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Sept 22 (Reuters) - Record-high natural gas prices are putting pressure on supply chains of many European corporate sectors, including non-integrated energy suppliers, fertiliser producers and consumer goods companies, Fitch Ratings said on Wednesday. Smaller companies in these industries are under the most pressure, while larger and more diversified issuers are better positioned to mitigate the impact, the agency noted Gas prices could remain high until the end of the winter heating season, given low levels of natural gas in European storage facilities, Fitch said, adding it expect prices to moderate once seasonal demand reduces.
Persons: Fitch Organizations: Fitch
FILE PHOTO: The European Central Bank (ECB) logo in Frankfurt, Germany, January 23, 2020. REUTERS/Ralph Orlowski/File PhotoFRANKFURT (Reuters) - The European Central Bank will discuss whether to raise its regular bond purchases when its pandemic-fighting scheme ends, ECB policymaker Madis Muller said in an interview published on Wednesday. “I realise that it would be a problem if there is a very sharp cliff effect at the end of the pandemic emergency purchase programme (PEPP),” the Estonian central bank chief was quoted as saying by Bloomberg. He reportedly added that increasing the ECB’s Asset Purchase Programme would be “part of the discussion we will have on how to phase out PEPP and what it would mean for asset purchases going forward”.
Persons: Ralph Orlowski, policymaker Madis Muller, Organizations: European Central Bank, REUTERS, FRANKFURT, policymaker, Bloomberg Locations: Frankfurt, Germany, Estonian
MANILA, Sept 22 (Reuters) - The Philippines’ central bank has ample space in its monetary policy toolkit to deal with the impact of the coronavirus pandemic, Governor Benjamin Diokno said on Wednesday. The central bank is widely expected to keep its key interest rate steady at a record low for the seventh straight policy meeting on Thursday to support a fragile economic recovery.
Persons: Benjamin Diokno Locations: MANILA, Philippines
Slideshow ( 2 images )(Reuters) -Entain’s shares jumped 10% to a record high on Wednesday after the gambling firm announced a $22.4 billion takeover proposal from U.S.-based DraftKings, which was double a bid it rejected from MGM earlier this year. Markets have also been pricing in the prospects of another bid from casino group MGM, with which Entain has a joint venture in the United States. Entain rejected an $11 billion approach from MGM in January. By 0745 GMT, Entain’s shares were 8% higher at 24.4 pounds. MGM said on Tuesday any deal that would leave Entain with a competing business in the United States would require MGM’s consent.
Persons: Entain, William Hill, JP Morgan, DraftKings Organizations: MGM, DraftKings, Caesars Entertainment, Entain Locations: U.S, British, United States
(Adds detail)OSLO, Sept 22 (Reuters) - Norway’s $1.4 trillion sovereign wealth fund, the world’s largest, said on Wednesday it will support FedEx CEO Fred Smith’s $54 million pay package at a meeting of the logistics company’s shareholders next week. Proxy advisers have given a split verdict here on Smith's pay, with Institutional Shareholder Services (ISS) giving "cautionary support" while Glass Lewis recommended that owners vote it down because of the reversal of the initial arrangement. The shareholder vote on Sept. 27 is advisory and not binding on FedEx. The Norwegian sovereign fund held a 0.73% stake in FedEx worth $505 million at the start of 2021, the fund’s last available record. (Reporting by Terje Solsvik, editing by Gwladys Fouche)
Persons: Fred Smith’s, Glass Lewis, Terje Solsvik, Gwladys Fouche Organizations: FedEx, Institutional, Services Locations: OSLO, Norwegian
The benchmark closed down 0.67% at 29,639.40, while the broader Topix slid 1.02% to end at 2,043.55, also the lowest since Sept. 6. “That is because investor focus is on the Fed meeting... how the interest rate projections will look like and whether the Fed will start tapering before the end of the year,” he said. The outcome of the Fed’s two-day meeting is scheduled at 1800 GMT with a news conference half an hour later. Itochu was the worst performer among the Topix’s 30 core names, losing 4.08%, while Mitsui & Co slid 2.86%. (Reporting by Junko Fujita; Additional reporting by Kevin Buckland; Editing by Subhranshu Sahu and Devika Syamnath)
Persons: allaying, Shigetoshi Kamada, , Itochu, Junko Fujita, Kevin Buckland, Subhranshu Sahu, Devika Organizations: Nikkei, U.S, Federal Reserve, China Evergrande’s, Group, Tachibana Securities, Mitsui, Co, Machinery, Daikin, Mizuho Financial, Mitsubishi, Financial, MUFG Union Bank, SoftBank Group, Nintendo Locations: TOKYO, China, U.S
Norway sovereign wealth fund backs FedEx CEO pay
  + stars: | 2021-09-22 | by ( Reuters Staff | )   time to read: 1 min
OSLO, Sept 22 (Reuters) - Norway’s $1.4 trillion sovereign wealth fund, the world’s largest, said on Wednesday it will support FedEx CEO Fred Smith’s $54 million pay package at a meeting of the logistics company’s shareholders next week. The pay of the billionaire chief executive has been challenged here by a labour union over the company's decision to cancel a bonus programme while giving him an option award instead, only to then re-instate the bonus. (Reporting by Terje Solsvik, editing by Gwladys Fouche)
Persons: Fred Smith’s, Terje Solsvik, Gwladys Fouche Organizations: FedEx Locations: OSLO
DUBAI, Sept 22 (Reuters) - Saudi Arabia’s sovereign wealth fund plans to announce soon its first green debt deal, with borrowing linked to sustainability, the Public Investment Fund’s governor told a virtual event. “We will be the first sovereign wealth fund in the world to announce this green issuance,” Governor Yasir al-Rumayyan told an event on Tuesday held alongside the United Nations General Assembly. This month, PIF hired banks to be members of its ESG panel for its medium-term capital-raising strategy, IFR News reported. PIF signed a $15 billion loan with a large group of banks in March, followed a $10 billion loan it took in 2019 that was repaid last year and an $11 billion facility in 2018. Saudi Arabia will announce its “Green Initiative” next month, followed by the “Middle East Initiative”, which includes planting 50 billion trees, Rumayyan said.
Persons: Yasir al, Rumayyan, PIF, ” Rumayyan, , Organizations: Public Investment, United Nations General Assembly, Reuters, BlackRock, Sea Development Company, Initiative ”, Initiative Locations: DUBAI, Saudi, Saudi Arabia, ESG
JGBs trade flat ahead of FOMC, shrug off BOJ decision
  + stars: | 2021-09-22 | by ( Reuters Staff | )   time to read: +1 min
TOKYO, Sept 22 (Reuters) - Japanese government bond yields were flat on Wednesday, with Treasuries also stable as investors awaited clues about the path of U.S. monetary policy. The 10-year JGB yield was unchanged at 0.035% at the close, while benchmark 10-year JGB futures rose 0.03 point to 151.86, with a trading volume of 14,350 lots. The 20-year yield was flat at 0.425%, as was the 30-year yield at 0.650%. The five-year yield was steady at minus 0.105%. The benchmark 10-year Treasury yield was little changed at 1.3277%.
Persons: Treasuries, China Evergrande, it’s, , JGBs Organizations: Market, China, Bank of Locations: TOKYO
(Adds details, background)PARIS, Sept 22 (Reuters) - French telecoms firm Iliad SA said on Wednesday it had struck a deal with U.S. cable operator Liberty Global Plc to buy Polish fixed internet operator UPC for an enterprise value of 7 billion zlotys ($1.78 billion). Iliad, which bought Polish mobile operator Play last year, said in July that it had made an indicative offer for the whole of UPC Poland. “After the purchase of Play end 2020, the acquisition of UPC Poland represents a new step for Iliad in the Polish telecoms market,” Iliad said in a statement. In a separate statement, Liberty Global said the deal is expected to close in the first half of 2022 and generate about $600 million of net cash proceeds after debt repayment. In July, French tycoon Xavier Niel, the founder and controlling shareholder of Iliad, said he was making a 3.1 billion euro offer to buy the remaining shares in the company and take it private.
Persons: Xavier Niel Organizations: Iliad, U.S, Liberty Global Plc, UPC, UPC Poland, , Liberty Global Locations: PARIS, Polish
ADNOC boosts size of drilling unit IPO to $1.1 billion
  + stars: | 2021-09-22 | by ( Reuters Staff | )   time to read: +1 min
DUBAI (Reuters) - State oil giant Abu Dhabi National Oil Co (ADNOC) has increased to 11% of share capital the size of the initial public offering (IPO) of its drilling unit, ADNOC Drilling, because of oversubscription, the firm said on Wednesday. FILE PHOTO: A general view of ADNOC headquarters in Abu Dhabi, United Arab Emirates May 29, 2019. REUTERS/Christopher Pike/File PhotoADNOC had previously targeted a minimum stake of 7.5% in the IPO of ADNOC Drilling, at 2.3 dirhams ($0.6262) per share. In a statement it said the price had not changed but the number of ordinary shares offered was raised to 1.76 billion from 1.2 billion, which would correspond to a $1.1 billion transaction, according to Reuters calculations. “The new offering size was determined by ADNOC, as the selling shareholder, based on significant investor demand and the considerable oversubscription across all tranches,” it said.
Persons: Christopher Pike, ADNOC, ” ADNOC, Baker Hughes Organizations: Reuters, Abu Dhabi National Oil Co, United, United Arab Emirates, REUTERS, ADNOC, United Arab Locations: DUBAI, Abu Dhabi, United Arab, United Arab Emirates, UAE
FILE PHOTO: A man passes the Saudi Telecom STC office in Riyadh, Saudi Arabia February 6, 2018. REUTERS/Faisal Al Nasser/File PhotoDUBAI (Reuters) -Saudi Telecom Company has completed the retail and institutional subscription to the initial public offering of Arabian Internet and Communications Services Co, raising 3.624 billion Saudi riyals ($966.35 million), STC said on Wednesday. The telecoms company last week priced the IPO at the top of an indicative range for its technology business, also known as Solutions by STC. HSBC Saudi Arabia, Morgan Stanley Saudi Arabia and SNB Capital Company acted as joint financial advisers. The IPO is among a string of deals on Saudi Arabia’s Tadawul exchange this year, such as ACWA Power’s deal for more than $1 billion and Saudi Tadawul Group’s IPO, which is likely in the fourth quarter.
Persons: Faisal Al Nasser, Morgan Stanley Organizations: Saudi Telecom STC, REUTERS, DUBAI, Reuters, Saudi Telecom Company, Arabian Internet, Communications Services Co, Saudi, STC, HSBC, SNB Capital, Saudi Tadawul Locations: Riyadh, Saudi Arabia, HSBC Saudi Arabia, Morgan Stanley Saudi Arabia
Sept 22 (Reuters) - Liberty Global said it has a reached a deal to sell 100% of its operations in Poland to French telecoms firm Iliad’s Polish mobile subsidiary Play for a total enterprise value of $1.8 billion. The deal is expected to close in the first half of 2022 and generate about $600 million of net cash proceeds to Liberty Global after debt repayment, Liberty Global said in a statement.
Organizations: Liberty Global Locations: Poland
SHANGHAI, Sept 22 (Reuters) - Chinese stocks fell on Wednesday, led by by banking and consumer staples, while real estate shares jumped after developer China Evergrande assured to make bond interest payment. ** The banking sub-index slumped 3.44%, while the real estate index jumped 5% after opening down nearly 2%. ** Over the holiday, property and banking stocks slumped in the Hong Kong market due to growing risks of defaults at Chinese property developers and concerns that Beijing’s “common prosperity” agenda would also include Hong Kong real estate names. They added overseas investors took up more than 40% of the investors in the Hong Kong market. ** Chinese A-share market opened after the Mid-Autumn Festival holiday, while the Hong Kong market was shut on Wednesday for a public holiday.
Persons: Xi Jinping Organizations: China, China Merchants Securities, Beijing’s, Beijing Stock Exchange, Beijing bourse Locations: SHANGHAI, Shanghai, Hong Kong, COVID, China, Beijing
In the spot market, onshore yuan opened at 6.4725 per dollar and fell to a low of 6.4737, the weakest level since Aug. 27. By midday, the global dollar index rose to 93.27 from the previous close of 93.222, while the offshore yuan was trading at 6.475 per dollar. Negative number indicates that spot yuan is trading stronger than the midpoint. The People's Bank of China (PBOC) allows the exchange rate to rise or fall 2% from official midpoint rate it sets each morning. OFFSHORE CNH MARKET Instrument Current Difference from onshore Offshore spot yuan 6.475 -0.06% * Offshore 6.6521 -2.75% non-deliverable forwards ** *Premium for offshore spot over onshore **Figure reflects difference from PBOC's official midpoint, since non-deliverable forwards are settled against the midpoint.
Persons: Li Liuyang, Jerome Powell's, Li, Julian Evans, Pritchard, Winni Zhou, Andrew Galbraith, Sam Holmes Organizations: People's Bank of China, Traders, China Merchants Bank, Capital Economics, Thomson Locations: SHANGHAI, China
FILE PHOTO: U.S. Treasury Secretary Steven Mnuchin speaks during a House Financial Services Committee hearing in Washington, December 2, 2020. Greg Nash/Pool via REUTERS/File Photo(Reuters) - SoftBank Group’s Vision Fund had invested in a $2.5 billion private equity fund set up by former U.S. Treasury secretary Steven Mnuchin, the Financial Times. Mnuchin’s Liberty Strategic Capital, which was launched earlier this year, recently raised funds from sovereign wealth funds in the Middle East including Saudi Arabia’s Public Investment Fund, the report said on Wednesday.
Persons: Steven Mnuchin, Greg Nash Organizations: Financial, Fund, U.S, Treasury, Financial Times, Liberty Strategic Capital, Saudi Arabia’s Public Investment Fund Locations: Washington, East
FILE PHOTO: U.S. Treasury Secretary Steven Mnuchin speaks during a House Financial Services Committee hearing in Washington, December 2, 2020. Greg Nash/Pool via REUTERS/File Photo(Reuters) -SoftBank Group will invest in a $2.5 billion private equity fund set up by former U.S. Treasury secretary Steven Mnuchin, the Japanese conglomerate said on Wednesday without disclosing the size of the investment. The fund, Liberty Strategic Capital, will be backed by SoftBank’s $40 billion second Vision Fund and Abu Dhabi-based sovereign wealth fund Mubadala, which said it will contribute roughly 2% of the total amount raised so far. Liberty Strategic Capital was launched this year and is based in Israel, according to startup data platform PitchBook here. The Financial Times here had earlier reported that Saudi Arabia's Public Investment Fund (PIF) will also take part in the investment.
Persons: Steven Mnuchin, Greg Nash, SoftBank’s, PIF Organizations: Financial, U.S, Treasury, Liberty Strategic Capital, Fund, Saudi Arabia's Public Investment Fund, Reuters, Bloomberg Locations: Washington, Abu Dhabi, Israel, Middle
Toast to raise $869.6 million in U.S. IPO
  + stars: | 2021-09-22 | by ( Reuters Staff | )   time to read: 1 min
NEW YORK, Sept 21 (Reuters) - Restaurant software provider Toast Inc priced its U.S. initial public offering (IPO) well above the target range to raise $869.6 million. Toast priced 21.7 million shares at $40 apiece, the company said in a statement on Wednesday. It had earlier increased its price range to between $34 and $36 per share from $30 to $33. (Reporting by Echo Wang in New York and Akriti Sharma in Bengaluru; Editing by Devika Syamnath)
Persons: Echo Wang, Akriti Sharma, Devika Syamnath Organizations: Inc Locations: New York, Bengaluru
Japanese shares fall ahead of Fed outcome
  + stars: | 2021-09-22 | by ( Reuters Staff | )   time to read: +2 min
The Nikkei share average was down 0.63% to 29,650.78 by 0209 GMT, while the broader Topix fell 0.67% to 2,050.67. “That is because investor focus is on the Fed meeting... how the interest rate projections will look like and whether the Fed will start tapering before the end of the year,” he said. The outcome of the Fed’s two-day meeting is scheduled at 1800 GMT with a news conference half an hour later. Trading houses led the decline in Japanese equities, with Marubeni losing 3.59% and Mitsui & Co slipping 2.6%. Heavyweight tech start-up investor SoftBank Group advanced 1.69% and Uniqlo clothing shop-owner Fast Retailing gained 0.95%.
Persons: allaying, Shigetoshi Kamada, , Junko Fujita, Subhranshu Sahu Organizations: U.S . Federal Reserve, Nikkei, Estate Group, Tachibana Securities, Marubeni, Mitsui, Machinery, Daikin Industries, Mizuho Financial, Mitsubishi, Financial, MUFG Union Bank, Mitsui Fudosan, SoftBank Group Locations: TOKYO, China, U.S, Real, Tokyo
Sept 22 (Reuters) - The following table shows rates for Asian currencies against the dollar at 0204 GMT. CURRENCIES VS U.S. DOLLAR Change on the day at 0204 GMT Currency Latest bid Previous day Pct Move Japan yen 109.360 109.21 -0.14 Sing dlr 1.352 1.352 -0.01 Taiwan dlr 27.791 27.736 -0.20 Baht 33.430 33.38 -0.15 Peso 50.130 50.16 +0.06 Rupiah 14233.000 14235 +0.01 Rupee 73.610 73.61 0.00 Ringgit 4.184 4.183 -0.02 Yuan 6.473 6.4661 -0.11 Change so far in 2021 Currency Latest bid End 2020 Pct Move Japan yen 109.360 103.24 -5.60 Sing dlr 1.352 1.3209 -2.31 Taiwan dlr 27.791 28.483 +2.49 Baht 33.430 29.96 -10.38 Peso 50.130 48.01 -4.23 Rupiah 14233.000 14040 -1.36 Rupee 73.610 73.07 -0.74 Ringgit 4.184 4.0200 -3.92 Yuan 6.473 6.5283 +0.85 (Compiled by Shashwat Awasthi in Bengaluru)
Persons: Shashwat Locations: Taiwan, Bengaluru
REUTERS/Kim Kyung-HoonSHANGHAI (Reuters) - China stood pat on its benchmark lending rate for corporate and household loans for the 17th straight month at its September fixing on Wednesday, matching market expectations. The one-year loan prime rate (LPR) was kept at 3.85%. The five-year LPR remained at 4.65%. Most new and outstanding loans in China are based on the one-year LPR. The five-year rate influences the pricing of mortgages.
Persons: Kim Kyung, Hoon, LPR Organizations: People's Bank of China, REUTERS, Hoon SHANGHAI Locations: Beijing, China
REUTERS/Mike Theiler/File PhotoWASHINGTON (Reuters) - The International Monetary Fund said its executive board met on Tuesday to discuss a report prepared for the World Bank alleging that IMF chief Kristalina Georgieva pressured staff to alter data to favor China while serving as the bank’s CEO. The board agreed to meet again soon for further discussions, an IMF spokesperson said, but gave no specific date. The board emphasized “the importance it attached to conducting a thorough, objective, and timely review and agreed to meet again soon for a further discussion,” the spokesperson said. Georgieva on Friday denied allegations that she pressured World Bank staff to alter data as it prepared its Doing Business 2018 report on country business climates. Neither in this case, nor before or after, I have put pressure on staff to manipulate data,” Georgieva told IMF staff, according to a transcript of the meeting provided to Reuters.
Persons: Kristalina Georgieva, Mike Theiler, Georgieva, ” Georgieva, WilmerHale Organizations: Monetary Fund, International Monetary Finance, IMF, REUTERS, WASHINGTON, World Bank, Reuters Locations: Washington , U.S, China
REUTERS/Carlos Garcia Rawlins/File PhotoWhile concerns about the spillover from a messy collapse roiled markets on Monday, U.S. stocks were flat on Tuesday. Both bonds would default if Evergrande fails to settle the interest within 30 days of the scheduled payment dates. Evergrande missed interest payments due Monday to at least two of its largest bank creditors, Bloomberg reported on Tuesday, citing people familiar with the matter. Citigroup Inc subsidiaries serve as trustee and payment agent for a China Evergrande bond that matures in March 2022 and has $83.5 million in interest coming due on Thursday. Mainland China’s stock and bond markets, foreign exchange and commodity futures markets, which were closed Monday and Tuesday for Mid-Autumn Festival, resume trade on Wednesday, but Hong Kong’s financial markets will be closed for a public holiday.
Persons: “ Lehman, Carlos Garcia Rawlins, “ There’s, Evergrande, Gary Gensler, Jerome Powell, , Samy Muaddi, Rowe Price, , Danielle Romero, Apsilos, Hui Ka Yuan Organizations: Reuters, China Evergrande Group, Oasis, Evergrande Group, REUTERS, U.S, Bloomberg, Securities, Exchange Commission, SEC, Fund, HSBC, UBS, UBS Asset Management, Rowe Price Emerging Markets, BNP, Citigroup Inc, Citigroup Locations: HONG KONG, China, Luoyang, U.S, New York, Evergrande, Beijing
REUTERS/Denis BalibouseLONDON (Reuters) - INEOS said on Wednesday it will convert its vast Scottish petrochemicals plant and oil refinery at Grangemouth to run on hydrogen at a cost of more than 1 billion pounds ($1.4 billion) to make it ‘net zero’ for carbon emissions by 2045. Britain has a target to reach net zero by 2050 and has significantly reduced emissions from power generation, but has found it harder to cut industry’s carbon footprint. Andrew Gardner, Chairman of INEOS Grangemouth said the company would initially use gas to produce its own hydrogen on site, so-called blue hydrogen, with at least 1 million tonnes of carbon dioxide (CO2) stored and captured by 2030. “The next stage would be using green hydrogen,” Gardner told Reuters, to bring the entire site to net zero by 2045. INEOS said in July it would work with the Acorn carbon capture and storage project in Scotland, which aims to store CO2 emissions in the North Sea.
Persons: Denis Balibouse, INEOS, Andrew Gardner, , ” Gardner, Gardner Organizations: REUTERS, Denis Balibouse LONDON, Reuters, BP Locations: Rolle , Switzerland, Scottish, Grangemouth, Britain, Scotland, North
(Adds background, quotes)NEW YORK, Sept 21 (Reuters) - Ecuador has no plans to issue new debt in the short term because it has plenty of resources available through International Monetary Fund financing, President Guillermo Lasso said on Tuesday. Lasso, a conservative ex-banker who took office in May, has pledged to halve the fiscal deficit here. He faces opposition from indigenous groups and social movements over cuts to fuel subsidies. His predecessor, Lenin Moreno, walked back a plan to raise fuel prices in 2019 in the face of massive protests. (Reporting by Rodrigo Campos in New York and Alexandra Valencia, Writing by Brian Ellsworth and Luc Cohen, Editing by Karishma Singh)
Persons: Guillermo Lasso, Lasso, ” Lasso, we’re, Lenin Moreno, Rodrigo Campos, Alexandra Valencia, Brian Ellsworth, Luc Cohen, Karishma Singh Organizations: International Monetary Fund, IMF, United Nations General Assembly Locations: Ecuador, New York
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