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LONDON, April 26 (Reuters) - GSK (GSK.L) began 2023 with a quarterly performance that beat analyst expectations and extended a series of positive results following strong sales of its roster of vaccines as well as HIV and respiratory medicines. Investors are also concerned about the company's long-term prospects, given the pending loss of patent protection of one of GSK's HIV compounds and setbacks in its marketed oncology portfolio. GSK is also relying in part on its potential blockbuster vaccine for RSV, which leads to thousands of hospitalisations and deaths each year. It anticipates launching the vaccine later this year in the U.S. and Europe, pending regulatory approval, as does rival Pfizer (PFE.N). ($1 = 0.8039 pounds)Reporting by Maggie Fick and Natalie Grover in London, Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

☆ VW's Skoda aims for six electric vehicle models by 2026
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: 1 min

PRAGUE, April 26 (Reuters) - Czech carmaker Skoda Auto, part of German group Volkswagen (VOWG_p.DE), wants to expand its electric vehicle range to six models by 2026, the company said, further boosting its ambitions in the shift to e-mobility. The company had previously aimed to launch three new electric models but said in a Tuesday evening release it will launch four new e-vehicles and two updated models in the coming years. The launches fall under Skoda's 5.6 billion euro ($6.16 billion) investment plan into e-mobility by 2027. ($1 = 0.9086 euros)Reporting by Jason Hovet, Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

☆ GSK beats first-quarter profit, revenue estimates
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: +2 min

LONDON, April 26 (Reuters) - GSK (GSK.L) on Wednesday beat expectations for its first-quarter revenue and profit, helped by sales of its blockbuster shingles vaccine Shingrix. The London-listed drugmaker reported adjusted profit of 37 pence per share on revenue of about 7 billion pounds ($8.70 billion). Analysts were expecting 33.2 pence per share on revenue of about 6.5 billion pounds, according to company-compiled consensus estimates. In February, GSK predicted sales growth would increase by 6% to 8% and adjusted operating profit to increase by 10% to 12%, at constant exchange rates in 2023, versus 2022. GSK is also leaning in part on its vaccine for RSV, which leads to thousands of hospitalisations and deaths each year.

☆ ASML CEO says politics will lead to slower semiconductor advances
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: 1 min

AMSTERDAM, April 26 (Reuters) - National security plans and geopolitical tensions including those between the United States and China will have ripple effects through the semiconductor industry, the chief executive of ASML Holding NV (ASML.AS) said on Wednesday. Speaking at ASML's annual meeting, CEO Peter Wennink said it was "logical" that China would seek to develop its own technologies, including semiconductor equipment, when it is restricted from purchasing products made abroad. ASML dominates the market for lithography tools, important equipment needed in computer chip manufacture, and Wennink said he was not worried rivals anywhere are close to being able to develop and build competing top-end commercial products. Reporting by Toby Sterling, Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

☆ Bank stress likely to lead to tighter lending, corporate defaults, Bank of America credit survey shows
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: +1 min

LONDON, April 26 (Reuters) - Bank stress will likely be limited to a small number of banks but lead to tighter lending conditions and a pick-up in corporate defaults, a Bank of America April credit investor survey released on Wednesday showed. The gap between high-yield bonds and government debt has tightened on 63% of days so far in 2023, an all-time record, signalling that credit markets are faring well in face of recent market turmoil, BofA said. The biggest share of respondents to its latest survey, some 36%, said they expected bank stress to remain confined to small banks with challenged business models, with the United States more vulnerable than Europe given different regulatory supervisions. However, over 20% said they believed that a credit crunch resulting from the bank stress would lead to a noticeable pick-up in corporate defaults. As banks may withdraw from lending to high-risk assets, credit investors did not believe that private credit markets would step in and replace it.

Bischoff died on Tuesday of natural causes, a close relative, who asked not to be named, told Reuters on Wednesday. A former chairman of Lloyds Banking Group (LLOY.L), Citigroup (C.N) and more recently JP Morgan Securities (JPM.N), Bischoff had also been CEO of Schroders (SDR.L). Robert Swannell, former chairman of Marks & Spencer, who worked with Bischoff for 33 years at Schroders and later Citi, said he would profoundly mourn his friend and colleague. The deal was hailed as a huge success for Bischoff's leadership team, having started with a business worth just a fraction of the 1.3 billion pounds price Citi later paid. He returned to JP Morgan as chairman of JP Morgan Securities the same year.

☆ Vietnam EV maker VinFast gets fresh funding pledges of $2.5 bln
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: +1 min

HANOI, April 26 (Reuters) - Vietnamese electric vehicle maker Vinfast said on Wednesday it has received a fresh round of funding pledges worth $2.5 billion for its future development. Of the pledges, $1 billion will be provided as a grant from its founder Pham Nhat Vuong within the next year, the company said in a statement. Its parent Vingroup (VIC.HM), Vietnam's biggest conglomerate, will provide a grant of $500 million plus a $1 billion loan with maturity of up to five years. The grants and loan will "give a push for Vinfast to accelerate its development," the company said. VinFast first flagged its U.S. IPO in April 2021, aiming to raise $2 billion with valuation of about $60 billion.

LONDON, April 24 (Reuters) - Top cryptocurrency bitcoin could reach $100,000 by the end of 2024, Standard Chartered (STAN.L) said on Monday, saying that the so-called "crypto winter" is over. "While sources of uncertainty remain, we think the pathway to the USD 100,000 level is becoming clearer," Kendrick wrote. Bitcoin has rallied so far this year, rising above $30,000 in April for the first time in ten months. It gains represent a partial recovery after trillions of dollars were wiped from the crypto sector in 2022, as central banks hiked interest rates and a string of crypto firms imploded. A Citi analyst said in November 2020 that bitcoin could climb as high as $318,000 by the end of 2022.

☆ Factbox: What is APOE4 and how does it relate to Alzheimer's disease?
▼ + stars: | 2023-04-21 | by ( Julie Steenhuysen | ) www.reuters.com time to read: +1 min

Three decades ago, scientists discovered that the gene also plays a role in Alzheimer's risk, though exactly how is still not clear. APOE3 is the most common, and does not raise Alzheimer's risk. APOE4 increases Alzheimer's risk and is linked with an earlier onset of the disease. Some 25% of people have one copy of APOE4 and 2-5% have two copies. Children of a parent with two copies of the APOE4 variant are presumed to have at least one copy, increasing their own risk.

HOUSTON/NEW DELHI, April 21 (Reuters) - South America's fastest growing oil producer has turned down the Indian government's request for discounted crude oil purchases during trade discussions, Guyana Vice President Bharrat Jagdeo said on Thursday. Guyana's oil production in total has tripled from a year ago to about 380,000 barrels of oil per day. "Any sale of our crude will have to be on commercial terms, not a discounted terms," Jagdeo said at a briefing. Indian buyers have sought a discount to compensate for high freight costs to send its oil to the Asian country, Jagdeo said. "Guyana crude is costly for us because of high freight.

☆ Mercedes includes buyback option as Russian assets sale given official approval
▼ + stars: | 2023-04-19 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Tatyana MakeyevaApril 19 (Reuters) - Mercedes-Benz (MBGn.DE) has agreed on a buyback option for its Russian assets, the sale of which has now been granted official approval, the German carmaker said on Wednesday, bringing its exit from Russia one step closer. Deals to leave Russia by Western companies from so-called unfriendly countries - those that imposed sanctions against Russia - need approval from a government commission. Mercedes said it intended to withdraw from the market and that the sale of shares in its subsidiaries to Avtodom had now been granted approval. "The completion of the transaction is now particularly subject to the implementation of the contractual agreements," Mercedes said in a statement. "We have agreed an option with the buyer, according to which we could buy back the shares in companies if the sanctions are lifted again."

☆ NXP CEO applauds EU Chips Act, seeks clarity on China restrictions
▼ + stars: | 2023-04-19 | by ( Conor Humphries | ) www.reuters.com time to read: +1 min

ENNISKERRY, Ireland, April 19 (Reuters) - The chief executive of Dutch-headquartered computer chip maker NXP Semiconductors (NXPI.O) on Wednesday applauded the passage of the EU Chips Act this week, but said the industry could use more clarity on export restrictions to China. Kurt Sievers said his company, which makes chips for the automotive industry as well for 5G telephone base stations, had been hit by successive rounds of U.S. export restrictions on China's Huawei. Around 38% of NXP's sales are to Chinese manufacturers, about half of which are processed and then re-exported to Western buyers. "A lot of that going forward could eventually move out of China, which doesn't harm us," he said. "I think it would be fantastic if there was a lot of synchronization between the U.S. Chips Act and the European Chips Act in terms of what to support such that it will be complementary," he said.

☆ HSBC top shareholder renews call for breaking up of bank
▼ + stars: | 2023-04-18 | by ( ) www.reuters.com time to read: 1 min

HONG KONG, April 18 (Reuters) - Top shareholder of HSBC (HSBA.L) renewed its call for breaking up of the Asia-focused bank on Tuesday, saying the lender has failed to address key business model challenges which has resulted in deterioration in its operating performance. Ping An Asset Management Company (Ping An AMC) said in a statement HSBC has "drained" its Asia unit of dividends and growth capital to support its relatively low-return non-Asia businesses. Over the past two years, Ping An AMC said it had shared numerous structural suggestions with HSBC management ranging from listing the HSBC Asia business in Hong Kong to consolidating Asia businesses. Reporting by Selena Li; Editing by Sumeet Chatterjee and Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

☆ Ten Square Games to lay off 25% of staff, suspend two major projects
▼ + stars: | 2023-04-17 | by ( ) www.reuters.com time to read: +2 min

GDANSK, April 17 (Reuters) - Poland's Ten Square Games (TENP.WA) plans to cut its workforce by 25%, or about 120 people, by the end of April and suspend two major projects, it said on Monday, blaming a challenging economy and an unstable mobile games market. At 1025 GMT Ten Square Games shares were down 4.8%, hitting the bottom of Poland's wig40 index. "We have decided to end work on two projects - Undead Clash and Fishing Masters - and to significantly reduce employment in areas outside the company's main products," CEO Maciej Zuzalek said in a statement. "This will allow us to focus Ten Square Games' resources and energy on the development of the main titles - Fishing Clash and Hunting Clash - in the coming months, and prepare for the further scaling of Wings of Heroes." The games write-downs will be included in the company's second-quarter results.

☆ Oil prices stable as economic fears balance OPEC+ cuts, U.S. stock draw
▼ + stars: | 2023-04-05 | by ( Rowena Edwards | ) www.reuters.com time to read: +2 min

[1/2] Flames emerge from flare stacks at Nahr Bin Umar oil field, north of Basra, Iraq March 9, 2020. REUTERS/Essam Al-Sudani/File PhotoLONDON, April 5 (Reuters) - Oil prices were stable on Wednesday, as the market weighed gloomy economic prospects against expectations of U.S. crude inventory declines and OPEC's voluntary output cuts announcement. Bullish sentiment continued after voluntary cuts pledged by the Organization of Petroleum Exporting Countries and allies including Russia, a group known as OPEC+. However, weak manufacturing activity in the U.S. and China - the two biggest oil consumers - have capped oil oil price gains. Record Russian diesel flows to the Middle East in March, and the sluggish performance of middle distillates contracts have "acted acted as a brake on any attempt to push crude oil prices meaningfully higher," Varga said.

☆ Foxconn Q1 sales edge up, but Q2 outlook poor
▼ + stars: | 2023-04-05 | by ( ) www.reuters.com time to read: +2 min

The rise in sales for the first three months of the year, to T$1.46 trillion, was a fresh record high for the same period, and in line with previous guidance, Foxconn (2317.TW), formally called Hon Hai Precision Industry Co Ltd, said. For smart consumer electronics products, which includes smartphones, revenue in March declined due to new product launches in the same period last year. More than half of Foxconn's revenue comes from consumer electronics. Foxconn shares have risen 4.1% so far this year, lagging the broader Taiwan market (.TWII) which is up 12.2%. (This story has been corrected to change figure to T$1.46 trillion from T$1.42 billion in paragraph 3)Reporting by Ben Blanchard, Editing by Louise Heavens and Christina FincherOur Standards: The Thomson Reuters Trust Principles.

☆ Ukraine will take 'corresponding' decisions if troops risk encirclement in Bakhmut - Zelenskiy
▼ + stars: | 2023-04-05 | by ( ) www.reuters.com time to read: +2 min

KYIV, April 5 (Reuters) - Ukrainian troops face a really difficult situation in the eastern city of Bakhmut, but Kyiv will take the "corresponding" decisions to protect them if they risk being encircled by Russian forces, President Volodymyr Zelenskiy said on Wednesday. The Ukrainian leader told a news conference in Poland that Kyiv's forces in Bakhmut sometimes advanced a little only to be pushed back by Russian forces, but that they remained inside the city. Ukrainian forces have held out against a Russian onslaught there with heavy losses on both sides. His trip comes with Ukraine expected to launch a counteroffensive to seize back land in the south and east from Russian forces in the coming weeks or months. Zelenskiy said that the more ammunition Ukraine receives from Western partners, the faster it would be able fight back in Bakhmut and elsewhere.

WASHINGTON, April 4 (Reuters) - The White House said on Tuesday it was funneling hundreds of millions of dollars to help coal communities, including $450 million for clean energy projects on current and former mining areas. "This project will help strengthen American supply chains, revitalize energy communities, and reduce reliance on competitors like China," the White House said in a statement. The government action also includes putting 11 federal agencies to work in tandem on getting new resources into energy communities like former coal mining towns, it said. The Treasury Department and Internal Revenue Service will release guidance on Tuesday that will allow developers of clean energy projects and facilities to tap into billions of dollars in boneses, in addition to existing tax credits, it said. The funding for this initiative comes from the Inflation Reduction Act and the Bipartisan Infrastructure Law, the White House said.

☆ Beny Steinmetz to appeal Swiss court's corruption ruling - statement
▼ + stars: | 2023-04-04 | by ( ) www.reuters.com time to read: 1 min

GENEVA, April 4 (Reuters) - Mining magnate Beny Steinmetz said he would appeal against a guilty verdict for corruption upheld by a Swiss appeals court on Tuesday, saying the decision was "unfair and politically motivated". The Geneva court upheld a guilty verdict for corruption made by a lower court in 2021. But it acquitted him of forgery and reduced his sentence to three years' imprisonment of which 18 months must be served. "Beny Steinmetz considers that the Geneva justice system turned a blind eye to procedural flaws, stretched the rules of jurisdiction, compensated for the lack of evidence, and misusedthe penal code to save a conviction that it did not dare to dismiss," he said in a statement. Reporting by Emma Farge, Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

☆ Samsung Display to invest $3.1 bln in OLED production in South Korea
▼ + stars: | 2023-04-04 | by ( ) www.reuters.com time to read: 1 min

SEOUL, April 4 (Reuters) - Samsung Electronics' (005930.KS) unit Samsung Display plans to invest 4.1 trillion won ($3.14 billion) until 2026 in Asan, South Korea to make advanced organic light-emitting diode (OLED) display panels used in tablets and computers, the trade ministry said on Tuesday. The investment is part of a previously-announced plan by Samsung Electronics and affiliates to invest 60.1 trillion won in the next 10 years in regions outside the capital, Seoul. ($1 = 1,307.7000 won)Reporting by Joyce Lee, Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

☆ Tesla delivers 88,869 China-made EVs in March - CPCA
▼ + stars: | 2023-04-04 | by ( ) www.reuters.com time to read: +1 min

April 4 (Reuters) - Tesla (TSLA.O) sold 88,869 units of China-made electric vehicles (EV) in March for both domestic sales and exports, up 35.0% from a year ago, data published by the China Passenger Car Association (CPCA) showed on Tuesday. That was up 19.4% from February, when the U.S. electric car maker delivered 74,402 China-made Model 3 and Model Y electric cars. By comparison, BYD sold 206,089 units last month with its Dynasty and Ocean series of EVs and hybrids, up 97.5% from a year ago, CPCA data showed. BYD took up 41% in that segment, CMBI data showed. Reporting by Zhang Yan, Brenda Goh, Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

☆ Japan aims to treble sales of domestically made microchips by 2030
▼ + stars: | 2023-04-03 | by ( ) www.reuters.com time to read: +1 min

TOKYO, April 3 (Reuters) - Japan's industry ministry said on Monday it aimed to treble sales of semiconductors made in Japan to 15 trillion yen ($112.55 billion) by 2030 as Tokyo strives to boost domestic microchip production following global supply chain snarls. Japan sees microchips as strategic products to strengthen its economic security and is providing hefty subsidies to Taiwan Semiconductor Manufacturing Co (2330.TW) and others to build plants tin o Japan or have them expand existing facilities. The ministry plans to put the sales target in Japan's semiconductor and digital industry strategy, which will be updated by the middle of the year. Japan has seen its share in the global microchip market tumble from 50% in the late 1980s to around 10%, outperformed by nimbler rivals with deep pockets such as South Korea's Samsung Electronics Co Ltd (005930.KS). ($1 = 133.2700 yen)Reporting by Kiyoshi Takenaka, Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

☆ UBS, Credit Suisse drop after Swiss prosecutor probes takeover deal
▼ + stars: | 2023-04-03 | by ( ) www.reuters.com time to read: 1 min

LONDON, April 3 (Reuters) - Credit Suisse (CSGN.S) and UBS (UBSG.S) shares fell on Monday after Switzerland's Federal Prosecutor opened an investigation into the emergency merger of the two lenders. The office of the attorney general said on Sunday that the prosecutor opened an investigation into the state-backed takeover of Credit Suisse by UBS Group last month, looking into potential breaches of the country's criminal law by government officials, regulators and executives at the two banks. UBS and Credit Suisse were each set for their biggest daily decline in 10 days, down 3.5% and 4% respectively and largely underperforming the European banking index (.SX7P), up 1.2% on the day. The banks declined to comment on the investigation. Reporting by Joice Alves, Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

[1/2] A logo of Airbus is seen at the entrance of its factory in Blagnac near Toulouse, France, July 2, 2020. REUTERS/Benoit TessierPARIS, April 3 (Reuters) - European planemaker Airbus (AIR.PA) is negotiating a new round of plane orders with China, coinciding with a visit by French President Emmanuel Macron to the economic superpower later this week, government and industry sources said. The potential deal for dozens of jets comes amid worsening relations between Washington and Beijing, which have seen China's usually balanced airplane imports tilt towards Airbus in recent years. Airbus also has an industry presence in China including an assembly plant. Macron is due to conduct the state visit to China on April 5-7, with a delegation of company chiefs from France-based companies, expected to include Airbus CEO Guillaume Faury.

☆ Chinese spy balloon gathered intelligence on US military sites- NBC News
▼ + stars: | 2023-04-03 | by ( ) www.reuters.com time to read: +1 min

April 3 (Reuters) - A Chinese balloon that flew across the United States was able to gather intelligence from several U.S. military sites, despite the Biden administration's efforts to prevent it from doing so, NBC News reported on Monday, citing two current senior U.S. officials and one former senior administration official. The balloon, controlled by Beijing, was able to make multiple passes over some of the sites in February, at times flying in a figure-eight formation, NBC cited the officials as saying. "The intelligence China collected was mostly from electronic signals, which can be picked up from weapons systems or include communications from base personnel, rather than images," NBC cited the officials as saying. The balloon, which Beijing denies was a government spy vessel, spent a week flying over the United States and Canada early in February before being shot down off the Atlantic Coast on President Joe Biden's orders. The Chinese balloon incident prompted U.S. Secretary of State Antony Blinken to postpone a planned visit to Beijing and further strained relations between Washington and Beijing.

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