Author: omc_admin

Justin Sullivan | Getty ImagesVenmo, long a centerpiece of PayPal’s growth story but often criticized for its lack of monetization, is becoming a bigger contributor to the business.PayPal said Tuesday in its first-quarter earnings release that revenue at Venmo increased 20% year over year in the first quarter, though the company did not provide a dollar figure. PayPal acquired Venmo in 2013 through the acquisition of parent company Braintree.While it has long been a popular consumer service for sending money to friends, Venmo’s ability to drive meaningful revenue has been a major question mark for investors, especially as competition from…

NEW YORK (AP) — Executives at some of the world’s biggest companies are faced with the tricky task of explaining how President Donald Trump’s tariffs are impacting their business as they discuss the latest financial results. Some are making their best estimate based on what they know at the moment; others are pulling their outlooks altogether. The only certainty is that they’ll use a variation of the phrase “uncertain times” at least once as they speak with analysts. Trump has imposed tariffs against key U.S. trading partners, while also postponing other tariffs to give companies a chance to negotiate. The…

This article is an on-site version of our Energy Source newsletter. Premium subscribers can sign up here to get the newsletter delivered every Tuesday and Thursday. Standard subscribers can upgrade to Premium here, or explore all FT newslettersHello and welcome back to Energy Source, which comes to you from New York and Mexico City today. The critical importance of power grid stability was highlighted on Monday when a mystery power outage in Spain and Portugal paralysed transport networks and disrupted mobile communications. An investigation has begun into the cause of the blackouts which sparked a state of emergency in Spain,…

LOS ANGELES (AP) — More than 50,000 Los Angeles County workers demanding higher pay were on strike again Tuesday, and the walkout caused closures or disruptions at libraries, healthcare clinics and administrative offices across the nation’s most populous county.The two-day strike that began Monday evening followed failed negotiations with the county for a new contract after the last one expired in March, according to the Service Employees International Union Local 721.The union represents employees including public health professionals, social workers, parks and recreation staff, custodians, clerical workers and others serving a county of 10 million residents. It’s the first time…

Taipei, Taiwan – When United States President Donald Trump began his first term in 2017, he set about implementing Washington’s most hawkish economic policy toward China in decades. In the first 100 days of his second term, Trump has taken Washington’s confrontation with Beijing to greater heights still, laying out a staunchly protectionist trade agenda that has led to a de facto trade embargo between the world’s two largest economies. US tariffs on most Chinese goods have risen to 145 percent – with the rate rising to 245 percent on some items – while loopholes that previously allowed Chinese exporters…

Developer Atlas Renewable Energy has inaugurated the 800 MWh battery energy storage system (BESS) plant in María Elena commune, in the Antofagasta region. Chile Energy Minister Diego Pardow was present at the inauguration of the 200 MW/800 MWh BESS del Desierto, a project its developers describe as the first large-scale standalone energy storage plant in Latin America. The project features PowerTitan liquid cooling and control systems from Chinese battery manufacturer Sungrow. Developer Atlas Renewable Energy says its project can provide almost 2,500 electric buses with 500,000 km of range. Atlas estimates the 320 batteries on the more-than-three-hectare site will deliver…

Slovenia’s capital will receive €3.5 million in EU support for fleet renewal, targeting cleaner air and lower emissions. The city will acquire three types of electric buses. Ljubljana is set to bolster its public transport system with the acquisition of 16 new battery-electric buses, backed by €3.5 million in funding from the European Regional Development Fund (ERDF). The initiative, part of Slovenia’s EU Cohesion Policy Programme 2021–2027, aims to enhance sustainable urban mobility and reduce the city’s carbon footprint. The €11.6 million project will see the introduction of six 18-metre articulated electric buses, five 12-metre standard electric buses, and five…

The comment from minister Rosan Roeslani follows confirmation last week that LG Energy Solution, or LGES, has withdrawn from another venture in Indonesia, a 142 trillion rupiah ($8.46 billion) project in the EV battery supply chain, citing market conditions and the investment environment. “The commitment from LG remains big, a concrete example is that they will invest in the development of this JV,” he told a press conference, referring to a battery plant in West Java. LG last week said it will continue its investment in a battery joint venture, HLI Green Power, led by LGES and Hyundai Motor Group.…

North America dropped four rigs week on week, according to Baker Hughes’ latest North America rotary rig count, which was released on April 25. Although the U.S. added a total of two rigs week on week, Canada’s overall rig count decreased by six during the same period, taking the total North America rig count down to 715, comprising 587 rigs from the U.S. and 128 from Canada, the count outlined. Of the total U.S. rig count of 587, 571 rigs are categorized as land rigs, 13 are categorized as offshore rigs, and three are categorized as inland water rigs. The…

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.BP said on Tuesday that profits had halved in the first quarter as it announced the departure of the head of strategy during its failed pivot to renewable energy. It was the third time in five quarters that the UK oil major missed analysts’ forecasts for adjusted profit, which fell 49 per cent year on year to $1.38bn after BP traders were hit by issues in the gas market. BP shares fell 2.4 per cent in London and have fallen 12.4 per…