Norway Seafood Exports Increased in June on Salmon Growth
Norway exported 13.2 billion kroner ($1.3 billion) worth of seafood in June, up 9% from a year earlier, the Norwegian Seafood Council said on Thursday. The Nordic nation shipped 110,000 metric tons of salmon in the month, making up about 70% of total seafood exports by value. Norway is the world's largest producer of farmed salmon.
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Yahoo
7 hours ago
- Yahoo
Philip Morris International Shares Tumble: Time to Run for the Hills or Buy the Dip?
Key Points Philip Morris International shares fell after the company's second-quarter report, despite strong earnings and increased EPS guidance. The company is expecting to see cigarette sales volumes decline in the second half. The real story at Philip Morris is about the continued strong growth of Zyn and Iqos. 10 stocks we like better than Philip Morris International › Philip Morris International (NYSE: PM) stock has had a strong 2025 so far, but the shares pulled back after the company reported its second-quarter results. That dip left the stock up about 36% on the year, as of this writing. Is the recent slide a buying opportunity or should investors be running for the hills? Where to invest $1,000 right now? Our analyst team just revealed what they believe are the 10 best stocks to buy right now. Continue » Strong volume growth The Zyn brand remains the driving force behind Philip Morris' robust sales growth. Shipments of the popular nicotine pouches jumped 40% in the U.S. to 190 million cans in Q2, while retail sales volumes (offtake) grew by 26% in the quarter and by 36% in June. Outside of the U.S. and Nordic countries, Zyn shipments more than doubled, and it is now available in 44 markets. Overall oral product shipments climbed 23.8% on a pouch basis. The company said Zyn restocking in the U.S. is now effectively complete. It continues to expect U.S. Zyn shipments to be between 800 million and 840 million cans for the year. Image source: Getty Images The rest of Philip Morris' smokeless portfolio also performed well. Sales volumes of its heated tobacco units (HTUs), including the Iqos system, jumped nearly 9.2% to 38.8 billion units. The company said in-market sales (to end users) jumped 11.4%. Iqos continues to perform well in Japan and Europe and is seeing strong growth in other major cities outside its two main markets. Philip Morris also once again saw shipment growth more than double for its e-vapor product, Veev, driven by pod growth in Europe. Veev is now in 42 markets and holds the No. 1 market share in six European markets. Traditional cigarette volumes, meanwhile, fell by 1.5% to 155.2 billion units. Segment organic revenue, however, grew 2% to $6 billion, and gross profits for the category climbed 5% to $4 billion, as the company's price hikes more than compensated for those volume declines. Overall, organic revenue, which excludes currency effects, acquisitions, and dispositions, rose 6.8% year over year to $10.1 billion. Adjusted earnings per share (EPS) climbed 20% to $1.91. Oral Products (Zyn) HTUs Cigarettes Smoke-Free Total Volume growth 23.8% 9.2% (1.5%) N/A 1.2% Organic revenue growth N/A N/A 2% 14.5% 6.8% HTUs = heated tobacco units. Management maintained its full-year guidance for organic revenue while upping its adjusted EPS forecast. It continues to expect strong results from both Zyn and Iqos, but expects a 3% to 4% decline in traditional cigarette volumes due to ongoing issues in Turkey and Indonesia. The headwind in Turkey is related to supply chain issues following a change in regulatory requirements, while in Indonesia, it's battling to keep market share in the face of growing sales of illicit cigarettes. However, it's still expecting solid gross profit growth from its combustible tobacco business due to its pricing power and cost efficiencies. Metric Prior Guidance Updated Guidance Organic revenue growth 6% to 8% 6% to 8% Adjusted EPS $7.01 to $7.14 $7.43 to $7.56 Adjusted EPS growth* 10.5% to 12.5% $7.33 to $7.46 Volume growth 2% 1% Data source: Philip Morris International. *Adjusted EPS growth excludes currency exchange impacts. EPS = earnings per share. Should investors buy the dip? While investors may have been disappointed by Philip Morris' forecast for steeper declines in cigarette sales volumes in the second half, about half of that is due to a temporary issue around its Turkish supply chain. Meanwhile, the big reason to own the stock is its smoke-free portfolio, led by Zyn and Iqos. Both products continue to demonstrate strong growth and have better unit economics than Philip Morris' traditional cigarette business. It's also expanding these products to new markets, with early signs of success. Importantly, the company is hoping that the FDA will approve the Iqos Iluma for sale in the U.S. later this year, which would set it up to enter this market now that it has reacquired its U.S. rights from Altria. From a valuation perspective, the stock got cheaper when management raised its EPS guidance and its share price fell. The stock now trades at a forward price-to-earnings (P/E) ratio of under 22, based on the analyst consensus for 2025, with a PEG (price/earnings-to-growth) ratio of under 0.35. Stocks with positive PEG ratios below 1 are generally viewed as undervalued. While at the current share price, Philip Morris' dividend has a nice 3.3% forward yield, that's not as high a yield as other tobacco stocks. However, what it lacks in yield, it makes up for by being a unique growth stock in a defensive industry. This is a stock you'll want to own over the long haul, and the dip in the stock price offers a nice buying opportunity. Should you invest $1,000 in Philip Morris International right now? Before you buy stock in Philip Morris International, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the for investors to buy now… and Philip Morris International wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $636,628!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $1,063,471!* Now, it's worth noting Stock Advisor's total average return is 1,041% — a market-crushing outperformance compared to 183% for the S&P 500. Don't miss out on the latest top 10 list, available when you join Stock Advisor. See the 10 stocks » *Stock Advisor returns as of July 21, 2025 Geoffrey Seiler has positions in Philip Morris International. The Motley Fool recommends Philip Morris International. The Motley Fool has a disclosure policy.
Yahoo
15 hours ago
- Yahoo
The cost of love: Europe's most expensive and cheapest cities for a date
Love might be priceless, but dating certainly isn't. As the cost of living continues to rise, singles are finding that romance comes with a higher price tag than ever before. And it's not just first dates. Couples in long-term relationships are also tightening their belts when it comes to nights out and shared experiences. The cost of a date varies widely across Europe, reflecting differences in local price levels. It has also risen significantly over the past five years. So, which European cities are the most expensive or the most affordable for a date? And just how much should you expect to spend on a romantic outing in Europe? A study from Deutsche Bank Research Institute compares the cost of a date across 67 cities worldwide — and nearly half of the studied cities are in Europe. Drawing on data from this report ("Mapping the World's Prices"), Euronews Business takes a closer look at how much dating actually costs in European cities. For the purposes of the research, a 'cheap date' is defined as: one bottle of wine, a pair of jeans, a dress, two coffees, a meal for two at a mid-range restaurant, two cinema tickets, two one-way public transport tickets, and a 5km taxi ride. Swiss and Nordic cities most expensive for dating This year, Switzerland topped the list as the most expensive country in Europe for a "cheap" date. In terms of cities, Geneva leads with an average cost of €400, followed closely by Zurich at €393 — taking the top two spots in the ranking. Copenhagen (€337) and Oslo (€321) follow the Swiss cities. In Europe, Stockholm comes in 7th at €292, while Helsinki takes 9th place at €286 — placing the Nordic capitals alongside Switzerland as the most expensive locations for a date on the continent. Britain tops EU's Big Four in dating costs A "cheap" date costs €313 (£269) in London and €297 (£255) in Edinburgh, placing the two British cities 5th and 6th on the list. This also makes the UK the most expensive country for dating when compared to the EU's four largest economies. In the capitals of those economies, the costs are notably lower: €268 in Paris, €248 in Berlin, €224 in Madrid, and €200 in Rome. Interestingly, some non-capital cities are pricier than their capitals — such as Milan (€275), Munich (€272), Frankfurt (€251), while Barcelona is a slight exception at €214. The average cost of a cheap date across 28 European cities is €264. Cheap dates: Istanbul, Prague, and Budapest Istanbul ranks as the cheapest European city for dating at €163, followed by Prague (€186) and Budapest (€192). However, these figures reflect nominal prices and do not take into account purchasing power standards (PPS). For locals, these costs may still feel high. When income levels are considered, the picture of affordability across cities is likely to shift significantly. The cost of a cheap date in several other European cities includes: Amsterdam (€290), Dublin (€283), Brussels (€275), Vienna (€253), Athens (€218), and Lisbon (€214). How do non-European cities compare in dating costs? Outside Europe, New York ranks as the most expensive city globally at €301 ($354), placing 6th among 67 cities. Bangalore, India, is the cheapest, with a date costing just €88. Related Swipe right - but watch your data: Dating app hit with AI privacy complaint LGBTQ+ dating: This study ranked the best European cities for a romantic getaway Tel Aviv-Yafo is also among the more expensive cities, with a date costing €291. Buenos Aires (€252) is pricier than many major European cities, as well as globally popular destinations like Los Angeles (€244), Dubai (€244), and Tokyo (€184). On the other hand, Shanghai, Cape Town, and Rio de Janeiro are significantly cheaper in nominal terms, with the cost of a date falling below €150. Dating has become significantly more expensive In October 2022, inflation in the EU reached its highest level in four decades, with the cost of living rising sharply across nearly all member states. When comparing the Cheap Date Index from 2020 to 2025, a significant increase is evident. Although the original report is in USD, we converted the figures into euros to offer a clearer perspective, and then calculated the change over this period. Istanbul saw the highest increase, with the cost of a cheap date rising by 84% in euro terms. The increase is also 40% or more in several other cities: Edinburgh (46%), Budapest (45%), London (41%), and Birmingham (40%). However, part of this rise is influenced by exchange rate fluctuations. In the UK, for example, the actual increase would be slightly lower when calculated in local currency — around 33% in London. In Istanbul, the impact is even more dramatic: due to the sharp depreciation of the Turkish lira in recent years, the local cost of a cheap date has surged by over 840%. Across most European cities, the cost of a cheap date has risen by approximately 25–30% over the past five years. Rome stands out as the only city where prices have actually declined in euro terms by 2%. A Euronews Business article titled 'Which Are the Cheapest and Most Expensive Countries in Europe?' compares European countries based on overall cost of living.
Bloomberg
2 days ago
- Bloomberg
Finland's Credit Rating Cut at Fitch as Debt Pile Keeps Growing
Finland suffered its first downgrade in almost a decade after Fitch Ratings cut the Nordic country's credit rating over its failure to rein in ballooning debt. Fitch late on Friday lowered Finland's long-term rating by one level to AA from AA+, the lowest credit grade among the top three rating companies, almost a year after it issued a negative outlook on the debt. Finland's rating at Fitch is now the third-highest, eight levels above junk.
