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Sources: France's EDF will cut jobs and withdraw from certain overseas projects
Two sources with knowledge of the matter said that France's EDF has cut its headcount abroad and scrapped bids for some nuclear projects overseas as it focuses on an important construction programme in France under the new CEO Bernard Fontana. France, once the world's leading nuclear power producer and Europe's biggest nuclear power provider, is now pulling back, at a moment when global nuclear expansion calls are being made. This opens up new opportunities for other players, as high costs and design problems hurt its ability compete internationally. Fontana took over EDF in April after the government became frustrated by the slow progress of the French nuclear fleet. The new CEO told a parliamentary committee hearing about his nomination that he will focus on the development of domestic nuclear projects, rather than on its international business. This company employs hundreds and has built reactors previously in China, Finland, and Britain. Sources said that he has made changes in the past few weeks to his overseas business, including a pullback from certain bids for building reactors outside Europe. A source familiar with plans said that the company would focus on nuclear tenders in the Netherlands and Sweden, where there is a greater chance of it winning. The person who spoke to me said that it will also reduce the priority of projects in Poland and India as well as Canada and other countries outside Europe. Another industry source with knowledge of the situation said that reducing its international footprint would allow it to reduce costs and redirect staff to more important projects. Recent international projects by EDF have been plagued with long delays and cost increases. It lost out last year to South Korea's KHNP for the bid of two new reactors. Fontana plans to reduce the number of employees on its international sales team. According to one source, there are plans for about 60 job cuts, including 10 managers. EDF has declined to comment. An official from the office of Prime Minister Francoise Bayrou said that "the new French nuclear program is the group's top priority." According to a report in the media last year, President Emmanuel Macron announced early 2022 plans for six new French nuclear reactors. The reactors would replace aging plants and ensure future energy supplies. However, the company is heavily indebted after costly repairs to its nuclear facility in recent years. EDF also wants to sell off some of its renewable assets in North America, Brazil and South America. One source said that the company's subsidiaries Framatome, Arabelle and AP 1000, which manufacture reactor parts, would continue to bid for international projects such as the AP 1000 project in Canada.
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Nigerian Dangote warns that cheap Russian oil threatens African refineries
Aliko Dangote, a Nigerian billionaire, has warned that discounted Russian petroleum products pour into African markets. This could undermine the continent's new refining industry. Dangote has struggled with securing crude oil locally, despite his plans to increase the refinery's capacity to 700,000. Dangote, at an Abuja oil conference, said: "We're increasingly faced with the dumping and blending of cheap, toxic petroleum products. Some of these are blended in substandard levels, which would never be permitted in Europe or North America." He attributed the trend to Western sanctions against Russian oil which have led Moscow to offer steep discounts on alternative markets including Africa. The Russian energy ministry didn't immediately respond to an inquiry for comment. Dangote expressed his concern over the Lome floating market, off the coast Togo. The market is dominated by traders from abroad. Lome, with its 2 million barrels worth of petroleum products stored in the port, has become an important hub for fuel imports. Dangote warned that this could harm Africa's refinery efforts. Africa produces around 7 million barrels per day of crude oil, but only 40% of its total consumption is refined locally. Africa imports more than 120 million metric tonnes of refined products each year. Dangote’s refinery began operating last year and has now started exporting gasoline. Exports have reached 1 million tons in June. He said that local producers were facing stiff competition from international traders who took advantage of regulatory gaps and inconsistent standards in fuel across African countries. Dangote called on African governments to adopt tariffs and emission caps in order to protect their domestic industries. Africa is still a relatively small market for Russian oil compared to other major buyers such as Turkey and Brazil. In June, Russian gasoil and diesel exports to African nations fell 30% from the preceding month. They totaled about 0.7 millions tons. According to shipping data, Morocco, Tunisia Togo and Egypt were the top importers. Some vessels that were loaded with 230,000 tons Russian diesel in May had their final destinations marked "for orders," which meant the discharge points for those ships hadn't been determined or declared. Reporting by Isaac Anyaogu. Mark Potter edited the article.
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WTO reverses some of its previous decisions in EU-China Intellectual Property Dispute
Arbitrators at the World Trade Organization reversed a part of the previous panel's decision on Monday, which had rejected European Union claims that China violated intellectual property rules set by the global watchdog. A WTO panel in April rejected the EU complaint that China violated IP rules of the global watchdog over patents for mobile technology 3G,4G, and 5G. It did, however, say that China failed to meet all WTO transparency requirements. The EU appealed at the Multi-Party Appeal Arbitration Arrangement - a substitute for the WTO Appellate Body, which was shut down in 2019 because the United States blocked judge nominations repeatedly. The arbitrators found on Monday that part of the previous panel's decision was reversed and that the Chinese courts had prohibited patent holders from enforcing their rights outside of China through anti-suit injunctions. This was in violation of Trade-Related Aspects Intellectual Property Rights (TRIPS) rules relating to patent rights. The arbitrators confirmed the previous findings in four cases, but reversed them in three. The WTO has given China 90-days to correct its actions to be in compliance with WTO rules. The Chinese Ministry of Commerce announced on Tuesday that it has taken note of this situation. The arbitration tribunal, while expressing its approval of some conclusions, stated that it had made an error in concluding that WTO members must not interfere with a patent owner's right to enforce his rights within the jurisdictions of other WTO members. China expressed dissatisfaction over this aspect of ruling, it added. It would carefully evaluate the decision and deal with the matter in accordance to WTO rules.
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Turkey declares it will intervene if there is any attempt to divide Syria
Hakan Fidan, the Turkish Foreign Minister, said that Turkey would intervene directly to prevent any attempt by militants to gain autonomy following clashes in Southern Syria. In comments made to Ankara reporters, his warning against fragmentation appeared to be aimed at Israel, as Turkey believes that this is Israel's ultimate goal in Syria. The Turkish government has condemned the Israeli attacks on Damascus, which took place last week. It believes that Israel is trying to undermine Syria's efforts at peace and security. NATO member Turkey has expressed support for the new Syrian government and called for a truce between Bedouins and Druzes. Fidan stated that Israel wants a divided Syria in order to weaken, make it unstable and a liability for the region. He also added that YPG Kurdish militants are looking to exploit the chaos. He said, "God willing we will stop this policy being implemented." He said that groups in Syria, referring to the YPG by name, should not view such chaos as a tactic to achieve autonomy or independent within Syria. They faced "a huge strategic catastrophe". He said, "This is a dead end." Ankara views the YPG as a terrorist organization, leading the U.S. supported Syrian Democratic Forces. It has conducted several cross-border attacks against the YPG. Fidan warned: "No group should act in a way that leads to division." He said that many issues can be discussed through diplomacy, but "if you go beyond that and seek fragmentation and instability we will consider this as a direct threat and intervene." Fidan said that Turkey would support efforts and discussions to ensure peace and stability in Syria but would not expose itself to threats. Israel has not yet commented on Fidan Fidan's remarks. Israel said that it had struck targets in Syria to defend Druze last week.
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Trump withdraws US from UN cultural agency UNESCO
On Tuesday, President Donald Trump withdrew the United States from the U.N. agency for culture and education UNESCO, a decision he made during his first term but which was reversed by Joe Biden. The Paris-based agency was established after World War II to promote peace by international cooperation in education and science. White House spokesperson Anna Kelly stated that President Trump had decided to withdraw the United States of America from UNESCO, which supported woke and divisive cultural causes. These are out of step with the commonsense policy that Americans voted in November. The State Department claimed that remaining in UNESCO is not in the national interests, and accused it of having a "globalist, ideological agenda for development abroad at odds with America First's foreign policy". Audrey Azoulay, UNESCO's chief, said that she regretted Trump’s decision but it was "expected" and UNESCO had prepared for it. On X, President Emanuel Macron posted: "Unwavering Support for UNESCO as Universal Protector of Science, Ocean, Education, Culture, and World Heritage." The withdrawal of the United States won't weaken our commitment towards those who are fighting in this battle. She said that the agency has diversified its funding sources, and receives only 8% of its total budget from Washington. UNESCO is one of the international organizations Trump withdrew during his first term. Others include the World Health Organization and the Paris Agreement on climate change, as well as the U.N. Human Rights Council. In his second term, Trump has mostly reinstated these steps. Officials at UNESCO said that the U.S. withdrawal from the United Nations would only have a limited impact on the programs the United States funded. TENSIONS? Israel has welcomed the U.S. decision not to join UNESCO. The U.S. State Department stated that the decision of UNESCO to admit Palestine to its membership was one of the main reasons for the withdrawal. This was "contrary" to U.S. policies and contributed to anti-Israel rhetoric in the organization. Officials from UNESCO said that all statements relevant to the agency had been agreed upon with both Israel as well as the Palestinians in the last eight years. Azoulay stated that "the reasons given by the United States for withdrawing from the Organization were the same seven years ago, despite the fact that the situation had changed profoundly. Political tensions have subsided, and UNESCO is today a rare platform where there can be consensus on concrete, action-oriented multilateralism." These claims contradict the actual efforts of UNESCO, especially in the area of Holocaust education and antisemitism. At UNESCO, diplomats felt that the U.S. withdrawal was inevitable due to political reasons. Biden brought the U.S. home and had pledged to pay back arrears since the first time Trump withdrew. UNESCO, whose official name is United Nations Educational, Scientific and Cultural Organization, has been best known for its designation of World Heritage Sites, such as the Grand Canyon, in the United States, and the ancient city Palmyra, in Syria. The United States joined UNESCO in 1945, but left in 1984 over alleged financial mismanagement. In 2003, President Bush returned to the organization, saying it had made necessary reforms. (Written by Ingrid Melander, with additional reporting by Jarrett Renshaw in Washington, Humeyra Pauk in Bengaluru and Susan Heavey and Charlotte Van Campenhout and Dominique Vidalon in Paris. Edited by Hugh Lawson, Peter Graff and Hugh Lawson)
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Germany provides Vulcan Energy with 104 million Euros to produce clean Lithium
Vulcan, a start-up, has received 104 millions euros ($122million) from the German government to produce clean Lithium, the company announced on Tuesday. Berlin is aiming to increase electric vehicle production and reduce its reliance on imported raw materials. Vulcan said that the grants issued by both the Federal Government and the states of Rhineland-Palatinate, and Hesse will be used to support a project "designed for building Germany and Europe's crucial raw materials supply chains resilience". According to the German Raw Materials Agency, Germany's demand for lithium could reach 170,000 tons per year by 2030. The country's automotive industry relies on imports to meet its battery production requirements. A study conducted by Fraunhofer IEG and the Federal Institute for Geosciences and Natural Resources in March showed that Germany has enough lithium reserves to meet its domestic demand for several decades. Vulcan announced last year that its first large industrial plant with an annual production of 24,000 tons of lithium hydroxide - enough to power 500,000 electric cars - would be in operation by the end 2026. Vulcan invests 690 million euro in the project. It will build a facility in Landau, Rhineland-Palatinate, extracting lithium chloride which will be converted into lithium hydroxide, a key component for lithium batteries production, in a facility near Frankfurt. The company stated that the funding will be distributed from October 1, over a period of 36 months. The economy ministry stated that the Rhineland-Palatinate state and Hesse will each co-finance around 30% of the state support. In a recent statement, Economy Ministry State Sec. Stefan Rouenhoff stated that "in times of increasing geopolitical threats it is necessary to increase efforts...to open up alternative raw materials sources for our domestic economies".
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Heatwave grips Greece and Balkans. Tourists, workers seek relief.
On Tuesday, tourists and workers sought shade as Greece suffered its third heatwave this summer. High temperatures also gripped the Balkans region and caused wildfires to spread in Albania. Greece, located at the southernmost point of Europe, is known for its hot, dry summers. Climate change has caused heatwaves to be longer and more intense, and also led to destructive floods and fires. Matthew Enos (18-year-old New Orleans visitor) said that he was not prepared for the heatwave in Athens when he first arrived. "It has been tough so far." "Not the best feeling ever," said he. "I've been adapting to the heat by drinking lots of water." The labour ministry announced that couriers, food delivery drivers and builders from Athens, and surrounding regions, were ordered to stop work between midday and 5 pm, because the mercury could reach as high as 42 degrees Celsius. To avoid heat stress, workers with health problems were encouraged to work remotely. ACROPOLIS SHUT In Athens, one of Europe's most densely-populated capitals and situated on a plain flanked with mountains, tourists sought out restaurants and shops that were air-conditioned. A 39-year old American named Craig hired a taxi to tour the city as it was too hot for him to walk. He said that the break between sites was very helpful. "It was extremely hot but it was nice to have a break in-between." The Acropolis in Greece, the most popular ancient site and situated on a hill with little shade, will be closed from noon on Tuesday and on Wednesday for five hours. This is a standard measure when temperatures are high. Greek Meteorological Service said that the heatwave would continue until Sunday. The heatwave also swept Bulgaria, a neighboring country on Tuesday. Authorities urged businesses to provide free water and reduce physical work during high-risk times. The Fierza Lake, which was a hydroelectric source in the border area between Kosovo and Albania due to increased production of electricity and weeks without rain, has been nearly emptied. In what was once the bottom of the Lake, cows were eating grass. FIRE In Kosovo, Milazim Duraku (62), a farmer from Prizren chided his younger workers when he was picking yellow peppers to sell at the market in the morning. "Those young people, they can't handle the heat." He said that they only work a few moments in the evenings or mornings. Four aircraft from Italy, Greece and Albania helped firefighters in Albania battle two wildfires near the village of Dukat and a national reserve located in the north. Last month, large areas of Western Europe were ravaged by a severe heatwave which caused many deaths and triggered forest blazes and health warnings throughout the region. Terna, the national grid operator in Italy, said Tuesday that electricity consumption was up 7.4% on a year-over-year in June, a result of last month's heatwave, which was responsible for blackouts in Florence and Milan. Globally, 2024 marked the warmest ever year, with temperatures rising 1.5 degrees Celsius above pre-industrial levels for the first. A study published last week revealed that temperatures around Athens have risen by up to 10 degrees Celsius in some areas since July 2024, after fires destroyed the vegetation. Reporting by Stamos PROUSALIS, Angeliki KOUTANTOU and Fatos BYTYCI; Additional reporting by Alvise ARMELLIN; Writing by Angeliki KOUTANTOU; Editing Aidan Lewis
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Argentina's steelmaker Sidersa seeks $286.3 mln investment via incentive scheme
According to a document published in the Official Gazette of Argentina on Tuesday, Argentine steelmaker Sidersa was approved to participate in a government incentive program for funding a $286.3 million steel plant aimed at boosting production. Why it's important The project is in line with Argentina's efforts at promoting industrial growth and economic stabilization through the Large Investment Incentive Regime. KEY QUOTE According to the company, the Sidersa Argentine Steel Project aims "to increase the production capacity of steel long, meet unsatisfied local demand, diversify their product offerings, and boost its productivity by implementing cutting-edge technology that is focused on sustainability." By the Numbers Sidersa plans to invest $142,87 million in the first and $127.33 millions in the second years under the RIGI framework. The new plant is expected to have a capacity installed of 360,000 tons a year. Production projections are 290,000 tonnes per year starting in its fourth year. CONTEXT The libertarian government of Argentine president Javier Milei is trying to boost the promising mine sector in order to increase income and maintain macroeconomic stability. The RIGI framework aims to provide tax, customs and exchange rate advantages, as well access to international arbitrage in the event of disputes. What's Next? The approval of Sidersa by Argentina's Economy Ministry could pave way for the construction of a modern steel mill that would diversify local offerings, and reduce Argentina's dependence on imports. Report by Walter Bianchi, Writing by Aida Pelaez Fernandez, Editing by Chizu Niyama
RTX reduces its profit forecast for 2025 as tariff costs weigh on the company
RTX cut their 2025 profit projection on Tuesday as the aerospace giant was hit by President Donald Trump’s trade war despite high demand for their engines and aftermarket service.
In pre-market trading, shares of the company dropped 3.8%.
Trump's tariffs on aluminum and steel imports have created uncertainty in the market, adding pressure to an already stressed supply chain.
Neil Mitchell, chief financial officer at RTX, said in an exclusive interview that "we haven't seen any major impacts on our demand signals." We do expect some pressure to be put on prices and other costs as we try to recover this headwind in the long term.
RTX warned that the trade war would cost $850 million, assuming that the steel and aluminum tariffs would remain at 25% and the China tariffs at 145%, and the global reciprocal tariffs at 10%.
Trump has announced new tariffs against most of his trading partners but not China.
RTX expects to earn between $5.80 - $5.95 in adjusted profit per share by 2025. This is down from the previous forecast of $6.00 - $6.15.
Maintenance and repair services for commercial aircraft are banking on the shortage of new jets as production delays force airlines into operating an older fleet that is more expensive.
The demand for its defense products has been strong despite the growing geopolitical tensions in the world. RTX Patriot air defense systems are widely used in Ukraine on the battlefield to counter Russian missile threats.
Raytheon's defense division, RTX, reported that sales rose 8% in the second quarter to $7 billion.
The company increased its 2025 adjusted sales forecast from $83 billion up to $84,75 billion.
Sales at RTX’s Pratt and Whitney division, which manufactures engines for Airbus’ A320neo aircraft and competes against CFM International saw a 12% increase.
Pratt has been struggling with production problems over the past few years. It is currently conducting an inspection of its geared turbofan engine components that may be defective. This has caused hundreds of planes to be grounded in recent months.
According to data compiled and analyzed by LSEG, the Arlington, Virginia based company reported a 9% increase in total revenue, which reached $21.6 billion. This compares to analysts' estimates of $20.63billion.
The adjusted profit per share was $1.56 for the quarter. Analysts expected $1.44. Reporting by Mike Stone, Washington; Utkarsh shetti, Bengaluru. Editing by Arun K. Koyyur.
(source: Reuters)