Eurozone manufacturing data has jumped around in response to US tariffs, particularly concerning pharmaceuticals. Production plunged in June, but the PMI suggests that things are on the up for industry. The manufacturing output PMI jumped from 50.6 to 52.3, which is the highest reading in more than three years.
The service sector is not yet accelerating. While indicating growth, the services PMI declined from 51 to 50.7. This reveals that domestic demand remains somewhat sluggish, in line with a cautious consumer and uncertainty among businesses around the state of the economy.
But for both manufacturing and services, new orders are improving. And hiring was also up, mainly for the service sector. These are healthy signs for an economy that has been weak for some time.
So overall, the PMI paints a picture of an economy not suffering too much from the trade war at this point. Some acceleration of economic growth could be in the making on the back of fading uncertainty around trade with a deal in place, but of course plenty of risks around the outlook remain.
Norway’s second biggest oil and gas company Aker BP ASA said exploration in the Norwegian North Sea resulted in one of the largest discoveries of oil made on the continental shelf in the last decade.
The drilling campaign bolstered recoverable volumes from the Yggdrasil area — located off Norway’s southwest coast — to between 96 million to 134 million barrels of oil equivalent, the company said in a statement Thursday. First oil from the development is expected in 2027.
Drought and extreme heat are threatening the livelihoods of poor farmers around the world, who often rely on rain-fed agriculture. A potential solution is climate-resilient irrigation, a game-changing practice that helps farmers produce more crops with less water, even in the face of erratic rainfall. This sustainable approach can boost agricultural productivity, strengthen economies, and potentially feed 1.4 billion more people by 2050, making it essential for a growing global population.
In a special article published by the World Bank, Transforming Lives Through Climate-Resilient Irrigation: Game Changers for a Livable Planet, one of the highlights is the success story of the Viet Nam Sustainable Agriculture Transformation (VNSAT) Project. The International Rice Research Institute, through the VNSAT Project, addressed the issues of climate change adaptation and mitigation by equipping over 156,000 rice-farming households with climate-smart practices.
IRRI deployed high-tech methane-tracking technology on 40 farms in Can Tho to help farmers reduce emissions. Through the use of sensors and a smartphone app, farmers can now employ the “Alternate Wetting and Drying” technique to optimize water use, which has resulted in a reduction of 1.5 million metric tons of CO2 equivalent in greenhouse gas emissions.
Encouraged by the project’s success, the Vietnamese government is now expanding these sustainable farming practices to the 1-Million Hectare High Quality and Low Emission Rice (1mHa) Program. Since its launch in late 2023, CGIAR Initiatives like the Asian Mega-Deltas and Excellence in Agronomy have supported the program by providing technical inputs, developing national technical guidelines for the 1mHa Program, and organizing events to strengthen knowledge exchange, demonstrate innovations, and build collaboration among key stakeholders.
The work is currently being continued by the new Scaling for Impact Science Program (S4I), together with the Sustainable Farming Science Program and the MKCF-funded RiceEco, USDA Fertilize Right, and World Bank-funded MOM-P projects. S4I is supporting efforts to scale up the project by providing technical advisory in Vietnam through innovations in precision DSR (Direct Seeding Rice) and nutrient management. The program is also utilizing digital tools, including the e-extension platform and EasyFarm, while engaging in policy formulation and developing MRV (Monitoring, Reporting, and Verification) systems that create incentives for these sustainable practices.
Check the full story here: https://www.worldbank.org/en/news/immersive-story/2024/06/04/climate-resilient-irrigation-game-changers
Daiichi Sankyo Co. shares dropped the most in three months following a series of discounted block trades in the Japanese pharmaceutical company.
The stock sank 7.2% in Tokyo on volume more than 300% its three-month average, according to data compiled by Bloomberg. Custody Bank of Japan Ltd., SMBC Trust Bank Ltd. and Mitsui Sumitomo Insurance Co. offered blocks totaling as much as ¥188 billion yen ($1.3 billion) at prices representing a discount of up to 7% from Wednesday’s close, according to terms of the deal seen by Bloomberg News.
A foreign currency dealer counts US dollars at a shop in Karachi on May 19, 2022. — AFP/File
External financing to rely on multilateral, bilateral sources.
$1bn Panda Bond programme established, first issuance in FY26.
Preparatory work underway for launch of Sustainable Bonds.
ISLAMABAD: Pakistan’s external debt and liabilities, currently standing at around $130 billion, are heavily concentrated in five major currencies, with the US dollar alone accounting for nearly 58% of the total burden, The News reported on Thursday
“The external debt portfolio is predominantly denominated in a few major currencies. The US dollar leads with a 57.8% share, followed by Special Drawing Rights (SDRs) at 29.88%, Chinese Yuan 5.21%, Japanese Yen 3.95%, and the Euro 2.62%,” reads the government’s latest Debt Management Strategy (DMS) for 2026-2028.
The Finance Ministry’s strategy underscores that external financing will continue to rely mainly on multilateral and bilateral sources offering concessional terms and longer maturities.
However, in an effort to diversify, Pakistan plans to re-enter international capital markets with new instruments, including Panda Bonds, Sustainable Bonds, and Eurobonds — subject to favourable global interest rate conditions and domestic economic stability.
A $1 billion Panda Bond programme has already been established, with the first issuance of $200-250 million scheduled for FY2026, followed by additional tranches in the medium term.
Preparatory work is also underway for the launch of Sustainable Bonds, backed by a newly developed Sustainable Financing Framework, which is currently under cabinet review. This framework will guide the structure, maturity, and repayment terms of all future sustainable bond issuances.
Although access to Eurobond markets has remained constrained since 2022, the strategy outlines a plan for re-entry into international capital markets as conditions improve.
In the meantime, Panda Bonds — Renminbi-denominated securities in the Chinese market — are being developed as an alternative, supporting diversification of funding sources, lowering borrowing costs, reducing refinancing risk and enhancing Pakistan’s financial integration with Chinese markets.
To actively manage foreign exchange risks, the government intends to employ hedging instruments while also developing domestic futures and interest rate swap markets.
Innovative options, including debt-for-nature swaps, are under consideration to help manage external liabilities while aligning with climate goals.
Domestic debt is expected to remain the primary source of government financing during the strategy period. Under the International Monetary Fund (IMF) programme, the ceiling for government guarantees is set at Rs5,600 billion as of end-June 2025.
By March 2025, guarantees worth Rs405 billion —equivalent to 0.35% of GDP — had been issued, raising the total outstanding stock to Rs4,548 billion.
These include guarantees extended to state-owned enterprises such as TCP and PASSCO for commodity-related financing.
The global trigger market is growing steadily, driven by increasing consumer expectations around performance, convenience and sustainability. Surface care and stain removal are the market’s dominant segments, and they are showing increasing growth led by booming regions, such as Asia and Latin America.
In response to these market dynamics, TSP aims to expand Aptar Beauty’s portfolio with a sustainable and high-performing trigger solution.
“TSP is more than a trigger, it is a strategic addition to Aptar Beauty’s dispensing portfolio that reflects our commitment to performance and product recyclability.”
Luigi Garofalo, Global Category Director Personal Care & Home care, Aptar Beauty.
Designed for Recyclability and Compatibility
TSP is a high-performance, all-plastic trigger spray that combines soft actuation and lightweight design, for a comfortable grip during dispensing. The low actuation force ensures a smooth, gentle spray experience.
TSP’s versatile design offers a wide range of customization options, such as multiple nozzles for different spray experiences (spray/stream, spray/foam), or different neck finishes. It includes additional safety options for more product security, such as a ratchet neck finish, a Child Resistant feature (CRC) or a clip.
TSP is fully made of Polypropylene (PP) and Polyethylene (PE), including a PP spring, and is highly recyclable in the polyolefin stream. The spring is never in contact with the formula, ensuring a higher level of compatibility, even with corrosive cleaning formulations. The 1.2cc dosage is ideal for a wide range of home care, surface cleaning and stain removal uses.
TDK Corporation (TSE: 6762) announced it has received the highest rating of “platinum for the first time in the sustainability assessment conducted by EcoVadis, an international sustainability rating agency headquartered in France.
EcoVadis sustainability assessment evaluates the sustainability activities of over 150,000 companies across more than 185 countries and 250 industries, focusing on four themes: Environment, Labor and Human Rights, Ethics, and Sustainable Procurement. The platinum rating is awarded to companies that rank in the top 1% of all evaluated companies.
TDK received a gold rating in 2024, and this is the first time achieving a platinum rating. In this survey, TDK received a perfect score, with its evaluation improving from last year, particularly in the areas of environmental reporting (disclosure of quantitative indicators showing the status of initiatives) and labor and human rights implementation measures (specific action plans to realize policies and commitments). As a result, TDK was recognized as having established a high-level management system in all four themes, leading to this platinum rating.
TDK will continue to contribute to the realization of a sustainable future based on the company’s long-term vision, TDK Transformation: Accelerating transformation for a sustainable future, while aiming to solve social issues through TDK’s business based on its management philosophy.
About TDK Corporation
TDK Corporation is a world leader in electronic solutions for the smart society based in Tokyo, Japan. Built on a foundation of material sciences mastery, TDK welcomes societal transformation by resolutely remaining at the forefront of technological evolution. It was established in 1935 to commercialize ferrite, a key material in electronic and magnetic products. TDK’s comprehensive, innovation-driven portfolio features passive components such as ceramic, aluminum electrolytic and film capacitors, as well as magnetics, high-frequency, and piezo and protection devices. The product spectrum also includes sensors and sensor systems such as temperature and pressure, magnetic, and MEMS sensors. In addition, TDK provides power supplies and energy devices, magnetic heads, software and more. These products are marketed under the product brands TDK, EPCOS, InvenSense, Micronas, Tronics, and TDK-Lambda. TDK focuses on demanding markets in automotive, industrial and consumer electronics, and information and communication technology. The company has a network of design and manufacturing locations and sales offices in Asia, Europe, and in North and South America. In fiscal 2025, TDK posted total sales of USD 14.4 billion and employed about 10,5000 people worldwide.
Africa faces urgent climate challenges, but it also holds huge potential to lead with climate-smart innovations that boost livelihoods and grow economies.
From solar-powered storage for smallholder farmers to cutting-edge carbon removal, African entrepreneurs are reimagining key sectors and creating real investment opportunities.
At the heart of this transformation is Catalyst Fund, an Official Nominator to The Earthshot Prize. Their venture capital fund backs early-stage climate tech startups in Africa. Through capital, tailored venture building support, and network access, Catalyst Fund empowers innovators like 2024 Earthshot Prize Winner Keep IT Cool to scale breakthrough solutions across climate adaptation, food security, waste management and more.
Catalyst Fund’s work with startup founders, coupled with data from Africa: The Big Deal have been helping The Earthshot Prize identify promising solutions and better understand the African investment landscape since 2023.
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Below, Ken Ngetha, Venture Building Engagement Lead & Maelis Carraro, Managing Partner from Catalyst Fund, share insights into Africa’s climate startup scene and the latest investment trends.
Gijs Voskuyl, Head of CVC DIF commented: “These successful exits are a testament to the strength and foresight of the investment teams, as well as our dedicated divestment team. In today’s market, achieving liquidity requires more than just waiting for favourable conditions, it demands preparation, creativity, and deep market connectivity.”
Andrew Freeman, Partner & Head of Divestments at CVC DIF, commented: “Our core focus is on delivering meaningful outcomes for our investors – that means finding and executing exit strategies that others might overlook, and this is especially important when the broader market is subdued.”
Each of the three businesses have developed well during CVC DIF’s ownership period. Boluda Maritime Terminals which owns eight operational terminals in mainland Spain and the Canary Islands, has transformed its commercial strategy, leading to significant growth. Mallorca Fire Station, an availability-based PPP project on the island of Mallorca, Spain, has embraced significant costs efficiencies and operational improvements. TTIA, a port terminal located at the Strait of Gibraltar in Algeciras, Spain, has undergone multiple upgrades to increase volumes and improve the maturity of the terminal.
These three exits follow other recent divestment activity across CVC DIF’s portfolio including the sale of a 1GW+ portfolio of Australian renewable energy projects and the exit from a 169MW portfolio of Uruguayan wind farm projects.
WH Smith has cut its financial forecasts and launched an independent review after an accounting blunder led the retailer to overstate profits by £30m.
The group discovered the mistake, which related to its North American business, while preparing its year-end results. The stationery to sweets retailer said it was “largely” because it had logged some of its income too early.
This is related to arrangements it has with suppliers, which offer rebates if the retailer hits sales targets on certain items. However, it is understood that those rebates should have been logged in accounts for the next financial year rather than for the 12 months to 31 August. The problem is believed to be contained to the North American business.
WH Smith said headline profits from its North American division – which serves the US and Canada – were now expected to come it at £25m, down from previous market expectations of £55m.
As a result, the company said it expects the group’s pre-tax profits to be in the region of £110m. While WH Smith did not publish forecasts before the mistake was discovered, financial markets had been broadly expecting profits of £140m
“The board has instructed Deloitte to undertake an independent and comprehensive review,” WH Smith told investors on Thursday morning. “The group will provide a further update at its preliminary results announcement.”
The news comes a month after the 233-year-old British business announced it had cut the sale price of its high street business by £12m, after trading at the chain deteriorated in the lead up to the close of the sale.
WH Smith said at the end of July that it would receive gross cash proceeds of up to £40m, not the £52m expected in March when it agreed to sell the division, which had 480 high street stores, to Modella Capital, which also owns Hobbycraft.
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WH Smith’s shares plunged 30% when the stock market opened in London on Thursday morning.
