Latest news with #Europe
Irish Times
9 hours ago
- Business
- Irish Times
Global markets soar amid signs of progress on US trade deals
Global markets soared on Thursday as investors digested US corporate earnings along with signs of progress in tariff negotiations between the US and its trading partners. Dublin Euronext Dublin was up 1.3 per cent, largely boosted by strong performances from the Irish banks. Bank of Ireland and AIB were up 4 per cent and 3 per cent respectively, with the banking sector generally up across Europe. Ryanair continued its recent rise, climbing 0.7 per cent. Its peer airline Wizz Air finished down 0.5 per cent after it missed first-quarter profit estimates. 'There was a bit activity around the airlines due to that news flow, and Ryanair benefited from that,' said a trader. READ MORE Elsewhere, two heavyweights on the index, food giant Kerry Group and Cavan-based insulation specialist Kingspan, both finished up 0.5 per cent. London Britain's FTSE 100 rose to a record close, boosted by upbeat corporate results and optimism over a potential EU-US trade agreement. The benchmark FTSE 100 closed up 0.9 per cent, while the domestically-oriented midcap FTSE 250 gained 0.6 per cent. The personal care and grocery stores index led sectoral gains, up 2.6 per cent, boosted by Reckitt, up 9.9 per cent, after the consumer goods company raised its annual revenue forecast. Healthcare stocks rose 1.9 per cent with AstraZeneca up 2.1 per cent after the drugmaker's rare immune disorder drug succeeded in an advanced trial. GSK added 1.4 per cent after the US Food and Drug Administration on Wednesday extended its review of the drugmaker's blood cancer drug. Media stocks advanced 2.3 per cent, led by ITV which rose 13.3 per cent after the broadcaster's half-year results beat forecasts. Conversely, precious metal miners fell 1.4 per cent, tracking a drop in gold prices. Endeavour Mining fell 1.3 per cent, and Fresnillo was down 2.1 per cent. Europe Shares on the Continent advanced amid reports the European Union and Washington were close to clinching a tariff agreement, close on the heels of a similar deal with Japan. MSCI's gauge of stocks across the globe rose 3.03 points. The pan-European Stoxx 600 index rose 0.23 per cent, while Europe's broad FTSEurofirst 300 index rose 0.2 per cent. The Dax 40 in Frankfurt gained 0.2 per cent, but the Cac 40 in Paris fell 0.4 per cent. New York The S&P 500 and the Nasdaq hit record highs as big technology stocks rose after Google parent Alphabet's robust earnings, while the Dow was weighed down by losses in IBM, UnitedHealth, and Honeywell. In morning trading, the S&P 500 gained 0.25 per cent; and the Nasdaq Composite gained 0.25 per cent. Alphabet rose 1.9 per cent after it raised its 2025 capital spending forecast, shrugging off trade jitters, and reinforcing investors' confidence in AI investments and returns. Losses in UnitedHealth, IBM and Honeywell weighed on the blue-chip Dow, which fell 0.33 per cent – though it remained close to its December 4th record high. UnitedHealth lost 3.7 per cent. The insurer revealed it's co-operating with a Department of Justice probe into its Medicare practices, following reports of both criminal and civil investigations. IBM dropped 8 per cent as its second-quarter results fell flat with investors, hampered by disappointing sales in its core software division. Honeywell, meanwhile, dipped 4.6 per cent despite topping Wall Street's expectations and raising its annual outlook. Electric vehicle maker Tesla tumbled 9 per cent, as CEO Elon Musk warned of 'a few rough quarters' due to cuts in EV incentives. The stock has fallen about 25 per cent for the year so far. Some of Wall Street's heavyweights were starting to feel the sting of Trump's sweeping tariffs. American Airlines fell 9.2 per cent after forecasting a bigger-than-expected third-quarter loss, hurt by sluggish domestic travel demand. – Additional reporting: Agencies
CNA
9 hours ago
- Business
- CNA
Europe's CISPE challenges Broadcom's $69 billion VMware deal in EU court
European Union judges could review chipmaker Broadcom's $69 billion acquisition of cloud computing firm VMWare, after an antitrust complaint opposed the bloc's approval of one of the biggest takeovers in the technology industry. The Cloud Infrastructure Services Providers in Europe, or CISPE, has filed a formal appeal before the European General Court seeking an annulment of the European Commission's approval of the deal, the organisation said on Thursday. Broadcom had wrapped up the purchase of VMWare in November 2023, after intense scrutiny from regulators globally forced the company to delay the closing date thrice. The European Commission's official summary of its approval decision was published in May, acknowledging that the acquisition posed significant risks to competition. "However, it failed to impose any conditions on Broadcom to prevent a concentration of dominance or to mitigate the potential abuse of such a position," CISPE said. The European Commission did not immediately respond to a Reuters request for comment. CISPE said it has "consistently raised alarms" with the Commission over Broadcom's unfair software licensing practices, but no substantive action has been taken to support either European cloud service providers or their customers. VMware's dominance of software in the virtualisation market "means that unfair new licensing terms enforced by Broadcom affect almost every European organisation using cloud technology", said Francisco Mingorance, Secretary General of CISPE. "Broadcom strongly disagrees with these allegations," a company spokesperson said, adding that the deal was approved after a "thorough merger review process, and we will uphold the commitments made to the Commission at that time." The deal, one of the biggest globally when announced in May 2022, was part of Broadcom CEO Hock Tan's efforts to boost the chipmaker's software business.
CTV News
9 hours ago
- Business
- CTV News
EU approves counter-tariffs on U.S. goods, says trade deal within reach
BRUSSELS — The European Commission said on Thursday a negotiated trade solution with the United States is within reach - while EU members voted to approve counter-tariffs on 93 billion euros (US$109 billion) of U.S. goods in case the talks collapse. The 27-nation bloc's executive has repeatedly said its primary focus is on reaching a deal to avert 30 per cent U.S. tariffs that U.S. President Donald Trump has said he will apply on August 1. 'Our focus is on finding a negotiated outcome with the U.S. ... We believe such an outcome is within reach,' an EU spokesperson said in response to reporters' questions. Alongside negotiations, the Commission has pressed on with plans for potential countermeasures, merging two packages of proposed tariffs of 21 billion euros and 72 billion euros into a single list and submitting this to EU members for approval. The rate would be up to 30 per cent, designed to mirror U.S. tariffs, EU sources said. Diplomats said EU countries overwhelmingly approved the measures on Thursday, which the Commission later confirmed. The first package of countermeasures would enter force on August 7, with tariffs on soybeans and almonds delayed until December 1, an EU official said. The second package would enter force in two stages on September 7 and February 7. So far the EU has held back from imposing any countermeasures, despite Trump's tariffs already covering 70 per cent of EU exports. EU member states authorized the first package of countermeasures in April, but these were immediately suspended to allow time for negotiations. Closing on deal The EU and United States now appear to be heading towards a possible trade deal, according to EU diplomats, which would result in a broad 15 per cent tariff on EU goods imported into the U.S., mirroring a framework agreement Washington struck with Japan. Trump would still need to take any final decision. The White House said discussions of a deal should be considered 'speculation.' Trump trade adviser Peter Navarro told Bloomberg News the report from the EU should be taken with 'a grain of salt.' French Finance Minister Eric Lombard and Italian Industry Minister Adolfo Urso told a joint press conference in Paris they were not aware of a draft agreement, Urso adding he would only pass judgment when one was reached. There was little information available about what the EU would offer the United States to secure a deal. One EU diplomat said the bloc was not looking at a pledge of investment in the United States, as Japan has agreed. Another said the EU might reduce some of its own duties. Its current import duty for cars is 10 per cent. Under the outlines of the potential deal, the 15 per cent rate could apply to sectors including cars and pharmaceuticals and would not be added to long-standing U.S. duties, which average just under five per cent. There could also be exemptions for sectors such as aircraft, lumber as well as some medicines and agricultural products, which would not face tariffs, diplomats said. Washington does not, however, appear willing to lower its 50 per cent tariff on steel. --- Reporting by Philip Blenkinsop and Benoit Van Overstraeten, additional reporting by Julia Payne and Leigh Thomas; editing by Tomasz Janowski, Peter Graff and Hugh Lawson
National Post
9 hours ago
- Business
- National Post
SES and the Luxembourg Government to Develop and Launch New Defence Satellite for GovSat
Article content GovSat-2 is aimed at meeting growing demand for highly secure, flexible MILSATCOM services Article content LUXEMBOURG — SES and the Luxembourg Government today announced their plan for development of a second satellite for GovSat (LuxGovSat S.A.), the public-private partnership and 50/50 joint venture between SES and the Luxembourg Government that provides secure, reliable and accessible satellite communication services for governments. Article content GovSat-2 will be positioned over the European satellite arc. It will join GovSat-1 in augmenting reliable connectivity services for government customers over the region. The satellite will be built by Thales Alenia Space on its Spacebus 4000B2 platform. Article content Since launching in 2018, the joint venture's first defence satellite, GovSat-1, operated by GovSat from a secure missions operations centre in Luxembourg, has supported the Luxembourg Directorate of Defence, EU and NATO nations, the U.S. Department of Defense, and other governmental users. It has been providing connectivity for theatres of operation, interconnection of institutional as well as defence sites, border control, Intelligence, Surveillance & Reconnaissance, and various other types of communications for air, land and maritime missions. Article content The state-of-the-art GovSat-2 satellite will extend the coverage and scale of GovSat, and is designed to address the needs of defence users at the highest Security and Service Assurance Level. The satellite will add new ultra-high frequency (UHF) channels, X- and military Ka-band, and will include other security features such as dedicated hardening, an advanced anti-jamming system, and embedded geolocation. Article content The investment in GovSat-2 is in line with SES's stated financial policy criteria, and also in line with prior combined company CAPEX guidance. The satellite will be co-funded by SES and the Luxembourg Government, subject to approval of the corresponding draft law by Parliament. Article content 'The procurement of GovSat-2 underscores the success of the GovSat public-private partnership to provide Luxembourg, our allies and partners with secure military satellite communications that supplement their national systems and support a wide range of critical military, defence and civilian security applications,' said Yuriko Backes, Minister of Defence of Luxembourg. 'With GovSat-2, Luxembourg will once again demonstrate its significant impact in the field of Space.' Article content 'With geopolitical shifts and an increased need for scalable national security and defence capabilities, we are seeing growing demand for secure, reliable geostationary (GEO) connectivity with comprehensive coverage across Europe, the Middle East and Africa as well as the Atlantic and Indian Oceans, the Mediterranean and the Baltic Seas,' said Adel Al-Saleh, CEO of SES. 'As governments across Europe look to bolster their sovereign satellite communications for defence and intelligence needs, GovSat-2 gives GovSat additional MILSATCOM capacity to address this strategic area of growth.' Article content 'GovSat-2 reflects the growing demand in military satcom, allowing our GovSat public-private venture to scale and broaden the services we have been providing since 2018. For this brand new satellite, we are adding more frequency bands along with innovative functionalities for it to be well-positioned to address the future connectivity challenges the NATO and partner nations face,' said Patrick Biewer, CEO of GovSat. Article content Twitter Article content | Article content Facebook Article content | Article content YouTube Article content | Article content LinkedIn Article content | Article content Instagram Article content Read our Blogs > Article content Visit the Media Gallery > Article content About SES Article content At SES, we believe that space has the power to make a difference. That's why we design space solutions that help governments protect, businesses grow, and people stay connected—no matter where they are. With integrated multi-orbit satellites and our global terrestrial network, we deliver resilient, seamless connectivity and the highest quality video content to those shaping what's next. Following our Intelsat acquisition, we now offer more than 100 years of combined global industry leadership—backed by a track record of bringing innovation 'firsts' to market. As a trusted partner to customers and the global space ecosystem, SES is driving impact that goes far beyond coverage. Article content Article content Article content Article content Contacts Article content
The Independent
9 hours ago
- Sport
- The Independent
Oleksandr Usyk's next opponent lined up days after Dubois victory
Oleksandr Usyk has been officially ordered by the WBO to face Joseph Parker, his mandatory challenger, for the heavyweight title. The WBO issued a statement on Thursday, 24 July, giving both parties 30 days to negotiate an agreement before proceeding to a purse bid. Usyk regained his undisputed heavyweight status by defeating Daniel Dubois for the second time on Saturday, 19 July, at Wembley Stadium. Joseph Parker secured his WBO interim title by knocking out Martin Bakole in February, following the cancellation of his bout with Dubois. Usyk has the option to relinquish the WBO title to avoid the fight, a strategy he previously employed by giving up the IBF title to facilitate his rematch with Tyson Fury.
