Latest news with #FrenchCommunists
Yahoo
10-02-2025
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EU Barely Meets Gas Storage Target as Restocking Challenge Looms
(Bloomberg) -- Europe barely met its February target for natural gas inventories, with some nations missing their thresholds as supply concerns linger. New York's First 'Passive House' School Is a Model of Downtown Density When French Communists Went on a Brutalist Building Boom Trump Paves the Way to Deputize Local Police on Immigration How the 2025 Catholic Jubilee Is Reshaping Rome Historic London Elevator Faces Last Stop in Labour's Housing Push Among the biggest energy consumers in the region, France's gas storage was 35.5% full as of Feb. 1 compared with a goal of 41% set by the European Commission. The European Union's executive arm considers countries that miss targets by five percentage points or less to be in compliance. Overall, EU storage sites were about 53% full at the beginning of this month — the lowest for this time of year since 2022 — compared with the commission's target of 50%. Traders are closely watching storage levels amid fears that the market could tighten this summer as Europe needs more gas to replenish its depleting inventories. That makes restocking a challenge ahead of next winter, especially as summer gas contracts are trading above those for the following heating season. Both near-term and summer futures surged recently. Benchmark contracts fluctuated on Monday after reaching a fresh 15-month high. The summer premium — which makes stockpiling uneconomical — even widened after Germany's gas market manager last month revealed subsidy proposals to encourage storage injections. The 27-nation bloc agreed on binding storage targets at the height of the 2022 energy crisis. The EU's underground storage caverns are designed to buffer the region from unexpected demand surges or supply disruptions during the coldest periods. While there hasn't been a case so far of a member state being punished for missing the goals, 'a substantial and sustained deviation' could lead to the European Commission taking measures. 'The security of supply of the country for this winter is in no way jeopardized,' according to the press office for France's industry and energy ministry. Some EU members calculate a separate lower target that accounts for certain exemptions — based on domestic gas usage or exports to other countries — though not all make the numbers public. For the Netherlands, for example, that Feb. 1 threshold was 39% compared with the European Commission's goal of 47%, according to the nation's data. Its storage was 37.1% full. Other countries that have exemptions include the Czech Republic, Hungary, Latvia, Slovakia and Austria. The latter calculates its target at 24.9%, compared with 64% published by the European Commission, according to Austrian energy market regulator. Dutch front-month gas, Europe's benchmark, traded 0.1% lower at €53.18 a megawatt-hour by 9:13 a.m. in Amsterdam. It jumped as much as 3% earlier Monday, following oil higher as US President Donald Trump ramped up his tariff threats against global trade partners. --With assistance from Jonathan Tirone. Elon Musk Inside the Treasury Department Payment System The Internet Almost Killed Barnes & Noble, Then Saved It Indy Pass, the Anti-Vail Seasonal Ski Ticket, Is Gaining Fans What America's Tech Billionaires Really Bought When They Backed Donald Trump Musk Pitches New Narrative as Tesla Sales Fall ©2025 Bloomberg L.P. Sign in to access your portfolio
Yahoo
10-02-2025
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Copper Holds Gains With Trade in Focus as China Markets Reopen
(Bloomberg) -- Copper held this week's gains in London, with investors weighing the impact of the US-China trade war. Chinese markets reopened following the Lunar New Year break. State Farm Seeks Emergency California Rate Hike After Fires Transportation Memos Favor Places With Higher Birth and Marriage Rates NYC's Newest Transit Leader Builds a Worker-Driven Strategy New York's First 'Passive House' School Is a Model of Downtown Density When French Communists Went on a Brutalist Building Boom Beijing imposed retaliatory tariffs on a range of US products on Tuesday and announced an investigation into Google, moments after US President Donald Trump imposed a 10% levy on Chinese imports. China put export controls on several niche metals — most notably tungsten — in a further show of its dominance in critical minerals. Base metals have endured a bumpy start to the year, buffeted by trade-war fears, as well as concerns about tepid demand in China, the top consumer. While a prolonged trade war could damp economic growth in Asia's largest economy, there's also speculation that Beijing will step up stimulus efforts, which may be positive for metals consumption. It will take a while for Chinese demand to recover after the holidays, Shanghai Metals Market said in a note. And there are concerns around global trade frictions and economic growth, it said. Copper was up 0.3% at $9,178 a ton on the London Metal Exchange as of 9:01 a.m. local time after gaining for two days. Aluminum fell 0.8% while tin climbed 1%. On Chinese markets, zinc led declines, falling by 1.7% to the lowest since September in the first session since Jan. 27. Copper dropped 0.3% in Shanghai and aluminum was steady. Copper is the only metal where there is a significant trade between China and the US. Around 40% of American copper scrap exports and 16% of concentrate shipments go to China, Macquarie analysts led by Marcus Garvey said in a note. Amazon and SpaceX Want In on India's Satellite Internet Market Inside Elon Musk's Attack on the US Government Elon Musk Inside the Treasury Department Payment System Believing in Aliens Derailed This Internet Pioneer's Career. Now He's Facing Prison The NFL's Flawed DEI Program Still Beats What Most Companies Are Doing ©2025 Bloomberg L.P. Sign in to access your portfolio
Yahoo
06-02-2025
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Orcel Aims to Calm UniCredit Germany Staff Over Commerzbank Bid
(Bloomberg) -- UniCredit SpA Chief Executive Officer Andrea Orcel touted the benefits of a combination with Commerzbank AG to the Italian bank's staff in Germany, indicating that a deal wouldn't result in deep immediate changes for UniCredit's existing operations in the country. State Farm Seeks Emergency California Rate Hike After Fires Transportation Memos Favor Places With Higher Birth and Marriage Rates NYC's Newest Transit Leader Builds a Worker-Driven Strategy New York's First 'Passive House' School Is a Model of Downtown Density When French Communists Went on a Brutalist Building Boom The acquisition 'would only potentially affect HVB in the medium term, with a combination that would be much 'softer' than many expect,' Orcel said in an internal memo sent last week, referring to UniCredit's German unit. The integration of Commerzbank and HVB 'would occur only after a period in which Commerzbank would be independently improved, applying our blue print while HVB continued on its own trajectory.' The CEO also blasted Commerzbank for 'underperforming for many years in spite of successive deep and painful restructurings,' adding that the company is still operating at efficiency and profitability levels well below UniCredit and its peers in the European Union. Commerzbank has ramped up its rhetoric against the approach from UniCredit, which became the bank's largest investor last year after taking control of about 28%, mainly through derivatives. Commerzbank called the move 'hostile,' while the German government has also expressed its misgivings about a potential combination. Applying UniCredit's strategy to Commerzbank 'will mean huge value creation, well before considering the synergies from ultimately bringing the two banks together,' Orcel said in the memo to HVB staff. 'Our positive conviction and commitment are underscored by our readiness to make an investment of about €20 billion euros ($20.8 billion) in Germany at this juncture,' he said. Representatives for UniCredit and Commerzbank declined to comment. UniCredit has also made an offer for domestic rival Banco BPM SpA, which has been rejected as too low. Any potential combinations would come at a time of political instability for Europe's largest economy, which is holding snap elections later this month with a highly uncertain outcome. On the economic front, Germany has passed through two consecutive recessions. Orcel also tried to dispel concerns he may take away power from Commerzbank, saying decision-making would be kept in Germany. 'This would be a bank made in Germany, for Germany,' he said in the memo. --With assistance from Arno Schütze. Amazon and SpaceX Want In on India's Satellite Internet Market Inside Elon Musk's Attack on the US Government Elon Musk Inside the Treasury Department Payment System The NFL's Flawed DEI Program Still Beats What Most Companies Are Doing Believing in Aliens Derailed This Internet Pioneer's Career. Now He's Facing Prison ©2025 Bloomberg L.P. Sign in to access your portfolio
Yahoo
06-02-2025
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Oreo Maker Warns Cocoa Costs Will Drive Down Earnings Per Share 10%
(Bloomberg) -- Mondelez International Inc. shares slumped in after-hours trading after the snack food company said 'unprecedented cocoa cost inflation' would drive down earnings this year. State Farm Seeks Emergency California Rate Hike After Fires NYC's Newest Transit Leader Builds a Worker-Driven Strategy New York's First 'Passive House' School Is a Model of Downtown Density Transportation Memos Favor Places With Higher Birth and Marriage Rates When French Communists Went on a Brutalist Building Boom The company expects adjusted earnings per share in 2025 to decline by approximately 10%. The stock fell 5% at 5:54 p.m. in after-hours trading in New York. Cocoa prices remain substantially elevated from prior years, more than doubling since the end of 2023. Chief Executive Officer Dirk Van de Put said the company was focused on navigating cocoa cost inflation in 2025. Sales in the company's fiscal fourth quarter ended Dec. 31 rose 3.1% to $9.6 billion, the maker of Triscuit crackers and Milka chocolate bars said in a statement Tuesday. Adjusted earnings per share fell 16% to $0.65. While Mondelez's revenues were up compared to 2023, volumes for the year were down, as budget-conscious shoppers pulled back on a wide range of purchases at the supermarket. While some food makers have used promotions to reel customers in, Mondelez has raised prices because of its reliance on cocoa. The company said that it expects cocoa prices to eventually come down from their current highs, but they will remain higher than they have historically. It is currently raising prices and may have to do more increases in the second half of the year and in 2026, Van de Put told investors Tuesday. Still, consumers maintain their appetite for chocolate — the company had double digit Christmas net revenue in the category. Chief Financial Officer Luca Zaramella said that the company would grow EPS in 2026 no matter what happens to cocoa prices. (Updated with commentary from investor call beginning in paragraph six.) Amazon and SpaceX Want In on India's Satellite Internet Market Elon Musk Inside the Treasury Department Payment System Inside Elon Musk's Attack on the US Government The NFL's Flawed DEI Program Still Beats What Most Companies Are Doing The Internet Almost Killed Barnes & Noble, Then Saved It ©2025 Bloomberg L.P. Sign in to access your portfolio
Yahoo
06-02-2025
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Iron Ore Producer Ferrexpo Plunges 51% After $3.8 Billion Ukrainian Civil Claim
(Bloomberg) -- Shares in London-listed miner Ferrexpo PLC sank as much as 51% after the company said a civil claim worth 157 billion Ukrainian hryvnias ($3.8 billion) had been filed against its subsidiary in the Eastern European country. State Farm Seeks Emergency California Rate Hike After Fires New York's First 'Passive House' School Is a Model of Downtown Density NYC's Newest Transit Leader Builds a Worker-Driven Strategy Transportation Memos Favor Places With Higher Birth and Marriage Rates When French Communists Went on a Brutalist Building Boom The Swiss-headquartered iron ore producer saw its biggest intraday drop on record, before paring losses to 23%. Earlier Tuesday the company issued a statement informing investors that its Ukrainian subsidiary Ferrexpo Poltava Mining was facing a claim for allegedly illegally mining and selling subsoil, which is said to have caused damage to the environment. Ferrexpo rejected the allegations, and said the accusations it faced had 'transformed' from earlier ones accusing the company of alleged illegal sale of waste products. The subsidiary intends to defend its position in the Ukrainian courts, according to a market update released by the company. In mid-January, Ferrexpo issued a statement in response to reports in Ukrainian media concerning accusations made by the Prosecutor General's Office of Ukraine against four senior managers of its subsidiary, concerning the alleged illegal mining and sale of waste products. The company said the minerals in question were not a separate mineral resource, and that it had been selling waste products for many years until September 2021, which had been subject to state inspections. Ferrexpo's Poltava operation, located in central Ukraine, is the group's largest mine. Before Russia's invasion of Ukraine in 2022, Ferrexpo PLC was the world's third-largest exporter of iron ore pellets. Amazon and SpaceX Want In on India's Satellite Internet Market Elon Musk Inside the Treasury Department Payment System Inside Elon Musk's Attack on the US Government The NFL's Flawed DEI Program Still Beats What Most Companies Are Doing The Internet Almost Killed Barnes & Noble, Then Saved It ©2025 Bloomberg L.P. Sign in to access your portfolio
