Switch 2's Record Sales Make It Nintendo's Fastest-Selling Console
The Switch 2—Nintendo's first new gaming device in eight years—has sold over 3.5 million units worldwide since its June 5 launch. That is the highest tally for the first four days of sales for any Nintendo console, the Japanese company said Wednesday.
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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
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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
