes at a time when New Delhi's ties with Trump are fraying, with Washington imposing a 50% tariff on Indian exports — significantly higher than duties on regional peers. China's Ministry of Foreign Affairs said Thursday that Beijing stands ready to work with New Delhi to 'properly handle differences in the face of the big picture.' It makes sense for the two sides to build closer ties as they are 'major developing countries and important members of the Global South,' it said in a response to a query from Bloomberg News. India's Ministry of External Affairs didn't respond to an email seeking further information. China's Foreign Ministry didn't immediately respond to a request seeking confirmation of Wang's itinerary Rebuilding Ties The two nations are considering the resumption of border trade in locally made goods after more than five years, according to New Delhi officials familiar with the matter. Both sides have proposed restarting trade through designated points on their border, and the matter is currently under discussion, the people said, asking not to be identified as the discussions are still private. For over three decades, India and China had traded locally produced goods — such as spices, carpets, wooden furniture, cattle fodder, pottery, medicinal plants, electric goods and wool — through three designated points along their 3,488-kilometer (2,167-mile) disputed Himalayan border. The trade value is relatively small, estimated at just $3.16 million in 2017–18, according to the most recent government data available. The trading points were shut during the Covid-19 pandemic, which coincided with a sharp decline in relations between the two nations after the border clashes that killed 20 Indian soldiers and at least four Chinese troops. China's Ministry of Foreign Affairs also said that Beijing is 'willing to step up communication and coordination with India' on the matter. 'Border trade between China and India has long played an important role in improving lives of the two countries' border residents,' it said in its response to the query. Beijing has also eased curbs on some fertilizer shipments to India and Modi is expected to head to China later this month to attend the Shanghai Cooperation Organisation summit. He is expected to meet President Xi Jinping on the sidelines of the event held in Tianjin from Aug. 31. Russian President Vladimir Putin is also expected to attend the SCO gathering. Trump is frustrated with India's continued imports of discounted Russian oil, which he says help fund the Kremlin's war in Ukraine. Modi has shown no signs of backing down, and his government signed agreements with Moscow this month to deepen economic cooperation. India has argued its purchases of Russian oil have helped stabilize global markets and prevent a supply crunch. --With assistance from Colum Murphy, Jing Li, Jon Herskovitz and Philip Glamann. Americans Are Getting Priced Out of Homeownership at Record Rates Dubai's Housing Boom Is Stoking Fears of Another Crash Why It's Actually a Good Time to Buy a House, According to a Zillow Economist Bessent on Tariffs, Deficits and Embracing Trump's Economic Plan The Electric Pickup Truck Boom Turned Into a Big Bust ©2025 Bloomberg L.P. Sign in to access your portfolio
Yahoo
8 minutes ago
- Yahoo
Origin Energy Ltd (OGFGF) Full Year 2025 Earnings Call Highlights: Strong Customer Growth and ...
Energy Markets EBITDA: $1.404 billion, ahead of guidance. APLNG Production: 682 petajoules at a cost of $4.20 per gigajoule, in line with guidance. LNG Trading Gains: $441 million, at the top end of guidance. Octopus EBITDA: Loss of $88 million, within guidance. Customer Accounts Growth: Increased by 104,000. Cost to Serve Reduction: Decreased by $50 million. Dividends from APLNG: $797 million received during the year, plus $335 million on July 3, 2025, fully franked. 2P Reserves Increase: Up by 298 petajoules before production. Underlying Profit: $1.49 billion, up from $1.18 billion last year. Underlying EBITDA: $3.41 billion, lower than previous year. Net Debt-to-EBITDA: 1.9 times. Return on Capital Employed: 14.6% over 24 months. Total Dividends for the Year: $0.60 per share, fully franked. Dividend Yield: 5.1% before franking benefit. Net Debt: Increased to $4.6 billion. Dividend Payout Ratio: 86% for the fiscal year. Kraken Contracted Customers: Grew by 45% to 74 million. UK Energy Customers Growth: Increased by 13% to 7.6 million. Non-UK Energy Customers: Doubled to 2.7 million. Warning! GuruFocus has detected 7 Warning Sign with OGFGF. Release Date: August 13, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Positive Points Origin Energy Ltd (OGFGF) reported an Energy Markets' EBITDA of $1.404 billion, exceeding guidance. The company achieved a significant increase in customer accounts, growing by 104,000. Cost to serve was reduced by $50 million, indicating improved operational efficiency. APLNG production was in line with guidance, and LNG trading reached the top end of guidance with trading gains of $441 million. The company declared a final fully-franked dividend of $0.30 per share, supported by a strong balance sheet and cash flow outlook. Negative Points Octopus' EBITDA was at a loss of $88 million, attributed to investment in global growth and unseasonably warm weather. Integrated Gas' APLNG's EBITDA decreased by 3% due to lower production and realized LNG prices. Net debt increased to $4.6 billion, driven by investments in battery projects. The company faces challenges in predicting market volatility and plant availability, which could impact future earnings. There is uncertainty regarding the future capital requirements and potential equity contributions for the separation of Octopus and Kraken. Q & A Highlights Q: Just on the guidance for Origin's share of Octopus Energy EBITDA. It's been a little bumpy the last year or two. Can you just please share a little bit more color on the drivers of the wide range for fiscal '26, including the potential draw from the growth being pursued in the UK in the Energy Services division? A: Tony Lucas, Executive General Manager - Future Energy and Technology: There's been a few ups and downs this year with the weather, the settlement of the energy price guarantee, and some accounting adjustments. We increased the range compared to last year to account for increased investment in non-UK Retail and improvements in the Energy Services business. The non-UK Retail can adjust based on market performance, driving growth spend. Energy Services aims to optimize field force, increase sales, and unit margins. Q: Could you comment on how Origin is minded to deploy any proceeds it might receive from a potential value realization opportunity relating to Origin's interest in Kraken? A: Frank Calabria, CEO: We're focused on the separation of those businesses, which leads to choices and opportunities. We will assess investments based on the best choices for allocating capital. If Kraken becomes a separate entity, it will present choices, and we'll keep the market informed. It's early to predict how we might realize value, but we're supportive of the separation. Q: You've achieved electricity portfolio margin through the top end of that medium-term target range. Do you still expect this margin to grow during the period you continue to operate Eraring and the additional battery earnings into the business? A: Tony Lucas, Executive General Manager - Future Energy and Technology: With Eraring continuing to run and as we bring the batteries in, we expect to be near or above the top end of that medium-term target. The key risks are plant availability and market volatility. Q: Just wondering how you're thinking about further equity contributions, net to Origin, before a possible IPO of Kraken? A: Frank Calabria, CEO: Separating out Kraken needs to ensure both groups have capital for growth. We continue to assess each on their merits. If an equity raise occurs, it will depend on the purpose and merits. No firm decision has been made yet. Q: Could you share your latest thoughts on how electricity margins could change over the next few years when Eraring closes? A: Tony Lucas, Executive General Manager - Future Energy and Technology: We originally set the $25 to $40 per megawatt hour range, expecting to stay within it post-Eraring. Eraring's contribution is stronger than forecasted due to slower renewable transition. Batteries will make a material contribution by FY26. Coal earnings may fall as more renewables come in, but we're confident in staying within the range. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Entrepreneur
10 minutes ago
- Entrepreneur
Smartworks Announces Strong Q1 FY26 with Record Portfolio Expansion
Normalised profit before tax rose to INR 168 million, representing a margin of 4.4 percent, compared with a normalised loss before tax of INR 102 million in the same quarter last year. You're reading Entrepreneur India, an international franchise of Entrepreneur Media. Managed office platform Smartworks Coworking Spaces Limited has announced robust first quarter results for the financial year 2026, supported by significant revenue growth, improved profitability, and portfolio expansion. For the quarter ended June 30, 2025, revenue from operations stood at INR 3,792 million. The company expects much of its recent portfolio additions to mature in the second half of the year, potentially boosting both revenue and margins further. On July 17, 2025, Smartworks made its debut on the National Stock Exchange and Bombay Stock Exchange. IND-AS EBITDA reached INR 2,410 million, up 25.5 percent year-on-year, with a margin of 63.6 percent. On a normalised basis, adjusting for accounting provisions, EBITDA increased 109 percent year-on-year to INR 607 million, representing a margin of about 16 percent. The company recorded a turnaround in profitability. Normalised profit before tax rose to INR 168 million, representing a margin of 4.4 percent, compared with a normalised loss before tax of INR 102 million in the same quarter last year. On a reported basis, loss before tax narrowed to INR 56 million from INR 311 million a year earlier. Normalised operating cash flow rose 71 percent year-on-year to INR 855 million. As of the end of June, Smartworks had 10.08 million square feet of leased space, with 0.70 million square feet under fit-out and another 1.07 million square feet scheduled for handover in the next two quarters. Including signed letters of intent, the total space under management stands at approximately 12 million square feet. Occupancy levels remain above 83 percent in operational centres, with committed occupancy exceeding 89 percent. Neetish Sarda, Managing Director of Smartworks, said, "Our revenue growth this quarter reflects a combination of robust sustained demand from enterprise clients and the deliberate capacity expansion we executed over the past year. By adding over one million square feet of new supply, we strengthened our footprint in key markets and positioned ourselves to capture incremental demand quickly." He added that the improvement in margins "reflects the strength of our asset-light enterprise-focused model and the scalability of our managed campus platform." Harsh Binani, Executive Director, highlighted the company's strong future pipeline. "We have more than INR 40,000 million in committed revenue, providing strong visibility into future cash flows. Over 90 percent of our revenue comes from enterprise clients, and more than 30 percent from multi-city engagements, which is a testament to the trust large corporates place in our platform," he said. Smartworks manages 54 centres across 15 cities in India and also has a presence in Singapore. Since FY19, the company has added 8.6 million square feet across major urban markets such as Pune, Bengaluru, Hyderabad, and Mumbai. With a capacity exceeding 230,000 seats and a focus on long-term enterprise relationships, the company aims to continue building on its position in the managed office segment.
