Latest News
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The annual profit of British trading platform IG Group exceeds market volatility forecasts
The British online trading platform IG Group surpassed full-year expectations for pre-tax profits and launched a 125 million-pound ($169.56-million) share-buyback program on Thursday. This was fueled by a surge of trading volume amid recent market turmoil. Firms like IG Group and Plus500 have benefited from increased trading volumes over the past few months. They were fortunate to be on opposite sides of the tariff turmoil, as clients rushed in to adjust their portfolios to get ahead of volatile market conditions. After launching trading in the UK in early June, the company expanded its services in order to capitalize on missed opportunities. It became the first London-listed firm to offer crypto purchasing, selling and holding. IG Group acquired investment platform Freetrade also in January. This increased its active client base by 137%, to 820,000 at the end of fiscal year. The adjusted pre-tax profit for the year ending May 31 was 535,8 million pounds ($726.81 millions), up 17% on last year. According to a poll conducted by a company, analysts had expected an average of 523.5 million pounds.
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As temperatures rise and snow melts, Greek fir trees are dying
The brittle reddish needles of hundreds of dying firs stand out in the dense forest surrounding Kalavryta, a village located in southwest Greece. They are a stark reminder that drought is slowly destroying nature. It is well-known that fir trees require a cooler climate with plenty of moisture. Scientists and locals say that prolonged droughts linked to the fast-changing climate of Greece in recent years have left them vulnerable to pest infestations. In the past we would see dead trees amongst healthy trees," said Katerina Kolibrou, the head of the forest service of Kalavryta. The village is famous for its forests made up of the Greek Fir species Abies cephalonica. The few healthy green firs that remain are spotted among the dead trees. The fir tree becomes more susceptible to pests who bore into the bark of the tree to lay eggs or create tunnels. This disrupts their ability to transport nutrients from roots to branches. The wood-boring insects were found by Dimitrios Avtzis a forest entomologist at the Greek Agricultural Organization Demeter (a state research agency) as he sliced into the bark of a dead tree in Kalavryta. He then placed the beetle in a vial to be examined. They are as damaging to trees as bark beetles. Around the world, 2024 was one of the warmest years on record. The average temperature exceeded 1.5 degrees Celsius over the pre-industrial period for the first. Kostas Lagavardos is the director of research for the National Observatory of Athens. He led a study that looked at rising temperatures and the amount of snow in the mountains of the northwestern part of Greece. The soil would then be covered with less snow. This is another important source of moisture for the fir trees. He estimated that the snow cover had decreased by 30-40% over the years. The decline of fir forests is not confined to Greece. It can also be seen in the Greek mainland, as well as on the Ionian Islands. The Abies Alba species, which is a different fir found in the Pyrenees Mountains in Huesca, Spain, in the Mediterranean area, has also been declining. Scientists attribute this to the extreme heat. To limit damage, the authorities in Kalavryta plan to remove all dead and infested trees. This might not be sufficient to save the forest. "We cannot stop climate change," Lagouvardos said. What we can do is try to mitigate or find solutions. We cannot make snow. Angeliki Koutantou, Angeliki Koutantou and Alexandra Hudson edited the article.
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Australian shares drop as Macquarie drags and CSL caps losses
Macquarie's lacklustre results for the quarter weighed on Australian shares, but a rally by biotech giant CSL limited the fall. After a 0.7% gain on Wednesday, the S&P/ASX 200 lost 0.3% and closed at 8,709.40. Financials declined 0.3%. Macquarie, which holds 3% of the benchmark index, fell 5.1%, its lowest session in three-months, after reporting a decline in net profit for the first quarter. The resignation of the finance chief and fears over shareholder backlash regarding management pay further impacted on the mood. Analysts at UBS said that "the overall result appears to be a little softer than expectations", noting the exposure of the top investment bank to commodities, and its reliance on asset sale had "decreased earning visibility". CSL, which makes up 5% of Australia's index, has seen a gain of 1.5%. The biotech company, which has significant exposure to the U.S., is on track for its best month in almost two years. Henry Jennings is a senior analyst for the Marcus Today newsletter. He attributed these gains to investors who shifted from overvalued stocks into defensive investments. "CSL is left behind, and it's thought that the selling was too much." Jennings stated that brokers are still optimistic about the situation and have not heard any bad news from the United States. The day's closing price for miners was flat. Fortescue rose 4.3% following the fourth largest iron ore producer in the world reporting record shipments for its fourth quarter on lower costs. BHP, the index heavyweight, fell 0.6%. Bapcor, the auto parts provider, said that its trading performance in the second half fell short of expectations. The benchmark S&P/NZX 50 Index in New Zealand ended the day unchanged at 12,805.13 point. (Reporting and editing by Sumanth Nandy in Bengaluru, Nikita Jino from Bengaluru)
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Neste's SAF sales soar, and Neste's earnings exceed forecasts
Neste, the Finnish oil refiner and biofuel producer, reported stronger-than-expected core earnings for its second quarter. The company cited a surge in sales of sustainable aircraft fuel (SAF), aided by an increase in production capacity. Neste's comparable quarter earnings before interest taxes, depreciation, and amortization (EBITDA), rose by 42% compared to a year ago, reaching 341 million euro ($401 million). According to a consensus provided by the company, analysts had forecasted 302,5 million euros in average. Heikki malinen, CEO of the company's renewables refinery Rotterdam, said that "our sustainable aviation fuel (SAF) sales increased by close to 80% from quarter to quarter. This was due in part to an increase in SAF production capacity. Neste's Renewable Products unit set a new record for quarterly sales with 1,096 000 tonnes, thanks to the increase in SAF sales. The unit's volume sales margin dropped 5%, to $361 per ton. However, it exceeded analyst's expectations of $329 per ton. Malinen stated that "we saw positive developments both in the US as well as the EU in terms of biofuel regulations, which largely supported the long-term demand for renewables." Hovever warned that the current market climate was volatile, and that global trade tensions would continue to be a headwind. Neste is battling an oversupply of renewable fuels, which has impacted its sales volume and led to the reduction of 510 jobs worldwide earlier in 2025. The group forecasts that the market for renewable fuels will continue to be oversupplied in 2019. Neste's forecast for renewables sales margin in 2024 was cut three times due to oversupply, low demand and high input cost. ($1 = 0.85 euros) (Reporting and editing by Milla Nissi-Prussak in Gdansk)
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Anglo American's production of copper and diamonds falls in the first half
Anglo American, a global miner, reported on Thursday a 13% drop in copper production for the first half of this year, to 342,200 tons. It also reported a 26% decline in rough diamonds as the demand remains weak. The London-listed company still expects 690,000-750,000 tonnes of copper to be mined this year. This is down from 773,00 tons in 2024. Metal is used for electrical wiring, and demand will increase as electric vehicles and renewable infrastructure are developed. After BHP failed to acquire the miner last year, it is now restructuring its business, focusing mainly on iron ore and copper. The company has announced the de-merger of its platinum business, and agreed to sell its nickel and coal assets, but has not yet finalized this sale. The company will report these businesses as discontinued operations when it releases its 2025 half-year financial results on July 31, 2019. The miner expects to complete the transaction despite a production stop caused by an April fire at one mine included in the sale of $3.78 billion to Peabody Energy. It said that a formal sale process of De Beers, the diamond division, is progressing despite the challenging current market conditions. The first-half rough production fell by 26%, to 7,22 million carats. Anglo previously reduced its production forecasts for 2025 from 30 to 33 million carats to 20 to 23 million. In the first half, iron ore production grew by 2%. It reached 31,38 million tons.
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Two dead, homes burn in massive wildfire in Cyprus
A massive wildfire ravaged southern Cyprus, destroying houses and threatening local communities in the midst of an intense heatwave. The fire broke out at midday on Wednesday in an area that produces wine north of Limassol. On Thursday morning, several fronts were still active. Two bodies were discovered in a burnt-out car, trapped by fire. Police said that at least 10 people, including two seriously injured individuals, were hurt. As dawn broke, the reddish hue of Limassol hung in the air. This sprawling city on Cyprus's coast has seen its development spill over into the mountains surrounding it. After a brief pause due to darkness, firefighting aircraft returned at first light. The authorities said that it was still too early to provide a detailed account of the damage or what caused the fire. Andreas Kettis, spokesperson for the fire brigade, said: "We were talking about very strong wind gusts that were constantly changing." On Wednesday, temperatures on the island reached 43 degrees Celsius (109.4 F) triggering a weather alert. On Thursday, a new amber alert was issued with temperatures forecast to reach 44 degrees Celsius. This is the highest temperature of the year. Konstantinos Letymbiotis, the government spokesperson, said that Cyprus had requested assistance through the Civil Protection Mechanism of the European Union. Spain is expected to send at least two aircrafts on Thursday. Jordan has also offered assistance. Cyprus has been suffering from a prolonged drought that has pushed water resources to critical levels. The area affected is located just north of Cyprus’s largest reservoir, Kouris. On Wednesday, it was only at 15.5% capacity. (Written by Michele Kambas. Yiannis Koutoglou contributed additional reporting. Christopher Cushing, Mark Potter (Editors)
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Acerinox reports lower-than-expected profit in the second quarter
Acerinox announced a lower-than-expected second quarter core profit on Friday, as the steel demand in Europe struggles with recovery and trade related uncertainties weigh heavily on its major markets. According to LSEG, the Spanish steelmaker reported adjusted earnings before taxes, depreciation, and amortization of 112 millions euros ($131.84) - below analysts' estimates of 126million euros. Acerinox's U.S. business gives it an advantage over other European steelmakers who are dealing with President Donald Trump’s 50% tariffs on imports of steel and the wave of protectionism. However, the uncertainty of the trade war is affecting steel demand and exports. In a press release, CEO Bernardo Velazquez warned that tariffs could also affect prices in Europe further. This is because imports of Asian materials meant for the U.S. will be diverted to Europe. He said: "A significant increase in steel imports to the EU at prices below cost creates downward pressure on the prices and margins of this market. This negatively impacts our operations and profitability within the European region." Reporting by Javi Larranaga, Gdansk. Editing by Tomasz Janovski and Milla Nissi Prusek.
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TotalEnergies reports a 23% decline in its quarterly revenue as oil and gas prices fall
TotalEnergies announced a 23% drop in earnings for the second quarter on Thursday. This was the worst performance of four years by this French oil major. Higher upstream production could not offset lower earnings in oil, gas and refined fuels. The adjusted net income for the three-month period ending June 30 fell from $4.7 billion a few months earlier to $3.6 billion, which is in line with analyst expectations as reflected in LSEG consensus. It was $4.2 billion lower than the first quarter. Brent crude prices are down 20% from a few months ago. This is because OPEC+ producers, including members of the Organization of Petroleum Exporting Countries (OPEC) and their allies like Russia, have started to reverse the 2.17 million barrels a day production cuts they made in April. Total's margins for refining oil into fuels are down 21% compared to last year, despite the slow recovery of the first half 2025 after a collapse in 2018. This was due to a sagging global demand and increased competition. The company reported that its refining and chemical earnings were down 39% from a year earlier, but the integrated electricity unit had a profit of $574 million, which was higher than expected. Total has confirmed that it will continue to offer share purchases of $2 billion during the third quarter. The company also forecast a 3% rise in hydrocarbon production in the next quarter, compared to the same period last year.
Glencore's ex-head of oil charged with bribery offenses by UK fraud agency
Glencore's former head of oil Alex Beard has actually been charged with bribery offenses relating to the Swiss commodity trader's operations in Africa, Britain's Serious Scams Office (SFO) stated on Thursday.
Beard, 56, is charged with 2 conspiracies to make corrupt payments to government officials and authorities of state-owned oil business in Nigeria in between 2010 and 2014 and in Cameroon between 2007 and 2014, the SFO stated.
He is among five ex-Glencore staff members charged with conspiracy to make corrupt payments and is the most high-profile commodity trader to have been charged in Britain for declared corruption.
Beard joined Glencore in 1995 from BP, the most significant trading desk at that time, and ended up being head of oil in 2007, a position he held up until he retired in 2019.
Andrew Gibson, Paul Hopkirk, Ramon Labiaga and Martin Wakefield have also been charged, relating to Glencore's. operations in Nigeria, Cameroon and Ivory Coast.
Gibson and Wakefield are likewise charged with conspiracy to. falsify files in between 2007 and 2011. All 5 are due to. appear at London's Westminster Magistrates' Court on Sept. 10.
A Glencore representative said the business kept in mind the charges. and had complied with the SFO in its examination into this. past conduct and fixed its SFO investigation in 2022.
This (declared) conduct has no place in Glencore and we are. devoted to acting ethically and properly throughout all aspects. of our organization and have taken significant action towards. building a best-in-class ethics and compliance program, the. spokesperson said.
Neither the people charged nor their agents. could instantly be reached for comment.
SFO Director Nick Ephgrave said in a statement: Bribery. damages financial markets and triggers enduring harm to. communities.
Today's action is an essential action towards exposing. overseas corruption and holding those who are accountable to. account..
(source: Reuters)