Category: 3. Business

  • MHI Thermal Systems Begins Field Test of Jointly Developed “Surplus Renewable Energy Absorption and Release System”– Utilizing the Seasonal Thermal Storage Function of ATES System —

    MHI Thermal Systems Begins Field Test of Jointly Developed “Surplus Renewable Energy Absorption and Release System”– Utilizing the Seasonal Thermal Storage Function of ATES System —

    Image courtesy of Osaka Metropolitan University

    Tokyo, July 1, 2025 – Mitsubishi Heavy Industries Thermal Systems, Ltd. (MHI Thermal Systems), a part of Mitsubishi Heavy Industries (MHI) Group, has begun field test of a jointly developed “Surplus Renewable Energy Absorption and Release System” utilizing the Aquifer Thermal Energy Storage (ATES) system. The test is being carried out jointly with partners including Osaka Metropolitan University, which serves as project representative(Note1).

    The project, titled “Development of Technology for Absorbing Surplus Renewable Energy in ATES systems,” was selected by the Japan’s Ministry of the Environment in 2023 as a “Regional Co-creation and Cross-sectoral Carbon Neutral Technology Research Development Program(Note2). In April 2025, cold-storage operation utilizing surplus energy began at the Osaka City Maishima Sports Center for Persons with Disabilities (AMITY MAISHIMA). From July 1, the project will transition to a new field test phase in which the stored cold water will be used directly for air-conditioning.

    Today, renewable energy sources such as solar and wind power are being adopted toward realizing a decarbonized society. However, the amount of power generated is unstable due to their dependence on weather conditions. As a result, surplus energy often arises during transitional cooler seasons such as spring and autumn in Japan, when demand for air cooling/heating is low. To effectively utilize such surplus energy, infrastructural improvements are required-such as large-scale battery systems or extensive land use-both of which can result in significant additional costs. Against this backdrop, the joint project currently underway has focused on development of a surplus renewable energy absorption and release system that leverages the seasonal thermal storage function of the ATES system.

    In this joint development, a surplus renewable energy absorption and release system is to be adopted in an ATES system for the first time worldwide. The system offers short-cycle thermal storage and discharge functionality, enabling flexible switching between cold and heat storage. It also incorporates a multi-layered seasonal storage function that allows lower-temperature chilled water to be stored within existing underground cold-water masses.

    In conjunction with this project, MHI Thermal Systems is responsible for operating the ATES system and heat-pump type centrifugal chillers, as well as for designing and constructing a control system that efficiently utilizes surplus energy. The newly developed control system features a mode that automatically switches to the optimal operation depending on the surplus energy availability and underground water temperature. Furthermore, owing to the incorporation of a function that optimizes cold storage operation in real time based on fluctuations in electricity market prices and the volume of surplus power. This enables energy-saving operation that reduces electricity consumption during cooling while ensuring effective use of renewable energy.

    An ATES system uses gravel and groundwater stored in aquifers deep underground as an enormous heat storage tank, allowing for the effective use of energy by enabling the circulation of heat across seasons, such as using the cold waste heat from winter heating for summer cooling, and the warm waste heat from summer cooling for winter heating. MHI Thermal Systems’ ATES system received the “Energy Conservation Center, Japan Chairman’s Award” in the “Best Practice Category” at the 2021 Energy Conservation Grand Prize,(Note3) and the “HPTCJ Promotion Award” at the 2022 “Demand Side Management Awards”(Note4).

    MHI Group has made a declaration to achieve carbon neutrality by 2040, and is working to reduce CO2 emissions from its own plants and other production-related facilities, as well as reduce the CO2 emissions at customer facilities that use MHI Group products. As a part of MHI Group, MHI Thermal Systems supplies a large number of centrifugal chillers for general air conditioning, factory air conditioning, and district heating and cooling, boasting the top market share in Japan in this field. Going forward, MHI Thermal Systems will continue to respond to customer needs, and by delivering centrifugal chillers and thermal solution products with a low environmental load, contribute to the realization of a carbon neutral world.

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  • Usercentrics Report Reveals: As Concern Over Data Use Grows, Transparency Becomes the Number One Driver for Building Trust – Business Wire

    1. Usercentrics Report Reveals: As Concern Over Data Use Grows, Transparency Becomes the Number One Driver for Building Trust  Business Wire
    2. The Trust Deficit: Brand Transparency and the New Rules of Retail  Retail TouchPoints
    3. 4 Things Every B2B Brand Should Be Doing to Earn Trust in 2025  Entrepreneur
    4. The Future’s Powered by AI. Just Don’t Expect Everyone to Love It  Lifewire
    5. How trust became the new currency of brand growth  Fast Company

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  • Sodexo Q3 Fiscal 2025 revenues in line with expectations

    Sodexo Q3 Fiscal 2025 revenues in line with expectations

    Sodexo will hold a conference call (in English) today at 9:00 a.m. (Paris time), 8:00 a.m. (London time) to comment on its Q3 Fiscal 2025 revenues.

    Those who wish to connect:

    • From the UK: +44 121 281 8004, or
    • From France: +33 1 70 91 87 04, or
    • From the US: +1 718 705 8796,

    Followed by the access code 07 26 13.

    The live audio webcast will be available on www.sodexo.com

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  • Jersey woman included in UK’s top 50 female engineers list

    Jersey woman included in UK’s top 50 female engineers list

    A Jersey engineer has been listed one of the UK’s top 50 women in engineering for 2025

    The Institution of Civil Engineers (ICE) named Rachel Hayden as a role model for reaching more than 38,000 people through science, technology, engineering, and mathematics (STEM) volunteering.

    The former Jersey College for Girls student was recognised for her “outstanding contributions to the profession and her tireless work inspiring the next generation” in the list published by the Women’s Engineering Society.

    Ms Hayden, who works as a senior engineer at WSP, said an experience at secondary school had inspired her future career.

    She said: “If it hadn’t been for a pasta bridge competition run by engineers when I was 16, I might never have discovered civil engineering.

    “That moment changed my life – and now I’m passionate about creating those moments for others.”

    ICE said that since Ms Hayden had become a STEM Ambassador in 2017, she had volunteered more than 715 hours and delivered 285 activities.

    Ms Hayden said it was “a huge honour” to be recognised on the list.

    “I hope it shows young people in Jersey and beyond that engineering is not only for everyone – it’s a career where you can make a real difference.”

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  • Evolution of the accounting treatment of Renault Group’s stake in Nissan

    Evolution of the accounting treatment of Renault Group’s stake in Nissan

    Boulogne-Billancourt, July 1, 2025  As of June 30, 2025, Renault Group will change the way it accounts for its stake in Nissan. Previously accounted for using the equity method, this investment will now be a financial asset measured at fair value through equity (estimated on the basis of Nissan’s stock price).

    Accounting impacts of the change in method

    • The implementation of this new accounting treatment, resulting from the recent changes in the terms and conditions for the exercise by Renault Group of its rights related to its stake in Nissan, will result in the recognition of a loss estimated at €9.5 billion1, which will be recognized in the income statement, mostly as “other operating income and expenses” at the date of the change, with no cash impact and no impact on the calculation of the dividend paid by Renault Group.
    • This amount corresponds to the difference between the present carrying value of the investment and its estimated fair value based on Nissan’s stock price as of June 30, 2025, plus the impact of the recycling of conversion reserves and net investment hedges related to Nissan’s equity‑accounted securities.
    • Thereafter, any change in the fair value of the stake in Nissan (estimated on the basis of Nissan’s stock price) will be directly recognized in equity, with no impact on Renault Group’s net income.
    • This approach aligns the value of the stake in Nissan in Renault Group’s financial statements with the value of Nissan’s share price.

    A pragmatic and business-oriented approach

    • Although this accounting change implies a significant adjustment to Renault Group’s financial statements, it does not change the strategic and operational commitments between Renault Group and Nissan.
    • The two partners continue to work on joint industrial and technological development programs, as evidenced by the new strategic projects announced on March 31, 2025.
    • These initiatives illustrate a relationship based on pragmatic and business-oriented decisions and show a common desire to maximize synergies and create value for both companies, while allowing each to maintain flexibility and efficiency for their operations.


    [1] Estimation based on a Nissan’s stock price of JPY350 and a EUR/JPY exchange rate of 169 (the definitive amount will be confirmed when Renault Group’s half-year financial statements are published).

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  • Stoxx 600, FTSE, DAX, tariff deadline

    Stoxx 600, FTSE, DAX, tariff deadline

    Good morning from London, here are the opening calls

    General view of the City of London skyline, the capital’s financial district, in October.

    Sopa Images | Lightrocket | Getty Images

    Welcome to CNBC’s live blog covering all the action in European financial markets on Tuesday, as well as the latest regional and global business news, data and earnings.

    Futures data from IG suggests a generally positive start for European markets, with London’s FTSE looking set to open unchanged at 8,774, Germany’s DAX up 0.2% at 23,955, France’s CAC 40 up a notch at 7,679 and Italy’s FTSE MIB up slightly at 39,865.

    The generally positive start for Europe comes as global investors begin to assess the trade talks and the tariff landscape as U.S. President Donald Trump’s 90-day reprieve from higher import duties is set to expire next week.

    Asia-Pacific markets traded mixed overnight as investors assessed the record gains on Wall Street and the prospects for trade deals, while U.S. equity futures were little changed early Tuesday after the S&P 500 notched another record to close out a stunning quarter.

    U.S. Treasury Secretary Scott Bessent said Monday that there are “countries that are negotiating in good faith.” However, he added that tariffs could still “spring back” to the levels announced on April 2 “if we can’t get across the line because they are being recalcitrant.”

    Canada walked back its digital services tax in an attempt to facilitate trade negotiations with the United States. Ottawa’s move to rescind the new levy comes after President Donald Trump said on Friday that he would be “terminating ALL discussions on Trade with Canada.”

    — Holly Ellyatt

    What to look out for Tuesday

    A Tante Enso store in Wörlitz, Germany.

    Picture Alliance | Picture Alliance | Getty Images

    The big data release in Europe on Tuesday is the latest preliminary inflation data from the euro zone. Analysts expect the rate to have hit 2% in the year to June, which would be in line with the European Central Bank’s target.

    Earnings are set to come from Sodexo and Sainsbury’s. Other data releases include German unemployment figures and U.K. Nationwide house prices data.

    CNBC continues coverage of the ECB’s forum in Sintra, Portugal, where central bankers have gathered this week.

    — Holly Ellyatt

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  • Stock market today: Live updates

    Stock market today: Live updates

    Traders work at the New York Stock Exchange on June 25, 2025.

    NYSE

    U.S. equity futures were little changed early Tuesday after the S&P 500 notched another record to close out a stunning quarter.

    Futures tied to the Dow Jones Industrial Average slipped 37 points, or less than 0.1%. The S&P 500 futures and Nasdaq 100 futures each lost 0.1%.

    In regular trading, the broad market S&P 500 advanced 0.52%, posting another record close, while the tech heavy Nasdaq Composite also rose to fresh all-time highs, gaining 0.47%. The blue-chip Dow climbed 275.50 points, or 0.63%.

    Monday’s moves came after Canada walked back its digital services tax in an attempt to facilitate trade negotiations with the U.S. Ottawa’s move to rescind the new levy comes after President Donald Trump said on Friday he would be “terminating ALL discussions on Trade with Canada.”

    Traders are hoping for deals between the U.S. and its trading partners, as Trump’s 90-day reprieve on his steepest tariffs is set to expire next week.

    Stocks have made an impressive comeback after suffering steep declines in April, after Trump’s sweeping tariff policy pushed the S&P 500 near bear market territory. The major averages have since made a sharp turnaround, with the broad market index closing the second quarter with a 10.6% gain and the Nasdaq up nearly 18% in the period.

    Though traders now head into the second half of the year with stocks at record highs, some remain optimistic the market could surge even higher in the months ahead.

    “We think this is going to be a broader recovery,” Mike Wilson, chief U.S. equity strategist and chief investment officer at Morgan Stanley, said Monday on CNBC’s “Closing Bell.”

    “I think with the Fed cutting in the second half of this year or next year, we can see a rolling recovery – because now there’s quite a bit of pent-up demand, particularly in those interest rate sensitive parts of the market,” he added. Those corners of the market include manufacturing and housing, the strategist said.

    Traders are looking ahead to the S&P Global Purchasing Managers’ Index at 9:45 a.m. ET, which will give investors a read on the activity in the manufacturing sector, as well as the ISM manufacturing report at 10 a.m. The Job Openings and Labor Turnover Survey (JOLTS) will also be released Tuesday morning.

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  • The new AI tools BA is using to cut delays and cancellations

    The new AI tools BA is using to cut delays and cancellations

    It’s a hot June lunchtime at remote stand 572 at Heathrow Terminal 5, and I’m waiting on the tarmac for British Airways flight 343 to arrive from Nice. I’m here to see a “turn”, as it’s known in aviation jargon; in layman’s terms it’s a turnaround, the process that deals with an arriving aircraft, unloading it and getting it ready to go back out again.

    It’s 1.30pm, and the Airbus A320neo is late. It was due to arrive at 1.10pm, but despite the flight information having flashed up on a digital information board, it has disappeared again. After a quick look at Flightradar24, a plane tracking site, I realise the aircraft has performed a go-around — an aborted landing, perfectly normal — to avoid coming too close to another plane on the runway. At 1.48pm, it inches onto the stand and turns off its engines.

    So far, so ordinary. BA343 is just one of about 650 planes that land at Europe’s busiest airport each day. But the cool thing here is that it’s the first time a BA turnaround has been performed using only zero-emission equipment: buses that run on vegetable oil; baggage tugs, which look like little golf buggies, running on lithium batteries; and electric-powered steps to get passengers off. It might not sound like much, and if you’re disembarking chances are you won’t even notice. But the goal of this new hardware is to make the whole process more efficient and reduce delays for passengers. It’s part of a wider multibillion-pound transformation of the airline.

    Most airlines ignore economy — but these are the ones doing it well

    This summer is predicted to be exceptionally busy, according to figures from the aviation data agency Cirium, with a record number of passengers forecast to go on holiday. Almost 52 million of us will travel between June 1 and August 31, up from 51 million last summer. There is also some nervousness about air-traffic control delays due to hot weather or strikes. Eurocontrol, which runs European air traffic control, said in April that in the first four months of the year European air traffic was up by 5 per cent compared with the same period in 2024, with delays also up by the same amount. Add to that a pile-on over British Airways’ revamped loyalty scheme, the Club, and you can see why the flag carrier might be nervous.

    Last year BA announced a £7 billion transformation programme, with money funnelled into new cabins in state-of-the-art aircraft such as the Airbus A320neo and sustainable initiatives, such as the carbon-neutral hardware out on the airfield. The airline has also invested £100m in “gamechanging’ and “integral” AI forecasting tools — essentially what the BA boss Sean Doyle calls “devising a better way of working on the ground at Heathrow” — which, when put into practice, will ultimately mean fewer delays and cancellations for passengers. The results so far are promising: in the first three months of 2025, 86 per cent of BA flights left on time from London Heathrow, the highest on record; in 2008 it was 46 per cent.

    I went to Heathrow to find out more and see how BA is using machine learning to improve the passenger experience. I’m getting an exclusive look at the airport’s revamped Air Operations Control Centre (AOCC), the eyes and ears of BA’s operation at Heathrow; as well BA’s Integrated Operations Control (IOC) at its Waterside headquarters, to the northwest of the airport.

    One of the new tools at the AOCC is Mission Control, a giant interface beamed onto a giant screen in the control centre. It shows real-time tracking of each BA plane on the ground at Heathrow (blue shows arriving aircraft, flashing yellow shows planes about to depart) and how many connecting passengers are on board. I can see flight BA453 arrive from Ibiza and BA115 depart to New York. A screen tracking New York JFK has been configured too. London-New York is the busiest international route in the world; after the British capital it’s BA’s largest international destination.

    Mission Control is also a big part of BA’s IOC at its Waterside headquarters, where staff monitor up to 900 daily BA flights across the network. The real-time data from the interface ensures that staff can track the aircraft and make on-the-go decisions about where aircraft need to go.

    I sit down with Ben Lang, who looks after BA’s schedule, planning where to use its more than 280 jets. He showed me the Pathfinder planning tool, which uses thousands of pieces of historical data to make the flight plans, pulling in information about delays, air-traffic control restrictions and aircraft capacity. For example, Lang explains, if flights from Paris are always delayed by ten minutes, Pathfinder will allocate an extra ten minutes to the turnaround process; and if there’s a big sporting event happening, bigger jets will be deployed to cope with demand.

    I also get a look at Runway, another AI forecasting tool that kicks in when disruptive events such as storms, strikes and — particularly relevant at the moment — blocked airspaces threaten to throw passengers off course. Using masses of data, it can allocate the most efficient aircraft for a particular flight, making what it calls a “swap”. For example, during Storm Eowyn in January, Runway swapped out smaller aircraft that would typically fly to Glasgow and Edinburgh for larger planes to stop passengers getting stranded in Scotland. At the top of Lang’s screen, it says the tool has improved the number of on-time flights by 1.1 per cent over the past five days by making 233 of these swaps.

    Heathrow is not fit for purpose — will the third runway help?

    Elsewhere in the IOC there’s AI-powered Flight Watch, which shows flight routes, closed sections of airspace and particularly nasty bouts of turbulence as well as other weather events; it can also communicate directly with air-traffic control towers, which helps teams to reroute flights through less-delayed airspace. More than 3,500 minutes of flight time were recently saved in one day, Richard Treeves, head of the IOC, told me. A new AI crew app launched earlier this month, automating the manual task of rostering the right staff onto the right aircraft. Everything is designed to make the operation run more smoothly and crucially reduce delays and cancellations for passengers.

    “We’re now entering one of our busiest periods of the year and will be flying millions of customers around the world throughout July and August,” René de Groot, BA’s chief operating officer, says. “The new technology we’ve introduced has been a real gamechanger, allowing us to make more informed decisions based on vast amounts of data. We have even more in the pipeline — including new apps for our operational colleagues — and we’re in a much better place to deliver a smooth travel experience this summer and beyond.”

    Back on the tarmac, I can see for myself how Mission Control has alerted flight teams, showing them that it was better to change the aircraft to quash the potential delay. The late arrival of BA343 means it’s too late to be turned around for its planned 2pm departure to Milan. It’s instead bound for Amsterdam, now departing at 2.30pm — not even 45 minutes after it arrived. I watch as bags are loaded and passengers arrive to board. No one will notice the work that went on behind the scenes — but that’s the point; the important thing is that everyone gets from A to B on time.

    Do you think the changes will make a difference this summer? Let us know in the comments below

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  • Hong Kong expands virtual courtroom access with new ordinance

    Hong Kong expands virtual courtroom access with new ordinance

    The Courts (Remote Hearing) Ordinance (Cap. 654) came into effect on 28 March 2025, authorising and broadening the use of remote hearings, particularly for shorter and non-trial criminal proceedings, by establishing a comprehensive legal framework for conducting remote hearings across all levels of courts and tribunals.

    Jennifer Wu, an expert in TMT and commercial disputes at Pinsent Masons, said: “As remote hearings become more common, adaptability and technological proficiencies are no longer optional — they are essential skills for modern legal practice. Legal practitioners must be prepared to operate flexibility on digital platforms and be comfortable with all virtual courtroom etiquette in order to meet the tech-driven advancements in the legal system.”

    A remote hearing is a court proceeding ordered by the court to be conducted via a remote medium, such as telephone or live audio-visual link. The ordinance allows remote hearings for civil cases and non-trial criminal proceedings, such as pre-trial reviews and case management conferences.

    When determining whether to order a remote hearing, the court must take into account several factors, including the nature, complexity and urgency of the case, the type of evidence involved, the views of the parties, the ability of the parties to engage with and follow the proceeding, any impairments or special circumstances affecting the parties, the fair and efficient resolution of the matter and other relevant factors.

    “These considerations ensure that remote hearings are used appropriately and do not compromise the fairness or integrity of the judicial process,” Wu said.

    Courts will ensure public access to public remote hearings through, for example, issuing directions on live broadcast. The ordinance also introduces new offences of unauthorised recording, publishing and broadcasting of both physical and remote hearings to safeguard the integrity of proceedings.

    If there are concerns about the reliability of any remote testimony, the court may amend or revoke the remote hearing order and require in-person attendance.

    Wu said: “Effective preparation is crucial to ensure smooth and efficient remote hearings. Parties are encouraged to liaise with the court on logistics, address technical questions, and do equipment test runs prior to the hearing.”

    “Legal practitioners and participants preparing for remote hearings should ensure that all required hardware such as video conferencing (VC) units, laptops, display monitors, cameras, speakers and microphone function properly and that they connect to the remote website of the court’s VC system well before the scheduled hearing time to address any connectivity or technical issues,” she said.

    “Choose a quiet, well-lit and private location free from interruptions to create a professional and distraction-free setting, and do not share any VC links on public forums or with individuals who do not need to be present. Avoid using public Wi-Fi to ensure secure connections.”

    Educating those needing to attend the remote hearings on the process, providing clear instructions on how to log in, explaining the technology involved and preparing them for what to expect during the hearing and how to give evidence virtually are also important steps to ensure smooth running of hearings in the virtual space, according to Wu.

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  • GLOBAL ECONOMY Asian factories hobbled by US tariff risks despite modest relief – Reuters

    1. GLOBAL ECONOMY Asian factories hobbled by US tariff risks despite modest relief  Reuters
    2. Manufacturing Slumps Anew in Asia as US Tariffs Poised to Rise  Bloomberg
    3. Taiwan Manufacturing Contraction Deepens  TradingView
    4. Taiwan consumer confidence tumbles in June on tariff concerns  Taiwan News
    5. Asian factories hobbled by US tariff risks despite modest relief  MarketScreener

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