2025-07-21 12:21
LISBON, July 21 (Reuters) - Portugal's Galp Energia (GALP.LS) , opens new tab on Monday raised its core profit target for the full year after a better-than-expected performance in the second quarter and said it expects to find a partner to develop a promising oil discovery offshore Namibia. Its shares were up 2.5% on Monday. Sign up here. Galp raised its target for adjusted earnings before interest, taxes, depreciation and amortisation this year to more than 2.7 billion euros ($3.1 billion), up from a previous 2.5 billion euro forecast. The raised forecast reflects the contribution of its gas trading business, lifted by deliveries of liquefied natural gas cargoes from Venture Global's (VG.N) , opens new tab Calcasieu Pass export facility in Louisiana. Galp is due to receive 1 million metric tons of LNG a year from the plant in a take-or-pay deal with Venture agreed in 2018. In the second quarter, Galp's adjusted EBITDA was 840 million euros, surpassing the 724 million euro consensus provided by the company, while its second-quarter adjusted net profit rose 25% to 373 million euros. Lower taxes and higher oil production offset lower crude prices and narrower refining margins, the company said. Galp, whose main business is extracting crude from rich fields offshore Brazil, said it is confident it can find a partner to develop the Mopane field off the coast of Namibia, which was initially estimated to hold at least 10 billion barrels of oil and gas equivalent. Galp is in talks with potential partners to sell part of its 80% stake to an oil company that will be the operator of the field. Co-CEO Maria Joao Carioca said Galp had already received "several non-binding offers" and will move into bilateral talks to analyze each of them, wanting also to see their plans for Mopane and a decision should be taken by year-end. "We're very happy that we have credible players engaging with us. We're focused on making sure this partnership is successfully derived," she told a conference call with analysts. ($1 = 0.8586 euros) https://www.reuters.com/business/energy/galp-energia-raises-forecasts-expects-find-partner-namibia-2025-07-21/
2025-07-21 12:12
Eyes IPO proceeds of $1.03 billion Pro-bitcoin stance sparks social media buzz Warns of competition from AI July 21 (Reuters) - Figma is targeting a fully-diluted valuation of up to $16.4 billion in its initial public offering, as the cloud-based design software firm prepares for a debut on the NYSE that could inject fresh momentum into a resurgent market for tech listings. The San Francisco-based company, along with some investors, is eyeing proceeds of up to $1.03 billion by selling nearly 37 million shares priced between $25 and $28 each, it said on Monday. Sign up here. The listing could be a major milestone for Figma, coming more than a year after its $20 billion sale to Adobe (ADBE.O) , opens new tab failed due to regulatory hurdles in Europe and the UK. An equities rally and a bunch of strong debuts recently have helped remove the IPO market overhang. Figma is expected to start trading close on the heels of stablecoin giant Circle (CRCL.N) , opens new tab, which debuted with eye-popping gains last month and has continued surging since. As a major technology player that appears supportive of bitcoin, Figma has already drawn attention on social media. The company had around $70 million invested in Bitwise's bitcoin exchange-traded fund as of March 31 and intends to allocate a further $30 million to bitcoin, its filing showed. Figma expects to list under the symbol "FIG". Morgan Stanley, Goldman Sachs, Allen & Co and J.P. Morgan are among the underwriters for the offering. It was valued at $12.5 billion in a tender offer last year that allowed employees and early investors to cash out a portion of their stake. 'BIG SWINGS' Figma is a cloud-based design platform that allows users to collaboratively create and edit apps, websites and software interfaces. Its customers include ServiceNow (NOW.N) , opens new tab, Workday (WDAY.O) , opens new tab and SAP (SAPG.DE) , opens new tab. Its revenue rose 46% in the first three months of 2025, while net income jumped three-fold. "Figma's product is its primary marketing engine. Its collaborative nature fosters viral, bottoms-up adoption, leading to a best-in-class sales efficiency," said Tomasz Tunguz, founder of venture capital firm Theory Ventures. The company has also signaled it may take "big swings" with M&A, with co-founder and CEO Dylan Field saying it is prepared to "make decisions that may not seem immediately rational." Still, the listing will take place at a time when the industry landscape is shifting. While Figma is sharpening its focus on AI, it has also warned that design tools driven by the technology could make some customers less reliant on its platform. The company has noted that restrictive immigration policies could impact its ability to recruit talent, citing past adjustments to hiring practices due to changes in visa assessment frameworks. A majority of its revenue in 2024 came from outside the United States, exposing it to potential demand softness if international clients tighten their purse strings in response to tariffs. Renewed trade tensions could also add to the caution among IPO investors, risking further disruption. Against this backdrop, investor attention remains firmly on companies with solid fundamentals and a clear path to profitability, said Leslie Marlow, a corporate attorney at Blank Rome. https://www.reuters.com/technology/figma-aims-164-billion-valuation-tech-ipos-bounce-back-2025-07-21/
2025-07-21 12:11
MOSCOW, July 21 (Reuters) - Foreign vessels will require the approval of Russia's FSB security service to access the country's ports, according to a decree signed by President Vladimir Putin. The decree said that permission from port authorities for foreign ships to enter would need to be agreed with the FSB, which is the main successor organisation to the Soviet-era KGB. The new measures came into force immediately after the decree was published on Monday. Sign up here. Previously, entry rules were set by the transport ministry and special procedures were in place at ports adjacent to naval bases, state news agency TASS said. The wording of the new decree made clear it would apply to all ports. It did not specify any reason for the change. Russian ships and vessels of the "shadow fleet" that Moscow uses to circumvent sanctions are closely scrutinised by the West. The European Union last week lowered a price cap that seeks to squeeze Russian oil revenues, and President Donald Trump threatened additional sanctions on Russia and buyers of its exports unless it agrees to end the Ukraine war. https://www.reuters.com/world/europe/putin-says-fsb-approval-will-be-needed-foreign-vessels-entering-russian-ports-2025-07-21/
2025-07-21 12:03
July 21 (Reuters) - Saudi Arabia's crude oil exports in May rose to their highest in three months, data from the Joint Organizations Data Initiative (JODI) showed on Monday. Crude exports from the world's largest oil exporter rose to 6.191 million barrels per day (bpd) from 6.166 million bpd in April. Sign up here. Saudi's crude output for May was at 9.184 million bpd, up from 9.005 million bpd in April. Saudi refineries' crude throughput was at 2.721 million bpd, up 0.017 million bpd from April's 2.704 million bpd, the data showed, while direct crude burning increased by 112,000 bpd to 489,000 bpd. Saudi Arabia and other members of OPEC provide monthly export figures to JODI, which publishes them on its website. The OPEC+ group comprising OPEC and allies such as Russia, this month agreed to raise production by 548,000 bpd in August, further accelerating output increases at its first meeting since oil prices jumped and then retreated after Israeli and U.S. attacks on Iran. Five sources familiar with the discussions said that OPEC+ is likely to approve a further increase for September when it meets on August 3. OPEC+ began to unwind cuts of 2.17 million bpd in April with a boost of 138,000 bpd, followed by further increases in May, June and July despite falling oil prices. Meanwhile, Saudi Arabia's energy ministry said the kingdom had been fully compliant with its voluntary OPEC+ output target, adding that Saudi-marketed crude supply in June was 9.352 million bpd, in line with the agreed quota. https://www.reuters.com/business/energy/saudi-arabia-crude-exports-hit-three-month-high-may-2025-07-21/
2025-07-21 12:00
LAUNCESTON, Australia, July 21 (Reuters) - Asia's run of subdued imports of liquefied natural gas (LNG) is set to extend for another month in July, with the top-importing region on track for a tiny increase from June. Asia's imports of the super-chilled fuel are estimated at 22.07 million metric tons in July, up from 21.80 million in June, according to data compiled by commodity analysts Kpler. Sign up here. On a per day basis July's figure is 722,000 tons, which is slightly down from 727,000 in June. The soft July imports continue a trend this year of declining LNG arrivals in Asia, with the first seven months of 2025 coming in at 155.82 million tons, down 6.3% from the 166.22 million over the same period last year. In contrast to Asia's declining LNG imports, Europe's have been trending higher, with the first seven months seeing arrivals of 75.61 million tons, up 24% from the 61.13 million for the same period in 2024, according to Kpler data. The extra 14.48 million tons of LNG that has headed to Europe in the first seven months reflects the continent's efforts to refill inventories ahead of winter while continuing to shun pipeline gas from Russia. The extra European demand has been a boon for LNG exporters as it has helped keep global prices higher, and largely prevented the usual seasonal decline in both volumes and spot prices seen in the shoulder season between the winter and summer peaks. But the higher prices have also led to lower demand from price-sensitive buyers in Asia, especially China, the world's largest LNG importer. CHINA DECLINE China's LNG imports are on track to reach 4.96 million tons in July, down from 5.09 million in June and 5.92 million in July 2024, according to Kpler data. For the first seven months of the year, China's imports are estimated by Kpler at 35.17 million tons, down 21.2% from the 44.64 million for the same period in 2024. The drop in China's LNG imports also accounts for 91% of the total drop in Asia's imports in the first seven months of 2025. The rest of the decline can largely be ascribed to India, Asia's fourth-largest LNG buyer, with imports in the January to July period estimated at 14.08 million tons, down from 16.11 million for the same period in 2024. The decline in imports by China and India comes as spot LNG prices for delivery to North Asia remain at elevated levels. The spot price dropped to $12.33 per million British thermal units (mmBtu) in the week to July 14 from $12.90 the prior week. While this is similar to the $12.00 per mmBtu that prevailed in the same week in 2024, what is different so far in 2025 is that the lowest price so far, of $11.00 in late April, is well above the low point of $8.30 in February 2024 and $9.00 in June 2023. The fact that spot prices didn't have their usual seasonal decline after the northern winter meant that Chinese buyers were unable to pick up cargoes at economical prices. A spot price of above $10-$11 per mmBtu is believed to make LNG imports uncompetitive against domestic output and pipeline supplies from Russia and Central Asia. It's also the case that China has been producing more domestic natural gas, with official data showing output rising 5.8% in the first half of 2025 to the equivalent of 96.8 million tons, an increase of about 5 million tons. Pipeline imports have also increased by about 6%, or 3 million tons. However, the combined rise in domestic output and pipeline imports is still below the decline of nearly 9.5 million tons in LNG imports, suggesting that the high LNG spot price is acting to reduce demand. Enjoying this column? Check out Reuters Open Interest (ROI), your essential new source for global financial commentary. ROI delivers thought-provoking, data-driven analysis of everything from swap rates to soybeans. Markets are moving faster than ever. ROI can help you keep up. Follow ROI on LinkedIn , opens new tab and X , opens new tab. The views expressed here are those of the author, a columnist for Reuters. https://www.reuters.com/markets/commodities/asias-lng-imports-stay-soft-july-europe-draws-cargoes-russell-2025-07-21/
2025-07-21 11:58
Petition against farm bill gathers 1.3 million signatures Petition could prompt parliamentary debate Farmers argue pesticide vital for sugar beet production PARIS, July 21 (Reuters) - A petition against a French farm bill loosening environmental rules for farming, including over the use of a pesticide accused of harming bees, has set a record for signatures, increasing pressure on the government to revisit the law. Launched by a 23-year-old student this month, the petition , opens new tab poses a fresh challenge for President Emmanuel Macron, already under strain over his cost-cutting budget. Sign up here. It had gathered 1.3 million signatures by Monday morning, becoming the first petition on the National Assembly website to surpass 500,000. In France, petitions with over half a million signatures can prompt a parliamentary debate, but do not require a new vote. National Assembly chairwoman Yael Braun-Pivet and former Prime Minister Gabriel Attal are among those who have said they would back a debate. The draft law, proposed by conservative Laurent Duplomb, would reauthorise the use of neonicotinoid pesticide acetamiprid, one of a group that European food safety agency EFSA has assessed as representing a risk to bees. It also aims to simplify approvals for livestock breeding facilities, and to ease irrigation rules. The petition, however, calls it a "scientific, ethical, environmental, and health aberration". French farmers protested in Paris in May against amendments filed by opposition lawmakers to the bill, which it said would help them compete with EU peers. France is the EU's top sugar beet grower and home to major producers such as Tereos and Cristal Union. Growers argue that acetamiprid, allowed in other EU countries, is vital to fight yellows disease, which cut yields by 30% in 2020 and slashed sugar output. "We need to maintain our means of production, and I believe there's a lot of exaggeration in the comments being made," the head of France's largest farm union FNSEA Arnaud Rousseau told franceinfo radio. The government defended the bill, but acknowledged the outcry. "We must listen (to this petition)," government spokesperson Sophie Primas said. "Perhaps we haven't explained or reassured enough. The aim of this law is to put French farmers back on an equal footing with their European counterparts." https://www.reuters.com/world/french-farm-bill-sparks-record-breaking-petition-signatures-2025-07-21/
