The wider probe will examine whether the tech giant set pricing schedules at its App Store, abusing its dominant position
International News via Reuters:
Spain’s antitrust regulator said on Tuesday it was expanding its investigation into possible anti-competitive behaviour by Apple for allegedly imposing unequal commercial conditions on developers of mobile applications sold at its app marketplace.
The wider probe will examine whether the tech giant set pricing schedules at its App Store, abusing its dominant position, the CNMC said in a statement.
Apple has denied the allegations since the CNMC launched its investigation a year ago.
(Reporting by David Latona; Editing by Andrei Khalip)
The ECB regularly lends to banks on both shorter and longer durations against appropriate collateral
International News via Reuters:
The European Central Bank will add climate change considerations to its lending operations from late 2026, it said on Tuesday, raising pressure on banks to channel financing towards greener sectors as the euro zone seeks to reduce its carbon footprint.
The ECB regularly lends to banks on both shorter and longer durations against appropriate collateral, and while such lending has been muted in recent years, an uptick is expected as the bank slowly reduces excess liquidity in the financial system.
“The Governing Council has decided to introduce a ‘climate factor’ which could reduce the value assigned to eligible assets pledged as collateral, depending on the extent to which an asset can be impacted by these uncertainties,” the ECB said in a statement.
The new policy, set to come into effect in the second half of 2026, is expected to act as a buffer against the possible financial impact of uncertainties related to climate change, it said.
While the U.S. Federal Reserve earlier this year left a global initiative looking at ways to police climate risk in the financial system, the ECB doubled down on its own commitment to take climate risk into account.
The bank has already been pushing commercial lenders to disclose more and more of their climate-related risk and has often complained that they have been too slow to respond. It has threatened to fine banks if they do not comply.
The ECB’s new “climate factor” will focus on marketable assets issued by non-financial corporations and adverse events specifically associated with the green transition, the bank said.
Reporting by Balazs Koranyi;Editing by Andrew Heavens and Helen Popper
The company’s shares, which have risen around 57% so far this year, fell nearly 9% in premarket trading
International News via Reuters:
Spotify forecast third-quarter profit below Street estimates on Tuesday as higher taxes related to employee salaries outweigh upbeat demand for its premium music-streaming plans.
The company’s shares, which have risen around 57% so far this year, fell nearly 9% in premarket trading.
Investors are closely monitoring the Swedish company’s profitability after price hikes, cost cuts and subscriber gains in recent years helped it achieve its first annual profit in 2024.
Spotify said it expects operating income of 485 million euros ($561.05 million) in the current quarter, below an estimate of 562 million euros, according to data compiled by LSEG.
Its third-quarter monthly active users (MAU) forecast of 710 million was in line with estimates, while its prediction for a 5 million increase in premium subscribers to 281 million was above a Visible Alpha estimate of 279 million.
Its board has approved a $1 billion increase to its share repurchase program, raising the total authorization to $2 billion, with $1.9 billion available for buybacks through April 2026.
Tough competition in music streaming and podcasts from rivals from Apple and Amazon has also prompted Spotify to increase marketing, which contributed to an 8% increase in operating expenses in the April-to-June quarter.
Premium subscribers rose 12% to 276 million in the second quarter, compared with a Visible Alpha estimate of 273 million. Its MAU net additions of 18 million brought the total to 696 million, exceeding expectations.
Second-quarter revenue rose 10% to 4.19 billion euros ($4.85 billion), but fell short of an estimate of 4.26 billion euros. Spotify said unfavorable currency movements reduced year-over-year total revenue growth by about 440 basis points in the reported quarter.
It forecast third-quarter revenue of 4.2 billion euros, below the estimate of 4.48 billion euros.
($1 = 0.8645 euros)
Reporting by Jaspreet Singh in Bengaluru; Editing by Pooja Desai
Healthcare stocks led the sectoral gains, up 1.8%, with AstraZeneca rising 2.8% after the drugmaker beat second-quarter revenue and profit expectations
International News via Reuters:
London’s main stock indexes were mixed on Tuesday as investors assessed a spate of mixed corporate updates as well as the fallout from the newly signed U.S.-EU trade deal.
The benchmark FTSE 100 rose 0.4% as of 0934 GMT, while the domestically focused midcap FTSE 250 index was down 0.3%.
Healthcare stocks led the sectoral gains, up 1.8%, with AstraZeneca rising 2.8% after the drugmaker beat second-quarter revenue and profit expectations.
Chemical stocks lost 2.5%, dragged down by Croda International, which fell 5.1% after the chemical company reported first-half sales below estimates.
Industrial miners lost 1%, tracking lower copper prices. Glencore and Anglo American fell 2.4% and 1.2% respectively.
Among other corporate updates, Games Workshop surged 6.3%, to top the FTSE 100 index, after the miniature wargames maker reported a nearly 30% jump in annual pre-tax profit.
Entain rose 1.4% after the company’s U.S. sports-betting joint venture with MGM Resorts called BetMGM raised its full-year 2025 revenue and core earnings forecast.
Inchcape lost 9.6%, top loser on the FTSE 250 midcap index, after the car distributor reported a 4% drop in first-half adjusted pre-tax profit at constant currency.
Greggs fell 4.9% after reporting a 14% fall in first-half profit.
A survey showed British shop prices rose by the most in more than a year in the 12 months to July and food prices grew more strongly.
The Bank of England is expected to cut borrowing costs on August 7 for the fifth time since August last year.
Meanwhile, investors weighed the impact of a new 15% levy on most European Union goods, which is significantly higher than pre-2025 levels.
Ahead of the August 1 tariff deadline, U.S. President Donald Trump said a blanket 15% to 20% “world tariff” rate would be extended toward trading partners who do not negotiate separate trade deals with the U.S.
Top U.S. and Chinese economic officials resumed their trade talks for a second day in Stockholm to resolve economic disputes, while seeking to extend the previous tariff truce by three months.
Reporting by Sukriti Gupta in Bengaluru; Editing by Shreya Biswas
The euro slid 1.3% in the previous session, its sharpest one-day percentage fall in more than two months
International News via Reuters:
The euro hit a one-month low against the dollar on Tuesday as investors sobered up to the fact that terms of the trade deal between the U.S. and the European Union favoured the former and did little for the bloc’s economic outlook.
The common currency fell as much as 0.5% to its lowest level since June 23, adding to Monday’s steep decline. It last traded 0.17% lower at $1.1565.
France’s prime minister on Monday called the framework trade agreement a “dark day” for Europe, saying the bloc had caved in to U.S. President Donald Trump with an unbalanced deal that slapped a headline 15% tariff on EU goods.
German Chancellor Friedrich Merz said his economy would suffer “significant” damage due to the agreed tariffs.
The euro slid 1.3% in the previous session, its sharpest one-day percentage fall in more than two months, on worries about growth and as euro-area government bond yields fell.
“It hasn’t taken long for markets to conclude that this relatively good news is still, in absolute terms, bad news as far as the near-term implications for euro zone growth are concerned,” said Ray Attrill, head of FX research at National Australia Bank.
“The deal has been roundly condemned by France while others – including German Chancellor Merz – are playing up the negative consequences for exporters, and with that, economic growth.”
The slide in the euro in turn boosted the dollar, which jumped 1% against a basket of currencies overnight.
The dollar held on to its gains on Tuesday and knocked sterling to a two-month low of $1.3338. The yen edged 0.1% higher to 148.405 per dollar.
The dollar index firmed 0.2% to 98.811.
“While the U.S. dollar’s strength … may reflect the perception that the new U.S.-EU deal is lopsided in favour of the U.S., the U.S. dollar’s strength may also reflect a feeling that the U.S. is re-engaging with the EU and with its major allies,” said Thierry Wizman, global FX and rates strategist at Macquarie Group.
Trump said on Monday that most trading partners that do not negotiate separate trade deals would soon face tariffs of 15% to 20% on their exports to the United States, well above the broad 10% tariff he announced in April.
Elsewhere, the Australian dollar fell 0.18% to $0.65095, while the New Zealand dollar was off 0.24% at $0.59570.
The onshore yuan touched a one-week low of 7.1794 per dollar, with investors awaiting the outcome of trade talks between Washington and Beijing.
Top U.S. and Chinese economic officials met in Stockholm on Monday for more than five hours in a bid to resolve long-standing economic disputes at the centre of a trade war between the world’s top two economies, seeking to extend a truce by three months.
Apart from trade negotiations, investors’ focus this week is also on interest rate decisions from the Federal Reserve and the Bank of Japan (BOJ).
“Tomorrow’s Fed meeting should demonstrate that political pressure from the US government is gradually having an effect, with several interest rate cuts likely to follow starting in September. By then, the US dollar should also have started to weaken again”, wrote Commerzbank FX analysts in a note.
Both central banks are expected to stand pat on rates, but traders will watch subsequent comments to gauge the timing of their next moves.
Elsewhere, data on Tuesday showed Sweden’s gross domestic product grew by just 0.1% in the second quarter, undershooting most forecasts. The Swedish crown was down 0.33% against the dollar.
Reporting by Rae Wee in Singapore and Lucy Raitano in London; Editing by Muralikumar Anantharaman, Kim Coghill and Hugh Lawson
British baker and fast food chain Greggs is keeping its foot on the pedal in an expansion drive, despite a slowdown in sales growth that dragged down first-half profit by 14%, its boss said on Tuesday.
Greggs, known for sausage rolls, steak bakes, vegan alternatives and sweet treats, has more stores than McDonald’s in Britain and opened a net 31 new stores over its first half to June 28, taking the total to 2,649.
It said it was on track to open 140 to 150 new shops in 2025, saw an opportunity for “significantly more” than 3,000 shops over the longer term and ultimately saw scope for more than 4,500.
However, like-for-like sales growth slowed to 2.6% in the first half versus 5.5% in 2024, which Greggs partly blamed on June’s heatwave, prompting some investors to reportedly call for expansion to be slowed.
“I completely do not believe we’ve reached peak Greggs,” CEO Roisin Currie told Reuters in an interview.
“There are still significant parts of the UK where you cannot access a Greggs,” she said, adding that it was underrepresented in retail parks, supermarkets, roadside and transport locations.
Shares in Greggs were down 4.5%, extending 2025 losses to 44%.
Despite the slump, Currie, CEO since 2022, said she did not believe her job was under threat.
“I’m not responsible for the share price,” she said. “My job is to make sure that we continue to take every opportunity and make strategic progress.”
Greggs made a pretax profit of 63.5 million pounds ($84.8 million) in the six months to June 28, on total sales up 7.0% at 1.03 billion pounds, boosted by new store openings.
This month, Greggs warned full year profit “could be modestly below” 2024 levels after underlying sales growth slowed in a June heatwave that boosted demand for cold drinks but reduced overall shopper numbers.
Greggs’ growth is also being supported by the expansion of its menu, longer opening hours into the evening, increased delivery sales through Just Eat and Uber Eats and loyalty building through the Greggs App.
($1=0.7492 pounds)
Reporting by James Davey; Editing by Lincoln Feast and Clarence Fernandez
The pan-European STOXX 600 index gained 0.5% by 0815 GMT
International News via Reuters:
European equities edged higher on Tuesday, lifted by gains in EssilorLuxottica amid a slew of corporate results, even as markets assessed the fallout from the newly inked trade deal between Washington and Brussels.
The pan-European STOXX 600 index gained 0.5% by 0815 GMT. Most regional bourses also traded higher, with Germany’s DAX and France’s CAC adding almost 1% each.
The benchmark STOXX 600 rose 0.9% to hit a four-month high early in Monday’s session but reversed course to close about 0.2% lower, as investors weighed the impact of a new 15% levy on most European Union goods, which is significantly higher than pre-2025 levels.
“The dust is still settling on the way the market’s looking at this trade deal and its assessment. I think the initial reaction was mainly a bit of a sigh of relief,” said Andrea Cicione, head of strategy and head of research at TS Lombard.
“At the end of the day tariffs are bad. Before we had 2.5%, now it’s 15% but between 10% and 15% there isn’t a huge deal. When the market comes to realise that it will start taking this agreement as a decent compromise.”
Ahead of the August 1 tariff deadline, U.S. President Donald Trump said a blanket 15% to 20% “world tariff” rate would be extended toward trading partners who do not negotiate separate trade deals with the U.S.
U.S. -China trade talks were in focus after officials from both sides met on Monday to resolve economic disputes, while seeking to extend the previous tariff truce by three months.
Aerospace and defence stocks added 1.9% after three straight days of losses. The new framework trade deal offered zero-for-zero tariffs on aircraft and parts. Airbus <AIR.PA>, Safran SA <SAF.PA> gained 1.9% and 2.7%, respectively.
Among individual stocks, Franco-Italian eyewear group EssilorLuxottica shares jumped 6% after the company reported an increase in first-half operating profit despite a tariff hit.
Dutch company Philips rose 10.3% to the top of the index after the healthcare technology group lowered its tariff impact estimates following the U.S.-EU trade deal.
On the flipside, car distributor Inchcape dropped 7.7% and ranked as the top decliner after posting a first-half profit drop due to tariff impact.
In a week packed with high-stakes economic events, investors will get their first glimpse of second-quarter GDP data from both the euro area and the U.S. on Wednesday, ahead of the Federal Reserve’s rate decision and the closely watched U.S. jobs report on Friday.
Reporting by Twesha Dikshit and Medha Singh; Editing by Eileen Soreng
The gunman was believed to have acted alone, and investigators had yet to determine a possible motive
International News via Reuters:
A gunman armed with an assault-style rifle killed four people inside a Manhattan skyscraper that houses the headquarters of the NFL and offices of several major financial firms and then shot himself dead, New York City officials said on Monday.
One of the four victims slain in the gun violence was a 36-year-old New York Police Department officer who immigrated to the U.S. from Bangladesh. Mayor Eric Adams described the officer, who had been on the force for about 3 1/2 years, as a “true blue” hero.
Authorities offered few details about the three other victims killed by the suspect – two men and a woman. A third male was gravely wounded by the gunfire and was “fighting for his life” in a nearby hospital, the mayor said.
New York Police Commissioner Jessica Tisch said the gunman, identified as Shane Tamura, 27-year-old Las Vegas resident with a history of mental illness, had driven cross-country to New York in recent days.
The gunman was believed to have acted alone, and investigators had yet to determine a possible motive for the shooting, Tisch told reporters at a late-night news briefing.
“Pure evil came to the heart of our city and struck innocent people and one of our police officers who were protecting those people,” Patrick Hendry, president of the Police Benevolent Association, said at the press conference.
The slain policeman, Didarul Islam, a father of two whose wife is pregnant with a third child, was working at the time as part of an NYPD program that allows its uniformed patrol officers to be assigned as security detail in commercial establishments.
The shooting spree in the evening rush hour began in the lobby of the Park Avenue tower in Midtown Manhattan, then shifted to the upper-story offices of a management company as the suspect took the elevator to the 33rd floor. The bloodshed came to an end when the gunman fatally shot himself in the chest, Tisch told reporters.
A photo of the suspect that CNN said was shared by police showing a gunman walking into the building carrying a rifle was published by a number of major news media outlets. Preliminary checks of the suspect’s background did not show a significant criminal history, the report added, citing officials.
The skyscraper at 345 Park Avenue houses offices of a number of financial institutions, including Blackstone and KPMG, along with the headquarters of the National Football League.
A large police presence converged on the area around the tower, according to Reuters journalists near the scene.
“I just saw a lot of commotion and cops and people screaming,” said Russ McGee, a 31-year-old sports bettor who was working out in a gym adjacent to the skyscraper, told Reuters in an interview near the scene.
Kyle Marshall, 38, was working at a Morgan Stanley office in a nearby Park building when his mother texted him, alerting him to an active-shooter incident, and asked if he was OK. “Then she texted me the address, and I was, like, ‘Oh my God. That’s right next door to my building,” he said.
Police kept Marshall and others inside that property on lockdown until after 8 p.m., he told Reuters. Marshall lives in the San Francisco area but comes to New York about once a month for work.
“It doesn’t make me feel less safe to be in Manhattan,” he said. “The police responded quickly.”
The FBI said agents from its New York field office were also responding to provide support at the scene.
Reporting by Lananh Nguyen, Michelle Nichols and Daniel Fastenberg in New York and Kanishka Singh in Washington; Additional reporting by Brad Brooks. Writing and additional reporting by Steve Gorman in Los Angeles; Editing by Dan Burns, Sandra Maler, Frank McGurty and Michael Perry
Raynor’s gas station celebrates 25 years under Reginald Raynor with public giveaway
Raynor’s gas station in Southampton is in celebratory mode. The family business has been running for 46 years and Friday will mark the 25th year that it has been run solely by Reginald Raynor. Mr Raynor tells us there will be a public giveaway to mark the occasion.
An annual ceremony, paying tribute to those who have perished on the ocean, took place in the East End recently
Footage by Bermuda Media, courtesy of BISL
The Guild of the Holy Compassion, founded in 1918, recently held its Annual Wreath Laying Ceremony off the waters of St George’s.
The Guild tends to the graves of mariners who have died in the seas around Bermuda over the past century.
The Guild’s Dr Derek Tully and Henry Hayward were joined by current and retired marine pilots along with shipping company representatives, as they travelled out on the pilot boat St. David.
At Murray’s Anchorage, alongside the Bermuda Islander, Anglicvan Bishop Nicholas Dill presided over a ceremony in which he blessed the wreaths before they were laid on the ocean – the first being laid by Pilot Warden Mario Thompson.
Special mention was made of the St. George’s men who died on the Pilot Boat Ocean Queen in January 1927.
Dr Tully, secretary of the Guild, said, “this was a devastating loss to the St. George’s community.”
“The Pilot gig Ocean Queen was caught in a violent storm off the East End as they were preparing to escort a ship into Bermuda.”
“The men were never seen again, although the Pilot gig was found a day later floating off South Shore near Elbow Beach.”
As the ceremony drew to a conclusion, the Bermuda Islander sounded three long blasts on the ship’s horn … a poignant, audible acknowledgement of those who perish at sea.
There’s a duty of those who are free to acknowledge when others are not, says local Islamic leader
Ahead of the 191st anniversary of Emancipation, community leaders gathered at City Hall today to call on people to recognise our common humanity, and to also consider those currently suffering elsewhere in the world.
Above, Imagine Bermuda’s Glenn Fubler, the Peace Collective’s Aziza Furbert, and Emir Saleem Talbot, Imam of the Bermuda Islamic Cultural Centre, highlighted the violence in Gaza.
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