2025-02-27 11:25

ATHENS, Feb 27 (Reuters) - Greece's worst rail disaster in 2023 was due to chronic safety gaps that still need to be addressed to prevent a repeat, Greek investigators said on Thursday. On February 28, 2023, a passenger train coming from Athens and a freight train coming from Thessaloniki collided head-on near Larissa in the Tempi area, killing 57 people, most of them students. The probe by Greece's Air and Rail Accident Investigation Authority (HARSIA) into the causes of the crash and the state's response is the first by a national authority to conclude. It comes just before the anniversary of the disaster, which Greeks will mark with mass demonstrations that are expected to bring the country to a standstill. "Those children were killed because the train was not safe," said HARSIA's head, Christos Papadimitriou, describing the report as an X-ray of the rail system that would help to address deficiencies. HARSIA has drafted 17 recommendations for the railway regulator; the operator, Hellenic Train; the state-owned Hellenic Railways Organisation, responsible for the network; and the transport ministry. The recommendations cover hiring and training, renewal of assets, and deployment of recording equipment to help with accident analysis. The crash led to a huge fireball and an explosion, but it is still unclear how they happened. Most of the victims died in the crash, but up to seven were killed by the fire, HARSIA said. The authority was only set up in late 2023 and launched its probe in March 2024, more than a year after the crash, which meant it had to rely on others for much of its information, it said. A judicial investigation is expected to wrap up this year. Experts hired by the families released their findings more than a year ago, highlighting safety , opens new tab deficiencies. Sign up here. https://www.reuters.com/world/europe/greek-inquiry-finds-gaps-rail-safety-two-years-after-deadly-crash-2025-02-27/

2025-02-27 11:23

High energy bills are major headache for Italy PM Meloni Budget pledges limit leeway to support the economy Italy also moves to allow use of nuclear power again ROME, Feb 27 (Reuters) - Italy will unveil a set of measures on Friday worth roughly 3 billion euros ($3.14 billion) to help families and firms cope with high energy costs, Deputy Prime Minister Matteo Salvini said. Rising gas prices are a major headache for Italy's government as they risk blunting the impact of tax cuts introduced in its 2025 budget to shore up the purchasing power of low and middle-income earners. The cabinet is also expected on Friday to adopt draft legislation aimed at allowing the use of nuclear power again, after it was banned almost 40 years ago, a representative from the energy ministry said. "We will set aside 2 billion euros to support families and an additional 1 billion for small and medium-sized (SMEs) companies," Salvini said in a radio interview. The aid package will be effective for just three months because Rome is betting that gas prices will fall with summer months approaching. "Hopefully in the next three months there will be a ceasefire between Russia and Ukraine" that would give some relief to energy markets, Salvini added. U.S. President Donald Trump is pushing for a rapid end to the three-year war that began when Russia invaded Ukraine in February 2022 and has driven global energy prices higher. The benchmark front-month contract at the Dutch TTF hub was up 2.6 euros at 44 euros per megawatt hour (MWh), by 1027 GMT on Thursday, according to LSEG data. Highly indebted Italy has pledged to bring its budget deficit below the European Union's 3% of GDP ceiling in 2026 from 3.8% targeted in 2024, leaving it limited leeway to support the economy. PRESSURE The government was ready to adopt the aid package on Monday, but Prime Minister Giorgia Meloni delayed the decision because she deemed that the measures set by the economy and energy ministries were too numerous and would not be sufficiently effective, officials have said. Meloni put pressure on her top aides so that a large part of the resources to be earmarked on Friday would go to benefit families, they added. The legislation on nuclear power is part of a wider plan to build small modular reactors which the government said could help decarbonise Italy's most polluting industries, including steel, glass and tilemaking. Nuclear-fired power plants were prohibited in Italy following referendums in 1987 and 2011, but the government is now drafting rules to lift the ban. Industry Ministry Adolfo Urso said on Wednesday that state-backed Enel (ENEI.MI) , opens new tab, Ansaldo and Leonardo were close to setting up a company to study effective solutions to build nuclear reactors in Italy. Italy is also in talks with several companies including U.S. energy group Westinghouse and France's EDF as potential partners for that state-backed company. ($1 = 0.9546 euros) Sign up here. https://www.reuters.com/world/europe/italy-readies-3-bln-package-help-families-firms-cope-with-energy-costs-2025-02-27/

2025-02-27 11:20

Feb 27 (Reuters) - Standard Chartered (STAN.L) , opens new tab on Thursday disclosed a detailed plan outlining its integration of climate considerations into its business operations, aiming for net zero targets across its financing activities by 2050 and its operations by 2025. The plan comes a few days after the bank pledged to continue its net-zero strategy and reduce emissions associated with the bonds it sells for oil and gas industries, unlike other big lenders who are reevaluating their climate plans. Major global banks such as Bank of America (BAC.N) , opens new tab, Morgan Stanley (MS.N) , opens new tab, and JPMorgan (JPM.N) , opens new tab have recently withdrawn from the Net-Zero Banking Alliance (NZBA), one of the leading climate coalitions in the banking sector. Standard Chartered, though, continues to be a part of the alliance, which currently consists of 135 banks across 44 countries, as per the alliance's website. The company's transition plan mainly targets Standard Chartered's significant emissions, referred to as the bank's financed emissions, which are associated with high-emitting clients. Sign up here. https://www.reuters.com/business/finance/standard-chartered-lays-out-detailed-net-zero-transition-plan-2025-02-27/

2025-02-27 11:07

Scientists expect a major earthquake in northern Chile soon Chile's north holds major copper and lithium production sites GPS technology helps monitor tectonic plate movements in Chile SANTIAGO, Feb 27 (Reuters) - Fifteen years ago on February 27, a devastating 8.8 magnitude quake struck southern Chile off the coast of Concepcion, shaking the ground for four minutes and unleashing a tsunami that left 550 dead. It was the deadliest natural disaster in the country since the 1960 9.5 magnitude quake, the strongest ever recorded in the world. Now scientists are expecting a big earthquake in the country's mineral-rich north. Chile is the world's largest copper producer and second-largest lithium producer. The country's largest copper mines are located in the north as well as all of its lithium production. "Every 10 years there's a big event," said Felipe Leyton, a seismologist at the University of Chile, adding that there are areas of the country that build up a lot of geological stress through fault lines. "This lets you see the potential for a big earthquake that lets us say in the short term, in seismic and geological terms, we're expecting a big earthquake in the northern part of the country." Chile, a long and skinny country spanning 4,300 km (2,672 miles) in length with an average width of 180 km (112 miles), has the Andes mountain range running all along its western border. Chile is located on the seismically active Ring of Fire that surrounds the Pacific Ocean. Its mountains and earthquakes are the product of the Nazca and South American tectonic plates crashing into each other all along the length of Chile. Dr. Mohama Ayaz, a geologist and geospatial engineer at the University of Santiago of Chile, says GPS technology lets scientists monitor plate movement for any variation and anticipate possible seismic events. "We obviously can't say exactly when, but we can anticipate them," Ayaz said. "Earthquakes are the result of built-up stress and that stress depends on the last time since the last seismic event." Ayaz noted there has not been a large release in the north of the country like there was in the southern part of the country in 2010. "So what we're expecting in the short term, is an earthquake in the north, we can't say when, but we can wait for it," Ayaz said. Sign up here. https://www.reuters.com/business/environment/scientists-predict-major-quake-chiles-mineral-rich-north-2025-02-27/

2025-02-27 11:04

A look at the day ahead in U.S. and global markets from Mike Dolan What appeared like a solid earnings beat from AI-bellwether Nvidia (NVDA.O) , opens new tab failed to impress nervy tech investors, with anxiety about the wider U.S. economy persisting as trade tariff drums keep beating. As the poster child for the artificial intelligence boom that's driven Wall Street outperformance over the past two years, the giant chip designer continues to underline the scale of that growth. But after a 3% bounce on Wednesday before the after-hours update, the stock ebbed about 1% overnight. While Nvidia delivered a 78% surge in quarterly revenue, the end of triple-digit revenue growth in 2025 now seems inevitable. What's more, it said first-quarter margins would tighten to 71% from 73.5% - lower than Wall Street's 72.2% estimate - as it ramps up production of new flagship Blackwell AI chips. The bar to impress is simply sky-high from here after a 1,800% stock price explosion over the past five years. And that's alongside persistent fears about overspending in the booming industry, along with geopolitical trade and investment curbs and overseas competition add questions going forward. The underwhelming reception for Nvidia's latest did little to sooth the ongoing 10%-plus correction in stocks of the once 'Magnificent Seven' Big Tech U.S. megacaps since December. And there are other fish to fry for the broader market (.SPX) , opens new tab as investors now parse signs of a new year slowdown in the U.S. economy, along with another confusing salvo on tariff threats from President Donald Trump late on Wednesday - this time a warning of 25% duties on Europe. Futures on this year's underperforming S&P500 index perked up on Thursday nonetheless, trying to claw back the 6,000 handle the index lost earlier in the week. Europe's high-flying stock benchmarks (.STOXXE) , opens new tab, meantime, were knocked back about 0.5% from new records by the latest tariff warnings. But the tariff uncertainty and deep cuts to government workers and programs underway stateside are starting to jangle business and consumer confidence and economic activity. While likely affected by poor weather, housing is another worry and made for another data miss on Wednesday. Sales of new U.S. single-family homes fell more than expected in January as persistently high mortgage rates sidelined potential buyers. Thursday's diary offers another health check on the new year, with durable goods, jobless claims, pending home sales and another business survey due. And a January readout on inflation captured by the personal consumption expenditures basket is now keenly awaited. But U.S. economic surprise indexes are now at their most negative since September, and first-quarter GDP estimates will be watched closely for any further slowing from Q4's 2.3% pace - with a revision of the latter due Thursday too. The bond market senses some trouble, with 10-year Treasury yields sliding to their lowest of the year on Wednesday before steadying and reclaiming 4.3% early today. Two-year yields hit their lowest since before November's election on Wednesday but firmed again today to 4.1%. The swoon in yields, which have lost about a quarter of a percentage point in just two weeks, has been exaggerated in part by nerves about another debt ceiling standoff ahead - which Federal Reserve officials have indicated may pause its ongoing balance sheet runoff of bonds. However, Fed easing hopes have gone up a notch too this week and futures now see an 80% chance of another rate cut by June. U.S. crude oil prices also hit a new year low on Wednesday before steadying today. Trump on Wednesday said he was reversing a license given to Chevron (CVX.N) , opens new tab to operate in Venezuela by his predecessor Joe Biden more than two years ago. Thursday's slight backup in debt yields and the euro's retreat on Trump's European tariff sideswipe, bolstered the dollar index (.DXY) , opens new tab. But currency markets have been mostly undecided all week between the influence of trade war fears that lift the greenback and a U.S. slowdown that could drag on it. Geopolitical worries continued to rumble in the background, with uncertainty about the mooted deal to end the Ukraine war and Chinese military activity around Taiwan into the mix. Gold prices slipped again, however. Risk assets more generally - especially those most connected with the tech sector - are on the back foot. Bitcoin plunged deeper below $90,000 on Wednesday to hit its lowest since shortly after the election more than three months ago. Elsewhere, Asia stocks were more mixed. China's mainland index eked out a gain, but Hong Kong (.HSI) , opens new tab ended slightly in the red. Japan's Nikkei (.N225) , opens new tab recovered a touch from early week losses. Key developments that should provide more direction to U.S. markets later on Thursday: * US January durable goods orders and pending home sales, Q4 GDP revision, weekly jobless claims, Kansas City Federal Reserve's February business surveys; Mexico Jan jobless and trade; Canada Q4 current account balance * Federal Reserve Board Governor Michelle Bowman, Philadelphia Fed President Patrick Harker, Cleveland Fed chief Beth Hammack, Kansas City Fed boss Jeffrey Schmid, Richmond Fed chief Thomas Barkin and Fed Vice Chair for Supervision Michael Barr all speak * UK Prime Minister Keir Starmer meets US President Donald Trump in Washington * US corporate earnings: Dell, HP, Warner Bros Discovery, Edison, Hormel Foods, Autodesk, Evergy, Mosaic, JM Smucker, Norwegian Cruise Line, EOG, Solventum, Teleflex, Viatris, Vistas, Erie Indemnity etc Sign up here. https://www.reuters.com/markets/us/global-markets-view-usa-2025-02-27/

2025-02-27 10:51

SAO PAULO, Feb 27 (Reuters) - Embraer (EMBR3.SA) , opens new tab expects to increase aircraft deliveries by up to 18% this year, it said on Thursday, reaching as many as 240 commercial and executive jets as it continues to lift output to meet strong demand. Despite supply chain disruptions, the world's third-largest planemaker - which delivered 203 jets last year - has been raising annual deliveries since 2021, marking a recovery from the pandemic-related downturn. The Brazilian company's outlook for this year places commercial aviation deliveries at between 77 and 85 aircraft, up from 73 in 2024. Business jet deliveries are estimated to hit between 145 and 155, up from last year's 130. "We could have had even better guidance, to be honest. Our guidance is within the limits of supply chain bottlenecks," Chief Executive Francisco Gomes Neto told Reuters after quarterly results. Planemakers overall, including larger rivals Airbus (AIR.PA) , opens new tab and Boeing (BA.N) , opens new tab, have struggled in recent years with supply chain snags, such as a shortage of engines, that affected output plans and delayed deliveries. Gomes Neto said the scenario has been improving, noting that although some constraints remain, Embraer should be able to better spread out production in 2025, taking some pressure off the seasonally busier fourth quarter. The higher annual deliveries should also lead to an expansion in revenues, which were projected at between $7.0 billion and $7.5 billion in 2025, after reaching $6.39 billion last year. Embraer, whose focus is on up to 150-seat single-aisle aircraft, has been experiencing solid demand for its jets and solidified itself as a market darling, with shares near all-time highs after more than doubling in value last year. Earlier this week it received a firm order for 15 E190-E2 planes from Japan's ANA (9202.T) , opens new tab, after also inking a record $7 billion deal to supply Flexjet with up to 212 business jets. The outlook remains positive this year as several sales campaigns are ongoing, Gomes Neto noted, including for the C-390 military cargo aircraft that attracted clients such as the Netherlands, Austria, Sweden and Slovakia last year. "We see 2025 as even better than 2024 in all aspects," he said. "Maybe we won't hit the same sales levels because of that huge Flexjet contract, which is not something we see every year, but we expect a very good year in terms of sales." Embraer reported a 29% jump in fourth-quarter core profit to $328 million on net revenue that rose 17% to $2.31 billion. Both metrics exceeded market forecasts, as analysts polled by LSEG expected them to hit $263.5 million and $2.2 billion, respectively. Sign up here. https://www.reuters.com/business/aerospace-defense/embraer-sees-higher-plane-deliveries-2025-demand-heats-up-2025-02-27/