Category: 3. Business

  • China drafts new rules after assisted-driving system crash

    China drafts new rules after assisted-driving system crash

    China is finalising new safety rules for driver-assistance systems as regulators try to balance innovation with safety in the fast-growing market for assisted-driving cars.

    The move follows a March accident involving a Xiaomi SU7 sedan that killed three people after the driver took control from the assisted-driving system just seconds before the crash.

    Regulators are working to tighten oversight of how these systems are marketed and used, while encouraging companies to continue developing advanced technologies. Officials want to prevent carmakers from overstating what their systems can do, even as they push the industry to roll out more advanced features like Level 3 assisted-driving, which allows drivers to look away from the road in certain situations.

    New rules will focus on ensuring systems can monitor a driver’s alertness and ability to retake control quickly. Companies like Dongfeng and Huawei have been involved in drafting the regulations, with a public feedback period ending this week.

    China’s Ministry of Industry and Information Technology has not commented.

    Testing of Level 3 systems was paused earlier this year after the Xiaomi accident, although Beijing still hopes to resume trials later this year and approve its first Level 3 vehicle by 2026. Changan was initially selected to begin validation testing in April, but those plans were delayed.

    Level 2 systems, which handle steering, braking, and acceleration with the driver still in control, have become common in China. Tesla, Xiaomi, and BYD all offer these features, with BYD giving its “God’s Eye” software to all models at no extra charge.

    More than 60% of cars sold in China this year are expected to include Level 2 technology.

    China’s approach stands in contrast to the U.S., where companies have voiced concern over the lack of a clear regulatory framework. By setting clear but flexible rules, Beijing hopes to keep its domestic automakers ahead in global competition.

    At the Shanghai auto show, Huawei said it is ready to deploy a Level 3 system for highways and showed footage of passengers singing while the car drove itself. Geely’s Zeekr brand revealed a new SUV with Level 3 features, saying it could begin production in the third quarter if rules permit.

    Zeekr is applying to be included in the next group of automakers approved for validation testing.

    Foreign automakers like Mercedes-Benz and Volkswagen presented advanced features but avoided crossing into Level 3 territory due to cost and liability concerns. Chinese regulators are expected to hold automakers and suppliers responsible if their systems fail, following a similar move by the UK last year.

    China’s push for assisted-driving mirrors its earlier strategy to grow its electric vehicle market. Last year, nine automakers were selected for public tests to support wider adoption of self-driving technology.


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  • Samsung UK Launches Standalone Trade In, Giving Old Devices New Value – Samsung Newsroom U.K.

    Samsung UK Launches Standalone Trade In, Giving Old Devices New Value – Samsung Newsroom U.K.

    • Customers can now trade in eligible Samsung smartphones for Samsung Credits, valid for five years

    • Credits are redeemable across Samsung.com on a wide range of products – from mobiles and TVs to fridges and wearables

     

     

    Samsung Electronics Co.Ltd has announced the launch of Trade In For Samsung Credits, a new initiative that rewards customers with Samsung Credits when they trade in an eligible mobile device[1]. The credits can be used on future purchases at Samsung.com, from the latest Galaxy devices to tablets, smart TVs, monitors, wearables, smart home appliances and more[2].

     

    Samsung Credits can be redeemed on your next purchase, whether upgrading to a new device or investing in a new piece of home tech, or saved in your Samsung Account to use anytime within five years. The programme offers competitive trade-in values, even for damaged devices[1], with the convenience of free, pre-paid returns.

     

    Giving customers a new way to unlock value from old devices, the programme is currently available for Samsung’s flagship Galaxy S series and Z series devices and is set to expand to a wider range of products later this year.

     

    Annika Bizon, Mobile Experience VP of Product and Marketing, Samsung UK & Ireland, says: “Trade In for Samsung Credits is all about giving our customers more ways to get the most value. By trading in old devices, customers can save on a wide range of Samsung technology from smartphones and tablets to TVs and smart appliances. It’s a simple, rewarding way to shop smarter and experience all the best that Samsung has to offer.”

     

    To find out more or trade-in your device, visit: https://www.samsung.com/uk/trade-in/.

     

    [1]To be eligible for trade in, your device must meet the following criteria:
    • Powers on and holds a charge without unexpected shutdowns.
    • No liquid damage or defects.
    • Reset to factory settings with all personal information and software locks removed. (Samsung account, Google account etc)
    Samsung Credits cannot be used to pay for subscriptions or third-party products through Samsung Marketplace

    [2]Excludes Samsung Marketplace products, Subscription Products and Samsung Finance purchases.

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  • China Family Travel Boom Drives Summer Travel Growth with Immersive and Educational Experiences, Learn More Here

    China Family Travel Boom Drives Summer Travel Growth with Immersive and Educational Experiences, Learn More Here

    Home » TRAVEL NEWS UPDATES » China Family Travel Boom Drives Summer Travel Growth with Immersive and Educational Experiences, Learn More Here

    Friday, July 4, 2025

    With its annual summer holiday season approaching, the tourism industry is in for the most phenomenal year with the growing demand for family vacations. With the report of 2025 summer holiday trends released by LY.com in June, it became clear that vacations with the family have emerged as the flagship of China tourism industry for international and local trips alike. Predicted is the continued rise of family travelers for the airlines and tourism sector as growing families put more priority on trips of experience over the traditional vacation type, with one of the central interests being Beijing .

    Family Travel Dominates the Summer Travel Rush

    The report from LY.com highlights that family travel is poised to lead the charge this summer, accounting for a significant portion of both domestic and international travelers. According to estimates, approximately 34.7% of passengers on domestic flights during the summer travel season will be traveling with minors, while 23% of passengers on international routes will also be families. Both of these figures represent an increase over the same period in 2024, demonstrating the growing demand for family-centric travel experiences.

    The summer travel season, which spans from July to August, is expected to see 6 million first-time air travelers—a number that emphasizes the expanding middle class in China and a growing appetite for travel among families. This surge in family tourism reflects broader cultural shifts, as more parents are choosing to invest in experiences rather than material goods for their children.

    Record Growth for Travel Agencies Catering to Families

    The boom in family travel is evident in the performance of leading travel agencies in China. For example, Utour, a Beijing-based travel agency, reported a 70% year-on-year increase in its summer bookings as of mid-June. Family travel is forecasted to account for over 60% of Utour’s summer clientele, reinforcing the sector’s dominance in the current tourism market.

    Utour’s success is reflected in the growing demand for educational trips and family-focused tour packages. Among its new offerings is a 12-day family tour to the United Kingdom, which includes visits to top British universities, guided tours of the British Museum, and Harry Potter-themed experiences. This type of package aligns perfectly with the increasing interest in immersive travel that combines culture, education, and entertainment.

    A Shift in Parenting: Investing in Experience Over Material Goods

    The rise of family travel is partly driven by a generational shift in parenting. Parents born in the 1980s and 1990s, now the primary decision-makers in family vacations, increasingly value meaningful experiences over material purchases.

    The focus is shifting from traditional sightseeing to experiences that are enriching for both parents and children. These types of vacations are centered around building memories and creating opportunities for children to engage with culture, history, and the world around them. As a result, family travel has become a form of investment that contributes to children’s development, fostering skills such as creativity, curiosity, and global awareness.

    Rise of Immersive Learning and Cultural Experiences

    A key trend in family travel is the growing demand for immersive learning experiences. Parents are increasingly seeking activities that provide children with hands-on learning opportunities, which also serve as educational experiences. This demand has led to a rise in packages that feature traditional craft workshops, folk customs, and intangible cultural heritage activities.

    In Guangdong Province, travel agency GZL International Travel Service has tapped into this trend by offering family travel packages that focus on cultural heritage. These packages include activities such as dough figurine making and paper cutting, which allow families to learn about traditional Chinese arts and crafts. By mid-June, family travelers had accounted for 82% of the agency’s customers, reflecting the growing interest in cultural learning.

    As immersive cultural experiences continue to rise in popularity, they are reshaping the way families think about vacations. Traveling with purpose has become a major consideration, with families preferring trips that offer rich, educational content alongside traditional sightseeing.

    Social Media Influence and Trending Intellectual Properties

    The rise of family travel has also been influenced by the power of social media and online platforms, where photo-worthy experiences have become an essential part of vacation planning. Parents increasingly value destinations and activities that offer shareable moments for social media, making “Instagrammable” spots a key consideration for many travelers.

    In this age of social media, trending intellectual properties (IPs) such as Pop Mart and LEGO have had a considerable influence on family travel choices. The Pop Land experience, based on the popular Labubu character, has seen a dramatic increase in ticket bookings, with families eager to visit destinations that offer branded, shareable experiences.

    The launch of the LEGOLAND Shanghai Resort on July 5, 2025, the largest LEGOLAND park in the world, is expected to be one of the top family destinations this summer. The park’s immersive experience, along with its unique offerings of LEGO-themed attractions, is attracting a wave of family tourists eager to experience its interactive exhibits.

    The Future of Family Travel in China

    Looking ahead, the family travel boom is expected to remain a dominant force in China’s tourism market. The trend reflects broader shifts in societal values, as families increasingly prioritize experiences that contribute to children’s learning and development. The combination of cultural learning, immersive experiences, and social media-driven destinations is set to drive demand for family-friendly tourism products.

    Travel agencies are likely to continue expanding their offerings to meet this demand, introducing more tailored packages that focus on family-friendly activities, educational tours, and culturally enriching experiences. As parents seek to provide their children with more than just a typical holiday, the tourism industry will have to adapt by providing more personalized, purposeful travel options.

    With rising demand for family vacations and educational tourism, the tourism industry of China is likely to turn in steady performance in the years ahead. The market for family trips is likely to remain the core driver of the country’s tourism industry and induce demand for destinations where new-generation travelers can get desirable, enriching experiences.

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    Tags: Beijing, china tourism, cultural heritage, educational tours, family tourism boom, family vacations, guangdong, immersive experiences, LEGOLAND Shanghai., Shanghai, Social Media Trends, summer tourism

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  • The first big winners in the race to create AI superintelligence: the humans getting multi-million dollar pay packages

    The first big winners in the race to create AI superintelligence: the humans getting multi-million dollar pay packages

    Nearly every day, another business luminary makes a gloomy prediction about job security in the AI era. Well-known venture capitalist Vinod Khosla recently said artificial intelligence could wipe out 80% of all jobs by 2030 while Amazon CEO Andy Jassy warned about likely job cuts at the retail giant due to automation. 

    And yet, amid all the pessimism, one tiny group of humans has become extraordinarily valuable: Those creating AI. Many tech companies are scrambling to hire top-notch AI leaders and researchers, using multi-million dollar paychecks to entice them. 

    The latest example of how essential some humans are in the AI era came in the last few weeks, when Facebook-parent Meta went on a spending spree to beef up its all-important AI operations. The company is betting that the infusion of new talent will jumpstart its efforts, which are said to be lagging the competition and putting tens of billions of dollars in future profits at risk. 

    The push started with Meta CEO Mark Zuckerberg hiring Alexandr Wang, CEO of AI labeling startup Scale AI, to be his first chief AI officer, and making a $14.3 billion investment in Wang’s company. Zuckerberg also recruited former GitHub CEO Nat Friedman to partner with Wang in leading Meta’s new superintelligence lab.  

    Just days later, Meta went on another hiring blitz by poaching a number of AI researchers from ChatGPT maker OpenAI, along with employees from Google and Anthropic, maker of the Claude AI assistant. 

    “As the pace of AI progress accelerates, developing superintelligence is coming into sight,” Zuckerberg wrote in a memo on Monday to formally announce Wang and Friedman’s new roles and the opening of the superintelligence lab. “I believe this will be the beginning of a new era for humanity, and I am fully committed to doing what it takes for Meta to lead the way.”

    The AI talent war between Meta and OpenAI is just an extreme example of what’s happening across the tech industry. Companies large and small are fighting to recruit big-name AI leaders and their foot soldiers, readily acknowledging that developing superintelligence, or AI that’s vastly smarter than humans, hinges on the work of actual humans. 

    In their sales pitches, companies often claim AI can perform magic. But for now at least,  the technology can’t entirely perform its magic on itself.

    AI research scientists who are focused on foundational AI and making sci-fi advancements to it are considered to be at the top of this new pecking order. They oversee the training of vast general-purpose models, fine tune them, and make them more adaptable for developers to incorporate into their products. 

    Some companies are willing to pay big money—including millions of dollars in salaries, stock options, and bonuses—for what they consider to be the top talent in that cohort. 

    OpenAI CEO Sam Altman recently claimed that Meta had dangled $100 million compensation packages in front of some of his employees, and then boasted that no one of significance had accepted such an offer. 

    However, within days, the exodus began. Ultimately, OpenAI’s chief research officer, Mark Chen, erupted about it in an internal memo, Wired reported. “I feel a visceral feeling right now, as if someone has broken into our home and stolen something,” he wrote. To keep other workers from leaving, he vowed to be “more proactive than ever before” by “recalibrating comp,” or compensation, and “scoping out creative ways to recognize and reward top talent.” 

    David Horn, head of AI at financial services company Brex, agreed that humans are essential for developing and perfecting AI at his company and others. A few individuals, he said, can have a huge impact on a company’s ultimate success.  

    “You still need people who can tell AI what problems to solve when we’re working with AI tools,” Horn said. “What we found is that the value humans bring to a task is not necessarily putting in the effort but being able to very clearly explain what needs to be done—and also, more importantly, why.”

    Unlike many of the major tech companies, Brex isn’t developing foundational AI. Rather, it’s building on top of the super-sized models that those bigger companies produce, specifically to tailor it for the financial sector. Several layers of workers are needed to do the job, Horn said. They include those who work directly with the AI, others who manage their work and the product pipeline, and still more who set the policies, or broader strategy, for how to work with AI on particular tasks. 

    Of course, not everyone in tech is in as big demand as AI researchers are. 

    Because of AI, hiring is slowing in certain specialties. 

    Software engineers, for example, are increasingly enlisting AI to help them write code. In response, some companies have slowed hiring or, like Amazon, discussed cutting jobs to save on costs.

    Customer service, data entry, and low level finance jobs are particularly vulnerable to advances in AI. 

    Last week, Salesforce CEO Marc Benioff gave a sense of where humans stand in the AI era, saying that AI does up to half of the work within his company. He didn’t provide any details about what he meant. And as chief salesman for Salesforce’s AI products, it’s clearly in his interest to talk up AI’s success. 

    But a glance at Salesforce’s website shows something that Benioff didn’t mention: Salesforce has dozens of job openings with AI or related terms in the title or description. 

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  • Asia-to-US e-commerce shipments fall after tax exemption ends

    Asia-to-US e-commerce shipments fall after tax exemption ends

    Air cargo shipments from Asia to the United States fell sharply in May after the U.S. ended a tax-free rule for low-value packages from China.

    Data from the International Air Transport Association showed a 10.7 percent drop in demand compared to the same month last year.

    The decline followed the U.S. decision on May 2 to cancel the de minimis exemption, which allowed goods under $800 to enter duty-free. These packages, often shipped by Chinese platforms such as Shein and Temu, were taxed at rates as high as 145 percent before dropping to around 30 percent after a mid-May trade agreement.

    Estimates from air cargo consultancy Aevean showed a 43 percent fall in low-value shipments from China to the U.S. in May compared to April. Shipments to other markets, including Europe and Southeast Asia, increased during the same period.

    Direct freighter capacity between China and the U.S. in June was 11 percent lower than in March, removing the growth seen over the past year. Airlines reduced flight frequencies, with some cutting from three to two weekly charters.

    Dimerco Express reported that its e-commerce bookings fell 50 percent in May and June, leading to continued cancellations of scheduled cargo flights.

    The de minimis rule dates back to 1938 and had been used to support cross-border trade in low-value goods. In recent years, it allowed a growing share of goods from Asia to enter the U.S. by air.

    By 2023, such shipments accounted for 55 percent of all goods shipped by air from China to the U.S., up from just 5 percent in 2018.

    The U.S. has since eased some export restrictions on software, ethane, and aerospace products ahead of a July 9 deadline to reimpose wider tariffs on several countries. Companies continue to shift shipments to other regions amid ongoing trade negotiations.


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  • Memo shows regulators alerted Air India Express about engine fix delay

    Memo shows regulators alerted Air India Express about engine fix delay



    The Air India Boeing 787 Dreamliner plane that crashed in Ahmedabad on June 12, 2025, flies over Melbourne, Australia, on December 29, 2024. — Reuters

    A memo from the Indian government recently revealed that the country’s aviation regulator reprimanded Air India Express in March for failing to timely replace engine parts on an Airbus, as mandated by the European Union Aviation Safety Agency, and for falsifying compliance records.

    In response, Air India Express acknowledged the oversight and committed to implementing “remedial and preventive measures”, Reuters reported citing a statement made by the airline.

    The airline has faced increased scrutiny following a tragic incident in June when a Boeing Dreamliner crash in Ahmedabad resulted in the deaths of 241 passengers, marking one of the worst aviation disasters in a decade which is still being investigated.

    Alarmingly, the issue had been flagged by regulators on March 18, well before the crash.

    Additionally, the parent company, Air India, was warned this year for operating three Airbus aircraft with overdue escape slide checks and for serious violations regarding pilot duty timings.

    Air India Express is a subsidiary of Air India, which is owned by the Tata Group. It has more than 115 aircraft and flies to more than 50 destinations, with 500 daily flights.

    The EU’s aviation safety agency in 2023 issued an airworthiness directive to address a “potential unsafe condition” on CFM International LEAP-1A engines, asking for replacement of some components such as engine seals and rotating parts, saying some manufacturing deficiencies had been found.

    The agency’s directive said “this condition, if not corrected, could lead to failure of affected parts, possibly resulting in high energy debris release, with consequent damage to, and reduced control of, the aeroplane.”

    The Indian government’s confidential memo in March sent to the airline, seen by Reuters, said that surveillance by the Directorate General of Civil Aviation (DGCA) revealed the parts modification “was not complied” on an engine of an Airbus A320 “within the prescribed time limit”.

    “In order to show that the work has been carried out within the prescribed limits, the AMOS records have apparently been altered/forged,” the memo added, referring to the Aircraft Maintenance and Engineering Operating System software used by airlines to manage maintenance and airworthiness.

    The “mandatory” modification was required on Air India Express’ VT-ATD plane, the memo added. That plane typically flies on domestic routes and some international destinations such as Dubai and Muscat, according to the AirNav Radar website.

    The lapse “indicates that accountable manager has failed to ensure quality control,” it added.

    Air India Express told Reuters its technical team missed the scheduled implementation date for parts replacement due to the migration of records on its monitoring software, and fixed the problem soon after it was identified.

    It did not give dates of compliance or directly address DGCA’s comment about records being altered, but said that after the March memo it took “necessary administrative actions”, which included removing the quality manager from their position and suspending the deputy continuing airworthiness manager.

    The DGCA and the European safety agency did not respond to Reuters queries.

    Airbus and CFM International, a joint venture between General Electric and Safran, also did not respond.

    The lapse was first flagged during a DGCA audit in October 2024 and the plane in question took only a few trips after it was supposed to replace the CFM engine parts, a source with direct knowledge said.

    “Such issues should be fixed immediately. It’s a grave mistake. The risk increases when you are flying over sea or near restricted airpsace,” said Vibhuti Singh, a former legal expert at the India’s Aircraft Accident Investigation Bureau.

    The Indian government told parliament in February that authorities warned or fined airlines in 23 instances for safety violations last year. Three of those cases involved Air India Express, and eight Air India.

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  • Family travel boom boosts China’s summer tourism market-Xinhua

    Family travel boom boosts China’s summer tourism market-Xinhua

    Children visit Chongqing Natural History Museum in southwest China’s Chongqing Municipality, June 9, 2024. (Photo by Qin Tingfu/Xinhua)

    BEIJING, July 4 (Xinhua) — With the annual summer travel rush underway in China, the tourism industry is anticipating an even more robust market, buoyed by optimistic projections for continued growth in family travel.

    According to a report on the 2025 summer travel trend released by online travel agency LY.com in June, family travel remains the main driver of summer transportation this year.

    The report expected that passengers traveling with minors would account for 34.7 percent of domestic civil aviation travelers and approximately 23 percent on international routes during this year’s summer travel season, from July to August, both higher than the same period in 2024.

    It also estimated that around 6 million people are expected to take a flight for the first time during the summer travel season this year.

    Beijing-based travel agency Utour had already seen a 70 percent year-on-year growth in the number of its summer travel customers as of mid-June. Family travel is projected to account for more than 60 percent of its summer bookings.

    “Our view is that this summer could become the most vibrant tourism season in recent years,” said Li Mengran, media and public relations manager of Utour.

    According to information released by the agency, there is a significant rise in customer queries for educational trips, study tours, and family-themed products. In that regard, the agency has introduced a 12-day summer travel package, featuring a family tour to Britain. The package includes visits to several top British universities, guided tours of the British Museum, and immersive Harry Potter-themed experiences, including visits to iconic filming locations.

    Tourism industry insiders believe that as more people born in the 1980s and 1990s become parents, they increasingly seek experiences that go beyond traditional sightseeing and are more willing to spend on emotionally enriching travel.

    In May, China’s leading e-commerce platform, Meituan, and the China Association of Amusement Parks and Attractions (CAAPA) jointly released a report on the development of family vacations in 2025, noting that family vacations have become a new form of investment in modern family consumption.

    Wang Peng, an associate researcher at the Beijing Academy of Social Sciences, explained that rather than focusing solely on buying physical goods for their children, the new generation of parents are increasingly inclined to create meaningful experiences through family travel and themed activities for children’s growth, which is a key reason behind the recent boom in family tourism.

    Following that trend, immersive cultural learning experiences are also on the rise, leading to the growing popularity of activities such as traditional craft workshops, folk customs, intangible cultural heritage experiences, and science education.

    In south China’s Guangdong Province, GZL International Travel Service has introduced more cultural-heritage-related experiences in their domestic family travel packages to meet the new demand.

    The agency has designed a variety of themed packages featuring intangible cultural heritage items, such as dough figurine making and paper cutting. As of June, family travelers had accounted for 82 percent of the agency’s summer season customers.

    In the meantime, the report by Meituan and CAAPA argued that, in the age of social media, trending intellectual properties (IPs) have also increasingly influenced family travel choices, with parents placing a high value on photo-worthy experiences that can spark online sharing.

    According to a recent report by online travel platform Mafengwo, ticket bookings for the Pop Land have surged significantly, driven by the sensational Labubu, a character under Pop Mart’s IP portfolio.

    Meanwhile, the soon-to-open LEGOLAND Shanghai Resort, the largest LEGOLAND in the world, set to officially launch on July 5, has also become a top summer travel destination for many tourists.

    Li Mengran believes that the 2025 summer tourism market is poised for a full recovery and structural transformation, with family travelers serving as the key growth engine.

    “Driven by the global economic rebound and expanding international flight capacity, this summer will be marked by three major trends — family-led demand, stronger themed travel, and deeper, more immersive experiences, which will offer new opportunities for the tourism industry,” Li said.  ■

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  • Bullish bias above $3,325, US fiscal uncertainty underpins

    Bullish bias above $3,325, US fiscal uncertainty underpins

    XAU/USD

    Gold was firmer on Friday morning and recovered a part of post-NFP losses.

    The metal is on track for a weekly gain after being in red for two consecutive weeks that adds to positive signals, as the price remains at the upper side of larger consolidation range ($3500/$3120).

    Negative impact from upbeat US labor data was short-lived, with growing fiscal concerns after the US Congress passed President Trump’s tax-cut and spending bill (which will add $3.4 trillion to a massive US debt) expected add pressure on dollar and underpin safe-haven demand.

    Technical picture on daily chart is still mixed as near-term action remains supported by thickening daily Ichimoku cloud, but positive signal being countered by 14-d momentum still in negative territory and overbought stochastic.

    Near-term bias is expected to remain with bulls while the price holds above $3325 (broken Fibo 38.2% of $3452/$3246) though sustained break above cracked $3350 barrier (50% retracement / daily Kijun-sen) and $3365 (Thursday’s high) required to strengthen near-term structure and shift focus on targets at $3373 (Fibo 61.8%) and $3400 (psychological).

    However, Friday’s action is likely to be less dynamic due to lower volumes, as US markets will shut for Independence Day.

    Res: 3345; 3350; 3365; 3373.
    Sup: 3325; 3311; 3308; 3300.

    Interested in XAU/USD technicals? Check out the key levels

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  • Major shareholder announcement – change in group structure of BlackRock, Inc.

    Major shareholder announcement – change in group structure of BlackRock, Inc.

    Company Announcement:

    Vestas Wind Systems A/S, Aarhus, 4 July 2025
    Company Announcement No. 19/2025

    Pursuant to Section 30 of the Danish Capital Markets Act, Vestas Wind Systems A/S hereby discloses a notification received on 3 July 2025 from BlackRock, Inc., Wilmington, Denver, USA, cf. attachment.

    BlackRock informs that the reason for the notification is a change to BlackRock’s group structure, resulting from the acquisition of HPS Investment Partners.  

    Furthermore, BlackRock informs that it is still a major shareholder, and that in its new group structure, its holding of voting rights and share capital as per 1 July 2025 corresponded to a position of 8.61 percent of the total share capital in Vestas Wind Systems A/S (holding in previous notification, cf. Company Announcement No. 15/2024 of 9 October 2024: 7.59 percent).

    Number Percent
    Shares according to section 38 of the Danish Capital Markets Act
    Voting rights attached to shares 1,655,659,451 8.19
    Share capital attached to shares 82,782,973 8.19
    Financial instruments – according to section 39(2)(1) of the Danish Capital Markets Act
    Voting rights attached to financial instruments 25,556,740 0.12
    Share capital attached to financial instruments 1,277,837 0.12
    Financial instruments with similar economic effect – according to section 39(2)(2) of the Danish Capital Markets Act
    Voting rights attached to financial instruments with similar economic effect 58,836,300 0.29
    Share capital attached to financial instruments with similar economic effect 2,941,815 0.29

    The shares and financial instruments are held through BlackRock Japan Co., Ltd.; BlackRock Investment Management, LLC; BlackRock Investment Management (UK) Limited; BlackRock Investment Management (Australia) Limited; BlackRock Institutional Trust Company, National Association; BlackRock Fund Advisors; BlackRock Financial Management, Inc.; BlackRock Asset Management North Asia Limited; BlackRock Asset Management Deutschland AG; BlackRock Asset Management Canada Limited; BlackRock Advisors, LLC; BlackRock Advisors (UK) Limited; BlackRock (Singapore) Limited; BlackRock (Netherlands) B.V.; and Aperio Group, LLC; each controlled through chains of BlackRock entities, ultimately controlled by BlackRock, Inc.

    Contact details
    Vestas Wind Systems A/S, Denmark

    Daniel Patterson, Vice President
    Investor Relations
    Tel: +45 2669 2725

    Frederik Holm Jacobsen, Senior Specialist
    Investor Relations
    Tel: + 45 2835 3365

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  • Quarterly reports highlight solar record and progress away from Russian gas

    Quarterly reports highlight solar record and progress away from Russian gas

    EU gas and electricity markets from January to March 2025 proved their continued resilience as they ensured stable and secure energy supplies with important milestones on both markets. For electricity, while the wind sector and hydropower faced unfavourable conditions, solar power generation reached 45 TWh, a record level for the first quarter – some 30% higher than the same period last year. On the gas market, the end to the transit of Russian gas through Ukraine from 1 January led to a 45% drop in Russian pipeline gas relative to the previous quarter, and 39% down on the same period in 2024. This means that the U.S. has now overtaken Russia to become the EU’s second largest gas supplier (behind Norway). The colder than usual heating season saw higher gas demand for the quarter than in recent years, but prices were broadly kept in check thanks to the significant EU storage levels at the beginning of the quarter. The combination of higher gas prices and a higher share of gas power generation led to higher electricity prices compared with the first quarter of 2024. However, this was only short-lived and still lower than in 2023.

    The gas market report confirms that further progress was achieved in the diversification of EU gas supply away from Russia and the structural change in imports. The end to Russian pipeline gas transit through Ukraine, meant that total Russian gas imports (including LNG) declined by 28% year-on-year and 27% quarter-on quarter. The volumes of Russian LNG imports remained stable compared to the previous quarter and declined 11% year-on-year. This change also further accentuated the shift towards more LNG imports (45% – relative to 38% in the previous quarter), while pipeline gas imports were reduced (55%, from 62% in Q4-2024). 

    The drop in temperatures in the first 3 months of the year – much lower than in the past 2 years, although still above the historical average – drove a 15% increase in EU gas consumption (to 119 bcm) compared to the previous quarter. Consumption grew by 8% year-on-year, indicating a possible halt in the structural decline of EU gas demand observed since 2021. Imports declined by 2% both quarter-on-quarter and year-on-year, while domestic gas production increased by 3% both quarter-on-quarter and year-on-year.

    Norway remained the EU’s largest gas supplier with a share of 31% in total EU gas imports and provided 55% of the EU’s pipeline gas. The United States became the second largest EU gas supplier with a 24% share in EU imports and surpassed Russia, whose share dropped to 14% from 19% in Q4-2024 and Q1-2024. The U.S. provided more than half (53%) of EU LNG in the quarter. North-Africa (Algeria) increased its pipeline gas supply share to 21% from 19% in the previous quarter and 17% in Q1-2024 – the second biggest pipeline gas suppler after Norway, relegating Russia to third with 12%. Qatar remained an important LNG supplier (10%) to the EU and occupied the third largest position after Russia (16%) in EU LNG supply. 

    The upward price movement in wholesale gas price (observed already in Q4-2024) continued, driven by rapidly drawn-down gas storage levels combined with lower renewable production and geopolitical tensions. European wholesale prices averaged 47 €/MWh in the first quarter of 2025, an increase of 9% compared to the previous quarter and a 71% increase year-on-year. The monthly average price reached 48 €/MWh in January and 50 €/MWh in February, before falling back to 42 €/MWh in March 2025. Retail gas prices increased by 6% both in quarter-on-quarter and year-on-year comparison. The EU quarterly average retail price was 112 €/MWh. 

    The electricity market report highlights the contrast between the record solar power generation (45 TWh) and the exceptionally low wind generation for the first quarter due to the poor wind speeds. Wind generation declined year-on-year, with onshore wind dropping by 17% (-22 TWh) and offshore wind by 22% (-4 TWh). Hydropower also saw a 15% decrease (-16 TWh), albeit from very high levels in Q1 2024. This unusual combination – and the rise in gas demand because of the cold weather – meant that the renewable share of power generation decreased to 41% in the first quarter of 2025. This compares with 46% in the first quarter of 2024. A closer look at the figures shows that, after atypically weak generation in January and February, renewable output started to pick up again in March, indicating a positive trajectory for the upcoming months.

    In contrast, fossil fuel generation rose by 17% (+33 TWh), compensating for the atypically low renewable output and a moderate rise in electricity demand. This was largely driven by less CO2-intensive gas generation which increased 23% (+21 TWh), alongside a 15% rise (+11 TWh) in coal-fired generation. Nuclear output also experienced an increase of 4% (+6 TWh).

    Electricity prices exhibited volatility, with the European Power Benchmark averaging 100 €/MWh due to higher gas prices and more gas power generation. This marks a 49% increase from Q1 2024, but a 38% decrease from Q1 2023. Retail electricity prices for households in EU capital cities saw a marginal increase of 3% to 255 €/MWh, driven by higher energy taxes and network charges.

    More than 620 000 new electric vehicles (EVs) were sold in Q1 2025 in the passenger car segment in the EU – a record high for the first quarter and 15% higher than the same quarter last year. This translates into a 21% EV share in the EU passenger car market.

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