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☆ France's food-price inflation to ease off by September, minister says
▼ + stars: | 2023-04-30 | by ( ) www.reuters.com time to read: +1 min

PARIS, April 30 (Reuters) - Food price inflation in France - which has been a major concern for consumers - should ease off by September, said government minister Olivia Gregoire on Sunday. "By the time people come back from their holidays in September, we will have a visible decrease in the prices you see on the shelves and in terms of food price inflation," Gregoire, who is a government minister responsible for small-and-medium sized enterprises (SMEs), told France Inter radio. Gregoire's comments echoed those from Bank of France governor and European Central Bank member Francois Villeroy de Galhau, who said earlier this month that he expected food price inflation to start easing in the second half of this year. France's headline inflation level rose to 5.9% in April from 5.7% in March. The French inflation level stood at 6.9%, as measured by a European Union-harmonised consumer price index.

☆ Jack Dorsey went from being 'really happy' about Elon Musk joining Twitter's board to saying he shouldn't have bought it. Here's how their bromance has evolved.
▼ + stars: | 2023-04-29 | by ( Katie Canales | Jyoti Mann | ) www.businessinsider.com time to read: 1 min

One of Dorsey's first public bouts of praise for Musk was in 2016Francois Mori/APThe Twitter CEO said Musk's account on the social platform was one of his favorites. "He's constantly on Twitter, constantly talking about what [Tesla is] doing — and how he's feeling about it as well," Dorsey said at a trade show in 2016. "He's very open and using it to correct press and if people aren't focused on the right things. I think he's a really good model of how to use it well."

☆ Bernard Arnault, the world's richest person, was nicknamed the 'wolf in cashmere' by rivals because of his predatory takeover moves. His company just hit a $500 billion valuation.
▼ + stars: | 2023-04-29 | by ( Mary Hanbury | ) www.businessinsider.com time to read: +4 min

Bernard Arnault is head of luxury giant LVMH and the world's richest person worth $206 billion. He earned the nickname the "wolf in cashmere" because of his ruthless moves to acquire rivals. It's enabled him to create the world's largest luxury conglomerate, which was valued at $500 billion this week. "Arnault is a man of great vision," Pierre Mallevays, former head of acquisitions at LVMH, previously told The Guardian. It was during his pursuit of Hermès International that he earned the nickname of the "wolf in cashmere."

☆ Heinz offered the fisherman who survived 24 days at sea a new boat with GPS, but he didn't get enough money to buy one with a navigation system
▼ + stars: | 2023-04-28 | by ( Jyoti Mann | ) www.businessinsider.com time to read: +3 min

Heinz appealed to the internet to find a fisherman who survived 24 days at sea on ketchup. Heinz said the "ketchup boat guy" preferred cash so he could get a new boat more quickly. The company offered to give fisherman Elvis Francois a new boat complete with a navigation system after learning he'd survived 24 days lost at sea on just ketchup and seasonings. Francois told Insider he could only afford to buy a small used boat and engines as the money Heinz gave him "wasn't enough" for a sailboat. He spent EC$18,000 on a small boat and EC$20,000 on two motors.

☆ France to mobilise wildfire-fighting forces one month early
▼ + stars: | 2023-04-27 | by ( Lucien Libert | ) www.reuters.com time to read: +1 min

[1/5] French rescuers from the Securite Civile force attend the presentation of the 2023 plan to fight against wildfires, at Nimes-Garons airbase, France, April 25, 2023. REUTERS/Christian HartmannNIMES, France, April 27 (Reuters) - France will have wildfire-fighting troops and their water-carrying aircraft ready on June 1, one month earlier than usual, to adapt to fires starting earlier than in the past due to climate change, a senior official said. "It's one month earlier than in the past," he said. Interior Minister Gerald Darmanin said earlier this month, amid France's first major blaze this year at the border with Spain, that the country was headed for "an extremely difficult summer 2023, possibly as difficult as summer 2022." Reporting by Lucien Libert; Writing by Ingrid Melander; Editing by Andrew CawthorneOur Standards: The Thomson Reuters Trust Principles.

☆ Arcturus: WHO watching XBB.1.16 as a coronavirus variant of interest
▼ + stars: | 2023-04-24 | by ( Brenda Goodman | ) edition.cnn.com time to read: +2 min

CNN —The World Health Organization has elevated the fast-growing Omicron sublineage XBB.1.16 as a new variant of interest, and says it is outcompeting the previously dominant XBB.1.5 in many regions. XBB.1.16 is a descendant of the recombinant XBB, which is a mashup of two BA.2 sublineages. On social media, the variant has been nicknamed Arcturus, like the brightest star in the northern celestial hemisphere. Currently, it is the dominant variant in India, where it is causing a wave of mostly mild illnesses. The XBB.1.5 variant continues to be the dominant cause of new infections in the United States, according to data from the US Centers for Disease Control and Prevention.

Companies European Central Bank FollowLONDON, April 24 (Reuters) - France's central bank governor François Villeroy de Galhau has pushed back against criticism of central banks' increasing involvement in the fight against climate change, calling the issue a "must have" focus. "Central banks' core mandate worldwide is price stability, and climate change already affects the level of prices and activity," Villeroy stressed. The debate about how much influence central banks can have in tackling climate issues has become increasingly divisive this year. Villeroy, however, who has long been a firm advocate of doing more, urged central banks and others to come up with better models of how climate change is likely to alter economies. It is also aiming to release short-term climate change scenarios by the end of 2024, which should show more adverse developments, incorporate tougher "shocks" and directly explore the potential impacts of climate change on inflation.

☆ EUROPE All aboard the tech hype train as earnings rumble in
▼ + stars: | 2023-04-24 | by ( Wayne Cole | ) www.reuters.com time to read: +3 min

It's been a subdued start to a busy week studded with tech earnings and major data from both sides of the Atlantic. Analysts at Wedbush Securities are tipping upside surprises from the tech majors, with an accent on cost cutting and job shedding across the industry. Another risk bubbling away in the background is the U.S. debt ceiling with the House set to vote on the Republican plan to extend the debt limit in exchange for spending cuts. The cost of insuring exposure to U.S. sovereign debt rose to the highest level since 2011 last week. One-year CDS have climbed to around 100 bps, well above the 82 bps seen during the 2011 U.S. sovereign debt downgrade.

☆ Morning Bid: Tech tally in focus, China alarms Europe
▼ + stars: | 2023-04-24 | by ( ) www.reuters.com time to read: +5 min

Otherwise, a packed earnings season dominates this week's investment radar as more than a third of S&P500 companies report. Including Intel (INTC.O), those five tech stocks have accounted for two-thirds of the S&P500's gains this year - with the Artificial Intelligence craze sparked by the emergence of ChatGPT adding a new non-cyclical attraction to the sector. But before markets get a taste of Q1 tech profits, the reverberations from last month's banking blow-up are still being absorbed. European stocks were slightly negative and U.S. stock futures also marginally in the red ahead of Wall Street's open. The dollar was mixed - up against Asian currencies but off against European currencies amid hawkish European Central Bank soundings on interest rates.

☆ Saadiyat: The 'island of happiness' just off Abu Dhabi
▼ + stars: | 2023-04-21 | by ( Chris Dwyer | ) edition.cnn.com time to read: +7 min

Jon Arnold Images Ltd/Alamy Stock PhotoWhile Abu Dhabi itself is home to bombastic contemporary architecture, Saadiyat – an easy 20-minute drive from downtown and Abu Dhabi International Airport – is a natural wonderland, edged by small sand dunes. Elevated boardwalks protect them from beachgoers – part of a conservation project led by Jumeirah at Saadiyat Island Resort and its inhouse marine biologist. Department of Culture and Tourism Abu DhabiOpen year-round, Saadiyat Beach Golf Club is home to a Gary Player signature 18-hole golf course. Luc Castel/Getty ImagesInaugurated in 2017, The Louvre Abu Dhabi is France’s largest cultural project abroad. Louvre Abu Dhabi isn’t the only highbrow place on Saadiyat – behind the dunes there are two world-class educational institutions, too.

☆ Walmart says its CEO earned 933 times its median employee's pay last year
▼ + stars: | 2023-04-21 | by ( Ben Tobin | ) www.businessinsider.com time to read: +2 min

Walmart CEO and President Doug McMillon received total compensation of $25.3 million in the last fiscal year. In other words, McMillon got roughly 933 times the median compensation of a Walmart employee. The increase was met with mixed reactions from Walmart employees, as many said they were already making above $14 per hour. Though the pay difference between McMillon and his employees is above that average, Walmart hasn't cracked the top 20 for biggest pay gaps between CEOs and workers. Are you a Walmart worker?

[1/9] View shows the site where the gigafactory for electric vehicle battery production by Volkswagen Group's battery company PowerCo SE will be built in St. Thomas, Ontario, Canada April 21, 2023. REUTERS/Carlos OsorioCompanies Volkswagen AG FollowStellantis NV FollowBERLIN, April 21 (Reuters) - Canada and Volkswagen (VOWG_p.DE) on Friday together committed more than C$20 billion ($14.8 billion) for a battery gigafactory in St. Thomas, Ontario, the biggest single investment ever in the country's electric-vehicle supply chain. Europe's largest carmaker is investing up to C$7 billion to build the plant, Volkswagen said in a statement. The battery plant is expected to be Volkswagen's largest and create up to 3,000 jobs. "This secures the future of St. Thomas," the city's mayor, Joe Preston, told Reuters earlier this week.

☆ Software firm F5 to lay off 9% staff, trims fiscal revenue guidance
▼ + stars: | 2023-04-19 | by ( ) www.reuters.com time to read: +1 min

April 19 (Reuters) - Cloud and security services firm F5 Inc (FFIV.O) said on Wednesday it was reducing its workforce by 9% and cutting bonuses of senior executives to bring down costs. The technology industry has seen a wave of layoffs over the past few months as it grapples with slowing growth following a pandemic-led boom in digital services. F5's downsizing plan, which will affect 623 employees due to job cuts, also includes cutting back spending on office space and executive travel. The Seattle, Washington-based company also lowered its fiscal 2023 revenue growth forecast to "low-to-mid single-digit" from an earlier forecast of 9% to 11% growth, sending its shares down 5% in after-market trading. (This story has been refiled to fix syntax in the headline)Reporting by Yuvraj Malik in Bengaluru; Editing by Shweta AgarwalOur Standards: The Thomson Reuters Trust Principles.

☆ France's Macron signs contested pension bill into law
▼ + stars: | 2023-04-15 | by ( ) www.reuters.com time to read: +2 min

PARIS, April 15 (Reuters) - French President Emmanuel Macron has signed into law a bill to raise the state pension age that sparked mass protests, the government's official journal showed on Saturday. The proclamation of the law came after France's Constitutional Council on Friday approved the main pension-age increase and follows months of demonstrations against the plan, which the government forced through parliament without a final vote. Protesters gather in front of the Paris City Hall after the Constitutional Council (Conseil Constitutionnel) approved most of the French government's pension reform, in Paris, France, April 14, 2023. Francois Ruffin, a lawmaker from the left-wing LFI party, on Twitter accused the government of proclaiming the pension law "like thieves in the night". Opposition parties have tabled another bid for a citizens' referendum on the reform after the Constitutional Council on Friday rejected a first such proposal.

☆ Exclusive: ECB policymakers converging on 25-bps rate hike in May - sources
▼ + stars: | 2023-04-13 | by ( Balazs Koranyi | ) www.reuters.com time to read: +3 min

The ECB has raised rates by at least 50 basis points each at six successive meetings -- the fastest pace on record -- to fight stubbornly high inflation. The sources said that some are advocating no change in May - mostly the same Southern European policymakers who did not support last month's 50 basis point increase, while others - also a small group - argue for another 50 basis point hike. Klaas Knot of the Netherlands said it was unclear whether 50 basis points would be needed or if 25 was enough. Slovakia's Peter Kazimir said the ECB could perhaps slow down the pace of its increases while Austria's Robert Holzmann meanwhile backed another 50 basis point move. Markets currently price 25 basis point hikes each in May and June, while a third such increase is fully priced in by September.

☆ Exclusive: ECB policymakers converging on 25-bps rate hike in May , sources say
▼ + stars: | 2023-04-13 | by ( Balazs Koranyi | ) www.reuters.com time to read: +3 min

☆ Demand for luxury watches shows no sign of fading, says Audemars Piguet CEO
▼ + stars: | 2023-04-13 | by ( Robert Frank | ) www.cnbc.com time to read: +7 min

watch nowThe luxury watch market is well-positioned to avoid a crash as tight supply and a new generation of young collectors drive demand, according to the CEO of Audemars Piguet. With demand for watches outpacing supply of new inventory, prices for pre-owned watches have skyrocketed, along with online sites like Chrono24, Watchfinder and Watchbox that buy and sell pre-owned watches. A pre-owned Audemars Piguet Royal Oak "Jumbo" that retails new for $35,000 is currently listed on Chrono24 for $115,000. Audemars Piguet produced only 50,000 watches last year and is expected to produce about 51,000 this year, Bennahmias said. Source: Audemars PiguetAudemars is now celebrating the 30th anniversary of its popular Royal Oak Offshore model, a larger version of its signature Royal Oak.

☆ Austria to extend checks at Hungarian, Slovenian borders
▼ + stars: | 2023-04-11 | by ( ) www.reuters.com time to read: 1 min

VIENNA, April 11 (Reuters) - Austria plans to extend checks at its borders with Slovenia and Hungary by another six months from May 11, when the current six-month suspension of free travel over those boundaries expires, Interior Minister Gerhard Karner told ORF radio on Tuesday. "We will inform the European Commission in the coming days that we will have to extend these border checks," Karner said, adding that the continued suspension of the Schengen area's free-travel rules at those boundaries was necessary in order to fight illegal immigration. Reporting by Francois Murphy; Editing by Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

[1/2] Ethernet cables are seen in front of Rogers and Shaw Communications logos in this illustration taken, July 8, 2022. Rogers' deal for Shaw was politically sensitive due to the sky-high wireless bills Canadians pay, which are among the highest in the world. Yet, the competition bureau failed to block the merger, losing their protracted battle when a federal court dismissed the case. Now, dealmakers worry the government could intervene in other politically sensitive M&A. "There are not a lot of things people in competition law disagree on.

☆ Timeline: Canada gives final nod on C$20 bln Rogers-Shaw merger
▼ + stars: | 2023-03-31 | by ( ) www.reuters.com time to read: 1 min

March 31 (Reuters) - Canada on Friday gave the final approval for Rogers Communications Inc's (RCIb.TO) C$20 billion ($15 billion) buyout of Shaw Communications Inc (SJRb.TO), clearing the deal that will create the country's No. 2 telecoms company. The green light came as Minister of Innovation, Science and Industry Francois-Philippe Champagne agreed to the transfer of wireless licenses held by Shaw's Freedom Mobile unit to Quebecor Inc (QBRb.TO) under some conditions. Here is the snapshot of key events in Rogers-Shaw merger:Reporting by Yuvraj Malik, Aditya Soni, Tiyashi Datta and Ananya Mariam Rajesh in Bengaluru; Editing by Sriraj Kalluvila and Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

☆ Canada clears C$20 billion Rogers-Shaw deal with tough conditions
▼ + stars: | 2023-03-31 | by ( Aditya Soni | Chavi Mehta | ) www.reuters.com time to read: +3 min

The deal was opposed by consumer advocates and politicians on worries it could lead to higher prices due to an overlap between Rogers and Shaw’s wireless divisions. Rogers made 21 conditions, including setting up a western headquarters in Calgary, creating 3,000 new jobs in Western Canada and investing C$5.5 billion to expand 5G coverage and services. If it breaches the commitments, Rogers will have to pay a fine of as much as C$1 billion, Champagne said at a news conference in Ottawa. And it’s subject to arbitration.”Champagne said if wireless prices do not go lower, he would seek further legislative and regulatory powers. The combined company will benefit from Rogers’ strong presence in urban Ontario and Shaw’s dominance in the sparsely populated regions of Western Canada.

☆ Canada clears C$20 billion Rogers-Shaw deal to create No.2 telecom company
▼ + stars: | 2023-03-31 | by ( Reuters Staff | ) www.reuters.com time to read: +2 min

(Reuters) -Canada on Friday granted the final approval for Rogers Communications Inc’s C$20 billion ($15 billion) buyout of Shaw Communications Inc, clearing the deal that will create the country’s No. FILE PHOTO: Ethernet cables are seen in front of Rogers and Shaw Communications logos in this illustration taken, July 8, 2022. Freedom Mobile’s proposed C$2.85 billion sale to Quebecor-owned Videotron has been crucial in addressing the antitrust concerns over the deal, given the overlap between Rogers and Shaw’s wireless divisions. It is the biggest in the Canadian telecoms industry since BCE’s spinoff of its stake in Nortel Networks in a transaction valued at C$88.7 billion in 2000. Canada’s top telecom company by market value is BCE Inc.U.S.-listed shares of Shaw were up 3% in premarket trading.

☆ Canada's decision on Rogers-Shaw deal may come on Friday
▼ + stars: | 2023-03-31 | by ( Reuters Staff | ) www.reuters.com time to read: +1 min

(Reuters) - Canadian Minister of Innovation, Science and Industry Francois-Philippe Champagne is set to rule on Rogers Communications Inc’s C$20 billion ($15 billion) deal to buy Shaw Communications Inc on Friday, The Globe and Mail reported on Thursday, citing two sources. FILE PHOTO: Ethernet cables are seen in front of Rogers and Shaw Communications logos in this illustration taken, July 8, 2022. The announcement relates to the minister’s review of the takeover deal, The Globe and Mail reported. Both Rogers and Shaw did not immediately respond to a Reuters request for comment on the report. Champagne’s approval is needed to transfer spectrum licenses of Freedom Mobile unit to Quebecor’s Videotron.

☆ Canada's decision on Rogers-Shaw deal may come on Friday -source
▼ + stars: | 2023-03-31 | by ( Reuters Staff | ) www.reuters.com time to read: +2 min

(Reuters) -The Canadian government is set to announce on Friday a decision on Rogers Communications Inc’s C$20 billion ($15 billion) bid for Shaw Communications Inc, a person familiar with the matter told Reuters on Thursday. FILE PHOTO: Ethernet cables are seen in front of Rogers and Shaw Communications logos in this illustration taken, July 8, 2022. The announcement is about the government’s decision on whether to allow the transfer of Shaw’s wireless licences to Quebecor Inc’s Videotron Ltd., which has agreed to acquire Shaw’s Freedom Mobile wireless carrier for C$2.85 billion, the source told Reuters. To address the issue, Rogers and Shaw agreed to sell Freedom Mobile to Quebecor, which is also expected to close by March 31. Rogers, Shaw and Quebecor did not immediately respond to a Reuters request for comment.

☆ Factbox: Canada clears Rogers-Shaw deal but with conditions
▼ + stars: | 2023-03-31 | by ( ) www.reuters.com time to read: +2 min

March 31 (Reuters) - Canada on Friday granted the final approval for Rogers Communications Inc's (RCIb.TO) C$20 billion ($15 billion) buyout of Shaw Communications Inc (SJRb.TO), clearing the deal that will create the country's No. 2 telecoms company. Minister of Innovation, Science and Industry Francois-Philippe Champagne agreed to the transfer of wireless licenses held by Shaw's Freedom Mobile unit to Quebecor Inc's (QBRb.TO) Videotron under some conditions. CONDITIONS ACCEPTED BY ROGERS* Will have to create 3,000 new jobs in Western Canada and maintain them for a minimum of 10 years after the closing date* Invest at least C$2.5 billion to enhance its 5G network in Western Canada, and C$3 billion in additional network service expansion projects* Expand access to low-cost broadband internet plans and launch a new low-cost mobile offering for low-income Canadians* Invest C$1 billion to expand broadband internet access, at speeds of at least 50/10 megabits per second, and 5G mobile service in areas where it is not currently available* Establish a western headquarters in Calgary and maintain it for a minimum of 10 years after the closing date* To report to Innovation, Science and Economic Department and to the public every year on specific progress it has made towards commitments in the agreement* Will have to offer wireless plans to Shaw Mobile customers at Shaw's current prices for 5 years after deal close* To pay C$100 million for every year in which any "material element" of any commitment is not metCONDITIONS ACCEPTED BY VIDEOTRON* Will need to offer plans that are comparable to those currently available in Quebec, and offer options at least 20% cheaper than that of major players* Cannot transfer Freedom Mobile licenses for 10 years* Will have to expand its 5G wireless network in Freedom Mobile's pre-existing operating territory within 2 years* Will increase data allotments of existing Freedom Mobile customers by 10% as a near-term bonus, while investing to bring down prices overall* Will expand mobile service into the Canadian province of Manitoba via the use of a signed Mobile Virtual Network Operator (MVNO) agreement and offer plans comparable to what it offers in Quebec* To pay C$25 million for every year in which any "material element" of any commitment is not metCompiled by Eva Mathews in Bengaluru; Edited by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

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