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ATP roundup: Maxime Cressy sweeps Sebastian Korda in Tel Aviv
  + stars: | 2022-09-29 | by ( ) www.reuters.com   time to read: +2 min
September 29 - Fourth-seeded Maxime Cressy racked up 14 aces while posting a 6-4, 6-4 victory over Sebastian Korda in a battle of Americans in the second round of the Tel Aviv Watergen Open in Israel. Second-seeded Croatian Marin Cilic had 15 aces while recording a 6-7 (6), 6-2, 6-4 win over Austrian wild card Dominic Thiem. In another match of note, Constant Lestienne notched a 7-6 (2), 6-4 win over No. Shapovalov will next face Moldova's Radu Albot, who posted a 7-6 (3), 7-6 (3) victory over American Steve Johnson. Japan's Taro Daniel beat Ecuador's Emilio Gomez 6-4, 6-4.
Register now for FREE unlimited access to Reuters.com RegisterThe Russian-installed administrations of the four provinces have formally asked Putin to incorporate them into Russia, which Russian officials have suggested is a formality. Kremlin spokesman Dmitry Peskov said Russia would need to keep fighting until it had taken control of all of Donetsk. Russia has announced it will mobilise some 300,000 reservists to bolster its forces in Ukraine. On the ground, Ukraine and Russian forces are engaged in heavy fighting in the four disputed provinces. The Nord Stream 1 pipeline, once the main route for Russian gas to Germany, was already shut but cannot now be easily reopened.
An employee of German car manufacturer Porsche mounts a steering wheel at the Porsche factory in Stuttgart-Zuffenhausen, Germany, February 19, 2019. REUTERS/Ralph Orlowski/FilesFRANKFURT, Sept 29 (Reuters) - Porsche AG shares will list on the stock market on Thursday after Volkswagen (VOWG_p.DE) priced shares at the top end of the announced range, a sign the luxury brand has lured buyers despite market turmoil. "Porsche was and is the pearl in the Volkswagen Group," Chris-Oliver Schickentanz, chief investment officer at fund manager Capitell, said. "The IPO has now made it very, very transparent what value the market brings to Porsche. Up to 113,875,000 preferred shares, carrying no voting rights, will be sold to investors over the course of the initial public offering.
The move lifted British bond prices and pushed global benchmark yields lower. read moreMuch to the market's relief, Fed Chair Jerome Powell did not comment on monetary policy or the U.S. economic outlook on Wednesday. Among the 11 S&P 500 sector indexes, technology (.SPLRCT) was the sole decliner, down 0.5% due to Apple's drag. read moreEli Lilly & Co , which is also developing an Alzheimer's drug, rose 8.17% and was among the biggest boosts to the S&P 500 index. The S&P index recorded one new 52-week high and 30 new lows, while the Nasdaq recorded 21 new highs and 192 new lows.
Russia intends to call a United Nations Security Council meeting over damage to the gas pipelines, Foreign Ministry spokeswoman Maria Zakharova said in a statement on Telegram. In the Baltic Sea, gas was still bubbling from the Nord Stream 1 pipeline, the Swedish Coast Guard said in an email. "There are good teams in place to handle pipeline accidents, there are emergency pipe inventories and experts for onshore and offshore," Jens Schumann, managing director of gas pipeline grid company Gasunie Deutschland, said. European gas prices rose following news of the leaks. The new Nord Stream 2 pipeline had yet to enter commercial operations.
Lions Gate focusing on spinning off studio business over Starz
  + stars: | 2022-09-28 | by ( ) www.reuters.com   time to read: +1 min
Actors and staff pose as they arrive for the world premiere of "The Hunger Games: Mockingjay - Part 2" in Berlin, Germany, November 4, 2015. REUTERS/Fabrizio BenschSept 28 (Reuters) - Lions Gate Entertainment Corp (LGFa.N) said on Wednesday it was focusing on spinning off its studio business first, even as it explores alternative options for its cable and streaming division, Starz. The company's film and TV studios have an extensive library, with hits such as "Hunger Games, "The Expendables" and "Mad Men". "As negotiations progress, we have increased our focus on the possibility of spinning our studio business, creating a number of financial and strategic benefits." Lionsgate also announced it would rebrand its international streaming service, Starzplay, to Lionsgate+ in 35 countries.
read more read moreAmong the 11 S&P 500 sector indexes, technology (.SPLRCT) was the sole decliner, down 1.2%. read moreEli Lilly & Co , which is also developing an Alzheimer's drug, rose 7.7% and was the biggest boost to the S&P 500 index. In the previous session, Wall Street's main indexes sank deeper into a bear market, with the S&P 500 recording its lowest close in almost two years on rate hike worries. read moreAdvancing issues outnumbered decliners by a 3.55-to-1 ratio on the NYSE and by a 2.45-to-1 ratio on the Nasdaq. The S&P index recorded one new 52-week high and 29 new lows, while the Nasdaq recorded 16 new highs and 140 new lows.
Lilium aims to build 400 air taxis a year, seek grants
  + stars: | 2022-09-28 | by ( ) www.reuters.com   time to read: +3 min
PARIS, Sept 28 (Reuters) - German air taxi developer Lilium Air Mobility plans to set up industrial capacity to make some 400 of its electrically powered Lilium Jet flying shuttles a year, while tapping schemes that provide public research support, its new chief executive said. But the challenges of securing certification and funding the innovations such as fresh battery technology have weighed on the new sector. Register now for FREE unlimited access to Reuters.com Register"I am pushing hard (for) a production system for 400 aircraft. "Let's size it and let's see how we have to design a production system including the whole supply chain for 400 aircraft," Roewe said after a quarterly shareholder update. The company is planning for the first time to tap standard public sources of funds such as research grants, Roewe said.
"Any deliberate disruption of European energy infrastructure is utterly unacceptable and will be met with a robust and united response," Borrell said. A statement issued by Russia's embassy in Denmark said that any sabotage on Nord Stream's pipelines was an attack on both Russia's and Europe's energy security. Map of Nord Stream pipelines and locations of reported leaksGAS FLOWSOperator Nord Stream has called the damage "unprecedented", while Gazprom (GAZP.MM), the Russian-controlled company with a monopoly on its gas exports by pipeline, declined to comment. Russia reduced gas supplies to Europe via Nord Stream 1 before suspending flows altogether in August, blaming Western sanctions for causing technical difficulties. The new Nord Stream 2 pipeline had yet to enter commercial operations.
Sabotage was behind underwater explosions that sent gas spewing from two major pipelines connecting Europe and Russia, Western leaders concurred Wednesday. NATO Secretary General Jens Stoltenberg said he discussed the “sabotage” of the pipelines at a meeting with Denmark’s defense minister in Brussels. The incident has put the region on edge, months after fears of a Russian military threat to the Baltics dissipated in the wake of its military’s struggles in Ukraine. A new Baltic pipeline allowing gas to be delivered from Norway through Denmark to Poland was inaugurated Tuesday. In recent weeks, Moscow has increasingly framed the war as not just with Ukraine but its Western backers, too.
VW Prices Porsche IPO at Top of Range
  + stars: | 2022-09-28 | by ( Ben Dummett | ) www.wsj.com   time to read: 1 min
Porsche shares are set to start trading on Thursday on the Frankfurt exchange. Germany’s Volkswagen said Wednesday it had priced the initial public offering of Porsche at the top end of the targeted range, putting the IPO on track to become one of Europe’s largest in more than a decade. The pricing signaled investors’ confidence that the iconic sports-car maker can thrive even as rising interest rates and rampant inflation rile equity markets.
London CNN —Western nations have said leaks in two Russian gas pipelines, Nord Stream 1 and 2, are likely the result of sabotage. What happened on the Nord Stream pipelines? Swedish authorities first sounded the alarm on Tuesday about leaks in the Nord Stream 1 and Nord Stream 2 pipelines – both of which run under the Baltic Sea near Sweden and Denmark. The two Nord Stream pipelines designed to transport Russian gas to the EU were years in the planning. The damage to the Nord Stream pipelines may spell an ignominious end for the 25-year project, at least for the near future.
The CIA told Germany weeks ago the Nord Stream pipelines could be attacked, sources told Der Spiegel. The pipelines were intended to be the main artery of natural-gas supply from Russia to Europe. On Monday, three severe leaks were discovered on the four Nord Stream pipelines, which run from Russia to Germany through the Baltic Sea. Nord Stream AG, the operator of the pipelines, said Tuesday the damage they'd sustained was "unprecedented." German media earlier Tuesday reported government officials as saying they believed the damage to the Nord Stream pipelines wasn't accidental.
US security advisor is speaking to his Danish counterpart about the "apparent sabotage" of the Nord Stream pipelines. The US is supporting investigation efforts and will continue safeguarding Europe's energy security, he said. "I spoke to my counterpart Jean-Charles Ellermann-Kingombe of Denmark about the apparent sabotage of Nord Stream pipelines," Sullivan tweeted Tuesday night. "The U.S. is supporting efforts to investigate and we will continue our work to safeguard Europe's energy security," he added. The Nord Stream 2 natural-gas pipeline, which runs parallel to Nord Stream 1, has never been operational because Germany shelved the project in February, days before Russia invaded Ukraine.
WASHINGTON, Sept 28 (Reuters) - The United Nations Security Council will convene on Friday at the request of Russia to discuss damage to two Russian gas pipelines to Europe that has caused gas to spew into the Baltic Sea. The French U.N. mission, which holds the presidency of the 15-member council for September, said the meeting would address the Nord Stream pipelines that Russia and European partners spent billions of dollars building. The Nord Stream 1 pipeline, once the main route for Russian gas to Germany, was already shut but cannot now be easily reopened. The new Nord Stream 2 pipeline had yet to enter commercial operations. It remains far from clear who might be behind the attack, if one is proven, on the Nord Stream pipelines.
COPENHAGEN, Sept 28 (Reuters) - More than half the gas in the damaged Nord Stream 1 and Nord Stream 2 gas pipelines has left the pipes and the remaining volume is expected to be gone by Sunday, the head of the Danish Energy Agency Kristoffer Bottzauw said on Wednesday. Leaks in the pipelines were detected on Monday after they burst in several locations in Danish and Swedish waters. The European Union and NATO have blamed the incidents on sabotage. The pipelines contained a total of 778 million cubic metres of natural gas, which corresponds to 32% of Denmark's annual CO2 equivalent emissions, the Energy Agency said in a statement. Register now for FREE unlimited access to Reuters.com RegisterReporting by Jacob Gronholt-Pedersen and Nikolaj Skydsgaard, editing by Terje Solsvik and Stine JacobsenOur Standards: The Thomson Reuters Trust Principles.
Investing app Public.com is in talks to acquire Dutch trading startup Bux, sources say. Bux was valued at an estimated $320 million to $480 million in 2021, but the expected deal price is lower. Investing app Public.com is in talks to acquire Dutch stock trading startup Bux, according to two sources with knowledge of the discussions. New York-based Public has been in active talks with Bux for two months, the sources said. Bux has never stated its valuation but was valued between $320 million and $480 million at its 2021 funding round, according to Dealroom estimates.
The Nord Stream pipeline explosions are a major escalation of the energy crisis, according to analyst Simone Tagliapietra. "Today, Russia brought its energy weaponisation against Europe to the next level: from economic to hybrid war," tweeted the senior fellow at the think tank Bruegel. The US is supporting efforts to investigate the "apparent sabotage" of the Nord Stream pipelines, a national security advisor said, while two senior German lawmakers have pointed the finger at Russia. The US Central Intelligence Agency warned Germany weeks ago about potential attacks on Nord Stream, German magazine Der Spiegel reported Tuesday. While the Nord Stream 1 and Nord Stream 2 are shuttered and not delivering gas to Europe, European natural gas futures jumped 11% Wednesday as investors assessed the new risks to pipelines.
EU countries at odds over possible gas price cap
  + stars: | 2022-09-28 | by ( Kate Abnett | ) www.reuters.com   time to read: +3 min
BRUSSELS, Sept 28 (Reuters) - European Union countries were at odds on Wednesday over whether to cap gas prices in the bloc, with France, Belgium and 13 other states stepping up their call for the move opposed by Germany and others. Eyes were on the EU executive European Commission, which was expected to present an analysis on the feasibility of the bloc capping gas prices during a meeting of diplomats from the 27 EU member states on Wednesday. But with Germany, the Netherlands and Denmark among those arguing that a gas price cap would harm efforts to contain Europe's energy crunch, there were doubts as to whether any potential proposal could win sufficient support to become law. "It's highly questionable whether gas price caps are the right measure," an official from one EU country said, adding that saving energy should be countries' priority. Russia's two Nord Stream pipelines, built to carry gas to Europe, were damaged this week, with EU suspecting sabotage as leaks spewed greenhouse gas emissions into the Baltic Sea.
Taiwan says chip companies in talks about Europe investment
  + stars: | 2022-09-28 | by ( ) www.reuters.com   time to read: +2 min
TAIPEI, Sept 28 (Reuters) - Some Taiwanese chip companies are in talks with European countries about investments there, a government minister said on Wednesday, adding the administration was "pleased" to see efforts by local companies to work with democratic allies. While Taiwan and the EU held-high level trade talks in June, less than a week after that meeting Taiwan Semiconductor Manufacturing Co Ltd (TSMC) (2330.TW) said it had no concrete plans for factories in Europe. "To my knowledge, the European Commission and member states are talking to some of our companies, which is purely a commercial decision for the companies to make," Taiwan Deputy Economy Minister Chen Chern-chyi told reporters in Taipei, responding to a question on potential Taiwanese chip investment in Europe. Sitting next to him, Filip Grzegorzewski, the EU's de facto ambassador in Taiwan, said he was pleased to hear a government minister encouraging Taiwanese investment in Europe. "It's one of the highlights of my stay in Taiwan when I hear a representative of a Taiwanese government at a press conference encouraging Taiwanese companies to 'go Europe', to invest in Europe."
Raging inflation, rate hikes, and an energy crisis have tumbled European stocks recently. UBS shared 23 high-quality stocks to buy to help investors navigate increasing volatility and risk. "Inflation risks remain skewed to the upside, in our view," wrote a team of UBS strategists in a report published earlier this month. 23 high-quality stocks to weather the stormBut just because there's storms ahead for the European stock market doesn't mean that investors must stay away entirely. The full list of UBS's top 23 high-quality European stock picks is below, along with each firm's ticker, key themes and drivers, and catalysts.
Morning Bid: Mini budget, major turmoil
  + stars: | 2022-09-28 | by ( ) www.reuters.com   time to read: +2 min
REUTERS/Henry NichollsA look at the day ahead in European and global markets from Anshuman DagaWhat was meant to be a mini-budget is still thundering across financial markets. read moreAsian stocks markets and currencies extended their downward journey, burdened by the gloomy growth outlook, while dollar bulls pushed the currency to yet another two-decade high. "Indeed a recession in Europe in particular is already well anticipated, with 92% of our European Fund Manager survey respondents expecting one in the coming 12 months," BofA said. Elsewhere, the energy crisis in Europe intensified as European authorities investigated what Germany, Denmark and Sweden said were attacks which had caused major leaks into the Baltic Sea from two Russian gas pipelines. The energy crisis between Europe and Moscow has already battered major Western economies, sent gas prices surging and sparked a hunt for alternative supplies.
Two senior German lawmakers have pointed the finger at Russia over suspected sabotage of Nord Stream. European lawmakers had previously left open the question about who the suspected Nord Stream saboteur could be. On Monday, Danish and Swedish authorities detected three severe leaks affecting the four Nord Stream pipelines, which run from Russia to Germany through the Baltic Sea. Before Russia invaded Ukraine, Nord Stream was intended as the main artery for natural-gas exports from Russia to Europe. The US Central Intelligence Agency warned Germany weeks ago about potential attacks on Nord Stream, German magazine Der Spiegel reported Tuesday.
BERLIN, Sept 28 (Reuters) - German Chancellor Olaf Scholz told Ukrainian President Volodymyr Zelenskiy in a call on Wednesday that Germany would never accept the results of "sham" referendums on joining Russia in occupied regions of Ukraine, a German government spokesperson said. Scholz also said Germany's financial, political and humanitarian support for Ukraine would not waver and it would continue to back Ukraine in defending its sovereignty and territorial integrity, including weapons deliveries, the spokesperson said in a statement. Register now for FREE unlimited access to Reuters.com RegisterWriting by Miranda Murray Editing by Madeline ChambersOur Standards: The Thomson Reuters Trust Principles.
Aboulmagd said as the incoming COP president, Egypt needs to "navigate" the disparate positions and that it has appointed two ministers to come up with a plan for how to include "loss and damage" on COP27's formal agenda. The two ministers are Germany's special envoy for international climate action, Jennifer Morgan, and Chile's environment minister, Maisa Rojas. But as different countries grapple with extreme weather this year, pressure is growing for "loss and damage" to be prioritized at COP27. After visiting Pakistan in the wake of devastating floods, U.N. Secretary General Antonio Guterres urged governments to address loss and damage at COP27 "with the seriousness it deserves." Register now for FREE unlimited access to Reuters.com RegisterReporting by Valerie Volcovici in Washington Editing by Matthew LewisOur Standards: The Thomson Reuters Trust Principles.
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