$E

Wall Street analysts issued upgrades, downgrades, and initiations for several companies. Notable upgrades include Marvell (MRVL) to Buy with a $350 target and NetApp (NTAP) to Outperform with a $300 target. Downgrades include AppFolio (APPF) to Neutral with a $220 target. Initiations include Abbott Laboratories (ABT) with an Overweight rating and $120 target. Major indices closed at record highs, with the S&P 500 at 7,818 and Nasdaq at 27,599.

Plenitude, owned by Italy's Eni, launched a deal offering 30% off electricity and gas, but the discount is on their own fixed-price offer, not the total bill. Consumer group Altroconsumo advises checking starting prices for actual savings. Comparing offers is complex due to varying charges and contract structures. Enel and A2A also offer fixed-price deals, with Enel's Digital Luce potentially saving more for some customers. The Italian energy market is competitive but confusing for consumers.

Brent crude hit $101.21, its highest since May 2025, due to geopolitical tensions. Major oil companies like Chevron (CVX), TotalEnergies (TTE), Exxon (XOM), Eni (E), and BP (BP) focused on asset swaps and investments in Venezuela, rather than increasing drilling. Chevron plans to invest $7B in Venezuela over five years, aiming to double production. TotalEnergies transferred operatorship of the Papua LNG project to Exxon. The moves reflect strategic portfolio adjustments amid high oil prices and

Eni S.p.A (E) acquired stakes in two offshore exploration blocks in Uruguay. It now holds 50% of OFF-5 and 40% of OFF-6, with plans to invest in exploration. The deals align with Eni's strategy to expand its upstream portfolio, though success is not guaranteed and significant costs are involved.

Eni S.p.A (NYSE:E) signed a 25-year agreement with Venezuela's PDVSA to operate the Junin 5 oil field, investing $1.5B annually. The field has 35B barrels of oil and currently produces 12,000 bpd. Eni aims to increase production to 400,000 bpd from all its Venezuelan projects by the end of the decade, but faces infrastructure, regulatory, and political risks.

Venezuela signed oil agreements with Chevron, Eni, and GE in Caracas. Chevron's deals involve joint ventures with PDVSA, while Eni secured a production-sharing contract in the Orinoco Oil Belt. GE will help restore Venezuela's oil industry electrical infrastructure. US Secretary of Energy Chris Wright attended the signing.

A report by World Oil indicates that major oil companies saw profits surge to $90 billion in Q2 2025, nearly double the same period in 2024, due to supply disruptions in the Strait of Hormuz. Key beneficiaries include Saudi Aramco ($33B), BP ($5.73B), and Chevron ($12B). The surge is linked to geopolitical tensions and rising oil prices, with Brent crude climbing from $68 to $100 per barrel. Critics call for windfall taxes on oil companies.

Oil prices rose after near-closure of the Strait of Hormuz, boosting profits for major oil firms. The article says eight companies (Aramco, BP, Shell, Equinor, TotalEnergies, Eni, Chevron, ExxonMobil) earned over $90B in Apr-Jun, nearly doubling from Q2 2025. It cites Aramco net income over $33B (+34%) and Chevron adjusted earnings of $12B. Brent rose from about $68/bbl in Feb to nearly $100 in May, prompting windfall-tax debate.

The UK plans to expand its shared rural network with 150 new 4G masts, adding 5,684 sq km of coverage and running until Jan 2027, covering areas like the Lake District, Snowdonia and Exmoor. Separately, e& UAE tested RedCap readiness on a live network. Digi reported Q2 revenue up 11% to €608m and adjusted EBITDA up 23% to €169m. TalkTalk Business plans to merge with ARO. VodafoneThree cited on-the-go connectivity as a productivity drag and launched a new “Let Fun In” campaign.

Kazakhstan escalated a confidential arbitration over the Kashagan oil field, alleging corruption and inflated procurement tied to about a dozen contracts totaling $10.7 billion. Kazakhstan seeks about $160 billion overall, including environmental damage and lost profits. The North Caspian Operating Company consortium, including Shell and ExxonMobil, denies the claims. No tribunal ruling yet.