2025-07-20 16:15
MOSCOW, July 20 (Reuters) - Rosneft (ROSN.MM) , opens new tab, Russia's biggest oil producer, on Sunday slammed European Union sanctions on India's Nayara Energy refinery as unjustified and illegal, saying the restrictions directly threatened India's energy security. The European Union's 18th package of sanctions against Russia over the conflict in Ukraine, was approved on Friday and is aimed at dealing further blows to Russia's oil and energy industry. Nayara Eenrgy was one of the targeted companies. Sign up here. "The Nayara Energy refinery is a strategically important asset for the Indian energy industry, providing a stable supply of petroleum products to the country's domestic market. The imposition of sanctions against the refinery directly threatens India's energy security and will have a negative impact on its economy," Rosneft said. Rosneft said it holds less than 50% in Nayara and does not control the enterprise, which is managed by an independent board. It described the EU's justification for the sanctions as "far-fetched and false in context." "Nayara Energy is an Indian legal entity whose operations support the development of its assets," Rosneft said, adding that the company is fully taxed in India, has never paid dividends to shareholders, and reinvests profits into refining, petrochemicals, and retail operations. The Russian oil giant accused the EU of disregarding international law and third-country sovereignty, calling the move part of a broader effort to destabilize global energy markets and engage in unfair competition. https://www.reuters.com/business/energy/russia-rosneft-slams-eu-sanctions-indias-nayara-refinery-2025-07-20/
2025-07-20 13:34
CAIRO, July 20 (Reuters) - Saudi Arabia's ACWA Power company signed several memoranda of understanding with European companies to export renewable energy and green hydrogen from the kingdom to Europe, the Saudi energy ministry said on Sunday. The European companies included France's TotalEnergies (TTEF.PA) , opens new tab, Italy's Edison (EDNn.MI) , opens new tab and Germany's EnBW (EBKG.DE) , opens new tab. Sign up here. The Saudi company also signed separate agreements with other companies including Germany's Siemens Energy (ENR1n.DE) , opens new tab to develop energy transmission corridors. https://www.reuters.com/business/energy/saudis-acwa-power-signs-agreements-with-european-companies-export-renewable-2025-07-20/
2025-07-20 13:16
SEOUL, July 20 (Reuters) - Two people have died and five were missing in the South Korean county of Gapyeong on Sunday, after a landslide engulfed houses and campsites and flooding swept away vehicles amid heavy rainfall. This brings the nationwide death toll to 17 with 11 people missing since the rain began on Wednesday, forcing more than 13,000 people to evacuate. Sign up here. A landslide hit a campsite in Gapyeong, leaving a man in his 40s dead, two family members missing and 24 other people stranded, fire authorities said. One person was rescued near the campsite by a zip-line across a raging river, according to footage released by fire officials. In another video, a helicopter is seen airlifting a person to safety. South Korean President Lee Jae Myung ordered a swift assessment of the damage and the prompt designation of special disaster zones to increase state support. The rainfall is likely to stop on Sunday and be followed by a heat wave, the government weather forecaster said on Sunday. The heavy rainfall, which had earlier lashed southern parts of South Korea, moved north overnight, it said. https://www.reuters.com/business/environment/death-toll-rises-17-south-korea-rains-cause-landslide-floods-2025-07-20/
2025-07-20 12:59
Industrials top-performing S&P 500 sector this year Defense stocks boost group; RTX, Lockheed among Q2 reports in coming week One-fifth of S&P 500 to report, including Alphabet, Tesla NEW YORK, July 18 (Reuters) - The industrial sector has led the way for U.S. equities during a topsy-turvy year on Wall Street, but its strength will be tested as earnings season heats up. S&P 500 industrials (.SPLRCI) , opens new tab, which include aerospace companies, electrical equipment and machinery makers, transportation firms and building products companies, have gained 15% so far in 2025. That's the best year-to-date performance of the S&P 500's 11 sectors and more than double the gain of the overall index. Sign up here. Momentum for the industrials sector and the broader market will be in focus with a heavy upcoming week of second-quarter earnings, which includes reports from more than one-fifth of the S&P 500, led by Alphabet (GOOGL.O) , opens new tab and Tesla (TSLA.O) , opens new tab, the first of the "Magnificent Seven" megacap tech and growth companies to report. The S&P 500 has surged 26% since April, as investors shook off fears about a recession which had stemmed from President Donald Trump's "Liberation Day" tariff announcement. This earnings season "seems to be especially important because of the rebound that the market has had," said Chuck Carlson, chief executive officer at Horizon Investment Services. "I would think that that has built in a fair amount of optimism in terms of earnings." A number of industrials will be in the earnings spotlight as well. Aerospace and defense stocks have boosted the sector's performance this year, driven by heightened geopolitical tensions in the Middle East and Ukraine and fresh spending commitments by Germany and other nations. The S&P 500 aerospace and defense industry group (.SPLRCAED) , opens new tab has surged 30% this year. Defense companies to report in the coming week include RTX (RTX.N) , opens new tab, Lockheed Martin (LMT.N) , opens new tab and General Dynamics (GD.N) , opens new tab. GE Aerospace (GE.N) , opens new tab, whose shares have soared about 55% this year, raised its 2025 profit forecast on Thursday. Another industrial company spun off from legacy General Electric last year, GE Vernova (GEV.N) , opens new tab, has seen its shares skyrocket over 70% this year, making it the best-performing industrial sector stock. The power equipment maker's results are due Wednesday. The push for reshoring infrastructure and expansion of artificial intelligence, which has lifted demand for cooling systems and factory automation, are two themes that have supported a number of stocks in the industry, including Eaton (ETN.N) , opens new tab and Rockwell Automation (ROK.N) , opens new tab, said Robert Pavlik, senior portfolio manager at Dakota Wealth Management. Another stock that has supported the industrial sector this year: Ride-hailing giant Uber (UBER.N) , opens new tab, whose shares are up roughly 50%. "Unlike many non-Tech groups, there are a lot of solid stories here that don’t rely on macro forces to deliver solid forward returns," Nicholas Colas, co-founder of DataTrek Research, said in a note on Wednesday. Large cap industrials still look attractive despite the group's recent run, Colas said. Indeed, while industrials have been viewed historically as closely tied to the fortunes of the economy, declines for a number of growth-cycle-linked stocks have weighed on the sector's performance. Shares of package delivery firms UPS (UPS.N) , opens new tab and FedEx (FDX.N) , opens new tab have posted sharp declines, while airlines including United Airlines (UAL.O) , opens new tab and trucking companies such as JB Hunt Transport Services (JBHT.O) , opens new tab are also negative for the year. "There are economically sensitive (areas) within industrials that are not doing well," said Walter Todd, chief investment officer at Greenwood Capital. Other industrial companies slated to report in the coming week are Honeywell (HON.O) , opens new tab, Union Pacific (UNP.N) , opens new tab and United Rentals (URI.N) , opens new tab. Beyond earnings, Wall Street will continue to focus on any developments on trade ahead of August 1, when higher U.S. tariffs on numerous trading partners are set to take effect. Investors will also be sensitive to news on the Federal Reserve, with Fed Chair Jerome Powell facing fresh pressure from Trump to resign as the president presses the central bank to lower interest rates. The Fed's next monetary policy meeting is July 29-30. The S&P 500 has climbed about 7% so far this year. The market has shown resilience despite "an incredible amount of uncertainty," said Eric Kuby, chief investment officer at North Star Investment Management Corp. "We continue to be surprised at how well stocks are trading given a lot of what would seem to be significant headwinds," Kuby said. https://www.reuters.com/business/aerospace-defense/wall-st-week-ahead-industrial-sectors-gains-be-tested-earnings-ramp-up-2025-07-18/
2025-07-20 12:20
HONG KONG, July 20 (Reuters) - Rains from Typhoon Wipha pounded Hong Kong on Sunday as the storm skirted southwards before making landfall on the coast of China's Guangdong province, leaving fallen trees and scaffolding and sending over 200 people to seek refuge at temporary shelters. Hong Kong's weather authorities downgraded the typhoon warning to a No. 3 strong wind signal at 7:45 p.m. Sign up here. Just after 4 p.m., they had lowered the typhoon signal in the Asian financial hub to 8 from the maximum of 10, which had been hoisted for nearly seven hours. "Compared to previous typhoons like Mangkhut and Hato, which caused much more astonishing destruction, the impact this time was primarily limited to fallen trees and collapsed scaffolding," Eastern District councillor Kenny Yuen told Reuters. He was speaking in front of collapsed bamboo scaffolding that had fallen from a residential compound under renovation in North Point near the city's harbour and been swept onto the road. As the storm passed Hong Kong, more than 110 mm (4 inches) of rain fell within three hours and maximum wind gusts had exceeded 167 kph (103 mph) at some points. Much of the rain concentrated on the northern region neighbouring the mainland, the city's observatory said. In a statement, the government said 26 people sought treatment in public hospitals during the typhoon, while 253 flocked to its shelters, and 471 fallen trees were reported. Wipha moved westward and made landfall on the coast of Taishan city in Guangdong at around 5:50 p.m., and then weakened to a severe tropical storm, China's state-run CCTV reported. Authorities in neighbouring Macau, the world's biggest gambling hub, also downgraded the typhoon signal to 8 from 10, warning of flooding in its inner harbour area and urging residents to stay safe, public broadcaster TDM said. Hong Kong's airport authority said 80,000 travellers were hit by the rescheduling of 400 flights forced by the typhoon. Cathay Pacific Airways (0293.HK) , opens new tab cancelled all flights with Hong Kong airport between 5 a.m. and 6 p.m. on Sunday. It waived ticket-change fees and arranged for rebooking. Most public transport in Hong Kong was suspended, including ferries amid high sea swells. https://www.reuters.com/business/environment/typhoon-rains-batter-hong-kong-before-wipha-weakens-severe-tropical-storm-2025-07-20/
2025-07-20 11:26
Government revises death toll down to 35 Four still missing after boating accident in Halong Bay Storm caused damage in Hanoi, temporarily disrupted air travel HALONG BAY/HANOI, Vietnam, July 20 (Reuters) - Dozens of rescuers were scrambling in Vietnam on Sunday to trace four missing people after retrieving the bodies of dozens killed when a thunderstorm capsized a boat in the top tourist destination of Halong Bay, authorities said. Despite a calm sea, rescuers, from police and border guards to divers and navy personnel, were battling limited visibility hours before the expected landfall in northern Vietnam of Typhoon Wipha, which is now approaching Hong Kong. Sign up here. The government said rescuers had managed to retrieve the sunken boat and revised down the death toll to 35 from an initial 38 on Saturday, while cutting an estimate of those aboard to 49 from 53, though officials fear the toll could still rise. All the tourists aboard were Vietnamese, including several children, the official Vietnam News Agency said. "My brother can swim, but I was told everything happened too fast," Tran Trung Tu, 39, whose sibling was 32, told Reuters at a funeral parlour on Sunday. The accident was one of the worst in recent years in the UNESCO-protected archipelago of thousands of limestone islands about 200 km (125 miles) northeast of Hanoi, which draws tens of thousands of visitors each year. The sudden thunderstorm turned the sky dark in a matter of minutes, felling trees in the capital of Hanoi, where officials at the Noi Bai international airport said nine flights were diverted and three departures temporarily halted. "It is the first time I have experienced an accident with so many casualties here," said insurance agent Do Thi Thuy. A tour boat sank in Halong Bay in 2011, killing 12, with some foreign tourists among them. The government said the accident was caused by a "sudden" storm. Strong winds, heavy rain and lightning were reported around the time of the event, at 2 p.m. on Saturday. "I was told life vests were available, but it was too sudden," said Do Van Hai, 42, a Halong resident. "Hopefully, the missing ones will be found soon." https://www.reuters.com/world/asia-pacific/vietnam-hunts-four-missing-after-sudden-thunderstorm-capsized-tourist-boat-2025-07-20/
