Category: 3. Business

  • Current approaches and emerging trends for climate-related credit risk assessment methodologies—insights from a global survey – United Nations Environment – Finance Initiative

    Current approaches and emerging trends for climate-related credit risk assessment methodologies—insights from a global survey – United Nations Environment – Finance Initiative

    Who is this report suitable for? Risk professionals and senior management at banks and supervisory authorities.

    This report offers a detailed analysis of how banks currently assess and manage climate-related credit risks, and actionable insights for risk professionals and senior management to identify strengths and gaps in their current practices. It also offers supervisory authorities a comprehensive view of how climate risks are being incorporated into credit risk management worldwide.

    It highlights standard methodologies used across the banking sector to help establish a benchmark for credit risk modelling practices. The goal is to support financial institutions in refining their approaches to climate risk management and aligning them with emerging best practices.

    Drawing on a global survey, the publication explores the full scope of climate-related credit risk assessment, including how banks use these assessments, integrate climate considerations into credit risk models, and evaluate both physical and transition risks. It also examines how climate factors influence collateral valuation, and how risk is assessed across different sectors and exposure classes. Other key areas covered include scenario analysis, Environmental, Social and Governance (ESG) scoring, data collection and governance, and the quantitative impact of different assessment methodologies.

    Highlights include areas for further development, as well as key recommendations to help financial institutions and regulators strengthen the integration of climate risk into credit risk practices at both firm and jurisdictional levels.

    This report was developed by UNEP FI and Global Credit Data.

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  • Hyatt Newsroom – News Releases

    Hyatt Continues Expansion With The Debut Of Thompson Hotels, Significant New Entries for Andaz, The Standard and Park Hyatt Brands In Asia Pacific, Catering To Evolving Experiential Demand Among Luxury And Lifestyle Travelers

    CHICAGO (July 2, 2025) – Hyatt Hotels Corporation (NYSE: H) today announced plans to expand Hyatt’s luxury and lifestyle brand portfolios across Asia Pacific, with a robust pipeline of close to 90 properties expected to open over the next five years. This strategic growth includes the debut of the Thompson Hotels brand in the region alongside significant new entries and expansion for Andaz, The Standard and Park Hyatt brands in sought-after destinations including Thailand, Malaysia and Australia in 2025 and 2026.

    Since 2017, Hyatt has doubled the number of luxury rooms, tripled its resort rooms, and grown lifestyle rooms five-fold globally. As one of the key regions driving the luxury travel market, the demand in Asia Pacific continues to surge and Hyatt is strategically expanding to meet it. As of Q1 2025, 64% of Hyatt’s Asia Pacific hotels and resorts are in the luxury and upper-upscale segments, reflecting Hyatt’s leadership in delivering high-end and distinct experiences to capture this growth potential.

    “Today, luxury is about authenticity and unique experiences. Our recently refined brand architecture and expansion in luxury and lifestyle portfolios allow us to cater to discerning travelers with focus and differentiation,” said Carina Chorengel, Senior Vice President, Commercial, Asia Pacific, Hyatt. “We are excited about offering enriching experiences that will further strengthen Hyatt’s position as a leader in luxury and lifestyle hospitality in the region.”

    Thompson Hotels brand set to debut in Asia Pacific

    The introduction of the Thompson Hotels brand in Asia Pacific signifies a milestone moment in the expansion of Hyatt’s lifestyle portfolio, reflecting its continued investment in experiences for culture-savvy travelers. With its origins based in Manhattan, NYC, Thompson Hotels blend heritage and modernity to create a stylish home base for the socially and culturally attuned traveler.

    Expected to open in Q4 2025, Thompson Shanghai Expo is inspired by the city’s industrial legacy and cosmopolitan energy – a collision of experiences inspired by contemporary design, art and innovative gastronomy. Its signature experiences reflect the growing appetite for cultural programming, featuring time-limited crossovers with cultural partners as well as a rooftop with live entertainment and engaging events.

    Andaz and The Standard bring lifestyle concepts to new markets

    Hyatt will also mark the continued expansion of the Andaz brand, celebrated for its cultural immersion and unique lifestyle offerings. Andaz Gold Coast will debut in Australia and the Pacific in a world-class integrated resort, and Andaz One Bangkok will be set at the edge of the serene Lumphini Park as part of the prestigious One Bangkok development. In addition, Andaz Shanghai ITC, the brand’s second property in the city, will be located amidst Shanghai’s leading commercial neighborhood.

    Following its acquisition of Standard International’s brands in 2024, Hyatt is continuing to invest in the brands’ footprint across the region with an exciting pipeline of new properties. This includes The Standard, Pattaya Na Jomtien, set to open in Q3 this year, featuring a playful, 60s-inspired beach club aesthetic that is equal parts chill and charged.

    Park Hyatt elevates personal luxury

    The Park Hyatt brand will also make its Malaysian debut with Park Hyatt Kuala Lumpur in August 2025, set atop The Merdeka 118, the tallest skyscraper in Asia Pacific, offering the pinnacle of refined luxury through cultural-inspired interiors and culinary experiences. Its unique Cacao bar, the highest in town, will be the first chocolate-themed bar in the city, positioning it as a must-visit destination for leisure travelers who increasingly put culinary experiences center stage in their itineraries.

    In a reflection of how the iconic brand continues to redefine luxury, Park Hyatt Tokyo will celebrate a 30-year legacy by resuming operations following a comprehensive refinement that enhances its comfort and modern convenience while preserving its iconic understated luxurious ambience. Expected to resume operations in Q4 2025, the hotel will reimagine the timeless elegance of its 171 guestrooms and suites and see authentic dining concepts that promise to captivate luxury travelers across generations.

    Park Hyatt Phu Quoc, the first Park Hyatt resort in Vietnam, is expected to open in Q1 2026. Spanning 160 acres of land bordered by an expansive mile-long white sand beach and lush undulating hills, guests and residents can look forward to exquisite convergence of contemporary art, timeless craftsmanship, and personalized service on the pearl island.

    To learn more about upcoming openings and projects in Hyatt’s pipeline, please visit https://www.hyatt.com/development/.

    Select list of expected upcoming luxury and lifestyle openings in Asia Pacific in 2025 and 2026:

    • Park Hyatt Kuala Lumpur – August 2025

    • Mumian Shanghai Expo (part of The Unbound Collection by Hyatt) – Q3 2025

    • The Standard, Pattaya Na Jomtien – Q3 2025

    • Park Hyatt Tokyo – Q4 2025

    • Thompson Shanghai Expo – Q4 2025

    • KYLN Hotel Suzhou (part of JdV by Hyatt) – Q4 2025

    • Andaz One Bangkok – Q4 2025

    • Andaz Shanghai ITC – Q4 2025

    • Park Hyatt Phu Quoc – Q1 2026

    • Andaz Gold Coast – Q2 2026

    • THE BARAI (part of The Unbound Collection by Hyatt) – Q3 2026

    • The Standard Residences, Hua Hin – Q4 2026

    • The Standard Residences, Phuket Bang Tao – Q4 2026

    Highlights of expected upcoming Hyatt hotel openings in Asia Pacific in 2025 and 2026 include:

    Thompson Hotels

    Thompson Shanghai Expo (Q4 2025)

    Thompson Shanghai Expo will debut the Thompson Hotel brand in Asia Pacific, offering culture-savvy travelers a home base. Drawing from the city’s industrial legacy and cosmopolitan energy, the hotel will serve as a magnetic stage where cultures collide, connecting guests and sparking ideas.

    Andaz

    Andaz Shanghai ITC (Q4 2025)

    Situated in the vibrant Xujiahui district, Andaz Shanghai ITC will offer experiences rooted in the city’s cosmopolitan identity.

    Andaz One Bangkok (Q4 2025)

    Located within Thailand’s most ambitious real estate project, One Bangkok, Andaz One Bangkok is set to become a landmark destination. Here, Bangkok’s vibrant cultural heritage blends with the sleek, modern energy of its central business district. Guests will enjoy Thai-inspired culinary delights at the Andaz Tavern and Lounge with views of Lumphini Park.

    Andaz Gold Coast (Q2 2026)

    As the first Andaz hotel in Australia and the Pacific, Andaz Gold Coast will offer guests easy access to beautiful beaches, rainforests, and theme parks with a myriad of dining and entertainment options as part of a world-class integrated development.

    The Standard

    The Standard, Pattaya Na Jomtien (Q3 2025)

    A beachfront hotel meeting laidback luxury with a twist of vibrant energy, The Standard, Pattaya Na Jomtien will offer a playful, 60s-inspired vibe and a beach club that will be equal parts chill and charged. Guests can unwind in one of 161 stylish rooms and suites or lounge in lush garden spaces while savoring extraordinary food and beverage offerings. The property’s restaurant, Mmhmmm, will feature an oceanfront pool serving up tiki-inspired cocktails and playful bites, while the Esmé Beach Club will reimagine the seaside experience with a stylish, sophisticated party scene.

    Park Hyatt

    Park Hyatt Kuala Lumpur (August 2025)

    The Park Hyatt brand will debut in Malaysia with Park Hyatt Kuala Lumpur, occupying the top floors of Merdeka 118, the tallest skyscraper in Asia Pacific. A refined home-away-from-home in the sky, the hotel will feature tasteful comforts and purposeful culinary and wellness offerings with sophisticated interiors inspired by Malaysia’s cultural heritage and traditional crafts.

    Park Hyatt Tokyo (Q4 2025)

    Following a comprehensive 17-month refinement, Park Hyatt Tokyo celebrates its 30-year legacy with impactful upgrades to its public spaces and room offerings for a more personalized luxury experience and enhanced comfort. At the same time, iconic elements such as the New York Grill & Bar are restored to their original designs. This reimagined experience upholds Park Hyatt Tokyo’s status as a timeless classic, providing deeply personalized services that connect past and present, resonating with travelers across generations.

    Park Hyatt Phu Quoc (Q1 2026)

    Bringing the Park Hyatt brand to a destination recently voted as the world’s second most beautiful island by readers of Travel + Leisure magazine, the hotel and residences will be positioned to offer guests and residents mesmerizing sunset views. Just a 30-minute drive from Phu Quoc International Airport, resort facilities will include two dining outlets, a bar, a pool side barbecue, two swimming pools, a lakeside spa, a gym house with a lap pool, a Camp Hyatt kids’ village, more than 4,300 square feet of event space and an organic farm.

    The term “Hyatt” is used in this release for convenience to refer to Hyatt Hotels Corporation and/or one or more of its affiliates.

    About Hyatt Hotels Corporation

    Hyatt Hotels Corporation, headquartered in Chicago, is a leading global hospitality company guided by its purpose – to care for people so they can be their best. As of March 31, 2025, the Company’s portfolio included more than 1,450 hotels and all-inclusive properties in 79 countries across six continents. The Company’s offering includes brands in the Luxury Portfolio, including Park Hyatt®, Alila®, Miraval®, Impression by Secrets, and The Unbound Collection by Hyatt®; the Lifestyle Portfolio, including Andaz®, Thompson Hotels®, The Standard®, Dream® Hotels, The StandardX, Breathless Resorts & Spas®, JdV by Hyatt®, Bunkhouse® Hotels, and Me and All Hotels; the Inclusive Collection, including Zoëtry® Wellness & Spa Resorts, Hyatt Ziva®, Hyatt Zilara®, Secrets® Resorts & Spas, Dreams® Resorts & Spas, Hyatt Vivid Hotels & Resorts, Sunscape® Resorts & Spas, Alua Hotels & Resorts®, and Bahia Principe Hotels & Resorts; the Classics Portfolio, including Grand Hyatt®, Hyatt Regency®, Destination by Hyatt®, Hyatt Centric®, Hyatt Vacation Club®, and Hyatt®; and the Essentials Portfolio, including Caption by Hyatt®, Hyatt Place®, Hyatt House®, Hyatt Studios, Hyatt Select, and UrCove. Subsidiaries of the Company operate the World of Hyatt® loyalty program, ALG Vacations®, Mr & Mrs Smith, Unlimited Vacation Club®, Amstar® DMC destination management services, and Trisept Solutions® technology services. For more information, please visit www.hyatt.com.

    Forward-Looking Statements

    Forward-Looking Statements in this press release, which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include statements about the Company’s luxury and lifestyle brand portfolios, expected performance and demand, planned openings, and development pipeline. Our actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by the use of words such as “may,” “could,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue,” “likely,” “will,” “would” and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by us and our management, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to, general economic uncertainty in key global markets and a worsening of global economic conditions or low levels of economic growth; the rate and pace of economic recovery following economic downturns; global supply chain constraints and interruptions, rising costs of construction-related labor and materials, and increases in costs due to inflation or other factors that may not be fully offset by increases in revenues in our business; risks affecting the luxury, resort, and all-inclusive lodging segments; levels of spending in business, leisure, and group segments, as well as consumer confidence; declines in occupancy and average daily rate; limited visibility with respect to future bookings; loss of key personnel; domestic and international political and geopolitical conditions, including political or civil unrest or changes in trade policy; the impact of global tariff policies or regulations; hostilities, or fear of hostilities, including future terrorist attacks, that affect travel; travel-related accidents; natural or man-made disasters, weather and climate-related events, such as earthquakes, tsunamis, tornadoes, hurricanes, droughts, floods, wildfires, oil spills, nuclear incidents, and global outbreaks of pandemics or contagious diseases, or fear of such outbreaks; our ability to successfully achieve specified  levels of operating profits at hotels that have performance tests or guarantees in favor of our third-party owners; the impact of hotel renovations and redevelopments; risks associated with our capital allocation plans, share repurchase program, and dividend payments, including a reduction in, or elimination or suspension of, repurchase activity or dividend payments; the seasonal and cyclical nature of the real estate and hospitality businesses; changes in distribution arrangements, such as through internet travel intermediaries; changes in the tastes and preferences of our customers; relationships with colleagues and labor unions and changes in labor laws; the financial condition of, and our relationships with, third-party owners, franchisees, and hospitality venture partners; the possible inability of third-party owners, franchisees, or development partners to access the capital necessary to fund current operations or implement our plans for growth; risks associated with potential acquisitions and dispositions and our ability to successfully integrate completed acquisitions with existing operations; failure to successfully complete proposed transactions (including the failure to satisfy closing conditions or obtain required approvals); our ability to maintain effective internal control over financial reporting and disclosure controls and procedures; declines in the value of our real estate assets; unforeseen terminations of our management and hotel services agreements or franchise agreements; changes in federal, state, local, or foreign tax law; increases in interest rates, wages, and other operating costs; foreign exchange rate fluctuations or currency restructurings; risks associated with the introduction of new brand concepts, including lack of acceptance of new brands or innovation; general volatility of the capital markets and our ability to access such markets; changes in the competitive environment in our industry, industry consolidation, and the markets where we operate; our ability to successfully grow the World of Hyatt loyalty program and Unlimited Vacation Club paid membership program; cyber incidents and information technology failures; outcomes of legal or administrative proceedings; and violations of regulations or laws related to our franchising business and licensing businesses and our international operations; and other risks discussed in the Company’s filings with the U.S. Securities and Exchange Commission (“SEC”), including our annual report on Form 10-K and our Quarterly Reports on Form 10-Q, which filings are available from the SEC. These factors are not necessarily all of the important factors that could cause our actual results, performance or achievements to differ materially from those expressed in or implied by any of our forward-looking statements.  We caution you not to place undue reliance on any forward-looking statements, which are made only as of the date of this press release. We undertake no obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable law. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.

    ###

    MEDIA CONTACTS:

    Lillian Zhang

    Hyatt – ASPAC

    Lillian.zhang@hyatt.com

    Joyce Cheng

    Hyatt – ASPAC

    Joyce.cheng@hyatt.com

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  • Hong Kong property group’s shares jump 11% after refinancing talks close – Financial Times

    Hong Kong property group’s shares jump 11% after refinancing talks close – Financial Times

    1. Hong Kong property group’s shares jump 11% after refinancing talks close  Financial Times
    2. Hong Kong property scion Adrian Cheng resigns from New World board  The Straits Times
    3. Hong Kong developer NWD meets 2025 sales target and wins commitment to refinancing  South China Morning Post
    4. Shares of New World Development set to open up 7%  TradingView
    5. New World Seals $11.2B Lifeline; UMS Eyes Malaysia Debut; Dezign Format Joins IPO Race; SingTel CEO Sees Payday Surge  Minichart

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  • Renault Group: employee share ownership, a sustained commitment

    Renault Group: employee share ownership, a sustained commitment

    Boulogne-Billancourt, July 2, 2025 – Held from May 12 to 30, 2025, the fourth edition of Renault Group’s employee shareholding plan enabled employees in 30 countries[1] to receive 3 free shares, and those in 24 countries to subscribe under preferential conditions. With nearly 95,000 employees taking part, this high level of participation reflects the growing trust in employee shareholding—a key driver of employee engagement and collective success.

    “By renewing this initiative, Renault Group reaffirms its commitment to sharing the value created with those who make it possible every day. The strong participation in the employee shareholding plan reflects the trust our people place in the Group’s strategy and their deep connection to the company. For the fourth consecutive year, their engagement confirms the key role employee shareholding plays in shaping our corporate culture. With 6.31% of the company’s capital now held by employees, we are strengthening a model based on shared performance, recognition, and trust — essential levers for building a sustainable future together.” said Bruno Laforge, Chief People and Organization Officer, Renault Group

    Employee shareholding: a key driver of collective performance

    The contributions provided as part of the 2025 employee shareholding plan (up to 6 free shares per employee[2]) represent approximately 359,000 shares, or 0.12% of Renault SA’s capital, which will be allocated free to the Group’s employees.

    In addition, nearly 48,000 employees—representing 44.3% of eligible employees — participated in the share subscription offer under the plan. Employees’ total investment amounted to over €36.5 million. This corresponds to more than 1,165,000 subscribed shares, or 0.40% of Renault SA’s share capital.

    In total, the operation will result in the transfer of approximately 1,524,000 shares to employees—equivalent to 0.52% of Renault SA’s capital—held through an Employee Mutual Fund (FCPE) or, in some countries, directly in a registered securities account.

    Following the allocation of shares under the plan, employees will hold approximately 6.31% of Renault SA’s capital.

    [1] Germany, Argentina, Austria, Belgium, Brazil, China, Colombia, South Korea, Croatia, Spain, France, Hungary, India, Ireland, Italy, Malta, Morocco, Mexico, Netherlands, Poland, Portugal, Czech Republic, Romania, United Kingdom, Slovakia, Slovenia, Sweden, Switzerland, Türkiye, and Ukraine.

    [2] Unilateral matching contribution equivalent to 3 shares, with an additional matching contribution capped at the equivalent of 3 shares in case of subscription to the offer.

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  • Heathrow power outage caused by moisture in electrical system

    Heathrow power outage caused by moisture in electrical system

    A fire at a nearby electrical substation that caused a power outage at Heathrow Airport was “most likely” caused by moisture entering an electrical component, a review has found.

    The National Energy System Operator (NESO) was ordered by the energy secretary to look in to the cause of the fire, which started late on 20 March at the North Hyde substation in west London, which supplies power to the airport.

    The fire led to Heathrow deciding to close the following day, leading to thousands of cancelled flights and stranded passengers.

    Neso said previously that the the power outage affected 66,919 domestic and commercial customers, including Heathrow Airport. Around 270,000 journeys were affected.

    The report said the fire “was most likely caused by moisture entering the bushing causing a short circuit. The electricity likely then “arced” (causing sparks) which combined with air and heat to ignite the oil, resulting in a fire.”

    Bushing is a mechanical device used to temper energy between two electrical parts.

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  • EU may as well be ‘province of China’ due to reliance on imports, says industrialist | International trade

    EU may as well be ‘province of China’ due to reliance on imports, says industrialist | International trade

    The EU may as well “apply to be a province of China” such is its inability to wean itself off that country’s supply of critical raw materials used in everything from electric vehicles to smartphones and wind turbines, a leading German industrialist has said.

    As chief executive of AMG Lithium, the EU’s first factory to make the lithium hydroxide used in many car batteries, Stefan Scherer sits at the centre of what has been dubbed a new gold rush.

    But the chemist said China will continue to dominate battery technology and undercut EU rivals unless temporary protections on components are put in place, arguing that current Brussels policy and laws are failing to deliver results on the ground.

    “Europe has to become independent of China, otherwise it’s just blah blah blah,” said Scherer, speaking at the AMG plant in Bitterfeld-Wolfen, a town in the former east Germany.

    The European Commission president, Ursula von der Leyen, promised as recently as March that the EU would “will promote domestic production to avoid strategic dependencies, especially for batteries”.

    Stefan Scherer, inside AMG Lithium’s factory, in 2023. Photograph: Kristin Bethge/The Guardian

    But the reality on the ground, Scherer said, is that many component manufacturers, known as other equipment manufacturers (OEMs), are faced with daily cheaper Chinese alternatives ranging from steel to whole batteries.

    Unless the EU addresses this in a meaningful way, this will not change and will imperil the bloc’s climate goals, he said, adding: “It might be better to apply to be a province of China. It’s an interesting thought if you think it through. We are really at a tipping point and it has nothing to do with the war in Ukraine, it’s a complete change of global relationships.”

    Scherer said the world economy had been “lifted on the backs of people working hard for Europe in China, in India” and the new balance in the global supply chain was the western leaders’ own creation.

    Scherer said he was not pleading for special treatment and was confident AMG would succeed in the auto market’s green transition, but was not optimistic that Europe’s dependency on China would change.

    AMG Lithium in Bitterfeld-Wolfen in former east Germany opened last year and aims to produce 20,000 tonnes of lithium hydroxide a year, enough to supply 500,000 EVs. It produced its first test batch last month and hopes to produce commercial quantities later this year.

    Scherer said he has “no doubts that we will be able to sell this [product] within Europe”, but added: “I’m talking more about the long term; about strategic investment in European resources, European refineries, this has to happen now, because it takes you five years if you are lucky to get this far.”

    Bitterfeld-Wolfen where AMG Lithium’s factory is situated. Photograph: Kristin Bethge/The Guardian

    It has taken the company five years and £150m to get to its current position, with no sign of a rival for two or three years. “It is a slow process,” he said.

    He was highly critical of the EU’s Critical Raw Materials Act 2024 (CRMA), seen as the backbone of the EU’s strategy to reduce its reliance on China, arguing it fails to match US moves to push manufacturers to buy locally.

    “Unfortunately, the CRMA doesn’t hold you responsible for anything, for example, in the mining of raw materials there is no incentivisation or penalisation to do mining in Europe,” he said.

    “It is completely opposite to the US where they have a local content policy that sticks. There, they have to have a certain percentage of materials they see as critical to be produced on US soil.

    “We don’t have that. We have intentions, but nothing tangible. You don’t have to pay if you don’t buy from the EU, so why would you? Instead, you just continue purchasing from China.”

    China, by contrast, has a near 20-year start on Europe, having set the strategy to acquire stakes in mines and supply contracts all over the world as part of Xi Xinping’s 2013 belt and road initiative.

    It now refines 60% of the world’s supply of lithium on its own soil and controls 60% of the world’s production of battery components, giving it a dominant position across the markets.

    The consensus in his industry is that those in the critical raw material sector need protection while they go through the lengthy process of trying to grow to match Chinese state-backed rivals, Scherer said.

    “I don’t mean you have to support every investment with public grants,” he said. He suggested Brussels could offer temporary tariffs or tax incentives similar to the US’s Inflation Reduction Act, which incentivises those who buy home-produced lithium, cobalt, nickel and graphite – all critical to creating green technologies.

    Brussels and Washington are still thrashing out trade negotiations before the 9 July deadline when a threatened 50% tariff could be imposed on all EU imports to the US. European negotiators are seeking to trim a possible 10% baseline levy and win concessions in key areas, including trying to reduce a 25% border tax imposed on cars and a 50% rate on steel and aluminium.

    As far as Scherer is concerned, Germany’s struggling auto industry may yet have further to fall before it improves. “You cannot wait for Brussels to make decisions,” he said.

    One of his biggest gripes is the price of energy in Germany, which Eurostat puts at 37% higher than the EU average. It is also the bugbear of the German steel industry with ThyssenKrupp warning last night that the sector could be wiped out by a combination of Trump tariffs, high energy costs and cheaper Chinese imports.

    Combining temporary tariffs and tax incentives with an invitation to the Chinese to invest in Europe on condition they employ Europeans could be the answer, Scherer said.

    “We have to create an environment which enables western companies to safeguard their investments, not for everything, but critical technology especially in the auto industry where you are replacing the internal combustion engine technology with a new one. This is highly strategic and important move.”

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  • Climeworks raises USD 162M to scale up technology

    Climeworks, the global pioneer in Direct Air Capture (DAC) technology and leading provider of holistic carbon removal portfolios, has achieved a significant milestone by securing USD 162 million in additional equity funding — marking the largest carbon removal investment of 2025 to date globally.

    This financing round underscores Climeworks’ commitment to scaling up and perfecting its cutting-edge technology to help significantly reduce the cost of carbon removals. This latest investment takes the company’s total funding since inception to over USD 1 billion, further solidifying its position as the industry leader.

    Main investors of the funding round were BigPoint Holding and Partners Group, with additional backing mainly from other existing investors, reaffirming their strong commitment to Climeworks. This unwavering support underscores deep confidence in the company’s technology leadership, commercial momentum, and ambitious long-term mission to revolutionize carbon removal.

    Developing best-in-class technology

    The new capital will fuel the continued development of Climeworks’ best-in-class DAC technology to bring down the cost of removals. Climeworks has achieved major milestones in scaling its groundbreaking technology. Its first plant, Orca, successfully validated the company’s approach. In addition, the second plant, Mammoth, is driving further advancements by enabling scaling and large-scale testing of new removal technologies.

    The company has already demonstrated significant advancements that will make its processes more efficient, including doubled energy efficiency, increased throughput, and a much longer filter material lifespan—key progress toward making the world’s first profitable direct air capture plant a reality.

    Building the market with a more diverse removals portfolio

    The funding will also allow Climeworks to continue expanding its carbon removal portfolio, providing tailored, blended solutions that help companies begin investment in removals, spread risk and progressively move up the quality curve.

    Climeworks continues to expand its carbon removal portfolio offering as the number one carbon removal player. As demand grows, companies increasingly rely on nature-based and hybrid engineered solutions for near-term removal needs while increasing their focus on technical removals over time. Climeworks is uniquely positioned to meet both short- and long-term demand with a global portfolio that already includes > 6 million tons of secured supply. According to analysts, the carbon removal market is poised for a potential to reach 80 billion USD by 2030, growing to a trillion USD by 2050.

    Christoph Gebald, co-CEO and co-founder of Climeworks says: “Direct Air Capture has gone from experiment to essential—and we’re focused on scaling it by driving down costs and pushing innovation. Our hybrid model builds long-term demand while generating cash flow today, helping us grow a market that investors now see as inevitable. Crossing the $1 billion equity mark isn’t just a milestone—it shows that carbon removal is real, needed, and here to stay.”

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  • BBVA’s Investor Relations Team Honored by the Global Institutional Investment Community

    BBVA’s Investor Relations Team Honored by the Global Institutional Investment Community

    In addition, BBVA secured Top 10 rankings across other relevant categories,  such as, Best CEO, Best CFO, Best IR Program, Best Analyst Event, Best Company Board and Best ESG Program, underscoring the team’s strong leadership built on credibility and clear communication.

    Building on these achievements, BBVA’s IR team has been awarded Best Buy-Side Management among European companies by IR Impact. This award recognizes the team’s ongoing commitment and efforts to maintain an open, transparent, and close engagement with institutional investors, always striving for excellence and value creation.

    Patricia Bueno, BBVA’s Global Head of Shareholder & Investor Relations, stated:  “It is a true privilege to have been acknowledged by the market for our efforts—especially in a year marked by intense activity, where the team demonstrated exceptional professionalism and unwavering dedication. We extend our deepest gratitude to all the investment professionals who participated in these surveys and to our entire team for their dedication and hard work.”

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  • Snake on a plane delays a flight in Australia

    Snake on a plane delays a flight in Australia

    MELBOURNE, Australia — An Australian domestic flight was delayed for two hours after a stowaway snake was found in the plane’s cargo hold, officials said on Wednesday.

    The snake was found on Tuesday as passengers were boarding Virgin Australia Flight VA337 at Melbourne Airport bound for Brisbane, according to snake catcher Mark Pelley.

    The snake turned out to be a harmless 60-centimeter (2-foot) green tree snake. But Pelly said he thought it could be venomous when he approached it in the darkened hold.

    “It wasn’t until after I caught the snake that I realized that it wasn’t venomous. Until that point, it looked very dangerous to me,” Pelley said.

    Most of the world’s most venomous snakes are native to Australia.

    When Pelley entered the cargo hold, the snake was half hidden behind a panel and could have disappeared deeper into the plane.

    Pelley said he told an aircraft engineer and airline staff that they would have to evacuate the aircraft if the snake disappeared inside the plane.

    “I said to them if I don’t get this in one shot, it’s going to sneak through the panels and you’re going to have to evacuate the plane because at that stage I did not know what kind of snake it was,” Pelley said.

    “But thankfully, I got it on the first try and captured it,” Pelley added. “If I didn’t get it that first time, the engineers and I would be pulling apart a (Boeing) 737 looking for a snake still right now.”

    Pelley said he had taken 30 minutes to drive to the airport and was then delayed by security before he could reach the airliner.

    An airline official said the flight was delayed around two hours.

    Because the snake is native to the Brisbane region, Pelley suspects it came aboard inside a passenger’s luggage and escaped during the two-hour flight from Brisbane to Melbourne.

    For quarantine reasons, the snake can’t be returned to the wild.

    The snake, which is a protected species, has been given to a Melbourne veterinarian to find a home with a licensed snake keeper.

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  • Asian shares are mixed, tracking Wall Street split as momentum slows and Tesla drops

    Asian shares are mixed, tracking Wall Street split as momentum slows and Tesla drops

    MANILA, Philippines — Asian shares were mixed on Wednesday following a similar drift overnight on Wall Street as losses for Tesla and other technology shares put a brake on the momentum of recent record highs.

    U.S. futures edged higher and oil prices were little changed.

    Shares fell in Japan, hit by jitters over a lack of progress in trade talks with the U.S., but they recovered much of their lost ground, trading 0.3% lower at 39,874.33.

    Stephen Innes, managing partner at SPI Asset Management, pointed to President Donald Trump’s declaration that there will be no extension of his tariff pause, which ends on July 9.

    “The message was blunt: if Tokyo won’t yield, it will pay. Tariffs of 30%, 35% or ‘whatever number we determine’ are now openly back on the table,” he said. “The negotiating table just became a pressure cooker.”

    Hong Kong’s Hang Seng advanced 0.6% to 24,220.65 and the Shanghai Composite index was down just over 1 point at 3,456.51.

    South Korea’s KOSPI fell 1.2% to 3,053.39 as inflation rose in June.

    Australia’s S&P ASX 200 edged up 0.4% to 8,580.70.

    On Tuesday, the S&P 500 dipped 0.1% to 6,198.01 for its first loss in four days. The Dow Jones Industrial Average rose 0.9% to 44,494.94, and the Nasdaq composite fell 0.8% to 20,202.89.

    Tesla tugged on the market as the relationship between its CEO, Elon Musk, and President Donald Trump soured even further. Once allies, the two have clashed recently, and Trump suggested there’s potentially “BIG MONEY TO BE SAVED” by scrutinizing subsidies, contracts or other government spending going to Musk’s companies.

    Tesla fell 5.3%. It has lost just over a quarter of its value so far this year, 25.5%, in large part because of Musk’s and Trump’s feud.

    Drops for several darlings of the artificial-intelligence frenzy also weighed on the market. Nvidia’s decline of 3% was the heaviest weight on the S&P 500.

    But more stocks within the index rose than fell, led by several casino companies. They rallied following a report showing better-than-expected growth in overall gaming revenue in Macao, China’s casino hub. Las Vegas Sands gained 8.9%, Wynn Resorts climbed 8.8% and MGM Resorts International rose 7.3%.

    Automakers outside of Tesla were also strong, with General Motors up 5.7% and Ford Motor up 4.6%.

    The U.S. stock market has made a stunning recovery from its springtime sell-off of roughly 20%. But challenges still lie ahead for Wall Street, with one of the largest being the continued threat of Trump’s tariffs.

    Many of Trump’s stiff proposed taxes on imports are currently on pause, and they’re scheduled to kick into effect in about a week. Depending on how big they are, they could hurt the economy and worsen inflation.

    Washington is also making progress on proposed cuts to tax rates and other measures that could send the U.S. government’s debt spiraling higher, which could raise inflation. That in turn could mean higher interest rates, which would hurt prices for bonds, stocks and other investments.

    Despite such challenges, strategists at Barclays say they see signals of euphoria among some investors. The strategists say a measure that tries to show how much “excess optimism” is in the market is not far from the peaks seen during the “meme stock” craze that sent GameStop to market-bending heights or to the dot-com bubble at the turn of the millennium.
    In other dealings early Wednesday, benchmark U.S. crude gained 1 cent to $65.46 per barrel. Brent crude, the international standard, rose 5 cents per barrel to $67.16.

    The U.S. dollar rose to 143.58 Japanese yen from 143.41 yen. The euro slid to $1.1798 from $1.1808. ___

    AP Business Writer Stan Choe contributed

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