TotalEnergies net profit drops as oil prices fall
It kept its revenue drop to 7.6 percent, to $49.6 billion, below the 10 percent fall in the price of Brent crude oil, the international benchmark.
That was thanks in part to a 2.5 percent boost in output, to an average 2.5 million barrels of oil equivalent in the second quarter.
'TotalEnergies delivered robust financial results in the second quarter," chief executive Patrick Pouyanne said in a statement.
"TotalEnergies continued to successfully execute its balanced multi-energy strategy, supported by sustained growth in hydrocarbon and electricity production," he added.
The company confirmed a second interim dividend of 0.85 euros per shares, an increase of almost 7.6 percent from last year, and up to $2 billion in share buybacks in this quarter.
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France 24
2 hours ago
- France 24
US tariff tussles stuff of nightmares for Bordeaux winemakers
In southwestern France, around the Bordeaux region's famed vineyards, months of talk on what US President Donald Trump will decide on tariffs have been the stuff of nightmares for producers as they look on helplessly. The United States is by far the top export market for Bordeaux's wine, accounting for 400 million euros ($470 million) worth of annual sales -- or about 20 percent of the total. China lags behind with 300 million euros ahead of the United Kingdom with 200 million. Sunday's announcement of a trade deal between the United States and the European Union did not clear up what tariffs European wine and spirits producers will face in the United States. While Trump said European exports face 15 percent tariffs across the board, both sides said there would be carve-outs for certain sectors. EU head Ursula Von der Leyen said the bloc still hoped to secure further so-called "zero-for-zero" agreements, notably for alcohol, which she hoped to be "sorted out" in the coming days. Philippe Tapie, chairman of regional traders' union Bordeaux Negoce, which represents more than 90 percent of the wine trade in the Bordeaux area, is worried by the uncertainty. "One day, it is white, the next it is black -- the US administration can change its mind from one day to the next and we have no visibility," he told AFP. In mid-March, Trump had threatened Brussels with 200 percent tariffs on alcohol in response to a proposed EU tax on US bourbon. Then in April he brandished a new threat of 20 percent across the board on EU products, a threat ultimately suspended. Since then, the level first held at ten percent but, in late May, the US leader threatened to revert to 50 percent before pivoting to 30 percent starting August 1st, the deadline for the negotiations with the EU that led to a preliminary accord after Trump and Von der Leyen met in Scotland on Sunday. In vino, veritas is unpredictability "At 10 percent or 15 percent, we'll find solutions. At 30 percent, no. End of story," Tapie warned just ahead of the announcement as he criticised a "totally unpredictable American administration". To export wine, "there's a minimum of 30 days by boat. If you go to California, it's 60 days. We can't think in terms of weeks," says Tapie, who says he has "never been confronted with such a situation" in 30 years of business. Twins Bordeaux, one of Bordeaux's leading wine merchants, also laments the tariffs' impact. "The American market represents about a third of our turnover, or around 30 million euros," explains Sebastien Moses, co-director and co-owner of Twins, which usually ships upwards of a million bottles a year to the United States. Since January, "our turnover must have fallen by 50 percent compared to last year," he says. "So far, we've managed to save the situation, because as soon as Donald Trump was elected we anticipated this and sent as much stock as possible to the US," explains Moses, though longer term he says this is not a "stable" strategy. Fly it out? As an attempted work around Twins Bordeaux even shipped cases of around 10,000 bottles by air in March. "But only very expensive wines, at no less than 150-200 euros per bottle, because by air it's at least two and a half times the price of shipping by sea," he said. For Bordeaux wine merchant Bouey, the US market represents less than 10 percent of its exports. "We have long since undertaken a geographical expansion. Faced with the global chaos, commercial strategies can no longer be based on a single- or dual-country strategy," Jacques Bouey, its CEO, told AFP in April. The tariffs come with the industry already struggling with declining consumption that has led to overproduction and a collapse in bulk prices. By early 2023, a third of Bordeaux's approximately 5,000 wine growers admitted to being in difficulty. © 2025 AFP
France 24
3 hours ago
- France 24
Most markets rise, euro boosted after EU strikes US trade deal
News of the deal, announced by Donald Trump and European Commission head Ursula von der Leyen on Sunday, followed US agreements last week, including with Japan, and comes ahead of a new round of China-US talks. Investors were also gearing up for a busy week of data, central bank decisions and earnings from some of the world's biggest companies. Trump and von der Leyen announced at his golf resort in Scotland that a baseline tariff of 15 percent would be levied on EU exports to the United States. "We've reached a deal. It's a good deal for everybody. This is probably the biggest deal ever reached in any capacity," Trump said, adding that the levies would apply across the board, including for Europe's crucial automobile sector, pharmaceuticals and semiconductors. Brussels also agreed to purchase "$750 billion worth of energy" from the United States, as well as make $600 billion in additional investments. "It's a good deal," von der Leyen said. "It will bring stability. It will bring predictability. That's very important for our businesses on both sides of the Atlantic." The news boosted the euro, which jumped to $1.1779 from Friday's close of $1.1749. And equities built on their recent rally, fanned by relief that countries were reaching deals with Washington. Hong Kong led winners, jumping around one percent, with Shanghai, Sydney, Seoul, Wellington, Taipei and Jakarta also up, along with European and US futures. Tokyo fell for a second day, having soared about five percent on Wednesday and Thursday in reaction to Japan's US deal. Singapore and Seoul were also lower. The broad gains came after another record day for the S&P 500 and Nasdaq on Wall Street. "The news flow from both the extension with China and the agreement with the EU is clearly market-friendly, and should put further upside potential into the euro... and should also put renewed upside into EU equities," said Chris Weston at Pepperstone. Traders are gearing up for a packed week, with a delegation including US Treasury Secretary Scott Bessent holding fresh trade talks with a Chinese team headed by Vice Premier He Lifeng in Stockholm. While both countries in April imposed tariffs on each other's products that reached triple-digit levels, US duties this year have temporarily been lowered to 30 percent and China's countermeasures slashed to 10 percent. The 90-day truce, instituted after talks in Geneva in May, is set to expire on August 12. Also on the agenda are earnings from tech titans Amazon, Apple, Meta Microsoft, as well as data on US economic growth and jobs. The Federal Reserve's latest policy meeting is expected to conclude with officials standing pat on interest rates, though investors are keen to see what their views are on the outlook for the rest of the year in light of Trump's tariffs and recent trade deals. The Bank of Japan is also forecast to hold off on any big moves on borrowing costs. Key figures at around 0230 GMT Tokyo - Nikkei 225: DOWN 0.7 percent at 41,148.07 (break) Hong Kong - Hang Seng Index: UP 1.0 percent at 25,631.28 Shanghai - Composite: UP 0.3 percent at 3,602.97 Dollar/yen: UP at 147.74 yen from 147.68 yen on Friday Euro/dollar: UP at $1.1755 from $1.1738 Pound/dollar: UP at $1.3436 from $1.3431 Euro/pound: UP at 87.48 pence from 87.40 pence West Texas Intermediate: UP 0.5 percent at $65.48 per barrel © 2025 AFP
France 24
5 hours ago
- France 24
US-China set to meet with extension of tariff pause on the cards
Talks between the world's top two economies are slated to happen over two days in the Swedish capital Stockholm, and they come as other countries are also rushing to finalise deals with Washington. For dozens of trading partners, failing to strike an agreement in the coming days means they could face significant tariff hikes on exports to the United States come Friday, August 1. The steeper rates, threatened against partners like Brazil and India, would raise the duties their products face from a "baseline" of 10 percent now to levels up to 50 percent. Tariffs imposed by the Trump administration have already effectively raised duties on US imports to levels not seen since the 1930s, according to data from The Budget Lab research centre at Yale University. For now, all eyes are on discussions between Washington and Beijing as a delegation including US Treasury Secretary Scott Bessent meets a Chinese team led by Vice Premier He Lifeng in Sweden. While both countries in April imposed tariffs on each other's products that reached triple-digit levels, US duties this year have temporarily been lowered to 30 percent and China's countermeasures slashed to 10 percent. But the 90-day truce, instituted after talks in Geneva in May, is set to expire on August 12. Since the Geneva meeting, the two sides have convened in London to iron out disagreements. China progress? "There seems to have been a fairly significant shift in (US) administration thinking on China since particularly the London talks," said Emily Benson, head of strategy at Minerva Technology Futures. "The mood now is much more focused on what's possible to achieve, on warming relations where possible and restraining any factors that could increase tensions," she told AFP. Talks with China have not produced a deal but Benson said both countries have made progress, with certain rare earth and semiconductor flows restarting. "Secretary Bessent has also signalled that he thinks a concrete outcome will be to delay the 90-day tariff pause," she said. "That's also promising, because it indicates that something potentially more substantive is on the horizon." The South China Morning Post, citing sources on both sides, reported Sunday that Washington and Beijing are expected to extend their tariff pause by another 90 days. Trump has announced pacts so far with the European Union, Britain, Vietnam, Japan, Indonesia and the Philippines, although details have been sparse. An extension of the US-China deal to keep tariffs at reduced levels "would show that both sides see value in continuing talks", said Thibault Denamiel, a fellow at the Centre for Strategic and International Studies. US-China Business Council President Sean Stein said the market is not anticipating a detailed readout from Stockholm: "What's more important is the atmosphere coming out." "The business community is optimistic that the two presidents will meet later this year, hopefully in Beijing," he told AFP. "It's clear that on both sides, the final decision-maker is going to be the president." Sweden's Prime Minister Ulf Kristersson said both countries' willingness to meet was a "positive development". Far from ideal For others, the prospect of higher US tariffs and few details from fresh trade deals mark "a far cry from the ideal scenario", said Denamiel. But they show some progress, particularly with partners Washington has signalled are on its priority list like the EU, Japan, the Philippines and South Korea. The EU unveiled a pact with Washington on Sunday while Seoul is rushing to strike an agreement, after Japan and the Philippines already reached the outlines of deals. Breakthroughs have been patchy since Washington promised a flurry of agreements after unveiling, and then swiftly postponing, tariff hikes targeting dozens of economies in April. Denamiel warned of overlooking countries that fall outside Washington's priority list. Solid partnerships are needed, he said, if Washington wants to diversify supply chains, enforce advanced technology controls, and tackle excess Chinese capacity. © 2025 AFP
