2025-07-30 08:41

YOKOHAMA, Japan, July 30 (Reuters) - Embattled automaker Nissan (7201.T) , opens new tab reported a $535-million quarterly loss on Wednesday, hit by U.S. tariffs, restructuring and lower sales volumes and said it would stop production at a plant in Mexico. Japan's third-largest automaker is in the midst of a sweeping turnaround plan and has pledged to close some seven plants globally and lay off 15% of its workforce. Sign up here. Nissan reported an operating loss of 79.1 billion yen ($535 million) for the quarter from April to June, narrower than an average estimate for a loss of 123.9 billion yen in an LSEG survey of five analysts. The result compared to a company forecast for a loss of 200 billion yen when it reported results for the previous financial year in May. "We're still in the early stages of our recovery," CEO Ivan Espinosa told a press conference after the results release, adding that the automaker was making progress in cutting costs. In a statement, Nissan said it would stop output at its Civac plant in Mexico by March 2026 in its global restructuring plan, integrating vehicle production from that plant to its Aguascalientes complex during the current financial year. The news comes after Nissan said this month it would stop producing cars at two domestic sites, namely its Oppama plant, by March 2028, and Nissan Shatai's (7222.T) , opens new tab Shonan factory, by March 2027. The automaker first started operations at the Civac plant in 1966 in its initial expansion outside Japan. It has turned out more than 6.5 million vehicles so far, Nissan said. The automaker's drastic restructuring effort aims to slash costs and restore profitability and performance in key markets such as the United States and China. The plan includes slashing global production capacity to 2.5 million vehicles from 3.5 million and manufacturing sites to 10 from 17. https://www.reuters.com/business/autos-transportation/nissan-takes-535-million-quarterly-hit-tariffs-bite-2025-07-30/

2025-07-30 07:51

8.8 magnitude quake hits near city of Petropavlovsk-Kamchatsky Tsunami of 3-5 metres recorded in Kamchatka Peninsula Warnings for Japan, Hawaii, US West Coast and other Pacific nations Largest quake in region since 1952, Russian science academy says July 30 (Reuters) - A powerful magnitude 8.8 earthquake off Russia's Far Eastern Kamchatka Peninsula triggered tsunami waves of up to 5 metres (16 feet) and sparked evacuation orders in Hawaii and across the Pacific on Wednesday. The shallow earthquake damaged buildings and injured several people in the remote Russian region, while much of Japan's eastern seaboard - devastated by a 9.0 magnitude earthquake and tsunami in 2011 - was ordered to evacuate. Sign up here. A resident in the city of Petropavlovsk-Kamchatsky said the shaking rumbled for several minutes. "I decided to leave the building," said Yaroslav, 25. "It felt like the walls could collapse any moment. The shaking lasted continuously for at least 3 minutes.” Tsunami waves struck parts of Kamchatka, partially flooding the port and a fish processing plant in the town of Severo-Kurilsk and sweeping vessels from their moorings, regional officials and Russia's emergency ministry said. "Today's earthquake was serious and the strongest in decades of tremors," Kamchatka Governor Vladimir Solodov said in a video posted on the Telegram messaging app. Russian scientists said it was the most powerful quake to hit the region since 1952. In Hawaii, coastal residents were told to get to high ground or the fourth floor or above of buildings, and the U.S. Coast Guard ordered ships out of harbours as the tsunami approached. "Take Action! Destructive tsunami waves expected," the Honolulu Department of Emergency Management said on X. Shortly after 0730 GMT, the Pacific Tsunami Warning Center said waves of up to 1.7 metres (5.5 feet) were impacting the Hawaiian islands. State Governor Josh Green had earlier said no waves of consequence had hit Hawaii but all flights in and out of Maui had been cancelled. WARNINGS ACROSS THE PACIFIC The U.S. Geological Survey said the earthquake was shallow at a depth of 19.3 km (12 miles), and centred 119 km (74 miles) east-southeast of Petropavlovsk-Kamchatsky, a city of 165,000. It revised the magnitude up from 8.0 earlier, and reported a series of strong aftershocks up to a magnitude of 6.9. Tsunami alarms sounded in coastal towns across Japan's Pacific coast and evacuation orders were issued for tens of thousands of people. Workers evacuated the stricken Fukushima nuclear plant, where a meltdown following the 2011 tsunami caused a radioactive disaster, operator TEPCO said. Footage on public broadcaster NHK showed scores of people on the northern island of Hokkaido on the roof of a building, sheltering under tents from the beating sun, as fishing boats left harbours to avoid potential damage from the incoming waves. Broadcaster Asahi TV reported a 58-year-old woman died when her car fell off a cliff while she was evacuating in central Japan's Mie prefecture. Automaker Nissan Motor (7201.T) , opens new tab suspended operations at certain domestic factories in Japan to ensure employee safety, Kyodo news agency reported. Three tsunami waves had been recorded in Japan, the largest of 1.3 metres (4.3 feet), officials said. Japan's Chief Cabinet Secretary Yoshimasa Hayashi said there were no injuries or damage reported so far, and no irregularities at any nuclear plants. Tsunami waves of between 1-3 metres (3-9 feet) can be fatal for people who are swept away, said NHK. They can also cause flooding and damage wooden buildings, with people at risk of being killed by large drifting objects, according to the Japan Lifesaving Association. The U.S. Tsunami Warning System also warned of "hazardous tsunami waves" spreading across the Pacific. Waves reaching more than 3 metres were possible along some coasts of Russia, the northern Hawaiian islands and Ecuador, while waves of 1-3 metres were possible in countries including Japan, Hawaii, Chile and the Solomon Islands, it said. "Due to a massive earthquake that occurred in the Pacific Ocean, a Tsunami Warning is in effect for those living in Hawaii," U.S. President Donald Trump said in a social media post. 'RING OF FIRE' Russia's Ministry for Emergency Services said on Telegram that a kindergarten was damaged but most buildings withstood the quake. No serious injuries or fatalities have been reported. Several people in Kamchatka sought medical assistance following the quake, Oleg Melnikov, regional health minister, told Russia’s TASS state news agency. In Severo-Kurilsk in the northern Kuril islands, south of Kamchatka, tsunami waves exceeded 3 metres, with the largest up to 5 metres, Russia's RIA news agency reported. Alexander Ovsyannikov, the town's mayor, said four tsunami waves had passed. He urged residents to assess damage to their homes and not to use gas stove heating until inspections had been carried out, in order to avoid a risk of carbon monoxide poisoning. Power to the Sakhalin region had been cut off due to damage to the electricity grid, RIA said, citing the regional governor. Kamchatka and Russia's Far East sit on the Pacific Ring of Fire, a geologically active region that is prone to earthquakes and volcanic eruptions. "However, due to certain characteristics of the epicentre, the shaking intensity was not as high ... as one might expect from such a magnitude," said Danila Chebrov, director of the Kamchatka Branch of the Geophysical Service, on Telegram. "Aftershocks are currently ongoing ... Their intensity will remain fairly high. However, stronger tremors are not expected in the near future. The situation is under control." https://www.reuters.com/business/environment/tsunami-waves-reach-hawaii-after-huge-quake-rattles-russias-far-east-2025-07-30/

2025-07-30 07:47

Shanghai relocates 280,000 residents as Co-May makes landfall Hundreds of flights cancelled in Shanghai, nearby cities Tsunami triggered by quake off Russian coast expected to have knock-on effects SHANGHAI, July 30 (Reuters) - Shanghai relocated more than 280,000 people, halted hundreds of flights and ferry services and imposed speed limits on roads and railways on Wednesday as a tropical storm whipped eastern China with gales and heavy rain. Co-May's landfall in the port city of Zhoushan in Zhejiang province in the early hours of Wednesday was soon followed by warnings of a tsunami set off by a powerful earthquake off Russia's far east, raising concerns of larger-than-expected storm surges along the Chinese coast. Sign up here. While the winds from Co-May were weaker than those generated by typhoons, the Chinese financial hub and other cities in the Yangtze River delta have taken no chances. At least 640 flights could be cancelled at Shanghai's two main airports on Wednesday, including 410 at Pudong and 230 at Hongqiao, authorities said. All ferry services in Shanghai had been cancelled since Wednesday morning, and drivers were told to drive under 60 kph (37 mph) on highways, local media reported. Shanghai's Disneyland and Legoland remained open. But some rides and performances would be suspended at Legoland due to weather conditions, the park said. Airports at nearby cities Ningbo, Wenzhou and Hangzhou also saw flight cancellations and diversions. As of Wednesday morning, more than 75% of Wednesday's flights at Zhoushan had been cancelled. Some train services in the region were temporarily suspended with others operated under restricted speeds, state media said. Shanghai is rarely subject to direct hits from strong typhoons that generally make landfall further south in China. The most significant typhoon in recent years that landed directly in Shanghai was Bebinca last year, the most powerful tropical cyclone to hit China's financial capital since 1949. Co-May made landfall in Zhoushan in the early hours of Wednesday with maximum sustained wind speeds near its centre of 23 metres per second (83 kph). Forecasters expect Co-May to make another landfall closer to Shanghai later on Wednesday. The storm coincided with a tsunami triggered by a magnitude 8.8 earthquake off Russia's Kamchatka Peninsula on Wednesday, about 4,000 km (2,500 miles) from Shanghai. China's National Marine Environmental Forecasting Center said the tsunami was expected to have a "disastrous impact" on some parts of China's coast, including Shanghai and Zhoushan. The natural resources ministry also issued tsunami warnings for the two cities, which could be hit by waves of up to 1 metre in height in the early evening. Warnings of waves of up to 3 metres have been declared along Japan's Pacific coast due to the tsunami. Tsunamis generated by earthquakes are capable of travelling thousands of kilometres across vast oceans without loss of power. https://www.reuters.com/sustainability/climate-energy/shanghai-grapples-with-twin-threats-tropical-cyclone-tsunami-2025-07-30/

2025-07-30 07:43

July 30 (Reuters) - Microsoft (MSFT.O) , opens new tab has restored services to Russia-backed Indian refiner Nayara Energy, Nayara's lawyer told a New Delhi court, days after the U.S. tech giant terminated its services due to European Union sanctions. Nayara has been forced to scale back operations at its 400,000-barrel-per-day refinery for lack of sufficient fuel storage and vessel owners' demand to end their contracts after it was hit by the EU's latest sanctions. Sign up here. Microsoft suspended service after the EU introduced its fresh round of sanctions on July 18 against Russia and its energy sector that also cover Nayara, majority owned by Russian entities such as oil major Rosneft (ROSN.MM) , opens new tab. Nayara had approached a New Delhi court to order restoration of Microsoft's services, saying its employees were unable to access official emails and company data needed for day-to-day operations. On Wednesday, Nayara's lawyer told the judge that the "matter has been resolved" as Microsoft has restored services to the company. In a statement to Reuters, Microsoft confirmed it has restored services for Nayara Energy. "We are engaged in ongoing discussions with the European Union towards service continuity for the organization," Microsoft added. Russian oil major Rosneft holds a 49.13% stake in Nayara and a similar stake is owned by a consortium, Kesani Enterprises Co Ltd, led by Italy's Mareterra Group and Russian investment group United Capital Partners. Nayara operates about 6,600 retail fuel outlets and runs India's third-biggest refinery at the port of Vadinar in the western state of Gujarat. Nayara, Reuters has previously reported, had turned to Indian firm Rediff.com to ensure communication between employees when Microsoft services were terminated. https://www.reuters.com/business/energy/microsoft-restores-services-russia-backed-nayara-energy-2025-07-30/

2025-07-30 07:28

MADRID, July 30 (Reuters) - Spanish renewable energy and water company Cox (COXGA.MC) , opens new tab is interested in buying Iberdrola's (IBE.MC) , opens new tab assets in Mexico, Chief Executive Nacho Moreno told Reuters on Wednesday. "What I can tell you is that it is true that they are running a process to sell their Mexican business," he said in an interview. Sign up here. "It is true that that business is absolutely amazing. And it is true that we are looking into that business as much as we are looking into some other businesses." Iberdrola controls six wind parks and three solar parks in the country, according to its website, as well as other power plants including gas and cogeneration. https://www.reuters.com/sustainability/climate-energy/spains-renewable-energy-company-cox-interested-iberdrolas-mexican-assets-2025-07-30/

2025-07-30 07:28

LISBON, July 30 (Reuters) - Wind energy producer EDP Renovaveis' (EDPR.LS) , opens new tab first-half profit fell by 56% compared with a year ago, despite an increase in power production, as it sold fewer assets, it said on Wednesday. EDPR, the world's fourth biggest producer of wind energy, said it booked only 12 million euros ($13.87 million) in capital gains from the sale of wind and solar parks - part of a strategy of disposing of stakes in mature plants to finance new ones - in the first half, compared to 171 million euros a year ago. Sign up here. It has said it expects to book more capital gains in the second half and its share price rose by around 1% at the market open. Net profit at EDPR, which is the renewables arm of Portugal's main utility EDP's (EDP.LS) , opens new tab, said net profit dropped to 93 million euros, below the 118 million euro average analysts polled by LSEG forecast. Excluding the reduced gains from asset sales, EDPR said recurring net profit rose by 80 million euros, reflecting a "significant improvement in the profitability of the operating asset portfolio, driven by increased electricity production levels and improved operational efficiency". Revenues grew 18% to 1.4 billion euros, supported by a 12% increase in power production to 21.2 terawatt-hours, with North America representing 60% of total generation output and Europe 27%, it said. Consolidated earnings before interest, tax, depreciation and amortisation fell year-on-year by 1% to 948 million euros, in line with forecasts. Excluding capital gains, recurring EBITDA grew 20%. EDPR, which operates in 28 countries across Europe, the Americas, and Asia, said that in June its installed capacity was 19.6 gigawatts, up 3 GW from a year ago. The United States represented around 44% of its total installed capacity, placing the North American region at over 50%, while Europe accounted for 35%. EDPR said it has 2.3 GW of capacity under construction "that are on track and within budget, supporting the expected capacity additions of around 2 GW in 2025". ($1 = 0.8660 euros) https://www.reuters.com/sustainability/climate-energy/wind-power-company-edprs-profit-drops-56-due-reduced-gains-asset-sales-2025-07-30/