Turkey to Seek New Oil Deal With Iraq on Idled Pipeline
Turkey will seek a new deal with Iraq on an oil export pipeline between the two countries that's been idled for more than two years in a payment dispute. Bloomberg's Patrick Sykes reports. (Source: Bloomberg)
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Yahoo
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- Yahoo
China says trade jumped in July, beating forecasts
China's exports beat expectations and rose 7.2 percent year-on-year in July, official data showed Thursday, as overseas shipments buoyed its struggling economy even as it navigated a shaky trade war truce with the United States. The two economic superpowers agreed in Stockholm last month to hold further talks on extending the tariff truce. That deal has temporarily set fresh US duties on Chinese goods at 30 percent, while Beijing's levies on US goods stand at 10 percent. The accord -- initially agreed in Geneva in May -- brought down triple-digit tariffs each side had imposed on the other after Donald Trump launched his "Liberation Day" levies on April 2. The 90-day truce is set to end on August 12, when the original duties could snap back. US Trade Representative Jamieson Greer said following the Stockholm talks that Trump would have the "final say" on any extension of a tariffs truce between Washington and Beijing. Higher tariffs on dozens of trading partners -- including a blistering 35 percent on Canada -- came into force Thursday as Trump seeks to reshape global trade to benefit the US economy. He has also threatened to impose 100 percent tariffs on semiconductor imports. Thursday's data showing an increase in China's overseas shipments last month outpaced a Bloomberg forecast of 5.6 percent. But the figures also showed that China's exports to the United States, its largest trading partner, continued to fall, sinking 6.1 percent from the previous month. And imports -- a key gauge of struggling domestic demand -- jumped 4.1 percent year-on-year in July, compared with a Bloomberg forecast of a one-percent fall. Zhiwei Zhang, president and chief economist at Pinpoint Asset Management, said the data showed "exports supported the economy strongly so far this year". "Export growth may slow in coming months, as the front loading of exports due to US tariffs fades away," he said. "The big question is how much China's exports will slow and how it would spill over to the rest of the economy," he said. Beijing has said an official goal of around five percent growth this year. But it has struggled to maintain a strong economic recovery from the pandemic, as it fights a debt crisis in its massive property sector, chronically low consumption and elevated youth unemployment. Factory output shrank more than expected in July, data showed last week. pfc-oho/tym 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
Yahoo
5 minutes ago
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VEON 2Q25 Earnings Release: Direct Digital Revenues Up 57% YoY. Solid Execution, Strong Results
VEON 2Q25 Earnings Release: Direct Digital Revenues Up 57% YoY. Solid Execution, Strong Results Dubai, August 7, 2025 VEON 2Q25 Highlights Total revenue growth of 5.9% YoY to USD 1,087 million (11.2% YoY in local currency terms) EBITDA growth of 13.2% YoY to USD 520 million (19.6% YoY in local currency terms) Direct digital revenue growth of 56.6% YoY to USD 180 million (+62.4% YoY in local currency terms), representing 16.5% of revenues for quarter Total cash and cash equivalents and deposits of USD 1,283 million, with USD 206 million at headquarters ('HQ'); and gross debt at USD 4,627 million (increased by USD 250 million QoQ), with net debt excluding lease liabilities at USD 1,962 million (increased by USD 152 million QoQ) LTM Equity Free Cash Flow of USD 611 million, Capex of USD 231 million VEON Ltd. (Nasdaq: VEON), a global digital operator, announces selected financial and operating results for the second quarter ending June 30, 2025. For the second quarter, VEON revenues grew 5.9% year-on-year to USD 1,087 million in reported currency (USD). In local currency terms, 2Q25 growth was 11.2% YoY, exceeding the blended weighted average inflation rate in our operating countries of 8.6% in the quarter, showcasing our ability to implement fair pricing and capturing higher consumer wallet share. VEON's revenue performance was supported by increasingly robust direct digital revenue growth, which rose by 56.6% YoY in reported currency, and by 62.4% YoY in local currency terms. Direct digital revenues comprised 16.5% of total revenues in 2Q25, up from 5.4% a year ago. EBITDA reached USD 520 million, up 13.2% year-on-year in reported currency and growing 19.6% in local currency terms. Capex, at USD 231 million for 2Q25, implies a capex intensity of 21.3% for the quarter and LTM capex intensity of 21.4% (+3.4 p.p. YoY, 18.3% excl. Ukraine) as VEON focused on enhancing network quality and supporting its digital transformation initiatives. Total cash and cash equivalents and deposits as of June 30, 2025 amounted to USD 1,283 million (including USD 326 million related to customer deposits from banking operations in Pakistan) with USD 206 million held at the HQ level. Net debt to EBITDA, excluding lease liabilities, was at 1.32x as of June 30, 2025. Outlook for 2025 VEON is revising its 2025 outlook and now expects local currency revenue growth of 13% to 15% year-on-year, and local currency EBITDA growth of 14% to 16% year-on-year. The Group's capex intensity for 2025 is expected to remain within the 17% to 19% range. VEON's third and final phase of its previously announced share buyback program, which commenced on 17 June 2025, was completed on 01 August 2025. VEON acquired 722,588 ADSs for a total consideration of US$35 million as part of this third phase of buyback. With this, VEON has completed its previously announced (01 Aug 2024) US$100 million share buyback program. Commenting on the results, VEON Group CEO Kaan Terzioglu said: 'VEON has continued its strong momentum into the second quarter of 2025, delivering solid results that reflect both disciplined execution and strategic clarity. 'We are making rapid progress in our digital operator strategy. We welcomed Uklon to the VEON family in April, marking a strategic milestone and our commitment to expanding our digital services footprint and unlocking new growth opportunities. We deliver innovative and locally relevant digital services that enhance our customers' lives every minute of the day. Together, these strategies position VEON as a frontrunner in digital transformation across frontier markets. 'Looking ahead, our teams continue to execute with discipline, and the underlying demand across our markets remains robust. Consequently, we are revising our outlook for 2025 and now expect local currency revenue growth of between 13% to 15% year-on-year and local currency EBITDA growth of between 14% to 16% year-on-year. Capex intensity for 2025 is expected to remain within the range of 17% to 19%. We continue to focus on disciplined execution and innovation to deepen customer impact and enhance long-term shareholder value creation.' Additional information View the full 2Q25 Earnings Release View 2Q25 Results PresentationView 2Q25 Factbook 2Q25 results conference call VEON will also host a results conference call with senior management at 16:00 GST (14:00 CET, 8:00 EST) today. To register and access the event, please click here or copy and paste this link to the address bar of your browser: Once registered, you will receive registration confirmation on the email address mentioned during registration with the link to access the webcast and dial-in details to listen to the conference call over the phone. We strongly encourage you to watch the event through the webcast link, but if you prefer to dial in, then please use the dial-in details. Q&A If you want to participate in the Q&A session, we ask that you select the 'Yes' option on the 'Will you be asking questions live on the call?' dropdown. That will bring you to a page where you can join the Q&A room by clicking 'Connect to meeting'. You will be brought into a zoom webinar where you can listen to the presentation and once Q&A begins, if you have a question, please use the 'raise hand button' on the bottom of your zoom screen. When it is your turn to speak, the moderator will announce your name as well as sending a message to your screen asking you to confirm you want to talk. Once accepted, please unmute your mic and ask your question. You can also submit your questions prior the webcast event to VEON Investor Relations at ir@ About VEON VEON is a digital operator that provides converged connectivity and digital services to nearly 160 million customers. Operating across six countries that are home to more than 7% of the world's population, VEON is transforming lives through technology-driven services that empower individuals and drive economic growth. VEON is listed on NASDAQ. For more information, visit: Notice to readers: financial information presented VEON's results and other financial information presented in this document are, unless otherwise stated, prepared in accordance with International Financial Reporting Standards ("IFRS") based on internal management reporting, are the responsibility of management and have not been externally audited, reviewed, or verified. As such, you should not place undue reliance on this information. This information may not be indicative of the actual results for any future period. Notice to readers: impact of the war in Ukraine The ongoing war in Ukraine and the resulting sanctions adopted by the United States, member states of the European Union, the European Union itself, the United Kingdom, Ukraine and certain other nations, countersanctions and other legal and regulatory responses, as well as responses by our service providers, partners, suppliers and other counterparties, and the other indirect and direct consequences of the war have impacted and, if the war, such responses and other consequences continue or escalate, may significantly impact our results and aspects of our operations in Ukraine and may significantly affect our results and aspects of our operations in the other countries in which we operate. We are closely monitoring events in Ukraine, as well as the possibility of the imposition of further legal and regulatory restrictions in connection with the ongoing war in Ukraine and any potential impact the war may have on our results, whether directly or indirectly. Our operations in Ukraine continue to be affected by the war. We are doing everything we can to protect the safety of our employees, while continuing to ensure the uninterrupted operation of our communications, financial and digital services. Disclosure regarding Ukraine Tower Company (UTC) consolidation The financial results presented for Kyivstar as part of VEON Group's consolidated Q2 2025 financial statements include the full consolidation of Ukraine Tower Company LLC ('UTC'), consistent with its current ownership and control structure. However, it should be noted that in connection with the anticipated standalone listing of Kyivstar on Nasdaq, the financial disclosures prepared for the listed entity will exclude UTC, as UTC will not be consolidated within the scope of the listed Kyivstar entity at the time of listing. Disclaimer VEON's results and other financial information presented in this document are, unless otherwise stated, prepared in accordance with International Financial Reporting Standards ("IFRS") and have not been externally reviewed and/or audited. The financial information included in this document is preliminary and is based on a number of assumptions that are subject to inherent uncertainties and subject to change. The financial information presented herein is based on internal management accounts, is the responsibility of management and is subject to financial closing procedures which have not yet been completed and has not been audited, reviewed or verified. Certain amounts and percentages that appear in this document have been subject to rounding adjustments. As a result, certain numerical figures shown as totals, including those in the tables, may not be an exact arithmetic aggregation of the figures that precede or follow them. Although we believe the information to be reasonable, actual results may vary from the information contained above and such variations could be material. As such, you should not place undue reliance on this information. This information may not be indicative of the actual results for the current period or any future period. This document contains 'forward-looking statements', as the phrase is defined in Section 27A of the U.S. Securities Act of 1933, as amended and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. These forward-looking statements may be identified by words such as 'may,' 'might,' 'will,' 'could,' 'would,' 'should,' 'expect,' 'plan,' 'anticipate,' 'intend,' 'seek,' 'believe,' 'estimate,' 'predict,' 'potential,' 'continue,' 'contemplate,' 'possible' and other similar words. Forward-looking statements include statements relating to, among other things, VEON's plans to implement its strategic priorities, operating model and development plans; VEON's ability to achieve anticipated performance results, including VEON's growth trajectory and ability to generate sufficient cash flow to meet upcoming obligations; VEON's intended expansion of its digital experience including through technologies such as artificial intelligence; VEON's assessment of the impact of the war in Ukraine, including related sanctions and counter-sanctions, on its current and future operations and financial condition; VEON's assessment of the impact of the political conflict in Bangladesh; future market developments and trends; operational and network development and network investment, including expectations regarding the roll-out and benefits of 3G/4G/LTE networks, as applicable; spectrum acquisitions and renewals; the effect of the acquisition of additional spectrum on customer experience; VEON's ability to realize the acquisition and disposition of any of its businesses and assets as well as the impact of the consolidation of such newly acquired business and assets, like Uklon into VEON's financials and results of operations; VEON's ability to execute its strategic transactions in the timeframes anticipated, or at all ,including VEON's ability to complete the business combination that will result in the listing of Kyivstar on the Nasdaq Stock Market LLC; VEON's ability to realize financial improvements, including an expected reduction of net pro-forma leverage ratio following the successful completion of certain dispositions and acquisitions; its dividends; and VEON's ability to realize its targets and commercial initiatives in its various countries of operation. The forward-looking statements included in this document are based on management's best assessment of VEON's strategic and financial position and of future market conditions, trends and other potential developments. These discussions involve risks and uncertainties. The actual outcome may differ materially from these statements as a result of, among other things: further escalation in the war in Ukraine, including further sanctions and counter-sanctions and any related involuntary deconsolidation of our Ukrainian operations; demand for and market acceptance of VEON's products and services; our plans regarding our dividend payments and policies, as well as our ability to receive dividends, distributions, loans, transfers or other payments or guarantees from our subsidiaries; continued volatility in the economies in VEON's markets; governmental regulation of the telecommunications industries; general political uncertainties in VEON's markets; government investigations or other regulatory actions; litigation or disputes with third parties or regulatory authorities or other negative developments regarding such parties; the impact of export controls and laws affecting trade and investment on our and important third-party suppliers' ability to procure goods, software or technology necessary for the services we provide to our customers, including those that arise as a results of baseline or so called "reciprocal tariffs" imposed in the countries in which we operate; risks associated with data protection or cyber security, other risks beyond the parties' control or a failure to meet expectations regarding various strategic priorities, the effect of foreign currency fluctuations, increased competition in the markets in which VEON operates and the effect of consumer taxes on the purchasing activities of consumers of VEON's services. Certain other factors that could cause actual results to differ materially from those discussed in any forward-looking statements include the risk factors described in VEON's 2024 Form 20-F for the year ended December 31, 2024 filed with the U.S. Securities and Exchange Commission (the 'SEC') on April 25, 2025 and other public filings made from time to time by VEON with the SEC. Other unknown or unpredictable factors also could harm our future results. New risk factors and uncertainties emerge from time to time and it is not possible for our management to predict all risk factors and uncertainties, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Under no circumstances should the inclusion of such forward-looking statements in this document be regarded as a representation or warranty by us or any other person with respect to the achievement of results set out in such statements or that the underlying assumptions used will in fact be the case. Therefore, you are cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements speak only as of the date hereof. We cannot assure you that any projected results or events will be achieved. Except to the extent required by law, we disclaim any obligation to update or revise any of these forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made, or to reflect the occurrence of unanticipated events. Contact Information VEONInvestor Relationsir@ 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
Bloomberg
7 minutes ago
- Bloomberg
Cheap Stocks and Market Reforms Draw Investors to Saudi
A rush of reforms is making it easier for foreigners to invest in Saudi Arabia, boosting confidence among investors that the country's stock market will one day compete with global rivals even as equities currently underperform and trading volumes decline. Announced over a single week in July, a series of policy changes will allow residents of Gulf Cooperation Council countries to more freely trade Saudi stocks, give foreign firms the option of launching depositary receipts and ease rules for funds and asset managers dealing in equities.
