Vespa maker Piaggio's revenue falls to 370.7 million euros
Piaggio sold 106,800 vehicles in the first three months of the year, compared to 120,300 in the first quarter of 2024.
Its gross industrial margin reached 30.5% of revenue, despite lower sales in some geographic areas.
'The beginning of the year was still characterised by international markets awaiting stability and the persistence of macroeconomic and geopolitical complexities, which we continue to address with careful management even in competitive contexts not always favourable to European industries,' CEO Michele Colaninno said in a statement.
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PARIS: Europe again increased its military aid to Ukraine in May and June, unlike the United States, and is depending increasingly on its defence industry rather than existing weapons stockpiles, the Kiel Institute for the World Economy said Tuesday. Europe, the United Kingdom included, sent or earmarked a total of 80.5 billion euros ($93.7 billion) in military aid between the start of the war in February 2022 and the end of June 2025 against 64.6 billion euros allocated by the United States. The Germany-based Institute's data shows that the overall European military aid had outstripped the United States in the spring for the first time since June 2022. 'A significant proportion of the weapons provided no longer comes from stockpiles but is procured directly through the defence industry,' the institute said. 26 EU leaders say Ukraine should have freedom to decide its future 'This means that Europe now also leads the US in terms of total volume of military aid provided through industry since the start of the war.' Taro Nishikawa, a project lead at the research body's Ukraine Support Tracker, said it was 'a clear indication of the expanding role of defence manufacturing in military assistance.' In May and June, Europe earmarked 10.5 billion euros of military aid to Ukraine: Germany put up a package of five billion euros, followed by Norway with 1.5 billion euros and Belgium with 1.2 billion euros. The Netherlands, the United Kingdom and Denmark each earmarked between 500 and 600 million euros. At least 4.6 billion euros of the European military aid, or 44 percent of the overall amount in May and June, is set to be channelled through procurement contracts, mainly with Europe-based defence firms, notably based in Ukraine, the Kiel Institute said. Over the same period, Washington approved major exports of arms to Ukraine in May but not in the form of military aid under the Kiel Institute's definition because they have to be paid for by Ukraine itself. The United States was the main provider of aid to Ukraine before Donald Trump's return to the White House on January 20, 2025 when he broke with his Democrat predecessor Joe Biden's Ukraine support strategy. US Vice President JD Vance told the conservative news channel Fox News, in an interview broadcast on Sunday, that he believed Washington had now ended its financial support for Ukraine. 'But if the Europeans want to step up and actually buy the weapons from American producers, we are okay with that,' he said. Trump and his Russian counterpart Vladimir Putin are scheduled to meet in Alaska on Friday to reach, according to the US president, a possible agreement on exchanging territory to bring an end to the war in Ukraine sparked by the Russian invasion more than three years ago.
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Trade ambitions and sanctions realities
EDITORIAL: It is a promising signal that Iran and Pakistan have chosen to deepen economic cooperation at a time when the region — and indeed the world — is realigning itself under shifting power equations. A USD 10 billion annual trade target is no small ambition, and President Pezeshkian's first official visit to Pakistan since taking office underlines Tehran's readiness to work with Islamabad to meet it. The warmth on display, from Lahore to Islamabad, and the repeated gestures of solidarity exchanged between the two delegations reflect encouraging maturity in bilateral ties. But ambition alone doesn't move trade. As with most things in this part of the world, the bigger story lies in what isn't being said. The last time Pakistan tried to pursue a transformative energy partnership with Iran, through the Iran-Pakistan gas pipeline, the entire project was brought to its knees by American pressure and the threat of sanctions. Today, the geopolitical temperature is even higher — and the sanctions' regime is far more aggressive. So the question is simple: how exactly do both sides plan to reach that USD 10 billion mark? The Americans have made it clear that even friends and strategic partners are not exempt from the rules. India was sharply reprimanded for engaging too openly with Russia. European states have faced secondary threats for exploring trade that could circumvent restrictions. In this environment, it is inconceivable that Washington will sit idle while two Muslim neighbours forge an expansive trade relationship with one of the world's most heavily sanctioned economies. And yet that's precisely why this initiative matters. If Pakistan and Iran can demonstrate an effective, legal framework to grow trade while navigating the sanctions' minefield, they may offer a blueprint for others in the region facing similar dilemmas. But that framework has to be clearly articulated. Otherwise, this remains yet another round of high-sounding intent with little prospect of implementation. Border markets, local currency settlements, barter mechanisms, and third-party intermediaries have all been discussed in the past. But without serious institutional design, and real political will, they haven't gone far. If this renewed push is to succeed, both capitals must show how the mechanics of trade will be shielded from punitive action, how banks and customs authorities will be protected, and how businesses will be incentivised to take part despite the obvious risk. There is also a diplomatic layer that cannot be ignored. For Pakistan, this balancing act will only become harder as it tries to maintain strategic relations with both Iran and the west. The same applies to Iran, which must decide how to engage regional players without endangering its existing partnerships. Quietly, both sides likely understand that a successful trade expansion must also include a quiet understanding with Washington; or, at the very least, the ability to convincingly demonstrate that the arrangement does not violate international obligations. It is also worth asking why there hasn't been more transparency from both governments about how these goals will be achieved. The statements from the Iranian president were full of brotherly warmth and regional vision. The Pakistani side echoed those sentiments. But beyond calls for unity and generic pledges of cooperation, there is still little detail on how a sanctions-proof architecture will be built. This silence is understandable, perhaps. But it is also dangerous. In an economic environment as fragile as Pakistan's, and as constrained as Iran's, lofty goals without credible roadmaps invite not just scepticism, but policy fatigue. Stakeholders — whether state-owned firms, private traders, or regional partners — need clarity before they can commit. Still, this moment holds promise. For once, both countries are aligned in political vision and economic intent. If they can now align on execution, the results could be transformative. But they must also be realistic. In today's world, trade isn't just about tariffs and logistics; it's about sovereignty, resilience, and the skill to navigate hostile global currents. That's the test before them now. Copyright Business Recorder, 2025
Business Recorder
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European shares start pivotal week lower
FRANKFURT: European shares ticked lower on Monday, as investors refrained from making big bets ahead of an eventful week packed with tariff negotiations and ending with talks between the US and Russia on the war in Ukraine. The pan-European STOXX 600 index closed 0.1% lower, retreating from gains earlier in the day, but still hovering near its highest level since July 31. Investors will be bracing for the summit on Friday in Alaska, where Kyiv fears Russian President Vladimir Putin and US President Donald Trump may try to dictate terms for ending the 3-1/2-year war. A German government spokesperson said, however, that European leaders will hold a virtual meeting with Trump ahead of the summit, after they backed Ukrainian President Volodymyr Zelenskiy to take part in the talks. Hopes of a peace deal weighed on German defence companies, with Rheinmetall dropping 4.6%, while Renk fell 1.6%. Germany's benchmark index slipped 0.4%, while the broader aerospace and defence index was off 1.1%, after hitting an over one-month low in the session. 'The provision of defence equipment has largely shifted over the last few months, Europe is now providing a lot more of the defence to Ukraine,' said Craig Cameron, portfolio manager and research analyst at Templeton Global Equity Group, on the impact of a potential peace deal on European defence firms. A 29.6% plunge in Danish wind farm developer Orsted after it unveiled a 60-billion-crown ($9.4 billion) rights issue also weighed on stocks. The stock hit a record low and was the biggest decliner on the STOXX 600. Meanwhile, the August 12 deadline for a deal between the US and China looms, with markets expecting a deadline extension and a deal that would avoid imposing triple-digit tariffs on each other's goods. Despite concerns about Trump's tariffs, a strong US earnings season driven by AI optimism, and expectations of interest rate cuts from the US Federal Reserve have pushed US stocks to record highs, dimming the appeal of European equities that were outperforming US peers in the first half of the year. 'The story (has) shifted back to, in particular, the US as tariff deals were negotiated lower and companies like Nvidia and Microsoft have really driven the market higher,' said Cameron.
