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☆ Richemont digital strategy goes back to square one
▼ + stars: | 2023-11-29 | by ( Lisa Jucca | ) www.reuters.com time to read: +3 min

The logo of the luxury goods company Richemont is pictured at its headquarters in Bellevue near Geneva, Switzerland, June 2, 2022. REUTERS/Denis Balibouse Acquire Licensing RightsMILAN, Nov 29 (Reuters Breakingviews) - Johann Rupert’s digital strategy may be heading back to the drawing board. But even if Rupert can extricate himself from the Farfetch situation, Richemont’s digital plans will still be unclear. In August 2022 Richemont agreed to sell a 47.5% stake in its digital platform, Yoox Net-A-Porter, to Farfetch. Shares in Richemont were up 1.5% by 1100 GMT on Nov. 29.

Persons: Denis Balibouse, Johann Rupert’s, Porter, Cartier, Rupert, Farfetch, José Neves, Richemont, Financiere Richemont, Peter Thal Larsen, Oliver Taslic Organizations: REUTERS, Reuters, The Telegraph, Financiere, Telegraph, Thomson Locations: Bellevue, Geneva, Switzerland, Swiss, U.S, YNAP, New York, Richemont

LONDON, Nov 29 (Reuters) - Swiss insurer Baloise (BALN.S) is in talks to sell around 1 billion euros ($1.1 billion) of life insurance policies in Belgium, two people familiar with the matter told Reuters. The efforts come as other traditional insurers sell non-core portfolios with a view to freeing up capital held against those liabilities. In 2020, the Swiss group purchased the non-life insurance operations of Apollo-backed Athora. Baloise saw premiums in its non-life insurance business grow by close to 6% in the first nine months of the year to 3.4 billion Swiss francs ($3.9 billion) globally. However, life insurance premiums dropped more than 4% to 2.9 billion francs during the same period, according to its latest earnings release.

Persons: Baloise, Pablo Mayo, Paul Arnold, Anousha Sakoui, Mark Potter Organizations: Baloise, Reuters, The, ING Groep, ING, Aegon, Royal London, Swiss, Apollo, Fidea, Pablo Mayo Cerqueiro, Thomson Locations: Belgium, The Basel, London, Zurich

The logo of commodities trader Glencore is pictured in front of the company's headquarters in Baar, Switzerland, July 18, 2017. REUTERS/Arnd Wiegmann/File Photo Acquire Licensing RightsROME, Nov 23 (Reuters) - Glencore (GLEN.L) has decided to build a pilot project for an electric vehicle (EV) battery recycling plant outside of Italy, but still has its eye on the island of Sardinia for a larger facility, the Swiss mining group said on Thursday. "This development does not immediately impact the feasibility assessment of the larger hub project," Glencore said in an emailed statement. This initiative is important for our recycling strategy and aligns with Italy's objectives for sustainable industry development," the group added. Last month, Reuters reported that documents filed by Glencore as part of the environmental impact assessment procedure had been judged insufficient by Sardinia's regional administration.

Persons: Arnd, Glencore, Li, Francesca Landini, Jan Harvey, Keith Weir Organizations: REUTERS, Rights, UIL, Reuters, Thomson Locations: Baar, Switzerland, Italy, Sardinia, Swiss, Portovesme, Europe, North America, CISL, Sardinian

The logo of commodities trader Glencore is pictured in front of the company's headquarters in Baar, Switzerland, July 18, 2017. REUTERS/Arnd Wiegmann/File Photo Acquire Licensing RightsROME, Nov 23 (Reuters) - Glencore (GLEN.L) has decided to build a pilot project for an electric vehicle (EV) battery recycling plant outside of Italy, but still has its eye on the island of Sardinia for a larger facility, the Swiss mining group said on Thursday. "This development does not immediately impact the feasibility assessment of the larger hub project," Glencore said in an emailed statement. This initiative is important for our recycling strategy and aligns with Italy's objectives for sustainable industry development," the group added. The Swiss group did not specify where it would build the pilot plant.

Persons: Arnd, Glencore, Li, Francesca Landini, Jan Harvey, Keith Weir Organizations: REUTERS, Rights, Union, Hub, Reuters, UIL, Thomson Locations: Baar, Switzerland, Italy, Sardinia, Swiss, Portovesme, Europe, North America, Sardinian, CISL

☆ Indian capital resumes some activities despite hazardous air, river foam
▼ + stars: | 2023-11-20 | by ( Kanjyik Ghosh | ) www.reuters.com time to read: +3 min

REUTERS/Anushree Fadnavis Acquire Licensing RightsNEW DELHI, Nov 20 (Reuters) - India's capital Delhi re-opened schools and some building sites on Monday amid signs of receding air pollution, although it remained classified as hazardous, while a toxic foam besmirched stretches of the Yamuna river flowing through the city. The world's most polluted capital resumed its annual battle on pollution this month, despite government pledges to improve. Monday's air quality index (AQI) of 336 was down from Thursday's level of 509, but still "hazardous", Swiss group IQAir said. Delhi's air pollution gets worse in winter, when wind speeds drop and cooling air traps pollutants spewed by vehicles, industry and farmers burning agricultural waste in surrounding states to prepare for new planting. PM2.5 levels remained above 128 micrograms per cubic meter of air since Sunday in the National Capital Region, according to the federal pollution control board.

Persons: Anushree, IQAir, Ankit Srivastava, Gopal Rai, Kanjyik Ghosh, Shivam Patel, Clarence Fernandez, Raju Gopalakrishnan Organizations: REUTERS, Delhi's, Vehicles, National Capital, World Health Organization, Thomson Locations: New Delhi, India, DELHI, Delhi, Mumbai

☆ Explainer: Why is South Asia the global hotspot of pollution?
▼ + stars: | 2023-11-13 | by ( Sakshi Dayal | ) www.reuters.com time to read: +4 min

The worsening air pollution is an annual problem for South Asian nations as winter approaches and cold, heavy air traps pollution in a thick layer of smog. South Asia has become the global hotspot for air pollution, with studies finding four of the world's most polluted countries and nine of the 10 most polluted cities in the region. WHY IS POLLUTION IN SOUTH ASIA WORSE THAN OTHER PLACES? An increase in the number of vehicles on roads as the region has developed has also exacerbated the pollution problem. Countries across South Asia will have to coordinate efforts if the region's pollution problem is to be solved, collaborating to enhance monitoring and make policy decisions.

Persons: stubble, Anushree, Sakshi Dayal, Michael Perry Organizations: Swiss Group, REUTERS, ., Thomson Locations: DELHI, South Asia, Asia, New Delhi, Punjab, Haryana, India, Pakistan, Bangladesh's

☆ Three Indian cities among world's 10 most polluted after Diwali
▼ + stars: | 2023-11-13 | by ( ) www.reuters.com time to read: +1 min

NEW DELHI, Nov 13 (Reuters) - Two Indian cities joined New Delhi to be among the world's worst 10 for pollution on Monday morning, with smoke heavy in the air a day after revellers let loose with firecrackers for Diwali - the annual Hindu festival of light. It had an air quality index (AQI) figure of 420, putting it the 'hazardous' category, according to Swiss group IQAir. An AQI level of 400-500 impacts healthy people and is dangerous to those with existing diseases, while a level of 150-200 brings discomfort to people with asthma, lung and heart problems. Every year authorities impose bans on firecrackers in the capital, but only rarely do those bans appear to be enforced. Air quality in India deteriorates every year ahead of winter, when cold air traps pollutants from vehicles, industry, construction dust and agricultural waste burning.

Persons: Tanvi Mehta, Edwina Gibbs Organizations: Thomson Locations: DELHI, New Delhi, Swiss, Kolkata, India's, Mumbai, India

☆ Smoky skies in Indian capital on Diwali as revellers defy firecracker ban
▼ + stars: | 2023-11-12 | by ( Neha Arora | ) www.reuters.com time to read: +2 min

Smoke plumes were visible across the sky as revellers let off firecrackers in the evening to mark the country's biggest festival. Every year government authorities or India's Supreme Court impose bans on firecrackers - but only rarely do those bans appear to be enforced. Globally, air pollution was the worst in India's eastern city of Kolkata, while Delhi was the fifth-most polluted, according to Swiss group IQAir. Doctors say the air quality is likely to worsen on Monday as smoke from firecrackers lingers in the air, potentially causing itchy eyes and irritation in the throat. Some Hindus resent the Diwali firecracker bans, which they see as an attempt to interfere with them observing their religious festivals.

Persons: Health Organization's, Deepak, Dr, Ram Manohar, Gopal Rai, Neha Arora, Hugh Lawson Organizations: Health, Ram Manohar Lohia, Delhi's, Thomson Locations: DELHI, New Delhi, Kolkata, Delhi, Swiss

☆ Indian capital gets a breather as rain brings respite from smog
▼ + stars: | 2023-11-10 | by ( ) www.reuters.com time to read: +2 min

India's weather department has forecast intermittent rain over the city and adjoining areas till early noon on Friday. Meanwhile, air in the financial capital of Mumbai has markedly improved due to showers in nearby coastal areas. This year, attention on the worsening air quality has cast a shadow over the cricket World Cup hosted by India. Scientists and authorities were planning to seed clouds in New Delhi around Nov. 20 to trigger heavy rain, the first such attempt to clean the air. Friday's rain comes two days before the Diwali festival, when many people defy a ban on firecrackers, causing a spike in air pollution.

Persons: Anushree, Tanvi Mehta, Rajendra Jadhav, Raju Gopalakrishnan Organizations: REUTERS, India, Thomson Locations: New Delhi, India, DELHI, Swiss, Punjab, Haryana, Rajasthan, Kolkata, India's, Mumbai

☆ Indian Capital Gets a Breather as Rain Brings Respite From Smog
▼ + stars: | 2023-11-09 | by ( Nov. | At P.M. | ) www.usnews.com time to read: +2 min

NEW DELHI (Reuters) - Overnight rain in New Delhi and its suburbs brought some relief to the Indian capital on Friday morning, where authorities were mulling seeding clouds to improve the toxic air gripping the city. India's weather department has forecast intermittent rain over the city and adjoining areas till early noon on Friday. Meanwhile, air in the financial capital of Mumbai has markedly improved due to showers in nearby coastal areas. This year, attention on the worsening air quality has cast a shadow over the cricket World Cup hosted by India. Friday's rain comes two days before the Diwali festival, when many people defy a ban on firecrackers, causing a spike in air pollution.

Persons: Tanvi Mehta, Rajendra Jadhav, Raju Gopalakrishnan Organizations: India Locations: DELHI, New Delhi, Swiss, Punjab, Haryana, Rajasthan, Kolkata, India's, Mumbai

☆ Indian scientists hope cloud seeding can clean Delhi's toxic air
▼ + stars: | 2023-11-09 | by ( Shivam Patel | ) www.reuters.com time to read: +3 min

Air quality dips in Delhi ahead of winter every year, when cold air traps pollutants from a variety of sources including vehicles, industries, construction dust, and agricultural waste burning. The project, estimated to cost 10 million rupees ($120,000) for 100 square kilometres (38.6 square miles), would involve spraying into clouds a mix of salts that include silver iodine, Agrawal said. "We don't expect that big a cloud that will cover entire Delhi, but a few hundred kilometres would be good," he told Reuters. The air quality index in the city was 506 early on Thursday, which is categorised as "hazardous" by Swiss group IQAir. Several countries have used cloud seeding to produce rain, improve air quality and water crops in time of drought, including Mexico, the United States, China, Indonesia and Malaysia.

Persons: Anushree, Manindra Agrawal, Agrawal, Gufran Beig, SAFAR, Beig, Shivam Patel, Mark Potter Organizations: REUTERS, Indian Institute of Technology, Reuters, Thomson Locations: New Delhi, India, DELHI, Delhi, Kanpur, Punjab, Haryana, Mexico, United States, China, Indonesia, Malaysia, New Mexico

☆ Reeling under toxic air, India's capital shuts schools
▼ + stars: | 2023-11-08 | by ( ) www.reuters.com time to read: +2 min

People and vehicles are seen on a road amidst the morning smog in New Delhi, India, November 8, 2023. REUTERS/Anushree Fadnavis Acquire Licensing RightsNEW DELHI, Nov 8 (Reuters) - Reeling under hazardous air quality levels, India's capital New Delhi shut down all schools for an extended period on Wednesday, the latest in a series of measures to protect residents from growing air pollution. Air quality levels in the city were over 320 on the air quality index, a level categorised as 'hazardous' by Swiss group IQAir, although it was not as bad as the 400 range hit earlier this week. Schools in the capital city would remain closed from Thursday until Nov. 18 on a winter break, which was originally scheduled for January, the Delhi government said in a notification. Primary schools in the city had already been shut, as part of measures to protect young children against smog and growing air pollution.

Persons: Anushree, SAFAR, Shivam Patel, Manoj Kumar, Shilpa Jamkhandikar, Raju Gopalakrishnan Organizations: REUTERS, Reuters, Thomson Locations: New Delhi, India, DELHI, Swiss, Delhi, Farmers, Punjab, Haryana

☆ Pollution Forces City-Wide Closures of Businesses, Schools in Eastern Pakistan
▼ + stars: | 2023-11-08 | by ( Nov. | At A.M. | ) www.usnews.com time to read: +2 min

By Mubasher BukhariLAHORE (Reuters) - Heavy pollution-fuelled smog forced authorities to close schools and markets this week in Pakistan's most populous province, including the eastern city of Lahore which has risen to one of the world's worst cities for hazardous air quality. Schools, offices, restaurants and businesses, aside from priority services like pharmacies, hospitals and courts, would all close to limit residents' movement outside, according to a directive from the provincial government. Heavy smog blanketed Lahore this week, reducing visibility and leading residents to complain of a threat to their health. In neighbouring India, authorities in Delhi have announced they would restrict use of vehicles next week to curb rising pollution as air quality in the capital remained dangerously unsafe despite mitigation efforts. (Reporting by Mubasher Bukhari in Lahore; Writing by Charlotte Greenfield; Editing by Michael Perry)

Persons: Mubasher Bukhari, Amir Mir, Mohammad Salahuddin, Charlotte Greenfield, Michael Perry Organizations: Schools Locations: Mubasher, Mubasher Bukhari LAHORE, Pakistan's, Lahore, Punjab, Swiss, Delhi, Karachi, South Asia, India

☆ India's top court tells states to stop crop burning as New Delhi's air turns hazardous
▼ + stars: | 2023-11-07 | by ( Shivam Patel | ) www.reuters.com time to read: +3 min

Air quality dips every year ahead of winter, when calm and cold winds trap pollutants from sources including vehicles, industries, construction dust, and agricultural waste burning. Delhi has stopped local construction, closed primary schools till Nov. 10 and will impose restrictions on use of vehicles next week to fight pollution, but it wants its neighbouring states to control crop residue burning. At 2 p.m. on Tuesday, the real time air quality index stood at 306, a level categorised as 'hazardous' by Swiss group IQAir. "We direct the state government of Punjab and adjacent states to Delhi - Haryana, Rajasthan and Uttar Pradesh - to ensure that crop (residue) burning is stopped forthwith," Supreme Court judge Justice Sanjay Kishan Kaul said. Farmers in Punjab and Haryana usually burn crop stubble left behind after rice is harvested in late October or early November to quickly clear their fields before planting wheat crops.

Persons: Anushree, Boulton, Sanjay Kishan Kaul, SAFAR, Justice Kaul, Kaul, Simon Cameron, Moore Organizations: REUTERS, NEW, Farmers, Thomson Locations: Karnal district, Haryana, India, NEW DELHI, New Delhi, Delhi, Swiss, Punjab, Rajasthan, Uttar Pradesh

NEW DELHI, Nov 3 (Reuters) - India's capital New Delhi was wrapped in a thick layer of toxic haze on Friday and some schools were ordered closed as the air quality index (AQI) plummeted to the "severe" category. In India, the annual average concentration of particulate matter 2.5 (PM2.5) in the air is the highest in northern regions. Officials said they saw no immediate improvement in the air quality. Delhi hosts a World Cup match on Monday between Bangladesh and Sri Lanka. Poor air quality also caused respiratory problems, irritation in the eyes and restlessness in pet animals.

Persons: Aheed Khan, Ashwani Kumar, Prabhat Gangwar, Tanvi Mehta, Rajesh, Blassy Boben, Manoj Kumar, Raju Gopalakrishnan, Mark Heinrich Our Organizations: joggers, Residents, Officials, Control Committee, Farmers, Health, Friendicoes, Thomson Locations: DELHI, New Delhi, Swiss, Pakistani, Lahore, Delhi, India, Punjab, Haryana, Uttar Pradesh, Mumbai, Bangladesh, Sri Lanka

☆ Air pollution in India's New Delhi turns 'severe,' some schools shut
▼ + stars: | 2023-11-03 | by ( ) www.cnbc.com time to read: +1 min

Heavy smog seen engulfed amid rise in pollution levels at Barakhamba on Nov. 2, 2023 in New Delhi, India. People in New Delhi woke up to a thick layer of toxic haze on Friday, and some schools were ordered to be shut for two days as the air quality index (AQI) entered the "severe" category in several parts of the Indian capital. A filthy smog forms over Delhi every winter as cold, heavy air traps construction dust, vehicle emissions and smoke from crop stubble burning in neighboring states, causing a surge in respiratory illnesses among the city's 20 million people. New Delhi topped a real-time list on Friday of the world's most polluted cities compiled by Swiss group IQAir which put the India's capital's AQI at 611 in the 'hazardous' category. "Unfavorable meteorological conditions, sudden increase in the farm fire incidents and north-westerly winds moving the pollutants to Delhi are the major causes for sudden spike in AQI," the region's Commission for Air Quality Management said on Thursday.

Organizations: Residents, region's Commission, Air Quality Management Locations: New Delhi, India, Delhi, Swiss

☆ Air pollution sparks alarm, dims World Cup cheer in India
▼ + stars: | 2023-11-02 | by ( Blassy Boben | ) www.reuters.com time to read: +2 min

An aerial view shows residential buildings and a stadium shrouded in smog in New Delhi, India, October 27, 2023. Air Quality Index (AQI) stood at 415 on a scale of 500 in the capital's Anand Vihar area on Thursday, indicating "severe" levels of pollution that can affect healthy people and those with existing ailments. The dip in air quality in the region during the winter months is often accompanied by a spike in respiratory illnesses, spurring school and factory closings. The worsening air quality has cast a shadow over the cricket World Cup as fans flock to stadiums across Indian cities. Players have expressed concern about the toxic air, with England's Joe Root complaining of breathing difficulties during a game and India's Rohit Sharma urging change for "future generations".

Persons: Altaf Hussain, Anand, Joe Root, India's Rohit Sharma, Gerry Doyle Organizations: REUTERS, BCCI, Thomson Locations: New Delhi, India, DELHI, Delhi, Anand Vihar, Pakistan's Lahore, Swiss, India's Mumbai, AQI, Mumbai, Sri Lanka

☆ Lonza’s CEO churn adds to company’s ailments
▼ + stars: | 2023-09-18 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Denis Balibouse Acquire Licensing RightsLONDON, Sept 18 (Reuters Breakingviews) - Lonza’s (LONN.S) new broom will face even more challenges than its old one. Since he was appointed CEO in 2020, the Swiss group has increased capital expenditure as a percentage of revenue from 20% to 30% last year. Even before Monday’s fall, the stock was trading at 32 times its forward earnings, around the same level as before its pandemic surge. The disruption of another CEO exit, without a clear explanation, means that the hoped-for growth will take even longer to arrive. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Denis Balibouse, Pierre, Alain Ruffieux, Albert Baehny, Aimee Donnellan, Neil Unmack, Streisand Neto Organizations: REUTERS, Reuters, Swiss, X, Thomson Locations: Lonza, Visp, Switzerland, Swiss

☆ Rolex’s deal is ticking time bomb for retailers
▼ + stars: | 2023-08-25 | by ( Karen Kwok | ) www.reuters.com time to read: +4 min

In the short term, these concerns look overstated, but Rolex’s move may still have called time on WoS’s business model. In that context, Friday’s slump in WoS shares looks excessive. That’s a modest sum relative to the enterprise value of 4 billion Swiss francs that Vontobel analysts believe Bucherer is worth. The news sparked a sharp sell-off in the UK-listed shares of Watches of Switzerland, a major retailer of Rolex watches. Watches of Switzerland shares were down more than 20% at 0933 GMT on Aug. 25.

Persons: –, WoS, Bucherer, Cartier, ”, Francesco Guerrera, Oliver Taslic Organizations: Reuters, Rolex, Reuters Graphics Reuters, RBC, Piguet, Switzerland, Thomson Locations: Switzerland, London, Swiss

LONDON, July 27(Reuters Breakingviews) - The world is getting hotter, but when it comes to achieving net zero investors are cooling. Glencore (GLEN.L), the $75 billion Swiss group that is one of the world’s biggest coal miners, makes an interesting case study for what’s changed. Either way, the plan raises the prospect of Glencore bulking up in coal before offloading some or all of the enlarged business. True, a listing of Glencore’s enlarged coal business might not happen for a few years. While prices have now more than halved, Glencore‘s coal business would still make $9 billion in EBITDA in 2023 if they averaged $200 a tonne.

Persons: what’s, Glencore, Gary Nagle, Nagle, Teck, wouldn’t, There’s, Wael Sawan, Larry Fink, underwhelmed, ” Nagle, Glencore’s, George Hay, Karen Kwok, Peter Thal Larsen, Aditya Munjuluru Organizations: Reuters, Resources, Teck Resources, Bluebell Capital Partners, Investment, International Energy Agency, Reuters Graphics Reuters, Rio Tinto, BHP, GQG Partners, Capital Research Group, BlackRock, Vanguard, Services, Saudi, Aramco, United Nations, of, Pensions, Shell, Financial Times, “, Melbourne Mining, Capital Partners, Thomson Locations: Glasgow, Ukraine, EBITDA, American, U.S, Glencore, London, New York, Europe, Melbourne

☆ Inflation dip puts central bankers in a pickle: podcast
▼ + stars: | 2023-07-27 | by ( Aimee Donnellan | ) www.reuters.com time to read: 1 min

Breakingviews category · July 27, 2023 · 9:08 AM UTCThe world is getting hotter, but when it comes to achieving net zero investors are cooling. In November 2021 many large corporations gathering at the COP26 climate summit in Glasgow committed to decarbonising their operations by 2050 in an attempt to limit global warming to 1.5 degrees Celsius above pre-industrial levels. Less than two years on, despite the world hitting its highest-ever average temperature, the pressure is off. Glencore , the $75 billion Swiss group that is one of the world’s biggest coal miners, makes an interesting case study for what’s changed.

Persons: what’s Locations: Glasgow

☆ Glencore’s Teck gambit could slip on an oily patch
▼ + stars: | 2023-04-06 | by ( Karen Kwok | ) www.reuters.com time to read: +4 min

Valued at 6 times its expected 2024 EBITDA of $3.2 billion, Teck’s metals unit would be worth just under $20 billion. Glencore boss Gary Nagle’s alternative plan, which would hand Teck shareholders 24% of the enlarged company, initially looks more appealing. Nagle can’t put the business, the pride of Glencore founder Marc Rich, together with the new coal unit. The risk for Nagle is that Teck shareholders do too. Teck shareholders will vote on the company’s proposal on April 26.

☆ Novartis buoyed by trial success in early-stage breast cancer
▼ + stars: | 2023-03-27 | by ( Ludwig Burger | ) www.reuters.com time to read: +2 min

The Swiss firm's shares jumped 5.8% on Monday to a four-week high by 0734 GMT, after it said a panel of independent supervisors recommended stopping the trial early because an interim analysis had shown a clear benefit. Kisqali has been approved to treat hormone-driven breast cancer that has spread to other body parts, where it has taken market share from Pfizer's (PFE.N) Ibrance. Rival drug Verzenio by Eli Lilly (LLY.N) has approval in the early setting for women at high risk of recurrence after surgery. Kisqali, which saw sales gain 31% to $1.2 billion last year, is one of two new drugs with a particularly important role for the group's future sales growth. Detailed trial results will be presented at a medical conference, Novartis said, without identifying the meeting or its timing.

☆ Xavier Niel can feast on European telco misery
▼ + stars: | 2023-03-27 | by ( Pamela Barbaglia | ) www.reuters.com time to read: +5 min

LONDON, March 27 (Reuters Breakingviews) - Xavier Niel is set to be more than a spectator in the looming consolidation of Europe’s telecoms industry. It earned EBITDA after leases of 3.3 billion euros last year. Those shareholdings have a combined market value of 1.2 billion euros, though they were partly funded through derivatives, potentially limiting the tycoon’s cash outlay. On a multiple of 6 times last year’s EBITDA of 652 million euros it’s worth little more than the 3.5 billion euros Niel and other investors paid in 2017. Smaller investments in Monaco Telecom and holdings in Senegal and the Comoros are probably worth a combined billion euros, bankers estimate.

REUTERS/Brian Snyder/File PhotoLONDON, March 15 (Reuters) - Investment managers Bridgewater Associates, Millennium Management and Marshall Wace added to short positions on European banking shares after the collapse of Silicon Valley Bank sparked contagion fears across global banks, according to data from Breakout Point. Short sellers had amassed bearish positions worth more than $15.7 billion against European banks by Tuesday, according to S&P Global Market Intelligence. Millennium Management, Citadel, Wellington Management, Capital Fund Management, Odey Asset Management and Marshall Wace declined to comment. Marshall Wace held the largest disclosed number of short positions against banks, public filings from Austria, Italy, Sweden, Britain, Spain and Poland analysed by Breakout Point showed. Its shares were up 18% at 1602 GMT, in a broader European banking index (.SX7P) up 1.4%In the week to Wednesday, some 120 billion euros had been wiped off the value of European bank shares.

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