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Prior to the February 2022 invasion, Chinese cars accounted for less than 10% of the Russian market. Russia has jumped from 11th place to become China's largest export market for cars, reaching a value of $9.4 billion in January-October, Chinese customs data showed. Overall, monthly car sales in Russia are now more than double what they were a year ago, Autostat data showed, while separate data from federal statistics service Rosstat showed car production was nearly three times higher in September year-on-year, underlining the sector's partial recovery. 'UNSTABLE, SHAKY' MARKETSanctions against Russia contributed to lower car production and sales most notably in 2022, but also after Moscow annexed the Crimean peninsula from Ukraine in 2014. Meanwhile, the rouble's slide to 100 against the dollar this year has made imports more expensive, depressing purchases of Chinese cars.
Persons: PPK, Sergei Udalov, Udalov, Russia's, Natalia Zubarevich, Zubarevich, Gleb Stolyarov, Alexander Marrow, Zoey Zhang, Vineet Sachdev, Mike Collett, White, Mark Potter Organizations: Reuters, Reuters Graphics, Chery, Geely, HK, West shuns, Autostat, Russia, Western, Reuters Graphics Reuters, Moscow State University, Wages, Lada, Thomson Locations: MOSCOW, Russia, Moscow, Ukraine, Soviet, Beijing, China, West shuns Russia, Western
Chinese Yuan and U.S. dollar banknotes are seen in this illustration taken March 10, 2023. The surge in their borrowing from Chinese banks has catapulted the yuan past the euro into becoming the second-biggest currency used in global trade finance, providing a fillip to Beijing's ambitions to internationalize the yuan. "Panda bonds are steadily promoting the renminbi's function as a funding currency", the People's Bank of China (PBOC) said a report last month. German automaker Volkswagen Group (VOWG_p.DE) told Reuters it will use its inaugural 1.5 billion yuan panda bond proceeds only for its onshore China business. ($1 = 7.2421 Chinese yuan renminbi)Reporting by Samuel Shen and Rae Wee Editing by Vidya Ranganathan and Kim CoghillOur Standards: The Thomson Reuters Trust Principles.
Persons: Yuan, Dado Ruvic, Fiona Lim, Lim, SWIFT, Mercedes, Yuan internationalisation, Mark Williams, It's, Maybank's Lim, Williams, Samuel Shen, Rae Wee, Vidya Ranganathan, Kim Coghill Organizations: REUTERS, Rights, BMW, Crédit Agricole S.A, National Bank of Canada, People's Bank of China, Standard Chartered Bank, Bank of China's, Volkswagen Group, Reuters, Benz Group, Capital Economics, Thomson Locations: Rights SHANGHAI, SINGAPORE, China, Hong Kong, Asia, Russia, Argentina, Pakistan, Nigeria
Shein has bought British fast fashion brand Missguided from the Frasers Group as the company looks to expand its market share and global reach ahead of a rumored U.S. initial public offering, the companies announced Monday. As part of the deal, Shein will license Missguided's intellectual property to Sumwon Studios, a joint venture between Shein and Missguided founder Nitin Passi. Sumwon will manage and operate the Missguided brand. The brand gained prominence when it went viral for selling £1 bikinis and became a major player in British fast fashion. "Shein aims to reignite the Missguided brand, capitalising on its unique brand personality, and fuelling its global growth through SHEIN's on-demand production model, unparalleled e-commerce expertise and global reach."
Persons: Shein, Frasers, Nitin Passi, Sumwon, Missguided, Donald Tang Organizations: Frasers Group, Sumwon Studios, Frasers, Forever, Sparc Group, Authentic Brands Group, Simon Property, CNBC Locations: British, Shein, SHEIN's
Liverpool thump Toulouse 5-1, Brighton earn first European win
  + stars: | 2023-10-26 | by ( ) www.reuters.com   time to read: +4 min
The rest of the match belonged to Liverpool as Wataru Endo headed them back in front just past the half-hour mark. That goal took the Egyptian's tally to 43 for Liverpool in major European competitions, a record for any player at an English club. Liverpool top the group by five points over Union Saint Gilloise and Toulouse, who both have four points. BRIGHTON ROCKBrighton achieved a European milestone by beating Ajax and reigniting their chances of reaching the knockout stages. They are now level on four points with second-placed AEK Athens in Group B, a point behind Olympique de Marseille.
Persons: Diogo Jota, Wataru Endo, Darwin Nunez, Nunez, Ryan Gravenberch, Mohamed Salah, LASK, Cameron Puertas, Christian Burgess, Joao Pedro, Diant Ramaj, Ansu Fati, Maurice Steijn, Kostas Fortounis, Rodinei's, Angelo Ogbonna, Angelo Ogbonna . West Ham, Lucas Paqueta's, Edoardo Bove, Romelu Lukaku, Jose Mourinho's, Alejandro Grimaldo, Stade Rennais, Arnaud Kalimuendo, Tommy Lund, Ken Ferris Organizations: Liverpool, Brighton, Ajax, Olympiakos, West, Marseille, Leverkusen, Rennes, LIVERPOOL, Toulouse, Europa League, Brighton & Hove Albion, Ajax Amsterdam, Union Saint Gilloise, Union, BRIGHTON ROCK Brighton, AEK Athens, Olympique de Marseille, AEK, Seagulls, Olympiakos Piraeus, Europa Conference League, West Ham United, Freiburg, Backa Topla, AS Roma, Slavia Prague, Slavia, Bayer Leverkusen thumped Qarabag, Stade, Panathinaikos, Villarreal, Maccabi Haifa, Thomson Locations: Roma, England, Anfield, Brighton, Liverpool, Toulouse, Europe, Angelo Ogbonna . West, Gdansk
A mistake from United goalkeeper Andre Onana forced Brazilian midfielder Casemiro to conceded a penalty, which saw him sent off after receiving a second yellow card. Bayern Munich are top on six points from two games after a 2-1 win at FC Copenhagen, who are third with one point. "Our opponents are maybe not very successful on the outside but they are a good team," Galatasaray coach Okan Buruk said. United coach Erik ten Hag added: "The mental errors we make, you cannot allow them at this level. The final whistle was greeted by wild scenes of celebration at Galatasaray's first Champions League away win in a decade.
Persons: Casemiro, Mauro Icardi, United, Rasmus Hojlund, Wilfried Zaha, Davinson Sanchez, Kerem Akturkoglu, Andre Onana, Okan Buruk, Erik ten Hag, Marcus Rashford, Zaha, capitalising, Diogo Dalot, Hojlund, Sanchez, Peter Hall, Ken Ferris Organizations: Galatasaray, Champions League, Premier League, Crystal, Denmark, Old, Bayern Munich, FC Copenhagen, Turkish, Bayern, Crystal Palace, United, League, Thomson Locations: MANCHESTER, England, Manchester, Argentine, Munich, Turkish
Nice shock PSG 3-2 with Moffi double
  + stars: | 2023-09-15 | by ( ) www.reuters.com   time to read: +2 min
They are one point behind second-placed Nice, still unbeaten in the 2023-24 campaign, and two points off leaders AS Monaco, who travel to Lorient on Sunday. But the game saw a quick turnaround when Moffi put Nice in front in the 21st minute, netting low inside the near post. "It was a great Nice team in front of us," substitute Randal Kolo Muani said. PSG did not lose any of their previous 13 home matches against Nice in all competitions. Nice, meanwhile, are one of four teams still unbeaten in the top-flight along with Rennes, Olympique de Marseille and Monaco this season.
Persons: Terem Moffi, Luis Enrique, Ousmane Dembele, Marcin Bulka, Kylian Mbappe, Moffi, Bulka, Mbappe, Dembele, Gaetan Laborde, Gianluigi Donnarumma, Sofiane Diop, Randal Kolo Muani, Anita Kobylinska, Pritha Sarkar Organizations: Paris St, PSG, Borussia Dortmund, Champions League, AS Monaco, Nice, Olympique de Marseille, Thomson Locations: Ligue, Nice, Lorient, Rennes, Monaco, Gdansk
MILAN, Sept 12 (Reuters) - Italy's Davide Frattesi struck twice for a 2-1 win over Ukraine in their Euro 2024 Group C qualifier on Tuesday to provide new manager Luciano Spalletti with a promising start on home soil. Italy were held to a 1-1 draw away to North Macedonia on Saturday in Spalletti's debut match so the pressure was on the former Napoli coach to deliver at San Siro. Italy are now second in the standings on seven points ahead of Ukraine on goal difference and with a game in hand on all their group rivals. "There was a lot of pressure in recent weeks, and I had to understand many things in a short time," Spalletti told RAI. Just before the half-hour mark Frattesi got his second goal by calmly slotting home once again from close range, capitalising on a ricocheted shot.
Persons: Italy's Davide Frattesi, Luciano Spalletti, Spalletti, it's, Mattia Zaccagni, Frattesi, I've, Andriy Yarmolenko, Manuel Locatelli, Tommy Lund, Clare Fallon, Ken Ferris Organizations: Ukraine, Napoli, England, RAI, Inter Milan, Inter, Thomson Locations: Italy, Macedonia, San Siro, Ukraine, Sassuolo, Gdansk
Singapore’s wealth boom hits most sensitive phase
  + stars: | 2023-09-06 | by ( Anshuman Daga | ) www.reuters.com   time to read: +5 min
REUTERS/Edgar Su Acquire Licensing RightsSINGAPORE, Sept 6 (Reuters Breakingviews) - Singapore’s wealth boom may be set for a pause. The amount involved has almost doubled and banks, realtors and jewellery dealers have been caught up in the ring. It is the most eye-catching saga since 2015 when Singapore’s banks were involved in the 1MDB Malaysian sovereign fund mess. As Singapore’s success as a financial centre grows, so too does its vulnerability to dirty money. A thornier problem is Singapore’s desire to avoid perceptions it is capitalising on the troubles of China, its top trade partner.
Persons: Edgar Su, Una Galani, Katrina Hamlin, Pranav Kiran Organizations: REUTERS, Rights, Reuters, realtors, DBS, Deutsche Bank, Bloomberg, Reuters Graphics Reuters, Monetary Authority of, U.S, Police, Thomson Locations: Marina Bay, Singapore, Rights SINGAPORE, China, Malaysian, Hong Kong, Monetary Authority of Singapore
OQGN is Oman's exclusive gas transportation system operator, supplying natural gas to the country's power plants, freezones, industrial clusters, LNG complexes and other customers. OQ, directly and indirectly through Oman Energy Trading Company Limited and Oman Oil Services Limited, is offering up to 49% of the shares, the document said. The company plans to pay a semi-annual dividend in cash to investors after the offering. A first dividend of 33 million rials for the first nine months of 2023 is estimated to be paid around January next year, and a second dividend of 11 million rials for the last three months of 2023 will be paid around April, 2024. Reuters first reported the IPO plans for the company last May.
Persons: OQGN, Talal Al Awfi, Al Awfi, Hadeel Al Sayegh, Louise Heavens, Sharon Singleton, Ed Osmond Organizations: OQ Gas Networks, Reuters, Oman Telecommunications, Oman Energy Trading Company Limited, Oman Oil Services, OQ, Abraj Energy Services, Oman Investment Authority, OQ's, Thomson Locations: DUBAI, Oman, Abu Dhabi, Saudi Arabia
STOCKHOLM, Aug 17 (Reuters) - Swedish gaming group Embracer (EMBRACb.ST) on Thursday reported a weaker than expected operating profit for the April to June period but reiterated its full-year guidance as its restructuring program was on track. Adjusted operating profit for the fiscal first quarter stood at 1.67 billion Swedish crowns ($152.75 million), lagging the 1.78 billion expected in a company-provided poll of analysts, but up from 1.32 billion crowns a year ago. "We now have increased confidence regarding earnings this year and we are on track to deliver on the restructuring program," CEO Lars Wingefors said in a statement. Wingefors said operating costs increased due to inflation and the run-rate impact of prior-year recruitment. ($1 = 10.9332 Swedish crowns)Reporting by Jesus Calero and Marie Mannes; Editing by Terje Solsvik and Edmund KlamannOur Standards: The Thomson Reuters Trust Principles.
Persons: Lars Wingefors, Wingefors, Jesus Calero, Marie Mannes, Terje Solsvik, Edmund Klamann Organizations: Thomson Locations: STOCKHOLM, Swedish
Power-generating Siemens 2.37 megawatt (MW) wind turbines are seen at the Ocotillo Wind Energy Facility California, U.S., May 29, 2020. Invenergy said in a statement it agreed to sell tax credits worth $580 million to Bank of America, and put those funds towards buying 14 projects from American Electric Power (AEP.O). It "creates a financeable transferability product that will be used to scale the growth of renewable energy," Fang said. Analysts at investment bank Credit Suisse have estimated the IRA could lead to the generation of tax credits worth $576 billion by 2031. Private equity firm Blackstone has invested around $4 billion in Invenergy.
Persons: Bing Guan, Joe Biden's, Invenergy, Karen Fang, Fang, Blackstone, Isla Binnie, Marguerita Choy Organizations: Energy Facility, REUTERS, Invenergy, Blackstone, Bank of America, American Electric Power, Bank of, International Energy Agency, Credit Suisse, Treasury Department, Internal Revenue, Canada's, Thomson Locations: Energy Facility California, U.S, Invenergy, Canada's Caisse, Quebec
"I said that this should be absolutely excluded and all officials of the country should drive domestic cars," Putin said, telling officials they should strive to develop domestic brands, domestic cars, and other domestic products. Chinese carmakers are seizing market share in Russia, capitalising on the departure of Western players, auto industry data shows. Russia's Lada holds the number one spot in the domestic market, with its share for January-June at 32.6%, up from 21.6% last year. Lada's share slipped slightly in July year on year, as Chinese carmakers' sales continued rising rapidly, the data showed. Chinese brands, such as Haval (601633.SS), Chery and Geely (0175.HK), accounted for the next six spots in terms of market share in July.
Persons: VAZ, Alexey Malgavko, Vladimir Putin, PPK, Putin, capitalising, Russia's Lada, Lada's, Gleb Stolyarov, Alexander Marrow, Mark Potter Organizations: Lada, REUTERS, Mercedes, Benz, Renault, Nissan, Reuters, Chery, Geely, HK, Thomson Locations: Soviet, Izhevsk, Russia, Ukraine, Crimean, Kyiv, Moscow, Crimea
IMPORTED ASSEMBLY KITSAfter a chaotic decade following the collapse of the Soviet Union in 1991, Russia encouraged Western carmakers to build factories. "Undoubtedly, the expansion of Chinese carmakers on the Russian market will continue," said Andrey Olkhovsky, the head of dealership chain Avtodom. It is a radical change of fortunes for Chinese carmakers in Russia. Production of Chinese vehicles only began in Russia in 2019 with the arrival of Chinese automotive company Great Wall Motor (601633.SS). LESS LOCAL INPUTUnder the partnership with Chinese firms, less of the production at former Western factories is currently conducted in Russia, the sources said.
Persons: Jetour, Maxim Shemetov, Moscow's, Sergei Sobyanin, French carmaker, JAC, Sehol, Moskvich, capitalising, Vladimir Bespalov, Vladimir Putin, Andrey Olkhovsky, Olkhovsky, Wall, Sollers, Avtovaz, Denis Manturov, Gleb Stolyarov, Alexander Marrow, Zhang Yan, Daniel Flynn Organizations: REUTERS, French, French carmaker Renault, Moscow Automobile Factory, JAC Motors, Reuters, Renault, Nissan, Russia's Industry, Trade Ministry, Wall, Chery, Geely, HK, Argo, Ford Transit, Nissan's St, Lada, China's FAW Group's, FAW, Western, Trade, Thomson Locations: Lyubertsy, Moscow Region, Russia, Soviet, Moscow, Anhui, Ukraine, Soviet Union, Western, Tula, Autostat, Tatarstan, Nissan's, Nissan's St Petersburg, St Petersburg, Leningrad, Japan, Europe, China, Shanghai
BANGKOK, July 18 (Reuters) - Thai prime ministerial candidate Pita Limjaroenrat on Tuesday said he was willing to slow the pace of his party's ambitious reform agenda if he forms a government but would not retreat from its plan to amend a law prohibiting royal insults. But the sentiment of the era has changed," he said in the interview. "I'm still sticking to what I promised the voters ... the institution is above politics. He added: "I cannot look them in the eye if I'm walking away from this issue." The military has for decades invoked its duty to defend the monarchy to justify intervention in politics, and used the law against royal insult to stifle dissent, critics say.
Persons: Pita Limjaroenrat, Pita, Martin Petty, Robert Birsel Organizations: Reuters, Thomson Locations: BANGKOK, Thailand
German data show British firms opened 170 foreign direct investment projects in Europe's biggest economy last year as companies sought a foothold in the bloc's single market. That's a far cry from the 50 enquiries from British firms - rather than projects committed - recorded by German Trade & Invest in 2015, the year before the Brexit referendum. Pro-Brexit economists say such data ignore the fact British corporate investment boomed in the years before mid-2016, and it was bound to slow. British firms are also waiting to hear how - or even if - London intends to compete with the enormous green energy and tech subsidies pitched by the United States and EU. At Farrat, the effects of Brexit are insidious, running beyond decisions over investments, said Farrell, describing a sense of unease felt towards British firms from potential foreign clients, worn down by years of political turmoil"People are nervous.
Persons: Brexit, Oliver Farrell, Andy Burnham, Burnham, it's, capitalising, Steve Connor, Connor, Jeremy Hunt, Farrell, Dave, Subrah Krishnan Harihara, Andy Bruce, William Schomberg, David Clarke Organizations: European Union, Reuters, German Trade, Invest, Organisation for Economic Co, Development, Reuters Graphics, Labour Party, EU, Creative Concern, European Commission, Manchester Chambers of Commerce, Thomson Locations: MANCHESTER, England, Britain, Manchester, Germany, English, Europe's, Netherlands, France, United States, England's, London, Birmingham, Greater Manchester, Farrat, EU, Warwick, West Midlands
ROME, May 19 (Reuters) - Seventh seed Elena Rybakina beat Latvia's Jelena Ostapenko 6-2 6-4 in a rain-delayed semi-final at the Italian Open on Friday and will play Anhelina Kalinina in Saturday's final. Rybakina prevailed in a fairly straight-forward first set in a match delayed by more than an hour - and then interrupted - due to persistent rain. Ostapenko gained momentum in the second set and took a 3-0 lead but Rybakina shortened the distance to 4-2 just before rain briefly forced the players off court. "I didn't start that well the second set. Reporting by Aadi Nair in Bengaluru and Anita Kobylinska in Gdansk Editing by Christian RadnedgeOur Standards: The Thomson Reuters Trust Principles.
[1/2] FILE PHOTO-French President Emmanuel Macron delivers his speech during the National Conference on Disability at the Elysee Palace in Paris, France, April 26, 2023. "You talk a lot of nonsense everyday," the man told Macron, after the president, barely able to squeeze in an answer, said he should get his numbers right. Such direct confrontations, the president reckons, are essential to give people a cathartic release after weeks of anger directed at the government's pension bill and Macron himself. Before the pension reform protests, the government managed to pass legislation on issues such as nuclear energy and renewables with the help of both left-wing and right-wing lawmakers outside Macron's centrist alliance. That was apparent again this week, when his prime minister Elisabeth Borne was forced to give up on an immigration bill.
UBS salvages most value from Credit Suisse wreck
  + stars: | 2023-03-19 | by ( Liam Proud | ) www.reuters.com   time to read: +4 min
Meanwhile the government will cover up to 9 billion Swiss francs of losses, such as markdowns on Credit Suisse assets, past a certain threshold. A UBS takeover is preferable to the Swiss government nationalising Credit Suisse or winding it down. Follow @liamwardproud on TwitterCONTEXT NEWSUBS will rescue Credit Suisse in a deal worth about 3 billion Swiss francs, Swiss authorities and the two banks said on March 19. Shareholders in Credit Suisse will get one new UBS share for every 22.48 shares they currently hold. Based on UBS’s closing price on March 17 the offer values Credit Suisse shares at 0.76 Swiss francs each, well below the last closing price of 1.86 Swiss francs.
[1/5] An employee prepares online grocery orders in the storage area of Czech online grocer Rohlik Group in Prague, Czech Republic February 1, 2023. HUGE GROWTH POTENTIAL Rohlik, founded in 2014, leads the Czech market by mainly targeting customers in big cities through its string of distribution warehouses. "Competition is still mainly driven by stationary retail but a small number of online grocery players are gearing up in each market to become leading e-grocery platforms." KOSIK TURNS EASTAs Rohlik bets on Germany, Kosik is looking eastward, entering the Slovak market and expanding in Bulgaria. CEO Ivan Utesil said the company would also seek to cut into Czech market share by capitalising on its tie-in with German wholesaler Metro (B4B.DE) in some regional areas.
[1/3] Drivers push auto rickshaws in a line to buy petrol from a fuel station amid Sri Lanka's economic crisis, in Colombo, Sri Lanka, July 29, 2022. India's foreign ministry did not respond to questions from Reuters on its plans and strategic aims in Sri Lanka. New Delhi has long been concerned about China's clout in its neighbourhood, including Nepal, Bangladesh and Sri Lanka. "And as far as Sri Lanka is concerned, we don't want to contribute to any escalation of tension between any countries." "Sri Lanka has clearly benefited from being the closest neighbour to the most powerful country in the region.
"On the other hand, we don't know who is safe, we don't know who has the coronavirus. "Moving from isolation facility quarantine to home quarantine will not increase retail sales significantly," said Iris Pang, chief economist for greater China at ING. A spa at a mall in downtown Beijing that resumed business on Friday said most staff had returned but customers were far fewer. Luca Solca, a luxury analyst with Bernstein, said the end of the curbs was good news for the luxury industry, heavily dependent on Chinese spending. "My base-case scenario is that the softening should prompt Chinese consumers to go back to enjoying life and spending money – benefiting, among others, top luxury brands," he said.
In this article ENEL-IT Follow your favorite stocks CREATE FREE ACCOUNTRishi Sunak and Joe Biden photographed on the sidelines of the G20 Summit in Indonesia on Nov. 16, 2022. Saul Loeb | AFP | Getty ImagesLONDON — The U.K. and U.S. are forming a new energy partnership focused on boosting energy security and reducing prices. Commenting on the plans, U.K. Prime Minister Rishi Sunak said: "We have the natural resources, industry and innovative thinking we need to create a better, freer system and accelerate the clean energy transition." "This partnership will bring down prices for British consumers and help end Europe's dependence on Russian energy once and for all." The news comes at a time of huge disruption within global energy markets following Russia's invasion of Ukraine in February.
Morocco, who needed a win or a draw in their final Group F match to reach the knockout rounds, took advantage of a weak clearance by goalkeeper Milan Borjan that landed on the foot of Hakim Ziyech. With Croatia drawing with Belgium 0-0 in the other Group F game, Morocco finish first in the group and will face the second-place finishers in Group E, which is made up of Japan, Spain, Germany and Costa Rica. Moroccan manager Walid Regragui predicted his side will prove capable of challenging a mighty opponent in the stage. Why shouldn't we dream of winning the World Cup?" Canada, who are exiting their first World Cup since 1986 without a point, automatically qualify for the 2026 tournament as co-hosts along with the United States and Mexico.
The touch evaded the South Koreans after Mohammed Kudus had put Ghana ahead for the final time, however, and they repeatedly found space down the wings only for the final ball to clatter off the head of a Ghanaian defender. That reprised the opening 25 minutes of the game when the Koreans dominated possession, swinging the ball left and right across the pitch and working their neat triangulations to get into threatening positions down the flanks. The 31-year-old's delivery was even better 10 minutes later, a high arching cross that Kudus needed only the faintest touch on to guide past Kim Seung-gyu in the Korean goal. That means the coach will not be on the bench against his native Portugal in South Korea's final group game on Friday but his squad might expect a little bit of extra crossing practice over the next four days. Reporting by Nick Mulvenney, editing by Ed OsmondOur Standards: The Thomson Reuters Trust Principles.
Industry data show business travellers are taking longer trips than before COVID-19, leaving airlines adjusting flight plans. Qantas Airways Ltd (QAN.AX) and Virgin Australia say higher airfares have so far offset any revenue impact from fewer business trips. Ajit Chouhan, a Texas-based human resources executive, used to go on one-day business trips to San Francisco at least once a month before the pandemic. "If I'm on a business trip, do I want to stay an extra day if my partner's at home?" One-day journeys accounted for around 4% of domestic business trips globally in 2019, according to CWT data, versus 3% now.
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