2025-04-29 12:22
COPENHAGEN, April 29 (Reuters) - Telecom services have been restored to remote communities in Greenland that were cut off from crucial satellite access due to a massive power blackout in far-away Spain, the Arctic island's telecoms group said on Tuesday. Tusass, owned by Greenland's government, said on Monday that it had lost connection to satellite equipment based in Spain that provides telephone, internet, TV and radio services. Sign up here. "It's because of an error some 3,000 km (1,900 miles) away," a Tusass spokesperson told Reuters, adding that connection had been restored overnight. In 2023, Tusass selected the Maspalomas ground station in Spains's Gran Canaria island off the west coast of Africa as the hub for its new satellite network which provides a critical lifeline for some of Greenland's most isolated communities. Spain and Portugal switched their power back on Tuesday after the worst blackout in their history, though authorities offered little explanation for what had caused it or how they would prevent it from happening again. https://www.reuters.com/world/europe/greenland-satellite-services-disrupted-after-spanish-power-blackout-2025-04-29/
2025-04-29 12:21
FRANKFURT, April 29 (Reuters) - Germany has been landed with demands to split its 25 year-old single electricity market into up to five price bidding zones by European power grid lobby ENTSO-E, that wants to stop intra-German price differences leaking to neighbouring countries. Here are facts and considerations around the issue as a six-month consultation period started on Monday. Sign up here. WHY HAS THE TOPIC COME TO THE FORE? In its Bidding Zone Review, the European network companies' group argues that dividing Germany's huge market area into a number of zones would bring more efficiency and reduce management costs in Germany and outside. A scenario modelled on 2019 conditions showed a five-way zonal split could save up to 339 million euros of grid management costs a year, reduce bottlenecks, and help more renewable power to be transmitted, it said. German grid handling costs ran to 2.8 billion euros ($3.19 billion) in 2024, standing in the way of steering producers' and consumers' behaviour. WHAT ENTSO-E HOPES TO ACHIEVE High renewable generation in Germany's north, while industry demand is concentrated in the south, distorts prices in a single zone over a large geography, say some organisations, economists, northern federal states, and Germany's EU partners such as Sweden, which operates a connecting cable. Northern areas cannot benefit from cheap local power as everyone pays too much when the entire national grid bill is spread around all, they say. Local zones with realistic prices would encourage better participation in battery storage, electric cars and heat pumps. WHY GERMANY IS OPPOSED Germany concedes its network expansion is slow but it has clear targets for building north-south transmission highways to overcome the structural problems. It cannot ditch these now to adopt an entirely new system, say the coalition government, southern states and industries, namely energy, cars and chemicals. Germany's export-geared industries are struggling with recession and, if burdened with even higher costs in the south, might decamp, withdraw employment. Meanwhile, transmission companies (TSOs), under the watch of the energy regulator, are clearly making progress with big new transport lines. POSSIBLE CONSEQUENCES OF AN ESCALATION If the EU Commission, led by German national Ursula von der Leyen, adopted ENTSO-E's stance and pitted itself against Berlin, the row could rattle the bloc's biggest economy and give rise to right-wing and anti-EU sentiments. Or, if Germany persisted in its opposition to a reconfiguration, it could face retaliation at a time when it needs good relations with its EU trade partners. If member states do not agree how to proceed within six months, the Commission has a further six months to decide on a course of action. HOW THE ISSUE COULD BE SILENTLY REMEDIED Germany can hope to maintain its unified price zone if it adheres to a long-term requirement under an EU internal energy market regulation for 70% of its border interconnection capacity being ready for tradable power flows by year-end. TSOs are optimistic they can prove their progress on this target, a bid supported by Germany's power bourse, the European Energy Exchange (DB1Gn.DE) , opens new tab. "Then, there would be no reason to break up this large liquidity pool (Germany's status quo)," said EEX chief executive, Peter Reitz, in a call with reporters on Monday. ($1 = 0.8789 euros) https://www.reuters.com/sustainability/boards-policy-regulation/whats-behind-request-germany-split-its-power-market-2025-04-29/
2025-04-29 11:39
First-quarter revenue misses analyst expectations Reiterates 2025 forecasts, says impact of tariffs manageable AstraZeneca shares fall over 5% before paring losses April 29 (Reuters) - AstraZeneca (AZN.L) , opens new tab expects only limited impact from potential U.S. tariffs on pharmaceutical imports, the drugmaker said on Tuesday, asserting it would maintain its 2025 forecasts if the levies end up being in line with other sectors. The tariffs and their erratic rollout by President Donald Trump have heightened fears of global supply chain disruptions, roiling industries that are heavily focused on the United States, the world's biggest consumer market. Sign up here. However, AstraZeneca Chief Executive Pascal Soriot said in a call with journalists that their shock would be something the company could absorb. "If tariffs were implemented in the range we have seen recently in other industries on medicines imported from Europe to the U.S., we would remain within the guidance range we indicated for 2025," he said. Most of the Anglo-Swedish drugmaker's sales come from drugs manufactured either domestically or in Europe, and the company was already shifting some additional manufacturing to U.S. sites, he added. "It's really something that we are going to manage," he added, noting that only minor volumes of U.S.-made drugs are exported to China, shielding the impact of tariffs in the country's second-biggest market after the United States. Shares in AstraZeneca fell as much as 5.4% before paring losses to trade down 3.2% at about 102 pounds by 0929 GMT, underperforming London's blue-chip FTSE 100 (.FTSE) , opens new tab, which rose 0.2%. Soriot spoke after the company reported total revenue of $13.6 billion for the first quarter, below company-compiled analysts' expectations of $13.8 billion. Sales of key oncology drugs missed forecasts, impacted partly by changes in U.S. Medicare price negotiations and the transition of rare disease patients from Soliris to newer drug Ultomiris, analysts said. The company also said it could face a new fine in China of up to $8 million over suspected unpaid taxes related to imports of breast cancer drug Enhertu. The update on investigations in China comes after it announced in February that it could face a fine of up to $4.5 million over imports of cancer drugs Imfinzi and Imjudo. Still, core earnings per share of $2.49 beat consensus estimates of $2.27. China accounted for about 12% of overall sales in 2024, while the United States made up 43%. ($1 = 0.7465 pounds) https://www.reuters.com/business/healthcare-pharmaceuticals/astrazeneca-says-may-face-further-import-tax-fine-china-2025-04-29/
2025-04-29 11:35
Coca-Cola reaffirms annual revenue, profit forecasts Company says local operations mitigate global trade impact Average selling prices increase 5% in first quarter April 29 (Reuters) - Coca-Cola (KO.N) , opens new tab on Tuesday reported better-than-expected revenue and profit for the first quarter, as the beverage giant benefits from price hikes and enjoys strong demand for its sodas, juices and milk offering Fairlife. The Sprite and Fanta maker also maintained its full-year organic revenue and comparable profit forecasts, unlike PepsiCo (PEP.O) , opens new tab and Procter & Gamble (PG.N) , opens new tab that lowered their annual expectations as the global trade war triggered by steep U.S. tariffs threatened to push up costs for American companies. Sign up here. "(Coca-Cola's) operations are primarily local, however, it is subject to global trade dynamics which may impact certain components of the company's cost structure across its markets," it said in a statement. "At this time, the company expects the impact to be manageable." In the last quarter, Coca-Cola had underlined strategies to offer affordable packaging options and plans to use plastic bottles to mitigate the impact from 25% tariffs on aluminum imports. "This morning's print reaffirms our confidence in KO's fundamentals despite a difficult macroeconomic backdrop," RBC Capital analyst Nik Modi said. "KO reiterated top- and bottom-line guidance, which should be viewed as favorable in this environment," he said. Shares of Coca-Cola rose 1.2% in premarket trading. Rival PepsiCo (PEP.O) , opens new tab last week called out subdued consumer spending, but demand for Coca-Cola's slightly pricey products has so far remained stable, helping boost sales growth despite price hikes in highly inflationary markets such as Argentina and Latin America. Its first-quarter overall average selling prices rose 5%, while unit case volumes increased 2%. Still, volumes in its North America market fell 3%, mostly due to a slowdown in demand for its legacy brands such as Coca-Cola and Sprite, as well as coffee. In an attempt to boost demand in the region, the company has been betting on its portfolio of energy drinks and prebiotic sodas by launching new items such as Simply Pop. Its quarterly revenue fell marginally to $11.22 billion, compared with expectations of a 0.84% fall to $11.14 billion, according to data compiled by LSEG. Excluding items, the company earned 73 cents per share, compared with estimates of 71 cents. https://www.reuters.com/business/retail-consumer/coca-cola-posts-smaller-than-expected-drop-quarterly-revenue-2025-04-29/
2025-04-29 11:25
MADRID, April 29 (Reuters) - Spain's High Court on Tuesday said it will open an investigation into Monday's huge power outage to find out if a cyberattack against Spanish critical infrastructures may have caused the blackout in nearly all of the Iberian Peninsula. In that were the case, Judge Jorge Calama would investigate it as a crime of terrorism, a court document showed. Spain's grid operator REE said earlier its preliminary assessment had all but ruled out a cyberattack. Sign up here. https://www.reuters.com/world/europe/spains-high-court-investigate-whether-power-outage-was-cyberattack-2025-04-29/
2025-04-29 11:23
NEW DELHI/SINGAPORE, April 29 (Reuters) - Abu Dhabi National Oil Company (ADNOC) will start replacing some of the liquefied petroleum gas it supplies to India with cheaper U.S. cargoes from June, industry sources said, as U.S.-China tariffs rejig global trade flows. The move will enable ADNOC to ship more of its own LPG to China, where buyers are paying higher premiums to replace U.S. supply after Beijing imposed steep tariffs on U.S. goods, and reduce LPG costs for India, the world's No. 2 importer. Sign up here. India sources more than 80% of its LPG imports from the Middle East, including Saudi Arabia, the United Arab Emirates, Qatar, and Kuwait, under annual contracts. Earlier this month, Indian refiners made a rare request to Middle East suppliers to swap some of their term supply with U.S. LPG. Indian refiners asked for U.S. LPG to be delivered at discounts to the Middle Eastern benchmark Saudi Contract Price (CP), sources said. ADNOC, through its trading units, has agreed to supply some U.S. LPG cargoes to India refiners under the annual contracts from June-July, said sources. The U.S.-China war has widened the price gap between the Middle Eastern and U.S. LPG, they said. However, one of the sources said: "It is difficult to replace the entire volumes with U.S. LPG." June Goh, an analyst at Sparta Commodities, said: "Unlike China, India's consumption of LPG is mainly for domestic use and requires a higher percentage of butane in the blend." "Thus India can benefit from the diversion of U.S. LPG cargoes but not the propane cargoes," she added. Indian refiners - Indian Oil Corp (IOC.NS) , opens new tab, Bharat Petroleum Corp (BPCL.NS) , opens new tab and Hindustan Petroleum Corp (HPCL.NS) , opens new tab - and ADNOC did not respond to Reuters' requests for comment. India imported about 60% of its overall LPG consumption at 29.66 million metric tons in 2023/24, according to government data. https://www.reuters.com/business/energy/uaes-adnoc-supply-us-lpg-india-following-china-us-tariffs-sources-say-2025-04-29/
